RSA sets out strategic roadmap for 2025 with new "broker promise" vow

Currently RSA has a COR of 93.5% which has improved from last year’s 93.8%.

Speaking at Intact’s Investor Day, Ken Norgrove CEO of RSA UK and International, listed strategic elements of the roadmap for 2025.

Norgrove stated that RSA is developing a refreshed broker proposition for 2023, this follows broker feedback addressed in April that the provider needs to be clearer on its risk appetite, proposition and speedier in responses.

Norgrove vowed earlier this year to fix current “at best average” broker service and confirmed yesterday that a new promise is in the midst with the provider still working on enhancing broker service.

On top of this, the insurer detailed that it hopes to expand broker and direct distribution alongside developing new broker segmentation and targeting.

Other targets included having responsive and agile technology whilst improving the digital offering for brokers, optimising underwriting for outperformance and increasing the number of broker relationships which currently stands at 500.

Premium growth

Norgrove added: “Our current focus areas are completing a strategic review, continuing with acquisitions and building succession plans for leadership and critical roles.”

He stated that the strategic roadmap should take RSA from £2.8bn in direct premiums written to £3bn.

Norgrove continued that in 2021 RSA’s UK commercial lines was at £800m in DWP and personal lines reached £850m.

In Ireland, personal lines DWP totalled £68m and commercial lines hit £143m DWP with a COR of 89%.

Norgrove noted: “In mid-sized commercial combined, property and liability we hope to see more growth and reach number one in renewables, which will be supported by strong broker relationships.”

Canadian takeover

Canadian insurer Intact completed the acquisition of RSA’s UK and International business on 1 June 2021.

Yesterday, Intact reported that the insurer contributed 15% to net operating income per share and that it was in the top five personal and commercial lines insurers in the UK and Ireland.

Charles Brindamour, CEO of Intact commented: “RSA has accelerated our strategy, since the acquisition, Intact reached a combined ratio of 90.3% and four out of five brokers value our specialised expertise.”

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