Keychoice launches new valuation app

Independent insurance brokers group Keychoice has launched a new valuation application in partnership with asset management systems provider Parago Software. 

The companies have teamed up to develop the Keyasset app to allow Keychoice’s 800-plus members to offer it as an add-on to personal and commercial policies. 

Accessed via an iPhone or Android smartphone app or via a PC, Keyasset allows policyholders to create a secure online register of their home or business contents.

By taking digital images of rooms, valuables and any relevant documentation, the client can create a comprehensive asset record which in the event of a claim allows them to print a quick and comprehensive report for their insurer. The system also calculates the value of their assets and monitors this against the total sum insured to avoid under-insurance.

Research undertaken by Parago showed that over 90% of householders would not be able to make an accurate home contents insurance claim in the event of a major fire, theft or flood. It also revealed that on average policyholders were under-insuring their contents by 30%.

Parago Software managing director Tim Roots said: “To overcome these issues we have been working with Keychoice to deliver a quality product and a first-class level of service that will benefit both Keychoice brokers and their clients. Brokers specialising in high net worth and commercial policies can also provide a service behind the product, and larger brokers have the option to brand the system.”

Keychoice’s commercial director Derek Findlayson said: “Research has shown that a large number of householders don’t hold enough cover to make a full and accurate claim and anyone who has experienced the heartbreak of a major claim will appreciate how stressful it can be. Through Keyasset our brokers can help their clients to avoid this and speed up the claims process by verifying their claim quickly and comprehensively.

“Parago has demonstrated they not only have a robust system and processes in place but a proposition with revenue opportunities for our members and added peace of mind for their clients.”