Business Interruption – FCA test case

For information about the outcome of the FCA’s test case into how insurance policies respond to business interruption claims as a result of Covid-19 please visit this page.

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Teamwork

Line of Business: Package - property, fleet and financial lines                    

Trade: Leisure

Impressive cross-class teamwork resulted in a comprehensive package proposition to secure new business in property, fleet, financial lines and claims.

When an existing customer has multiple lines of cover with different insurers, creating a one-stop package can help them to manage their needs far more effectively.

In 2019, our Chelmsford office secured a PI account worth £307k with a prominent UK leisure services supplier through their broker. Since then, the relationship with the broker and client has gone from strength to strength, eventually landing an additional account with our construction team on owner-controlled programmes.

When the broker advised that they wanted to put forward a conventional fleet quote to compare against the existing non-conventional one with existing insurers in August, our team jumped at the chance to add yet another line of business to our client portfolio.

But as our people worked relentlessly to put together a deal that covered all the client’s fleet needs, their enthusiasm for the proposition inspired the broker to take their request step further – to design a bespoke package encompassing all existing covers held with other insurers, including property, fleet and financial lines into one comprehensive deal.

Discussions with the client and broker throughout the proposal design phase were productive; however, persuading them to give up control of their claim’s costs was certainly not easy. This is when our claims team came in to their own – confidently asserting the value of our claims management solutions and sector-leading expertise to the broker and client.

In fact, building the specifics of the property and fleet propositions was not without its challenges either. Nevertheless, our cross-class underwriters and industry experts pulled together a comprehensive offer for the new business lines that addressed all the client’s needs. All that remained was to wrap it all up in a more attractive renewal on the existing casualty account if these new business lines were won, and the package was set.

Through a fantastic display of teamwork and a productive partnership with the broker and claims teams, we successfully secured new business worth £694k, and created a client portfolio worth just under £1m to RSA.

Pexels Vlada Karpovich 4050291

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