Cutting-edge digital mortgage adviser Hoocht. has added home insurance to its AI-powered services, becoming the first financial services provider to join forces with insurtech disruptor Homelyfe.
Like HOOCHT., digital insurance provider Homelyfe is at the cutting edge of fintech, driven by a desire to offer customers some of the most complex products of their financial lives, as quickly and simply as possible.
And now HOOCHT. has added Homelyfe's four-minute home insurance purchase - the first such solution to use ‘quote to buy' technology and data analytics to significantly reduce the time it takes customers to fill in their details - to its growing portfolio of products and services.
HOOCHT., which launched in November 2017, boasts the ability to complete mortgage applications in as little as 15 minutes using online chat and AI. It aims to make applying for a mortgage ‘as quick and easy as online shopping'.
One of only a handful of digital brokers worldwide, it is punching far above its weight, for a business of its size, with huge demand for its service.
"We've certainly proved our concept, that people have a real appetite for digital mortgage solutions, as an alternative to the more traditional and time-consuming options available to them," said HOOCHT. Founder and MD Rich Wynn.
"We have a fairly simple mantra - ‘life is too short to worry about mortgages, let HOOCHT. do that for you'."
He added: "Homelyfe have the same motivation and, as we've always aspired to add other products and services to our portfolio, teaming up with them to offer digitally-powered home insurance was a perfect opportunity."
‘Serial entrepreneurs' Peter Goodman and Andrew Craven launched Homelyfe in October 2017, on their own self-built platform. Their previous successes include Brighter Option (which became Social.com), the world's largest facebook ads management platform.
Homelyfe streamlines the process and the kinds of questions customers need to answer, as well as seamlessly incorporating a range of of publicly-available information about homes, geographical areas and risk, to pre-populate parts of each customer's application, to make sure the customer has the right cover, for the right price, in under four minutes.
Its insurance app also offers people the ability to buy and manage multiple policies in one place - starting with home and home buyer's insurance and with the potential to add other options like renter's insurance in the near future. Not only will this make managing their existing policies more convenient, it will use pre-existing information to populate any new insurance applications they make, saving them even more time.
Having recently raised £2.4m in seed funding, Homelyfe recently launched a third-party platform allowing introducers such as banks, financial advisers and brokers to offer the service to their customers, and HOOCHT. is the first financial services business to come onboard.
Homelyfe is now accessible from the hoocht.com website, allowing customers to complete their home insurance quickly and conveniently once HOOCHT. has helped them secure their property.
Peter added: "Traditional insurers often ask complex, unnecessary questions - some of which are so complex many customers don't even properly understand them - but Homelyfe uses technology and data to avoid the interrogation and make sure each customer has the right level of cover, at the right price, in under four minutes.
"Plus, they can make changes to their policy like adding a new laptop, with none of the hidden admin fees that other insurers often charge.
"The kind of convenience and transparency we're aiming for, and our customer-centricity, align well with what HOOCHT. offers, and it's very apt that we've been able to welcome them onboard and we are looking forward to what the future holds."
Such has been the demand for its own no-nonsense services, HOOCHT. has doubled its team in six months, and expects to increase this further over the coming year.
It is based on a real-time mortgage advice platform using a sophisticated online search tool, powered by the latest artificial intelligence (AI) technology. Initial customer conversations are handled by ‘chatbots', followed by an automatically-generated idea of their mortgage and borrowing capacity. Customers are then passed to HOOCHT.'s expert brokers for mortgage advice - again via online chat - to receive and accept their recommendation.
In this way, HOOCHT. combines the personal service and advice consumers need in today's highly complex financial marketplace, with the convenience and speed they crave. HOOCHT.'s service is also completely free.