The new partnership will combine Prestige’s underwriting expertise for non-standard home insurance with Pikl’s specialist knowledge of the vacation rental market alongside Aviva’s expertise in the home insurance space.
Ahead of the launch, Pikl announced it has made improvements to its existing products. For example, public liability cover has been increased from £2m to £5m, which means it now meets the new public liability recommendations for vacation rentals in some parts of Scotland. In addition, the policy excess has been reduced from £250 to £100, which should make customers more comfortable claiming for smaller amounts.
Pikl provides a range of products designed for homeowners which cover the risk of property damage and liability when a property is being used as a vacation rental or let out flexibly on a short-term basis. These tend not to be covered under standard home insurance policies. Pikl’s policies are designed to complement existing policies.
The partnership will allow Pikl to take on a greater volume of business and will also give Prestige strategic access to a growing and diverse market through the specialist expertise Pikl has built since launching in 2019.
Louise Birritteri, founder and CEO of Pikl, said: “We’re delighted to be able to announce such a strategically important partnership with two of the UK market’s heavy hitters in the property insurance markets. Customers will benefit from knowing that the products they buy are backed by A-rated capacity from a well-known brand.
“With a long-standing partnership already in place with Prestige Underwriting, it made absolute sense that we utilise this existing relationship together with Aviva to grow our capacity and leverage the considerable skill sets within our combined organisations,” she added.
Alison Williams, Managing Director of Prestige Underwriting, said: “I’m pleased that we are continuing to work and expand our relationship with Pikl. The experience gained from our existing partnership has been valuable and we will take many of the learnings from that in developing our exposure to this market segment, broadening our market reach and ability to help customers with more of their requirements. At Prestige Underwriting, we are committed to continually evolving and this extension of our partnership complements our non-standard home offering.”
Jonathan Santer, Managing Director of Aviva Broker Personal Lines, added: “We are delighted to be supporting Prestige in this new partnership with Pikl. The combination of both organisations working together brings a new perspective, supporting customers who otherwise may not have their insurance needs met. We are excited by the innovative solutions that Pikl offers customers and look forward to seeing the partnership flourish.”
Source: FintechFinance
