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“Brokers and Underwriters need to work closely together because each mid-market customer is different. They’ve all got different needs and you really need to get to grips with their complexity.”

“The thing I’m really looking forward to at this years’ Expo is really getting to speak to as many brokers as possible.”

Q&A

 

Aviva underwriters, Nicola McMillan and Claire O’Toole, give their Mid-Market insights on what you can expect to hear about at this year’s Broker Expo:


What are you looking forward to discussing at this year’s Broker Expo and why? 
To meet with brokers and share what Mid-Market means in Aviva. Our proposition is so much more than a comprehensive policy wording, our mid-market approach looks to provide an integrated risk and insurance solution underpinned by a prevention-first philosophy. We’re looking forward to sharing our team’s insights from an underwriting perspective with brokers on the day, and also get their views on what’s important to them to be able to grow in the Mid-Market space.

How is whole customer underwriting key to the mid-market proposition?
As underwriters we recognise that every client is unique and believe that in an ever-changing business landscape, working in partnership with our brokers is important in providing the right level of protection and service. By doing so we take their individual business needs into consideration to create a truly tailored solution. Our approach to finding the right cover for customers is centred around an industry focused approach that provides access to an unrivalled scope of covers and products locally, from property & liability to speciality lines, often via one policy to help service Mid-Market customers more efficiently and avoid any unexpected gaps in coverage. It’s not always just about offering the right products, as underwriters we look to leverage data and analytics in real time to help identify underinsurance, both from a sum insured and limit of indemnity perspective, supported by ask-it-once quotations that allows us to shift away from price and protection and cement long-term partnerships through demonstrating understanding and the value the broker and insurer can bring to their business.

What else can you provide to mid-market clients?
Mid-Market customers often are too small to have in-house risk and insurance capabilities that a larger corporate client will have. Therefore, our team of highly skilled underwriters work closely with other areas of the Mid-Market proposition to ensure the client receives an integrated insurance and risk proposition that provides comprehensive coverage with access to specialist industry expertise, from claims and risk consultancy to client relationship management. By recognising the customer as a whole, whilst recognising the importance of the broker’s expertise and in-house capabilities, we can then look to develop a service-led proposition that looks to assist clients in helping to understand and identify risks in the business, offering solutions to mitigate and reduce claims costs, through regular and relevant engagement and across the insurance period based on value rather than just purely price and protection led.  

Why is it important for brokers to work closely with their underwriting contacts? 
Insurance has and will always be a relationship business. That’s why it is important that we work with our brokers to understand what’s important to their clients. A recent study highlighted that 50% of Mid-Market customers do not fully understand all the risks their business faces, this combined with changing customer demands and a competitive market, working in a partnership with our brokers is absolutely key to cement long-term relationships. In doing so, we can provide certainty and stability for customers and a competitive edge for our broker partners.  
We’re really looking forward to speaking with as many brokers as possible at this year’s Expo, please do come and visit us in Zone 4 to find out more about our underwriting processes in more detail.