Gauntlet predicts growth after launching game-changing insurance policy

Andy Parkin

Leeds-based commercial insurance broker, Gauntlet, is predicting new employment opportunities and growth of its network of insurance professional appointed representatives, having launched an exclusive commercial insurance policy that has shaken up the market.

Gauntlet has seized the opportunity to partner with new, award-winning, insurtech MGA, C-Quence, to fill a gap in insurance provision for micro, SME and other businesses with a turnover of up to £100m.

The broker has recognised the advantages of working with a top AA-rated insurance provider that uses next-gen intuitive technology, including sophisticated analytics and artificial intelligence, to profile the client and produce a tailored quote for their individual risk.

Gauntlet sees the policy as a game-changer within the world of commercial insurance, where policies have not traditionally been client-centric, employing only generic wording and elements of cover often of no relevance to a business.

By focusing purely on the individual business placed in front of it, Gauntlet can create a policy bespoke to that business and provide the client with a short, easy to read and relevant schedule and policy wording.

There is no impact on the holistic nature of the cover – it just does away with all the parts of a policy that would never be used, with a resulting positive impact on pricing.           

The modular policy incorporates seven modules of property and casualty protection, with an option to choose from a range of other add-on modules, including management liability, employment practices liability, crime and cyber cover.

Andy Parkin, sales director at Gauntlet, said: “This type of insurance policy is traditionally built in an inefficient way and one that does not allow cover to be precisely tailored to clients’ requirements. There are typically numerous sections of cover, embedded within policy wordings, which clients do not want or, more importantly, do not require. 

“Such elements are frequently positioned by brokers as ‘unique selling points’ but, in reality, they are not USPs but bells and whistles the client will never call upon and which increase the price of cover. Our new exclusive policy has changed the status quo and is already benefiting our customers.”

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.