The latest from Renovation Underwriting, as they aim to speed up pricing for brokers. Here’s the word;
Renovation Underwriting (RU) has redesigned its underwriting process to give brokers a faster route for eligible, straightforward private client renovation risks – while retaining specialist underwriting input for more complex projects that require greater consideration.
Private client risks with a premium below £3,000 that meet the automatic approval criteria, can now be priced and bound with immediate effect through its existing Underwriting Portal, without needing manual underwriter review.
Where a risk falls outside the automatic criteria, including risks with a premium above £3,000, Commercial client risks or complex projects requiring specialist consideration, the enquiry will be referred directly to RU’s underwriting team.
Douglas Brown, Managing Director at Renovation Underwriting, said:
“Insurance is an intangible purchase; what clients are buying is a promise. Every time a broker recommends an insurer, they’re putting their own name behind that insurer’s promise and asking their client to trust it too.
“Speed matters and price matters, but neither tells you how good the promise really is. Knowing that the insurer has taken the time to understand what it is promising to protect gives brokers greater confidence in the recommendation they make.”
“Not every renovation risk is complex, and good underwriting recognises that too. Straightforward enquiries should always be able to move quickly. When a project needs more, that’s where time, judgement and specialist input matter. Knowing the difference is where our experience counts – and we’ve invested in developing our underwriting journey to reflect exactly that.”
Making the submission process easier
The online question set that brokers complete when placing their risks has also been updated to match the automatic approval criteria, and a new proposal form has been introduced to help brokers capture the required information from clients – enabling the Portal to determine the appropriate underwriting route.
To support the changes, RU has launched a new ‘How to work with us’ page, bringing together the information, resources and guidance brokers need to start and progress a renovation enquiry in one place.
Douglas Brown added:
“We are the most experienced in the renovation insurance market because we make it our business to understand risks better than anyone else. Applying skill and diligence to underwriting means that we can make our promise without fear or favour.
“We want brokers to make a recommendation without reservation, knowing the thinking has been done, so they can justify the value proposition to a client and, if the project needs more explanation, they know they have our specialists behind them ready to help.”
The changes announced today form part of the RU’s continued investment in its broker proposition – combining technology, specialist underwriting and technical expertise to offer a highly targeted, responsive approach to renovation risks of every size and complexity.
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