Startup Homelyfe introduces gazumping insurance as its first policy, with more to follow this year.
Insurtech startup Homelyfe has launched gazumping insurance for home buyers as its first policy and it aims to release several more policies over the coming year.
Through an app, Homelyfe intends to allow insurance purchasers to manage all their insurance requirements in one place.
Homelyfe allows users to get quotes and purchase a policy, as well as managing and renewing policies they take out. Users will also be able to start a claim from the app.
Homelyfe’s first offering is home buyers insurance.
Via a YouGov survey of 1300 homeowners and would-be purchasers over the next two years, Homelyfe found that more than one in ten purchases fell through because a seller had been made a better offer, despite an oral agreement already being in place.
This is also known as ‘gazumping insurance’ and it cost almost a third (32%) of those affected more than £500.
HomeLyfe intends to tap in on the 82% of buyers and homeowners who are not aware of ‘gazumping insurance’.
Homelyfe founder and chief executive Peter Goodman said: “The insurance industry is notoriously complex and archaic in its approach. The unfortunate result is that a lot of British consumers spend a long time answering outdated questions and are not getting the adequate protection or cover they need and want,”
“Some providers are still posting quotes rather than emailing them and each time you get insurance, you need to provide the same information fresh again, regardless of whether you are with the same provider.
“It shouldn’t be as difficult as it is – life is easier than that now – and it is time the insurance industry caught up with today’s consumer expectations. We’ve created Homelyfe to make insurance simple, intuitive and cost effective. By taking a common-sense approach, without the jargon or the unnecessary hoops, we’re looking to make it easy for people to get the protection they need, when they need it.”
Genworth former global head of its lifestyle protection business Peter Barrett joined Homelyfe in August as its chairman.