Allianz Insurance is launching a new data initiative designed to empower brokers and reduce the number of SMEs that are underinsured. This follows the FCA’s Thematic Review which revealed that 40% of SMES could be underinsured.
At the quote stage, brokers will recieve an electronic notification through QuoteSME when Allianz’s data base indicates there could be a risk their client is significantly underinsured.
Over the past two years, Allianz has been creating a unique data base that identifies whether the sums insured for a business are out of line for its trade in a given geographic area.
This latest initiative comes after a series of announcements which began in January 2016, when Allianz said that it would no longer be applying Average to its SME products.
David Martin, director of SME markets said:
“Our aim is to share our expertise and provide insight to support brokers. We feel this service has the potential to add real value to the relationship between brokers and their clients.
“We are using our data capabilities to highlight to brokers where statistics indicate the sums insured may be inadequate. For the majority of policies there won’t be a change but for some clients it could make an important contribution to ensuring the level of protection is appropriate.”
“This further enhancement demonstrates our committment in helping brokers tackle the issue of underinsurance.”