Canopy partners with 360Globalnet to streamline deposit insurance claims experience
London-based insurtech start-up Canopy has partnered with 360Globalnet, a provider of no-code online digital claim and risk assessment technology, to rethink the deposit insurance claims experience for tenants and landlords.
The partnership reworks the traditional rental cash deposit model by providing renters with an instant quote and the ability to purchase deposit-free insurance, once they are invited by their estate agent or landlord.
Canopy’s RentPassport app is integrated with Experian, meaning renters are also able to improve their credit score by tracking their rental payments over time.
The partnership also benefits landlords, providing them with additional security. Canopy’s deposit free product offers landlords eight weeks of deposit protection compared with five weeks with cash deposits. The tenant remains fully liable for any reasonable claims at the end of a tenancy.
Canopy said its partnership with 360Globalnet will allow it to provide efficient and transparent end-to-end claims experience. 360Globalnet’s platform has been adopted by insurers in the UK, USA and Australia. Canopy said implementation has helped insurers reduce operational cost and cut opportunistic fraud.
Canopy CEO Tahir Farooqui said: “Our partnership with 360Global demonstrates our commitment to promoting greater levels of transparency and efficiency in the claims experience. The technology will allow us to process claims expediently (within 48hrs) once we have satisfactorily received supporting evidence including property check-in and check-out reports.”
Paul Stanley, 360Globalnet CEO said: “We are delighted to work with Canopy to help bring transparency in the end-of-tenancy claims journey, by providing new digital solutions to age-old insurance problems. 360Globalnet’s technology-led solution streamlines the whole claims process from start to finish.”
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