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Making insurance easier

Modifying or adding to their rental property insurance has just got a lot easier for landlords – if they have a policy with Initio.

Friday, October 26th 2018, 9:00AM

by The Landlord

The insuretech company has just launched a new online process which allows customers to fully manage and modify their insurance policy without having to wait for a confirmation.

This includes being able to increase or decrease the replacement value or excess of their rental property.

Live Policy uses a personalised dashboard to facilitate this and enables customers to make changes instantly at any time of the day or week.

Initio CEO Rene Swindley says Live Policy gives more control to their customers.

It also helps them avoid the traditional, clunky process which requires the customer to make direct contact by phone or email to request cover changes, he says.

“It’s about giving the customer total control over their insurance and it’s about getting away from having to wait in-line at a call centre.

“We felt that being able to modify your insurance when you wanted adds significant value to a more transparent and responsive insurance experience – so we built Live Policy.”

Since its launch in 2011 Initio has always used technology to push the boundaries of insurance for the benefit of the end user, Swindley says.

“Insurance doesn’t need to be complicated. Our overriding mission is to make insurance more approachable for homeowners and landlords.”

The launch is timely as it comes just days after the release of a major global insurance report, conducted by reinsurer Lloyds, which lists New Zealand as the second riskiest country for insurance.

A World at risk: Closing the insurance gap, ranked 43 countries on their expected loss from disaster by looking at the probability of a natural disaster happening and multiplying that by the cost.

New Zealand has an annual expected loss of 0.66% of its GDP – which puts it second behind Bangladesh on 0.83%.

Insurance Council chief executive Tim Grafton says the report shows how risky New Zealand really is.

“Since the last report in 2012, we’ve seen the cost of the Canterbury earthquakes continue to rise, a second major earthquake striking KaikĊura and Wellington and a major flood in Edgecumbe.”

“As a risky country, it’s important we remain well-insured. That means not only ensuring we insure our assets but making sure coverage of those assets is sufficient to replace them.”

Tags: house insurance property investment risk

« Higher meth test levels, lower premiumsClimate change insurance threat »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.65 ▼7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 ▼7.84 7.35 ▼6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼7.24 6.75 ▼6.39
Median 8.64 7.19 7.27 6.65

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