Three of the UK’s tier one insurers have signed up for SSP’s Flood Re panel, launched this month. The move underlines the insurance technology specialist’s commitment to working with insurers and brokers to serve the entire insurance market.
Flood Re was launched by the UK government to help make insurance more affordable to homeowners in areas prone to flooding, who tend to be more limited in choice and subject to higher premiums.
By joining the panel the insurers will be able to offer at-risk policyholders affordable premiums and lower excesses based on their individual circumstances through the intermediated market, even if they have previously claimed after a flood.
SSP connects to the Flood Re Property Data Hub to capture the council tax band and other relevant risk data. This is fed into SSP's centralised rating, pricing and quotation solution, Intelligent Quotes Hub, enabling the Flood Re premium to be considered with other risk factors in determining the overall home insurance price for each at-risk customer.
As more insurers join the panel, policyholders will have a wider range of Flood Re-backed policies to choose from. So whether they are obtaining a new quote or renewing their cover, homeowners in high risk areas will be able to shop around in a similar way to other policyholders.
Adrian Coupland, Managing Director, Data and Distribution at SSP said: "An increased prevalence of flooding means this is no longer just a winter issue, so it is important we pull together as an industry to provide protection and choice for affected policyholders.
"With three major insurers already signed up, we are making significant headway and looking to engage with other insurers who have registered for the Flood Re scheme to protect the most at-risk properties through offering an even greater choice of cover."