BIBA launches new home insurance scheme with insurTech
BIBA has launched a new scheme with the Reading based insurTech OneClickCover Ltd offering members access to a highly innovative, data-driven online home insurance platform that provides customers a quote in a few seconds, using just the property address.
The scheme offers comprehensive cover including unlimited buildings cover and £80,000 of contents cover with a single unspecified item limit of £5,000. The policy aims to make buying home insurance quick and simple for customers by entering their postcode and agreeing to a number of short statements about the property and themselves.
The 5 Star Defaqto rated product is competitively priced due to OneClickCover’s agile and low cost operating model. The product integrates into a broker’s existing website and allows clients to pay single annual or monthly payments. Customers pay no administration fees to alter their existing policy and mid-term adjustments are entirely self-service without the need to contact a call centre.
Mike Hallam, BIBA’s Head of Technical Services, said: “We’re delighted to bring this comprehensive and easy to use product to members providing them with a new platform to compete in the home insurance market. It’s a quick and simple product that has no minimum entry requirements for members and 5 Star levels of cover for their customers.”
OneClickCover, underwritten by Royal & Sun Alliance, can offer home insurance to over 85% of all properties in the UK, including Northern Ireland. Additional covers such as accidental damage (buildings and contents); personal possessions; family legal expenses and home emergency are all available to customers as additional optional products.
Hutton Swinglehurst, Founder and CEO, OneClickCover, added: “In short, OneClickCover will offer BIBA members access to arguably the most highly advanced home insurance product available in the market with a customer journey superior to anything currently offered by aggregators or the large direct players. For the BIBA broker currently not offering home insurance it will provide an income stream without marketing or administration costs and yet still offer their clients a highly innovative product.”
Claims for OneClickCover customers are handled by Royal and Sun Alliance and there is also a telephone based support service available should customers have any questions about OneClickCover’s service or products.
Authored by BIBA
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
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