Paymentshield has joined up with specialist GI insurer Ceta Insurance to deliver access to non-standard solutions for advisers via its Adviser Hub.
In the first instance, Paymentshield will trial access to Ceta’s Infinity solution exclusively to a select number of advisers with feedback to support a wider roll-out and full integration.
Currently, nearly 30% of household insurance is classified as non standard. This includes properties affected by subsidence, non-standard construction and unoccupied properties, as well as high-net worth customers or those with criminal convictions. Mainstream insurers sometimes find it challenging to quote for this business, as so much remains unwritten at an estimated cost of £1.5bn Gross Written Premium (GWP) to the industry per year.
Ceta’s digital cloud-based insurance platform (Infinity) allows for the sale of non-standard household insurance, simultaneously allowing the manufacture and distribution of multiple niche products. This means that by partnering with Ceta’s Infinity system, advisers with access to Paymentshield will be able to quote on a wider range of business.
Louise Pengelly, proposition director at Paymentshield said: “We are constantly striving to improve our service to advisers. We recognised the importance of the non-standard market and decided that Ceta had the deep product offering and real non-standard expertise needed to rapidly deliver a quality proposition.
“It was also crucial for us that the adviser experience was consistent with Paymentshield’s intuitive, easy to use and technology enabled platform and Ceta‘s solution delivers on that objective.”
Brendan Devine, CEO at Ceta, added: “The non-standard insurance market is ever increasing as needs and priorities change and by partnering with the industry’s leading GI provider, together we will be able to provide the best and most comprehensive range of products.
“Our Infinity platform means that we can cater for the vast majority of property risks, in a time and cost efficient manner and without the need to refer.”
