Visicover Picks Up Two Awards For Boat Insurance

Visicover, the online insurance specialist, has just received two awards for its unique approach to the provision of boat insurance: At the end of November it won ‘Broker Innovation Of The Year’ at the 2022 European Risk Manager Awards. This award is given to a company which has “made a lasting impact on their clients through innovation and customer service”.

In the same week it went on to win ‘Best Back End Technology Implementation’ at the 2022 European Insurance Technology Awards. This was awarded for the manner in which Visicover has innovatively used technology to assess risk and streamline the online sales process, so that it can offer a better service to its customers. The service, underwritten by Allianz Global Corporate & Specialty (AGCS), can cater for most types of leisure vessel, from canoes / kayaks and windsurfers, personal watercraft and RIBs, to ocean-going yachts and cruisers.

Special options are also available to allow ‘live aboard’ narrowboat owners to extend their policies to cover houseboat contents.

The feature that makes the Visicover service unique is that not only can boat owners buy their cover online, but that they can also update it via the website at any time as their requirements change. They can select the precise cover they want; from who uses the vessel, for what use
and where, through to what type of insurance they require and to what value. Granular risk analysis means premiums can be differentiated to reward more experienced users, along with those who have more securely stored vessels and those with a clean claims history. This
facility to ‘tailor’ their cover, combined with the efficiency of online self-service, means owners can make substantial savings on their insurance premiums.

In addition to the significant benefits to the customer, Visicover’s online model also enables:

• Disaggregation of products to their component covers (hull, liability, PA etc.) for client selection as described means acceptance, premium rating and claims reporting are all managed at the cover component level, giving far more granular control over risk acceptance and pricing.

• Maximized use of data to better inform risk assessment and improve service delivery.

This extends beyond insurance only data to include data from diverse, third party sources. For example, on the marine policy Visicover uses vessel attribute data to assess boat performance, and meteorological / topographical data to assess cruising area risk.

Visicover’s boat insurance service builds on its existing successful relationship with AGCS, under which the latter provides capacity for Visicover’s market leading, online aviation product which is already available across 10 European countries including the UK.

About alastair walker 10567 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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