Commercial Combined Packaging risks together 1
New policy wording Q. What makes RSA and your new Commercial Combined product Best in Class? A. New policy and pricing, plus specialist traders and sound risk management = market leading trading experience. We will provide a price competitive contract certain policy, underwritten by specialists and supported by the widest range of expert risk management services in the market. Where a claim arises we will settle without quibble within the cover provided. We are also ahead of the market in early adoption of the law reforms making the contract fairer and more transparent for your customer. Q. What are the benefits of your new wording? A. We are trading with one simple warranty free policy wording. Any specific customer conditions will be clearly defined up front in the schedule. This embraces the new Law Reforms and puts us ahead of the competition e.g. where an alarm is a condition of cover for Theft/Fire or a sprinkler system is a condition of fire cover. Q. If the Law Reforms Bill is passed prior to the General Election, when will the proposals become law? A. The Insurance Bill received Royal Assent on 12 February 2015. It will become Law in August 2016 and all our products will need to be made compliant with the law. The Commercial Combined product is in line with our current understanding of how the new law will apply. Q. Is your wording on an All Risks basis? A. Our new Commercial Combined wording offers the choice of an All Risks cover or a Defined Perils basis depending on the customer's choice. Our approach is to offer the customer the widest form of cover as our recommended choice i.e. 'All Risks' but with the option of reducing this easily if the customer prefers, and of course, the price changes to reflect the breadth of cover selected. Q. Cyber Liabilities is emerging as a new offering - is this included in your new wording? A. Not at present, this cover is currently under review by RSA. 2
New policy wording Q. Will the additional covers (e.g. PA/legal expenses) form part of the same wording? A. Yes, the single policy wording includes: Property Damage and Business Interruption Insurances Money Insurance Terrorism Insurance Liability Insurance o Employers Liability o Public/Products Liability o Legal Defence Costs o Financial Loss o Legionellosis Fidelity Insurance Personal Accident Insurance Loss of Liquor Licence Insurance Legal Expenses Insurance Transit Insurance Deterioration of Stock Insurance Computer Equipment Insurance Machinery Breakdown Insurance 3
Improved trading experience Q. Why should I trade Commercial Combined with RSA? A. This is not a simple refresh of an existing product, we have reviewed everything including product, pricing and documentation all based on feedback and with the customer in mind. A key part of our proposition is having specialist traders who can work with you to really understand your customers needs. Don t just take our word for it, please try us and let us demonstrate our offering to you, so you can provide more choice for your customer. Here is a good example of what we are offering: We used to hold Case X but lost it 2 years ago to AXA. We looked at it again for the last 2 years to try to get a win-back, however we could not match the deal we had before and there did not seem much appetite to move it. This year due to PRE we were able to meet and beat the expiring premium and win the business. We also cross-sold Profin and agreed to work on a business continuity plan with them. They were also paying for an excess layer on their PL which we have included within our price and as a final finishing touch we have included Crisis Management cover which they did not have before all within our very competitive price. Q. How do I get the best price for my customer? A. We are committed to having better initial conversations with you we will get to know the risk upfront and therefore produce our best quote first time. So please try to provide us with as much information as possible as this will enable us to get to our best price quicker. Q. As a broker I need flexibility and stability from my insurers, how are you achieving this? A. Our emphasis will be on better initial conversations, this allows us to understand the risk and customer needs. The more we understand, the better we can respond and traders will be able to demonstrate flexibility for good quality risks within our defined target market. Q. Will flexible commission be available for the Regions Commercial Combined product? A. No general feedback from brokers was that were they not keen on this for Regions Commercial Combined risks. 4
Appetite Q. Do we have any ineligible Trades? A. We have a very clear appetite that operates within certain trade sectors and risk parameters. Please refer to the target market grid as certain trades are ineligible on certain contracts. Trading in the right channel with RSA for combined business Q. I want to send all Commercial Combined enquiries to one place - can I do this and still get a quote? A. If we receive a Commercial Combined enquiry from you, we will let you know which product is best suited to the customer needs. Regions and global enquiries will be handed to the appropriate trading specialists who will respond to you. For SME enquiries we will quickly respond with information as to how you can obtain a quotation online. Q. What is the difference between your e-traded combined products and this new Regions combined product? A. SME e-traded products are off-the-shelf, simple products and built with the standard risk in mind. We offer a wide range of products online including Shop, Office, Hotels and Restaurants and Small Business Combined for you to choose the most suitable product for your customer. The Regions combined product is more suited to the larger and complex risks where cover can be tailor-made for your customer. Risk Management Q. How will risk management services differ from your competitors? A. All customers will have access to the level of risk management services appropriate to their business size and complexity. This is provided by RSA and supported where needed by our risk partners RiskStop. Collectively this will provide access to best in class loss prevention advice to safeguard assets, people and reputations. 5