British Insurance Awards 2021: Specialist Insurer of the Year Award
The winners of the British Insurance Awards were revealed on Wednesday 15 September at Battersea Evolution.
Specialist Insurer of the Year Award
Winner: HSB
Shortlisted
- Allianz Insurance – Pet Plan
- Arch Insurance
- CFC
- Floodflash
- Inshur
HSB has a vision to be the customer’s first choice for engineering and technology insurance and inspection services with an ambition (set in 2019) to more than double the business by 2025.
The steps it has already taken to achieve this wowed the judges and led it to be named the Specialist Insurer of the Year. A prime example was its efforts to reshape, refocus and reenergise the business in order to build a scalable platform for future growth.
These have included implementing a distribution segment proposition to drive dedicated customer support. This gives insurers, MGAs and brokers direct access to individuals and underwriting teams that are aligned with their strategies and understand their needs.
HSB has combined underwriting expertise and e-trade capabilities to deliver bespoke insurance solutions for specialist facilities. The firm has also delivered on-site inspection services to customers throughout the pandemic to ensure regulatory compliance with statutory inspection requirements.
In terms of new services, HSB developed new and inventive products such as embedded home cyber and identity theft products for its insurer and MGA partners. It also diversified existing underwriting expertise, partnering with niche capacity providers in the Lloyd’s market to access overseas opportunities.
Elsewhere, HSB used specialist underwriting expertise to target and acquire niche facility and portfolio business and launched a range of engineering consultancy services to provide added-value engineering expertise for customers and deliver a new revenue stream.
The results have seen profitable growth and drawn praise from the market.
“When we needed a solution for our computer and plant facility, HSB were there to support us,” commented one broker. “They not only provided the flexibility we needed but were forthcoming with solutions; enabling us to deliver on our requirements early. After 12 months of trading we are really impressed with the facility performance and are now looking to develop our offerings with HSB further.”
Another added: “HSB are an engaged and participating partner and as a specialist insurer have been able to deliver unique training, sharing their expertise in a professionally delivered style to educate and develop [our] staff.”
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