Torfaen insurance firm launches new multi-cover offering

A new multi-cover product has been launched into the extremely competitive insurance market by a Torfaen-based broker.

Three Castles Cover specialises in providing high-quality, multi-insurance cover for homes, including investment properties, cars, worldwide travel and pets, all under one individual policy.

The product, a disruptive force in the market, was 18 months in development before its soft launch.

It has been has been unveiled by Pontypool-based PH Innovate, the umbrella group which also owns Quote Detective, Quote the Market and NV Technology.

PH Innovate, based at Mamhilad Park Estate, says Three Castles has seen the creation of six new jobs initially with three more in technology development. Employment opportunities will increase to 10 by the end of the year and more jobs will follow in 2020.

David Harlow, managing director, said: “We have handpicked individuals with specific skills required for the initial roll out of this specialist insurance product.

“Until now we have concentrated on offering single insurance policies through our existing business, Quote Detective for those customers who, for example, have difficulty in getting cover. They may have a criminal conviction for drink driving, a ‘difficult’ driving history or have an expensive or unusual car and have found it challenging to get cover through ‘normal’ channels. Three Castles is something unique for us and is very exciting.

“Three Castles offers high quality multi-insurance covering everything from homes insurance to pets and all things in between under a single umbrella.

“People with more than one home, perhaps a main home, a holiday home and buy to lets, may also have numerous cars and pets. Through Three Castles we will be able to quote to cover all these under the one policy covered using all A plus rated insurance providers.

“Policies can be paid for on a month by month, interest free basis. Also, for instance, where people have say five cars in the household but only two drivers that’s quite a good risk because you can only drive the two cars so cheaper premiums through discounts can be achieved by insuring the five under the one policy rather than insuring each car separately.”

Harlow says the prospect for Three Castles looks bright as initial customer feedback is very promising

“Insuring multi homes is also popular. A number of our clients, especially in the south east of England and the east coast, are quite affluent so they may have more than one home. Perhaps the main home, a holiday home and some investment properties, buy to let, that sort of thing.

“Three Castles is really for people with a bit more money who want the convenience of getting everything under one top-notch web-based insurance policy.

“Sure, there are other direct insurers who offer multi cover, the likes of Admiral, LV, Direct Line but our plan is to offer a brokered solution which provides the choice of several high quality products.

“Customers really like the idea of dealing with a single broker for all their insurance requirements; someone, they know and who they can trust. We believe Three Castles is filling a niche in the market where customers are looking to deal with a single broker to cover all their disparate insurance needs.

“The multi-cover option also has the power to drive impressive discounts for the customer through the single policy rather than having a range for cars, houses, pets and so on different policies.

“We developed the bespoke and really quite challenging and complicated technology in-house. We have taken 18 months to ensure that everything is right with the offering and that it works as it should. Now we are putting it out to the market.”

“This product won’t be found on comparison sites. We will be marketing Three Castles directly to key markets and targets.

“It’s a very different type of sale. It’s about talking directly to customers, letting them understand what we’re all about and feeling comfortable in what is essentially putting everything that they have – homes, cars, pets – all under the one large all encompassing insurance umbrella.”