At a time of rapidly changing customer needs, growing regulatory demands, capital pressures and technological disruption, how do insurance innovators bring successful new products to market that make a real difference in the lives of our clients?
By partnering with the very best in the industry.
GENRIC Insurance Company is a market leader focused on bringing innovative and niche insurance solutions to market by partnering with specialist underwriting management agencies (UMAs), start-up businesses, insuretech innovators and brokers.
Our relationship with Brokers
In an environment where commoditised insurance is increasingly becoming disintermediated, GENRIC recognises the importance of expert advice in more specialised segments of the insurance market. With changing regulations and insurance distribution models, brokers are looking to new models of remuneration to ensure that they can continue to play the important risk advisory role for their clients operating in an increasingly complex world.
GENRIC’s entrenched underwriting expertise and wide range of niche short-term insurance solutions enhances the offering of the broker through cross-selling and upselling opportunities that provide for recurring income paths, whilst adding value to our underwriting partners and exceeding the expectations of clients. This, together with our expertise in developing risk transfer models, enables us to add tangible value to any broking and risk management strategy.
GENRIC’s range of niche insurance product solutions are designed to offer brokers additional lines of business that complement their existing models, without competing with existing principal agreements.
The insurance sector represents a unique opportunity for technological entrepreneurship by finding innovative ways of accessing and servicing the market. In an age of rapid technological development and evolving consumer needs, insuretech start-ups bring unique opportunities to the risk industry.
As GENRIC, we believe there is enormous potential in the InsurTech space that can enhance and add tremendous value to the insurer, UMA and broker business models. It’s in embracing this innovation and disruption to traditional models that helps build stronger, more resilient businesses – a key reason why GENRIC is already well down the line in investing on this path. The reality is that automation, analytical capabilities and technology are intrinsic to the future success of the industry and all who operate in it.
GENRIC’s focus is to partner with insuretech companies to find ways to help improve the customer experience, develop new lines of coverage that meet the evolving exposures the market is facing, and optimising and modernising traditional insurance distribution rather than completely disrupting it.