A look back at 2015

As we reach the end of 2015, we reflect on just some of the many things that have made our year here at Renovation Insurance Brokers.

We have spared you a RIB family photo with the office dog and hibernating tortoise but just wanted to share a few of the highs that made 2015 a great year for us, as we hope it was for you too.

A big thank you

None of what we do, we’d be able to do without you – so give yourself a hearty round of applause for being so supportive, at times understanding, but always committed to doing the right thing for your clients. Your faith in us and ability to advise your clients accurately sets you apart. Together we are a winning partnership.

As always, it’s been a very busy 12 months. We are very proud of our achievements and are pleased to share just some of our highlights here.

– Broker portal. Our unique broker portal has been very well received in the broker market since its launch last year and we have been pleased to see it continue to grow in popularity this year, as a key part of the quotation process. The quick quote system allows our brokers to get an immediate premium indication for some very basic information – obtaining renovation insurance quotes for their clients more quickly than ever before.

Interested in using the quick quote system for yourself? Take a look at this article for more information on how our Broker Portal works and to request login details. Don’t forget, we also offer bespoke CPD training too.

– Product development. We launched a brand new fixed price product for the broker market this autumn – specifically developed to offer a more marketable solution to insuring renovations in the mid net worth (MNW) sector. For brokers operating in the mid net worth sector this new online only policy provides the same market leading cover, at a very low price and is expected to prove very attractive.

We can now also offer ‘all risks’ unoccupied building insurance for properties which will be undergoing works, but at some point in the future. These properties do not fit onto the Renovation product immediately because the time period between the need for the Buildings cover and the start of the project is too great (max 2 months). The introduction of our new ‘all risks’ cover has been developed to offer a solution to projects that sit in this growing area. Just another example of our understanding of the market and our drive to develop products and services that offer you the very best options.

– New team members. Our team continues to grow so that we can provide the service levels you need. Just like last year, this year we were pleased to welcome two new members to the Renovation Insurance Brokers team.

Chris Harris arrived with us in October, as an additional underwriter to support our growth; with responsibility for underwriting all products as well as further developing business relations with the wholesale market.

Naweed Darr joined us as a marketing intern this summer and is now our full time Marketing Executive, helping us to maintain our strong brand and to communicate with you in a way that makes sense.

– Increased communications. Keeping in touch with our stakeholders is hugely important to us. This year we’ve introduced two new LinkedIn groups – one for HNW Brokers and another for Architect’s working with high value renovations – to educate, to inform and to facilitate online networking within each of our key markets. This very website has been enhanced too – to offer a clear proposition to the three key groups we work with – Architects, Brokers and Renovators.

– Charitable work. We’re proud to have continued to show our support for Grief Encounter, Rise Africa UK and The Game and Wildlife Conservation Trust (GWXT). Each of these three charities makes real impact in each of their individual areas and we are pleased to be able to work with them on a regular basis and raise awareness of the good things they do. To find out more about the different charities that we support, please take a look at our Good Causes page.

– Utilising our renovation expertise. Once again, this year has seen us place insurance for an array of high value, unique renovations. We always see a real mix of projects across a large geographical area – but one thing is consistent within them all; all being in need of an expert approach to their challenging insurance requirements.

In just a very small illustration as to what we’ve been involved with this year – we’ve provided cover for projects in the South of France as well as a growing number of central London properties, particularly basement projects which require large scale excavations.

We were also delighted to be chosen as the insurer of a stunning stately home on a remote Scottish Island this year, one with a project budget of over £20,000,000. Our very latest activity, finishing the year on a real high, is our work to insure the renovations of a £50,000,000 dwelling in London.

In summary: 2015

When looking back on the year, it’s always hugely rewarding to see where our successes lie, but more importantly, what impact we have had for the clients we serve. We are very proud of the strong and long established relationships we hold and the value we add to each and every project we have the pleasure of being involved in. Thank you to all of you who have helped to make 2015 such a fantastic year here at Renovation Insurance Brokers – we look forward to the activity ahead in 2016.

From all of us here at Renovation Insurance Brokers, sending you our very best festive greetings and wishing you a happy, healthy and prosperous New Year.


Increased underwriting capacity to support rising demand for specialist insurance cover.

We are pleased to announce the arrival of an additional underwriter to support our growth. Chris Harris has joined existing senior underwriter Matthew Dover in the team at Renovation Insurance Brokers.

Chris will be responsible for underwriting all products – using both manual and portal systems – and will also further develop and foster business relations with the wholesale market. Chris already brings strong underwriting skills to the team, built up during his four years as an underwriter at Renovation Plan.

Speaking of Chris’ appointment, Douglas Brown, Managing Partner of Renovation Insurance Brokers said: “A large scale renovation requires a very specific renovation policy and the market requirements continue to grow. With the addition of Chris to our experienced underwriting team, we are able to continue to work to the high standards we pride ourselves on and offer the very best and competitive insurance solutions for brokers and their client’s renovation project professionals.”

After an initial period at our offices in Cambridgeshire, Chris will be based at our office at Holland House in London to support our growing work in the city.

News of this new recruit comes on the back of another announcement from Renovation Insurance Brokers last month – the launch of a new online fixed price product for brokers operating in the mid net worth renovation market.


The future of broking – we’re ready!

Future of BrokingWe’re heading to the Broker Expo in Coventry this week, described as the premier event for insurance brokers looking for fresh ideas for nurturing existing business and for sourcing new market opportunities. As the market leader for renovation insurance, with strong relationships with brokers across the country, we’re looking forward to being part of it!

One of the programme elements has particularly caught our eye – a digital think tank that will explore the key issues surrounding the Future of Broking as it develops digitally. The insurance sector is advancing and developing at a fast pace and we are really proud to be part of the mix.

We are told the future of broking is digital – something that we saw coming some time ago, developing new products to meet these expectations and to support business growth. We tell you more here.

So, is technology increasing the workload for brokers?

The very nature of technology is that it is designed to make things quicker, easier and more convenient. That’s very much the approach we’ve taken with the development of our bespoke broker portal – providing the ability to connect into our renovation insurance products at the click of a button.

With resources stretched and time at a premium, our broker web portal has been developed to help our broker partners obtain a quote quickly. This ‘Quick Quote’ system offers an indication of the likely premium from just six pieces of basic information. Reducing the time that it takes for brokers to get quotations and to bind business is important to us all.

Are brokers losing their personal touch in an increasingly digitised world?

Just because technological advancements now support a broker’s work, digital does not mean depersonalisation. At the heart of a broker’s work is their relationship with their client – technology does not remove that or make it any less important. In fact, digital can actually help that relationship.

In any customer situation, we want to be served well. In the renovation insurance sector specifically, our clients want high quality products, expert knowledge and a quick turnaround. Our online broker portal is a key sales aid in that process – our partners can set client expectations early and let customers become more attuned to the costs of this class of business before having to buy a policy. A clear and consistent approach that clients will be happy with – and a great customer experience all round!

In our sector, it’s not just the future that’s digital – but the present too. We are delighted to be working with a growing number of broker partners to utilise our online offerings and are excited about the impact that digital is already making in the renovation insurance area specifically.

Want to know more?

If you place renovation insurance and are not yet part of our broker network, please get in touch to find out more about working with us and accessing our online portal. Once in the portal you’ll have access to the Quick Quote facility, our new MNW £950 product and a full quote and bind system for both our HNW and MNW products that produces policy documentation.

Broker Expo takes place at Coventry’s Ricoh Arena on 12th November 2015, presented by Insurance Age magazine. The 2014 event attracted over 800 representatives from broking firms in the UK. We’ll be live tweeting using the hashtag #brokerexpo if you want to join us on the day – just follow us on Twitter here.


Proud to be a high net worth broker involved in the Insurance Age HNW Forum event

HNW

As the broker market leader in renovation insurance, our central focus is on placing the very best insurance for large scale renovations across the country. We work with a substantial network of high net worth brokers to provide the widest cover for each and every renovation project.

We are delighted to be attending the Insurance Age High Net Worth Forum in London today to understand more about future trends, share best practice and network with others in our sector.

One of our personal highlights for today’s event is the keynote speech from Robert Hiscox, founder of Hiscox, who will be discussing the history of the insurer and outlining his views of the HNW market.  His keynote will focus specifically on how a high net worth broker can really stand out…something that we try to do each and every day.  Here’s how.

Our approach is bespoke. When we are working with a broker partner or their client’s project professionals, we provide a completely tailored service. We work quickly to decide on the most appropriate cover for their large scale renovations.  We listen more than we talk, to find out as much information as we can about the project from the start. We are advisors first and foremost– providing consistent and relevant solutions for insuring a renovation project and help define exactly what risks are involved.

We don’t just focus on customer service – but excellence. For us, it’s all about customer experience.  As Robert Hiscox stated in his pre event article, what people want now, more than anything, is to ring up and get someone who talks to them and knows their situation. We completely agree.  Technology may have driven more and more online, but sometimes you can’t beat talking to someone.  And not just anyone, but an expert who fully understands your requirements – even if you don’t.  That’s us.

Brokers are important to us.  Our broker partners are incredibly busy. They want to chat about complex cases but need fast solutions for simple projects.  We have invested in a number of online offerings specifically for our brokers. They know they can always pick up the phone to speak to us but can also head online to obtain a very quick indication of premium when they are speaking to their client.

We want to share our renovation insurance knowledge.  For property renovating clients, the development of a large scale renovation may be a once in a lifetime experience. However, for a broker it may be something they see regularly – but always with different requirements.  Our renovation, liability and party wall CPD training gives a deeper understanding of this very specific insurance; it outlines potential challenges and helps brokers be confident about what they are recommending. To encourage dialogue, we’ve set up a dedicated LinkedIn group for high net worth brokers to provide ongoing support and wider networking for those working in these sectors found here.

We are proud to assist the high net worth broker market and look forward to seeing everyone at this unique sector event.  We’ll be sharing online insights and input throughout the day, which you can follow live through Twitter here.

Read the full pre event article with Robert Hiscox at Insurance Age online.


Extending our product range for the broker only Mid Net Worth sector

MNWNEW

We are proud to announce the launch of a brand new fixed price product for the broker market. The new product has been specifically developed to offer a more marketable solution to insuring renovations in the mid net worth (MNW) sector.

Called Single Premium MNW, this online only offering is available to brokers from Renovation Insurance’s unique online portal. For brokers operating in the mid net worth sector this new policy provides the same market leading cover, at a very low price and is expected to prove very attractive.

The Single Premium MNW policy covers existing structures up to £450,000 and works up to £250,000, property owner’s liability to £2,000,000 and non-negligent liability (Party Wall cover) to £250,000. The cover is for a maximum of 12 months and all this at a single premium of £950 including IPT.

Renovation Insurance’s unique broker portal has been very well received in the broker market since its launch in June 2015 and Single Premium MNW extends that online offering and brings quote turnaround times down further. The portal enables broker partners to obtain an immediate premium indication for some very basic information. This gives brokers an edge over their competition who may have to wait days for a quote. The client is engaged early and broker partners appear more efficient and responsive.

Douglas Brown, Managing Partner of Renovation Insurance Brokers said: “Over the last five years we have seen the renovation insurance market grow significantly. We worked very closely with our broker partners to come up with the market leading renovation policy for the HNW sector, but have known for some time that we serviced the MNW sector less well.”

He continues: “As innovators in this market, we have worked hard to develop this unique product to provide an exciting new insurance offer that is easy for brokers to recommend both in terms of cover and price. It still won’t be the rock bottom priced product out there but for the genuine MNW customer there is no better value to be had in the market.”

Brokers who are interested in using the Renovation Insurance broker portal need to have a Terms of Business Agreement with Renovation Insurance Brokers and the relevant login details. Underwriting criteria for the Single Premium MNW policy requires the building to be of a standard construction, not listed, to not involve basement works and have a clean claims history. Other terms and conditions apply.

If you are a broker that operates in the mid net worth renovation market, we’d love to tell you more.  To obtain further product details or to arrange a demo, just call 08442 641200 or email us here.

 


Our commitment to strong network connections

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As the market leaders in renovation insurance, we work with insurance and project professionals all the time. Whilst renovation insurance is our focus, we know that for many of those we work with, it is not their area of expertise – and that’s where we can help, thanks to our new online groups.

Keeping our stakeholders up to date with the latest news and best practice in renovation insurance really is key to us – and we’ve recently launched two tailored LinkedIn groups that do just that.

High Net Worth brokers, architects or project professionals that are involved in luxury property renovations can join us to benefit from:

  • The latest news, developments and trends within the luxury property renovations sector.
  • A go-to place for advice, ideas and discussions from experts within the sector.
  • An opportunity to network with other relevant professionals.

Many of the key stakeholders we work with are already online, and the development of these groups enables us to connect in a new way.  If this is you, please do join us and get involved.

High Net Worth brokers join here

Architects and other professionals join here