NIG TARGETS PACKAGE BUSINESS GROWTH WITH REVAMPED PRODUCTS AND PRICING ON BROKER QUOTATION TOOL NIG NETWORK
NIG is relaunching its package products suite on its popular NIG Network broker system, with revamped products, a brand new ‘Professionals’ product and an improved quote system generating much more competitive pricing.
From the 1st of June 2010 NIG Network users will find that NIG’s package products have been renamed and will benefit from improvements to the types and levels of cover provided. The online quote system, which is already one of the quickest and simplest broker facing extranets, has been improved even further and a small number of refined underwriting questions for some products will result in more competitive premiums with savings of around 15% to 20% being achievable.
In addition, following feedback from its brokers, NIG will be offering no claims discounts across all of its package products, a 5% broker discretion on premiums and greater flexibility in quoting for larger risks. NIG predict the service and product enhancements combined with very competitive pricing will make package products via NIG Network a compelling proposition for brokers and clients.
The relaunch comes as part of a continuing programme of improvements at NIG aimed at maximising their market position in the package arena and supporting a strategy to increase market share in the larger and more complex risks within the SME market. NIG’s ambition remains to become a top three SME insurer in chosen markets.
Changes to products include the following:
Professionals – A completely new liability product aimed at management consultant, hairdressers, accountants and architects with up to 15 employees. Can now cover business equipment, money, personal accident and business stock, and with minimum premiums from as low as £40.
Tradesman – Expanded to help you write larger business. Can now cover owned and hired in plant, tools, business equipment, money, business stock/materials, personal accident and contract works. The maximum number of workers has been increased from 10 to 15.
Residential Landlords – Expanded to cover more of the marketplace. Individual flat and contents-only risks. Can now cover up to 10 locations as part of larger portfolios, which provide substantial size discounts. Formerly known as ‘Residential Property Owners’.
Commercial Landlords – Expanded to cover more of the marketplace. Can now cover up to 10 locations as part of larger portfolios, which provide substantial size discounts. Formerly known as ‘Commercial Property Owners’.
Hotel & Guest House – Extended cover for household contents. Enhanced BI limits. Formerly known as ‘Hotel’.
Pub & Restaurant – Extended cover for household contents. Enhanced BI limits. Formerly known as ‘Licensed Trade’.
Business from Home – Extended cover for household contents. Now includes standard excess of £100, and with minimum premiums from as low as £50.
Shop – Extended hair and beauty treatment covers. Now includes standard excess of £200 for buildings and contents, and with minimum premiums from £175. Formerly known as ‘Retailer’.
Office & Surgery – Extended cover and flat roofs now allowed. Now includes standard excess of £200 for building and contents. Formerly known as ‘Office’.
Dave Cahoon, Head of Pricing & Packages at NIG, said “NIG Network has always been popular with brokers because of its simplicity, speed and the high percentage of quotes returned online. We’ve refined a few of the questions around some products to allow us to quote more accurately and although we’re sure brokers won’t notice the quote process taking any longer we’re sure they’ll notice how much lower the premiums are. We estimate premiums across our package business could be reduced by as much as 20% which is great news for brokers and their clients. Combine this very competitive pricing with great product enhancements, no claims discounts across the board and a 5% discretion for brokers and NIG Network will be extremely hard to beat for package business.”
In order to promote the relaunch NIG is running a prize draw offering NIG Network users the chance to win Apple iPods and other such goodies – including the yet-to-be-released in the UK iPad. Each quote generated on NIG Network will earn the user an entry into the competition with prize draws taking place every fortnight.
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For further information please contact:
Gordon at MAW Communications on 01603 505 845
Jason at MAW Communications on 07824 818 242
Notes to Editors:
NIG provides insurance solutions to small to medium sized businesses and private customers throughout the UK. Established for over 100 years, NIG provides its insurance exclusively through a network of over 3,000 brokers.
By working closely with our selected brokers, NIG provides a wide range of insurance products for personal and commercial needs protecting cars, vans, motorcycles, homes and businesses.
NIG is part of The Royal Bank of Scotland Group’s Insurance Division, the second largest general insurer in the UK
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