Allianz Insurance is introducing a new data initiative designed to empower brokers and lower the number of SMEs that are underinsured.

The move follows the Financial Conduct Authority's Thematic Review which found that 40% of SMEs could be underinsured.

To begin with the data initiative, the company stated that its brokers will receive an electronic notification through QuoteSME, where the company’s data base will indicate, if one of the clients is significantly underinsured.

The company stated that in the past two years, it has created a data base which can identify whether a sum insured for a business is out of line for its trade in a given geographic area.

It also added that in last February, it has done away with average payout from its core SME products, which means that the company will honour the claims put forward by underinsured policyholders to the full sums insured level and will not reduce the claim amount by applying average.

Allianz UK SME markets director David Martin said: “Our aim is to share our expertise and provide insight to support brokers. We feel this service has the potential to add real value to the relationship between brokers and their clients.

“We are using our data capabilities to highlight to brokers where statistics indicate the sums insured may be inadequate. For the majority of policies there won’t be a change but for some clients it could make an important contribution to ensuring the level of protection is appropriate.

“This further enhancement demonstrates our committment in helping brokers tackle the issue of underinsurance.”

The company recently enhanced its digital claims proposition for commercial motor customers. This new platform allows customers to upload video footage along with a variety of documentation, which can be instantly shared with the company for submitting motor insurance claims.

The videos that can be uploaded include dash cam or CCTV footage to support their claims.


Image: Allianz UK SME markets director David Martin. Photo: Courtesy of Allianz Insurance plc.