Page 3: Developing the small business strategy
Royal & SunAlliance decided to develop a new approach to providing insurance to Brokers working with small businesses. It worked with Brokers to develop the customer proposition, which focused on:
- making life easier for the Broker
- providing quick, slick and efficient service giving Brokers access to experienced underwriters
- offering a very competitive price
- offering insurance policies tailored to meet the needs of individual customers.
The best way of meeting all the customer needs identified above was through a revolutionary service-centre approach, that Royal & SunAlliance calls Enterprise. The company has invested millions of pounds in four (linked) Enterprise centres, using state-of-the-art infrastructure, easy-to-use information systems, and telephony technology. When a Broker rings Enterprise, he/she has immediate access to a fully-trained underwriter, who will use the systems to help weigh-up a risk, decide a price and make profitable business decisions, over the phone.
Enterprise’s CRM software lets the underwriter tailor individual policies precisely, to meet the different needs of each customer. Enterprise underwriters are empowered to make decisions – they do not need to refer to managers before accepting a policy, although technical support is always readily available. After the phone call, the system quickly prints out accurate documentation, which includes all the relevant information captured in the phone call. The necessary quotation or insurance policy information is issued on the same day.
Enterprise currently offers five products:
- Vans: for businesses owning vans up to 3.5 tonnes weight, and being used for business purposes.
- Shops: for shops, retails outlets and restaurants, whose stock and contents do not exceed £250,000. Insurance cover also includes damage to property and interruption to business (e.g. loss of profits).
- Business: includes insurance against damage to property, legal liability, interruption to business, personal accident, legal expenses etc.
- Offices: for office-based businesses e.g. surgeries, vets practices, where the total contents and buildings are insured for less than £2,500,000 and computer equipment is worth less than £100,000.
- Contractors: for e.g. plumbers, decorators, providing public liability cover with the option to include employers’ liability or contractors all risks.
Customers are also given free access to a business advice-line dealing with legal, health and safety and taxation issues. Enterprise underwriters provide an insurance quotation, over the phone in less than ten minutes. Enterprise issues policy documents to the Broker within 48 hours. In the service-centre, 80% of calls are answered within 20 seconds.