The home insurance market in the UK is highly competitive and mature. As of 2024, there are around 35 million home insurance policies in the UK, and more than half (51.8%) of people bought their home insurance policy online in 2023-24¹. With many providers offering similar products, often through price comparison websites, it can be challenging for insurers to stand out. The competition is fierce, and price sensitivity among consumers is high, which puts pressure on insurers to differentiate their offerings and maintain profitability.

Capturing customers early in the home-buying process gives insurers a competitive edge. By engaging potential policyholders before they compare prices, insurers can build trust and reduce the chances of them seeking alternatives. Partnering with mortgage lenders or real estate platforms is an effective strategy, as it allows insurers to present their options during the mortgage application process, making them the default choice and minimizing the likelihood of customers shopping elsewhere.

This approach not only streamlines the process for the customer but also positions the insurer as a trusted partner at a pivotal moment in the home-buying journey. By securing the customer’s business early on, insurers can enhance customer loyalty, reduce churn, and gain a stronger foothold in the highly competitive UK home insurance market. In the partnership between One Mortgage System (OMS) and Uinsure, the proposition of insurance works by integrating Uinsure’s insurance products directly into the OMS platform, which is used by mortgage brokers.

Here’s how the process typically works:
Seamless Integration: Uinsure’s home insurance products are embedded into the OMS platform, allowing mortgage brokers to offer insurance quotes and policies to their clients as part of the mortgage application process. This integration is seamless, meaning brokers can access insurance options without leaving the OMS platform.

Instant Quotes: When a broker inputs a client’s details into the OMS platform to process a mortgage application, the system can automatically generate home insurance quotes from Uinsure. This real-time quote generation makes it easy for brokers to present insurance options to clients during the same interaction.

Convenient Purchase Process: Once a quote is generated, the client can choose to purchase the insurance directly through the platform. The process is designed to be quick and simple, allowing the client to secure both their mortgage and insurance in one streamlined experience. The partnership between Uinsure and One Mortgage System (OMS) is particularly interesting because unlike traditional models where insurance is offered as an afterthought or just another step in the mortgage process, UinsureCX tracks an individual’s mortgage journey in real-time, providing automated, contextual communications at the most relevant moments.

Our view of key points of this partnership:

• Real-Time Mortgage Tracking: UinsureCX tracks the borrower’s mortgage journey in real-time, ensuring that insurance communications are delivered at the most relevant points in the mortgage cycle (e.g., application, offer, exchange).
• Automated, Contextual Communications: The platform provides fully automated communications tailored to the borrower’s specific circumstances, such as “new build” or “remortgage” scenarios, enhancing relevance and engagement.
• Digital-First Insurance Purchase: UinsureCX enables a streamlined, digital-first insurance purchasing process, allowing borrowers to secure coverage in less than 60 seconds, improving convenience and efficiency.
• Seamless Integration: The integration with OMS ensures that these timely insurance offers are seamlessly integrated into the mortgage process, making it easier for brokers and intermediaries to offer comprehensive services.
• Competitive Advantage: Despite the efficiencies introduced by digital distribution and aggregators, getting early access to home buyers and using alternative data and insights can make the difference in this over competitive and mature market. This approach helps capture customers early in the mortgage process, providing a competitive edge in mature and highly competitive home insurance markets.

¹ https://www.confused.com/home-insurance/home-insurance-statistics