Strategic review sees withdrawal from unprofitable personal lines
Royal & SunAlliance (R&SA) will not withdraw from any of its nine intermediary segments.
Instead it will weed out the poorest performing accounts, according to R&SA personal insurances UK director Adrian Brown.
"We have already pulled out of some brand broker relationships, but this is not to say we're suddenly going to pull out of a complete segment," he said.
"We will look at a segment where we will withdraw our exposure if necessary."
Brown said this would provide "more time and resources to concentrate on developing profitable elements of those books" but said it was in no way a reduction in R&SA's commitment to the broker and corporate channels.
He said R&SA has just completed a review of its broker segmentation and has decided on nine core segments. These include partner brokers and national brokers.
"My job is now to execute on these decisions and to be clear around which segments we're growing and which one's are not profitable," he said.
Brown said R&SA was also revisiting its affinity opportunities. He said the More Th>n direct brand was being noticed by companies and could easily be aligned to a number of company's own brands.
"With relationship management skills within our personal intermediated side, we have lots of contact with lots of businesses and we've also got our employee benefits `At Work' platform. Bringing those three together into a single affinity proposition could be very powerful for us," he said.
Brown said More Th>n is still on track and has increased its new business sales by 40%.
"Motor and pet have grown very quickly," he said.
