Product Exposed Holiday Homes
Broker Spotlight
John Whippy Insurance Brokers – Gavin Whippy
November 2021
Issue
28
Introduction
A message from Richard Burgess Welcome to ABACUS Exposed. 2021 continues to bring many challenges to our Sector, COVID remains high up on all our agendas. No doubt you are looking at the safest way for staff to return to the office. Our team at ABACUS have been amazing during the Pandemic and as a result we are currently trialling a Hybrid approach whereby staff can work at least 2 days a week in the office and the remainder remotely. This is working well for us and we are hopeful this will be our long term approach. Thank you to everyone who completed our Annual Broker Survey, the results were really impressive and shows us how well we have continued to work during COVID. Thank you for taking the time to share your views with us and we are glad that our service has continued to be of the highest standard.
Ian Marley of Madoc & Rhodes won our caption competition – well done. Interestingly they have a great Twitter Account and I would encourage you to follow them to see how a local Broker can promote themselves on this platform: @Madoc_Rhodes. Give them a follow. Thanks also go to Gavin Whippy of John Whippy Insurance Brokers for agreeing to be under our spotlight this issue. Our Regulator continues to be busy as we are all focussing on the Pricing Practices, Product Governance and the new reporting we need to adopt. If any of you are struggling with these issues please feel free to contact me and we can share our thoughts and approach to these changes. We try our best to support our Brokers when it comes to regulatory changes. We have been out and about in 2021 and we had a successful Race day and walk. Thanks again to all the Brokers who made the effort to join us.
Our Agency team have been supporting you throughout 2021 and Robin is now on the road again visiting Brokers. We are more than happy to continue with our virtual visits but you now have the option for face to face meetings if you are comfortable seeing us in person. Please contact Robin if you would like to arrange a meeting to discuss your agency with ABACUS. What will 2022 bring? If only we had a crystal ball. Here at ABACUS we will continue to provide you with market leading Property Owner products and we will work tirelessly to deliver the highest levels of service – regardless of what is going on around us! Thank you all for your support in 2021. Best wishes. Richard Burgess ACIEH, Cert CII, MCIM, MICA Director e: richardb@sabacus.co.uk m: 07725 365447
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Previous Caption Competition Winners
The winning caption was from Ian Marley of Madoc & Rhodes Insurance Brokers:
‘Well done everyone, our sales are going through the woof!’ 2nd prize goes to Rico Messam of Ashbourne Insurance:
‘The new manager was all bark but no bite’ 3rd prize goes to David Knott of Nimmos Insurance with:
‘Paul the Pedigree Pug had just decided he didn’t like the policy offered by the Meerkats and decided to use the one recommended by his local broker instead.’ 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 £ 50 Voucher of your choice Can you come up with a funny caption for this image?
2nd £25 iTunes Voucher 3rd £10 Next Voucher
To be in with a chance, simply send your caption entry for the photograph above to robing@sabacus.co.uk by Friday 17th December 2021 Good Luck Everyone! 2
News round up Launch of updated Right to Rent user guide for landlords and tenants The government has launched an updated version of the user guide to the Right to Rent legislation for landlords and tenants. The new publication explains the rules about: l l l l l l
t he document checks landlords need to make; t he type of documents that will be acceptable; h ow to determine the validity; h ow and for how long to retain evidence of the checks made; w hat to do in the absence of recognised identity documents; and a selection of frequently asked questions.
Reporting the launch of the new guidance, Landlord Today noted that the Right to Rent regulations are generally unpopular with landlords who have nevertheless now been granted the concession of conducting such checks virtually until at least the 5th of April 2022.
Energy efficiency ratings currently having limited effect on house prices despite push to go green The energy efficiency rating of any home has some bearing on its market value – but only to a relatively minor degree – according to the results of a survey conducted by building society Nationwide. Analysis of the building society’s latest data suggests that homebuyers are prepared to pay a premium of just 1.7% above the average price if the property is rated A or B compared with a house that achieves a D rating. At the other end of the scale, properties that struggle to get an F or G rating can be bought at a 3.5% discount compared to a house that is rated D. In the middle ranges of the energy efficiency rating scale, there is almost no difference between properties rated either C or E compared with D, which is the most common energy efficiency rating found in the whole of the country’s housing stock. Nationwide’s research suggests that the energy efficiency of a home has only a very modest influence on what buyers are likely to pay for it. Any noticeable impact is only likely to be seen at either end of the scale – between the very best and very worst energy efficiency ratings. The relationship between property values and energy efficiency ratings is likely to change over time, notes the building society, as more government initiatives aimed at controlling climate change come to the fore.
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England sees ‘boom’ in second homes flipped to holiday lets Owners of second homes in England have been turning their properties into lucrative holiday lets as they cash in on the demand for accommodation during the swelling tide of staycations, according to a story by the BBC on the 6th of September. Citing figures from the property services Altus Group, the BBC’s report revealed that 67,578 holiday homes have been converted to commercial use as holiday lets compared with 56,102 such changes during the same period last year. Underlining the demand for holiday accommodation in hotspots such as Devon and Cornwall, 4,000 of these extra 11,000 conversions to holiday lets were in the Southwest with a further 1,458 properties in the ever popular Southeast.
September saw record average UK property price at £338,462 The asking price for homes on the UK market reached a new all-time high as at 20 September, according to Forbes Advisor magazine citing figures published by online listings website Rightmove. High demand and fierce competition among buyers inflated the average advertised asking price up to a new record of £338,462. At times, demand from buyers has been double what it was at this time of the year in 2019 although new listings are currently running approximately 14% higher this month than they were in August. The trend is towards a rebalancing of supply and demand, according to Rightmove.
Landlord legislation
and Covid Covid – and the necessary measures taken in response – turned our lives upside-down in so many ways. Running a buy to let business proved no exception and landlords have had to accustom themselves to new – and constantly shifting – legislation. So, let’s catch up with what’s been happening and what lies just around the corner. Eviction and repossession Probably the most significant disruption to the normal situation between landlord and tenant caused by Covid involved evictions and repossessions. Eviction As the series of nationwide lockdowns were imposed in response to the pandemic, many people’s incomes plummeted. With effect from March 2020, the government imposed a “complete ban on evictions” – said the BBC. The ban was achieved by cancelling all eviction proceedings before the courts. Although that ban was formally lifted in September 2020 – and evictions granted – enforcement continued to be delayed. Since the beginning of June 2021, court-ordered evictions can now be enforced, although tenants must be given a minimum of two weeks’ notice of that date and enforcement will be delayed if the tenant has Covid symptoms, has tested positive for the virus, or is self-isolating.
Legislation and eviction enforcement differed in the other British nations. In Northern Ireland, for example, an eviction ban was introduced only for periods when people’s movement was restricted to within 5km of their homes as part of Covid restrictions. In Wales, enforcement bans ended September 2021, and evictions are allowed in Scotland (except for areas where Level 3 and 4 Covid restrictions apply). Repossession The Coronavirus Act 2020 also restricted the ability of landlords to gain repossession of their property. From the 29th of August 2020 until the 31st of May 2021, landlords had to give tenants a minimum of six months’ notice to quit in any action for eviction other than anti-social behaviour, serious rent arrears (more than 6 months), domestic abuse, or the absence of any right to rent, explained government guidance updated on the 20th of July 2021. From the 1st of June until the 1st of October 2021, the period of notice that landlords were required to give was reduced from six months to four months. The exception was in the case of rent arrears, when the period of notice for tenants in less than four months arrears was 2 months and 4 weeks’ notice if the arrears were longer than four months, explained the housing charity Shelter in guidance updated on the 14th of September 2021. As from 1st October 2021, notice periods in England returned to their pre-Covid lengths of two months.
Once again, the restrictions in the three other nations have differed slightly: l I n Wales, for example, the period
of notice a landlord seeking repossession is required to give was three months (between the 27th of March and the 23rd of July 2020); l In Scotland, legislation was
specifically framed with the intention of ensuring that no tenant was evicted through any financial hardship suffered because of the pandemic and, as in England, extended the period of notice required by landlords seeking repossession; l I n Northern Ireland, a ban on
commencing repossession proceedings was lifted on the 31st of August, but landlords are still expected to avoid issuing new notices to quit “unless it is absolutely unavoidable”. Illegal eviction Throughout all of these restrictions and limitations on landlords’ freedom to seek the eviction of tenants or the repossession of let property, penalties remained severe for any attempt to evict tenants illegally – it is a criminal offence. Note: This article has been prepared as an outline of the legislation on the relationship between landlord and tenant, together with adjustments that have been made during the pandemic. The information is correct at the time of writing (September 2021), but legislation may change again. This article cannot amount to legal advice – on what can be a complicated topic – and, if you are affected by this subject, you might want to seek professional guidance.
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Marketing advice How to run an affiliate or referral programme Affiliate / referral marketing can be a very effective way for insurance firms to win more business. If you want to see if you can benefit from this form of marketing, here is a short guide to getting started. Research your campaign First of all, you want to decide upon some important factors such as: w ho the affiliates are that you want to attract how many you need a revenue expectation for each how much commission you are willing to pay h ow much revenue overall you want to earn through affiliates l how much net profit you want to earn. l l l l l
Getting some figures in mind at this early stage will provide you with direction when you get your affiliate campaign going. Choose a suitable platform and commission model There are many affiliate programmes for brokers available, so research these to find one that is suitable for you. Research your competitors and find out who they use and what commissions they provide - this can help to give you a better idea of where to start. Try to decide on your commission model at this early stage as well. Will you work on a pay per sale commission, or would you prefer pay per lead? Will it be a fixed amount for commission, or a percentage of the sale? You can start small and run a simple programme using Google Analytics and the Google URL campaign builder. The campaign builder will help you to easily create unique links for each affiliate / referral partner to use. You can then track those in your Google Analytics account. (Please see links below in the Resources Section.) Clarify the details for affiliates Develop a page for affiliates on your website where you clarify all the details. This should include an agreement that they abide by, as well as payment terms (how often, minimum earnings before you make a pay-out, etc.) and a policy for refunded orders.
Find affiliates Once you have sorted out the details of your affiliate marketing campaign, you will want to start looking for affiliates. If you are using an affiliate platform, you may find that marketers start coming directly to you. However, you can also reach out to affiliates yourself: invite your customers to join your programme use local business networking events find relevant trade or industry groups a dvertise it clearly on your website, in your newsletter, on your blog and via your social media channels l s ubmit your programme to various affiliate directories. l l l l
Provide marketing materials You want to make things as easy as possible for your marketers, so provide them with as much compliant marketing material as you can. This could include: l l l l
banners and logos articles for reprinting on their sites and in emails reports promotions.
Keep in contact with your affiliates on a regular basis. Send them marketing emails, newsletters and new promotions, as well as helping them with tips for how to promote your product. Essentially, do everything you can to make it easy for them to sell your product. Make sure you also send monthly stats so they can see how they are performing. This can help motivate them. Build up your affiliate marketing platform Building up an affiliate marketing platform takes time, but there is no reason why you cannot do it. Simply follow the steps above, and you could soon have an army of affiliates generating a considerable amount of business to your website. Resource Links Free Google Analytics Google URL Campaign Builder
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Product exposed UK Holiday Home Insurance With UK staycations enjoying a massive boost, now is a time when UK holiday home or second home insurance may be needed more than ever. Here is a quick refresh of our ABACUS UK Holiday Home Insurance product
Who is the product for?
Why ABACUS UK Holiday Home Insurance?
Our UK Holiday Home Insurance product is for anyone who owns a holiday home in the UK - for example, your customer may have:
lC ost-effective, flexible cover to meet your customers’ own unique needs. lO ur policies cover all the standard risks associated with landlords insurance including many elements of protection which some holiday home property insurance policies from other providers exclude. lO ur system gives you:
l A second home that is purely for their own use. l A holiday let in the UK. What does it cover? Our policies cover all the standard risks associated with second or holiday home insurance including many elements of protection which some property insurance policies from other providers exclude (e.g. we offer subsidence and malicious damage cover as standard). Key features of our UK Holiday Home Insurance product l Up to 25% commission. lC ommunal contents, subsidence, Trace & Access, and malicious damage by tenant typically all included as standard. l L oss of rent included (up to 33.33% of building sum insured). lP roperty owners’ liability insurance up to £2million. lC ontents cover (optional). lA ccidental damage cover (optional). l I mmediate online access to our panel of insurers. lP olicy documentation available immediately online. l E asy to use referral system online for “that difficult quotation”.
l i nstant online access to our panel of insurers, with immediate quotes l access to all your customers’ documentation online l the 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 Agency & Marketing Team. Customer + Broker + UK Holiday Home 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.
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ABACUS Out & About – Summer 2021 The sun has been shining, and like a ray of sunshine, we have been able to get out and see some of you throughout this summer. It has been wonderful to get a sense of ‘normality’ back, and not just see people through a screen. Long may it continue.
Robin July July arrived and with it came a mixture of virtual visits and real life events. The beauty of video visits meant we were still able to see brokers from as far and wide as Torquay & Durham. These Boots Were Made For Walking For the first time in some time, we set off to host an ABACUS event! Held in picturesque Castleton, we set off with a few brokers for a stunning walk. The day started looking as though the heavens would open for the day, but thankfully this turned into a short, sharp shower before we set off. Heading to nearby Edale, we had a marvellous day’s walking with lunch in a gorgeous local pub. We spent the evening in fine fashion. As luck would have it, our walking event landed on the same day as England football’s glorious semifinal victory over Denmark. It was a wonderful way to end a day’s walking, and we were delighted to be joined by our brokers to take in the match. July by the Numbers Visits Held – 18 Miles Travelled – 546
August School holidays in full swing, we didn’t venture out to see brokers this month, neither did we hold any events. That did not stop us from contacting you in a variety of ways. We were able to hold 36 broker meetings this month, with video and telephone methods working very well. We contacted brokers from Whitby to Wakefield, from Dumfries to Durham, and from Bradford to Brighton! August by the Numbers Visits Held – 36 Miles Travelled – 0 September Start the car! Robin was back out seeing brokers! Starting very locally, Robin was able to ease the car back in to seeing a lot of our Essex based brokers in September. It has been a joy to get out and see our brokers face to face again. Giddy Up at the Gee Gees ABACUS were excited to once again host our Horse Racing event at Warwick racecourse in September. The weather held out perfectly as we enjoyed a fine lunch at the racecourse, followed by a superb day’s racing. We were allowed right next to the fence as the horses jumped, giving the most incredible experience imaginable.
We were delighted to follow up the day with a superb curry in Warwick in the evening. The night owls were even treated to a late night magic show by a guest of the local hotel! All in all, a tremendous day, that won’t be forgotten in a hurry! September by the Numbers Visits Held – 27 Miles Travelled – 945 October The wheels continued to turn in October, as Robin headed down to Brighton for the day (enjoying a superb lunch with a broker in the process) as well as heading to as varied locations as Doncaster and Enfield! The Black Swan of the Family We were thrilled to be joined by Alastair Christopherson and Chris Parker of County Insurance for a superb evening of fine dining at the exquisite Black Swan at Oldstead up in Yorkshire. This remote restaurant used locally sourced produce to create some of the most wonderfully delicious food. We all thoroughly enjoyed ourselves as we worked our way through the hand-crafted tasting menu. It was superb to be able to see Alastair and Chris once again, and a delight to attend such a culinary event! October by the Numbers Visits Held – 32 Miles Travelled – 1,768 We are here for you! If you would like to arrange a review meeting with ABACUS, we are here for you, and can hold meetings via telephone, video or face to face. Please contact Robin Gentle to set up a meeting.
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Meet The Team
Jamie Mayo – Existing Business Manager
1. What is your role within ABACUS? Existing Business Team Manager 2. What does this entail? Leading a fantastic team to oversee all MTAs, Renewals & Queries after a policy has incepted. 3. What is your favourite thing about your role? I love the interaction with people, having recently started the role I am excited to see how it progresses in the future. 4. What do you think ABACUS does best? Relationships. ABACUS is great with people both inside & outside the company from start to finish. There is always somebody available to talk to and I think this is demonstrated by the lasting relationships the company has with both the staff and brokers. 5. What is your favourite sports team? Manchester United & also follow Southend United closely.
6. What hobbies do you have? I love football, whether it is watching or playing the occasional 7 a side. I also enjoy a round of Golf, but this year most of my time has been taken up with DIY. 7. What is your favourite food? This is a tough question, there are so many different types of food to enjoy but earlier this year I tried a Wagyu Steak. Unbelievable. Meat that melts in your mouth. 8. What car do you drive? I currently drive a Nissan Juke. 9. What is your favourite drink? Pint of Guinness. 10. What is your favourite holiday destination? It’s so hard to pick one, but I have enjoyed my trips to Las Vegas & Ibiza most. 11. Tell us about a memorable night out with ABACUS? Love a Christmas party, maybe a little too much on some occasions.
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ABACUS
Broker Survey 2021 Are ABACUS your first thought when you need to place property owners business?
75%
Do you find our online platform easy to use?
95% 2020 result 90% 2019 result 91%
2020 result 70% 2019 result 76%
When a quotation “refers” do you receive a response in an acceptable period of time?
92% 2020 result 84% 2019 result 82%
Do you find the emails ABACUS send out telling you about product improvements, marketing advice etc. useful?
75% 2020 result 69%
Do you receive renewals in good time and is our documentation fit for purpose?
Are adjustments dealt with promptly and is our documentation fit for purpose?
97%
95% 2020 result 93% 2019 result 91%
Are you happy with our service at the time of a claim?
89% 2020 result 83% 2019 result 84%
2020 result 92% 2019 result 87%
What brokers say about ABACUS
“
Your portal is so easy to use, staff are friendly and always helpful and knowledgeable.”
“ “
We always receive great service and great rates from ABACUS. So much so, we have brought across nearly all our relevant business to you from our other providers as we prefer to deal with such a forward thinking and easy to deal with Company.”
ABACUS has strongly continued to be renowned for friendly staff and speedy service throughout the pandemic and should be very proud that there service has not slipped or staggered during this period.”
“ “
2021
Live chat is always helpful. I have never had a bad experience when dealing with ABACUS, top service!”
Always very straight forward quoting and a speedy response if we have to refer. Documents are also sent very quickly and Mid term adjustments are processed very efficiently.”
Broker Spotlight John Whippy Insurance Brokers Gavin Whippy
1. Tell us about your brokerage. Our brokerage is a genuine third generation Family business, completely independent and directly authorised celebrating fifty two years in business. To mark our Fiftieth Anniversary we established the John Whippy Foundation a registered charity to fund projects helping Sick, Disabled and Disadvantaged Children under the age of eighteen living in East Sussex. The brokerage has traded since 1978 at a town centre corner shop location in Eastbourne offering all classes of general insurance, private medical insurance and life assurance with a particular emphasis on commercial insurance for small and medium sized businesses. 2. What are your plans for the next 12 months? Organic growth through client recommendations and keeping up with further regulatory changes! 3. Why do you support ABACUS? We find ABACUS to be competitive, a good panel of insurers, easy access to a decision maker, good broker support and a user friendly portal.
4. What is your favourite sports team? Arsenal Football Club 5. What hobbies do you have? Anything connected with railways and especially the London, Brighton & South Coast Railway 6. What is your favourite food? Chicken Tikka Ceylon Curry with all the trimmings 7. What car do you drive? Mercedes GLA 8. What is your favourite drink? A well hopped American IPA Beer 9. What is your favourite holiday destination? Anywhere in North America 10. Tell us about a memorable event with ABACUS. Being invited by ABACUS to Lingfield Park Race Course back in the day!
Agency & Marketing Are Here To Help! Although we are mostly remote working currently, 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!
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