Aviva and MGA Prestige take on insurtech Pikl for vacation cover
UK insurer Aviva is backing its long-standing MGA partner Prestige Underwriting in a partnership with insurtech MGA Pikl to extend their joint coverage to specialist vacation rentals and short-term rental insurance.
The partnership with insurtech Pikl will merge Prestige Underwriting's non-standard home insurance expertise, Pikl's vacation rental market knowledge, and Aviva's home insurance market experience, boosting Pikl's business volume and expanding coverage to non-standard cases, Pikl said of the deal.
Pikl provides insurance for homeowners and property managers, covering property damage and liability during vacation rentals or short-term lettings.
To make the grade, Pikl updated the product with increased public liability cover to £5m to meet some local guidelines and by reducing the policy excess from £250 to £100.
Louise Birritteri, founder and CEO of Pikl, said: “We’re delighted to be able to announce such a strategically important partnership with two of the UK market’s heavy hitters in the property insurance markets. It really is a win:win:win situation for the three partners. The increased capacity offered by Aviva’s backing will enable us to extend our overall reach into the growing short-stay and vacation rentals market and help us expand our underwriting footprint in the non-standard areas where Prestige specialises. Customers will benefit from knowing that the products they buy are backed by a-rated capacity from a well-known brand.
“With a long-standing partnership already in place with Prestige Underwriting, it made absolute sense that we utilise this existing relationship together with Aviva to grow our capacity and leverage the considerable skill sets within our combined organisations,” Birritteri added.
Alison Williams, MD of Prestige Underwriting, remarked: ‘I’m pleased that we are continuing to work and expand our relationship with Pikl. The experience gained from our existing partnership has been valuable and we will take many of the learnings from that in developing our exposure to this market segment, broadening our market reach and ability to help customers with more of their requirements. At Prestige Underwriting we are committed to continually evolving and this extension of our partnership complements our non-standard home offering.”
Jonathan Santer, MD of Aviva broker personal lines, commented: “We are delighted to be supporting Prestige in this new partnership with Pikl. The combination of both organisations working together brings a new perspective, supporting customers who otherwise may not have their insurance needs met. We are excited by the innovative solutions that Pikl offers customers and look forward to seeing the partnership flourish.”
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