Peter Knowles launches LetSense
A former CII head, Peter Knowles, has launched a lettings insurance company backed by MMA Insurance, part of Covea Group.
LetSense will initially offer tenant referencing, rent and legal protection insurance services for letting agents. It plans to launch a range of related products for agents, landlords and tenants early next year.
Knowles, who was head of business development in the CII’s general insurance market team, becomes chief executive at LetSense.
“We are launching into a buoyant and erupting rental market,” said Knowles.
“The rental market has shifted in the UK. First-time buyers are holding off because of the way property prices are going. As people who have to move are tending to rent their property out, they don’t have to sell in a falling market.”
Knowles launched the web-based brokerage with Brian Turney, former managing director of competitor Letsure.
Alan Holton and Robert Jones have also joined the company from Letsure.
LetSense is based in Norwich and has a team of nine staff. Knowles predicts the workforce will have doubled in size to 20 by next year.
The broker has agency agreements with both Arag and MMA Insurance and is talking to a number of other insurers over agency agreements.
A key element of LetSense’s offering to letting agents is its web-based software platform, which enables agents to administer LetSense’s product range electronically, eradicating paperwork.
Knowles added: “This new system will be the most markedly user-friendly and reliable software of its kind available to letting agents.
“Our aim is to exceed the expectations of landlords, tenants and agents and we will use all of our knowledge and experience to ensure that this happens.”