Non-standard household insurance specialist Plum Underwriting has seen sales increase by 54% and has more than doubled its agency base since announcing aggressive growth plans a year ago. The company is now predicting at least the same level of sales growth in the coming 12 months.
The results reflect strong broker demand for the non-standard solutions Plum provides, which address the lack of available options in the market due to a diminishing appetite by mainstream insurers for risks that do not fit standard client profiles.
Plum’s household insurance product Flex, which caters for risks such as non-standard construction types and adverse claims histories, through to previous convictions/bankruptcy, non-standard occupations and irregular occupancy, is performing particularly strongly. Plum is currently recruiting additional underwriters to meet demand and, following close consultation with brokers, is planning a number of new product launches throughout the remainder of 2011.
Plum director David Whitaker said: “The growth in demand for our specialist products Flex, Elite and HomeWorks, highlights the need of brokers for non-standard solutions. We are delighted with the growth achieved to date but as the appetite of mainstream insurers continues to shrink there is a much wider market waiting to be served. As insurers focus on less complex standard risks, tightening risk acceptance criteria and underwriting parameters to chase volumes of ‘clean’ risks, so an insurance underclass is emerging. Plum is commitment to working with brokers to help them address the non-standard needs of their clients and becoming the non-standard brand of choice in the market.”
Source : Plum Underwriting Press Release
