Making the most of property insurance, from Manchester Underwriting Management’s head of property owners, Stephen Hazelwood.
The world of property owners insurance is changing and there are some key areas that high profile property clients look at when considering the cover they need. Portfolios are getting larger with greater sums of money being invested, so having a good claims process backed by quality capacity has never been more important. Buildings across the country are getting modernised with the latest technologies, which opens them to greater risks that require additional cover.
With greater investment being placed on larger scale properties, there is a need for more cover. In turn insurers and MGAs need to have a product that can encompass the requirements of a client with a larger portfolio.
As an example, at Manchester Underwriting Management we are able to write a total sum of up to £50,000,000 per premises and unlimited portfolio Sum Insured. We can even go up to £100,000,000 per premises. This is placed with quality capacity that we and our brokers know will be there when a claim arrives
Higher end and larger portfolios bring higher end risks when something does happen and a claim needs to be made. The insured is going to want to be sure that the process is not just quick but that claims are resolved efficiently. They also want the backing of quality capacity that can pay a large sum on a claim if that is the end result. When you look at providing cover to a high end client, it is imperative that the claims department is just as high quality as the policy itself.
If you look at any of the latest news in the insurance industry you will see that Cyber is on most brokers’ lips at the moment as the hot topic. A difficult sell to an insured as they cannot see the merit of having it as they may feel it will never affect them. However, in 2018 everything in our lives is automated and at the forefront of this is property, from smart homes to large, high rise offices. Most modern offices have automated functions even from a basic security key pass system at the front door to advanced building management systems, all under threat from a cyber breach.
It’s important for property offerings to include cyber protection in their cover as this risk is only going to get greater and it makes it an easy entry point for brokers to sell a product they don’t know so well into a market they have years of experience in. Plus it could help you win some new business as your competitor might be selling a policy that doesn’t include cyber cover.
In 2018 you may need to ask yourself “is the property cover that I am offering going to entice high end clients”? It is all well and good having the basics but everyone has those. So are you cutting yourself off to a greater market with more high profile clients? When looking at a policy, does it provide the client with what they need? Does it have highly a rated capacity provider which can scale with what your client needs? Does it offer any additional add-ons such as protection from cyber incidents? If a claim does arise, will the claims handling be efficient at handling a high profile claim?
All key areas to consider when you think about approaching high end clients to win more business.