SUPERPOWERS FOR RENTERS
Every renter deserves dignity, safety and protection in their home. However, according to Government’s compliance figures, only 35% of landlords in the UK are fully compliant, and 1 in 5 rented homes fall short of decent home standards, putting 15 million people at risk. UK society is now starting to characterize housing disrepairs not just as accommodation failings but as a Health and social crisis.
Ajay Jagota, CEO at dedicated renters’ agent Verywise, commented on the numbers, ‘The crisis that exists in the UK probably exists across many westernized countries, which is a housing stock issue in terms of affordability for buyers’. The combination of lack of public funding for more social housing, the financial markets intervention (Buy-to-Let products) and more people pushed into the private rented sector, led to the current housing shortage situation, a state that has doubled since the year 2000.
Reflecting on the broader industry landscape, Ajay noted that the issue isn’t governmental, as up to 168 pieces of legislation are in place to set the standards; In contrast, the problem lies in establishing a true tenants’ hub to raise rights awareness and an efficient mechanism to enforce the law. ‘But what’s driving such pervasive, widespread non-compliance, especially when the stakes are so high? For instance, failing to provide a gas safety certificate may be classed as a criminal offence, which may risk Landlords with a custodial sentence.*
Commissioned by Verywise, research at UCL master’s program sought to illuminate the correlation between landlord non-compliance and housing disrepair. Central to this endeavor was Logistic Regression Model. This mathematical model aims to predict the likelihood of severe property disrepair based on varying landlord non-compliance factors. The results were revealing. By inputting the relevant predictor variables into the formula, the study yielded specific probability values. For instance, one of the outputs indicated a probability of 75% that a property would experience significant disrepair given a certain level of landlord non-compliance. This high probability underlined the strong correlation between non-compliance and disrepair.*
Renters in these properties faced genuine health threats, from Mould-induced respiratory complications to potential injuries from inadequate maintenance. Beyond the deteriorating infrastructure, the consequences of non-compliance have far-reaching implications. The research emphasizes that non-compliance is not merely about physical conditions but also has “wider ramifications for tenant well-being and safety.*
With over 25 years of experience in the property market, Ajay’s insights offer a unique blend of experience and vision that turns the complex rental market journey into a straightforward first-class experience. He identified the potential in assessing housing disrepairs digitally long before they become a reality.
Verywise is an AI platform that collects, monitors and manages rental property compliance, raises concerns with landlords and agents and resolves issues quickly and effectively.
Ajay believes just as Airbnb transformed the travel industry, Verywise is transforming the rental experience. As Airbnb protects travellers away from home, Verywise protects renters with their primary tenancy agreement.
Like any new business, Verywise, founded in 2021, had to come up with a minimal viable product, apply for FCA regulation, try different market hypotheses and revise. First pieces of feedback included the challenge of relying on the tenant to gather a large amount of information required for a case assessment.
Second piece of feedback was realising the instruments insurance has at its disposal, where, according to GDPR, a person could grant permission to a business like Verywise to request documents on your behalf (SAR).
Combining Ajay’s years of experience and the tech capabilities of Vesuvio Labs, a smart orchestration engine was developed with the ability to ingest documents, call APIs, perform business rules validation, and combine all results. That meant compliance checks were conducted at scale, with a small team focusing on customer service, as attested by Trustpilot’s company page.
The third piece of feedback was business model innovation, evolving from a barristers’ workflow model into a complete, insurance-based premium, aimed at consumer protection through risk prevention rather than problem-fighting and litigation. That’s actually the fundamental principle of insurance.
As affordable as Netflix, different membership plans promise to transform the rental experience especially for disadvantaged cluster groups, namely Employee benefits pack and a Student Renter plan, encompassing:
- Legal requirements and safety compliance check ✅
- 24/7 access to Legal helpline ✅
- 24/7 access to well-being counsellor ✅
- Legal expense policy protecting renter’s legal rights ✅
- Renters Insurance ✅
- Contents insurance ✅
On the topic of AI, Ajay is optimistic: ‘We have embarked on the ChatGPT journey as everybody else’. He sees AI as the missing renter’s hub, an artificial intelligence assistant helping to raise rights awareness. Once one of the ancient Roman guardians of households, now Lares AI safeguards UK renters against misinformation and helps navigate complex legislation interactively from Verywise’s homepage.
Looking ahead, Verywise has ambitious plans. With Legal expenses insurance partner ARAG PLC and others on the cards, Verywise aims to complement offerings and launch new business lines that reach more people.
But beyond technology, Verywise stands out for its culture. Ajay emphasized the company’s ethos by way of empathy, particularly customer-facing, for those frustrated with how the current system works, the unaware of their rights, and those who are at risk. Ajay also tries to understand applicants’ why, and whether there’s an alignment with Verywise’s empathy mission.
For those intrigued by the future of Insurtech, Verywise is undoubtedly a name to keep a close eye on. Ajay invites B2C service providers looking to enrich their bundle offers and consider Verywise’s shared revenue models and valuable support for renters.
Renters can now rely on Verywise as their dedicated renters’ agent, expecting safety, security, and protection, proactively.
* Statements taken from UCL master’s program: Booths Legacy and a Century Later, A Trilogy of Research Reveals the Impact of a Broken Rented Sector
Verywise (formerly Veriwise) helps tenants gain access to justice so that they can resolve problems related to their tenancy.
Having spent 25 years in the property sector, Ajay Jagota feels compelled to use his experience and give back to Renters who have been underrepresented. Ajay is among UK’s most well-known and outspoken TV commentators, famous for being the first letting agent to develop the Tenancy Deposit insurance.
Vesuvio Labs is a Venture builder based in London helping entrepreneurs by accelerating the process of turning ideas into a scalable business. Verywise is one of those success stories.
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