Markel UK, the retail division of specialist insurer Markel International, has launched Markel Direct, an online service targeting low-premium clients, many of which share the characteristics of personal lines business and so are unattractive to some brokers.
“Over the course of the last couple of years buying patterns, particularly in relation to small business, have resulted in a number of brokers arranging solus agreements with selected insurers in an understandable effort to contain expenses and maximize their earnings,” Steve Carroll, managing director of Markel UK, said. “At the low premium end of the market it is perhaps a tougher challenge for brokers to play the added value card as there are fewer opportunities for them to demonstrate their technical expertise. With a growing number of cost conscious small clients turning to the internet for insurance solutions, it is becoming increasingly difficult for traditional brokers to compete in this sector.”
Markel said it is developing enhanced capability for its established online broker e-trading system to improve its offer to the broking community.
Topics Agencies
Was this article valuable?
Here are more articles you may enjoy.
Everton FC Buyer Accused of Fraud, Double-Pledging Assets in Lawsuit 
The Top 15 U.S. Metros with High Exposure to Wildfire Risk 
Viewpoint: The 10 Major Risks Shaping Insurance Today 
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court 
