Bespoke application to reduce administration work for brokers
Norwich Union is to increase its broker onsite underwriting service with a further 100 business account executives over the next 18 months.
At present, 292 brokers currently use the service, with account executives working alongside brokers to provide instant access to the insurer's range of commercial lines products via an on-line service.
As a result, brokers are able to offer customers a more bespoke service and hold a competitive advantage by offering an underwriting service on the spot.
The broker will also be able to offer their customers immediate quotations within 24 hours, issue policies direct, negotiate renewals and action within two days - allowing more effective trading.
The account executives have first hand product knowledge to enable them to make recommendations, help the broker with proposition development, provide marketing support and allow the broker to write more business, which in turn could help them to retain more commission.
Janice Deakin, trading director for Norwich Union, said: “We have been working in partnership with key brokers for several years providing our own underwriters to brokers’ sites nationally. The growth of our online underwriting service continues to be a big success for us.
"We work hand in hand with the broker to deliver what the customer needs and our account executives become a key part of the brokers team. Some brokers have up to 10 executives on site due to the volume of demand for Norwich Union policies.”
John Page of David Roberts & Partners, said: “The service has helped grow our commercial client base significantly over the three years since we signed up. Delivery of a fast service to our customers is key... it has also worked well in terms of our team working closely with the executives and this has had a positive effect on enhancing our overall relationship with the insurer.”