UK bank Virgin Money has returned to the home insurance market through a partnership with insurtech company Uinsure.
The launch of new home and landlord insurance comes after the company ceased offering home insurance products in August 2021, as part of a strategic review to focus on its core business areas.
Uinsure, known for connecting financial intermediaries with UK insurers via a cloud-based platform, will enable Virgin Money customers to obtain a 5 Star Defaqto rated insurance quote quickly.
According to the insurtech company, customers can get a quote by answering a few simple questions including their name, date of birth and postcode, in as little as 30 seconds.
The coverage is designed to meet the specific needs of homeowners and landlords, providing up to £1m in building cover and £75,000 in contents cover as standard.
Virgin Money’s partnership with Uinsure is said to ensure competitive pricing through a panel of insurers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank’s home insurance proposition includes a commitment to low prices, featuring automatic rebroking at renewal to save customers time and effort.
Additionally, the offering promises a “transparent” fee structure, with no charges for policy cancellations or mid-term adjustments.
The new home insurance product is accessible online, with telephone support available for those without internet access.
As per the announcement, Uinsure’s partnership also seeks to ensure that customers receive the lowest price from its panel of underwriters at each new business or renewal quote, reducing the need for customers to compare prices elsewhere.
Virgin Money head of personal banking Graeme Sands 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.”
Uinsure group managing director Martin Schulthiess said: “Our technology is built solely around the user – meaning customers can enjoy an insurance journey that is 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 are extremely excited to commence our partnership with Virgin Money.”
Earlier this year, Uinsure received an investment from Lloyds Development Capital, which the company stated would help increase its market share, explore new markets and expand its network of partnerships.