UK: Insurtech Pikl has partnered with insurance managing general agent Prestige Underwriting, backed by Aviva.
Pikl has a range of products designed for individual homeowners and property managers which cover the risk of property damage and liability when a property is being used as a vacation rental or let out flexibly on a short-term basis.
It is designed to work in conjunction with customers’ existing home insurance policies, providing cover for their properties when they are occupied by paying guests.
The partnership with Aviva and Prestige Underwriting will help Pikl to take on a greater volume of business, as well as enable the company to cover a broader selection of non-standard cases.
Louise Birritteri, founder and CEO, 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.”
Alison Williams, managing director, Prestige Underwriting, said: ‘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, managing director Aviva Broker Personal Lines, said: “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.”
As part of the new launch, Pikl has increased its public liability cover from £2 million to £5 million (which now meets the recommendations for vacation rentals in some parts of Scotland), and has reduced policy excess from £250 to £100.
