After previously exiting the market, UK-based Virgin Money is once again offering home insurance to its customers, leveraging the exceptional, fully digital user experience of a young startup to carve out a serious position in a crowded sector.
Powered by Uinsure’s technology, the solution stands out right from the start with an exceptionally straightforward quote process. The visitor is asked to provide a few personal details (name, date of birth, phone number, email address) and the postal address of the property to be insured. Then, they simply confirm a handful of details, often auto-collected: type of property, number of rooms, year of construction, and that's it.
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The instantly generated generic proposal can, of course, be customized with the addition of (standard) options the prospect deems necessary, such as coverage levels, deductibles, accidental damage, or emergency services. Acting as a broker, Uinsure finds the best rate from its partners (Ageas, Covea, Allianz, etc.) for a standardized guarantee, ensuring an objectively comparable and transparent choice.
Another unique feature is the policy's promise of automatic annual re-evaluation. Every year, policyholders are assured of getting the lowest price for the same conditions. These changes don’t affect user experience, as Uinsure remains the primary point of contact, especially for claims handling—a service for which they boast exceptional customer satisfaction.
Virgin Money’s approach is intriguing as it showcases how a bank can successfully branch into an adjacent field—one outside of its core expertise—when it identifies a compelling advantage that hints at an opportunity to gain traction. In this case, the dual focus on ease of onboarding and low prices, facilitated by Uinsure, makes for a strong proposition.
However, questions arise regarding the bank’s prioritization strategy. Although Virgin Money isn't lagging behind its peers in customer experience, its banking services fall short of the excellence displayed in its new insurance venture. The resulting inconsistency may surprise, or even alienate, customers who notice the contrast in their day-to-day interactions.
