Policy Powerhouse, a brand new digital dealer, has as we speak launched the quickest quote platform within the UK for vacation let insurance coverage. Designed and constructed for busy vacation let enterprise house owners, it provides them the flexibility to get a quote for, and buy, vacation let buildings and contents insurance coverage in underneath 5 minutes.
The potential to insure one or many properties on a single coverage with a single coverage payment and reductions for a number of properties can also be distinctive for a completely on-line service.
Add to {that a} extremely aggressive value level, and minimal want for guide knowledge enter, and Policy Powerhouse efficiently simplifies the lives of vacation let enterprise house owners.
CEO of Policy Powerhouse, John Bibby says, “We’re really excited to launch what we consider to be the most intuitive insurance platform on the market, which will transform the frankly, rather tedious holiday let insurance buying process, making it much faster and easier to obtain competitive pricing and a choice of coverage level to suit holiday let owners”
He goes on to clarify, “Having been in the insurance market for most of our lives, we saw a gap in 4 critical areas of insurance: cost, speed of purchase, the ability to insure multiple properties on a single policy and range of products, particularly where requirements don’t quite fit the typical mould. This is where Policy Powerhouse comes in.”
The UK based mostly digital dealer, based in 2021, aspires to convey non-standard insurance coverage merchandise inside straightforward, quick, and cost-effective attain of patrons to avoid wasting them money and time. Taking the effort out of the insurance-buying course of and delivering simple claims processes, with enhanced underwriting knowledge and efficiency is core to their enterprise mannequin.
“Typically for non-standard insurance products like holiday let properties, owners need to hunt around for providers that offer the right protection, then undergo lengthy phone calls / processes to obtain a quote –which can ultimately end up in rejection. It can be very frustrating when you know what you want in an insurance product, but you aren’t able to purchase it easily,” explains Bibby.
Because vacation let properties may be left unoccupied for longer than 30 days and have a number of short-term tenancies, they’re seen as a better danger than customary dwelling insurance coverage. This implies that customary dwelling insurance coverage insurance policies sometimes don’t present enough cowl, which is the place Policy Powerhouse’s ‘Holiday Lets’ insurance coverage suits.
A easy 5 step course of for acquiring a coverage has been developed by Policy Powerhouse, minimising guide knowledge enter past some other platform up to now via partnering with main property knowledge provider WhenFresh.
The purchaser solely must enter the handle and all needed property and danger associated questions are immediately “pre-answered” inside the Policy Powerhouse platform, by pulling in knowledge by way of the WhenFresh API. This removes the necessity for patrons to finish prolonged, advanced kinds, making the method of acquiring a quote a lot quicker and less complicated.
Step 1: A most of 10 fields to fill in, 4 of that are drop-down choices, gathers fundamental contact particulars for the property house owners.
Step 2: A fast postcode search to search out the property handle/es that you simply need to insure, permitting you to pick your property, plus the coverage begin date, is all that’s required.
Step 3: You’ll be introduced with a spread of merchandise and costs, with the flexibility to pick further cowl choices to customize your quote.
Step 4: Review your coverage particulars and ensure.
Step 5: Pay in your coverage, utilizing both a credit score or debit card or month-to-month instalments.
You’ll get speedy entry to a Policy Powerhouse portal containing saved quotes, coverage particulars and all of your documentation.
Policy Powerhouse is dedicated to creating a distinction to the insurance coverage shopping for course of, however additionally they need to make a distinction to folks’s lives. By giving £1 of each coverage bought or renewed to the Make-A-Wish charity, they’ve set an preliminary goal of elevating £100,000 to assist present youngsters residing with crucial situations with the chance to make a want that’s distinctive to them.
Holiday Lets launches on the sixteenth of June 2022 and is the second product delivered to market by Policy Powerhouse. Their first insurance coverage product, Cancel Cover, provides vacation let house owners safety towards the danger of friends cancelling their bookings, permitting them to refund friends as much as 95% of prices incurred and reclaim that refund by way of Cancel Cover. Holiday let house owners can due to this fact compete with Online Travel Agents and defend their monetary place.
COO of Policy Powerhouse, Steve Dixon, has labored on the concept behind the platform. “We envisaged a central platform where customers can manage all their insurance policies with ease, and also log their holiday booking for Cancel Cover protection. Insurance doesn’t stop when a customer has purchased, it is also about making the claims process as fast and easy as possible to reduce admin time.”
Dixon goes on the clarify, “Efficient use of API’s mean that the customer experience is fast and frictionless, and our insurer partners gain enhanced insight into the risks that they accept. Our Holiday Lets product is supported by A+ rated insurance capacity. Whilst we have focused upon making the platform as intuitive as possible, we recognise that some customers will need additional support, so all lines of communication are open at Policy Powerhouse, including via live chat, instant messaging, email, and phone. We are always there to support our customers and prospective customers”
WhenFresh CEO Mark Cunningham provides: “It’s great to see Policy Powerhouse innovating in the Holiday Let insurance space. It’s a market that’s been poorly served in the past and this is a great example of how smart technology and WhenFresh property data can be brought together to massively simplify and speed-up what has, before now, been a complex and painful experience for buyers.”
With customer support being an vital factor to Policy Powerhouse, the ‘new kid off the block’ is definitely seeking to disrupt the insurance coverage market.
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Source: countryask.com
