“If you chart our growth over the last three years, it looks like a hockey stick,” states Nazir. “It’s taking off. We’ve been focusing on commercial opportunities and have achieved steady growth with our coverholder partners in Canada. Our aim is to create the right conditions for mutual profitable growth and Policy Works has played a significant role in helping us achieve this objective.”
Key #1: Making a level playing field with domestic carriers
The first key to Nazir’s objective for growth was shifting the perception of Lloyd’s as a market and AEGIS. “While Lloyd’s is renowned for offering a range of innovative products, we also excel in providing good quality insurance with strong security and a trusted brand.”
AEGIS has worked diligently to make its binder business an attractive option for coverholders, especially for SME business. “Now, we’re making sure that things are in line for a level playing field with domestic carriers, and we look to provide an even better service to our partners as a real differentiator.”
Key #2: Making life easier for Lloyd’s coverholders
“We are committed to making life simple and easy to do business with us”. The second key for growth was automation, especially when reporting. Nazir spent a lot of time and energy at the outset working with AEGIS coverholders to ensure they were working as efficiently as possible. This meant entering data only once in Policy Works, when issuing the policy, and then uploading the data directly to Lineage.
This is what really caught Nazir’s eye: the automated upload to Lineage directly from Policy Works. This removed one of the biggest pain-points for coverholders, and helped provide AEGIS with improved data it could analyze.
Working with Policy Works and the Lloyd’s Canada team, AEGIS helped champion the upload of Premium Payment Plan (PPP), from Policy Works to Lineage. Now it's not only risk data, but payment information being uploaded as well. With these pieces in place, the Policy Works platform made placing business with Lloyd’s a very attractive option for coverholders.
AEGIS has doubled SME written premium following the introduction of PPP upload to Lineage. “It’s the reason why I refer so many coverholders to Policy Works.”
Key #3: Making Lloyd’s workflow streamlined and automated
Having a system like Policy Works isn’t a magic bullet, though. The most important factor that has driven profitable growth with AEGIS is what Nazir calls a discipline of workflow. “Successful coverholders view themselves as an insurance company located right in their office,” states Nazir. As such, their entire process needs to be streamlined and automated.
According to AEGIS, Policy Works provides coverholders with a complete Point-of-Sale (POS) solution where the policy data is entered once, and then all related documents and reporting (to Lineage) are generated from this initial set of data.
“If you don’t do it this way, it’s not efficient. If you’re not efficient, the extra commission you’re earning is probably not enough to make it worthwhile,” says Nazir. “Being a coverholder at Lloyd’s is a unique opportunity so one needs to ensure that you nurture this achievement and take advantage of what Lloyd’s Market has to offer."
The technology, process, and efficiency provided by the Policy Works platform is another example of how AEGIS London has become one of the leading Lloyd’s syndicates in Canada.
If you’re a Lloyd’s coverholder or MGA and would like to:
automatically generate policies approved by Lloyd’s Canada including declaration pages that meet Lloyd’s branding guidelines.
easily handle multiple subscribers and premium splits, and
instantly upload reports to Lloyd’s Lineage
contact us to learn more.