NIG TARGETS KEY TRADES IN SME SECTOR
FOLLOWING RATE REVIEW
NIG has completed a review of its core non-package commercial
insurance product, Traders Combined, introducing a new rating
structure that empowers its Underwriters to reflect positive
underwriting risk features with improved rates and allowing
greater flexibility in targeting key sectors and risks.
The review follows a detailed analysis of NIG’s in-force
book and claims experience for its Traders Combined product
which offers comprehensive protection for a wide range of
risks. A property based insurance policy, it is designed for
a broad spread of SME businesses, including those in the retail,
industrial and service sectors.
Dave Sherman, Property Underwriting Manager at NIG said:
“The review has created a common underwriting policy
for SME business and will allow NIG to better compete for
both ‘Small’ and ‘Medium’ sized enterprises.
Crucially, it will give us more flexibility to compete at
the larger end of the SME range - risks with up to 250 employees
or around £25m turnover. We are very keen to target
these larger risks and we believe the review will give NIG
an advantage over other insurers with more restricted exposure
ceilings.”
NIG has identified a number of key SME trades and sectors
it is keen to target including wholesalers, office, retail,
general engineers, builders and plumbers merchants, printers,
electrical services and warehousing. These sectors are amongst
the trades NIG will be targeting and it will be looking to
grow its portfolio substantially in these areas.
Dave Sherman continued: “This review has highlighted
a number of key business sectors which are very attractive
to NIG and it has enabled our highly skilled Underwriters
to use their experience and judgment to correctly assess a
risk and negotiate competitive bespoke terms with brokers.
The wider use of underwriting features will empower local
underwriters to negotiate with brokers to secure business
at prices that better reflect the risk.”
The improvements to Traders Combined are designed to complement
NIG’s increased investment in underwriting services
and the creation of its new Underwriting Centres of Excellence
announced earlier this year.
Dave Sherman concluded “This year is about getting
NIG into shape to compete in our core markets. The review
of our regional network and creation of our new Underwriting
Centres of Excellence was the first step. We are now working
on a series of product developments to give our team the tools
they need to really support brokers. By investing in larger,
more skilled teams of Underwriters, giving brokers more direct
access to decision makers and giving the Underwriters more
flexibility and autonomy we will be able to offer a more comprehensive
and efficient underwriting service to brokers and clients.”
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For further information please contact:
Gordon at MAW Communications on 01603 505 845
Jason Wyer-Smith at MAW Communications on 07824 818 242
Notes to Editors:
NIG provides insurance solutions to small to medium sized
businesses and private customers throughout the UK. Established
for over 100 years, NIG provides its insurance exclusively
through a network of over 3,000 brokers.
By working closely with our selected brokers, NIG provides
a wide range of insurance products for personal and commercial
needs protecting cars, vans, motorcycles, homes and businesses.
NIG is part of The Royal Bank of Scotland Group’s Insurance
Division, the second largest general insurer in the UK.
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