Developed with UK insurance brokers and property customers in mind, Modus Underwriting has launched a new proprietary broker platform.
The new TryModus platform offer brokers the ability to immediately obtain quotes, negotiate price, and bind cover for high property risks, which include unoccupied properties, high-risk trades, or multi-tenure risks. The platform also provides specialist solutions – such as short-term policies for 1-28 days cover, multi-location portfolios, owner-occupied risks, or where cover is required for clients with a problematic financial history or conviction.
TryModus is entirely self-service, so there is no need for underwriter intervention, a release said. It has also been designed to be user-friendly, with a “quick-quote” functionality, automated price negotiation, and access to all policy documentation throughout the life of the policy.
For its debut, TryModus launched with products for unoccupied commercial properties, residential property, and commercial property owners – as well as a specific product for short-term cover requirements. More products will be added in the months to come, including Modus’s own flood excess product, which is currently provided to brokers through another online platform.
“TryModus is the culmination of substantial research and development into building an automated, online proposition that works for our broker partners and, importantly, is complementary to their mainstream insurer partnerships,” said Modus Underwriting director Simon Read.
“Most mainstream insurers struggle to cope with any customer’s needs or features that vary from the norm, resulting in an inconsistent service for anything other than the most vanilla of risks,” added Modus Underwriting non-executive chairman Simon Cooter (pictured). “We’re hugely excited by the potential of TryModus to address those needs and are looking forward to working with any UK brokers who are looking to improve their all-round property insurance proposition.”
Cooter – Qlaims non-executive chair and former commercial lines & HNW director at Covéa Insurance – was appointed non-executive chairman of Modus Underwriting in October.