The development, powered by an API technology integration, means that for tenants, Goodlord’s lettings platform will now generate an insurance quote almost immediately, by automatically filling out the insurance form with information that has already been provided as part of the referencing process.
Now live, Paymentshield and Goodlord are aiming to deliver tenants a journey that is as simple and time-efficient as possible, in an effort to address the huge protection gap that currently exists in the UK rental market.
According to recent YouGov research, commissioned by Paymentshield earlier this year, 46% of renters said they didn't have a contents insurance policy in place. Of that group, 90% of respondents were unaware of what tenants' liability insurance - which provides protection against accidental damage to the landlord's belongings or property - is.
The enhancement to Goodlord’s letting platform is the latest development in Paymentshield’s six-year partnership with the company, during which time they have been the exclusive provider of tenants’ contents insurance for Goodlord.
Goodlord’s customers will be provided with a quote from Paymentshield’s panel of tenants’ contents insurance providers, including LV=, AXA, UK General and RSA.
Rana Ali, Director of Distribution at Paymentshield, says: “Our collaboration with Goodlord makes it simpler for tenants to obtain contents insurance at the right time during their rental process. Tenants are almost ready to move in at the reference stage and with one eye on bills and the rising cost of living, we are seeking to make insurance a simpler consideration. We recognise that today's consumers simply don't have the time to complete lengthy forms, and we don’t want insurance to become another admin chore. Bypassing that, our API technology enables tenants to quote and purchase with the click of a button”.
“In addition to closing the alarming protection gap in the rental market, this also paves the way for businesses like Goodlord to enhance their overall service portfolio. Our tenants' contents insurance has received a 5-star rating from Defaqto, giving them peace of mind that they are providing their customers with access to a high-quality insurance product.”
Oli Sherlock, Director of Insurance at Goodlord, adds: “The combination of our unique Goodlord platform and Paymentshield’s embedded insurance offering is just the latest step on the journey towards ensuring tenants can access the insurance cover they need, in the most seamless way possible. Our blended telephony and online approach is helping us ensure we can protect peace of mind; resulting in a better lettings experience for tenants, landlords and letting agents.”