Allianz Cornhill, the second largest motor trade insurer, has fine-tuned its Motor Trade Select policy in a bid to improve its profitability and boost market share.
The re-launched product is the latest to be added to the insurer's Select range and has been re-badged with the Allianz Cornhill banner.
Motor Trade Select has a number of key improvements, namely: higher sums insured for core material damage cover, improved risk management advice and updated policy wordings.
Peter Lawrence, Allianz Cornhill's motor trade manager, said: “These changes have been designed to increase profitability and build on our strong market position.”
Material damage sums insured have been altered as follows: locks and keys extension cover has been increased to £5,000, the temporary removal limit is boosted to £15,000 and contents cover has been raised to £5,000.
Risk management is being seen by Allianz Cornhill as a major tool in helping traders reduce their exposure to claims.
As Lawrence explained: “Risk management is possibly the easiest way for a motor trader to influence the premium he pays.” Part of the insurer's strategy is to introduce a policyholder's pack containing guidelines for self-drive hire and an employer's risk management guide.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
