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Treasury promotes InsurTech for low-income renter help

Treasury and FCA organised an industry workshop aimed at helping low-income renters to get better access to contents insurance. Many contents insurance products are not suitable for the needs of these renters, so the regulators want to work with the industry to help it design better products for them. John Glen said there are over 120 InsurTechs registered in the UK, and it is clear that innovative new approaches to contents insurance could help a vulnerable sector of society. One product suggested would use B2B marketing to sell the product in community locations such as post offices and paypoints, and the product would be a price-first, no-questions-asked product.

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Roseyna Jahangir