2 February 2016 Insurance

Pen Underwriting launches enhanced coverholder proposition

Pen Underwriting, the subsidiary of global insurance broker Arthur J Gallagher, has launched an enhanced coverholder proposition for delegated commercial lines business, following a comprehensive review of its service and support framework.

Six key areas have been strengthened, in conjunction with coverholder consultation. The enhancements have been geared towards facilitating sustainable and profitable growth. These are: dedicated account management, to help coverholders devise and deliver growth plans; analytics, including trend analysis, portfolio comparison, claims analysis, exposure management and actuarial support; and structured training — identifying specialist needs, creation of bespoke technical training, measurement of progress through assessment, and specialist conferences.

The other three areas are:compliance and governance - embedding of risk management practices and underwriting control frameworks; technical support — product development, rate optimisation, technical tools and audits and wording updates; and proactive claims management — including acknowledgement within three hours and actions plans delivered within 48 hours.

Pen Underwriting is detailing the new delegated commercial proposition this week at its coverholder conferences, Thinking Differently about Partnership, in London and Birmingham.

“Our trusted coverholder partners to whom we delegate our underwriting authority expect more than simple risk transfer, and rightly so,” said Seb Simmonds, commercial director, Pen Underwriting delegated solutions.

“They want to find new ways to grow with us and to sustain that growth — profitably. So we evaluated our delegated commercial propositionfrom the ground up and enhanced each aspect in line with the support and services they place most value on.

“Our dedicated account management will help coverholders identify newbusiness opportunities as well as opportunities to access the much wider Pen product suite. All of this is backed up by improved data and performance analytics, bespoke training and product development assistance.”

Mark Armitage, managing director of Pen Underwriting, added: “A successful partnership needs to be based on shared goals, delivery of added value and collectively building a strong reputation.

“With our enhanced coverholder proposition for delegated commercial business, we’re looking to create a ‘new normal’ — upping the standard expected of a delegated authority specialist partner like Pen.”

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