The following is an interview with Richard Lovegrove, managing director, Stride Underwriting, and Claire Harris, commercial manager, Stride Underwriting.
Q. Stride Insurance Group is now known as Stride Underwriting, why have you made this change?
A. (CH) We specialise in providing property owners insurance so we felt that our name should reflect what we do best - underwrite property risks for brokers.
(RL) The new name gives clarity to our proposition - our in-house underwriting expertise adds value to our brokers and their clients, but to some people in the industry we’re the best provider you’ve never heard of. Underwriting is what we have been doing for 47 years, so it’s high time we let people know about it!
Q. Are you making any other changes to your business alongside the new name?
A. (CH) We want to focus more on underwriting commercial property - we’ve got a great reputation for placing residential property risks when we do just as much on the commercial side. Again, it’s a question of challenging perceptions about us - we’ve been around in the market for a long time and sometimes we get overlooked because we’re not seen as commercial property specialists.
(RL) We’ll be more active in the digital space to get our message around commercial property across - but despite the new name there are a lot of things that haven’t changed, because our fundamental business model is still relevant to today’s market.
Q. What does Stride Underwriting offer brokers looking to place their property owners business?
A. (CH) We offer a range of quality schemes from London Market insurers, underwritten in-house by experts in property owners and backed up by the highest standards of service. We have a panel of specialist binders with all the major composites, giving us great coverage, plus our own MGA, Portus Underwriting, which is backed by Axis Capital. As well as portfolios of residential and commercial property, we’ve always had an appetite for specialist and complex risks, so we are happy to write “weird and wonderful” business such as a nuclear bunker being used as a huge wine cellar and an ex-RAF barracks converted to a religious retreat.
(RL) Our proposition is simple: “we understand brokers”. Brokers are our lifeblood and livelihood at Stride Underwriting, and we know what they want - solid cover, a fair commission and a “can do” attitude. We build our business around supporting brokers and that’s why we’ve been around since 1973.
Q. Has the COVID-19 slowdown hit Stride?
A. (CH) Far from it, in fact May and June have been our best months for new business in years. We’ve seen the rating for property owners cover hardening progressively this year and that puts more quotes back in the market, which benefits us as we get a chance to show what we can do. Thankfully, we’ve got access to a wide range of schemes, so our underwriters are able to find the right home for new business and we’re renewing steadily as well.
(RL) Even before the lockdown we were well prepared to serve our brokers, so there were no interruptions at our end. Some sectors of the insurance industry were maybe a bit slow to get organised at first, and I’m delighted that we have been picking up business in slow conditions. There’s still plenty of business to be won out there, and we fight the broker’s corner with insurers to get it over the line. As long as we look after our brokers we’ll be fine, whatever the market conditions.
Q. Where does Stride Underwriting go from here?
A. (CH) It’s a positive time - we’re growing and there’s an unmistakable buzz around the team with new business coming in. Virtual networking and video chats are fine, but there’s no real substitute for sitting down with brokers and finding out how we can help them win and retain business, so we’re looking forward to getting on the road for some face to face meetings as soon as we can.
(RL) We’re investing in our systems to work with brokers the way that works for them. We’ve got unique access to some really strong schemes and the future is about getting those in front of as many brokers as possible, so we’ll be building the broker facing team accordingly. We’re growing accounts, opening new agencies and recruiting, so it’s a great time to join Stride Underwriting.
For more information about the benefits of an agency, go to www.stride-underwriting.co.uk
