2014 Case study. Jelf and NAPIT - A partnership built on trust and performance

Transcription

1 2014 Case study Jelf and NAPIT - A partnership built on trust and performance

2 Jelf is a nationwide independent consultancy, that delivers market-leading insurance propositions for membership organisations and trade associations that have member benefits at their core. By working side-byside with these organisations to understand their business needs, Jelf is in prime position to recommend solutions for members that add value. Jelf has invested heavily and has committed totally to placing the client at the heart of its organisation. That client focus has been the cornerstone of its relationship with the NAPIT Group for whom they have developed a business insurance package for their membership. This case study explores the challenges and complexities faced by the two organisations and the proposition developed to address them. It charts the journey taken and the ongoing benefi ts for both parties with results which could be successfully replicated for other organisations. NAPIT directly attributes signifi cant cost savings to the work of Jelf and the insurance service has now been adopted by an impressive 65% of NAPIT Registered Companies. By the end of 2013, the gross written premium for the NAPIT Insurance business stood at 1.8 million. Jelf is monitored each year by Investor in Customers (IIC) an independent assessor. In February 2014, Jelf achieved the highest possible 3 Star rating and Jelf s clients rated its client services as exceptional. Furthermore, by improving the overall score for the sixth consecutive year, it retained its position as the top-rated insurance broker within the UK. As the membership base has systematically grown, so too has the adoption of NAPIT Insurance which provides a strong indicator of its popularity and a signifi cant income stream for the organisation. According to a recent Finaccord survey Jelf is the second largest player in schemes and affi nity insurance in the UK with 5.4% market share. Jelf achieves a client retention rate of 93% which is unusually high in a scheme environment. The company understands the needs of the tradesmen, and ensures that all our needs are adequately covered. Graham Godbold, GK Electrics 2014 Case study

3 NAPIT Members v NAPIT insurance policyholders: Policyholders NAPIT members Policyholders NAPIT members As a respected and expert firm, Jelf brings a credibility and level of quality that reinforces our brand. Members know they can rely on NAPIT Insurance if something goes wrong. Mike Andrews Chief Executive NAPIT Group

4 NAPIT was formed in 1992 as the National Association for Professional Inspectors and Testers, when a small group of electrical contractors recognised the need for higher standards of practice and greater regulations in the sector. It aimed to champion the interests of its members, invest in innovation and build bridges for a better industry. Driven by legislative change In May 2003, the Government announced that it was introducing a new part to the Building Regulations, Approved Document P (Part P), which would bring domestic electrical installation work in England and Wales under the legal framework of the Building Regulations. Part P would become law once self-certifi cation schemes were in place to ensure the competency of the work undertaken. It was scheduled that from January 1 st 2005 it would be a legal requirement for all work on fi xed electrical installations in dwellings and associated buildings to comply with relevant standards. This work must be carried out by an electrical installer registered with an authorised competent person self-certifi cation scheme. Competent Person Schemes were introduced to allow individuals and enterprises to self-certify that their work complies with the Building Regulations as an alternative to submitting a building notice or using an approved inspector. A Competent Person must be registered with a scheme that has been authorised by The Department for Communities and Local Government (DCLG). The standard policy is everything a one man band such as myself could hope for - at a very reasonable price! Mr Butcher Self-employed electrical contractor Challenge & opportunity With Part P on the horizon, the UK s 70,000 electrical contracting companies now had the option to selfcertifi cate their work by registering with a Competent Person Scheme, instead of notifying their work directly to their Local Authority Building Control (LABC). NAPIT s leadership identifi ed a niche and a need to become the standard bearer for best practice. There was an open but narrow window to fulfi l the training and accreditation needs of the Competent Person Scheme. NAPIT became a Government approved register holder for Part P Registered Domestic Electrical Installers while continuing to serve the needs of those carrying out equipment testing and electrical installation and testing in commercial and industrial sectors. In order to maximise the opportunity presented, NAPIT had to attract and retain members quickly. The solution Part of NAPIT s approach was to design a package of support that positioned it above the competition and offered protection against the impacts of the new legislation. NAPIT approached Jelf to discuss the development of a comprehensive package of insurance for its members. Jelf designed an innovative and bespoke product that robustly protects policyholders against claims yet at a price point that was still accessible to small businesses and sole traders. Uniquely, it provides both public liability insurance and professional indemnity - which, while common for the larger electrical contractors, was not recognised as essential by many smaller operations. It would deliver this combination on NAPIT s behalf, at an affordable rate, backed by impeccable service. Background

5 Mike Andrews Chief Executive NAPIT Group Phil Barton Chief Executive (Insurance) Jelf NAPIT & Jelf in partnership Our membership is incredibly diverse from individuals, large and small private companies through to plcs and local authorities. Jelf tailors appropriate packages of insurance that underpin our proposition and help secure our membership. When Jelf is working with NAPIT, it works under the NAPIT Insurance banner and the way the team represents our brand is exceptional. We aim to be an industry standard bearer that has our members needs at the core of everything we do. A massive part of that is ensuring they have a level of protection that not only meets but exceeds the essentials for their specific line of work. The insurance service delivered by Jelf is absolutely central to our proposition. Firstly in the literal sense - that an approved level of insurance is a pre-requisite of our membership scheme requirements and our Government authorisation. With Jelf s assistance we can ensure everyone that needs to be insured is insured. However, crucially the quality of the Jelf product is a key differentiator providing us with a real sales tool both for insurance and membership as whole. Many brokers enlist the service of less robust insurance firms and that is a risk with our members cover that we are not prepared to take. As a respected, expert firm, Jelf brings a credibility and level of quality that reinforces our brand. Members know they can rely on NAPIT Insurance if something goes wrong. The integration is total and the interaction is such that we trust the Jelf team to reinforce our customer relationships and reinforce the buying cycle. The relationship is fantastic. Jelf has integrated fully with our team through the IT system, the telephone system and the personal relationships and the way we operate together. It is like one of our own departments not a separate company. Mike Andrews Chief Executive NAPIT Group

6 First and foremost, the outcome is a delighted affi nity partner one which recognises the impact that the quality insurance offering has made for its operations. Mike Andrews, Chief Executive, NAPIT Group said: Jelf is a high quality organisation that works with high quality insurance companies. It offers superb service to our members. By enlisting its services we can focus on doing our job well, in total faith that Jelf will provide our policyholders with the same high standards of service and delivery that we provide them with across the rest of the organisation. Jelf takes total control of the insurance process meaning we deliver on our obligations - saving time, resource and money. With a strong offering in place NAPIT was able to steal a march on many competitor associations. It proved a huge success and NAPIT has achieved its target membership of 10,000 ahead of schedule 65% of which now adopt the insurance service and by the end of 2013, the gross written premium for the NAPIT Insurance business stood at 1.8 million. Customer satisfaction These views are not only validated by Jelf s client but also NAPIT s members. When asked why they would recommend NAPIT Insurance to others, responses included: Because its electrical competent person cover seems to be directly related to the exact needs of the Competent Person Scheme. Mr David Haddon Reece They were incredibly helpful, and took the hassle out of getting insured. The standard policy is everything a one man band such as myself could hope for - at a very reasonable price! Self-employed electrical contractor, Mr Butcher The evolution of the service NAPIT has subsequently been awarded additional licenses by Government that have allowed it to expand its range of membership schemes to include plumbing, heating and ventilation. This Complete Solution means businesses only have to join one organisation and delivers cost effi ciencies on membership and assessment fees. NAPIT has built on this success by acquiring licences to operate the Microgeneration Certifi cation Scheme (MCS) in 2009 and the Green Deal Certifi cation Scheme in This has added an expanding range of renewable and energy effi cient technologies to its trade portfolio. As NAPIT has grown, so has the insurance proposition which has evolved into an extensive service providing insurance expertise on: electrical, fi re and security contracting; heating, plumbing and gas engineers; renewable energy, biomass and solid fuel contractors; Green Deal advisers and Installers. As NAPIT has evolved, Jelf has continually reviewed the offering and analysed the market to ensure it continues to provide a unique, cutting edge and competitive solution. This has given NAPIT members even more opportunity to expand their business, with the potential to take advantage of the reduced costs of NAPIT s common sense, complete solution approach to membership. Jelf doesn t just see an opportunity, it understands it. That helps shape and build a unique solution not just a bland product. Ross Dingwall Hiscox Managing Director UK & Ireland Broker Business The company understands the needs of the tradesmen, and ensures that all our needs are adequately covered. Mr Graham Godbold, GK Electrics The outcomes

7 Partnerships The success of the NAPIT Insurance service has been founded on partnerships : that between Jelf and NAPIT, and that between Jelf and its insurers. From the outset, Jelf engaged with the dedicated schemes division of Hiscox, which provides specialist bespoke support to over 170 commercial schemes in the UK. The two businesses have forged a strong working partnership, with a shared ethos of developing a fast, tailored and expert proposition for affinity partners. Phil Barton said: An important part of affinity insurance is strong relationships with a suite of insurers enabling us to influence and shape the offering to what members require. Through the right contacts and understanding, we can design the right product and secure the deal. Our expertise is understanding risk. We immerse ourselves in the business of our affinity partners so we can present the information to insurers in a way that they understand. We worked hand in glove with Hiscox underwriters so they can see typical requirements first hand. Hiscox Managing Director UK & Ireland Broker Business, Ross Dingwall said: From top to bottom, our relationship with Jelf is the strongest and deepest we have with any broker in the UK. Jelf brings a genuine expertise to scheme insurance programmes and that s where we have the most success. Jelf doesn t just see an opportunity, it understands it. That helps shape and build a unique solution. Jelf helps strengthen and polish the product offering. Our approach is to offer a bespoke product that delivers for members and adds value to the membership body. We rely on the expertise of the broker to help deliver that. Jelf: an overview Headquartered in Chipping Sodbury, Bristol, Jelf Group plc was established in 1989 by its founder and deputy Chairman, Chris Jelf. Jelf is a leading corporate consultancy advising companies across a full range of services including: insurance, employee benefi ts, commercial fi nance and wealth management. It concentrates on understanding the risks that each client faces, then building a bespoke solution that removes or manages these issues. Jelf s knowledge, expertise and understanding of insurance needs within selected sectors has enabled it to develop a range of trade or industry specifi c products that can be further tailored to specifi c needs. Jelf has developed a specialist Schemes and Affi nities division, with a dedicated team in place to develop its proposition. Jelf already works with a large number of member organisations ranging from household-name fi nancial institutions such as Nationwide and NatWest, through to niche member organisations for groups as diverse as chimney sweeps, angling and aerospace. According to a recent Finaccord survey Jelf is the second largest player in schemes and affi nity insurance in the UK with 5.4% market share. Its client retention rate of 93% is unusually high in a scheme environment. Jelf handles the majority of insurance classes as well as providing access to risk management assessments, health and safety audits, alternative risk fi nancing and disaster recovery planning. Through our experience and expertise we deliver more to our clients by crafting bespoke solutions that reflect the individuality of our clients businesses Phil Barton Chief Executive (Insurance) Jelf

8 A partner you can rely on For us, client relationships are a long-term commitment, characterised by understanding, transparency and a passion for service delivery. When you work with us, you ll think of us as part of your team. We work with trade associations and affinity groups to develop schemes and solutions for their members, often offering discounts or exclusive terms to address the risks associated with their particular industry. Ultimately, we want to enhance your perceived value through applying our expertise with the membership. Tel: [email protected] Hillside Court, Bowling Hill, Chipping Sodbury, Bristol BS37 6JX NAPIT Group Limited is an introducer appointed representative of Jelf Insurance Brokers Limited. NAPIT l insurance is a trading name of Jelf Insurance Brokers Ltd (Reg No ) which is part of Jelf Group plc (Reg No ) and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside Court, Bowling Hill, Chipping Sodbury, Bristol BS37 6JX (Registered in England and Wales). Not all products and services offered are regulated by the FCA. JIB