New firm launches brokered pay-as-you-go home policy

Insure As U Go has launched a pay-as-you-you go home insurance policy.

Clients can buy the policy on a month-by-month basis and can stop and start the policy as they wish, similar to a  pay-as-you-go mobile phone package.

Ageas is the insurer for the new product, while UK General is acting as the managing general agency. Insure As U Go acts as the administrator and wholesale broker.

Insure As You Go said the product is designed to help retail insurance brokers, mortgage brokers, independent financial advisers (IFAs) and conveyancing solicitors take more customer insurance business away from the direct writers.

To attract brokers to distribute the home policy, Insure As U Go says it will offer “enhanced commission” to those who commit to selling greater volumes of the product. It has set up four levels of commission to cater for intermediaries who want Insure As U Go to administer the product for them as well as those who sell general insurance every day.

The product had a soft launch on 19 November, but has now gone fully live.

Insure As U Go was set up by Lee Taylor, who also founded independent broker T&R Direct Insurance Services.

Taylor said: “This is the first in a number of products we will be looking to offer our members, and see this as a great opportunity for IFAs, mortgage brokers and conveyancing solicitors.’’

“Our aim is to provide a market-leading offering. The first product (monthly home insurance) will be a hugely valuable resource to help anyone dealing in personal lines insurance gain access to a high quality, cost effective easy to administer product and thus help them maintain their own service quality levels.”