None of us can predict the future however, as insurance professionals, we know that our industry is firmly rooted in a bedrock of spotting trends, modelling scenarios and pricing risk transfer for the future. Now is when we look to the future to try to imagine our world, and the worlds of our clients, as we emerge from COVID-19 and navigate its aftereffects.
COVID-19 resulted in more disruption across more sectors than we have ever seen in our lifetimes. Workplaces were emptied, production ceased in many industries, vehicles stopped, schools closed, and people stayed at home. At the same time as this, businesses diversified, new industries emerged, people adapted to flexible working and supermarket profits soared. Our challenge now is to acknowledge the long-term changes created by this global pandemic and to adapt and overcome the obstacles to ensure that we, and our clients, thrive and prosper on the other side of this crisis.
As underwriters Yutree are positioned to help you, our brokers and trusted advisors to your clients, to reach out a hand to your clients and to pull them back up to their feet ready to serve their customers as they did before. Communication is more important than ever. As brokers you will be asking yourselves about your clients:
- Are their premises still unoccupied? Have we checked their unoccupancy wording and are they doing all that their wording requires them to do?
- Have we assisted them with a plan to get their premises open and advised them of risk management ideas to support this?
- Have we advised them that contracting COVID-19 in the workplace is a RIDDOR reportable incident?
- Have we reminded them that their risk assessments need to be updated to cater for social-distancing requirements in the workplace?
- Are their furloughed staff still furloughed or have they brought them back to work? Have we advised the insurers and adjusted financials where necessary?
- Have any manufacturing businesses diversified and are they making something that they weren’t before? Is their products liability exposure as it was before?
- Have SORNed vehicles been put back on the road? Has the MID been updated?
- Are their sums insured up to date and still appropriate to reflect any changes in their business such as using laptops at home?
- Is the turnover noted for a client still appropriate? Have they grown or reduced through COVID-19?
Through all of this, Yutree Underwriting have been answering brokers queries to help you to further support your clients. If there is anything that we can help you with then we would be delighted to do so. Our underwriters are available to answer queries, quote for new risks and to advise you on how best you might help your clients at this time. We are working with insurers on unoccupancy wordings, on flexible underwriting to recognise dips or increases due to COVID and to be as accommodating as we can be.
If you would like a quote in any of our specialist areas then please get in touch on 01638 660651 or email us on email@example.com Alternatively, if you would like to chat through any aspect of trading with Yutree through COVID-19 or generally, then please do get in touch with our Director Laura High directly on 01638 675992.