Reference no: EM133046734
You are the Underwriting Manager for a general insurer. The insurer underwrites commercial and personal lines insurance via a network of insurance brokers. The types of risks include small commercial combined, large commercial, high net worth (HNW) and standard household and motor. As part of an underwriting policy review, you are considering amending the distribution of the insurance products to include distribution directly, via an online platform. This online platform will be for risks below a premium of £5,000.
(a) Explain, with justification, the most appropriate types of risks you would consider distributing directly online.
- Improvement of using the Direct online service
- How is a policy built
-Call centre
-Commission and advanced cost
(b) Explain three ways in which the underwriting policy could be amended to take into consideration this direct method of distribution.
- What is direct distribution
-What are the products you can channel thru this via motor, personal lines - household and small commercial
- Product commodisation
- What are aggregators
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