Homebox has partnered with digital protection provider Eleos to offer life insurance and income protection to renters and home movers using its platform.
The partnership will put protection products in front of consumers while they are setting up household bills following a move, targeting a group identified by the Financial Conduct Authority as potentially underserved by the existing protection market.
Homebox has taken more than 100,000 home movers through its platform and works with more than 1,000 letting agent branches across the UK.
The move comes as Eleos also launches a personalised protection advice service, allowing customers who do not want to complete the process entirely online to speak to an adviser.
RENTERS UNDERSERVED
The FCA’s Pure Protection Market Study interim report, published in January, identifies renters and young people among a number of groups that may be underserved by the protection market.
Protection distribution remains closely connected to mortgages. FCA figures show intermediaries accounted for 80% of new policies sold during 2024, with mortgage advisers responsible for 36% of intermediated sales.
The regulator’s consumer research also finds 58% of adults with online access do not hold a pure protection product, with 59% of those without cover having not considered their protection needs.
Homebox’s position within the rental market potentially provides another point at which consumers can be prompted to consider cover without taking out a mortgage.
PROTECTION DURING THE MOVING PROCESS
Jack Ray (main picture, inset), CEO of Homebox, says: “Homebox works with home movers across the UK to help them set up their household bills and insurance.
“Moving home is a highly stressful moment but also an opportunity for consumers to reflect on whether they have got the right level of cover to help them as their life evolves.
“That’s why we’re delighted to be working with Eleos to be able to offer income protection and life insurance products to our base of home movers to give them that extra level of comfort and peace of mind.”
DIGITAL AND ADVISED OPTIONS
Eleos has previously operated primarily through a digital self-service model but customers can now choose to speak to an adviser during the process.
The advised service uses a panel of insurers and is intended to accommodate customers with circumstances including medical conditions, complex occupations and non-standard incomes as well as those who simply prefer professional guidance.
Kiruba Eswaran, Founder and CEO of Eleos, says: “Homebox reaches renters at the point they move, which is exactly the prompt the FCA says this market is missing.
“That fits how we already work, embedding protection into journeys people are completing anyway, and thousands of customers now come to us every month through our partners.
“Putting an expert adviser alongside that extends what we do rather than replaces it. Most will still buy digitally in minutes. But the option to talk to someone is now there whenever they want it.”
