U.K.-based insurtech Uinsure has forged a partnership with Suffolk Building Society.
The collaboration will make Uinsure’s insurance solutions for homeowners, landlords, and others available to Suffolk Building Society customers whether they seek insurance via the branch or online.
Founded in 2007, Uinsure is headquartered in Manchester, U.K. Simon Taylor is CEO.
The latest partnership announcement from Manchester-based insurtech, Uinsure, underscores the strengthening position the firm has in the U.K. financial services market in general and the country’s insurance industry in particular. Uinsure has teamed up with Suffolk Building Society, which will make the insurtech’s insurance solutions available to Suffolk Building Society’s customer base both in-branch and online.
“As a mutual society, the ‘bricks and clicks’ model is at the heart of what we do,” Suffolk Building Society Head of Membership Nathan Wade explained. “This offering from Uinsure means staff from across our branches can continue to give excellent face-to-face customer service to those who value it most. But others can easily access the insurance through our website, along with our other online services.”
Over the past year, Uinsure has teamed up with building societies including Leeds Building Society, Nottingham Building Society, Leek Building Society, and more. The insurtech also onboarded more than 230 financial intermediary partner firms in 2024, all of whom will offer insurance products to their customers by way of UinsureCX technology. Uinsure noted that it plans to announce a number of new major partners in the first quarter of 2025.
According to IBIS World, building societies in the U.K. are expected to see their revenue grow at a compound rate in excess of 22% over the five years through 2024-2025 to more than $60 billion (£49 billion). This includes estimated growth of 6.5% in 2024-2025. The largest player in the business by far is Nationwide Building Society (£272 billion in total assets), followed by Yorkshire Building Society (£74.23 billion in total assets) and Coventry Building Society (£61.73 billion in total assets). In addition to being the largest building society in the U.K., Nationwide Building Society is also the third largest mortgage lender in the country, according to Statista, with 12% of the U.K.’s gross mortgage lending. For its part, Suffolk Building Society has £799 million in total assets and is ranked 21st among U.K. building societies.
“2024 has been a transformational year for us and this partnership with Suffolk Building Society is another major step as we change perceptions of how insurance can be offered and arranged across the country,” Uinsure Chief Distribution Officer Lauren Bagley said. “We’ve seen remarkable growth that has largely been driven by our expanded partner network. Our collective commitment to customer experience is at the heart of these collaborations and is a major reason why we’ve been able to make a success of the partnerships we’ve launched this year.”
Founded in 2007, Uinsure offers home insurance, buy-to-let (BTL)/ landlords insurance, and non-standard and specialist insurance solutions. The company’s technology helps advisers remove the complexity and time-consuming aspects of accessing insurance products, leveraging Big Data and third-party integrations to, for example, pre-fill account information. To this end, Uinsure’s technology only requires an applicant’s name, date of birth, and postcode in order to provide personalized quotes in 20 seconds. Simon Taylor is Uinsure’s CEO.
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