Centriq Insurance and Everest Investment Specialists, (Everest), have entered into an underwriting and administration relationship to provide a range of new risk products to Everests growing client base.
Everest is part of a group of companies that offers retirement consulting, benefit administration, asset management, financial planning and payroll administration.
The Centriq-Everest relationship will centre on developing the following products through a cell captive arrangement: group life assurance, group PHI, assistance benefits (funeral), dread disease, spouses death cover, capital disability, accidental death cover and individual life cover. In addition the company's existing investment products range will be expanded.
Colin Harbottle, Director of Everest, says: "The traditional role of administrators being merely a conduit through which to transact is increasingly being challenged by a sophisticated client base requiring greater involvement in seeking unique solutions. The close relationship enjoyed by administrators with their clients perfectly places them to assist insurance companies in risk profiling and product development to meet diverse needs. Our partnership with Centriq allows us to build on past successes and rise to the challenge of being able to offer tailored solutions that are both holistic and cost effective. We are proud to be amongst the first of a creative generation of Employee Benefit and Life product providers to challenge established oligarchs through innovative thinking."
Gillian de Jongh, Business Development Executive at Centriq, says: "With the consolidation of traditional life companies there are numerous opportunities materialising to provide a customised and higher quality service offering to administrators and consumers by empowering entrepreneurial individuals to operate their own businesses."
Centriq's portfolio of Admin/UMA partners provides cover for crop, marine, motor fleet, professional indemnity, motor excess buyback, personal lines, commercial lines, film producers indemnity, cell phones, life cover for HIV positive individuals and cancer-related products.
De Jongh adds: "Historically our Admin/UMA portfolio was weighted in favour of Short Term classes of business, but increasingly we are identifying opportunities in specialist Life segments. Our innovative business model has gained recognition in the market place and is helping us to achieve our goal of becoming the preferred partner in risk. Our relationships are based on empowering our Administrators/UMAs to underwrite and administer within certain parameters, whilst enabling them to retain autonomy over their own businesses."
De Jongh concludes: "This agreement with Everest marks the commencement of Centriqs campaign to grow market share by building relationships with new business partners in specialist classes of business, especially in the Life insurance industry."
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