As the business has grown over the last decade Genesis has faced an increasing challenge with ensuring there is adequate protection of its growing portfolio as part of their risk management:
• Genesis originally used a business insurance solution to protect assets on a portfolio level. However, this product was withdrawn from the market leaving the business exposed to risk in a way that the team couldn’t efficiently resolve by themselves.
• Ensuring lessees had adequately insured their leased assets, and continued to do so throughout their lease agreement, would be a substantial undertaking for Genesis without becoming a significant administrative burden and drain on resources.
Together, these challenges had the potential to have damaging consequences for the business and its portfolio if left unchecked. Genesis identified the need for an outsourced insurance solution to provide confidence that its assets were protected whilst taking care of the extra administration involved in running an insurance product which, following a thorough market search, led Genesis to contact Acquis.
Following our in-depth consultation to understand the needs of their business and its customers, we provided Genesis with the perfect solution for its challenges: Acquis Supra.
Our flagship post-activation solution was the ideal fit for a compliance and TCF-conscious business such as Genesis. Our solid track record of delivering solutions to the asset finance industry and the expertise of our dedicated Legal and Compliance Team all allowed Genesis to enjoy the following benefits:
A master policy to minimise risk:
To mitigate risk for their hard assets portfolio we arranged for one master insurance policy to protect Genesis as the sole insured party. Where their customers cannot provide evidence of insurance we add the equipment to this master policy to ensure it is fully protected from the start of the agreement. From an administrative point of view this simplified regulatory and compliance requirements as Genesis could rest assured they benefited from a fully comprehensive insurance product.
Thanks to Supra Genesis benefits from high-quality cover tailored to protect their hard assets from a wide range of risks . Additionally, we offer the possibility of extending our services depending on the needs of certain asset types and their end-users (for instance with features like machinery breakdown cover or additional rental benefit).
Post-sale insurance tracking:
As part of Supra we provided Genesis with the added benefit of following up with their lessees to ensure they had arranged adequate insurance for their leased asset. Our expert team of insurance administrators carries out the tracking service which ensures all assets are fully protected for the duration of the finance agreement. As Genesis’ outsourced administrator we manage all policy-related customer service enquiries and claims.
The technical implementation of our hard asset insurance solution into Genesis' IT function was seamless, allowing for an efficient onboarding process which considered and prioritised the customer journey. This ultimately ensures that TCF and compliance principles remains a priority of the Supra solution.
At Acquis, we have delivered outstanding results in hard assets portfolios across the UK, achieving on average...
20 – 30% Average product penetration for hard assets
7 – 8% Accepted Yield*
69 Net Promoter Score from survey of lessor partners
97% Insurer claims audit score
0.19% Customer complaints ratio
*Defined as: Sum of equipment value accepted for lessor protection divided by written lessor fee
With over a decade of expertise under our belt, we were able to also achieve the following results for Genesis:
Confidence in protection
Our outsourced insurance programme allows Genesis to continue to focus on their core business priorities whilst ensuring a substantial risk is mitigated.
An additional revenue stream
As leased equipment is added to Genesis’ policy this provides a sundry revenue stream from customer insurance premiums, helping to recover the cost of its own policy, limiting the financial impact of protection and providing additional resource to put towards driving growth.