As I travel the length and breadth of the UK to visit our brokers it is interesting to see that more and more are taking control of their client service provision rather than simply relying on the major insurers.

Lorega has a key role to play where a broker decides to work with their markets under a delegated authority. We are in process of going live with a number of brokers that are taking on delegated authority to handle the policy issuance, underwriting and claims themselves. To me that is a positive thing for a forward thinking broker to do. Margins with mid net worth business are often much smaller than many imagine and creating an ‘in-house’ capability is much more cost effective especially when the service levels of some insurers leave a lot to be desired. It’s a powerful service proposition if you can issue policies and settle claims in the blink of an eye.
 Often these brokers have a claims settlement authority limit from their insurer of £5,000 or £10,000 with Lorega handling all higher value claims. The service levels being achieved are as good as anything in the market and are helping brokers to win new business and boost retention as well. If you would like any help in setting up such a facility, please call me.

Brokers understand the need to deliver an excellent service for a fair price. After much 2008 post-flood analysis Lorega had to make some pricing adjustments for certain brokers. It has however been very pleasing to gain such a positive response to our move after demonstrating to brokers the true value the Loss Recovery Insurance service.