Paymentshield chief executive Rob Evans (pictured) wants the firm to take a leading role in bringing general insurance to mortgage networks after working with proptech lettings firms.
Paymentshield, which has a panel of general insurance providers, has already linked up with proptech firms like Tenant Shop, Goodlord and Urban Jungle to provide both tenants contents cover and landlords buildings cover, while it is in discussions with more potential partners.
It seems these firms have higher standards when it comes to establishing a slick process, which Evans feels could help Paymentshield when establishing similar integrations with networks.
Evans said: “One conversation we were having with a potential partner in the lettings space was if an API takes two seconds to return a price on a general insurance quote that’s far too long – it’s prehistoric.
“It’s perfectly acceptable in the mortgage market at the moment but it is unacceptable in some of these cutting-edge proptech firms in the rental market.
“So we’re bridging that gap, but we can then bring that benefit into the mortgage networks before they are even asking for it, because they will ask for it.
“I think it gives us a headstart in terms of how people are seeing general insurance in property transactions, where people are coming at it with a software bias rather than with a lending/funding/wealth management/financial adviser background.
“It’s challenging, it really is challenging because we are financial services people.”
Evans added that the firm is now equipped to ask ‘have you thought about this’ when working with mortgage networks on systems integration and product development.
Evans said tenants insurance is becoming more commercially attractive, as people are staying in the private rented sector longer and therefore requiring longer policies and for more possessions to be covered.
He also reckoned landlords insurance could be an easier sell in future owing to the government plans to scrap Section 21 evictions, which could make it harder to move tenants on.
The full interview with Rob Evans is in the July magazine edition of Mortgage Introducer on page 50.