NatWest, one of the UK’s largest retail banks, has entered an exclusive partnership with InsurTech platform Uinsure to roll out a home insurance proposition aimed at making cover easier to find, review and manage.
Under the new service, quotes can be generated in less than a minute, with a panel of top UK insurers competing on price for identical Defaqto 5 Star Rated cover. This competitive pricing applies not only when a policy is first purchased but also at every renewal.
The offering is open to everyone, not just the bank’s existing customer base. Those who already bank with NatWest can use the service via the app, online, over the phone or in a branch, while non-customers are able to access it online or by telephone.
In tandem with the insurance launch, the bank has introduced the NatWest Home Insurance Tracker within its app. The tool lets users upload details of their current policy, whichever provider it sits with, and track how their premium and level of cover stack up over time. Users are sent renewal reminders and notified when better value could be found elsewhere, removing the need to shop around manually. There is no requirement to move provider.
The launch is underpinned by research commissioned by NatWest and Uinsure, which surveyed 2,000 UK homeowners. It revealed that 48% had not reviewed whether their home insurance still represented good value within the past year, while 33% cited the inconvenience of switching as the main deterrent to reassessing their provider.
The study also pointed to demand for banks to take a bigger role in insurance. Some 86% of respondents expressed interest in their bank offering relevant home cover using data it already holds, and 68% said they would trust their bank to provide a fair price.
NatWest head of insurance Toni Powling said, “Alongside providing quality cover at a competitive price with a quote in seconds, the Home Insurance Tracker means our customers no longer have to keep checking whether they’re getting a fair deal, because we’ll do it for them, even if their cover isn’t with us. As a bank that supports one in three UK families, we understand the importance of making everyday financial decisions simpler. The Home Insurance Tracker makes insurance genuinely simple to manage.”
Uinsure chief distribution officer Lauren Bagley said, “For a bank of NatWest’s scale to put Uinsure’s technology at the heart of its home insurance offer is a significant moment, for us and for the market. It shows that when the right technology exists, institutions with millions of customers can deliver insurance in a way that genuinely works, with a panel of leading insurers competing at purchase and at every renewal.
“Our insurance tracking technology puts customers in control in a way they haven’t had before and directly answers the challenge of switching hassle so many told us about in the research. This partnership is the latest example of us redefining how cover is offered.”
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