Cloud-based accountancy software provider FreeAgent has integrated with NatWest’s online digital banking platform and partnered with insurer Hiscox.
Following the integration, NatWest’s digital banking platform will allow businesses to view their finances and accounting together by using FreeAgent.
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They can also receive insurance quotes directly from the platform.
The partnership with Hiscox will leverage artificial intelligence (AI) to identify ‘underinsured’ businesses and generate tailored quotes for them.
The latest integration and the collaboration with Hiscox is part of NatWest and FreeAgent’s strategy to streamline administrative tasks for small businesses.
NatWest head of business banking Andrew Harrison said: “Our close partnership with FreeAgent allows us to offer our business customers a market-leading accountancy platform, free of charge.
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By GlobalData“Combined with a truly smart insurance offering in partnership with Hiscox, we believe that we offer the most compelling and innovative business package for SMEs in the UK.”
Last year, FreeAgent utilized open banking technology to become the first accountancy software provider for banks in the UK.
Recently, fintech has rolled out an ‘Insights’ feature which provides businesses with interactive notifications.
FreeAgent CEO and co-founder Ed Molyneux said: “Through our ongoing work with NatWest and our new partnership with Hiscox, we are really pleased to be introducing game-changing new features to support small business owners and help them deal with whatever lies ahead.
“By harnessing the power of open banking and smart data insights, customers not only enjoy a clearer overview of their accounts but can make more informed choices about how to run their businesses.
“In addition, by providing smart quotes from Hiscox to our customers based on their individual requirements and then facilitating the whole insurance purchase journey from right inside our software, we can help them protect their businesses more easily.”
