The new partnership will allow Mojo Mortgages to sell Uinsure policies through the insurtech's digital broking platform, receiving commission for each one
Insurtech firm Uinsure has expanded the distribution of its partnered insurance providers by joining up with Mojo Mortgages.
The insurtech’s business-to-consumer platform gives customers access to policies with standardised wording from several insurance providers, ranked by their premium cost.
The new partnership with Mojo Mortgages will integrate Uinsure’s platform to the process of buying a mortgage, presenting a range of buildings insurance quotes along the way.
Mojo Mortgages CEO Richard Hayes said: “We’re on a mission to deliver the UK’s best mortgage experience and make mortgages easier.
“The mortgage market has lacked innovation for too long and Mojo is putting that right. This partnership with Uinsure aligns the mortgage and insurance quote process at the perfect moment for the customer.”
Manchester-based Mojo Mortgages claims to be disrupting the traditional broker market by providing a fully digital experience for mortgage buyers, using AI to give a personalised recommendation from a pool of 20,000 products in the market.
Fellow Mancunian firm Uinsure saw the current and potential disruption of the start-up as an opportunity to offer its cover, provided by a panel of companies including LV= Broker.
David Smith, chief innovation officer at Uinsure, added: “The mortgage process has historically been outdated and unnecessarily complex, and Mojo is seeking to make this process as easy as possible, a deep belief that we too share here at Uinsure.
“With our zero-questions platform, general insurance quotes can be returned instantly, based on three key pieces of information: name, date of birth and address.
“This is an incredibly exciting time to be partnering with Mojo, who are continuously disrupting our industry with their innovations, and we look forward to launching our system and a successful partnership.”
Under the partnership, Mojo Mortgages will receive a maximum commission of 27.5% on each policy sold through Uinsure’s platform. There will also be the flexibility to reduce it to 0% in order to keep the premium competitively priced.
How does Uinsure’s platform work?
Uinsure is a business-to-business insurtech that allows mortgage brokers and advisers to access quotes for home, landlords and buildings insurance from its panel of cover providers.
To receive a list of the most appropriate quotes, users enter the name, date-of-birth and address of a customer.
Users can then personalise it to add additional cover options such as legal expenses or home emergency cover.
Uinsure removed the typical question-heavy process of buying insurance by integrating several trusted data sources into its platform, including the lender survey and the Land Registry data centre.
Access to this data allows the insurtech’s AI algorithm to consider the features of each property that are necessary to provide a personalised quote.
Uinsure’s home insurance policy has been rated five stars by industry rating firm Defaqto, and it retains the top rating regardless of which insurer underwrites it.