Motor Trade Combined - a case study

Motor Trade Combined - A case study

We're always pleased to be able to share stories about how we have been able to support brokers in winning or retaining business. In this scenario the risk was presented to one of our National Underwriting Centre Senior Underwriters as a result of a conversation at an event where a mutual contact was shared. Due to the geographical location of the business, an opportunity was presented to quote on Motor Trade Combined.

Our underwriter had an initial conversation with the broker about the risk as this was a well-run business. However, there was one element of their business that was in the grey area of our appetite (in this case, accident management). Upon closer inspection of the risk, the underwriter made the decision to quote as the accident management area of cover was on a claims redirection basis only and the business was well run, with no prior claims history.

The price offered was close to both the broker’s and client’s expectation and all seemed well. Cue the competition entering the fray as the original insurer, offering a price match. The client asked for a better price on the basis that the original renewal quote from the competition was considerably higher. The broker put the question to us – “how can we get this on cover?”

The situation was resolved due to a combination of underwriting flexibility and broker flexibility. A Long Term Agreement was offered with a price fix for 3 years, including a Low Claims Rebate. This, coupled with the broker’s willingness to work with us flexibly, allowed us to secure the risk.

The broker was delighted to have personal contact and to be able to work closely with an underwriter to write the risk. The client was also delighted in receiving a great price and great service, including the 10% rebate which was seen as a reward for good risk management and a safe work place. The Long Term Agreement added to the client’s satisfaction as they were then able to concentrate on running the business without undertaking the whole process again.

If you have a risk to place, please do get in touch. Our underwriters are empowered to make decisions and our approach is flexible with the aim of helping you to win business.

 

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