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FullCircl asked Aviva’s Jason Chambers how brokers can tackle underinsurance with greater confidence.
According to Aviva, up to 50% of UK businesses are underinsured, with 40% only covered by a 12-month indemnity period. These shocking new statistics paint a stark picture of the huge risk the insurance sector and the businesses it serves are facing right now.
The ever-present threat of underinsurance
Underinsurance is one of the most prevalent and damaging issues impacting the insurance market in 2023. It must be tackled with confidence if we are to identify those customers most at risk, help them make informed decisions about how to tackle the crisis they are facing, and deliver better protection outcomes.
But how?
FullCircl’s Insurance Success Director Ashleigh Gwilliam held a fireside chat with Jason Chambers, Head of Underwriting Transformation at Aviva, to delve into how brokers can support customers at a time when underinsurance is an ever-present threat to their future success.
Practical underinsurance mitigation strategies
Jason shared key findings from Aviva's YouGov report, highlighting the current state of underinsurance, its own response, and invaluable insight into how brokers can use data and technology in innovative ways to:
- Proactively identify vulnerable customers
- Build a full picture of risk – material changes across an entire organisation including buildings, operations, indexation, inflation, supply chain, machinery and plant exposures
- Personalise engagement with clear, regular, and timely dialogue
- Empower customers to make informed decisions
- Deliver greater certainty around outcomes
Watch now to find how brokers can elevate their expertise, get closer to customers, and tackle underinsurance in the most confident way possible.
Want to learn more about the rising risk of underinsurance?
Check out our new report to learn more about the widening underinsurance gap facing UK Plc, and how commercial lines insurance brokers can play a critical role in helping companies get the right cover to protect them against the deepening economic storm.
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