This launch is designed to strengthen the support Vero provides to brokers who advise clients with complex risk needs, including sectors reliant on high-value machinery or those operating in high-risk environments.
It follows the release of Vero’s 2024 SME Insurance Index, which indicated a notable rise in satisfaction among SME clients who work with brokers – with 87% awarding their brokers high ratings, a significant increase from last year’s 78%. According to the survey, brokers added value by offering in-depth risk assessments and strategic advice, which clients found beneficial.
The initial rollout from Vero Specialty Lines includes an enhanced equipment breakdown policy, with coverage designed to mitigate financial impact from machinery failures.
Over time, the insurer plans to expand the offering to encompass up to 10 niche products by 2028, focusing on tailored coverage options for brokers managing diverse commercial risks. Each product is backed by a dedicated team of underwriters, positioned to address specific client needs.
Michael Miller (pictured), chief executive for commercial and personal injury insurance at Vero, stated that the Specialty Lines launch demonstrates the insurer’s strategic commitment to deepening broker support.
“Following our transition to a pure-play insurer, we need to continue to support our broker partners in new ways, constantly striving to strengthen the experience for the brokers themselves. We have listened to feedback, taken learnings from our competitors, and overlayed Vero’s scale and award-winning claims service, culminating in our first new product launch in over 10 years,” he said.
The revised equipment breakdown policy offers new-for-old replacement in specific cases, providing enhanced coverage for repairs and lost income resulting from machinery issues.
Additionally, policyholders now have access to financial support for equipment upgrades after a covered loss. The coverage is structured to address all on-site equipment, with protection extending to depreciation, business interruption, and stock spoilage losses.
Looking forward, Vero plans to broaden its Specialty Lines suite in 2025, introducing both a higher-hazard property policy and a higher-hazard liability product. These additions aim to serve clients in industries with significant risk factors, such as manufacturing and certain trades.
To accommodate the more extensive underwriting these risks require, Vero intends to grow its team to ensure greater capacity.
