"Our approach on renewal enables a different conversation with customers, which is not just about the initial premium, but the true cost over the lifetime of the policy."
Uinsure has saved its customers over £1.2 million in renewal premiums, an average annual saving of £50 per customer, through its new Rebroke at Renewal initiative.
Launched in July, the Rebroke at Renewal service searches and compares customer renewal premiums from Uinsure's panel of UK insurers, including AXA, Ageas, LV=Broker, RSA and UK General. If another insurer is cheaper, Uinsure will offer their customers the opportunity to switch to that insurer’s new business price at renewal.
Since launching the service, Uinsure has been able to create annual premium savings for 24,000 renewing customers, totalling over £1.2m.
Simon Taylor, chief executive officer at Uinsure, commented: “Uinsure’s new Rebroke at Renewal service is working well to ensure price competitiveness for the benefit of the end consumer, with over 24,000 customers already benefitting from a cheaper premium at renewal.
"A market-wide trend traditionally is that existing customers typically pay more than new ones, but Uinsure is determined to deliver the best customer outcomes by ensuring fair and transparent premiums for all customers, over the lifetime of their relationship with us.
"For our adviser and key partner relationships, our approach on renewal enables a different conversation with customers, which is not just about the initial premium, but the true cost over the lifetime of the policy.”
Lynda Blackwell, non-executive director at Uinsure, added: “Home insurance is important in protecting customers when things go wrong. Customers should be able to trust their home insurer to provide them with a good value product. But the FCA has found that too many policy holders – many of them vulnerable - are not getting a good deal. Uinsure’s Rebroke at Renewal service makes it easier for customers to compare premiums from a range of leading insurers, giving them confidence that their premiums are competitive, year on year.”