In the UK, 30-40% of SMEs are uninsured and 50% of those which do have insurance are underinsured. Beazley are trying to help to plug this gap.
The business had a target to increase GWP for specialist SME business in the UK.
The business wanted to reduce time to market for new product launches (currently in excess of 6 months).
Traditionally there was an inability to support small schemes given the high marginal costs associated with getting up and running.
The Certua platform provided a mechanism for Beazley brokers to access embedded distribution.
Using the platform reduced time to market for new products from 6-12 months to 12 weeks by providing configurable product management and distribution options.
Together, the partnership enabled small schemes opportunities with minimal increase to marginal cost which were otherwise unable to be explored, through no code product launches.