NEWS 25 Plum plans growth surge
Non-standard household specialist Plum Underwriting has announced a raft of changes to the business as part of growth plans.
Plum has relocated the main contact point for its open market brokers to its London headquarters from Haywards Heath, where this was previously managed by a third party administrator. The move is designed to streamline the operation and provide better access to decision makers for brokers. To further support this Plum is appointing two additional underwriters.
Plum also received authorisation from Lloyd’s to become an accredited broker this month, giving it broader access to the London Market. This was gained as part of an acquisition by Plum of sister company Somerville Market Solutions (SMS). Plum also gained SMS’s business development manager Steven Bishop and its specialist Homeworks product.
These developments will enable Plum to fulfi l its plans to accelerate the growth of the business over the next two years. In 2010 Plum aims to double new business and grow its agency base. A targeted marketing campaign is currently underway to that purpose and the projected growth is based on increased demand for its non-standard household product – Flex.
Plum director David Whitaker said: “We set out our intentions in March but now we are starting to deliver in terms of recruiting staff and refocusing the parts of the business necessary to achieve our aims. We believe there is a lack of market solutions for brokers with clients who do not fi t the narrow underwriting criteria of standard risk carriers. The changes announced support our intention to fi ll that gap and become the non-standard brand of choice in the market.”
Plum is a London-based underwriting agency with Lloyd’s capacity to provide solutions for the specialist UK home insurance market through brokers and was formed in 2002.
Oak expands distribution with Westinsure
High net worth specialist Oak Underwriting has agreed a deal with Westinsure Group to provide high net worth expertise to its network of independent insurance brokers across the UK.
The tie-up will provide Westinsure members with access to Oak’s household and motor products; high value home and family fl eet.
Commenting on the deal, Matthew Ward business development manager at Oak said: “We are delighted to be entering a strategic partnership with Westinsure. This development will allow us to expand our distribution footprint with one of the largest network organisations and provide greater access to a signifi cant share of the market.
“At Oak we understand the diverse nature of the sector and recognise that the needs of each high net worth client vary signifi cantly. This is where our expertise in tailoring solutions is of value to every Westinsure member.”
John Cole, Westinsure product development executive, said: “Oak has established an enviable reputation for a high quality of service over the past 10 years. This has enabled them to become a leading provider of HNW solutions in the UK. Their expertise in the HNW arena provides our members with access to a service which offers a fl exible and comprehensive insurance solution, designed for clients with more complex insurance needs.”
Max Hardman, Westinsure CEO added: “Oak has a strong commitment to the broker market and will help our members to win and retain more business. I strongly recommend this new Oak facility to our members.”
Allianz publishes CSR report
Allianz Insurance has announced the release of its fi rst annual Corporate Social Responsibility (CSR) report.
The report outlines the company’s performance against its main CSR themes – managing environmental impact, addressing the risks and opportunities associated with climate change, and supporting communities in which it operates – and explain how these support and are integrated into Allianz’s business plan. The report includes the following performance highlights: - 31 per cent reduction in CO2 emissions per employee since 2006
- 100 per cent of property, motor and non-motor suppliers in its claims supply chain engaged on CSR policies
- £433, 000 total contribution to chosen charities during 2009
- 1481 hours of employee time invested in volunteering activities during 2009.
Commenting on the report, Allianz CEO, Andrew Torrance said: “Sustainability and social responsibility are important issues for both our company culture and for that of our parent. Despite this being our fi rst annual report, CSR has long formed part of our business activities.
“We have been working with charities and our local communities for many years and actively seeking to reduce our environmental impact since 2006.”
He adds: “Our approach supports the Group’s global sustainable development strategy and our own business mission and objectives. CSR also helps us to manage risk, motivate our employees, attract new business and reduce our costs. Transparency is an important part of our approach to CSR and we will continue to report our CSR performance annually.”
Andrew Torrance July/August 2010 Insurance Brokers’ Monthly
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