How to add more insurance products to an existing panel of insurers ?

Nazam Rehman · Nov 25, 2022

Hi guys,

I am looking for any advice on how we could increase our panel of insurers to offer alot more competitive prices and offer some new insurance products. We specialise in home insurance and are based in Leeds, we are directly authorised by the FCA and have been for a number of years. We was looking to take on Taxi insurance and also expand our existing insurance panel to offer our customers some better rates. If anyone could point imus in the right direction it would be much appreciated. Thank you for reading.

Mark T Jones · Nov 26, 2022

I'm not clear what you are actually looking for here?

Presumably you know who the players are? And obviously you'd approach a broker manager (or whatever title they use)

Is there any significance to the move into taxi insurance? Again, it's pretty easy to find insurers and approach them

Nazam Rehman · Nov 26, 2022

Thanks for your reply Mark, we use a system that give us around 5 to 10 of the major players such as Aviva, LV, RSA and a few others but we have noticed the prices jump quite high so was looking to add some more just to offer some better rates. We have always focused on home and landlords and we were thinking of adding a taxi, motor and life insurance just to be able to offer more services to customers. It sounds silly but I didn't think it would be that simple. The previous owner already had these insurers in place before I took over so was a little confused on how to go about it. Can I just say thank you once again. I'll make a list of the most competitive ones I can find and approach them

DEBS Ltd · Nov 27, 2022

Nazam Rehman said:
Thanks for your reply Mark, we use a system that give us around 5 to 10 of the major players such as Aviva, LV, RSA and a few others but we have noticed the prices jump quite high so was looking to add some more just to offer some better rates. We have always focused on home and landlords and we were thinking of adding a taxi, motor and life insurance just to be able to offer more services to customers. It sounds silly but I didn't think it would be that simple. The previous owner already had these insurers in place before I took over so was a little confused on how to go about it. Can I just say thank you once again. I'll make a list of the most competitive ones I can find and approach them

I've worked in insurance all my life.

Just approach the markets. They will be able to tell you what you need for an agency or alternatively open it for you.

There's very little return in motor insurance. Commissions are usually only 10%.

Also life insurance is a bit more complicated and it doesn't sound like you understand it.

Business insurances might be a better option?

Nazam Rehman · Nov 27, 2022

Hi Debs, thank you for the advice.

I know the clawback period is quite long on life insurance and it is some thing that I have sold in the past, I'll definately look in to business insurance and will start to approach insurers tomarrow. I was thinking taxi insurance as the premiums are quite high on taxi insurance and was going to see if that was worth it. Is there any insurers that you would recommend in particular Debs that I should approach first and whay is the commission on business insurance

DEBS Ltd · Nov 28, 2022

Nazam Rehman said:
Hi Debs, thank you for the advice.

I know the clawback period is quite long on life insurance and it is some thing that I have sold in the past, I'll definately look in to business insurance and will start to approach insurers tomarrow. I was thinking taxi insurance as the premiums are quite high on taxi insurance and was going to see if that was worth it. Is there any insurers that you would recommend in particular Debs that I should approach first and whay is the commission on business insurance

I've spoken to someone who deals with personal lines insurance daily.

On motor the commission is actually ok so it might be something you want to look at.

Taxi commission are poor at around 10%.

Commercial lines business is generally around 20% minimum. The exception to this is motor trade. Usually lower. It's labour intensive and requires some specialist knowledge (if you haven't done it before I'd stay away from it).

Others that will require specialist knowledge are financial lines business (professional indemnity, directors and officers, cyber). It would be worthwhile brushing up on these as they are all things you should be recommending to your client as part of your duty to look after them.

As for insurers, stick to the corporates for now (Axa, Aviva, Allianz, RSA, Zurich). That should be enough to cover the standard stuff.

Final thing that's just occurred to me. Not certain where you are but have a look around at businesses you have a lot of in your area. Ideally it would be a new or emerging industry and you can be one of the first.

If you can't find the new/emerging industry then see what else you have. There are always loads of pubs and restaurants for example.

IanSuth · Nov 28, 2022

Nazam Rehman said:
Hi guys,

I am looking for any advice on how we could increase our panel of insurers to offer alot more competitive prices and offer some new insurance products. We specialise in home insurance and are based in Leeds, we are directly authorised by the FCA and have been for a number of years. We was looking to take on Taxi insurance and also expand our existing insurance panel to offer our customers some better rates. If anyone could point imus in the right direction it would be much appreciated. Thank you for reading.

I know Covea (what was MMA and before that Norman insurance) do specific Taxi policies if that helps.

(many moons ago i temped in their print room when they had one and i was packing the advertising leaflets to be sent to brokers)

DEBS Ltd · Nov 28, 2022

IanSuth said:
I know Covea (what was MMA and before that Norman insurance) do specific Taxi policies if that helps.

(many moons ago i temped in their print room when they had one and i was packing the advertising leaflets to be sent to brokers)

Not entirely sure they do these days.

KGM seem to be the go to atm.

Nazam Rehman · Nov 28, 2022

Debs I'll take all that on board, you won't believe how much that has helped me. We are based in Headingley in Leeds West Yorkshire, feel free to pop in to our office if you're passing by ,our company name is Lets Compare Ltd and post code is LS6 1LJ, there's a free meal from us to you waiting ?

Debs is there any particular software provider that you use or would recommend that we use , we have been recommended a few like acturis, open gi , SSP and a few others and could you get away with not using any.

Thank you for all the advice once again

DEBS Ltd · Nov 28, 2022

Nazam Rehman said:
Debs I'll take all that on board, you won't believe how much that has helped me. We are based in Headingley in Leeds West Yorkshire, feel free to pop in to our office if you're passing by ,our company name is Lets Compare Ltd and post code is LS6 1LJ, there's a free meal from us to you waiting ?

Debs is there any particular software provider that you use or would recommend that we use , we have been recommended a few like acturis, open gi , SSP and a few others and could you get away with not using any.

Thank you for all the advice once again

It's no problem at all.

If you want my details for offline I'm always happy to be a sounding board. No free meal required. Send me a message.

I'd always use some form of software. I know it's expensive but when you take into account compliance, accounting and just general day to day admin, it's irreplaceable IMO.

Currently using Acturis and it's ok.

Rather than pulling back on systems I'd actually be looking to automate absolutely everything I can. There are some brokers out there now who have their own bespoke systems.

The way I look at it if you're doing the full compliance piece that's a lot of work to not have something in place.

With the systems they have these brokers with cutting edge tech will take guys who aren't up to speed out of the market or at least business will be lost to them.

Nazam Rehman · Nov 28, 2022

Debs my email is [email protected], if you could just send me a message on there with how I would be able to contact you offline that would be a massive help. Acturis has been recommended by a few people now, will get in contact with them today to see how their work and what's the costs are associated with them. Your an absolute God send

DEBS Ltd · Nov 28, 2022

Will send you an email tonight mate.

Nazam Rehman · Nov 28, 2022

legend

DEBS Ltd · Nov 29, 2022

Only got around to it now!

Email sent.

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How to add more insurance products to an existing panel of insurers ?

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