Policy Powerhouse launches fast, simple holiday let insurance coverage

Digital broker Policy Powerhouse has launched the UK’s fastest and simplest holiday let insurance offering, powered by WhenFresh property data, meaning that holiday business owners can now obtain competitive quotes and buy buildings and contents insurance for single or multiple properties, in just a few clicks.

The UK has close to 200,000 properties that are available for holiday rentals. But, because there are few insurers offering this type coverage, it has been a difficult market. Until now, shopping around for comparable quotes was a tedious and lengthy process. The new Policy Powerhouse platform changes this by asking the owner to answer only a handful of questions, with all necessary property attribute and risk data instantly delivered ‘behind the scenes’ by property data specialists WhenFresh, based simply on the address. It is now possible to get a completely online service, which is faster and more simple than ever. Even better, owners can insure multiple properties with one policy fee. Also, attractive discounts are available for multiple properties.

Policy Powerhouse CEO John Bibby says, “We’re really excited to launch what we consider to be the most intuitive insurance platform on the market, which will transform the frankly rather tedious Holiday let insurance buying process, making it much faster and easier to obtain competitive pricing and a choice of coverage level to suit holiday let owners”. He continues to explain. “Having been in the insurance market for most of our lives, we saw a gap in 4 critical areas of insurance: cost, speed of purchase, the ability to insure multiple properties on a single policy and range of products, particularly where requirements don’t quite fit the typical mould. This is where Policy Powerhouse comes in.”

In 2021, the UK-based digital broker was founded to help customers save time and money by making non-standard insurance products easily, quickly, and affordably accessible. They are committed to simplifying the process of buying insurance and offering simple claims procedures with improved underwriting and performance.

“Typically for non-standard insurance products like holiday let properties, owners need to hunt around for providers that offer the right protection, then undergo lengthy phone calls/processes to obtain a quote – which can ultimately end up in rejection. It can be very frustrating when you know what you want in an insurance product, but you aren’t able to purchase it easily,” Bibby explains. Holiday let properties are considered more risky than standard home insurance because they can be unoccupied for longer periods than 30 days or have multiple short-term tenants. This means that standard home insurance policies typically do not provide adequate cover, which is where Policy Powerhouse’s holiday lets insurance fits. The partnership with property data specialists, WhenFresh, is fundamental to making this new quote platform so fast and easy to use – as the property owner only needs to enter the address and all necessary property and risk-related questions are instantly ‘pre-answered’ within the Policy Powerhouse platform, by pulling in data from the WhenFresh API. Owners no longer have to fill in lengthy and complicated forms. The process of getting a quote is much quicker and easier.

Mark Cunningham, CEO at WhenFresh, has added: “It’s great to see Policy Powerhouse innovating in the holiday let insurance space. WhenFresh provides property prefill services to many of the top home insurance companies to simplify and shorten the quote and purchase process. This platform supports holiday lets owners who often live in remote areas. It is therefore refreshing to offer this service. The owner may have to travel long distances to inspect the property, such as to the coast or the Lake District to answer some of the more complex questions. This is a great example of how smart technology and WhenFresh property data can be brought together to massively simplify and speed-up what was a complex and painful experience for buyers.”

Policy Powerhouse launched holiday let insurance in June 2022. It is their second product. Cancel Cover is their first insurance product. It provides holiday let owners with protection against guests cancelling bookings. This allows them to refund up to 95% of the costs and claim that refund via Cancel Cover. Online Travel Agents can also be used to protect holiday let owners’ financial positions. Steve Dixon, COO Policy Powerhouse, who worked on the idea for the platform.

“We envisaged a central platform where customers can manage all their insurance policies with ease, and also log their holiday booking for Cancel Cover protection. Insurance doesn’t stop when a customer has purchased, it is also about making the claims process as fast and easy as possible to reduce admin time.” Dixon continues the explanation “Efficient use of API’s mean that the customer experience is fast and frictionless, and our insurer partners gain enhanced insight into the risks that they accept. A+ rated insurance coverage supports our Holiday lets product. We have tried to make the platform as simple as possible. However, some customers will require additional support. Policy Powerhouse has all channels of communication open, including email, phone, chat and instant messaging. We are always there to support our customers and prospective customers”.

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