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BIBA Personal Lines Administration Facility
Agenda
• Background to Equity Insurance Brokers• The Transfer of Business Facility• Your Equity Team• Operational Capability – Motor• Operational Capability – Home• Transfer Features• Motor Insurance – Special Features• Home Insurance – Special Features• Managing the Business• Transfer Process• Key Points• Benefits to the member• The Proposition• Track record• Awards• Contact Details
Background to Equity
• Major player in the UK Personal Lines Insurance Market
• BIBA facility providers since 2001
• 8th Largest Personal Lines Broker in the UK
• Gross written premiums £170m
• Market leader in provision of fully branded schemes
Panel of Insurers
• Current Household Panel Insurers
Allianz Cornhill
Equity Red Star
Legal & General
Zurich
Fortis
The Transfer of Business Facility
During implementation of a new transfer the following resources will be made available:
• Equity Account Management Team – based in Brentwood responsible for co-ordinating delivery of the business infrastructure e.g. monthly MI, regular review meetings, complaint resolution and administration
• Operations Management Team – based in Colchester responsible for collecting the Broker client data, inputting the policy details on to the Equity system, receiving calls and dealing with your client’s enquiries and outbound calling to secure renewal and ensure service during transfer and beyond to the Broker Corporate Insurance Brokers to consider
Both, the Equity Account Management Team and the Operations Management Team will work closely with you to ensure the smooth running of all aspects of the transfer
Beyond the initial transfer stage, the Equity Account Management Team will continue to be the key point of contact
Your Equity Team
Account Management Team – Brentwood, EssexSteve Young – Broker Development Manager
Operations Management Team
Motor - ColchesterMichael Larkin – Motor Operations Manager
Tony Niven – Broker Transfers Team Manager
Home - SouthamptonShaun Law – Household Operations Manager
Ranjit Dawson – Broker Transfers Team Manager
Operational Capability
Operating Hours: (Motor)
Monday to Friday 8am to 8pm
Saturday 9am to 5pm
Sunday 9am to 5pm
Agreed Service Levels
An agreed SLA will be in place to ensure a satisfactory service is provided to clients
Claims Handling
24 hours a day / 365 days a year accident / assistance help lines
Accredited to ISO 9002 Quality Standard
Post repair quality inspections
Operational Capability
Operating Hours: (Household)
Monday to Friday 8am to 6pm
Saturday 9am to 1pm
Agreed Service Levels
An agreed SLA will be in place to ensure a satisfactory service is provided to clients
Claims Handling
24 hours a day / 365 days a year accident / assistance help lines
Post repair quality inspections
Transfer Features
• Price GuaranteeWe will guarantee to offer your clients the best price of – last year’s paid premium– this year’s invited renewal premium from holding Insurer
• Cover– We look to provide the client with similar cover
• VIP Facility- Where connected business is identified this is handled by a dedicated VIP team who are experienced brokers and recognise the importance of this business to the broker
• Data Transfer Process- Dedicated teams skilled in dealing with the transfer of customer’s data
• Single Policy Wording- Crystal Mark for Plain English
Motor Insurance
Selection of Special Features
• New car replacement for cars in first year of registration where damage exceeds 50% of its original purchase price *
• Legal advice/assistance up to £50,000 (including personal injury) following accidents in the UK
• 24 hour Accident Helpline
• Courtesy cars are arranged free of charge wherever possible, when our approved repairers are used *
• The policy provides cover for the insured vehicle within the European Union and certain other countries for up to sixty days at any one time
• Premium Protection Insurance is available
*Available with Comprehensive Cover only
Home InsuranceSelection of Special Features
• Contents and Buildings Insurance cover available
• Loss/Theft of House Keys – cover up to £500
• Fridge and Freezer contents – cover up to £500
• 14 day money back guarantee , provided no claims have been made
• 24 hour Claims Helpline service
• Buildings Insurance is accepted by leading Building Societies and Financial
Institutions
• 24 hour Legal Advice/Home Emergency and Replacement Glass service
• Contents Insurance includes replacement on 'New for Old' basis
• Automatic extra cover is provided at Christmas and for family weddings
• Family Legal Protection available - up to £25,000 of cover
Managing the Business
Management informationOn a monthly basis, the following information is available:
– Commission statement • Inclusive of new and renewed business, including all mid term adjustments
and will be accompanied by commission payment
– Management information (available upon request)• Number of new quotations• Number of new policies• Conversion rate• Renewals offered • Renewals accepted• Retention rate
Transfer Process
• The client data is entered on to our system. We will arrange for collection of the data approximately 42 days prior to renewal
• Clients are provided with a quotation 24 days prior to renewal
• We make telephone contact following this letter to introduce ourselves and explain the changes to your clients, at the same time we try to secure conversion
• A reminder letter is sent 7 days prior to renewal
• Any clients that have not accepted 5-7 days prior to renewal are contacted again by telephone (a minimum of 3 attempts are made to contact the client at different times of the day)
• Policies are issued normally within 3 working days
The Benefits to the Broker
• Frees up time and resources to focus on higher margin business
• Significant saving in time and costs
• High conversion and retention rates resulting from price guarantees
• On-going revenue stream without the overheads
• Enhanced commissions to BIBA members payable for the life of the policy
• Facility for new business off-line and on-line
• Working with a partner with modern systems and processes and over 40 years experience
• Account Management Team, regular management information and reviews
• Clients maintain a high level of service
• Capability to offer Motor and Home Affinity Schemes for Broker’s larger connections
The Proposition
• A complete Personal Lines Administration Service
• We reduce your costs by quoting and re-quoting new business and renewals, handling credit control, accounts, MTAs and claims
• Flexible to allow you, the broker, to choose which policies to transfer
• Facility to produce ongoing new business, on-line and off-line
• Unique facility to handle VIP business
• A branded telephone service with dedicated individual telephone numbers*
• Branded documentation*
• Full web facilities with on-line quotations and completion
• Enhanced commission rates payable for the policy life of the client
*Subject to volume
Excellent track record
• Equity also has over 25 years experience of dealing with key affinity accounts, providing a broad spectrum of schemes and products:
• Equity has invested to build a team of people with proven ability to deliver successful affinity business solutions.
• Key members of the team have also played leading roles in the development of insurance schemes for Barclays Bank, American Express, Egg and Tesco
Awards• Recent awards demonstrate our success and recognition
by our peers:
• Recent awards demonstrate our success and recognition by our peers:
• British Insurance Awards 2006 Young Achiever of the Year - Winner
• Call Centre Management Association (UK) 2005Team Manager of the Year – Finalist
• Insurance Age Awards 2004Innovation of the Year – Runner Up
• Professional Planning Forum Awards 2004Resource Innovation of the Year – Finalist
• Insurance Times Awards 2004Young Achiever of the Year – Winner
• Call Centre Management Association (UK) 2003Team Manager of the Year – Winner
• Insurance Times Awards 2003Large Broker of the Year – Winner
Contact Details
Broker Development Manager
Steve Young – [email protected]
Telephone – 01277 206176
Transfers Team Managers:
MotorTony Niven – [email protected]
Telephone – 01206 777716
HouseholdRanjit Dawson - [email protected]
Telephone – 02380 374769
