Source Insurance has welcomed Insurer Hosted Pricing (IHP) to its home insurance panel.

Source has strengthened its relationship with LV= Broker, revealing the insurer as the second underwriter of Source’s Common Policy Wording – Source Home.

Source Home is the first home insurance product created by the team at Source Insurance and signifies the beginning of its product and risk expansion.

LV= Broker brings Insurer Hosted Pricing (IHP) to the partnership. This capability provides pricing calculated at a more granular level and aims to deliver the best results for consumers across a wide range of postcodes. IHP will also provide LV= Broker with a deeper level of information about the performance of its insurance products and the ability to update rates faster and more frequently.

Carl Oakes (pictured), sales director at Source Insurance, said: “LV= Broker has been a valued strategic partner of Source for a number of years. This collaboration strengthens this relationship whilst providing our adviser partners with greater choice and price competitiveness in what is currently a tough market.

“At Source, we have already announced some exciting new enhancements to our proposition this year, and with IHP delivering greater pricing sophistication and lots more planned for the next couple of months, the focus continues to be on developing products and services to truly support our advisers and their customers.”

Darren Prior, head of regional & specialist brokers at LV= Broker, added: “Over the last few months, it’s been great working with the team at Source developing this new proposition. We’re delighted to be their first partner to use Insurer Hosted Pricing to make sure customers continue to receive our most sophisticated rates. We’re pleased to continue our long-standing partnership by collaborating as they launch Source Home to the adviser market.”