In an effort to drive better understanding of the Build Back Better scheme, Flood Re has launched a new training resource targeted towards insurance companies, managing general agents, brokers, and the rest of the claims supply chain.
The training video details the 11 core principles behind the scheme, which enables insurers to offer customers the opportunity to install property flood resilience measures worth up to £10,000 when repairing their homes after a flood.
The video was presented at Flood Re’s recent Insurer Day in Worcestershire. Currently, 65% of insurers signed up to Flood Re also support the Build Back Better scheme. These include Ageas, Aviva, AXA, Covéa, Hiscox, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products), LV= General Insurance, and RSA.
Kelly Ostler-Coyle, head of communications at Flood Re, stated that the organisation’s mission is to ensure that affordable insurance coverage will continue to be widely available after it ceases trading in 2039. Core to this challenge is ensuring the widescale adoption of Build Back Better and increasing the climate resilience of the UK’s housing stock.
“We want to see Build Back Better becoming a standard offering on all residential property insurance policies in the future – but to get to this stage it is essential that everyone involved in the market – from underwriters to claims personnel, brokers and those on the ground in the supply chain are fully conversant with how the scheme works and how it can make a difference to both future claims costs and significantly reduce the stress and trauma for those impacted by flooding,” Ostler-Coyle added.
Flood Re’s training video on the Build Back Better scheme comes after the launch of a consumer-focussed campaign aimed at promoting flood prevention measures.
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