The partnership turns the traditional rental cash deposit model on its head, by instead providing renters with an instant quote (within 1-5 mins) and the ability to purchase deposit-free insurance, once they are invited by their estate agent or landlord.
Canopy’s RentPassport, powered by Experian and Plaid, enables renters to build a portable digital rental history. Canopy’s app integrated with Experian, allows renters to improve their credit score over time by tracking their rental payments. The deposit-free insurance is an affordable alternative to paying five weeks’ cash deposits up front.
The partnership also benefits landlords, providing them with additional security. Canopy’s deposit-free product offers landlords eight weeks deposit protection compared with five weeks with cash deposits. The tenant remains fully liable for any reasonable claims at the end of a tenancy, for example where the insurer makes a payment to the landlord for unpaid rent (except where the tenant was unable to pay the rent as a result of illness or loss of employment through redundancy).
Canopy’s partnership with 360Globalnet will allow Canopy to provide efficient, and transparent end-to-end claims experience. 360Globalnet’s platform has been adopted by insurers in the UK, USA and Australia. Implementation has helped insurers reduce operational cost, increase NPS, and cut opportunistic fraud.
Canopy’s CEO Tahir Farooqui said, “Our partnership will allow us to process claims expediently (within 48hrs) once we have satisfactorily received supporting evidence including property check-in and checkout reports.”