The company recently changed their underwriters for general insurance to Norwich Union and among many reasons one was the knowledge that this new database would address the issue of areas suffering from flooding.
Simon Hood, Chief Executive of Select & Protect, commented,
“ This latest development gives our 2,500 agents another marketing edge and will benefit some of our 78,000 customers, while enabling us to offer cover to people currently being declined because of the perceived flood risk.
The new database is far more sophisticated than any other flood risk database. As a result many properties currently seen by the Environment Agency and insurers as high risk (Norwich Union estimates there to be in the region of 600,000) will now be able to get household cover at normal terms.
In addition, those that were previously considered high risk due to the post code rating system may now find their premiums reduced as the new database enables Norwich Union to determine the risk for the exact address due and potential flood heights can be now estimated to within one metre.”
Hood, concludes,
“This development is another example of Select & Protect seeking to provide first class products and service. Combined with the administrative benefits offered by our class leading offline and online systems this is powerful reason to become an agent of the company as the regulation deadline approaches. We anticipate that there will be more announcements relating to product development and enhanced services as the year progresses.”
