Independent insurance group BiB has partnered Chaucer Insurance as part of plans to grow its agricultural motor policy market.
BiB Underwriters wholesale business provides insurance policies covering farm vehicles such as combine harvesters, tractors and private cars to more than 750 brokers across the UK.
The division appointed Chaucer Insurance as its new underwriter and relaunched its Farmcare motor policy with a view to widening its customer base.
Steve Record, managing director of BiB Underwriters, said: “We have ambitious growth plans and expanding this part of the business is an important pillar of our five-year plan.
“We have investigated over the last 18 months where further developments and improvements could lead to fresh opportunities. Identifying a strategic partner who is as firmly committed as we are to growing this particular market puts us in a strong position to continue driving the business forward.”
Record said one of the key differences in the new arrangement was that the scheme would be wholly and exclusively delegated to BiB Underwriters.
All documentation will be issued in-house ensuring automatic transfer of existing business to the new scheme, renewals being sent promptly to brokers and efficient turnaround of mid-term documentation.
Record added: “It means BiB Underwriters will be in control of service standards and can guarantee them to the highest level. There will be no outsourcing of this work which underlines our group philosophy to support the local and national economy.
“Brokers who support us for farm insurance have indicated that they would support us more on the motor side were we to develop the policy, so we are confident that by partnering with Chaucer we will add real value for our customers.”
Kim Barber, head of motor at Chaucer, said: “This is an exclusive arrangement administered and marketed by BiB and will be made available to our combined agency networks. Farmcare is an innovative motor policy which allows Chaucer to continue its strategy of developing business in specialist niche markets. Diversification of our business is key to our long term success and we are committed to working with BiB to make Farmcare a market leader.”
