This week we ponder on opportunities for 2022, think about building a team spirit at your insurance brand and learn the lesson of two-tier van recovery from the RAC. Sometimes, people want a 24/7 wraparound service and they’re willing to pay for that back-up.
Let’s get busy.
START: DEALS UPDATE
Kinda quiet on the broker deals front this week, with one announced by GRP/Alan & Thomas, who are buying Aquilla Insurance in London. More details here.
RUN: TWO TIER COVER CAN BE A WINNER
News from the RAC this week who are introducing two types of van recovery for customers. Commercial van owner/drivers can get Van Total, a kind of super-rescue package, with replacement vans, overnight accommodation, unlimited call-outs etc., as part of truly wraparound care.
Van Lite offers three call-outs a year and is more suitable for someone who doesn’t traverse the length of Britain on a daily basis, but might run a more localised small biz perhaps.
The concept can be applied to all kinds of other insurance of course; Contents, Garden furniture, outbuildings and sheds, bicycles, watches and jewellery and so on. Some people want replacements, or an agreed value cash settlement, other consumers will be happy with some basic settlement which reflects the used value of the lost item. Worth thinking about selling basic cover and then offering upgrades by smartphone app too, a refreshing change from MTA charges mid-term.
GROW: SURVEY REVEALS HOME OFFICE OPPORTUNITY
A survey this week from Europ Assistance revealed that on average some 47% of those who responded now work from home. Physical and mental wellbeing were their top concerns regarding this fundamental shift in working patterns that have existed since the late 19th century.
For insurers and brokers the opportunity in 2022 lies in reaching out to those home/office workers, or self-employed people running a small biz, and find out what they need in terms of cover. It could be equipment, stock, data storage, illness cover or directors’ liability. The opportunity is there, it just needs the right approach.
AND GROW: BUILDING TEAMS
Talking of home working, how do you build a team spirit when your staff are scattered around the country and may only meet a few times a month? Well, a light bulb popped on in our heads at IE mag as we read about the Zegons. Who? You ask, no not a hip new band from London town, but a Zegon is someone who works at Zego, the insurtech that specialises in courier/delivery cover.
Thing is, feeling like you are part of a movement, or a group, has a real appeal to many people. This is why corporate culture matters now as much for the employees as it does for the customers. So, we say, smart move Zegons and let us know when your first album is streaming.
Our most read story this week by a huge margin was the tale of a dodgy invoice from a physiotherapy company. The PI claim was rejected, and the physio company ended up with a judgement against them for 35K in costs. That’s gotta hurt.
See you next week.