New system will provide an accurate risk rating for individual addresses rather than an assumed risk
Ageas has expanded its underwriting capability to provide cover for an additional 270,000 properties in the UK.
This is the result of a new underwriting system that provides an accurate risk rating for individual addresses, rather than an assumed risk.
Previously, the risk rating was based around postcodes that generally apply to an average of 15 properties and did not allow for varying environmental factors from house to house.
The insurer says the “full address rating” system is available across the its House Guard Extra and Prestige products and will help to ensure policyholders pay premiums that appropriately reflect the risk to their properties.
Ageas head of home underwriting Craig Allen said: “The launch of our full address rating system offers brokers improved access to our products, with premiums truly reflective of the customer’s risk.
“This is an immensely powerful message, particularly in flood-prone areas where the risk can alter dramatically within the same postcode. It is also gratifying to know that our footprint has broadened with this underwriting capability, giving brokers more of the market to target whilst enabling them to compete with direct players.”