RSA: Everything you need to know
Countries of operation: 28
Headquarters: London, United Kingdom
With over 300 years of experience, RSA is one of the world’s leading multinational insurance groups and it now serves nine million customers in over 100 countries, with net written premiums of £6.5 billion in 2018. RSA aims to provide peace of mind to both businesses and individuals and prides itself on consistently anticipating and exceeding customer expectations.
RSA was first formed as Sun Insurance in 1706, with the first Sun Fire Office established in 1710. Founder, Charles Povey was inspired by witnessing the devastation caused by the Great Fire of London to create an insurance company which is now an internationally recognised FTSE 100 business.
In 1959, the Sun Insurance Office merged with the Alliance Assurance Company, and in 1996 the resulting company merged with Royal Insurance Holdings to become the Royal & Sun Alliance Insurance Group. In 2008, this business became the RSA Insurance Group.
The products of RSA
RSA offers personal, commercial and specialty insurance products and services through a broad distribution network. Products are offered both directly to customers and also via brokers and affinity partners.
RSA’s UK and Ireland CEO, Scott Egan highlighted the importance of regional brokers in distributing the products of the company, in an interview with Insurance Business, and said: “When I came into the job, I said that regional brokers are incredibly important to me - I’ve spent the first six months out there meeting them and trying to understand how we can improve.”
Key products offered by RSA include marine insurance, renewable energy insurance, construction, engineering & rail insurance, SME; food & beverage insurance and SME: retail insurance.
The vision and strategy of RSA
RSA emphasises being a customer-centric, agile business that focuses on operational and performance improvement across its entire business model. The three core markets of RSA are the UK and Ireland, the Scandinavian market and Canada, and the company is committed to concentrating on regional insurance markets where it is strongest and sustaining its financial growth.
Egan said: “I genuinely believe if we can fuse the aspects of our culture with the execution [of our strategy] then I think we have a genuine chance to become a best-in-class insurer in the UK,” he said. “Whether we get there or not remains to be seen – but that’s my ambition.”
The key value proposition of RSA can be discerned from a variety of factors central to the success of their strategic development. These include:
- A balanced portfolio – RSA balances personal and business customers across locations, product lines and distribution channels
- Ambition – RSA aims to be best-in-class and has a recruitment strategy in line with this intention to ensure continuous improvement in all markets
- Brand equity – 300 years in the market has allowed RSA to develop and capitalise on extensive brand recognition and trust
Diversity and inclusion at RSA
At RSA there is a strong recognition of the role of diversity and inclusion policies in enabling colleagues to feel comfortable, encouraged and best placed to develop, both professionally and personally. RSA believes that when employees feel valued for their unique potential, they are more capable of understanding the needs of the customer.
RSA has launched several initiatives in this area to promote inclusive behaviours. Hidden Stories was a campaign launched in 2018 which featured employees discussing the personal challenges they had faced to illustrate the importance of creating an open and communicative environment.
Employees at RSA who wish to become more involved in building diversity and inclusion are encouraged to join employee resource groups – RSA Balance and RSA Building Pride and RSA was proud to be one of the first UK insurers to sign up to the Women in Finance Charter.
Corporate responsibility at RSA
When RSA was first established by Povey, it was driven by the entrepreneur’s sense of social responsibility in the face of disaster, and the company has maintained this strong sense of responsibility throughout its strategic growth.
Key highlights from RSA’s CSR journey have included:
- The launch of a global road safety hub with Brake in 2014, and the sponsoring of Road Safety Week in an attempt to reduce accidents
- Partnering with the Dame Kelly Holmes Legacy Trust and Enabling Enterprise in 2015 to support disadvantaged young people in building employability skills
- The introduction of a group-wide supplier code of conduct in 2016
- The establishment of a group-wide diversity and inclusion council and the commitment to the Women in Finance Charter in 2017
- In 2018 RSA’s partnership with the School for Social Entrepreneurs celebrated supporting its 180th entrepreneur
Top news from RSA
September 2019: RSA introduces its broker leader programme roster for 2019 – https://www.insurancebusinessmag.com/uk/news/breaking-news/rsa-introduces-broker-leader-programme-roster-for-2019-178972.aspx
September 2019: RSA CEO reveals his ambition for the insurance giant - https://www.insurancebusinessmag.com/uk/news/breaking-news/rsa-ceo-reveals-his-ambition-for-the-insurance-giant-176985.aspx
September 2019: RSA names CEO for Irish market – https://www.insurancebusinessmag.com/uk/news/breaking-news/rsa-names-ceo-for-irish-market-177943.aspx
August 2019: Exclusive: RSA rolls out risk assessment platform – https://www.insurancebusinessmag.com/uk/risk-management/news/exclusive-rsa-rolls-out-risk-assessment-platform-175356.aspx
August 2019: RSA makes key appointment for European hub – https://www.insurancebusinessmag.com/uk/news/breaking-news/rsa-makes-key-appointment-for-european-hub-176049.aspx
May 2019: RSA rolls out industry practices within Global Risk Solutions – https://www.insurancebusinessmag.com/uk/risk-management/news/rsa-rolls-out-industry-practices-within-global-risk-solutions-166822.aspx