PRESS RELEASE: How technology is giving UK property risk placement the upgrade it desperately needs
TryModus is an entirely new online platform, designed to make the placement of both standard and non-standard UK property risks easier than ever for UK insurance brokers and their customers.
Modus, an insurtech property MGA, is delighted to announce the launch of their proprietary broker platform, TryModus, which has been developed exclusively for UK insurance brokers and their property customers.
TryModus provides brokers with the ability to immediately obtain quotes, negotiate price and bind cover instantly online for risks usually perceived to be higher-risk, such as unoccupied properties, high-risk trades, or multi-tenure risks. It also offers specialist solutions in a number of niche areas such as short-term policies of between 1-28 days cover, multi-location portfolios, owner-occupied risks, or where cover is required for clients with a problematic financial history or conviction.
The TryModus broker platform is entirely self-service, with no need for underwriter intervention, and has been designed to be as easy to use as possible with its ‘quick-quote’ functionality for premium indications, automated online price negotiation, and access to all policy documentation throughout the life of the policy.
TryModus has launched with products aimed at specific niches such as Unoccupied Commercial Properties, Residential Property and Commercial Property Owners, as well as a specific product for short-term cover requirements. Further products to be added in 2021 include Modus’ innovative and unique Flood Excess product, which is currently provided to brokers via a separate online platform.
Simon Read, Managing Director of Modus, commented:
“TryModus is the culmination of substantial research and development into building an automated, online proposition that works for our broker partners and, importantly, is complementary to their mainstream insurer partnerships. We have long seen that perceived non-standard features fall outside the narrow footprint of insurers’ platforms and, usually, their underwriting appetite. Using our digital expertise, we have been able to develop a range of niche online products that will enable brokers to deliver better service to their clients, free of the impact of poor referral response times.”
Simon Cooter, who joined Modus in October 2020 as Non-Executive Chairman, added
“Most mainstream insurers struggle to cope with any customer’s needs or features that vary from the norm, resulting in an inconsistent service for anything other than the most vanilla of risks. We’re hugely excited by the potential of TryModus to address those needs and are looking forward to working with any UK brokers who are looking to improve their all-round property insurance proposition.”
TryModus is available to all of Modus’ broker partners at www.trymodus.com.
For more information on TryModus or becoming a broker partner, please contact Lyndsey Barnett, Head of Broker Engagement at [email protected].
About Modus Underwriting
Modus is a trading name of Modus Underwriting Ltd, originally established in 2015 by Simon Read and Scott Banks as an MGA underwriting niche and non-standard property risks, distributed exclusively via a range of digital channels.
Modus was subsequently acquired by OneAdvent in May 2020, details here, to expand OneAdvent’s product footprint and deliver growth through complementary investment in technology.
Modus’ Flood Excess product is currently provided via www.floodexcess.com