Insurtech Pikl has announced a significant new partnership with Prestige Underwriting that has the backing of Aviva. The collaboration will transition Pikl’s current UK managing general agent capacity for its specialised vacation rentals / short-term rental insurance to the wider facility.
Designed for both individual homeowners and property managers, Pikl’s products address risks associated with vacation rentals and short-term lets, including property damage and liability. They complement standard home insurance policies by covering usual exclusions like guest-caused damage.
The new partnership leverages the combination of Prestige Underwriting’s proficiency in non-standard home insurance, Pikl’s specialisation in the vacation rental sector, and Aviva’s home insurance expertise. It will mean a greater volume of business spanning a broader range of non-standard cases for the Norwich-based insurtech while providing its partners increased exposure to a growing market.
Under the tie-up, Pikl has increased its public liability cover from £2 million to £5 million, aligning with new recommendations in some parts of Scotland. Additionally, the policy excess has been lowered from £250 to £100, encouraging more claims for smaller incidents.
“We’re delighted to announce such a strategically important partnership with two of the UK market’s heavy hitters in the property insurance markets,” declared Louise Birritteri (pictured), founder and chief executive of Pikl. “It really is a win-win-win situation for the three partners.
“The increased capacity offered by Aviva’s backing will enable us to extend our overall reach into the growing short-stay and vacation rentals market and help us expand our underwriting footprint in the non-standard areas where Prestige specialises. Customers will benefit from knowing that the products they buy are backed by A-rated capacity from a well-known brand.
“With a longstanding 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. This partnership secures a very bright future for our organisation where we can continue our growth, providing customers with the cover they actually need at a fair price.”
Alison Williams, managing director at Prestige Underwriting, stated: “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.”
For Williams, the move signifies Prestige Underwriting’s commitment to continuous progression, with the partnership complementing the company’s non-standard home offering.
Meanwhile Jonathan Santer, Aviva Broker personal lines managing director, 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.”
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