Insurer aims to be 'number one' in sector
RSA wants to boost its large and complex clients’ book by up to one-fifth with the introduction of a range of new features, including long-term contracts.
The insurer is battling rivals such as AIG, ACE, Allianz and FM Global for growth in the segment serving large multinational corporations.
Following consultation with clients and London market brokers last year, it has introduced a number of features in a bid to retain and attract new business. It is also looking to capitalise on its healthy balance sheet as the financial climate worsens.
Nick de Reher, RSA account director, said: “We want to be the number one insurer of choice in this segment. We have made presentations to all the major brokers and we have been struck by the level of interest.”
New features include long-term contracts, typically of two to three years, to give clients pricing certainty; collecting global premiums more efficiently and transferring them more quickly to clients’ captives; and taking on legacy risks from clients’ captives or balance sheets.
Many clients in this segment have captives. RSA has already piloted the scheme, which sees payments made to captives before the insurer collects its premium.
David Geer, RSA’s Global UK business director, said that in the current financial climate, customers were trying to predict the future and these features would give them certainty.
“In conversations with brokers and customers, there is definitely a sense that they want to work with an insurer that is financially secure – we are doing more and more presentations around our own financial strength, and we are being asked about our rating.
“It’s definitely coming up the agenda.”
Geer added that RSA had identified a number of target clients, but that there was a lead-in of up to six months.
“This new proposition is something that is constantly evolving – it’s not just done and down.
“We’re in constant dialogue with customers.”