facilitated by biba · 2020-07-09 · partnership of professional claims specialists –a swift...
TRANSCRIPT
CPD Learnings Facilitated by BIBA
Learning Objectives – The Escape of Water Peril
What are the risks and threats to customers and our industry
Impact of ecological and insurance losses on pricing and society
How proactively using technology significantly reduces risks for customer, broker and insurer
How to seek better placement options and more competitive cover, after EOW losses
Our customer is at the heart of everything we do
Introduction
Specialists in Non-Standard property insurance for nearly 30 years
BIBA scheme facility for residential risks Part of the group
Historic experience with EOW risks and losses
MGA and Lloyd’s Broker
We help to find a solution for hard to place risks where others may fail
Catherine Bell
£1 Billion 2,500 £2.7 million Plus EOWAlmost £1bn is
spent by
insurers
every year
Escape of
Water losses
or c.£19m
every week
Spent
every day
Many property
owners pay for
losses
themselves
Accounts for
28% of claims
spend in the
UK
Catherine Bell
The Escape of Water problem – Our motivation
Environmental and Societal Impact
3.3 BILLION litres of treated water are lost EVERY day in the UK
Equates to the water needs of 21.5m people lost EVERY DAY
But we have the control – it’s our duty to educate the public
£22.1bn of wasted money on treated water EVERY year
20% of our daily usage is wastage from escape and leaks - 30% from homes
Environment agency -15% less water available
Do you know how many litres of treated water is lost in the UK every day?
Catherine Bell
7
Thank You!
Over to
April Stowers
We address issues that cause significant distress and financial loss
8
Introducing the solution -
April Stowers
• Wholly owned subsidiary of inet3 Group
• Sister company to magenta insurance
• Proactive Risk Management & Property Solutions
• Giving back control to brokers, insurers and clients
The first thing we addressed… A Proactive Escape of Water solution
RISK
REDUCTION
MONITORING
SWIFT ATTENTION
CLAIM
CONTROLENABLES BROAD
A RATED COVER
Our End to End EOW Solution
April Stowers
Waterlock Technology
April Stowers
TM
In partnership with geo of Cambridge
Professional installation
Easily switch off water when vacating property
Automatically shuts off water when leak detected
Send a message to your own phone, ios or Android
Send messages to others of your choice
Vulnerable customers
Waterlock - Installation
April Stowers
TM
Less than 1 hour
Suitable for new build and retro-fit
Can replace existing stopcock or fitted next to it
Suitable for 15mm or 22mm piping
Sensors located in areas of risk
Minimal maintenance required – has self maintenance intelligence built in
Slow Leaks – Accounts for 30% of losses
April Stowers
Our monitoring service
April Stowers
Notification to App
1Alerts
2
Cloud
Notified of Alert
3Assist
4Action
Home Emergency Policy
5
Increased Revenue
Benefits of a swift and excellent claims service
April Stowers
Improved customer service
Policyholder doesn’t even have to make one call
Fewer contact points for customers
Evidence of efficacy
All overseen by
Reduced life and cost of claim
Fewer complaints
Improved customer retention
Install Waterlock™
Use magenta capacity
Addressing the post EOW cover issues
April Stowers
Traditional Model
• Increased premium - 25%
• Lost NCD
• Increased excess
• EOW peril excluded
• Unable to find cover
• Lower risk
• Reduced premium
• Lower excess
• Full “A” rated cover back in
place
• Incentives for
MNW/HNW/Property
owner/clients/schemes
The New World
So, what are the benefits for a BIBA broker?
April Stowers
Price
• RRP for 3 sensors is £390
• BIBA members price £349*
• Offers for BIBA members as Early Adopters
• 25% commission on policies placed via magenta
• Ability to place difficult risks with “A” rated capacity
• Benefit from our EOW knowledge and preferential
underwriting terms
Placement
• Sell more property polices
• Improved premium rates
• Full perils v FLEE
• Promote Home Emergency Plus policies
• Value add services for clients
• Reduced stress and time spend on claims
• Reduced complaints
• Greater retention of customers
• Solving a genuine problem
Improved LoyaltyIncreased Revenue
Our end to end Escape of Water solution
April Stowers
Installation of Waterlock – pre and post loss
Monitoring service – enables preventative assistance and attendance of plumber
Partnership of professional claims specialists – a swift efficient customer centric claims service
Underwriting benefits – insurer discounts, no increased excess and funding
Cover availability for otherwise uninsured or hard to place risks
Deliver and monitor
the results
Improve the outcome
for customers
Deliver growth in a
hardening market
Training and support for your colleagues and clients
05 04
03
02
01
POSITIVE
INSURER
OUTCOME
POSITIVE
CUSTOMER
EXPERIENCE
BUILD MARKET
TRUST
BROKERS PLACE
MORE COVER
NEW REVENUES
SAVE WATER
The OutcomesApril Stowers
Taking Control
Promote the
product
to your clients
Buy the
products
and sell on
We can
provide
seminars and
webinars
See our niche
product offerings
Take control of
the known
costs
Get in contact for more information
Join our industry wide initiative now
April Stowers
Catherine [email protected]
April [email protected]
Innovating to protect
EOW
Any Questions?0800 977 4001