Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 27th of April 2018
March 28, 2012

NIG wins contract to underwrite SAIFInsure Scheme

by Brian Turner

Story link: NIG wins contract to underwrite SAIFInsure Scheme

NIG has won the tender to underwrite the insurance for the SAIFInsure Scheme of London-based Lark (Group) Limited.

The SAIFInsure Scheme offers bespoke insurance solutions for UK funeral directors, developed over nearly twenty years in close collaboration with The National Society of Allied & Independent Funeral Directors (SAIF).

NIG, which has taken over the contract from incumbent AXA Insurance, will commence underwriting the business from 1 May 2012. The SAIFInsure scheme currently looks after the insurance arrangements for over 450 funeral directors with aspirations to double that number by 2014.

The SAIFInsure Scheme is a further major new business win for NIG, and is evidence of the firm’s focused push to win market share by working closely with brokers.

NIG recently became the core underwriter for the UK’s leading events intermediary, Events Insurance Services, and has a strong pipeline for 2012.

Lark (Group) Limited are members of NIG First, NIG’s club for a small group of brokers and this close relationship played a key role in securing the tender.

NIG First status has been awarded to nearly 60 brokers, with the focus on deeper and smarter relationships based on four key areas: service, business support, relationship and reward.

SAIFInsure has achieved its customer base through the design of tailored policies, competitive pricing and a greater understanding of the unique nature of risks faced by the profession. Two policies are currently available: a bespoke Commercial Combined policy and Motor Fleet Insurance cover. Typically policy features include Property Damage, Employer’s & Public Liability and Business Interruption with further specific covers designed for:

• Motor Fleet – Loss of Use for hearses, limousines and ambulances;
• Business Interruption – £750,000 sum insured per premises as standard;
• Deceased Personal Effects Cover of £15,000;
• Engineering Breakdown automatically included.

Brian Hart, Commercial Insurance Director, SAIFInsure, said: “Having worked closely with NIG through its First programme, I am confident that NIG is the correct partner for SAIFInsure. In addition to NIG having a strong knowledge of the sector, the response to tender contained innovation, enthusiasm and a desire to work with both Lark & SAIF in developing the scheme to take it to the next level.”

Louise Field, Area Underwriting Manager – London, NIG, said: “There has been a real team effort to win this tender. Lark made it clear that they wanted a fresh approach, and stressed it was keen to develop a closer relationship with its insurer partner. We are extremely proud of our track record in working with our clients and developing strong products and propositions that help deliver profitable growth to NIG.

“It reflects very well on NIG as a whole that our tender was praised for both its innovation and enthusiasm, and we look forward to developing a long and successful partnership with Lark /SAIFInsure over the coming years.”

 

News posted:



Related stories to NIG wins contract to underwrite SAIFInsure Scheme: