NatWest has launched a new home insurance service that allows customers to receive a quote in under 60 seconds.

The bank has partnered with insurance technology platform Uinsure to provide the service, which is available to both NatWest customers and non-customers. Existing customers can access it through the NatWest app, online, by phone, or in branch, while non-customers can apply online or by phone.

Alongside the new proposition, NatWest has introduced the Home Insurance Tracker, a feature within the NatWest app that allows customers to upload details of their existing home insurance policy, regardless of provider, and monitor how their cover and price compare over time.

The tracker sends reminders when policies are due for renewal and alerts customers when better value may be available. NatWest added customers are under no obligation to switch providers.

The launch follows research commissioned by NatWest and Uinsure among 2,000 UK homeowners, which suggests many consumers are not regularly reviewing their home insurance. Almost half of respondents said they had not checked whether their policy still offered good value in the past 12 months, while 33 per cent said the hassle of switching providers was the biggest barrier to reviewing their cover.

The research also found that 86 per cent of respondents would be interested in their bank offering relevant home insurance using information it already holds, while 68 per cent said they would trust their bank to offer a fair price.

"Alongside providing quality cover at a competitive price with a quote in seconds, the Home Insurance Tracker means our customers no longer have to keep checking whether they're getting a fair deal, because we'll do it for them, even if their cover isn't with us,” said Toni Powling, head of insurance at NatWest.

"As a bank that supports one in three UK families, we understand the importance of making everyday financial decisions simpler. The Home Insurance Tracker makes insurance genuinely simple to manage."

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