The latest partnership news from Yutree and Peach;
Commercial insurance brokerage and underwriting agency, Yutree, has partnered with niche commercial insurer Peach to launch a new Property Owners binder. This development is in direct response to demand from brokers who access Yutree’s existing Property cover binder. Launched nearly two years ago, with capacity provided by Peach, this Property binder plugs a gap for brokers who need cover quickly or want to place something that doesn’t always fit in the conventional market and is therefore proving popular with Yutree’s broker partners.
The new Property Owners offering is a natural evolution for Yutree in the property space. Managing Director, Laura Hancock, explains why partnering with Peach to create this binder was such an easy decision. “When we were looking for capacity for our original Property binder at very short notice, Peach really stepped up to the challenge. They responded quickly to our needs and the team was extremely supportive. Since then, the relationship has gone from strength to strength. Peach really understands what we are trying to achieve and, thanks to regular conversations about the business and how we can push the parameters, we identified the scope for collaborating on the Property Owners binder.”
Great synergy exists between the two businesses. Peach, like Yutree, has customer service at its core and is able to respond with agility and flexibility to co-create solutions that meet the unique requirements of SME businesses. And both have business aspirations for organic growth delivered through great partnerships, great service and great customer-driven products.
Equally important is their shared attitude to risk and their interest in backing brokers looking for partners to support products which other, larger insurers might not have an appetite for. Ryan Bendelow, Director of Commercial at Peach, expands: “As a niche insurer, we are open to providing capacity for products which can fall through the gaps in terms of not fitting the insurer e-trade model but not being seen as big enough for a delegated arrangement by the larger players. We, like Yutree, believe that certain markets are underserved and that we have the experience, flexibility and agility to provide a valuable service to brokers with customers finding themselves in this position.”
The launch of the new Property Owners binder is one element of Yutree’s long term growth strategy for the underwriting side of the business. Laura Hancock explains: “Since the MBO in April, we have been looking at ways to unlock the scalability of our underwriting business and our partners will play a huge part in that. The launch of the new Property Owners binder is the first step in this long-term strategy. We’re looking to revolutionise our underwriting capabilities through the introduction of new technology. This exciting development will be key to growth and support products like Property Owners, offering our broker partners the facility to self-serve on certain business. Watch this space.”
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