Gallagher UK Introduces Innovative Student Accommodation Insurance Policy
In a bid to foster innovation within the insurance sector, Gallagher UK has unveiled an innovative property and contents insurance product tailored to benefit both student accommodation providers and their occupants, according to a statement released on August 24, 2023.
Named "Student Assist," this policy is crafted to offer accommodation providers comprehensive protection against property damage and extend personal belongings insurance coverage to their student residents.
Student Assist has been strategically designed to be procured by providers, who can then seamlessly offer it as part of an all-inclusive package to their student inhabitants.
David Birch, the Managing Director of SME and Partnerships at Gallagher, expressed his enthusiasm about the launch, stating, "We're thrilled to introduce our new student-focused offering for universities and accommodation providers. As student needs and expectations continue to evolve, it's crucial for the insurance industry to seek innovative solutions."
Birch further explained, "In response to this evolving landscape, Gallagher has developed Student Assist to simplify the insurance process for both providers and students. Every step has been meticulously considered to deliver added value to our customers."
The launch of Student Assist follows the findings of the latest annual Student Money Survey, published in 2022, which revealed that a significant 82% of students expressed concerns about meeting their financial needs. Gallagher recognized that insurance often falls low on the list of priorities for students, potentially leaving them financially vulnerable when it comes to replacing damaged or stolen belongings.
To address this gap, Birch emphasised, "The coverage has been thoughtfully tailored to align with the requirements of today's students. It includes a self-service portal that consolidates policy management in one convenient location, with on-demand support to assist students with any inquiries they may have."
This new insurance product extends its coverage to students residing both on and off university campuses, safeguarding their possessions within their accommodation. It covers essential items such as laptops, tablets, televisions, and smartphones against damages, theft, and loss. Additionally, students have the flexibility to extend coverage to protect their belongings when they are away from their accommodation, with pricing starting at just £1.99 per month.
Moreover, Student Assist encompasses coverage for damages to fixtures and fittings, including fitted bathrooms, while essential components like kitchens, boilers, curtains, and shelving units are protected in the event of incidents such as fires or floods.
Birch concluded by stating, "We eagerly anticipate engaging with universities, accommodation providers, and our current clients within the education and housing sectors to offer them the benefits of Student Assist."