Tenant Shop and Legal & General are aligning to provide financial protection products to tenants
Tenant Shop, the award-winning tenant concierge service, today announces that it is creating a single insurer relationship with Legal & General to offer relevant and essential protection products to the private rental sector (PRS). Tenant Shop will offer renters the following portfolio of L&G products; Life Insurance, Critical Illness Cover, Income Protection and the newly launched Rental Protection Plan, that has been designed specifically for tenants. This opportunity offers Letting agents the ability to significantly increase their revenue without they themselves being FCA regulated as Tenant Shop itself is a regulated company.
Tenant shop has invested heavily in the home move market and has long identified the need to provide a one stop solution for tenants which benefits the letting agents, landlords and tenants alike, ultimately ensuring financially secure tenants. Through its market leading platform and extensive base of letting agents, Tenant Shop serves over 10% of the PRS in the UK. Tenant Shop recently expanded its inhouse product offering with the launch of its own credit referencing service that provides letting agents a low cost alternative to their referencing needs, as well as a means for tenants to improve their credit scores over time.
Tenant Shop and Legal & General have extensive knowledge of the UK rental market with Legal & General has a significant Build to Rent business offering high quality, affordable rental properties, and Tenant Shop administering to over 10% of UK PRS moves. Both are committed to developing products and services that will provide relevant and focused solutions to tenants, letting agents and landlord alike. The range of tailored, market leading protection products will continue Tenants Shop’s methodology of providing five star service to tenants delivering a one stop solution for their needs, whilst in turn offering letting agents the potential to achieve higher additional revenue streams and further opportunity to monetise the home move journey.
Steve Whatley CEO of Inchora, the investment company behind Tenant Shop, said
“Inchora has invested heavily in the rental space and has established an enviable position as the leading service provider to letting agents, demonstrated by 6 years of gold awards for delivery of services to tenants and the 2020 ESTAs gold award for best service provider to Letting Agents. Tenant Shop has an unparalleled ability to monetise the needs of the tenant while delivering a five-star service. Aligning our skills and abilities in Financial Services with our experience of the rental sector is the logical next step. When you add to that our exciting new referencing capability and our
Void energy solution for landlords, Tenant Shop is truly the only one stop shop solution available to letting agents.”
Craig Brown, Director, Intermediary at Legal & General Insurance said:
“Nearly a quarter of UK households will be renting by 2023 and the protection needs of these families will need to be met by products and solutions specifically designed for them. First-time buyers usually receive a protection ‘nudge’ when they seek mortgage advice, but most renters do not benefit from the same prompt. This leaves tenants facing a greater risk of vulnerability due to unforeseen circumstances.
We believe that tenants are an underserved group in the protection market and we want to better address the needs of tenants through relevant and tailored propositions. Legal & General is proud to have been the first provider to offer a bespoke rental product and we are now delighted to be partnering with Tenant Shop to support renters in ensuring they have access to vital protection products and support their financial resilience.”
For more information please contact the Tenant Shop team here.