Bright Grey targets businesses
EDINBURGHBASED insurance specialist Bright Grey has launched a business protection product to help fill what it believes is a £500 billion insurance gap.
It said it will be targeting small to mediumsized companies with insufficient or even no protection in place.
The aim is to ensure that businesses are protected against the financial problems associated with the loss of one of their key individuals or one of the owners through death, critical illness or temporary disability.
Bright Grey, the protection arm of Royal London Group, the UK’s biggest mutual, has until now focused more on individual clients, rather than business customers. Its new proposition will be sold to businesses through corporate advisers. This includes "key person income cover" to protect companies from the loss they would suffer if a key employee is taken ill.
Jerry Bayman, national partnership manager for business protection at Bright Grey, said: "With nearly four and a half million businesses in the UK, the business protection industry is still a relatively untapped market.
"It could be argued that the pensions and group risk markets have reached a level of maturity with little actual ’new’ business being written.
"With an estimated value of more than £500bn, the potential for advisers to develop the business protection market and create genuine new business opportunities is huge."
Bayman added that many corporate advisers seemed reluctant to "dip their toe in the water", viewing business protection as a specialist market. He said he hoped Bright Grey’s approach would "explode some of the myths".
Bright Grey has established customercare teams dealing exclusively with business protection to ensure that plans are dealt with efficiently. It has also trained a number of business protection underwriters.
It is offering an online quote system to make it easier for advisers to prepare tailored menubased quotes for clients.
Original source : Business.Scotsman.com
