Insurer to expand underwriting footprint next month
RSA is planning to accept more risks and sharpen its rates on broker portal RSA Online as part of a bid to grow to about 10% of the SME market.
Head of SME deals Russell White said the changes, which are scheduled to start next month, would expand eligibility for an online offer of insurance to eight in 10 from about six in 10 applications. Lines offered include property, office, shop and mini fleet. RSA will also be able to quote for flood insurance at a more granular level using the postcode of the individual risk.
“By 2016, we want to be at a similar level in the SME market to where we were when we launched Enterprise [call centre] and everybody was playing catch-up,” White told Insurance Times.
Enterprise marked a step-change in insurer-broker relations, which had previously required brokers to send in a written presentation on behalf of their client.
At that time, RSA’s market share was about 10%, he added.
White (pictured) described RSA’s pricing strategy for SME as “price proximate”.
“We’re not in a position where we want to aim for an underwriting loss. Next year is about making a moderate profit and growing market share.”
RSA signed deals worth £15.1m with brokers at the Biba conference earlier this month, with about one-third of that coming from SME markets.
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