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A fuller picture of risk for a sticky customer

Premium: £75,000
Line of Business: Commercial Combined
Trade: Manufacturing

By demonstrating to a manufacturer that insurance isn’t a commodity, we helped a broker increase premiums while deepening the customer relationship.

Our broker’s customer, a manufacturer of industrial adhesives, solvents and sealants, was paying a £50K premium, with risk placed in another market. However, approaching renewal, the incumbent advised they could no longer offer terms in view of the manufacturer’s size and trade.

The broker invited us to review the case. While the risk was ostensibly well managed, we determined that some of the customer’s business activities, such as the handling of flammables, meant a premium of around £80K was more appropriate in practice.

Having failed to get closer to the expiring premium with another competitor, the broker turned to us again. We agreed to hold cover for a brief initial period to allow us to carry out a specialist chemical risk consultation, following which the customer agreed to full implementation of our risk improvement recommendations.   

With RSA offering a more stable market, a better understanding of risks and the capacity to more ably support the customer, annual cover was placed with us… at the higher premium. Both the broker and the customer were reassured by the knowledge and expertise of our risk consultant, which supported the business case for RSA as the right market..