NatWest, one of the UK’s largest retail banks, has joined forces with InsurTech platform Uinsure in an exclusive tie-up aimed at making home cover easier to find, review and manage.
Under the new proposition, homeowners can obtain a quote in less than a minute, with a group of top UK insurers bidding on price for identical Defaqto 5 Star Rated protection, both at the point of purchase and again whenever the policy comes up for 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 mobile app, website, telephone or in a branch, while non-customers can get access online or over the phone.
In tandem with the insurance launch, the bank has rolled out the NatWest Home Insurance Tracker within its app. The tool lets users upload the details of their current policy, whoever it is with, and keep an eye on how their premium and protection stack up over time. Policyholders are sent renewal reminders and notified when better value might be found elsewhere, removing the need to shop around manually. There is no requirement to move providers.
The launch is backed by a study of 2,000 UK homeowners commissioned by the two firms, which underlined how difficult many consumers find it to keep their cover current. Some 48% admitted they had not reviewed whether their policy still represented good value over the past year, and 33% pointed to the inconvenience of switching as the main deterrent to reassessing their provider.
The survey also revealed considerable demand for banks to take a bigger role in insurance. Around 86% of those polled expressed interest in their bank offering suitable home cover using the data it already holds, and 68% said they would trust their bank to quote 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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