Virgin Money has launched a home insurance product for homeowners and landlords in partnership with insurtech firm Uinsure.
Virgin Money will use Uinsure’s technology to give the lender’s customers a 5 Star Defaqto rated insurance quote if they answer a short set of questions including their name, date of birth and postcode.
The firm claimed a quote could be returned in just 30 seconds, making this a “market-leading quote journey”.
The insurance cover will be tailored to the needs of homeowners and landlords. It includes £1m of building cover and £75,000 in contents cover as standard, a quick quote process and “competitive” pricing.
Customers can automatically rebroke their policy at renewal to save them time and money. This will be done using Uinsure’s panel of underwriters, who will look for cheaper deals for customers.
The product is available online. Customers without online access can take a policy out over the telephone. Renewals can be done either online, by email, post or telephone. Virgin Money also assured there would be no hidden fees.
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Graeme Sands, head of personal banking at Virgin Money, said: “Virgin Money’s innovative home insurance product offers a market-leading quote journey in as little as 30 seconds, competitive pricing through a panel of insurers, automatic rebroking at renewal, and a transparent fee structure with no hidden fees. In collaboration with Uinsure, who will administer our home insurance product, we provide customers with simplicity, quality, and transparency.”
Martin Schulthiess, Uinsure group managing director, added: “Our technology is built solely around the user – meaning customers can enjoy an insurance journey that’s free of the complexities they might previously have struggled with.
“The Virgin brand is one of the most recognised globally, with a long history of pushing boundaries and innovating for the benefit of its customers. That way of thinking very much mirrors our own way of working and we’re extremely excited to commence our partnership with Virgin Money.”
Last week, Virgin Money lowered rates across its mortgage offering.
