New insurance product will create 10 new roles
ANEW multi-cover product has been launched into the competitive insurance market by a South Wales broker.
Three Castles Cover, developed in Gwent, specialises in providing multi-insurance cover for homes, including investment properties, cars, worldwide travel and pets, all under one individual policy.
The product, a disruptive force in the market, was 18 months in development before its soft launch.
It has been has been unveiled by Pontypool-based PH Innovate the umbrella group which also owns Quote Detective, Quote the Market and NV Technology.
PH Innovate, based at Mamhilad Park Estate, says Three Castles has seen the creation of six new jobs initially with three more in technology development. Employment opportunities will increase to 10 by the end of the year and more jobs are expected to follow in 2020.
David Harlow, managing director, said: “We have handpicked individuals with specific skills required for the initial roll out of this specialist insurance product.
“Until now we have concentrated on offering single insurance policies through our existing business, Quote Detective for those customers who, for example, have difficulty in getting cover.
“They may have a criminal conviction for drink driving, a ‘difficult’ driving history or have an expensive or unusual car and have found it challenging to get cover through ‘normal’ channels.
“Three Castles is something unique for us and is very exciting.
“Three Castles offers high quality multi-insurance covering everything from homes insurance to pets and all things in between under a single umbrella.
“People with more than one home, perhaps a main home, a holiday home and buy to lets, may also have numerous cars and pets. Through Three Castles we will be able to quote to cover all these under the one policy covered using all A plus rated insurance providers.
“Policies can be paid for on a month by month, interest free basis. Also, for instance, where people have say five cars in the household but only two drivers that’s quite a good risk because you can only drive the two cars so cheaper premiums through discounts can be achieved by insuring the five under the one policy rather than insuring each car separately.”
Mr Harlow said the prospect for Three Castles Cover looks bright as initial customer feedback is “very promising”.
“Three Castles is really for people with a bit more money who want the convenience of getting everything under one top-notch web-based insurance policy,” he added.
“Customers really like the idea of dealing with a single broker for all their insurance requirements; someone, they know and who they can trust.
“We believe Three Castles is filling a niche in the market where customers are looking to deal with a single broker to cover all their disparate insurance needs.
“The multi-cover option also has the power to drive impressive discounts for the customer through the single policy rather than having a range for cars, houses, pets and so on different policies.
“We developed the bespoke and really quite challenging and complicated technology in-house.
“We have taken 18 months to ensure that everything is right with the offering and that it works as it should. Now we are putting it out to the market.
Mr Harlow said the product won’t be found on comparison sites and they will be marketing Three Castles directly to key markets and targets.