biba personal lines administration scheme administered by equity direct broking ltd 1.3.2011
TRANSCRIPT
BIBA Personal Lines Administration Scheme
Administered by Equity Direct Broking Ltd
1.3.2011
Who is the facility aimed at?
Self diagnosis:
• Does your private motor business break even at best?
• Are your resources stretched?
• Have you lost a key member of staff?
• Is there a retirement looming?
• Are you about to recruit?
• Would you rather avoid private motor all together?
If the answer is “Yes” to any of these questions, you need to read on.............
Equity Direct Broking Ltd
Major player in the UK Personal Lines Insurance Market:
• More than 45 years experience from Boncaster through to EDBL
• One of the UK’s leading providers of fully branded schemes
• More than 2,000 Broker Partners and Schemes
• More than 150,000 policyholders
• UK-based operation seven days a week, every week
• A team with the proven ability to deliver successful business solutions
• Official BIBA scheme providers
Scheme Motor Insurer
Background to Equity Red Star:
• 6th Largest Motor Insurer in UK
• Gross premiums approaching £550m
• Largest personal lines syndicate at Lloyd’s
Transfer Process
• We arrange monthly collection of your customer data
• Customers are quoted approx 24 days before renewal
• We quote less than the current insurer for similar cover
• We immediately make telephone contact to introduce ourselves and explain the changes to make the customer feel comfortable with the new arrangement
• We fully recognise the importance of VIP business to brokers
• Our aim is to secure the highest possible conversion for brokers
You, the Broker chooses the policies to transfer
The Benefits
Broker benefits
• The scheme frees resources, enabling you to focus on more profitable
classes of business
• Following renewal we handle every aspect of the insurance from mid-term adjustments through to claims
• Monthly statistical reports detailing the transfer, new business and renewals
• 24 hours a day / 365 days a year accident / assistance help lines
• New business encouraged on line and via 0800 free-phone numbers
Transfer Features
• Price Guarantee:- We will agree a level of premium at which to invite renewal
• Cover:- We seek to provide the client with similar cover including, for example, motor
breakdown
• VIP Facility:- We fully recognise the importance of this business to you and will advise you prior to transfer renewal date if we’ve had no response from your VIPs
• Cross selling: - We guarantee not to cross sell in to any other areas of business other than motor
“add-ons” such as breakdown, keys cover, legal protection and personal accident
Motor Insurance
Special Features:
• New car replacement for vehicles in first year of registration where damage exceeds 50% of its original purchase price *
• No Claims Discount for Named Drivers (conditions apply)
• Optional Legal advice/assistance up to £100,000 (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 60 days at any one time
*Available with Comprehensive Cover only
Your Equity Team
Account Management:Steve Young – Broker Development Manager
Jill Ritchie – Product & Insurer Manager
Based at Library House, New Road, Brentwood, Essex. CM14 4GD
Operations Management: Michael Larkin – Operations Manager
Louise McEvoy – Broker Transfers Team Manager
Based at Equity House, Bergholt Road, Colchester, Essex. CO4 5EY
Your Transfer Team
Throughout the transfer process, your dedicated team will:
• Manage your customer’s enquiries• Develop new business opportunities• Secure renewals• Produce monthly MI• Regularly review performance• Deliver a high quality service
The team will work closely with you to ensure the smooth running of all aspects of your transfer and act as the key contact point throughout the process and beyond
Managing the Business
Management information:On a monthly basis, the following information is available:
– Commission statement • Inclusive of new and renewed business, including all mid term adjustments
– Management information available upon request:• Renewals offered • Renewals accepted• Retention rate• Number of new quotations• Number of new policies• Conversion rate
Contact Details
Broker Development Manager:
Steve Young – [email protected]
Telephone – 01277 206176
Product & Insurer Manager: Jill Ritchie – [email protected]
Telephone – 01277 206571
Broker Transfers Team Manager:Louise McEvoy – [email protected]
Telephone – 01206 777716