ABC Insurance, a subsidiary of the LV= Group, has begun trading with the launch of a new commercial combined product, designed specifically for UK SME businesses. The product will be available exclusively via insurance brokers.
Phil Bunker, head of ABC Insurance, commented: The SME sector accounts for almost half of UK business turnover and an estimated GBP10 billion in annual insurance premiums. Brokers have a firm grasp of this market with SMEs putting a high value on their independent advice. Our commercial combined product will provide brokers with a local underwriting service, access to key decision makers and a fast quotation service.
He also added that the SME launch is part of a wider objective to turn LV= into a multi-channel, multi-producer insurer.
Initially, the business insurance policy will be available through ABC Insurance’s Croydon office. As ABC develops its UK-wide network of branches, availability will expand.
The group has also confirmed that it will follow the launch of the business insurance policy with a full cycle EDI Private Car policy later in the year. In addition, in early 2008, a range of packaged SME products will be launched, to be sold electronically and aimed at shops, offices, property owners, hotels and tradesmen.
Underwriting a range of commercial and personal insurance products, ABC has ambitious plans to become a major player in the broker market, writing GBP300 million premium income within four years.