An update by Paul Byrne, MD of Alpha Underwriting and CEO of Tedaisy Insurance Group
Like many individuals, the lockdown has given opportunity for me and my fellow Directors to re-evaluate where we are as a business and where we want to be in the future.
We have thought about what we enjoy, where we excel, where we maybe don’t do so well and how we can change and adapt to what the world may look like going forward.
As a Group we are changing our focus
As a Group we are changing our focus, or probably more concisely, “refining” our focus, so that we become a specialist Personal Lines insurer. I use the word insurer somewhat loosely, but not without meaning.
Currently, we do not participate in any insurance risk taking activities, all policies are underwritten by the stated insurer. Over the coming years it is our ambition to participate in this risk through our own insurance vehicle. This is likely to take the form of a re-insurance vehicle and our policies are likely to continue to benefit from the security of an A Rated fronting insurer. Equally this will take some time to develop, so whilst not fake news, it is certainly news well in advance of the reality of it happening. I just wanted to share now because it is part of our strategy going forward.
Certain product lines will cease
Part of the process in executing our strategy is to cease offering products that are not part of our long-term plans. This means that with effect from 1st September, Alpha Underwriting will no longer be offering Personal Accident (& Illness) or Group Business Travel products to our brokers. More details on this will follow in the coming weeks.
We will be developing pet and gadget insurance
We have a very strong and fast-growing pet insurance business and we will be developing the way we sell pet insurance so that it becomes a product that we can make available to our brokers through Alpha.
We are likely to develop a gadget product towards the end of 2020 or start of 2021.
Somewhat perversely (given the Covid situation!), we have concluded that for the immediate future Alpha will concentrate on travel insurance. Travel insurance has always been at the heart of Alpha, and this is where our real and tangible expertise lies. So, we plan to focus on it and develop the business significantly in the coming years.
Our future strategy includes…
As we become more focused on our strategy, we will start taking more control of functions such as claims handling, but again, this will take time.
We will be investing heavily in tech so that we can deliver products and services in the way that our customers want.
I have to say it has been tough for us during this period, and I know we are not alone. But we are tough, and we have used our time wisely and we are confident that we have a strong plan to deliver growth and profitability to our shareholders going forward.