Find out more about our digitally traded Plant and Equipment product
Earlier this year we expanded our online offering to add Plant and Equipment to the suite of products available on Fast Trade and Acturis eTrade*. Our Plant and Equipment product offers cover for owned plant, hired in plant and machinery movement with each section available in isolation.
Our Head of Digital Trading David Hockey and Sarah Johnson, Digital Specialty Lines Trading Manager, caught up recently to discuss our Plant and Equipment product and the potential benefits of this cover for Aviva’s digital customers.
Transcript for video Plant and Equipment fireside chat with David Hockey
DAVID: Hi, I'm David Hockey. I lead digital trading at Aviva, and today I'm joined by Sarah Johnson. So Sarah, we've launched a new exciting Plant and Equipment product. Can you tell us a little bit more about what this product offers and some of the key covers?
SARAH: Yeah of course I can. So we launched on the 27th of June. It's called Plant and Equipment and it's actually comes under three sections. So we've got owned plant, hired in plant and machinery movement. And I'm particularly excited about this product because actually with my engineering background, it's something that we've been really excited about for a long time.
DAVID: Do we have a particular target market or audience in mind for our new product?
SARAH: So the limits that we can offer online, we've got a £1 million of current market value sum insured for the owned plant. And we've got a £1 million for hired in Plant along with £250,000
hiring charges and the machinery movement, we've got a £1 million sum insured. We're also looking at the data we've got so far that our top trades are plant hirer, we've got groundworkers and paving contractors, electrical contractors, cable contractors, double glazing contractors, and obviously many, many more options to be able to choose from. We do have some exclusions. So we can't do processing plant online, we can't do quad bikes or ATVs and we can't do surveying equipment. However, our regional team is still there to support with those products and the higher limits if required as well.
DAVID: So how can brokers access Aviva digitally for this product?
SARAH: So the product's available on Fast Trade, under Plant and Equipment, and also on eTrade under Engineering and Construction as a product target. You've still got options to live chat with us via Fast Trade. You can also email us at SLonline@aviva.com and we're available on the telephone as well.
DAVID: What are the wider propositional benefits of placing your Plant and Equipment business with Aviva?
SARAH: When insuring the Plant at contract sites coverage is automatically included within Great Britain, Northern Ireland, Channel Islands and the Isle of Man, and automatically you get temporary removal cover, which also means they're covered in the EEA up to 150 days, £100,000 sum insured. And that's really useful for our clients in Ireland. So obviously you could work in Northern Ireland or then go to the Republic and you are still covered as well. You've also got, when it's owned plant claims, we've got a two year reinstatement of basis of settlement when bought as new as well. Plus the hired in plant is legal liability and we continue to pay the continuing hiring charges until the claim is settled. There's no time restriction on that as well which is another plus. All the benefits that you would get offline trading via our regional team you'll also get on digital as well.
DAVID: So it's been a couple of months since the product launched. What early successes have we seen or any insights you'd like to share with our brokers?
SARAH: So we've had over a thousand new business quotes, which is absolutely amazing. I again want to thank our brokers for their support. We've had some amazing feedback as well. We've got a really large take up rate as well. We're getting loads of comments about how easy the system is to use, the good premiums and the prices and things like that.
The fact they can obviously amend their commission between 0 and 35%. They've obviously got added benefit as well. The 10% premium flex they can add on, which obviously helps them place more business with Aviva online. And it also enables our regional team to concentrate on the bigger cases when our brokers support digital first by placing the smaller cases online first. And lastly, if our brokers have any feedback for us, please do get in contact because obviously we make changes all the time to improve the broker journey and we really do appreciate the feedback that we get.
DAVID: Thanks Sarah and it's great that we can now offer more and more support for our brokers to place business through digital channels.
To find out more about Aviva's Digital offerings, please visit the dedicated page on Aviva Broker.
If you’ve any questions, please speak to your Aviva Business Development Manager.
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*On Acturis ETrade the product will be titled Engineering and Construction.