What’s New? Product Updates
Broker Spotlight Steve Watmore S G Busby Ltd
Issue
October 2018
Product Development Corner
22
Introduction
Buzz Buzz Buzz
Hi
We all love buzzwords. They get our attention and capture our imagination! “Strong and Stable” is a popular one currently amongst the political commentators but all evidence suggests that it’s more ironic than accurate. When thinking about this article I’ve been unsuccessfully trying to centre on a buzzword highlighting a list of strengths, I believe, ABACUS possess over others within our market so let’s go through them now:
What more products would you like to see?
The ABACUS Approach We always operate with a focus on the client and you, our broker. The systems should be crystal clear and efficient, the rating and cover should be competitive and sustainable. By “sustainable”, I mean that we do not operate an underwriting/rating model where we discount new business to then increase the rate at renewal. This doesn’t give you a positive conversation to have with your client at renewal and we don’t believe it’s the right approach. No-one should rely on the inertia of the customer in order to sustain a rating model, so we don’t do it. long-standing Insurer Relationships Our insurer panel is limited compared to some but the work we do with our insurers ensure that the cover and rating is the most competitive in the market place. Our long-term approach means that our insurers are protected from an unsustainable rating model. A focus on short term GWP growth will only end in you risking your customer relationship as renewal premiums rise and cover is compromised. Our insurers do not need to aggressively pursue market share because they’ve always had it. Our work with them centres on providing you with the tools necessary to win and retain business in one of the most competitive classes of insurance, a task we do very well! Evolution, not Revolution One of my favourite sayings and one so ignored by an amazing majority across all industries. The ABACUS approach is always to bring you the latest innovations but with usability and customer journey front and centre. Our trading platform is praised for its ease of use, efficiency and clarity so we’re not going to tear this up to gamble on the latest AI, VR or any other abbreviated approach for the sake of having a short-term marketing brag. The rest of 2018 and beyond will see some of the most exciting developments we’ve ever made but we will not compromise or risk the strengths that have made ABACUS the preferred property owners market for so many of you. Strong and Stable actually sounds about right….and it’s a great strength in an ever-changing, ever more competitive and volatile market!
Thanks for taking the time to look at our magazine. As anyone who has tried to produce something like this on a regular basis knows, it is more difficult than you think. Thanks go to Robin for co-ordinating and all the regular contributors for making this an interesting, useful and fun read. The weather this Summer has been amazing and it was great to be with a group of our broker and insurer friends on a walk around Castleton at the beginning of it. It was incredibly special for me to be joined by my eldest daughter. She now understands how hard her Dad works… well ok… how fun our industry and the people in it can be. Our portfolio system is now working in the background and this will be ‘rolled out’ over the coming months. Along with the physical extension of the office here over 3 floors, we really are doing all we can to make sure we continue to deliver the service and product that you expect of us. Thanks go to Steve Watmore of S G Busby for his contribution to this edition, and once again, thank you for your continued support. Kind regards Nick
Thank you all for your continued support!
James
Nick Blunden Director
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