Trust in Insurtech

Many factors have led to the negative association surrounding insurance, one of these factors being the lack of trust towards insurance from loyal customers. Most insurers want to offer customers a quality service with quality products, but the reputation of insurance is shadowing this. What might be the answer? Insurtech. The insurance market is now ever-evolving and striving to become an industry we can trust, whether this is through large insurers stepping into tech, or start-ups taking a new insurtech leap.

One of PolicyCastle’s mantras is transparency and as a new digital home insurance broker we can easily understand and listen to what our customers want and need, tech-seamlessly feeding this back into our products and services.

Follow the 6 points below to ensure you are being treated fairly, to be offered the best price and cover for your circumstances:

  1. Cover on Offer– the cheapest price does not always indicate the best value of cover for you. Think of what you value most to be covered sufficiently and what this means to you. What you would most claim for. For example, prized golf clubs, or laptops, do you need cover away from home? Ensure you’re not underinsured. Make a list of what you want and need.
  2. Security –your area and sums insured may not warrant your insurer to require minimum security, but if you have approved door and window locks, ensure this is noted on your policy. A minimum level of security often warrants a security discount, as your property is seen as being safer. For more tips from PolicyCastle on –security.
  3. Alarm –An approved and maintained alarm may offer you an additional discount, as you’re seen as a lower risk; but you will need to check what conditions this may set in the event of a claim. Security has been made even safer through smart devices and machine learning. Smart security can prevent crime like never before and insurers recognise this. Like PolicyCastle, who now gives a discount for having a smart device in your home. For more about PolicyCastle’s – discount.
  4. Endorsements –Check the endorsements/terms that are applied to your policy. If endorsements have been applied when you are looking to make a claim you will need to fall inside the terms of your policy for a claim to be paid out. For any terms you are unsure of, just simply query with your provider and negotiate if you are not happy.
  5. Accidental Damage (AD) –one of the most frequently misunderstood parts of insurance. Additional AD is not normally included as standard and many customers only find this out when they need to make a claim. Check what is offered for standard cover and ask for an explanation of the difference between standard and additional AD cover with your provider. For more tips from PolicyCastle on – accidental damage.
  6. Holiday Homes/Second Homes –if you are shopping for insurance for your holiday or second home, check if there are any discounts available if you do not let your property. Using your holiday home for just yourself, family and friends may mean you are entitled to an additional discount. This is because the risk is seen as lower than letting the property as a holiday let. For more tips from PolicyCastle on – holiday homes.


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