BIBA 2018 - In an uncertain world it’s time for trust

Trust-in-the-insurance-industry

Uncertainty is the theme of 2018, with everything from Brexit negotiations and the introduction of General Data Protection Regulation to insurance sector specifics such as the Ogden discount rate and the Insurance Distribution Directive creating potential instability.

Managing this type of risk is business as usual for insurance professionals but, with so many unknowns, it’s essential to work with trusted partners.

Long-term commitment

Selecting an insurer that is committed to the market for the long-term is a must. This commitment is something that’s part of Allianz’s DNA. While some markets go in and out of favour, we prefer to select those where we can deliver a consistent approach for the long-term.

The certainty and expertise that this long-term commitment fosters are prized by brokers and their clients. This is particularly the case in a world where customer expectation is always on the up: today’s broker clients expect a fast, slick service with expert support throughout. 

Market expertise

At Allianz, our approach enables brokers to meet these increasing customer expectations. A core part of this is our market leading cover and service proposition. As well as using our own expertise to monitor market changes, we also work closely with our brokers to ensure our proposition is up-to-date and relevant.

A good example of this is our enhanced property owners proposition. Designed specifically for commercial property owners of larger premises or portfolios, we’ve introduced new covers, enhanced limits and additional services to meet the needs of the sector.

Similarly, in light of changes in the challenges facing directors, we enhanced our D&O cover last year, introducing a range of features including kidnap and ransom cover, an employment practice helpline and protection for cyber incidents.

It’s also something that can be seen in our new construction proposition, which was launched to meet the needs of this growing market. Backed by construction expert teams, our unique combined product provides both commercial and engineering covers under one policy. 

Service standards 

Strong product propositions are important but service needs to be just as good. Our award-winning e-trade platform saves brokers time, allowing them to focus on adding real value to their customers through the provision of advice.

Slick technology isn’t always the answer to delivering good service, with other routes to an insurer just as important to brokers. This includes speaking to an underwriter over the telephone, or in person through a branch as well as through email or live chat.

In recognition of this, we’re the only insurer that still offers a multichannel approach to support all our brokers, regardless of size or business volume.

Expert support

The reassurance of ongoing expert support is another key component of trust, becoming even more important in times of uncertainty.

As well as providing expert support on the challenges facing brokers, we also offer expertise that’s relevant to their clients. Our risk management portal has information and advice that can help clients with the issues they might face at home or in the workplace.

Being able to access this support also means brokers can demonstrate their own expertise to their clients. Helping them manage risk and create a more robust business delivers value and strengthens the broker-client relationship.

Claims promise

A strong claims proposition is also key. This is the point at which a customer discovers just how good the insurance promise is so it’s essential that the insurance industry delivers at this point.

To ensure this, we’ve developed an award-winning claims service. This includes apps, to enable customers to notify us of a claim, upload photos and GPS information, and even track motor repairs. We’ve also made it easier to upload dashcam footage, which can be invaluable in highlighting liability in a claim and tackling fraud.

This service is also supported by in-house claims expertise. Through a number of specialist teams, such as motor engineers and investigators, large loss specialists and rehabilitation experts, we can add value by ensuring that customers always get the best possible service.

With so much uncertainty in the today’s world, both politically and economically, having a trusted insurer partner is invaluable. Having confidence in the strength of service and product propositions, helps brokers provide the right level of advice and support to clients, whatever’s thrown their way. Allianz is proud of our reputation of being an insurer; brokers can trust and rely on in an uncertain world.

 

Sarah Mallaby is Director of commercial and personal broker markets at Allianz UK, responsible for the North, North West, Midlands & South West and South-East regions. Sarah was previously head of technical claims where she led Allianz’s claims technical excellence programme and delivered significant improvements in claims supplier and broker relationship management. Sarah joined Allianz in 2012 from Aviva where she worked in the Claims team for 12 years. A law graduate and ACII qualified, Sarah represents Allianz on a number of Industry forums including the ABI Jackson Sub Group, ISCIF, and solicitor led Jackson Working Group. Through these forums Sarah has played an active role in market management and lobbying on the reform agenda for both disease and personal injury claims.
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