Cavere Insurance announces new sophisticated underwriting model


Today Cavere Insurance announced that it has moved its core Residential Buildings and Contents insurance to a more sophisticated underwriting model which uses ratings based on individual properties rather than postcodes. This ensures a fairer premium for all customers based on their exact location and gives us the ability to offer a price that matches the specific risk so we can compete more effectively. Coupled with the latest extensions on cover limits, which in some cases have been doubled, the enhanced policy will provide our brokers with a powerful sales proposition to attract new customers and retain existing household policies. Brokers will notice very little change to the application process on our application system Magenta, other than selecting the actual property from a list presented on screen when they enter a postcode. The Unique Delivery Point Reference Number (UDPRN) used by the Royal Mail is an eight digit number that uniquely identifies each postal address in the UK. We use this number to rate each property. The move means that where we might previously have rated all properties in a post code as the same risk we can rate each property individually. Similarly we may previously have declined a full postcode for flood for example when in reality there are properties within that postcode that have a lower or no risk from flooding. Ultimately it results in us holding some 27million records where previously we rated on just 1.7million and this means we can offer terms to a further 15% of homes and take a more balanced view of risks.

Paul Thompson, Managing Director at Cavere Insurance said: “These changes really demonstrate how flexible Cavere can be in the delivery and administration of complex underwriting schemes in partnership with leading insurers. For a relatively new player in the intermediary space this move places Cavere right at the leading edge in technological terms and means we not only ensure our products reflect the changing dynamics of UK households but we can offer great quality products at competitive premiums ahead of our more established competitors.
Our broker partners now have access to a compelling range of products to suit the individual requirements of their customers, keeping them one step ahead in this price-driven sector of the market.”

About Cavere
Cavere Insurance is a product provider and master broker/ managing general agent. They provide seamless fulfilment and distribution through managed relationships with underwriters and distributors.
Cavere distributes a full suite of general insurance products tailored to the individual needs of clients including; Residential Buildings and Contents, Landlords Let Property, Tenants Contents, Income Protection, Mortgage Protection, Life, Home Emergency and supporting ancillary products.
Cavere Insurance utilises an exclusive proprietary point of sale system (Magenta) that facilitates general insurance applications and end to end administration throughout the customer journey. Central to the business is the use of technology.
Cavere leads through innovation, championing creative ideas and solutions that enable their partners to differentiate their proposition in the marketplace. All systems are designed and developed in house by a team of insurance specialists.

Press contact
Paul Thompson, Chief Executive Officer, Cavere
Tel: 01904 476090
2 Horizon Court
Audax Close
Clifton Moor
YO30 4RB.