A paradigm change for CPE insurance

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High Street Underwriting’s new Contractors Plant and Equipment insurance product is shaking up the market with its blend of cutting-edge technology and personalised service

ERNEST HEMINGWAY described the way change can occur as happening in two ways: gradually and then suddenly. While many innovations in insurance seem to come in small increments, there are occasionally products that promise to shake up the status quo. A new Contractors Plant and Equipment (CPE) insurance offering launched earlier this year by High Street Underwriting Agency (HSUA) is one such disruptor, combining digital efficiency with old-fashioned personal service to address long-standing gaps in the market.

Some 23 years ago, Alan and Jan Whittle saw that the insurance industry lacked a personal touch. To fix this, they founded High Street Underwriting Agency. Today, HSUA is a thriving team of over 45 people, led by their son, CEO Blair Whittle. HSUA’s mission has always been to help small businesses dream big. We do this by empowering brokers to go the extra mile for their clients, ensuring they can operate with peace of mind. Our in-house tech team rapidly implements new innovations and automation, staying ahead of emerging trends and allowing brokers to build genuine relationships with their clients. HSUA continues to grow, with its family ties, innovation and exceptional customer service remaining at the core of everything we do.

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“Our new CPE product is closing gaps in items we cover that are currently being excluded by the CPE market at large”

Belinda McChesney-Clark, High Street Underwriting Agency

At the heart of HSUA’s new CPE product is a powerful online portal that’s transforming how brokers interact with insurers. This digital platform represents something of a ground shift in the way CPE insurance is accessed and managed. “Our portal allows broking partners easy access to obtain quote terms on a variety of plant items, with a particular focus on regular yellow-plant items for smaller operators,” explains Ben Allen, liability and CPE portfolio manager at High Street. “This ease of access and quick turnaround times create efficiencies for the broker and also the end client.”

The portal’s capabilities extend beyond simple quote generation. They allow brokers to customise cover levels, select additional extensions, and even track their own performance metrics. This level of functionality is a game changer for a sleepy corner of an industry that has sometimes been criticised for its slow adoption of technology. Allen elaborates on the portal’s functionality: “It showcases metrics like brokers’ quoting numbers and individual strike rates so they can see their successes. This also allows HSUA to track and monitor where we are having the most success with things like type of plant, the level of cover selected, and regions or territories that are growing.” This data-driven approach enables HSUA to refine its offerings rapidly, enhancing exposures in successful areas or adjusting pricing to remain competitive. It’s a level of responsiveness and adaptability that’s rare in the insurance sector, particularly in niche areas like CPE.

While the digital interface is impressive, it’s the breadth of coverage that sets this product apart, in that it can include items that the market doesn’t routinely cover. “Our new CPE product is closing gaps in items we cover that are currently being excluded by the CPE market at large,” says Belinda McChesney-Clark, underwriter for liability and Contractors Plant and Equipment/Contractors All Risks (CAR) at HSUA. This approach addresses a long-standing frustration in the industry, where clients often find themselves with coverage that doesn’t quite meet their specific needs. High Street Underwriting’s solution is to offer a more comprehensive and flexible product. The flexibility of the product is a key feature, offering a number of additional cover options. “With the flexibility to opt in or out, this allows brokers to custom-build individual cover options for each specific client based on their needs,” Allen says.

This à la carte approach not only caters to diverse client requirements but also helps control costs by eliminating unnecessary coverage. It’s a win-win situation for both brokers and clients, providing tailored protection without the burden of paying for irrelevant cover.

“We have covered unique risks such as harvesting plant, large-size static roadside-sign trailers, and a prototype concrete printer”

Ben Allen, High Street Underwriting Agency

Despite the emphasis on digital efficiency, High Street Underwriting hasn’t lost sight of the importance of personal service. In an era in which many insurers are moving towards fully automated systems, this commitment to human interaction sets the company apart. In fact, this commitment to the human side of broking sometimes shocks – showing just how quickly things like automated services and AI enhancement have become du jour in many businesses.

HSUA is using the shock of being served by a human in a positive way. “ ‘Shockingly Human Service’ is our tagline, and we genuinely mean it,” says McChesney-Clark. “We will go out of our way to be available to our brokers and help assist and discuss risks, whether by phone, email or even in person. This sets us apart from other insurers and complements our technology by providing that personal service and interaction.” This blend of high-tech and high-touch is particularly valuable in the CPE sector, where risks can be complex and unique. The ability to speak directly to an underwriter who understands the nuances of the industry can make all the difference in securing appropriate coverage.

Digital revolution in plant insurance

Bridging the gap with comprehensive CPE coverage

Published 09 Sep 2024

HSUA’s new CPE offering

Launched

$5m

Total insurance value cap of

$500,000

Individual item coverage up to

$1.5m per incident

Equipment on lease coverage extends to

(individual items insured up to $150,000 and additional provision covering up to $100,000 for rental charges in event of loss)

early 2024

Additional cover options with HSUA’s new CPE product

Hired In Plant

Road Risk

Substitute Hire Costs

Loss of Hire Revenue/ Business Interruption

Finance Payment Protection

Overseas Airfreight

The human touch in a digital world

Tackling unconventional risks

This commitment extends to handling unconventional risks. HSUA encourages brokers to consult their CPE underwriters for out-of-the-ordinary cases, and the company has successfully covered a range of unique items that may have been difficult to insure elsewhere. “We have covered unique risks such as harvesting plant, large-size static roadside-sign trailers, and a prototype concrete printer,” Allen says. The combination of broad coverage within the portal, along with human experience and understanding, means that the risks that typically don’t fit neatly into standardised insurance categories can be covered through HSUA’s flexible approach.

Got an amenity trailer that needs insurance? HSUA will have it covered when someone floods the toilets or there’s a fire in the kitchenette. Stump grinder got you stumped? HSUA can cover all kinds of obscure forestry and logging plant. “We encourage brokers to reach out and have a conversation with our CPE underwriters if a risk seems outside of the normal yellow plant, as we can accommodate more obscure plant risks,” says Allen. This willingness to consider and cover non-standard equipment demonstrates the company’s commitment to serving the diverse needs of the CPE sector.

The success of HSUA’s CPE product isn’t just about what it offers but how it delivers. Allen explains the streamlined process: “The portal allows interaction for the broker to input risk data, obtain instant indicative pricing, whilst notifying our underwriters to review and confirm back with formalised terms.” This hybrid approach combines the speed of automation with the assurance of human oversight. It’s a balance that many in the industry have struggled to achieve, often leaning too heavily on one side or the other. Allen sees a bright future ahead for this innovative CPE product. “The outlook is very positive, and we will seek to continue to grow this product and educate our broking partners on the accessibility of this.” Key to delivering this future is educating brokers that this service is a genuine shift from the standard. Brokers and clients need to understand the full range of benefits available to them, and HSUA is emphasising a collaborative approach and a strategy that centres around building partnerships. “With the help of our broking partners, we will continue to grow the product and fill gaps within the CPE market,” says McChesney-Clark. As the insurance industry continues to evolve, products like High Street Underwriting’s CPE offering serve as a reminder that true innovation often comes from blending the best of both worlds – in this case, cutting-edge technology and good old-fashioned customer service. By addressing long-standing pain points in the industry – from inflexible coverage to cumbersome quoting processes – HSUA has created a product that’s not just keeping pace with the needs of modern businesses but also anticipating them. As the lines between industries continue to blur and new types of equipment emerge, this kind of adaptable, tech-enabled insurance solution will become more and more essential, until suddenly you wonder how you could ever have done without it.

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