Paymentshield enhances home insurance quote process

The total question set has been reduced by over half, with advisers able to complete the quote journey in as little as 40 seconds.

Related topics:  home insurance,  general insurance
Rozi Jones
27th March 2023
computer tech completed adviser
"GI is a really important financial decision and our new journey keeps advisers at the heart of that, giving GI the attention it deserves."

Using technology to provide relevant property data, general insurance provider Paymentshield has announced that it will slim down its home insurance quote journey for advisers.

The quoting tool, which forms part of the firm's Adviser Hub platform, now requires advisers to anser fewer than half of the questions required previously. Instead, property data is now fed into the system via data provider LexisNexis Risk Solutions - including property type and age, the number of rooms, and construction details such as the type of materials used.

In a bid to further speed up the process, questions that have 'minimal impact' on price or ability to quote - and, potentially, that consumers are less likely to know the answer to - have been removed. Paymentshield says these include the types of windows and door locks on the home. A study performed via YouGov by insurance comparison site GoCompare in December 2022 showed that 16% of British people guessed the answer to the type of window locks fitted in their home, and 28% guessed the answer to the type of door lock.

Questions about marital status and property occupancy have also been removed, as Paymentshield say these also have a minimal impact on price or ability for the insurer to provide a quote.

Louise Pengelly, proposition director at Paymentshield, commented: “Striking the right balance to ensure both our adviser and customer audiences receive the best possible experience has been a core priority for Paymentshield throughout the development of our new home insurance quote journey.

“We’re confident we’ve got it just right to enable advisers to deliver quick, accurate and competitive quotes. We also know from our market research that there is a strong appetite from consumers for expert advice and financial reassurance this year, and our approach with the new quote journey enables advisers to still do just that. GI is a really important financial decision and our new journey keeps advisers at the heart of that, giving GI the attention it deserves.”

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