At King Price, we work very closely with our broker partners because we believe that they play a critical role when it comes to advising clients on their specialised commercial insurance needs.
Brokers are core to our success and at the heart of everything we do in the commercial space. Their ability to give trusted advice to our shared clients, based on first-hand understanding of their clients’ risks, is invaluable. In fact, growing our broker relationships is a key strategy for us. Because King Price launched in the direct space, there’s a perception that we only operate there. However, we have a vibrant broker book and innovative, relevant, cost-effective products in our engineering, business, community and Agri insurance sectors – some of which are industry- and world-firsts.
We keep it simple
Ensuring engineering risks is a very niche undertaking and, although the field can be technically challenging, we un-complicate it as much as possible. Firstly, the King Price engineering team has 50+ years of experience between us and we’re always on hand to advise and provide guidance. We’ve also invested heavily in training, which has been ongoing throughout all the lockdowns thanks to online learning.
I think another factor that sets us apart is our policy wording, which is easy to understand. We use everyday English instead of legalese. Our cover is split into 8 sections that broadly cover all specialised engineering risks, but clients can choose only the cover that they need – and combine it with cover from our business insurance offering if necessary – so that they’re comprehensively insured but not paying for cover that they don’t need.
Proactive asset management to prevent claims
One of the biggest emerging trends in insurance is mitigating risks before claims happen. While it’s early days, King Price has big plans in this arena. Globally, we’re seeing a move towards specialisation. For example, in the US, insurers don’t offer liability for their contractors’ policies, as they believe this should be dealt with by legal specialists.
The pandemic has also accelerated the insurance industry’s move towards greater use of technologies like AI, which allows insurers to score risk more consistently and underwrite with greater certainty. We’re looking seriously at usage-based insurance and have already implemented a world-first ‘pay as you farm’ product, which bases premiums for agricultural machinery on actual usage.
It’s possible that we could extend this approach into other spaces as well. We’re already working on an app, with an external provider, that will enable capital equipment owners to switch their cover on and off, as needed. This is great news for engineering clients.
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