Instanda, MGAM team up on new government-backed PI insurance
UK-based insurtech Instanda, a cloud-based digital insurance platform, has entered into a technology partnership with the MGAM to launch a new government-backed professional indemnity (PI) insurance scheme for EWS1 assessors.
The scheme, powered by Instanda’s no-code core insurance platform, is designed for property surveyors. It is delivered by MGAM, an Acrisure partner, and SCOR, in partnership with the Department for Levelling Up, Housing, and Communities (DLUHC).
The scheme has been launched in response to the significant shortage of insurance companies willing to provide PI cover to firms undertaking assessments of external wall systems, commonly known as “EWS1 forms”, in mid and high-rise residential buildings.
EWS1 forms were developed by the Royal Institution of Chartered Surveyors (RICS), UK Finance and the Building Societies Association to support the valuation process for high-rise residential buildings with cladding. The scheme is due to last for five years, from which it is anticipated that insurers will step back into the market, removing the requirement for a state-backed scheme.
Jason Anthony, founder and chief executive officer at MGAM, said: “Winning the Government contract to develop this PI scheme for EWS1 assessors means a great deal to our business. Using Instanda’s core insurance platform gave us the confidence that we could launch our product to market quickly, while guaranteeing the very best user experience and customer service – something that was crucial for all parties.”
Tim Hardcastle, co-founder and chief executive officer at insurtech, added: “Partnering with an innovative and forward-thinking organisation like MGAM has given us another opportunity to demonstrate, in real business value terms, how well our core insurance platform can respond to today’s complex insurance needs.
Hardcastle continued: “We believe the agility of our technology makes insurtech best placed when it comes to responding to the diverse needs of the insurance industry and the customers it serves. We’re proud that our no-code technology provided MGAM with the ease and flexibility it needed, enabling their team to quickly develop the solution in-house.”
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