The UK government launched Flood Re to help address the lack of affordable home insurance for individuals living in flood risk areas, who tend to be subject to higher premiums and excesses. The scheme also increases the choice of providers for these policyholders, enabling them to find the cover that suits them best.
With nearly a third (31%) of home insurance distributed through brokers, AXA can work with SSP to offer at-risk policyholders affordable premiums and lower excesses through the intermediated market.
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, SSP Intelligent Quotes Hub, enabling the Flood Re premium to be considered with other risk factors in determining the overall home insurance price AXA provides each at-risk customer.
Ron Atkinson, Head of Distribution Relationships at SSP said:
“SSP is committed to serving the entire insurance market, so we’re delighted to have worked collaboratively with AXA to get our brokers live on Flood Re. These partnerships make the most of the added value brokers provide by offering their customers dedicated advice and assistance to ensure they get the right cover for their individual flood risk.
“The intermediated channel has an important role to play in ensuring homeowners in high risk areas have affordable protection and choice, so it’s encouraging to see the industry pull together to achieve this.”
Carolyn Scott, Head of Household and Lifestyle Underwriting at AXA said:
“By working with SSP, Flood Re-backed policies will be more widely available for customers who insure their homes through a broker.”