Product Exposed Residential Property Owners Insurance
Broker Spotlight Oakes Insurance - Sean Kinsella
April 2022
Issue
29
Introduction
A message from Richard Burgess Welcome to this edition of ABACUS Exposed. Firstly can I thank Sean Kinsella of Oakes Insurance for agreeing to be under our “Broker Spotlight” for this edition, thanks also for their years of support. As we start to learn to live with COVID it is great to see our staff returning to the office, here at ABACUS, we will continue with our Hybrid approach – as you will have experienced throughout the past 24 months our service levels have remained at the highest levels despite the challenges we have all faced. Our commitment to our service remains our number one priority and your feedback on how much this has been recognised and appreciated has been most welcome.
It is fair to say that we are all seeing new challenges in the Property Market, with index linking at it’s highest level for many years and rate increases it is a changing landscape. The panel of Insurers for our product range helps us strive to ensure that we are offering market competitive rates for your customers and we know this is highly valued by you, our supporting Brokers.
As a result of this change I have been appointed as the CEO, otherwise there really is no difference to the business. I am sure you join us in wishing Nick a very happy and long retirement.
It is all change but no change here at ABACUS. Many of you will know Nick Blunden. Nick retired from the business on the 31st December 2021 following the completion of a Management Buy Out by existing Directors – Barry Brook and myself. The business remains exactly as it was, privately owned by the Directors.
Here is to a much more “normal” 2022 for all of us!
As always, thank you all for your continued support and we look forward to seeing many of you at BIBA in May and at the ABACUS events we intend to run this year.
Richard Burgess ACIEH, Cert CII, MCIM, MICA Director & CEO e: richardb@sabacus.co.uk m: 07725 365447
1
Previous Caption Competition Winners
The winning caption was from Edward Chawner of A-Plan Insurance (Eastleigh):
‘They weren’t quite sure how to tell
Dave he wasn’t being truthful – But a subtle game of heads up was a fantastic in joke’
2nd prize goes to Paul Richardson of Ashbourne Insurance
‘‘Am I a meercat? . . .No Am I an opera singer? . . .No I’ve got it . . . I’m an insurance broker! 3rd prize goes to Gary Hodgson of Hodgson Insurance with:
‘Guesser – So do I have a big bushy mane?? Others – yes…..and yes!!!!’ Well done to our winners and thank you to everyone who entered! We look forward to receiving your entries for this edition’s competition.
ABACUS Caption Competition We have some great prizes up for grabs in our everpopular Caption Competition. The prizes for the top three entries are:
1st Can you come up with a funny caption for this image? To be in with a chance, simply send your caption entry for the photograph above to robing@sabacus.co.uk by Friday 3rd June 2022
50 Voucher £ of your choice
2nd £25 iTunes Voucher 3rd £10 Next Voucher
Good Luck Everyone! 2
News round up “Unwanted solar gain” and new build conservatories Who’d have thought that something as commonplace and well-loved by householders as the humble conservatory could be an enemy in the fight against global warming? That seems to have been the message in a story that appeared in the Daily Mail in January. The unrelenting onslaught of global warming means that summer temperatures in Britain are widely tipped to reach 40°C on occasion. As a result, not only will any conservatory become unbearably hot, but the rest of the house is likely to suffer stifling heat too. In science-speak, that effect is called “unwanted solar gain”. To prevent that kind of unwanted and environmentally harmful effect, the government is poised to ban the construction of conservatories on new-build housing. According to the news report, that ban might be imposed as early as this June. New building regulations are also proposed to limit the size of windows in the dwelling, depending on the direction each faces, and a calculation on the likely effect of overheating in the home.
EV charging points requirement in new builds and refurbs The Consumer Association’s Which? magazine recently reminded its readers of the government’s announcement of legislation requiring the installation of charging points for electric vehicles (EVs) in all new homes, newly built places of work, supermarkets, and buildings subject to major renovation. The legislation – which is scheduled to come into force sometime this year – will result in an additional 145,000 EV charging points each year at various locations across England, with the government pledging to make recharging your car “as easy as refuelling a petrol or diesel car today”. The government has announced an intended ban on the sale of new diesel and petrol cars from as soon as 2030, as part of the effort to encourage the switch switch to EVs.
3
News round up Check EPCs before buying new investment properties A home’s Energy Performance Certificate or EPC might be one of those pieces of documentation it is easy to overlook when buying a rental property. But an article in Landlord Today recently warned that it can be overlooked at your cost. Urging landlords to check the EPC carefully before making an offer to purchase any buy to let property, Landlord Today points out that a belated discovery that it falls below a minimum C energy efficiency rating will disqualify the property’s use for rental once the proposed new legislation on new tenancies comes into effect in 2025. Further details about the steadily more stringent regulations about the energy efficiency of rental properties are discussed in a posting by Letting a Property (last updated on the 18th of January 2022).
NRLA poll reveals number of landlords hit by rent losses due to COVID The Covid pandemic has hit many landlords squarely in their pocket through a significant loss of rent. A recent survey found that 23% of private landlords who responded had lost rent because of the pandemic in the period from March 2020 until September 2021. 11% of those landlords had agreed to rent reductions with tenants and granted temporary suspensions on the collection of the rent otherwise due. Amongst the landlords most severely affected, 8% experienced major issues regarding the unpaid rent while a further 4% have had to leave rental properties untenanted during the period in question. Of those who had lost rental income because of the pandemic, 54% said they had lost up to a fifth of their income across their portfolio. 5% reported that they have lost more than half of their rental income. 38% of those landlords who said they had lost rent because of the pandemic during the last two years are now planning to sell up one or more of their let properties or leave the market altogether.
UK holiday home FAQs Even before the pandemic, second home ownership was increasing, with a report highlighting that the number of second homes in the UK had risen to a record high of 495,000 in 2018/19 - a 30% rise from the 382,000 recorded in 2013/14. Since then, the holiday let industry has boomed even more, with restricted overseas travel seeing many people have a “staycation” and enjoying everything the UK has to offer.
lb eing aware of the financial side of things in terms of tax. Seeking professional advice from the relevant authority where your holiday home is located may make sense and give you the peace of mind that your holiday let is fully compliant.
If my holiday home is being used purely by myself and my family and it is not let to paying guests, can I use home buildings and contents insurance? If you have a second or holiday home (so a property that is not your main residence), then you will still need holiday home insurance. This is because your second home is unlikely to be occupied all the time so that it will face more significant risks.
Is employers’ liability for injury to domestic staff at my holiday home - such as cleaners or gardeners included in the cover? Our UK holiday home insurance policies include up to £5m employers’ liability cover for domestic staff.
Is my permanently installed Jacuzzi / hot tub / swimming pool covered under the buildings section of the holiday home insurance? Yes, fixed fittings are covered, but there are some exclusions. For example, if your swimming pool / hot tub / Jacuzzi is damaged by storm, flood or weight of snow or damaged by frost, then typically you will not be able to make a claim.
Are any discounts available when I buy my holiday home insurance from you?
A standard owner-occupier buildings and contents insurance policy would not cover Yes, if you have had at least three years’ these increased risks. claim free under your existing holiday home insurance, we will discount your Failure to source the correct cover (i.e. premiums up to 20%. holiday home insurance) will not only mean that any claims will be invalid, but you could also find yourself in trouble with What happens if my property is left So, if you are about to invest in a holiday unoccupied for more than 30 days? your second home mortgage provider. home, or already own one, here we answer Please let us know. As long as you advise some frequently asked questions (FAQs) This is because having appropriate us that the property will be unoccupied your customers may ask about UK holiday insurance in place will typically be a for more than 30 consecutive days, your homes and insurance cover … condition of your contract with them. If insurance policy remains valid. you have the ‘wrong’ type of cover, you What do I need to consider when could be forced to pay any outstanding Note that there are certain obligations owning or buying a holiday let mortgage balance with immediate effect you will need to fulfil, such as making home? as well as face charges of fraud. regular, logged inspections of the property Apart from having the ‘correct’ type (typically every 30 days). We may also ask Does the policy cover the costs of of property insurance (you cannot use that you drain down the heating system. alternative accommodation for standard home insurance for a holiday let as we discuss further on in this article) any guests, should the property Details can be found within your policy there are a whole host of things you need be damaged before or during their document. to understand and are also legally obliged stay? to do. Just three of these include: If an insured event damages your property Any further questions? lu nderstanding any local let property legislation in addition to the usual legislation. For example, if you have a holiday let in Cornwall, you may be required to have rechargeable torches in every room; l a s an owner of a holiday let, you may need to apply for a Hotel and Mobile Units Television Licence;
(so, flood, fire, etc.), making it temporarily uninhabitable, then we will pay for the costs of alternative accommodation, up to set limits.
Does your policy include public liability injury to guests and third parties?
We hope this brief blog has given you some ideas of what you need to consider when you buy or own a holiday home. If you have any questions relating to holiday home insurance – or for a quote – then please get in touch. We will be delighted to help.
Our policies include up to £2m public liability for guests and third parties.
5
Lead generation ideas using LinkedIn LinkedIn is used by professionals in every industry around the world as a fantastic networking tool. However, it can also be an excellent way to generate leads. Using the site, you can encourage people to connect with you on LinkedIn itself or send them to your website. If you are involved in the insurance industry, LinkedIn should definitely be one of the ways you bring in leads. Here are some ideas to consider.
Create a quality list of contacts When it comes to lead generation using LinkedIn, this could involve encouraging people to sign up to your email list. But in its simplest form, it simply involves collecting the details of people you want to contact, and LinkedIn is perfect for this. LinkedIn has over 380 million members, according to the site, and that means you can search and find high-quality prospects, especially if you are selling B2B insurance products. Use the advanced search function on the site to quickly filter results and identify the right people you need to be contacting, like the decision makers at big companies. You can then keep their details on file until you decide how you want to reach out to them.
Use the Sales Navigator tool LinkedIn has an excellent tool you can use called the Sales Navigator. This allows you to make advanced searches to build your lists of contacts. Some of its benefits include:
l the TeamLink feature shows who in
your company is connected to the people in your lists so that you can make warm introductions; l you can make unlimited searches in the extended network, which opens up a huge number of potential contacts.
Get involved in groups Another way to reach out to relevant prospects is by joining groups. There are many groups related to all kinds of niches on the site, and this is one of the best features of LinkedIn. What better way to build trust and introduce yourself than by showing your personality, your skills and your expertise in a group setting? People hire other people who they know, like and trust, and groups are perfect for this. There are groups in every niche, including those related to your insurance market. By getting involved in groups, you can demonstrate your expertise and become the go-to resource. You can also connect with not only customers but also influential people, and you could get connections through them. In addition, you can send messages for free to people in the group, even if you are not connected with them. If you join lots of groups, the possibilities are huge.
familiar to your target audience. Promote your articles on LinkedIn, ask for comments and feedback, and engage with your prospects. Providing value helps you to build stronger relationships and posting once a week or so will keep you at front of mind. That way when someone decides they want to use the products or services you provide, they will think of you first.
Use sponsored updates Go one step further and use sponsored updates. This is a paid form of advertising, but it can help you to reach out target your audience more precisely and make sure people see your updates. It is also a great way to promote your content, which can help you to generate more leads over time.
Use LinkedIn to boost your leads LinkedIn can be a fantastic way to build leads, as long as you know the right tactics to use. Many people see the social network as nothing more than an online CV, but you can do much more with the platform. Make the most of it by connecting with your prospects and key influencers, and over time the results will pay off as you generate more targeted leads.
Publish valuable content
Another top way to connect and build leads on LinkedIn is through publishing valuable content. Just as elsewhere online, content marketing is a powerful l it provides you with lead generator. By publishing your best recommendations for who to add to blogs on the site, you can reach more your lists to save time; potential contacts and become more
6
Product Exposed Residential Property Owners Insurance As you may be aware, our Residential Property Owners (RPO) insurance is one of our most popular products – not only is it easy for you to get an immediate quote online from our panel of specialist insurers, but our RPO insurance offers what we believe is very cost-effective cover and additional benefits not available with some other providers (such as Trace & Access cover and malicious damage by tenant as standard). Here is a quick refresh of our ABACUS RPO insurance …
Why ABACUS RPO?
Who is the product for?
lC ost-effective, flexible cover to meet your customers’ own unique needs.
This product is for landlords who own and let out a residential property.
What does it cover? Our policies cover all the standard risks associated with landlords insurance including many elements of protection which some other let property insurance policies from other providers exclude (e.g. subsidence and communal contents as standard).
Key features of our Residential Property Owners product l Up to 25% commission. lA ll property and tenant types covered, no tenant restrictions. lC ommunal contents, subsidence, Trace & Access, and malicious damage by tenant typically all included as standard. l L oss of rent included up to 20% of building sum insured. l Property owners’ liability insurance up to £5million. l Contents only option. l Portfolio risks catered for. l Immediate online access to our panel of insurers. l Policy documentation available immediately online.
lO ur policies cover all the standard risks associated with landlords insurance including many elements of protection which some let property insurance policies from other providers exclude. l Our system gives you: – i nstant online access to our panel of insurers, with immediate quotes. – access to all your customers’ documentation online – t he ability to request cancellations and confirm renewals online. l I f a quotation “refers”, we will come back to you quickly with our Terms. lP olicy documentation available immediately online. lH elp and support readily available from our New Business Team.
Customer + Broker + residential property owners insurance = ABACUS At ABACUS we are committed to our Broker Members by providing ongoing marketing support and help. If you have any questions or queries in relation to this or any other product, or with getting a property insurance quote, please do not hesitate to contact our Agency & Marketing Team on 01702 606 312. They will be more than happy to help.
l E asy to use referral system online for “that difficult quotation”.
7
ABACUS Out & About – Spring 2022 Following a quieter winter, the cobwebs have been well and truly blown off the car in February & March, and we have been delighted to be getting out and seeing more of you. We look forward to this trend continuing as we head into the warmer months.
Robin February A hybrid approach to visiting our brokers has taken full effect, with the car setting off all over the country, from Cheltenham to Exeter and from Leicester to Whitstable.
London Calling With the restrictions being relaxed, we were also able to hop on to a train to meet up for a spot of lunch with Mark Lee & Steven Jones of Wesleyan. It was fantastic to catch up properly. We met at the Ivy City Garden, a quirky restaurant near Liverpool Street. The food and the company were both excellent on the day.
February Miles & Smiles Number of Brokers Seen– 31 Number of Miles Travelled – 1,240
March Spring was in the air as we set about the country. We visited brokers in as varied locations as Birmingham, Devon, Manchester & Wetherby. As always, it has been a delight to see so many of you in person in your offices or at local shops and restaurants.
Step up to the Oche Robin was in Manchester with both Dean Mardy & Steve Horner of Blink IS to host a few of the local brokers for a game of darts at Flight Club. It was St Patrick’s Day, and spirits were high. Everyone had a superb night, and everyone enjoyed their time at the oche.
March Miles & Smiles Number of Brokers Seen– 36 Number of Miles Travelled – 2,618
We are ready and waiting
If you would like Robin to hold a meeting with you (be that in person or virtual) to discuss your agency with ABACUS, please let us know. Email us at agency@sabacus.co.uk or call us on 01702 606 312.
8
Meet The Team
Adm Rogers – New Business Manager
1. What is your role within ABACUS? I’m the New Business Team Manager. 2. What is your role within ABACUS? All things new business from day to day enquiries that come in to training, working through strategy plans, monitoring service standard, liaising with other teams and making sure both my team and our brokers are happy and getting the best out of the ABACUS experience. 3. What is your favourite thing about your role? Easy to answer, it’s the team I have around me. Without them I wouldn’t be able to do what I do. I may be biased but I think they are the best team in the company and look on them as my little work family. 4. What do you think ABACUS does best? The service we provide, be it for a single policy broker or a multi-million pound broker we always and only provide the service we would wish to receive ourselves. I like to think that sets us apart, there is no “Computer Says No” attitude in the company.
6. What is your favourite food? Haggis without a doubt and yes I know what it’s made of. 7. What car do you drive? VW Scirocco R edition diesel (would have the petrol but the commute is too long). 8. What is your favourite drink? 50yr old single malt scotch or failing that a pint of Guinness. 9. What is your favourite holiday destination? Anywhere in the UK, preferably somewhere with a lake. 10. Tell us about a memorable night out with ABACUS. With ABACUS it would have to be the 10 year service meal where all of us that have worked here 10 years or more get taken out to dinner by the board. Always good fun and great people to be out with. With some of our brokers….. can’t remember the best ones as they tend to be a little on the liquid side!
5. What hobbies do you have? I like reading and skating (roller or ice I don’t mind) but my passions are fishing for anything that swims and getting the best out of my mark 1 Honda Fireblade on a set of twisty roads (within the law of course).
9
Broker Spotlight Sean Kinsella Oakes Insurance
1. Tell us about your brokerage. Oakes Insurance is a good old fashioned high street broker who have been serving the local community and beyond for over 50 years. We believe strongly that people buy from people so we offer a personal service with the client at heart of all we do. 2. What are your plans for the next 12 months? To continue doing what we are doing as well as try and help more clients. 3. Why do you support ABACUS? Because they support us !! They offer simple solutions coupled with a great service.
7. What car do you drive? Kia Sportage. 8. What is your favourite drink? I’ll have a pint of lager. 9. What is your favourite holiday destination? Anywhere with sun and beer. 10. Tell us about a memorable event with ABACUS. When we first started using Abacus I joked with Toni that I would send her £20 if she did a quote for me, which she did so I faxed her a £20 note !!!
Agency & Marketing Are Here To Help! Our Agency & Marketing team are here to help you with all Agency queries! If you would like to discuss your ABACUS agency over many of the video platforms, or via the telephone, Robin & Jecelda are available to speak to you on 01702 606 312, or email us at agency@sabacus.co.uk.
4. What is your favourite sports team? Leeds United. 5. What hobbies do you have? I have two little boys so don’t get much time for hobbies but when I do I love to watch football
We look forward to hearing from you!
6. What is your favourite food? Pizza.
Contact Information Accounts
Claims
Agency & Marketing
Existing Business
Tel: 01702 606 320 Email: accounts@sabacus.co.uk
Tel: 01702 606 312 Email: agency@sabacus.co.uk
Tel: 01702 606 311 Email: claims@sabacus.co.uk
New Business Team
Tel: 01702 606 304 Email: newbusiness@sabacus.co.uk
Tel: 01702 606 306 Email: existingbusiness@sabacus.co.uk
The information contained above is not intended as legal or broking advice. Specific advice should always be sought on individual requirements and it is always necessary to read the contractual documentation for full details of the product and cover provided. This newsletter is managed by ABACUS, the content including all views and expressions are those of ABACUS. ABACUS is one of a range of products marketed and distributed by BLINK Intermediary Solutions. ABACUS is provided by Alan Blunden & Co Limited, Baxter Building, 80 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ. Alan Blunden & Co Limited is authorised and regulated by the Financial Conduct Authority. Full details of FCA authorisations can be found at www.fsa.gov.uk/register Produced by iamyourdesigner - 07969 663 847 | 2717
ABACUS
Baxter Building 80 Baxter Avenue Southend on Sea Essex SS2 6HZ Tel: 01702 606 300 Email: info@sabacus.co.uk Fax: 01702 606 369