NatWest Uinsure home insurance service offers quotes in under 60 seconds

NatWest has formed an exclusive partnership with insurance technology platform Uinsure to launch a NatWest Uinsure home insurance service that can produce a quote in under 60 seconds. The service uses a panel of leading UK insurers to compete on price for the same Defaqto 5 Star Rated cover, both when a policy is first bought and when it comes up for renewal, according to NatWest.

The offering broadens NatWest’s role in consumer insurance distribution by combining its banking channels with Uinsure’s quote and policy-management technology. It is open to NatWest customers and to people who do not bank with NatWest.

Existing NatWest customers can use the service through the NatWest app, online, over the phone or in a branch. Non-customers can access it online or by phone, NatWest said.

How does NatWest Uinsure home insurance work?

The proposition is designed to compare home insurance prices from a panel of UK insurers against a common level of cover. In practice, that means insurers compete for the customer’s business on price while the cover being compared carries the same Defaqto 5 Star Rating, according to NatWest.

Defaqto ratings are used in UK retail finance to assess the features and benefits of financial products. NatWest said the structure applies at the point of purchase and again at renewal, addressing a period when policyholders often reassess whether their existing insurance remains competitive.

NatWest has also introduced a Home Insurance Tracker alongside the quote service. The tool allows customers to upload details of an existing home insurance policy, even where the policy is held with another provider, and then track how the cover and price compare over time.

The tracker sends reminders when a policy is nearing renewal and alerts customers when better value may be available, NatWest said. The bank presents the tool as a way to reduce the burden on customers who would otherwise need to check the market repeatedly themselves.

Toni Powling, NatWest’s head of insurance, said the service pairs competitively priced cover and fast quoting with a tracker that monitors whether customers are receiving a fair deal, including where their current insurance is not arranged through NatWest.

For NatWest, the arrangement adds an insurance service that can be reached through its established digital, telephone and branch channels. For Uinsure, the exclusive partnership places its platform in front of NatWest’s customer base while also allowing non-customers to use the service directly through online and phone channels.

This story draws on original reporting from Finextra Research.