Virgin Money returns to home insurance market

Virgin Money has expanded its insurance offerings by launching new home and landlord insurance products in collaboration with insurtech firm Uinsure. Virgin Money stopped offering its home insurance products in August 2021 as part of a broader strategic review aimed at simplifying its product offerings and focusing on core areas of business such as mortgages, savings, and current accounts.

Founded in 2007 and based in Manchester, Uinsure has developed what it calls a “frictionless” platform that allows customers to obtain insurance quickly and easily. Its UinsureCX product tracks mortgage progress and triggers relevant communications throughout the mortgage cycle, ensuring customers receive the right insurance offerings at the most appropriate times.

The partnership plans to introduce a streamlined quote process that allows customers to obtain a five-star Defaqto-rated insurance quote in as little as 30 seconds. It also ensures that new business and renewal quotes automatically reflect the lowest price available from Uinsure’s panel of underwriters.

The bank said the new insurance products are designed to meet the needs of both homeowners and landlords, and are backed by Uinsure’s customer service, reflected in its ‘Excellent’ Trustpilot rating.

Virgin Money’s home insurance product offers £1 million in building cover and £75,000 in contents cover as standard. The product also features automatic re-broking at renewal, ensuring customers receive competitive pricing year after year. The fee structure is transparent, with no charges for policy cancellations or mid-term adjustments.

The new insurance is available online, and customers without internet access can take out a policy by phone. For renewals, Virgin Money also offers multiple communication options, including online, email, post, and telephone.

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“Virgin Money’s home insurance product offers a market-leading quote journey in as little as 30 seconds, competitive pricing through a panel of insurers, automatic re-broking at renewal, and a transparent fee structure with no hidden fees,” said Graeme Sands, head of personal banking at Virgin Money. “In collaboration with Uinsure, who will administer our home insurance product, we provide customers with simplicity, quality, and transparency.”

Martin Schulthiess, group managing director at Uinsure, added that their technology enables the customers to “enjoy an insurance journey that’s free of the complexities they might previously have struggled with.”

“The Virgin brand is one of the most recognised globally, with a long history of pushing boundaries and innovating for the benefit of its customers,” Schulthiess said. “That way of thinking very much mirrors our own way of working and we’re extremely excited to commence our partnership with Virgin Money.”

Uinsure, led by CEO Simon Taylor, has seen substantial growth backed by LDC, a Llloyds Banking Group private equity firm. LDC’s investment in 2024 is part of a broader strategy to help Uinsure expand its market share, enter new markets, and grow its partnerships with intermediaries, building societies, and banks.