Insurtech Pikl Announces New Partnership With Aviva and Prestige Underwriting for Its UK MGA

June 20, 2024

Norwich-based insurtech Pikl has announced a new partnership with Prestige Underwriting, backed by Aviva, that will see Pikl move its existing UK MGA capacity for its specialist vacation rentals/short-term rental insurance cover across into this new expanded facility.

The new partnership brings together an unparalleled skill set for this product niche, combining Prestige Underwriting’s expertise in non-standard home insurance, Pikl’s specialist knowledge of the vacation rental market and Aviva’s expertise in the home insurance markets.

As part of the new launch Pikl has made some improvements to its products. For example, public liability cover has been increased from £2m to £5m which means it now meets the new public liability recommendations for vacation rentals in some parts of Scotland. In addition, the policy excess has been reduced from £250 to £100, meaning customers are more likely to feel comfortable claiming for smaller amounts.

Pikl has a range of products designed for individual homeowners and property managers which cover the risk of property damage and liability when a property is being used as a vacation rental or let out flexibly on a short-term basis. Pikl’s products fill the gaps in cover which are usually excluded from standard home insurance policies such as property damage caused by guests for theft, malicious damage, fire and also public liability. They are designed to work in conjunction with customers’ existing home insurance policies, providing cover for their properties when they are occupied by paying guests.

The new partnership will not only help Pikl to take on a greater volume of business, but it will enable it to cover a broader selection of non-standard cases. It will give Prestige Underwriting a strategic exposure to a growing and diverse market through the specialist expertise Pikl has built up since it launched in 2019.

Louise Birritteri, founder and CEO, Pikl, said: “We’re delighted to be able to announce such a strategically important partnership with two of the UK market’s heavy hitters in the property insurance markets. It really is a win:win:win situation for the three partners. The increased capacity offered by Aviva’s backing will enable us to extend our overall reach into the growing short-stay and vacation rentals market and help us expand our underwriting footprint in the non-standard areas where Prestige specialises. Customers will benefit from knowing that the products they buy are backed by A-rated capacity from a well-known brand. With a long-standing partnership already in place with Prestige Underwriting, it made absolute sense that we utilise this existing relationship together with Aviva to grow our capacity and leverage the considerable skill sets within our combined organisations.

“This partnership secures a very bright future for our organisation where we can continue our growth, providing customers with the cover they actually need at a fair price.”

Alison Williams, Managing Director, Prestige Underwriting, said: ‘I’m pleased that we are continuing to work and expand our relationship with Pikl . The experience gained from our existing partnership has been valuable and we will take many of the learnings from that in developing our exposure to this market segment, broadening our market reach and ability to help customers with more of their requirements. At Prestige Underwriting we are committed to continually evolving and this extension of our partnership complements our non-standard home offering.”

Jonathan Santer, Managing Director Aviva Broker Personal Lines, said: “We are delighted to be supporting Prestige in this new partnership with Pikl. The combination of both organisations working together brings a new perspective, supporting customers who otherwise may not have their insurance needs met. We are excited by the innovative solutions that Pikl offers customers and look forward to seeing the partnership flourish.”