Q&A: RSA talks ‘breaking barriers’ around eTrading complex SME risks

1. What obstacles prevent brokers from eTrading the risks of larger SMEs?

That’s a great question and one we’ve focused on when it comes to our eTrade capability.

We’ve spoken to brokers and understood their concerns about inputting information and not receiving a quote, which then requires them to manually resubmit the risk.

It’s become a habit for some to default to traditional broking methods for clients with premiums over £5k, with most eTraded combined insurance policies generally having premiums below £2,500. 

Brokers prefer to communicate with an underwriter with expertise when necessary and there’s a misconception that eTrading eliminates underwriter interaction.

The good news is that brokers can now reconsider the risks they eTrade. RSA’s online trading platform has evolved significantly and handles larger and more complex risks than many brokers realise.

2. What advantages do brokers gain from eTrading larger risks for SMEs?

We have analysed and enhanced each step of the broking process to improve efficiency for both brokers and underwriters, depending on the platform they use.

This brings a range of advantages, including saving time and reducing costs, whether for new business, making changes during the policy term, or at renewal.

3. In what ways has RSA simplified the process of eTrading larger SME risks?

Firstly, there’s been an improvement in the online trading experience for brokers by optimising various products, risk appetite, underwriting rules and our platform – RSA Online.

For our business combined product, increasing the turnover threshold from £3.5m to £7.5m has reduced referrals by 71%. Plus, our enhanced construction rules allow brokers to obtain more quotes for non-standard and non-combustible risks without referral, increasing efficiency.

Brokers trading with us through RSA Online now benefit from auto renewal efficiencies and two additional features for retention and growth. 

The first, retargeted quotes, provide fresh new business quotes for business combined risks not taken up the previous year.

The second, proactive renewals, involve our active engagement with brokers on larger risks to assist retention. We conduct thorough reviews of up to 200 renewals per month, for a proactive approach.

4. What about brokers seeking to communicate with an underwriter, particularly for larger SME risks?

It’s worth mentioning that online trading doesn’t mean you won’t have any contact with underwriters.

At RSA, our dedicated team of business combined underwriters possess extensive product knowledge and can be easily reached through live chat or a single mailbox and telephone number.

Brokers can even call us to gain confidence before entering information to start a quote. Our telephone wait time is just 44 seconds, so they shouldn’t wait long to get through.

For live chat, our average response time is even quicker at 21 seconds once a query is logged. We take pride in our live chat service, with 95% of brokers rating it as excellent or good.

5. Is an online combined product as effective as a manually traded product?

When it comes to eTrading, brokers are experts in tailoring insurance coverage to meet specific needs of their clients and our online business combined team has absolutely maintained product quality.

Our competitive offering earned a five star rating from Defaqto and, with coverage for total property damage up to £20m, it’s our most comprehensive yet. Additionally, there are no limits on business interruption or turnover.

We’ve updated security protocols and raised stock limits, relating to security measures such as when intruder alarms or increased physical security are necessary.

The improved alarm and security requirements come with an eight week grace period after policy inception. We’ve also enhanced construction guidelines and expanded coverage for property damage, business interruption and manual wage roll.

• Click here for more information about RSA’s business combined eTraded product