Allianz gears up to take on SME underinsurance

Allianz has created a data initiative to help brokers address SME underinsurance.

Allianz has spent two years compiling a unique database to pinpoint whether the sums insured for a business do not match other similar businesses in the same area.

It will use this data to let brokers know at the point of a quote when there is a risk of a client being underinsured. Brokers will receive an electronic warning through Allianz’s e-trade platform QuoteSME.

Allianz director of SME markets David Martin said: “Our aim is to share our expertise and provide insight to support brokers. We feel this service has the potential to add real value to the relationship between brokers and their clients.”

Martin continued, “We are using our data capabilities to highlight to brokers where statistics indicate the sums insured may be inadequate. For the majority of policies there won’t be a change but for some clients it could make an important contribution to ensuring the level of protection is appropriate.”

He added: “This further enhancement demonstrates our committment in helping brokers tackle the issue of underinsurance.”