London-based Insurtech start-up Canopy has announced a partnership with 360Globalnet, the next-generation of no-code online digital claim and risk assessment technology.
The partnership between turns the traditional rental cash deposit model on its head, by providing renters with an instant quote - within five minutes - and the ability to purchase deposit-free insurance, once they are invited by their letting agent or landlord.
The partnership also aims to provide landlords with additional security. Canopy’s deposit-free product offers eight weeks’ deposit protection compared with five or six weeks when there is a cash deposit.
The tenant remains fully liable for any reasonable claims at the end of a tenancy. For example, where the insurer makes a payment to the landlord for unpaid rent unless the tenant was unable to pay the rent as a result of illness or loss of employment through redundancy. In all other circumstances, the tenant remains fully liable towards the end of a tenancy.
Canopy’s RentPassport, powered by Experian and Plaid, enables renters to build a portable digital rental history.
Renters are also able to improve their credit score by tracking their rental payments over time. The app also allows renters to access deposit-free insurance as an alternative to an upfront cash deposit.
The 360Globalnet partnership will allow Canopy to provide a transparent end-to-end claims experience. 360Globalnet’s platform has been adopted by insurers in the UK, USA and Australia.
“Our partnership with 360Global demonstrates our commitment to promoting greater levels of transparency and efficiency in the claims experience,” says Tahir Farooqui, founder of Canopy.
“The technology will allow us to process claims expediently (within 48hrs) once we have satisfactorily received supporting evidence including property check-in and check-out reports.”
Paul Stanley, chief executive of 360Globalnet, adds: “We are delighted to work with Canopy to help bring transparency in the end-of-tenancy claims journey, by providing new digital solutions to age-old insurance problems.”
“360Globalnet’s technology-led solution streamlines the whole claims process from start to finish.”