“The key is to set realistic customer expectations, and then not to just meet them, but to exceed them — preferably in unexpected and helpful ways” – Richard Branson
I was recently asked to contribute to a debate on a panel about the Scottish insurance market in front of an audience of Scottish insurance brokers. Not being Scottish put me at an immediate disadvantage however, we trade with many Scottish brokers and I do not consider the Scottish insurance market to be all that different to the rest of the UK. A very healthy debate ensued covering technology, AI, trading, under-insurance and, most relevant to us all, the value of a broker. The noise in the room from brokers was around service, trading, flexible solutions and partnerships with insurers.
Laura High on the panel at BIBA Scotland earlier this month
Our sector has many opportunities but, it needs to work hard to keep up with the pace at which the world is evolving. Navigating the future has always been a tricky business and 2018 and beyond is just about as uncertain as it can be as the UK navigates a path out of the European Union. To be able to plan for the future, you must first, look back to get an idea of the scale of the momentum behind you. At Yutree, as we approach our 6th birthday, we look back and reflect on where we started in 2012, with a blank sheet of paper, and the organic growth that we have achieved since. We are now poised to take on 2018 and beyond with a BIBA endorsed product and strong A-rated insurer relationships. Our strengthened underwriting team is in place ready to deliver our brokers a top-quality underwriting service, sound advice, financial security and consistency as the UK moves into uncharted waters over the next couple of years.
Left to right – Garry Miles, Sara Thake, Emma Cawkwell, Laura High and Ross Elliott
It is fair to say that the value of a flexible underwriting proposition to cater for the diverse nature of today’s businesses, is abundantly clear. Demand for our products at Yutree has increased tenfold over the past few years. Whilst we consider what a world might look like where embedded data from connected devices drives the future of underwriting and pricing, we must not be quick to dismiss the value of real human relationships. We must also not ignore the possibility of insure-tech enabling disruption in our sector, indeed we should look for where it might happen and lead the charge. Ours, however, is an advice driven profession and an actual conversation, underwriter to broker to client and back again, should not be written off as old hat.
At Yutree, we have built a proposition which enables brokers to provide liability cover which meets their clients needs, however diverse, quirky or unconventional their business might be. For example, the popularity of online businesses with low start up costs and low ongoing overheads, is not waning. Yutree provides liability cover for many such businesses for our brokers and their clients. We are focused on the fact that, however quickly technology is simplifying the exchange of goods, services and money in today’s world, the insurance requirement is just the same. Just because a business is online, it still matters where the products are coming from, going to and what they are, who the employees are and how they are protected. New and emerging trends are changing the way that businesses appear and act. The rise of the sharing and gig economies presents us with new challenges but let’s not get carried away with this change and lose sight of what we are, which is trusted advisers to our clients. At Yutree we will work with you to ensure that we all understand what your clients’ responsibilities and legal obligations towards their employees and the public are and that we are offering them insurance to meet those obligations.
Our underwriting team here at Yutree, is ready to talk to you about your liability risks and to help you to offer peace of mind to your clients; from market stall holders, large construction firms, web-based companies and community groups to manufacturing firms alike. With rates for over 600 trades we can consider most liability risks. Get in touch with us today if you have any questions about liability insurance or any aspect of trading with Yutree:
Laura High – Director
Garry Miles – Underwriting Manager
Sara Thake – Underwriter
Ross Elliott – Underwriter
Danielle Rairigh – Underwriter (on maternity leave)
Emma Cawkwell – Underwriting Assistant