When it comes to SMEs and insurance in the UK, it seems something needs to be done to ensure they have sufficient levels of cover. A recent FCA Thematic Review suggested that an eye-catching 40% of SMEs could be underinsured.
Now,
Allianz is attempting to change things.
The global insurer is launching a new data initiative meant to help brokers deal with the issue - brokers will now pick up an electronic notification via QuoteSME when Allianz’s database indicates there is a risk that an SME client is underinsured. The development comes after the company has spent two years creating a unique database that identifies sums insured for businesses that are out of line for their trade in a specific area.
“Our aim is to share our expertise and provide insight to support brokers,” explained David Martin, director of SME markets at Allianz. “We feel this service has the potential to add real value to the relationship between brokers and their clients.
“We are using our data capabilities to highlight to brokers where statistics indicate the sums insured may be inadequate. For the majority of policies there won’t be a change but for some clients it could make an important contribution to ensuring the level of protection is appropriate.”
This is the latest in a series of announcements by Allianz in the SME space, dating back to January 2016 when it indicated that it would no longer be applying Average to its SME products.
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