Is the non-standard household market working for brokers and insurers?

Thatched Roof House

The non-standard household insurance market is growing. For instance, it is estimated that around one in four new homes is now of timber frame construction, which may not be covered by a standard insurance policy. With increasing levels of contents cover, ever-growing levels of contents cover, demand for in-home technology and ecological improvements some customers could find that standard insurance products are no longer adequate.

We’ve been speaking to a variety of insurers and brokers currently operating in the non-standard household market:

  • For brokers, accessing non-standard household products can be challenging, requiring re-keying data into multiple rate sources when trying to generate a quote.
  • Many brokers are struggling to live up to the demands of modern customers looking for fast, competitive quotes.
  • Brokers often rely on their call centre staff to choose the insurers which they believe will be most competitive, rather than presenting the risk to a “full panel”
  • Insurers are struggling to get brokers to use their extranet, despite offering competitive rates

Later this year, i-Wonder is looking to launch several new non-standard property solutions to help brokers operate more efficiently, and increase competition in the market for insurers. Alex Williams, Sales Director, explains,

“At BIBA this year we had countless conversations with brokers who were keen on deploying our Quote Portal technology for non-standard household. As we have a demand-driven approach to software development we are now exploring opportunities in this area and are eager to get a number of new partners on board. We are now looking to build on our current product portfolio of taxi, motor trade and courier which allows brokers to key in risk once and retrieve multiple quotes back from several different sources.”

To find out how you can get involved in this exciting new venture, please contact us today.