InsurTech firm Uinsure has launched the first phase of its ‘Zero Questions Asked’ General Insurance (GI) quotation functionality.
It’s completely stripped back its question set so that only the homeowner’s title, name, date of birth and postcode need to be completed before a binding quote for itsDefaqto & Money Facts 5 Star-Rated home insurance is returned from a panel of its insurers.
David Smith (pictured), chief innovation office at Uinsure, said: “This is without a doubt one of the most significant changes to have ever taken place in the GI industry. Uinsure’s mission is to change the insurance industry for the better.
“With our Zero Questions Asked quotes, we’ve once again achieved this and will take a large step forwards towards our goal of a 100% GI quote to mortgage penetration rate – improving the outcome for customers across the UK.
“We’ve released the handbrake when it comes to the intermediary GI sales process – no longer will advisers need to repeatedly rekey information that’s readily available from other sources.
“They can now spend more time advising a greater number of their clients, ensuring that more homeowners from across the UK are fully protected with comprehensive, 5 Star-Rated cover.
“These developments will benefit every stakeholder in the GI selling process and will help to shape the future of the insurance industry for years to come, it’s the GI industry Uber/Netflix moment.”
Paul Kelly, director of product development, added: “Since as long as I can remember home insurance has been unnecessarily confusing for customers when it comes to specifying items and whether they need to be listed in the home and out of the home.
“By harnessing technology, we have removed this confusion from the process to make it easier for advisers and customers alike.
“We are very proud of this market changing innovation that, alongside our zero questions launch, puts the customer and the advice process first, rather than asking data capture questions or explaining unnecessarily complicated definitions.
“An adviser needs time to advise and should never need to ask a customer about their property, especially when the information exists in the mortgage sourcing system, lender survey and the Land Registry data centre.”
The first phase of Uinsure’s ‘Zero Questions Asked’ launch means that quotes can now be generated within seconds, removing all barriers related to time, effort and data input.
The second phase will see integrated partners utilising Uinsure’s new open API to deliver binding quotes with absolutely no rekeying of data, resulting in a true zero questions experience.
Uinsure has achieved this by integrating with several trusted data sources, meaning that once the postcode has been entered the information about the property is provided – meaning no assumptions are made.
Uinsure said this gives advisers time back to advise, rather than inputting data into lengthy question sets.
After the quote is instantly returned advisers can then review the quote and tailor it to the customers’ needs and add any additional cover options such as legal expenses or home emergency – again with instant price updates within the same results screen.
As part of this system development, Uinsure has also re-engineered the way customers specify possessions to focus on the item itself – rather than confusing the customer with explanations of high-risk items, personal items and personal possessions.
Advisers can now simply list any item and its value and the Uinsure system will automatically allocate it appropriately in the policy.
Martin Reynolds, chief executive of SimplyBiz Mortgages, said: “What Uinsure have accomplished through the launch of their Zero Questions Asked functionality is ground-breaking.
“This development has the potential to realign the intermediary insurance market and completely change the way that advisers focus on GI.
“It will allow them the time to concentrate on feature led advice rather than a price led offering. It will allow them to convert more mortgage clients into GI clients too. It’s great for the adviser and for their clients, as it will enormously combat the UK’s growing underinsurance problem.”