Delegated Authorities
First things first, what is a delegated authority?
In short, a delegated authority is a contract that enables a coverholder (that could be you) to underwrite risks on behalf of an insurance business (that’s Pen).
It’s more than just that however. By setting up a delegated authority with Pen, you have the opportunity to bring to market a distinct insurance product that builds on your knowledge of your customers, and precisely meets their insurance needs – be they movie companies, thatched home owners or business owners in your local area.
What’s in it for you?
A unique proposition, tailored to your clients: Pen doesn’t take an “off the shelf” or “one-size-fits-all” approach. Using your expertise and our technical know-how, we’ll create a unique wording, risk rating, even pricing, for your customer group.
Pricing: Our in-house actuarial team includes pricing specialists who will ensure that the product is priced correctly ie it is as competitive as it can be for your market.
Brand: It’s your brand on the policy, so when you work hard on behalf of customers – and we know you do - the more you will build your brand.
Empowerment: Because we set the risk and rating requirements, we can give you the tools to accept risks where others have to say “no”.
Control: We understand that you not only want to control your product, but your service to your customers too, so while Pen can arm you with everything from wording to delivery, you remain in control of the service that you deliver.
Remuneration: Taking on a delegated authority will provide higher commission than if you sold the same product as an intermediary. Depending on the extent of the work transfer from us to you, your remuneration could increase – put simply, the more you do, the more you could earn.
What delegated authorities can we offer?
Pen offers delegated authorities for both personal and commercial lines.
On commercial lines we offer liability, property and combined products. Our broad risk appetite covers corner shops to contractors to village fetes to venomous snakes on film sets.
We have an equally wide appetite on personal lines; our household products range from non-standard homes to mid-net worth homes to holiday homes; while our personal lines encompass stamp-collections, caravans and the instruments of professional classical musicians.
Why choose Pen and not another insurer?
Simple: experience and expertise.
The most senior members of our household team have worked together for over 30 years, not only as personal lines underwriters but as underwriters of delegated authorities. Before Pen, the team was responsible for the largest UK household portfolio at Lloyd’s.
Our commercial team are niche insurance specialists - everything from corner shops to contractors to village fetes to venomous snakes on film sets; the team are also industry leaders in equine risks.
What do we need from you?
If you’re interested in setting up a delegated authority, the more information we have from you the better.
You should have a clear vision of what you want to write and how you’ll distribute it. We want to see your business strategy and any proven record of success. The more we know about your needs the easier it will be to meet them.
