By Ryan Weeks on Tuesday 11 July 2017
Buy-to-let mortgage specialist to offer insurance product to landlords.
Landbay, a fully authorised peer-to-peer lender in the buy-to-let space, has launched a new insurance product for landlords. The product will be delivered in partnership with financial services giant Legal & General and an insurtech firm named KASKO.
The product, “Landbay Insurance”, will deliver real-time quoting and underwriting of building, contents, tenant and rent guarantee insurance. The quoting engine will be integrated with the Landbay platform, providing seamless access for brokers and their clients.
Legal & General products sit behind the new offering, with KASKO playing matchmaker (via API) between the insurance firm and applicant. KASKO’s CEO Nick Suehr said that his firm is modernising the insurance industry by providing a middle layer between insurers like Legal & General and the digital world.
“We are excited about working with Landbay and Legal & General to offer insurance at the point of demand,” he said . “It shows the speed and flexibility of our platform and how the insurance world can be made simpler and better through technology.”
Landbay has advised that the new insurance product is the first step in a broader strategy to introduce a suite of non-lending products – all designed to provide greater assistance to brokers and their customers.
“The tie up with Legal & General follows our recent agreement with a ‘Big 4’ firm to support Landbay Accounting and Tax Services,” said Gray Stern, co-founder and CCO at Landbay. “These new value-add services have been developed to enhance our specialist buy to let mortgage offering and help position us as an expert within UK buy to let.”