Allianz Commercial has launched an updated range of products on its e-trading platform, QuoteSME, to meet the growing needs of small and medium UK businesses.
In a move to broaden its underwriting appetite, Allianz has increased many of its product limits across its Complete SME range by up to a third, benefitting those SME clients with higher turnovers.
As part of the latest refresh, it has also extended its covers by adding material damage and business interruption covers to its Contractor product; expanded the business interruption threshold on the Retailer product: and is offering higher limits of indemnity on Complete Business.
This latest announcement closely follows Allianz’s decision to be the first in the market to remove the application of Average and deliver a solution to overcome the key challenge of what constitutes fair presentation for SME customers.
Its ‘Complete’ SME product range, now offers the following benefits:
- Increased capacity to provide higher limits for larger risks
- Defaqto five star cover across some product lines, with others being highly rated in recognition of the quality and range
- The flexibility to package a range of cover options under one policy
- Updated policy wording and new simplified documentation to aide transparency
Brokers will have access to Allianz’s team of qualified underwriters and the capability to talk instantaneously through its Live Chat facility, which launched in October. The team have completed just over 10,000 chats, with a 50% increase in requests to chat since the beginning of January.
David Martin, director of SME markets said:
“After receiving positive feedback from brokers in relation to going Average free, we have gone one stage further in our customer centric approach by widening the cover available in our product range and increasing our core covers for a broader range of trades”.
David Martin added,
“With our brokers and end customers continually in mind, we have enhanced our products to create a tailored solution, with an accessible personal underwriting service.
“Allianz has already pro-actively responded to the Insurance Act and is further enhancing its stance in respect of the need for a ‘fair presentation of risk’ when disclosing information at inception, renewal or variation of the policy. Allianz’s solution provides peace of mind for brokers and their customers”.
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.
Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.
Notes to editors:
To download an image of David Martin, director of SME markets, please click on the link below under related material.