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Gen Y not happy with Digital Insurance – News

Insurers across the globe are failing to keep up with the digital insurance demands of younger users, with overall positive customer experience interactions dropping below 30%, according to a new global report.

Capgemini’s World Insurance Report 2015 (WIR) found positive customer experience ratings dropped by 3.7% in 2014, with most of that drop stemming from Generation Y’s dissatisfaction.

The report also found that one in two Gen Y consumers are looking to interact with insurers through social media, online and mobile channels in the future, increasing pressure on the insurance industry to become more tech-savvy.

Capgemini Chief Sales and Marketing Officer Jean Lassignardie says the data show insurers need to adopt a customer-centric approach.  “Ongoing investments need to support all types of channels, at least for the foreseeable future,” he says.

“Insurers must strive to bring some of the qualities that define traditional channels to the newer channels and vice versa.  “Insurers that are able to blend traditional and digital channels in a seamless way will be the leading edge providers of the future.”

The research also showed the major future disruptions that face the insurance industry, with 78% of executives expecting Big Data Analytics to disrupt the industry, followed by regulatory changes at 46% and economic uncertainty at 42%.

The threat from new competitors from non-insurance backgrounds such as Google and Amazon came in at 22%.

Capgemini Insurance Report 2015

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The report provides interesting reading here at Statewide, and reinforces our multi-channel offerings across traditional face to face, specialist niche products, price sensitive direct consumers and our social profiles.

We look forward to continuing our product offerings, across all medium, and via all transactional methods.  To all clients, Gen Y included.

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Steadfast Group Launching Steadfast Direct – News

steadfast

Steadfast Group to launch retail product offerings through Steadfast Direct in 2015

Steadfast Group Limited recently announced that it is launching a new line of retail insurance products for its brokers – Steadfast Direct.

Steadfast Direct will provide Steadfast Network Brokers with competitively priced insurance products to sell to their clients that would normally be sold directly by the underwriter. It therefore enables them to strengthen their relationship with their clients, grow their business and allows them to offer direct style products to their clients.

The planned launch date of Steadfast Direct at this is stage is likely May 2015.

The first two product offerings through Steadfast Direct will be home and motor insurance for the Australian market. Steadfast is working with the Berkshire Hathaway Insurance Group to develop these first two products.

Managing Director & CEO of Steadfast, Robert Kelly, said “We are delighted to roll out our Steadfast Direct product line and expect to provide competitively priced products for our brokers to market to new and existing clients.”

The launch of the home and motor insurance products in Australia will be subject to the approval of licensing applications pending with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.

We look forward to offering Steadfast Direct as an additional option on Home & Motor Insurance.

Other Articles of Interest

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QBE Claims Procedures – NSW Storms

QBE issues Claims Procedure advice for NSW Catastrophe Storms

Over the past 48 hours severe storms in NSW have caused widespread damage across Sydney, Central Coast, Illawarra and Hunter Districts.   The Insurance Council of Australia (ICA) has this morning declared the event a catastrophe. Conditions are expected to slowly ease today as the low pressure system weakens.   QBE is ready to respond to ensure you and your customers receive the best possible service during this time. Please see below for information about our claims process, procedures and contacts.

 

Area Action
Motor and property claims contact Please lodge motor and property claims immediately via:

1.     Claims lodgement through c.change (ClaimWrite) using Cat 682,

2.     An email to giclaims@qbe.com with the following details: Cat 682, policy number, customer name, address, contact phone number, damage description, property or vehicle information

3.     Calling 1800 023 387

4.     Your Claims Relationship Manager (CRM).

Please send all claims correspondence, including new claims to giclaims@qbe.com and include ‘Cat 682’ in the subject line to enable triage to the relevant team.   Claim forms are NOT required.   For claims in excess of Straight Through Process (STP) limits please contact your CRM to obtain immediate approval or assessment referral of these claims on your behalf.

Motor Vehicle Glass Windscreen and Motor Glass Claims can be lodged direct with:   Windscreens O’Brien Phone: 1800 068 986
Domestic & Commercial Glass For any home or commercial property glass claims, you or your clients can contact Express Glass or O’Brien Glass directly and will only need to provide a QBE policy number to initiate a claim.   Express and O’Brien Glass can be selected from the drop down menu when lodging in c.change (ClaimWrite).   Express Glass Phone: 1300 666 234   O’Brien Glass Phone: 13 16 16
Marine claims Please lodge marine claims immediately via:   An email to marineclaims@qbe.com with the following information is required for claim lodgement and surveyor appointment: policy number, client name, client phone number, damage description, vessel name.   A team of dedicated Marine Surveyors are available to attend to and assist with your client queries.    Should you require any assistance on how to take necessary precautions or any technical advice, please contact: Jeff Brown, Claims Technical Manager Phone: 02 8275 9595 Heather Egan, Claims Relationship Manager Phone: 02 8275 9449
QBE Panel Builders & Repairs The builders listed below can be contacted directly for emergency repairs.   Johns Lyng Group Phone: 1300 736 000   Pattersons Insurerbuild Phone: 1300 722 272   Construct Services Phone:1300 266 787   Bay Building Group Phone: 1300 766 216
Assessors We have dedicated property and motor assessors ready to assist and adjust claims as access to the affected areas becomes available.   For priority allocation, when lodging a claim in c.change (ClaimWrite), please select the Internal Loss Adjuster or Internal Motor Assessor option.   Our adjusting and assessing staff will be in contact within 24 hours of appointment.
Emergency Assistance Payments Immediate assistance can be provided to customers by Electronic Funds Transfer into customer bank accounts based on the relevant policy terms.
Temporary Accommodation Emergency temporary accommodation can be arranged through QBE’s claims team or the appointed loss adjuster.
Trees down Policies generally provide cover to remove trees when they are impacting buildings or contents or if we need to remove them to fix damage to the home.   QBE can make arrangements for a tree lopper to contact customers.   General debris clean up in yards is not covered by the policy.
Food spoilage Food spoilage claims can be lodged and managed in c.change.   As customers safely dispose of spoiled food they should keep an inventory and price list and submit that for settlement.
Pool Cleaning If there has been storm damage to the pool filter, pump or chlorinator because of this the surface/lining would have to be physically cleaned then we will pay for the cleaning of the pool surfaces and cleaning or replacement of pool water as necessary.   If there is no damage to the pool, the policy won’t cover cleaning or replacement of water.

We are continuing to work with the ICA and local authorities and will provide further updates as and when developments occur

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Statewide Insurance Brokers New Website

Statewide Insurance Brokers

Learn about our new Website and Domain Name Change

No more statewideib.net.au or swib.com.au

Statewide Insurance Brokers now at statewideinsurance.com.au

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All About Lloyds of London

lloyds of london

Most people in the world might have heard of Lloyds and their commonly known brands such as Lloyds Bank, Lloyds Shipping, the Lloyds Register or Lloyds Insurance. They might think of Lloyds of London as that insurance company who will insure just about anything, like an actor’s nose, or a footballer’s legs.  That would be correct, they do indeed insure such weird and wonderful risks and they will insure almost anything else you can think of.  What most wouldn’t know is that they are not an insurance company in the strict sense, they are much more.

The business of insuring risks is quite different with Lloyds than the general marketplace or with a general insurance company.

How Lloyds Works

Lloyds is a syndicate of members that share in the risk of anything considered insurable. The business model is centred around a subscription method that allows more than one syndicate to take on a share of the same risk. This method of insuring risk is not uncommon throughout the industry, where some risks may be so large that insurance coverage is broken up between different players.  You might notice on your Statewide policy schedule that the insurer is referred to as ‘Certain Underwriters at Lloyds” – this is the syndicate model.

The Lloyds of London market is made up of managing agents and  syndicates that generally offer superior qualifications in expertise and talent. Uncommon to most insurance companies, business at Lloyds is still done on a face to face basis and the Underwriting Room is central to the efficiency of the marketplace.  This face to face and direct market structure continually encourages innovation, efficiency and value which make it attractive to its policyholders and participants.  It allows immediate access to the decision makers so that answers on whether a risk can be accepted happen quickly, which allows brokers to service their clients and prospects in a timely manner.  Its a throw back to the old days of face to face insurance, certainly a different concept than today when most of us transact with no name companies through computers.

Business is conducted with the Lloyds syndicate by way of authorised and licensed brokers. The broker conducts an interview or discusses the risk with the prospect (ourselves as the insurance broker) and puts together a portfolio of the risk. The portfolio is then submitted electronically to relevant specialist underwriters where underwriting and pricing is set for the Lloyds broker to present back to the Client broker.  The appetite of most standard insurers is generally smaller than that of a Lloyds syndicate, which is why Lloyds is generally known as that weird and wonderful mob who insure crazy risks.  We term it ‘hard to place’ risks – if you need coverage for a 100ft yacht, built in 1920, by the finest woodworking artisans, which is being moored off a cyclone ravaged Northern Australian coast, no chance!  The standard market is generally not set up for or interested in such risks, whereas Lloyds will likely accept the risk.

Lloyds History

The Lloyds risk concept was actually started in 1688 in Edward Lloyds coffee house. The gentlemen in the coffee house developed a reputation for having specialised information about shipping which was considered second to none. This is where insurance began and was offered to cargo companies shipping in and out of London and soon to the world. By the 1730’s Lloyds began to dominate the shipping insurance market and as other marine insurers suffered huge losses, Lloyds began to dominate on a global scale. In the 1750’s the first details of underwriting began and the shipping specialists continue to profit for about the next 20 years. In 1768, after the end of a prosperous Seven Years’ War, marine premiums began to fall. This drove certain underwriters to take on more speculative risks for such crazy things as ‘highway robbery’ and ‘death by gin drinking’ which at that time earned Lloyds the reputation of a gambling den.

Several years later a group of underwriters broke away from the coffee house group and established a new Lloyds coffee house at 5 Pope’s Head Alley in London. While the old Lloyds group ceased to exist, the new Lloyds group of professional underwriters took over and preserved the earlier established name of the company, and began the march to the Lloyds of London that serves industry on a global basis today. There’s 300 years of history to discuss, so perhaps its easier to view the below video!

So what does this all mean for ourselves as brokers, and our clients?

The method of how Lloyds transacts is nice to know, but it does not mean a great deal to either brokers or clients – we simply want the risk placed, with total security, for a fair price and with excellent coverage.  We don’t particularly concern ourselves with what Lloyds do in their office, or what syndicate is what, or who is talking to who…we just want great terms obtained!

We transact with Lloyds the same way we do with anyone else – we prepare our risk submission and submit to the local Australian Lloyds representatives, and its up to them to deal with all of the above! It is the same process as dealing with an insurance company, an underwriting agency, a wholesale broker or anyone else – we submit, they come back with terms, we hassle them for better terms, we present to client and place the cover.

What Lloyds do offer is security, and capacity.  They offer great terms, particularly on hard to place risks. We use Lloyds for both hard to place risks, and for general risks where they offer superior terms and pricing.  You may have a small $1500 policy and notice its with Lloyds, that would be due to superior terms and pricing decision as opposed to general insurers.  If you need that yacht covered, try us!

Lloyds Today

A key concept of Lloyds Insurance today and their future plans, is the recent  Vision 2025 – their new strategy for development, and their positioning plans to take advantage of opportunities presented by the world’s developing economies. The aim of course is to make sure that Lloyds remains the global centre for specialist insurance and reinsurance – with an increased focus on growing to a larger capacity so Lloyds can achieve profitable growth from both the developing and developed economies.

….Straight from their corporate brochure….

  • Growing our premium income from developed markets in line with their economic growth, with greater growth in developing markets.
  • Encouraging a more diversified capital base, with far more contribution from high growth economies.
  • Supporting a truly international underwriting community.
  • Remaining a broker market, and making full use of the specialist international networks that our brokers have worked so hard to achieve.
  • Having a small number of powerful overseas hubs in key major overseas markets.

Lloyds as an institution might be 100’s of years old, but they are as always at the forefront of modern insurance solutions, and are continually evolving their risk and placement capabilities. Lloyds is represented in Australia, which gives Australian Insurance the extra security of a local presence, and adds to our confidence in their claims process.  A giant of the insurance industry…. is Lloyds of London.

Lloyds History

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Perth Insurance Report – March 2015

Perth Insurance Report News March 2015

Statewide Insurance Brokers