Premium Choice has been included in the 2019 edition of The Parliamentary Review, published in April 2019.
The Parliamentary Review
The Parliamentary review is a series of independent publications that features leading business executives demonstrating their expertise in their industry. The publication is sent to over 500,000 leading business executives, policy makes and other relevant individuals, with the aim of raising standards by highlighting best practice.
In this edition, Richard Dornan, Managing Director for Underwriting and Business Development of Premium Choice shares his expertise and knowledge in the insurance industry. Richard tells the Parliamentary Review about Premium Choice’s specialist approach for providing motor insurance to their clients.
Premium Choice Motor Insurance Broker
Founded in 1999, Premium Choice is a leading insurance broker based in Wolverhampton. The company has sold over 1 million insurance policies and employs around 200 people, many of whom are insurance experts.
Over the past 20 years, Premium Choice’s customer-focused approach has helped clients get competitive prices on their insurance premiums. The company has a niche approach to motor insurance and can insure almost anything from a standard vehicle to a military tank.
In the review, Richard explains:
“We’ve always maintained a niche approach for providing motor insurance to our clients. When clients struggle to obtain insurance at a competitive premium from direct insurers, often for something specialist or unorthodox, we come in.”
Innovation in Motor insurance
The company has come a long way in 20 years. Before the internet, Premium Choice would acquire new business through the Yellow Pages and magazines. Now, the company embraces the latest market-leading technology to attract new clients, which also reduces the risk of fraud.
Richard explains how Premium Choice is evolving in a competitive industry.
“We are always working on new and evolving product lines to widen our footprint across the industry and provide more solutions to more customers.
In line with this, we pride ourselves on training every single member of our team to be more proficient across every side of the business.”
Compliance and European Changes
These are challenging times in the insurance industry, with uncertainty over Brexit and changes To GDPR and the FCA’s Insurance Distribution Directive.
“Uncertainty is the real challenge we face, and this isn’t limited to domestic legislation, Brexit may well affect the cost of parts and cars if entry tariffs are imposed. Insurance policies will need to be revised if drivers are no longer allowed to freely travel between EU countries as they currently do.
Without clarity or guidance from the government, however, the industry just cannot prepare for these potential outcomes.”
Premium Choice will continue to grow with innovation at the heart of the process. The company plans to increase its presence in the non-standard market, continue to look for diversification and is committed to keeping premiums competitive.
“We will do everything we can to keep premiums competitive. We believe that passing external costs like increases in insurance tax or car prices onto customers isn’t good for business, and we will do everything we can to avoid that.
We’re prepared to avoid these costs where possible, and we will continue working in partnership with both our customers and stakeholders to deliver the level of service that people have come to expect.”