Admiral has partnered with BCIS, the Building Cost Information Service of the Royal Institution of Chartered Surveyors (RICS), to ensure that customers for its home insurance product are quoted the right premium for the risk.
Admiral’s suite of home insurance products – Admiral, Admiral Gold and Admiral Platinum – is available to consumers via price comparison sites or its dedicated call centre. The BCIS Lookup Service allows consumers to obtain instant, real time estimates of a residential property’s rebuilding cost. Simple to use and accessible using standard XML technology, the live service calculates the rebuilding cost of a residential property given minimal details and is based on the BCIS rebuilding cost models already accepted as industry standard by surveyors and loss adjustors.
Noel Summerfield, Household Product Manager, Admiral said: “The BCIS Lookup Service provides essential guidance to help customers enter an accurate rebuild value. Many homeowners confuse the market value of their property with the rebuilding cost and in many areas of the UK this will lead to over-inflated premiums. The Lookup Service provides easy-to-understand guidance and, most importantly, the customer does not need to know the floor area of their home. The accuracy of BCIS data makes them the ‘go to’ experts in the field and the only choice for Admiral as we expand our footprint in the household insurance market.”
Matthew Newsome, Consultant, BCIS comments: “We are delighted to be partnering with Admiral as they enter the household insurance market. The Lookup Service will allow Admiral’s premiums to be data driven, with an accurate view of risk delivering competitive premiums to customers.
