NatWest has partnered with insurance technology platform Uinsure to launch a home insurance service offering quotes in under 60 seconds.
The proposition, which is available to NatWest customers and non-customers, uses a panel of UK insurers competing on price for the same Defaqto 5 Star Rated cover at purchase and renewal.
Existing NatWest customers can access the service through the bank’s app, website, telephone service or branches. Non-customers can obtain cover online or by telephone.
NatWest has also launched its Home Insurance Tracker through its app, allowing customers to upload and monitor the price and cover details of an existing policy, regardless of the insurer.
The tracker provides renewal reminders and alerts when better value may be available, although customers are under no obligation to switch.
Research commissioned by NatWest and Uinsure among 2,000 UK homeowners found that 48% had not checked whether their home insurance offered good value during the previous 12 months.
One in three respondents, or 33%, identified the inconvenience of switching as the main barrier to reviewing their provider.
The survey found that 86% would be interested in their bank offering relevant home insurance using data it already held, while 68% said they would trust their bank to offer a fair price.
Toni Powling, head of insurance at NatWest, said: “Alongside providing quality cover at a competitive price with a quote in seconds, the Home Insurance Tracker means our customers no longer have to keep checking whether they’re getting a fair deal, because we’ll do it for them, even if their cover isn’t with us.
“As a bank that supports one in three UK families, we understand the importance of making everyday financial decisions simpler. The Home Insurance Tracker makes insurance genuinely simple to manage.”
Lauren Bagley, chief distribution officer at Uinsure, added: “For a bank of NatWest’s scale to put Uinsure’s technology at the heart of its home insurance offer is a significant moment, for us and for the market.
“It shows that when the right technology exists, institutions with millions of customers can deliver insurance in a way that genuinely works, with a panel of leading insurers competing at purchase and at every renewal.
“Our insurance tracking technology puts customers in control in a way they haven’t had before and directly answers the challenge of switching hassle so many told us about in the research. This partnership is the latest example of us redefining how cover is offered.”
