ABC Insurance launch targets SME market

ABC Insurance, part of the LV= Group, has commenced trading with the launch of a new commercial combined product. ABC’s ‘Business Insurance’ policy will target the UK’s four million plus SME businesses and will be available exclusively via insurance brokers.

Phil Bunker, Head of ABC Insurance comments: “The SME sector accounts for almost half of UK business turnover and an estimated £10 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.

“The SME launch is part of the wider objective, to turn LV= into a multi-channel, multi-product insurer. As a new broker market entrant we are making a significant investment in new technologies and are unencumbered by legacy systems, inefficient processes and a high cost base.”

The ‘Business Insurance’ policy will initially be available through ABC’s regional office in Croydon. Availability will expand as ABC develops its UK-wide network of branches. The newly opened Croydon Regional Office is headed by John Sadler. John will be backed by an experienced underwriting and business development team whose previous experience spans Allianz, Axa, AIG and Ace.

ABC will follow the launch of the ‘Business Insurance’ policy by unveiling 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.

Bunker continues. “Success in this market is all about execution and choosing the right business partners. For our part we are looking to form close relationships with modern, growth orientated brokers who recognise the value of working in partnership with insurers. We can offer these brokers a great service, high quality, experienced insurance people and the financial strength of the UK’s largest friendly society.”

Underwriting a range of commercial and personal insurance products, ABC has ambitious plans to become a major player in the broker market writing £300 million premium income within four years.