Developing a niche insurance product can take time, but the rewards are there if you can design a product that meets unique needs;
Alan Boswell Group (ABG), one of the UK’s largest independent insurance brokers, has partnered with niche commercial insurer Peach to enhance and grow its teachers’ liability scheme. The scheme was first developed twenty years ago to protect the increasing number of teachers and lecturers who are self-employed or provide private tuition, lecturing, or coaching outside of their main employment.
A key consideration for ABG in the selection process was to find a partner who shares its commitment to going the extra mile for its customers. David Charles, Account Executive at ABG, explains: “Niche schemes like ours do not always get the attention and level of service that they deserve. We wanted to partner with an insurer who understands what we are trying to achieve – both now and in the longer term. We want to be able to pick up the phone and talk to someone who knows the industry and can make quick decisions. We were impressed with Peach’s agile approach and openness when working together on the scheme.”
The collaboration with ABG is a very natural fit within Peach’s hand-picked portfolio of scheme business. The insurer believes that the smaller end of the schemes and delegated arrangements space is underserved by the industry.
Accordingly, its three-year strategy is very much focused on building close, long-term partnerships with brokers like ABG, who are looking to service professions in niche areas such as that of private teachers.
Head of commercial trading & distribution, Ryan Bendelow comments: “At Peach we are all about working with brokers that have niche specialisms and understand the specific covers their customers need. ABG has been providing insurance to the teaching sector for a long time and is the preferred insurance supplier for the majority of teachers’ unions. That means they really understand the key issues and emerging risks facing teachers who provide private tuition outside their normal employment and are not protected by employer’s liability cover.”
Bendelow explains: “As the scheme is relatively simple, there was not the need to make significant alterations. We see our collaboration with ABG very much as a long-term partnership, so while this specific scheme is not huge, we are committed to providing the level of love and attention needed to support its growth plans. And we can do that because we adopt an agile and flexible approach to doing business that you might expect from an MGA, but supported by the heritage of a 125-year-old insurance company. And unlike larger insurers who have cutoffs and minimum requirements on GWP, we are interested in supporting brokers with smaller schemes with GWPs from £100,000.”
Charles concludes: “We are very excited about partnering with Peach to grow our teachers’ liability scheme and potentially developing new schemes in other niche markets, safe in the knowledge that we will receive the levels of attention, expertise and service from the team that our customers deserve.”
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