Getting stuck in the middle is usually not a good thing. Unless that is, if you are one of Britain’s middle market companies. Somewhere between SMEs and larger corporates, middle market companies – though only 1% of businesses in the UK by number – see their revenues rise by close to 7% yearly, outpacing by some margin their smaller and bigger peers.*
The middle market segment has its own identity and characteristics and at the same time its own unique challenges – and for that matter its own insurance cover needs. Usually middle market companies have complex risk profiles but lack the risk management resources of their larger peers and so they require significant risk management advice and engineering. It is a segment where brokers play a particularly important role.
For us at Chubb the middle market is undoubtedly one of our major growth areas, and I don’t doubt for a moment that this is true for many other insurers in the market. The question then is, in what is an increasingly crowded (middle) field, how do we stand out from competition?
After our own acquisition was completed last year we are fortunate to have more resources, more expertise, more data, more people to really help our middle market brokers and clients get to grips with the changing risk environment. Today, we are in a much better position to meet the market challenges and deliver market-leading service to our brokers.
And at Chubb we do not stand still. We want to ensure that our middle market offering meets broker needs in every aspect. We want each of our partner brokers to feel there are getting the service they desire.
To do that, we have already started building a middle market proposition which combines industry specialisms with advanced multi-line capabilities. This is important for this growing segment.
This includes further developing our product offering. We’ve already released several new and enhanced products this year. Our new MasterPackage product, now tailored for several different industries, is a good example. We also recently enhanced two of our key financial lines wordings in the UK and Ireland: Elite D&O, and Elite Commercial Crime that provides cover to clients that suffer financial loss due to criminal or fraudulent activity by an employee or third party. And we have more in the pipeline!
Investing in digital innovation is another key component of our middle market strategy. Recently, we unveiled Chubb Ignite, our online platform for brokers and their middle market clients in the UK and Ireland. The platform allows brokers to quote and bind within minutes and gives them great cross-selling opportunities.
Finally, we recently announced the creation of a new Custom Industry Solutions product cluster which brings together our market-leading expertise in the Life Science, Info Tech, Package and Entertainment industry segments.
Covering the unique needs of middle market brokers and their clients is one of our strategic priorities – and one that requires constant work and the flexibility to tailor our offering to their rapidly evolving needs. At BIBA this year, we will welcome brokers to our stand to discuss more about how our investment in our teams, products and innovation can work for them and their middle market clients. See you in Manchester!
*“British economy turbo-charged by its mid-market”, Daily Telegraph, 16 September 2016