Rural launches first Equine Delegated Authority Scheme

rural launches first equine delegated authority scheme

Rural Insurance, the agricultural arm of UK General Insurance Group, has launched its first Equine Delegated Authority scheme.

Rural’s chief operating officer Mike Ellis said the scheme, Equine Insurance Solutions, was launched at the beginning of the month in partnership with UK Insurance Solutions Ltd.

He said: “This is a new connection for Rural, as the broker currently places all of their equine insurance with a Danish insurer. They were looking for a new partner who could offer a simpler, entry level product to secure new customers who find their current product too expensive.”

“We expect to pick up 20% of new business and there is also potential to attract existing customers who want to trade down to a simpler, value product. We have developed bespoke documentation and systems to enable the broker to transact business and administer policies, as well as giving the broker some authority to handle claims.”

Paul Galloway of UK Insurance Solutions, said: “We’re pleased to be working in partnership with Rural, Our new Equine product will enable us to grow our book of business and improve our breadth of customer offerings. We particularly like the flexibility which comes with the delegated authority set up.”

Mr Ellis added: “This is another first for Rural Insurance and, following the launch of two delegated authority schemes in Northern Ireland in July and a further scheme in the UK in October, is another step in our strategy to grow our business through DA. We have more plans to bring a number of new schemes to the market during the next few months.”

Mr Ellis said: “Our aim is to double our revenues and grow our market share to 5% during the next couple of years, to hold our position as a top five provider.”

“The UK’s agricultural insurance market needs to change, and we want to be the company brokers see leading the changes, especially around service provision. Rural wants to be a market leader for service; this latest DA scheme is designed to help put that ambition into effect.”