Considering a more specialised insurance product for your niche clients?

Berkley Insurance Australia’s Facilities Business Team can help you out!

At Berkley Insurance Australia, we’re all about developing more customised solutions for our Brokers and Underwriting Agents. If you have substantial experience serving clients in niche market segments, then you will most likely have a deep understanding of their particular insurance needs.

You may have even noted the inadequacies of their existing insurance arrangements and wondered if these clients would perhaps benefit from a more tailored solution, one that is designed specifically with the unique complexities and risk exposures of their niche market in mind.

As an Insurance Industry leader at the top of our game, we understand that a one-size-fits-all approach is not always in the best interests of our Partners or their Clients. Unique in nature, many market niches require a more specific outlook to address their insurance needs.   

Brokers and Underwriting Agents representing niche segments often experience hassles and delays as they must phone Underwriters to gain quotes and other policy information on behalf of their clients. This inefficient system often causes unnecessary frustration for both parties.

A delightfully different approach to Insurance

Our quality, purpose-built insurance solutions for niche markets aim to reduce the run-around time for both Brokers and Underwriting Agencies. Featuring bespoke policy wordings and specialised rates, these products are tailor written for their individual markets.

We recognise and honour the rich experience that many of our Brokers and Underwriting Agencies have in handling these specialist industries. That is why we are keen to delegate Underwriting authority to the experienced Broker or Underwriting Agent and allow them to manage their own Affinity led schemes or facilities. No longer the go-between in these matters, the Broker or Underwriting Agency now has greater autonomy and acts as an Agent of Berkley Insurance Australia.

Under these arrangements, clients can expect a faster and more streamlined service experience, as their Broker or Underwriting Agency can provide them with quotes and other vital policy information, without delaying matters by referring to our Underwriting Team first.

Why not partner with our Facilities Team?

Are you an experienced Broker or Underwriting Agency representing niche market segments and hoping to develop an exciting, bespoke insurance solution for your clients?

When exploring these tailor-made packages with our Brokers and Underwriting Agencies, we generally ask them to explain their risk to us, and describe what makes it so unique. They need to demonstrate to us how the risk has been performing and provide an outline of their claim’s history. Another area we discuss is price modelling. We’re also interested in knowing how long the Broker or Underwriting Agency has been dealing with this particular segment.

Top Tips When Presenting a new Facility or Scheme

• Showcase your expertise and underwriting management in the chosen niche market
• Provide a business case for the chosen market including historical performance, credibility and proposed marketing plan to deliver GWP
• Demonstrate ability to manage risks and liability.
• Consider how claims will be managed and if you require a dedicated claims manager
• Understand the requirements or criteria that the insurer will expect under legal licensing
• Prepare yourself and your team to take on the management of a niche market and binding authority

Always looking to provide more convenient and tailored options for our partners, the Facilities Business Team at BIA are experts in helping you expand your business portfolio with our bespoke schemes. To find out more about how a Facilities Product can improve the insurance experience for your clients, then you should contact our Facilities Business Team today.

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