The collaboration will combine underwriting, technology, and enrichment expertise to bring to market an enhanced home insurance offering for UK brokers. The first development centres around flood data; utilising data enrichment, the initiative will identify unique property specific flood risk at point of quote to provide an immediate underwriting decision and price.
Describing the new partnership, David Whitaker MD of Plum Underwriting said: “We are delighted to engage in a strategic relationship with these forward thinking brands. After listening to our brokers, we believe the collaboration is a perfect fit to drive forward an even wider specialist home insurance appetite and allow end consumers access to flood risk protection where it is needed most. We are looking forward to strengthening and developing our proposition further to drive forward Plum’s ongoing innovation centred around data and technology and have now actively engaged with FloodRe to build on this initiative.”
“This is a fantastic new partnership, engineered to drive forward innovation for the home insurance market,” said Simon Badley, Group CEO, Open GI. “Our role, at Open GI, will be to support the new proposition with our IHP Plus application so we can add clear business value from start to finish. We look forward to this collaboration and aim to work together to reach a common-goal of delivering a top-notch home offering for the market.”
“We are excited to work with Plum Underwriting and Open GI in delivering highly granular, address-level flood data in real time,” said Alex Croydon, managing director, general insurance UK, Verisk. “It will provide home insurers with a more informed view of flood, giving them more confidence to underwrite risks they may have otherwise been hesitant to take on.”