Have you considered Transferring Blocks of Business and Rollovers?
Deals on blocks of business or rollovers are an advantageous way of trading with us, read on for more information.
Each of our business areas at Covéa Insurance are committed to working closely with our partner brokers to develop growing, profitable accounts and providing the best outcomes for the end client. One of the ways of transacting business with us is through the transfer of blocks of business or rollovers.
There are numerous advantages to trading in this way, especially when considering the operational efficiencies on offer once the rollover is agreed. By having already put wordings and premiums in place, a broker is able to be pro-active and prepared for their client in advance of their renewal, and the client is also a winner as they receive equivalent or enhanced wording for their peace of mind. Decisions can be made at account level, meaning some risks which may normally be traditionally outside of appetite can be included taking into account the features of the entire book.
This is very much a "rough with the smooth" approach where 100% of the cases committed to the rollover are accepted, a point that underlines our flexible approach to underwriting.
The process
As a general rule of thumb, we would require the following information when a partner presents a book of business they are committed to transferring to Covéa Insurance:
- Book Performance: Premium and Claims statistics
- Policy list with Trades
- Postcodes by Policy
- Covers and terms required
- Remuneration required
- Service enhancements required
This, in turn, allows us to:
- Conduct due diligence
- Review exposures in line with appetite, key perils and exposures
- Model performance
- Review wording requirements
- Consider service commitments
The benefits are mutual, time saving and work in the interests of all parties involved. The effort for a rollover is marginalised, significantly quicker and more predictable than laboriously transacting, for example, 30 cases at £250k throughout the year.
The underwriting stage is smooth as there is no debate on pricing, terms or placement. Reliable and consistent messages to the client are achieved, along with a guaranteed income for both parties, leading to more profitable books. This then comes full cycle, as profitable books provide future stable pricing and terms for clients.
We are open for business, so do please contact your local underwriter in the first instance to discuss this. The operational aspect of trading blocks of business with us is both time saving and simple and in a busy world, where time is such a challenge, this approach eases some of those pressures.
Click here to view our Commercial contact sheets.
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