Video mini-series: Underinsurance

With rising inflation, the cost-of-living crisis and ongoing supply chain issues, underinsurance is an increasing risk in today’s market – in fact we estimate that 42% of SMEs who insure a building with Aviva are underinsured¹.

To help you better understand the factors in today’s market that could be causing underinsurance, the impact it can have on policies and how we’re leveraging data to identify clients at risk, take a look at the video mini-series below:
 

Video one: the increasing risk of underinsurance

Chris Andrews, Aviva's Director of Risk Management Solutions, is joined by Mark Briggs, Managing Director from Barrett Corp & Harrington (BCH).

Together they discuss how inflation is causing more clients to 'slip' into underinsurance, the role of professional valuations and what steps businesses should take to get their sum insured right, day one.

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Video two: the link between claims inflation and underinsurance

Chris Hughes, Aviva’s Director of Commercial Claims, discusses how claims inflation and underinsurance are intrinsically linked, as well as examples of the harsh reality of not having the right level of cover in place.

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Video three: using data to identify clients at risk  

Jason Chambers, Aviva’s Head of Underwriting Transformation, discusses how our underwriters can use data to identify your clients most at risk of underinsurance.

Through our Commercial Intelligence Tool (CIT), this data can be personalised and shared with you to support client conversations, helping them to make an informed decision about their cover – whether that’s at new business or renewal.

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Support and guidance

Underinsurance is a challenge that we need to work on together for the benefit of our mutual customers.

On our dedicated underinsurance page on Aviva Broker, you’ll find expert insights, supporting data and research, links to helpful risk management guidance and links to Specialist Partners providing professional services at preferential rates to your clients. 
 

^{1 Based on Aviva's modelled data on SME customers with buildings insurance, September 2022.}