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Gamage and Cosh launch Invicta

S

teve Gamage, former operations manager at

Woodstock Insurance Brokers, and Paul Cosh are the names behind the launch of new broking service provider Invicta Insurance Services.

Invicta’s first acquisition is Ashford-based Williams Insurance Services established in Kent in 1982 and described as “Ashford’s friendliest insurance office”. This family-run, independent insurance intermediary is managed by Diana Williams who is staying on with the business.

Invicta plan to acquire other small brokers, and portfolios of personal lines policies. Terms with four other existing businesses in the South East are being agreed. The aim is to build a client base

around 50,000 within three years. Managing director Steve Gamage is a Chartered Insurance Broker and ACII, while the previous directorships of Paul Cosh include Hero and Highway Insurance Group as well as a stint at Budget. He becomes chairman and will invest in the business. Gamage says the organic growth will be derived from improved renewal retention and new business gained from a combination of well-proven marketing activity, and by building a network of introducers, including IFAs and commercial brokers, and strategic alliances. “The growth will be supported by the use of efficient and effective technology; the provision of superior service levels; and the development of

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strong relationships with introducers and insurers.” In their previous companies, both Gamage and Cosh extensively used a number of products supplied by ULR, where Cosh is commercial director having joined in May 2009 after

leaving LV. “We are both pleased to announce that ULR has been selected as the sole provider of legal expenses policies and add- on products. We will work closely with ULR to develop further bespoke solutions for Invicta’s clients,” says Cosh.

research operation has revealed a disturbing non- disclosure rate of 12% on web-based motor proposals. Carried out recently by over-40s specialist Renew Insurance in conjunction with others, Renew MD Adrian Parry says the findings include undisclosed convictions, expired licences, and inadequate No Claim Discount proof, among other discrepancies.

Speaking of Renew’s Anti-

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Fraud Project launched in January 2010, he says, “Renew has driven a stake into the ground to protect its insurer panel. Since I left Direct Choice four years ago, it’s evident how the behaviour of online clients has changed in a very negative way. The key areas of non- disclosure are occupation and mileage, both key rating factors. Fronting of young drivers is still with us, together with abuse of introductory discounts. Renew’s Anti-Fraud team audit all business on the look-out for any instances of these examples.” Parry believes brokers and intermediaries must rally behind their carriers, particularly to help stamp out fraud. He points out that with operating ratios currently averaging 120%, and with a number of motor insurers already forced out of the market, brokers must make fundamental changes to their models.

Parry reveals extent ofweb fraud

A

“Renew is tackling this at the

front-end new business stage, ensuring insurers are not exposed to such issues,” he says. “We also guarantee our insurer panel that we will collect 100% No Claims Bonus proof at inception.

“Current data protection law states we must have clients’ written permission to check their licence. The whole industry needs to unite here to lobby DVLA via the various trade bodies to allow verbal and electronic permission. And we must educate clients that checking their licence will become the norm.” Renew plan to also

implement CUE checking at new business stage, along with credit checking, and to review software to expose applicants who change online risk information in order to secure a cheaper quote.

Adrian Parry

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