Welcome to the Summer Issue of ABACUS Exposed
We are pleased to present the latest edition of ABACUS Exposed, our seasonal online magazine designed specifically for our valued brokers.
A special thank you to Jonathan Evans at Sustain Insurance Brokers for being our spotlight Broker in this issue.
In this edition, you’ll get to know our Business Development Coordinator, Jecelda Allen, in the ‘Meet the Team’ article. Additionally, Robin shares his insights from the recent BIBA Conference in our returning ‘Out and About’ feature.
This issue also includes a practical guide on how to lapse a policy on the ABACUS website, an in-depth discussion of our ‘Legal Expenses and Rent Protection Cover’ product, and tips on leveraging short-length videos for your marketing strategy. Plus, stay informed with our regular segment on the latest industry news.
At ABACUS, we remain committed to providing you with exceptional service. Thank you for your continued support. Please feel free to reach out to us if there is anything more we can do to assist you. We wish you an enjoyable and productive summer.
Richard Burgess ACIEH, Cert CII, MCIM, MICA CEO
e: richardb@sabacus.co.uk
m: 07725 365447
ABACUS Updates
Streamline Your Policy Management with ABACUS: How to Lapse Policies Easily
At ABACUS, we strive to provide you with the best tools and resources to manage your clients’ insurance needs efficiently. As part of our commitment to enhancing your experience, we would like to remind you about the process of lapsing insurance policies on our website.
Ensuring your clients’ policies are up-to-date and accurately managed is crucial. If a client decides not to continue with their coverage, it’s important to lapse the policy promptly to prevent any unnecessary renewals or charges. Here’s a quick guide on how to lapse a policy on the ABACUS website:
1. Log In to Your ABACUS Account Begin by logging into your ABACUS account with your broker credentials.
2. Navigate to the Incepted Policy Page Once logged in, go to the “Incepted Policies” section. Here, you’ll find a list of all active policies associated with your account.
3. Search for the Correct Policy Use the search bar to find the specific policy you wish to lapse. Enter relevant details such as the policy number or the client’s name to narrow down the results.
4. Select the Policy Click on the correct policy from the list to view its details.
5. Locate the ‘Actions’ Heading On the policy details page, look under the heading labelled “Actions.”
6. Press the ‘Lapse Policy’ Button You will see a “Lapse Policy” button under the Actions heading (refer to the photo below for visual guidance). Click this button to initiate the lapsing process.
By following these simple steps, you can efficiently lapse any policy that is no longer needed. This ensures that your records are up-to-date and helps avoid any confusion or additional charges for your clients.
View Actions
Should you have any questions or require further assistance, please do not hesitate to contact us at agency@sabacus.co.uk or by calling the Agency team, 01702 606312.
News round up
Property matters in the UK are often in the headlines. Whether you are a homeowner or a landlord, it helps to stay abreast of the news and keep one step ahead of those changes that may affect your current – or planned – investments. Read on for our news round-up where we look over some of those headlines...
The cost of letting
A selective licensing scheme proposed by Blackpool Council will increase the costs for landlords wanting to let their properties in eight wards of the district. More than three-quarters of the affected landlords oppose the scheme, according to a recent report by the BBC
The Council insists that the scheme will improve the quality of the accommodation offered in 11,000 or so properties – and any such improvements will, of course, be welcomed by tenants. The anticipated costs of the licences – and any necessary improvement works – mean further expense for landlords who will either have to increase rents or sell up and quit the buy to let market altogether.
A range of discounts will help landlords reduce their outlay in participating in the licensing scheme but renting in Blackpool remains a sensitive issue where the private rented sector accounts for 31% of the total housing stock (compared with a national percentage of just 21%).
How much is the average UK energy bill? And money-saving information
In a quest to reduce energy bills or minimise their carbon footprint, the housing listings website Rightmove has analysed current energy bills for a variety of different housing types and suggests ways in which households can save money.
Energy bills vary according to the type of housing involved and its respective energy efficiency rating. Thus, bills for a small, one-bedroom flat with a high EPC rating of B are estimated to be £695 a year (compared with £6,058 a year for a poorlyrated flat with an EPC of G).
At the other end of the scale, a five-bedroomed detached home with a B EPC rating is likely to have an annual energy bill of £3,370 (compared with £11,506 if the EPC is rated only G).
These figures alone show that the surest way of saving money on your energy bill is to improve the EPC rating of your home. But other, smaller ways may also help – especially over the longer term. Invest in better insulation, for example, and remember to close the curtains or blinds when evening falls. Adjust the flow temperature of your combi-boiler and – unless you’ve done so already – install a smart meter.
News round up
No-fault evictions: renter reforms to be watered down?
A key provision of the long-delayed Renters’ Reform Bill looks set to be watered down, according to a recent story by the BBC.
A group of some 50 MPs – all of whom are themselves landlords – have expressed disquiet about the proposed abolition of the existing “no-fault” eviction mechanisms. Although the government insists on its intention to abolish the existing no-fault eviction provisions, the opponents argue that abolition will so discourage many landlords that they will sell up, quit the buy to let market, and, so, reduce the overall availability of rented accommodation.
The group of MPs also argue that the abolition of no-fault evictions will inevitably result in an increased burden of work for the courts (because landlords will need to argue their reasons for requesting an eviction). Because of that, they suggest that the abolition of the no-fault eviction facility is delayed until an assessment is made by the Justice Department of the likely impact on the courts.
A “breakthrough” proposal for improving EPCs in the private rented sector?
Members of Glasgow City Council in Scotland have come up with proposals that they believe can represent a breakthrough for improving the energy efficiency of private rented properties.
A story in Landlord Today has described innovative proposals whereby council authorities can order the necessary energy efficiency improvements to properties in the private rented sector, pay for the works from council funds, and recover those costs from the owner of the property when it is eventually sold.
The proposals are seen as a breakthrough because they help to overcome the resistance of landlords who struggle to find the upfront costs of energy efficiency improvements to their let properties.
What landlords need to know for the rest of 2024
InWhich? magazine has identified some of the additional changes likely to affect landlords in the year ahead:
the Renters Reform Bill includes provisions regulating how often landlords can increase the rent, establishes a new ombudsman role, and allows tenants the freedom to keep a pet;
a Decent Homes Standard will be applied to the private rented sector – with enforcement powers granted to local councils; rent levels are likely to continue to rise in the face of escalating costs for landlords and against an overall shortage of accommodation in the private rented sector; buy to let mortgage rates continue to fall – but slowly; proposals to tighten up the energy efficiency requirements for let properties have been shelved for the time being; and further implementation of the Making Tax Digital programme has been delayed by two years.
In the meantime, the exodus of landlords who are selling up and leaving the buy to let market continues.
What is Legal Expenses and Rent Protection Cover?’
Legal expenses and rent protection cover are typically optional insurance policies designed to protect landlords against financial losses associated with renting out their properties.
Here are some FAQs your customers may ask about the product …
Why buy landlords legal expenses insurance?
Landlords and tenants have a common interest in maintaining a positive and healthy relationship. It is a fact of life, however, that disagreements can occur.
Unless they can be quickly and easily resolved, those disputes can escalate into issues requiring legal action. Any such action may involve the landlord in considerable legal costs and expenses. Landlord’s legal expenses insurance provides indemnity for the landlord against that financial burden.
I thought my landlord’s insurance covers unpaid rent?
While landlord’s insurance policies typically cover a wide variety of risks, unpaid rent is not usually one of those.
To cover the potentially substantial costs involved in pursuing any tenant for unpaid rent that you are due, a landlord will require separate insurance cover that specifically covers such costs. Indemnity may be incorporated into legal expenses cover – which may also provide for the costs involved in securing an eviction of the defaulting tenant.
What does landlord’s legal expenses insurance cover?
Like many types of general insurance, landlord’s legal expenses insurance may cover a variety of different risks, depending on the particular policy you choose.
Some of the risks you might wish to include in your legal expenses insurance cover are: the costs involved in evicting a tenant and pursuing any rental arrears that are owed (up to set limits); pursuing a tenant for dilapidations – those obligations for which the tenant is contractually responsible for the state and condition of the property; recovery from the tenant of costs relating to damage to the property; and
landlord’s indemnity against losses arising from the tenant’s infringement (unauthorised or improper use) of the property.
What else do I need to know about this cover?
Depending on the insurance provider, legal expenses insurance may require particular care on the part of the landlord in seeking references from prospective tenants. However, policies are certainly available where there is no such requirement.
Nevertheless, as a precaution against tenancies too hastily granted, many legal expenses insurance policies incorporate an initial delay (of, say, 90 days or three months) after the start of a tenancy before protection commences.
Limits and exclusions
As with other types of general insurance, landlord’s legal expenses insurance sets detailed limits on the amounts that may be recovered under each of the areas of cover included in the policy.
In addition, landlord’s legal expenses insurance also typically sets a deadline by which any claim must be submitted.
Given the nature of issues relating to the eviction of a tenant and the recovery of outstanding rent arrears, there may be a condition relating to the degree of success of any legal action.
What is rent protection insurance?
Landlord’s legal expenses insurance cover typically grants any landlord considerably better prospects of recovering outstanding rent or other amounts due from defaulting tenants.
However, legal action is no protection of success – the amounts owing may remain unrecovered. In that instance, if the outstanding rent arrears remain unpaid, separate rent protection insurance – typically available as an optional add-on – will offer the landlord compensation for that loss of rental income.
Where can I buy residential let legal expenses and optional rent protection?
This cover is available from your broker as a stand-alone policy to an existing residential let property insurance policy.
Summary
In the current economic climate, it is difficult enough for many a landlord to maintain a profitable buy to let business. Income may be jeopardised by tenants who fail to pay the rent when it falls due or who have other outstanding debts owing to the landlord.
Landlord’s legal expenses insurance cover will help you cover the costs of legal action to pursue your claims against recalcitrant tenants (or, indeed, defend yourself against actions taken by tenants) while optional rent protection insurance will provide still further reassurance for your recovery of lost rental income.
The power of short-length videos in insurance marketing
In this fast-paced digital era, capturing the attention of potential clients has become a challenging yet essential task for businesses. For insurance brokers, adopting short-length videos as a marketing strategy can prove to be a game-changer.
These concise and engaging clips, typically lasting a minute or less, offer a plethora of benefits that can significantly boost the reach and effectiveness of an insurance business’ marketing efforts.
Attention span optimisation
In an age where attention spans are shrinking, short-length videos are tailor-made to cater to the limited time and patience of today’s consumers. By delivering key messages within a short timeframe, insurance businesses can effectively convey important information without overwhelming their audience.
This approach is particularly advantageous in a market saturated with content, ensuring that potential clients absorb the essential details about insurance cover without losing interest.
Increased engagement
Short videos are more likely to be watched in their entirety, leading to increased engagement. Viewers are more inclined to click on a brief video that promises quick and valuable insights, making it an ideal format for insurance brokers to convey their message efficiently.
Furthermore, these videos can be easily shared across various digital platforms, maximising the potential for organic growth through likes, shares, and comments.
Clear and concise communication
The brevity of short-length videos encourages insurance marketers to distil complex information into clear and concise messages. This not only enhances viewer comprehension but
also establishes a brand as transparent and trustworthy.
By focusing on the most critical aspects of insurance policies or highlighting specific benefits, brokers can effectively communicate their value proposition to potential clients.
Cost-effective production
Creating short videos is generally more cost-effective than producing longer, elaborate content. With the prevalence of smartphones and user-friendly editing tools, insurance businesses can create compelling short videos without the need for a significant investment in production.
This affordability enables companies to maintain a consistent video marketing strategy, increasing their visibility without straining their budget.
Mobile-friendly accessibility
Short-length videos are perfectly suited for the mobile browsing habits of today’s consumers. With most internet users accessing content on their smartphones, insurance companies can leverage short videos to reach a wider audience.
These videos are easily shareable on social media platforms and can be consumed on the go, making them an ideal tool for connecting with potential clients in the digital age.
In conclusion, the benefits of incorporating short-length videos into
the marketing strategy of an insurance business are undeniable. From capturing attention in a crowded digital landscape to fostering engagement and conveying information effectively, short videos are a powerful tool for modern marketers.
As the business world continues to evolve, embracing the concise and impactful nature of short-length videos will undoubtedly contribute to the success and growth of insurance companies in the dynamic digital marketplace.
Here is a list of popular platforms where you can share short-length videos:
YouTube Shorts: https://www.youtube.com/shorts
Instagram Reels: https://www.instagram.com/reels/ TikTok: https://www.tiktok.com/ Snapchat: https://www.snapchat.com/ Facebook Stories: https://www.facebook.com/ LinkedIn Stories: https://www.linkedin.com/
Product Exposed Commercial Property Owners Insurance
Our Commercial Property Owners (CPO) insurance offers you immediate online access to a panel of insurers for commercial property risks at exclusively agreed rates.
Our CPO 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 CPO insurance …
Who is the product for?
Our Commercial Property Owners insurance product is for anyone who owns a commercial property. We can insure all types of commercial premises - for example:
l Shops/Offices
l Surgeries
l Restaurants/Cafes/Takeaways
l Public Houses/Wine Bars
l Industrial Estates
l Warehouses
l Manufacturers
l Wholesalers
l Motor Trades
l Vacant Properties
l Commercial Properties including part residential.
What does it cover?
Our policies cover all the standard risks associated with let commercial property insurance including many elements of protection which some other CPO insurance from other providers exclude (e.g. subsidence and Trace and Access cover as standard). For example:
l Standard perils (fire, flood etc.)
l Escape of Water
l Theft
l Keys/Locks Replacement Cover due to Theft
l Accidental Damage to Fixed Glass cover and Sanitary Ware (optional)
l Malicious Damage by tenant (limits apply)
l Property Owners Liability up to £5,000,000
l Subsidence (for properties built after 1849)
l Contents of Common Areas Cover (optional)
l Damage to Underground Services
l Emergency Access Cover and Trace and Access Cover (claim limits apply).
Optional extras can also be included, meaning the policy can be tailored to meet your clients’ individual needs. For unoccupied commercial property, a choice of three levels of cover are available.
Key features of our Commercial Property Owners product
l Up to 25% commission.
l All property and tenant types covered (except long-term unoccupied properties and Grade 1A Listed Buildings).
l Communal contents (optional) subsidence, Trace and Access, and Malicious Damage by tenant typically all included as standard (limits and terms apply).
l (Optional) Loss of rent (up to 20% of building sum insured).
l Portfolio risks catered for (online quotations available for up to 10 properties).
l Immediate online access to our panel of insurers.
l Policy documentation available immediately online.
l Easy to use referral system online for “that difficult quotation”.
Why ABACUS CPO?
l Cost-effective, flexible cover to meet your customers’ own unique needs.
l Our policies cover all the standard risks associated with commercial property insurance.
l Our system gives you instant online access to our panel of insurers, with immediate quotes.
l If a quotation “refers”, we will come back to you quickly with our Terms.
l Policy documentation available immediately online.
l Help and support readily available from our Sales & Marketing 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 Sales & Marketing Team on 01702 606 312. They will be more than happy to help.
ABACUS Out & About
May 2024 – The BIBA Conference – Manchester
In May, Robin and the ABACUS team ventured to Manchester to exhibit at the BIBA conference. Their schedule was packed, and the event proved to be a resounding success.
On the first night, Tuesday the 14th, the team hosted an evening meal for a large group of brokers. This gathering provided an excellent opportunity to connect with many key account holders. The evening was a great success, filled with delicious food and engaging conversation.
Wednesday and Thursday were spent at the ABACUS stand, where the team greeted numerous brokers, both new and existing clients. Robin and Richard conducted several meetings at the stand on both days, allowing them to speak face-to-face with brokers—an invaluable aspect of the BIBA conference.
Robin’s Reflection on BIBA 2024:
We held an action packed BIBA exhibition. Hosting a dinner for 43 guests on Tuesday, holding 15 meetings with key broker partners and also being available for discussions with new & existing brokers, we were delighted to see so many of you.
The entire exhibition was a fantastic experience, and we look forward to continuing to following up with you all in the coming weeks & months.
Broker Spotlight
Jonathan Evans
Sustain Brokers Ltd
1. Tell us a bit about your brokerage, and the origins of the company.
Sustain was founded towards the end of 2022. It was borne out of my desire to use 25 years of insurance and reinsurance experience as a way to have a positive impact on the planet.
2. What makes your brokerage unique?
We focus first and foremost on providing our clients with consultative advice. We provide bespoke insurance solutions as opposed to “box shifting” package type policies. Our work is always governed by our ESG centric mission and our core values of transparency, innovation and collaboration.
3. What is your greatest accomplishment?
I’m very proud of what we’ve created at Sustain. Whilst it’s still very much in its formative years, being able to demonstrate that profit and purpose are not mutually exclusive is something that I hope the rest of the insurance industry will consider and try to adopt.
4.In your opinion, what is the best thing about working in the insurance industry?
Having the ability to interact with commercial clients from such a broad variety of industries means that no two days are the same.
5. What ABACUS features do you think are most useful/ valuable to your brokerage?
These days, being able to “trade” with composite insurers seems almost impossible. Whilst ABACUS does have the ability to deliver package policies, being able to have discussions around unusual or complex risks is something that we find very beneficial.
6. What would you say is the biggest reason you continue to work with us here at ABACUS? Speed and flexibility
7. Where is your main office based, and what is your favourite thing about working in that location?
We are based in the West Berkshire town of Hungerford which is well known for its collection of antique shops. This seems to bring with it a very eclectic mix of local characters but also a great deal of care for the local area. Both of which are great to be part of.
8. What is your go-to holiday destination?
As I have a young family, long haul holidays are something that we now avoid. A short trip to one of our favourite hotels in Portual or the South of France would be our go-to.
9. During your collective years working in the insurance industry, what is the best piece of advice you’ve received?
The Miles Smith legend and my very first boss Tony Madden would tell me that “there will never be a cure for greed” and that “you don’t get paid to quote”. Whilst I’m unsure they were given in advisory capacity, I’ve definitely carried them with me all throughout my career.
10. Do you have any highlights from any day you’ve spent out with the ABACUS team?
ABACUS have kindly invited me to a number of thoroughly enjoyable, horse racing events. My number one memory is that I always return with less money than with which I went!
Meet the Team
Jecelda Allen Business Development Coordinator
1. Hi ABACUS team member! Can you please introduce yourself and tell us what your job title is?
My name is Jecelda Allen (Jez for short) and I’m the Agency & Marketing Business Development Coordinator.
2. What does your role within the ABACUS team entail?
I have varied roles from responding broker enquiries, setting up new agencies, dealing with business acquisitions, migrations, and integrations, producing weekly reports to broker touching, campaigns and Credit Control.
3. What do you like about working at ABACUS, and what do you think ABACUS does the best?
This year, I have reached my 15th year working with ABACUS. I have stayed so long because I feel that within the team there is always a family, friendly vibe. ABACUS value each employee with respect, commitment, and appreciation.
4. What are the values that drive you?
Strong work ethics, reliability, professionalism, honesty & integrity… I can go on!
5. What do you enjoy doing when you are not working?
Gardening! My garden is an oasis of nature, colour and calm during Spring and Summer to late Autumn.
6. Who inspires you?
My hardworking family.
7. What is something you are proud of?
My son. He’s my pride and joy.
8. What is your most-used productivity hack?
A good sleep and self-motivation.
9. What three items would you take with you to a deserted island?
I would bring a Radio, sleeping bag and saltwater filter. A boat would be nice as a bonus!
10. Tell us about a memorable moment with ABACUS.
Staff Events/Work Christmas parties and doing carpool karaoke with Robin to BIBA and Expo.
Contact Information
Tel: 01702 606 320
Email: accounts@sabacus.co.uk
Agency & Marketing
Tel: 01702 606 312
Email: agency@sabacus.co.uk Claims
Tel: 01702 606 311
Email: claims@sabacus.co.uk
Existing Business
Tel: 01702 606 306
Email: existingbusiness@sabacus.co.uk
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 We look forward to hearing from you!
New Business Team
Tel: 01702 606 304
Email: newbusiness@sabacus.co.uk
Portfolios
Tel: 01702 880802
Email: portfolios@sabacus.co.uk ABACUS Baxter Building 80 Baxter Avenue Southend on Sea Essex