Landbay has clinched an agreement with financial service heavyweight Legal & General (L&G) that will allow it to launch its own insurance service for landlords, further expanding its business remit.
The peer-to-peer lender, which specialises in buy-to-let (BTL) mortgages, will offer the product via insurtech company Kakso, which will enable real-time quoting and underwriting of building, contents, tenant and rent-guarantee insurance.
Brokers and direct clients will be able to get quotations on these options through Landbay’s existing online application portal.
The move come as the latest addition to a series of non-lending products the platform is introducing this year, as it continues to focus on broadening its offering for intermediaries.
The tie up with L&G follows the platform’s agreement with a ‘Big 4’ accountancy firm at the end of June, as it launched its own BTL tax advice service.
“These new value-add services have been developed to enhance our specialist BTL mortgage offering and help position us as an expert within UK BTL,” said Landbay’s co-founder and chief operating officer Gray Stern.
“Landbay is committed to providing its intermediary partners with simple ways to add value and generate additional revenue from each opportunity,” added managing director of intermediaries Paul Brett.
“This new service will offer our brokers, and in turn their clients, a great deal on their insurance.
Read more: Landbay clinches two new broker partnerships
“Meanwhile we will leverage the latest insurtech innovations to generate quotes quickly and seamlessly, without the need for yet more paperwork when they apply for a Landbay mortgage.”
Nick Suehr, co-founder & CEO at Kakso, said this type of solutions is helping modernise the insurance industry.
“We offer a middle layer between insurers and the digital world to make it easier for consumers to buy and for insurers to offer the right products,” said Suehr.
“We are excited about working with Landbay and L&G to offer insurance at the point of demand. It shows the speed and flexibility of our platform and how the insurance world can be made simpler and better through technology.”