Berkeley Alexander partners with Hanley Economic Building Society

General insurance provider, Berkeley Alexander, has agreed a deal with Hanley Economic Building Society, to be its preferred provider of non-standard landlord and home insurance.

Established in 1854, Hanley Economic Building Society is an award-winning building society with seven branches across North Staffordshire. Rooted in tradition, it combines the benefits of a mature organisation with the efficiencies of a modern business with high quality customer service at the core of its values.

David Lownds, Head of Marketing & Business Development at Hanley Economic, comments: “We’re very proud that for nearly 200 years we have been helping people in North Staffordshire to buy homes and protect their futures. It’s a big responsibility for any partner of ours to live up to, so we are delighted that in Berkeley Alexander we have found a partner that shares our values. They have one of the largest panels available on the market and a reputation for their specialist knowledge in landlord and non-standard insurance lines. I look forward to working together to offer valuable insurance solutions to our clients.”

Mark Hutchings, Managing Director at Berkeley Alexander comments: “Like Hanley Economic, we combine tradition with modern efficiencies, using our expertise and relationships, combined with online distribution, to ensure we get the right cover for even the most complex of risks. Never has this level of expertise been so important as during the current insurance hard market. Providers like us with the expertise and knowledge of the particular and niche risks involved in landlord and non-standard GI, can leverage our insurer relationships to ensure we get our most favourable terms for customers.”

SchemeServe Launches the API Builder

SchemeServe, a leading cloud-based provider of insurance software, has today launched API Builder, a new market first facility allowing schemes brokers to add any API (Application Programming Interface) to products themselves without needing any additional development.

Simple but powerful, APIs are widely heralded as the key to designing customer centric policies with minimal questions sets and enabling more accurate underwriting and pricing.  APIs are used to get 3rd party data in and out of a platform.  For example, this might include data from Companies House, or food hygiene ratings from the Food Standards Agency for certain commercial schemes including commercial combined policies.  In Marine, with the right API integrations, customers only need to give the shipping number and all other data fields can be populated automatically.

Adam Bishop, Founder and CEO of SchemeServe, comments: “These are just a few examples of the power of APIs.  The possible integrations across most lines are endless.  Getting automated access to the data speeds things up for the customer, informs the underwriting for accurate pricing and improves the CRM, giving MGAs and insurers an easy way to innovate and differentiate themselves in the market.

“This is the way the market is heading.  MGAs and insurers were increasingly asking us for custom API integrations, so we decided to build a simple ‘DIY’ system that allows them to integrate with any API themselves.  No lengthy design schedules or costly projects that run over time and budget…they simply choose their API and hook it up.  We have a recipe book of the most common and requested APIs, but the sky is the limit really.”

Insurers have been using APIs for years in a limited fashion, but the API Builder uses ‘REST APIs’ that offer greater possibilities and speed.

Adam Bishop continues: “This launch is highly significant, particularly in the current market where brokers will be looking to innovate to be more customer centric, to save time and be more efficient and to maximise income from niche areas.  The SchemeServe API Builder does all the leg work.

“This latest launch is one of many new initiatives we will be launching over the next 12 months. We have a highly experienced team of developers and web designers with exciting UI and UX capabilities that promise to transform the schemes market.  This year we celebrate our 20th anniversary, making us a veteran Insurtech and I’m thrilled that SchemeServe continues to be at the forefront of schemes innovation.”

For further information please contact:

SJ Wrigley at Spotlight Consulting: sj@spotlightconsulting.co.uk or 07909 546104

 About SchemeServe

SchemeServe is a leading cloud-based provider of software to the insurance industry which has grown to operate more than 270 schemes and £240m of gross written premium per annum.  SchemeServe is a white-labelled administration, distribution, and underwriting SaaS solution for those operating delegated authority schemes business in both personal and commercial lines.

The company’s ‘Wunderwriters’ are all software developers and ex-underwriters.  Using SchemeServe they work with brokers to design bespoke white labelled solutions for customers in double quick time.

The SchemeServe philosophy is Remarkable Schemes Made Simple

Direct Insurance London Market hires Mike Newson to Lead new PI & Financial Lines Division

Direct Insurance London Market has today announced the launch of its new PI & Financial Lines Division and the appointment of Mike Newson to head up the team as PI and Financial Lines Manager.

Mike Newson has been involved in broking and handling all aspects of binders and schemes for PI and various other financial lines within the London Market for the last 30 years. For 23 years Mike was at Willis, rising to Executive Director before joining AJ Gallagher as a Divisional Director.  Most latterly he joins from SSL Endeavour where he was Head of PI.

David Bearman, Chief Executive Officer for Direct Insurance Group comments: We are thrilled to launch our new specialist PI & Financial Lines Division and that we have secured Mike to lead the team.  Mike is very well known in the market and I’m delighted to have him on board.  His experience is across the full spectrum of client service, dealing with the insured, the regional or sub broker – handling the business from cradle to grave.  His expertise will help us to establish Direct Insurance London Market as a lead wholesale broker in PI alongside our existing lines.  His extensive market knowledge of PI as well as D&O, Cyber and other specialist products will be of immense benefit to our brokers and their customers, particularly in the current market environment.  We hope to recruit further talent to the PI Division in the next few months.”

Mike Newson commented: “Over the past 20 plus years Direct Insurance has established a strong reputation for its expertise in various specialist facilities including Asbestos, Waste, Property and High Risk Construction to mention a few.  It has had a modest book of PI and Financial Lines to date but there has been increasing demand from the market for Direct to develop its own specialist capabilities and delegated authority in these areas.  The Professional Indemnity market has great scope for growth and in a hard market is an area that will benefit greatly from a specialist wholesale service.  I’m very much looking forward to establishing the Division and maximising its potential within the Group.”

About Direct Insurance Group: Formed in 1996, Direct Insurance Group Plc has organically grown into one of the world’s leading independent Specialty insurance businesses, trading $450m,  employing 200 staff and with 15 offices located in the UK, Europe, Asia, Africa and North America. Through its retail, wholesale and MGA platforms it offers clients a range of specialist and niche solutions in all lines of Property and Casualty (re)insurance.

Berkeley Alexander partners with Mortgages for Business in two year exclusive deal

General insurance provider, Berkeley Alexander, has agreed a two-year exclusive deal with specialist buy to let and commercial mortgage broker, Mortgages for Business, to be its preferred provider of commercial and general insurance.

Under the terms of the exclusive deal, Berkeley Alexander will provide the brokers’ customers with commercial and general insurance for all property types, including standard and non-standard.  Berkeley Alexander has one of the widest panel of insurers available on the market.  The arrangement will further help Mortgages for Business to maximise the service they deliver to their clients, via its introduction service.

Steve Olejnik, Managing Director at Mortgages for Business, comments: “We’re delighted to announce this partnership with Berkeley Alexander.  We offer a broad range of mortgages, so we needed a provider with an extensive appetite and an established reputation for expertise in non-standard and landlords’ GI in particular. They have one of the largest panels available on the market and this, together with their knowledge in the landlord insurance sector, makes them an obvious choice.”

Mark Hutchings, Managing Director at Berkeley Alexander comments: “We have a solid reputation for the strength of our insurer relationships which is never so important as during a hard market when premiums typically rise across most product lines.  Providers like us with the expertise and knowledge of the risks involved can leverage those insurer relationships to ensure we get the most favourable terms available to us.  Being able to combine efficient online distribution with the traditional approach of speaking directly to insurers ensures we get the right cover for even the most complex of risks.”

For further information please contact:

SJ Wrigley, Spotlight Consulting:        sj@spotlightconsulting.co.uk                          07909546104

About Berkeley Alexander Ltd:

Berkeley Alexander is a general insurance provider and part of the Ardonagh group of companies which employs 6000 people in 100 offices around the UK.  Berkeley Alexander offers directly authorised brokers and IFA/mortgage networks a wide range of both personal and commercial lines of insurance.  Celebrating its 40th Anniversary in 2020, it currently provides services to over 3,500 firms in the UK.  Drawing on a large number of insurers, it is known for its comprehensive range of competitively-priced products, including specialist non-standard insurance, and for its innovative approach to distributor partnerships.

About Mortgages for Business

Mortgages for Business is an independent mortgage broker specialising in buy-to-let, commercial, and residential mortgages. It sources finance for thousands of businesses, professional landlords, and owner-occupiers and with whole of market access, offers market leading mortgage rates and products. Mortgages for Business also brokers short term and property development finance. It is a founding member of the National Association of Commercial Finance Brokers and is regulated by the FCA.  Mortgages for Business is the only UK broker to have been awarded NACFB Fellowship Status for excellence in business practices and customer service.

Mortgages for Business has won the following industry awards: Best Buy-to-Let Broker at the 2020 and 2019 What Mortgage Awards; Best Broker for Buy to Let at the 2019 Mortgage Strategy Awards; Best Buy-To-Let Mortgage Broker at the National LIS Awards 2019; and Commercial Finance Broker at the 2019 British Specialist Lending Awards.

Aventus secures its spot in the Global Top 100 Insurtechs

Aventus, the customer-centric insurtech platform enabling insurers and brokers to distribute insurance products via APIs through any channel, is delighted to be recognised in this year’s Insurtech 100 list released today.

The list is compiled by specialist research firm FinTech Global and identifies the world’s most innovative solution providers addressing the digital transformation challenges and opportunities within insurance. According to FinTech Global, the selection process was exceptionally competitive this year as over 1,200 innovative Insurtech companies were evaluated by an independent panel of analysts and industry experts to produce the Insurtech 100.

The finalists are recognised for innovative use of technology to solve a significant industry problem, to generate cost savings and efficiency improvements across the insurance value chain.

The Insurtech (insurance technology) industry has grown tremendously over the last three years as insurance companies grapple with the challenges of digital transformation, and more recently, remote communication post-Covid-19. Nearly $17bn has been invested in Insurtech companies since the beginning of 2017, according to figures published by FinTech Global.

As a result, this year’s process to identify the leading 100 companies in the Insurtech space was more competitive than ever.

Peter Goodman, CEO & Founder of Aventus, comments: “We’re incredibly proud to have been selected for this year’s Insurtech 100 list.  From our launch in February this year, we have moved quickly and taken the market by storm. We already have customers in the UK, US and Australia.

“Insurance customer experience is fractured and out of date. Insurers, MGAs, and Schemes Specialist Brokers currently don’t have a clear customer view.  Data silos and disparate systems breed inefficiency, stifle growth and prevent them from delivering customers a seamless buying experience. The market is now seeing how our technology is giving them an affordable route to developing their own ecosystem, making data work for them to delight their customers, and enabling upsell and cross-sell.”

The Aventus platform enables real-time analytics, taking customer data, third party and the insurer’s data, to give a 360° customer view. For example, the Aventus APIs create marketing triggers to the distributor and the provider, so they can return a quote estimate in real-time, tailored for the individual. The Aventus platform makes cross and up-selling easy and one-click insurance purchases a reality.

Peter Goodman continues: “As an API led Insurtech we are challenging and reimagining the insurance proposition. Over 50 integrations are already available with our platform. Our success so far in the UK, together with our cornerstone customer Stella in Australia, and the US, is evidence that the market has finally turned.  Those insurance companies yet to modernise will be left behind.”

FinTech Global director Richard Sachar said: “Established insurance companies need to be aware of the latest innovation in the market to remain competitive in the market post-Covid-19 which is heavily focused on digital distribution and increased use of customer data.  The InsurTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as underwriting, pricing, IoT devices, customer experience and data & analytics.”

A full list of the InsurTech100 can be found at www.TheInsurTech100.com. More detailed information about the companies is available to download for free on the website.

About Aventus

Aventus is a London-headquartered company that provides an Insurance Platform, to insurance businesses. The modular and API-based solution provides best-in-class technologies explicitly configured for the insurance industry. 

 

Momentum Expands Commercial Broking and Finance Teams

Momentum Broker Solutions, the fast-growing broker network, has made a number of new appointments to bolster its 50 plus strong broking and finance teams. It has appointed three new brokers and an additional finance assistant.

Barbara Preston joins as a Broker, with 14 years’ commercial broking experience including nine years with AON. She joins from Abaco Insurance Brokers where she was a Senior Account Manager. She has experience across all commercial lines, specialising in Property and SME.

Michael Cooper, Cert CII, joins Momentum as a broker. He is an award-winning sales executive with 17 years’ experience in insurance working for brokers and insurers including Forces Insurance, Swinton Insurance, and nine years at RBS Insurance.

Gemma Smith, Cert CII, has also been appointed as a broker. She joins with more than five years’ commercial broking experience with specialist experience in liability at Inspire Insurance and Godiva Insurance, following a formal graduate trainee scheme with HIA International.

In addition, Lorraine Elkington joins the Momentum finance team as an experienced finance assistant.

Momentum Managing Director, Howard Pepper, comments: “We’ve made these latest appointments to ensure we stay one step ahead of our growth curve and continue to provide a high-quality service. Momentum is well known for the quality of its broking team and that has never been so important for our partners than now, as we head into a hard market. Our appointed representatives continue to enjoy high growth levels, achieving on average 18% growth compared to the industry average of just 3% and that is in no small part down to our recruitment strategy – hiring and retaining the best broking talent so that our appointed representatives can focus on new business and client service. I extend a warm welcome to all our new joiners.”

About Momentum Broker Solutions

Momentum Broker Solutions was established in 2010 to provide broker support services to independent insurance brokers. The business was established and is managed by an experienced team of people who have a significant knowledge and history of supporting successful insurance brokerages.

It is dedicated to providing a broad range of support including placement, compliance, systems, and marketing under an Appointed Representative model – enabling its broker partners to focus on servicing their clients and growing their business. Its partners achieve on average 18% growth compared to the industry average of just 3%.

The network currently manages in excess of £35m GWP and plans to more than double by 2025.

MGA survey highlights failure to deliver a modern customer experience

Results from a new survey carried out by Aventus in partnership with the MGAA has revealed that fewer than 50% of MGAs offer a ‘modern customer experience’.

In the survey carried out at the end of June, 58% of MGAs revealed that they do not have a single view of the customer through their IT platform (with 18% not knowing if they have). Furthermore, out of 64 MGAA members who completed the survey, only 17 knew whether or not their customer data was in a format that provided commercially beneficial insight or the intelligence for advanced decision making.

Only 26% of MGA IT platforms offer ratings based on real-time third party data, and only 29% supply customer data for account-based marketing and cross-selling.  This highlights a massive untapped opportunity for brokers if they can enhance their ability to access and make use of customer data.

An overwhelming 90% of brokers and MGAs believe investment in technology will accelerate recovery from COVID-19.

The survey was carried out by the Managing General Agents Association (MGAA) and Aventus, the insurance market’s first modular Operating System.  Aventus is the IT system behind MGAs including Homelyfe and Stella, Sam White’s new women only motor MGA.  64 MGAs completed the survey which was distributed by the MGAA to its membership in June.

Commenting on the results, Peter Goodman, CEO & Founder at Aventus, said: “This survey proved to be a very interesting exercise.  Clearly whilst the majority of MGAs have made great strides to make better use of data, driven through technology, there is still a long way to go if more than half still don’t have a single view of the customer, or perhaps more worryingly ‘don’t know’ if they do!  This should be a given starting point for delivering customers the modern buying experiences they have come to expect from other sectors like retail.

“If 90% believe that technology will accelerate recovery, and 60% believe customer insight driven technology investment will deliver the greatest rewards, then there is a clear understanding of the need to change, and MGAs have quickly come to the realisation that digital practices are a vital part of the insurance ecosystem.  The onus then must be on the software providers like Aventus to show MGAs a clear and affordable path to digitisation – no matter what their size or specialism.  The future is about brokers and MGAs enabling themselves – all MGAs can become insurtechs now with help from the right insurtech partner and a desire to change.”

Encouragingly 55% of MGAs said they were aware of affordable technology solutions on the market for SME brokers and MGAs, and yet 33% still said they didn’t know what was available.  This highlights either a lack of marketing on the part of software providers and/or perhaps a degree of inertia amongst those MGAs who haven’t yet invested time in identifying the affordable options available.

The ‘need for speed’ in the digital race has been well documented.  The Aventus platform takes seconds to add a policy endorsement and hours to build a new product line.  Amongst those surveyed, by comparison, 68% of MGAs said their existing platform takes more than a minute to add an endorsement; 41% said it takes more than a week to build a new product, and for 24% it takes several months!

Other results from the survey showed that only 17% of MGAs had one single IT platform, 70% have multiple platforms (more than 2) and more than half (52%) operate more than four platforms.

When asked what MGAs and brokers are doing to reach a stable ‘new normal’ post-COVID-19, the overwhelmingly popular response was investment in technology, e-trading and digital strategies (48%), followed by 16% who revealed that they are still thinking and planning.  12% didn’t know, 8% answered remote working, whilst another 8% simply said ‘work harder’.

According to the survey, MGA’s greatest challenge post-COVID-19 will be managing the issues around remote working (32%); hard market and capacity issues (20%); digitisation (20%); global economics (16%); a rise in claims (8%); poor reputation with customers (4%).

Aventus conducted the survey in partnership with the MGA and alongside its live broadcast webinar to debate the impact of COVID-19 and considerations for recovery.  The panel included Action 365 and Pukka’s Sam White, Solicitor and CEO of Greenkite Associates, Sara Ager and Peter Goodman, CEO and Founder of Aventus.  The Aventus operating system allows insurers, MGAs and brokers to offer modern buying experiences that consumers expect, whilst supporting and phasing out legacy systems.

About Aventus

Aventus is a London-headquartered company that provides an Insurance Operating System, to insurance businesses. The modular and API-based operating system provides best-in-class technologies configured specifically for the insurance industry.

Andy Graham leaves Cobra for Direct Insurance Group

Direct Insurance Group has today announced the appointment of Andy Graham to Head of Specialist Liability within its Lloyd’s Broker division, Direct Insurance London Market (DILM), one of the very few remaining independent Lloyd’s Brokers serving the UK broker market. Andy was previously Managing Director of COBRA London Markets.

After 34 years in the market and 27 of those with Cobra London Markets working primarily in Construction and High Risk Liability Insurance, Andy joins DILM with his vast experience to further build and expand its specialty products for the UK commercial broker market.

David Bearman, Chief Executive Officer for Direct Insurance Group comments: We are delighted that Andy has chosen to join us. There are very few brokers in the market with his immense knowledge and experience of Construction and High Risk Liability lines. His profile was a natural fit and we are very excited to have him formally on board from November once his sabbatical leave is over.

“We’re an entrepreneurial, people acquisitive business; as soon as we were made aware of Andy’s potential availability, it was an opportunity we were very keen to pursue. We now have 150 staff groupwide; we’ve hired 10 people since the introduction of lockdown measures in the UK and there’s no sign of our recruitment strategy slowing down. I’m delighted that as a group we continue to appeal to the best talent in the market.”

Andy Graham commented: “I’ve known Direct Insurance, David and the team since the Business started in 1996 and I’ve always been impressed with their various specialist facilities including Asbestos, Waste, Property and High Risk Construction to mention a few. It’s an innovative business with a strong management team that’s got vision. It has grown steadily over the past few years and I’m excited to be a part of the next chapter in its development.”

For further information, please contact: SJ Wrigley, Spotlight Consulting: sj@spotlightconsulting.co.uk 07909546104

About Direct Insurance Group: Formed in 1996, Direct Insurance Group Plc has organically grown into one of the world’s leading independent Specialty insurance businesses, with offices located in the UK, Europe, Asia, Africa and North America. Through its retail, wholesale and MGA platforms it offers clients a range of specialist and niche solutions in all lines of Property and Casualty (re)insurance.

Rokstone enters Aviation Market with new $50m Facility

Rokstone Underwriting, part of the Direct Insurance Group, has announced the launch of a new Aviation Division with an additional $50m A rated capacity, as it continues to grow its geographic presence and diversify its speciality product range.

The new division will be led by the industry veteran Wayne Murphy, who has spent almost 30 years within the global (re)insurance market, specialising in Aviation and Aerospace. Prior to joining Rokstone Wayne was Deputy CEO at Trust Insurance Management,  and has held senior leadership roles in several top tier insurance groups, including 11 years at Swiss Re Corporate Solutions where he was Global Head of General Aviation & Aerospace.

Rokstone Underwriting is a leading specialist MGA serving the needs of international (re)insurance brokers in specialty lines business, and currently underwrites $125m GWP in several specialty lines including Marine, Terrorism & Political Violence, Direct & Facultative Property, Treaty Property, Construction & Engineering and Liability.

Best Meridian – a long-standing Rokstone capacity provider – will provide the licensed paper for the facility and it is reinsured into the London market with a number of carriers. The capacity limits secured for the new facility are Hull up to $5m, General Aviation Liability up to $30m and Airline & Aerospace Liability up to $50m.

Dean Pitts, Rokstone’s Managing Director commented: “We’re delighted to secure such strong capacity for a new line – testament to the confidence that carriers have in our expertise and knowledge of specialty markets. In a hard market in particular, carriers will seek those MGAs that they are confident have combined credibility and agility.

“We’re an entrepreneurial, people acquisitive business. The launch of this exciting new Aviation Division at Rokstone signifies the latest move in our Group wide strategy for considered growth and we expect further expansion over the coming months. I warmly welcome Wayne Murphy to the team. We now have more than 150 staff groupwide and our recruitment strategy has shown no sign of slowing down during the global lockdown. Rokstone has a great heritage with some of the market’s strongest underwriters in its specialty lines and I’m delighted that as a group we continue to appeal to the best talent globally from across the market.”

Wayne Murphy added: “Rokstone’s relentless focus on underwriting profit and client service make it a different proposition to most MGAs. From the outset the Rokstone leadership team have continued to emphasise their mission of creating long term value for their clients, capacity providers and shareholders. This mentality, combined with the entrepreneurial DNA of the business, has inspired me to join the team and I really look forward to the years ahead within the Group.”

For further information, please contact: SJ Wrigley, Spotlight Consulting: sj@spotlightconsulting.co.uk 07909546104

About Rokstone Underwriting:

Rokstone Underwriting is a trading name of Rokstone Group Ltd, part of Direct Insurance Group Plc (DIG), formed in 1996. DIG has organically grown into one of the world’s leading independent specialty insurance businesses, with offices located in the UK, Europe, Asia, North America and Africa. Through its retail, wholesale and MGA platforms, DIG offers clients a range of specialist solutions in all lines of Property and Casualty (re)insurance and expects to write in excess of $450m GWP over the next 12 months.

Momentum reports encouraging year end results

Momentum Broker Solutions, the fast-growing network for independent brokers, has announced an increase in GWP, revenue and pre-tax profit in the year ending 31st March 2020 – it’s 10th Anniversary year. The network has also announced it has taken on 9 new ARs including 6 new broker start-ups during lockdown.

Momentum’s revenues grew 14% and pre-tax profit by 19%. The network has doubled in size in the last three years and now places more than £35m gross written premium.

Momentum’s broker partners continue to enjoy high growth levels, with an average 18% growth compared to the directly authorised industry average of just 3%.

Howard Pepper, Managing Director of Momentum Solutions, comments: “Against a backdrop of challenging circumstances, I’m delighted to report such strong growth. At our core, and what makes Momentum different, is that we help small independent brokers compete on a national level and our latest results continue to reflect that success. We recently secured significant additional office space to accommodate our growing broking team and this will enable us to further grow the business with the minimum of disruption post Covid. The quality of our proposition is fundamental, and we continue to invest in our people, processes and systems to ensure our future success.”

16 brokers joined Momentum in the last 12 months. Despite the Coronavirus, nine brokers joined during lockdown and of those six were start-ups. Momentum’s broker partners range from start-ups through to independent brokers delivering up to of £5m GWP.

Commenting on the impact of Covid-19, Howard Pepper said: “Momentum was already geared for remote working so the lockdown hasn’t really impacted how we work. We are continuously investing in the right technology, processes and people to ensure our broker partners remain lean and dynamic. Our model has shown its resilience during Covid and over the past year has helped our partners to achieve growth rates well above the industry average. That is why Momentum is increasingly recognised as the natural home for the small independent broker – and a more attractive option than traditional direct authorisation.”

For further information please contact: SJ Wrigley at Spotlight Consulting on 07909546104 or at sj@spotlightconsulting.co.uk

Momentum Broker Solutions was established in 2010 to provide broker support services to independent insurance brokers. The business was established and is managed by an experienced team of people who have a significant knowledge and history of supporting successful insurance brokerages. The network currently manages in excess of £35m GWP.

It is dedicated to providing a broad range of support including placement, compliance, systems, and marketing under an Appointed Representative model – enabling its broker partners to focus on servicing their clients and growing their business. Its partners achieve on average 18% growth compared to the industry average of just 3%.