The Custodian Insurance team has been protecting businesses throughout the UK for more than fifteen years. Their products are tailored to meet clients' challenges and risks. Should a claim ever be made against one of their clients, Custodian Insurance is there to support them every step of the way.
Are you looking to work with a dedicated company in the insurance industry? Click on their opportunity page to find out more.
1. Where’d the inspiration for Custodian Insurance come from?
Our company model was created by taking all the greatest attributes of business insurance providers and cutting out everything else. For example, we don’t strip away policies for smaller companies that are traditionally only afforded to big businesses. Our main concern is to protect businesses and deliver on our insurance promises.
2. Tell us a little about your expertise in the insurance arena
I started my career as a graduate trainee for the Royal Sun Alliance before moving to Hiscox. Throughout my career, I’ve been involved with the creation of insurance solutions for the SME sector, with a focus on professional risks and business services. Hiscox taught me much about customer service, delivering quality, and marketing. In such a competitive industry, you always need a strong offering.
3. Can you tell us about some of the work you have carried out to date?
We have created products for architects, engineers, accountants, surveyors, accountants, tech firms, media firms, construction firms, consulting firms, and property agents. All of our products are tailored to meet exposures and our clients' sectors.
We also offer employment dispute products which we deliver largely via HR consultancy firms.
4. What's your greatest client success story?
We recently worked with a London surveyor who was very worried after a job for a bank had gone wrong. The bank had tried to sue him for the sum of £350,000, even though there had been no fault of his own. With the help of our claims handling team, he was able to negotiate a settlement of around £60,000. Our client was relieved not only to have his policy paid up, but also to avert a much larger claim.
5. What made you consider wanting to work with independent sales agents?
We already have many strong offers, but what we really need are strong communicators to raise brand awareness and open dialogues with our target market. Working with freelance, independent agents is a great way to ensure that result-driven conversations are had with the right audiences.
Why would sales agents have an edge selling your services?
We are a very niche business. We are not general insurance providers, but rather very focused on specific sectors and their covers. So our cover, language, marketing, and profile are quite geared towards that. We also provide niche targets with additional services and resources that are expanding all the time. Custodian Insurance is highly competitive. Our main product is underwritten by Axa, and that adds a considerable amount of comfort to our end customers.
6. What makes your service unique, innovative and sets you apart from the competition?
Services that make our company unique include:
- Specific covers for specific sectors.
- Easy-to-understand processes and documentation.
- A PI claims handling team with a success rate second to none.
- Quick processes.
- Competitive prices.
- Additional services, such as contract checks for certain sectors.
7. What are your plans for the future of Custodian Insurance?
Our main goal is to continue growing. We’re looking to source and acquire acquisitions within our sector, widen offerings, deliver new products, and create brand awareness within our new niches.
8. What are your best-selling services and why?
Our HR product receives a lot of attention for of the following reasons:
- It’s niche (targeted at HR consultants).
- It doesn’t have a clause requiring a ‘reasonable prospect of success’ before a policy responds to a claim.
- it can be white labeled.
- it enables a client to improve his offering and position in the marketplace.
Our PI products also sell well, particularly with agents, architects, tech, construction, and surveyors.This is due to our cover and service bundles and the specificity of our offerings.
9. Please describe the typical sales cycle and process to sales agents.
Our usual process involves cleansing a list for renewal date purposes. Sometimes this has already happened, but often times not. We’ll normally have engaged these prospects on social media or email already. As a renewal date approaches, activity tends to intensify and we’ll start reaching out to see how we can be of assistance. After we’ve made a few calls it becomes our business as an FCA entity to quote and close the business.
10. How do you currently bring in new business or win contracts?
We have three main channels:
- We’re constantly approaching new brokers.
- We then stay in touch with them and email updates of our activity and call them
- Intermediaries are brokers we have already established a relationship with.
- We maintain intermediaries by keeping consistent contact and sending out email updates on recent activities.
- Digital marketing
- List buying
- Social media
- Data cleansing
11. Have you received any recognition or awards for your services?
We’ve already received loads of positive testimonials. We’ve yet to enter any competitions, but that’s likely our next step!
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