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Spotlight:
Buildings underinsurance
Infrequent reviews, lack of awareness and rising construction costs are contributing to a widening gap between insurance levels and the true rebuild costs of UK properties.
This Insurance Post Spotlight series explores the widespread problem of buildings underinsurance, its impact on business owners and individuals, and how insurers and brokers can help customers address the issue.
This Insurance Age In Depth series explores the latest trends across the rapidly changing cyber threat landscape, the impact on UK businesses, and how brokers can support client firms in tackling this key risk.
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Business claims on the rise
63%
Average coverage of underinsured buildings
76%
Percentage of UK buildings underinsured
122%
Average coverage of overinsured buildings
Expert views
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“Underinsurance not only poses significant risks for property owners, but also threatens the stability of insurers who could face unanticipated liabilities.”
Johnny Thomson
Marketing and communications director
Rebuild Cost Assessment
“The introduction and development of AI technology could help with desktop valuations being more easily available and affordable to policyholders.”
Paul Salisbury
Client director
Tysers Retail
“The broking community has a massive part to play in encouraging people to insure properly and helping them access services that are reasonably priced to enable them to do that.”
Douglas Brown
Managing director
Renovation Underwriting
Battery fires
Solar PV ignition
Terrorism
Read the articles:
Click the cards to know more
Cyber views
Good marketing can help brokers increase client sentiment, improve retention, and attract prospects who may find their broker only shows up when it’s time to renew. But while brokers often want to focus their marketing on ambitious growth targets, a lack of time, budget and expertise remain the key roadblocks in putting plans into action.
Using Aviva's dedicated marketing support, brokers can benefit from a wealth of free tools, content and templates that not only save time and money but help maximise your marketing efforts too.
*Marketing Support is only available to brokers registered on Aviva Broker
In-Depth: Digital messaging – how can brokers use digital marketing to build a brand and customer base?
Click to read
Email is a cost-effective, highly targeted channel to engage existing and potential customers and remains the digital weapon of choice for many brokers.
Explore the tools available from Aviva that responds to challenge:
Marketing Elevator
take the test and find out how your
email marketing activity scores and
how you can improve
https://marketingelevator.avivab2b.co.uk/
See demo video
Broker Create
ready-made content brokers can customise and share with clients
www.brokermentor.co.uk/create
See demo video of Broker Create
Campaign in a box
ready-made campaign to help brokers tackle the issue of underinsurance
https://at.aviva.uk/UnderinsuranceCampaign
Brokers and insurers can work together to ensure a clear understanding of their target customer base so that content and messaging is relevant and informative.
Burns is open to anything from conversations with a broker-facing department to subsidised campaigns, which have proved “mutually beneficial” in the past. And he is enthusiastic about the benefits of product and/or scenario-based content insurers package up for brokers for use in co-branded campaigns. Macbeth’s Smith also finds these ‘campaign-in-a-box’ solutions, such as those available from Aviva’s Broker Mentor, invaluable. “We’re all time-poor and that’s no different for brokers,” says Smith. “If insurers can provide some of the initial content for brokers to reference, use or repurpose, they’re giving them the starting blocks for campaigns which will hopefully attract new clients and benefit everyone,” she says.
Why it matters
The causes and consequences of underinsurance
Taking action
How insurers and brokers can help customers
Expert view
The potential of AI to transform valuations
Four ways Aviva can help…
In-Depth: The digital imperative - enhancing social media presence for insurance brokers
Click to read
A recent survey by Aviva’s Marketing Elevator revealed that social media adoption among insurance brokers is on the rise, with 72% actively using social media platforms. However, the survey also highlighted a significant gap in social media expertise among brokers, with 21% needing help with how to proceed and 56% seeking guidance.
Explore the tools available from Aviva that responds to challenge:
Marketing Elevator
Take the test and find out how your email marketing, social media, website activity scores and how you can improve
https://marketingelevator.avivab2b.co.uk/
See demo video
Aviva Broker Marketing
Community on LinkedIn
Closed group full of insurance specific learnings and exclusive access to new materials
https://www.linkedin.com/groups/9084447/
Marketing Memo
fortnightly memo full of practical hints and
tips on everything marketing, from using
Social Media Analytics to optimising your LinkedIn profile
Go to Aviva Broker and update your communication preferences to include Marketing Support
Owen aptly states: “A networking system would benefit brokers like us who are just starting – it provides an opportunity to interact with others, ask questions, and learn from their experiences.
Additionally, insurers can help brokers understand how to use social media analytics tools and platforms to enable them to track the performance of their campaigns and measure their impact on business objectives. These insights can help brokers refine their strategies and optimise their social media efforts for greater effectiveness.
Ready-made and personalised
content you can share
with clients on
Broker Create
including risk
management guidance
and claims scenarios
(Log in required)
With our Digital Aptitude report, discover how you compare to your peers and how you can improve your online presence
marketingsupport@aviva.com
Take the test and find out how you can raise the level of your digital marketing activity with our
Marketing Elevator
(Log in required)
Our new 'Underinsurance Campaign in a Box’ includes email templates, social posts, graphics and dual-branded materials to help clients understand the risks of underinsurance
In-Depth: Digital messaging – how can brokers use digital marketing to build a brand and customer base?
Click to read
If a broker could do one thing to ensure their marketing activity delivers the return they’re looking for, it would be to create a marketing plan. Too often, brokers will jump straight into tactical activity like setting up an Instagram account, without really knowing what they’re looking to achieve, or how. Then, when the new business fails to arrive, they dismiss marketing as being ‘a waste of time.
Explore the tools available from Aviva that responds to challenge:
How to create Marketing Plan,
including template – Your marketing
strategy in seven steps
Broker Create
ready-made content brokers can customise and share with clients
www.brokermentor.co.uk/create
See demo video of Broker Create
Digital Aptitude report
see how your online presence is performing against industry benchmarks and your peers with Aviva’s Digital Aptitude reports (see attached Marketing Memo email for context, detail and case study)
Ready-made insights from insurers can therefore be an invaluable source of content but brokers often overlook this option. In most cases, insurers’ content is written professionally, put through the rigour of approvals and should therefore offer a fantastic source of information that, with just a little bit of tailoring, can be shared with clients.
What we’ve seen is that brokers are often guilty of leaving their websites and social media accounts unattended, forgetting the negative impression this can have on prospects and potential recruits. That’s why we launched our Digital Aptitude reports, helping brokers to see how they’re performing against defined benchmarks, as well as against their peers.