Looking to improve customer financial resilience as they build their credit, Wollit, the credit builder, has partnered with Eleos, the insurance provider.
The new partnership will allow Wollit customers to access income protection insurance through the platform they already use to strengthen their credit profiles. Safeguarding the ability to make regular payments is crucial in the credit-building journey. With the new partnership, users will be able to sleep easily knowing that even if they face an unexpected income disruption, their finances will be future-proofed.
Kiruba Shankar Eswaran, CEO of Eleos, commented on the partnership: “Financial resilience is built on multiple pillars, with credit health and income security being fundamental components. Our partnership with Wollit aligned naturally—as customers build their credit profiles, they can simultaneously protect their income, which is vital in building personal credit. Together, we’re providing a comprehensive approach for customers to become financially more prepared.”
The integration exemplifies how embedded insurance solutions can create more holistic financial solutions for customers. Commenting on this, Eleanor Hunt-Pain, product manager, Wollit, added: “We’re excited to partner with Eleos to bring affordable and accessible income protection insurance to our customers. Wollit Credit Builder helps users build their credit history with a simple 12-month subscription.
“Our partnership with Eleos will allow customers to protect their credit-building progress and future financial commitments if they become unable to work. Eleos’s fully digital service integrates seamlessly with Wollit’s user-friendly app, ensuring customers have the best experience possible while fulfilling our mission to improve financial security for millions of people across the UK.”
Understanding the Wollit solution
Wollit’s credit-building service provides customers with an interest-free loan to cover their 12-month subscription, reporting each payment to major UK credit agencies. This approach helps individuals establish or rebuild their credit history through predictable, affordable payments. The platform also features Rent Reporting, which securely reports rent payments to Experian and Affordability Boost, which allows customers to see how lenders view them, among other educational tools.
