Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Non-Deal Roadshow (November 2024)
31 slides from Protector Forsikring Asa's roadshow presentation, Nov 14, 2024
Slide 1: Disclaimer
Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Protector Forsikring ASA (the "Company”). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to a
Slide 2: Protector Forsikring ASA
Protector Forsikring ASA DNB Insurance trip – November 14th, 2024
Slide 3: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 4: Vision, The Challenger, Business Idea
Vision The Challenger Business Idea This will happen through unique relationships, best in class decision- making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Innovative/Open Bold Committed
Slide 5: Growing organically from 0 to NOK 10bn since 2004
Growing organically from 0 to NOK 10bn since 2004 Operations in Norway, Sweden, Denmark, Finland, the UK and soon France Protector , The company The company Forsikring was gets listed on reaches 1 Expansion to Expansion to Expansion to , Expansion to established as Oslo Stock bnNOK in Sweden Denmark
Slide 6: Copying the winning formula
Copying the winning formula Local implementation of our DNA for global growth Focused approach until critical mass is reached: • Public Sector including Housing Canada • Commercial Motor USA 2015 Criteria for prioritizing markets are: • Market size • Data availability 2019 • Broking dynamics 20xx 20
Slide 7: Our story so far
Our story so far Disciplined growth continues with investment in our people Protector France! Our new HQ opened in 3 Hardman Our new London office opened, Claims Street, Manchester 28 Lime St Broker Service, 6th Broker 7th Broker handling We insure 1st Broker First London In House AI & Mid-Market Sa
Slide 8: A focussed company
A focussed company Cost and quality leadership lead to profitable growth and a top 3 position Our Performance culture Our Strategy Our Risk Appetite • All Property and Casualty products Competence • Market standard products (Incl. Data) • Market segments – public sector, commercial and affinity Brok
Slide 9: Public Sector & Housing | Large core segments
Recap from investor presentation Q1 2023 Public Sector & Housing | Large core segments Cyclical market, high level of expertise Hit rates • ≈ MGBP p.a. quoted in the segments • 1st of April is a significant renewal date in the UK • Hardening market since 2021 • Consistent underwriting approach and r
Slide 10: Importance of culture
Importance of culture Culture of discipline and teamwork, live our DNA in order to achieve our main targets Clean Desk Cultural Ambassadors SLA’s A culture of discipline 16
Slide 11: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 12: The UK Market – a £50bn opportunity
The UK Market – a £50bn opportunity With circa £10bn in scope Breakdown of UK Non-Life Insurance Market | Total GWP (2016) In-scope Commercial Market | Line of business breakdown Property Commercial property £4.0bn £32bn £46bn Casualty Commercial casualty £3.2bn £3bn £1bn Motor Commercial specialty
Slide 13: Updated assessment of UK market
Updated assessment of UK market Grown by 40% since 2016; in-scope market estimate now sits at £14.4bn • UK IPT1 receipts in 2016 = £4.8bn, with a rate of 10%. What do Protector UK have access to? GWP = £48bn • In 2023, IPT receipts = £8.1bn, with a 12% rate. GWP Best estimate of our broker panel GWP
Slide 14: Our UK market opportunity
Our UK market opportunity A large volume that will expand as we diversify Sector In scope GWP Protector UK share (‘23) Global Nil Nil UK Major Corporate UK Corporate £3bn } £111m UK Commercial £3bn SME <£10k GWP Nil Nil Personal lines (non-life) Nil Nil Public Sector £415m £108m Social Housing £405m
Slide 15: A cyclical market
A cyclical market Profitable Growth is fundamental Public Property Strong profits Capital flows A Seller’s market into market Rates start Commercial Rate rise strongly P&C to fall Motor Hard Market Risk selection rejects (expensive) Insurers chase some activities and industries Insurance Cycle marke
Slide 16: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 17: Commercial sector: Current Status – Focus on Profitable Growth
Commercial sector Current Status – Focus on Profitable Growth Motor Property Liability • Poor profitability in the market • Rapidly softening market • Softening market • Market corrections lead to • Exceptional profitability on • Very Good profitability on increased number of existing portfolio exis
Slide 18: Focussing on improving the flow of data
Commercial sector Focussing on improving the flow of data has a number of benefits Reduce costs Improve Improve flow of service data Better decision- making 24
Slide 19: Commercial sector: Who are we and where do we want to go next?
Commercial sector Who are we and where do we want to go next? What we are Good at now: We want to get better at in 2025 and beyond: Underwriting “specialty” risks Underwriting “simpler” risks • UK Risks > £50k GWP • Higher volume – £10k + GWP, to start • ‘Green’ – ‘Yellow’ • ‘White ’ industries • Ag
Slide 20: The next part of the journey
The next part of the journey Strategic development & distribution growth Non-Con Rationale: Motor • Size of opportunity? Convert co- Contractors • Level of risk? insurance ‘All Risks’ • Alignment to core strategy / values? • Ease of access? • Ability to differentiate? Products/ Public Segments Secto
Slide 21: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 22: Public sector UW process
Public sector UW process Consistent, data driven, analytical and market leading underwriting 15 years consistent approach to risk selection Discipline in key UW focus leads to better than average portfolio • Profitable growth is our target, growth is secondary • Loyal to methodology – no ‘red’ risk
Slide 23: Public Sector & Housing UK
Public Sector & Housing UK Still much potential, but Top 3 | Overnight success April 1st 2023… that was 5 years in the making! Breakthrough ‘23, Net CR HTD ~86 % Market hardening after three lean years – we are patient • Insuring ~ LA’s & ~ HA’s • Hit Ratio improved in 2023 & 2024, more volume avail
Slide 24: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 25: How do we ensure Quality Leadership in the UK?
How do we ensure Quality Leadership in the UK? Living the Challenger by delivering on our market leading SLA’s Market Performance Clean desk leading support SLA’s Key examples include: • Telephony KPI of all claims calls answered within 20 seconds. • Policy documentation delivered within 15 days 31
Slide 26: Our broker survey
Our broker survey We invite feedback from our broker partners, an integral part of our value chain How do we track progress as quality leader? Achievements Broker Satisfaction Index • The brokers are our only distribution channel • Send out our survey via third party 1st, 7th time • Measured annuall
Slide 27: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 28: Market leading claims proposition
Market leading claims proposition It’s in our DNA Tripartite approach – Claims involved pre- inception Reduction and Market leading on- Recovery boarding process Key market differentiators Clean Desk Flexible approach to ‘Right First Time, On nominated suppliers Time, Every Time’ and settlements Exp
Slide 29: Our Promise to Brokers and Clients
Our Promise to Brokers and Clients Delivering Market Leading Service Whilst Managing Growth • No. 1 Claims Handling in BSI for the 7th year running against competitors • Claims Handlers targeted to answer all incoming calls within 20 seconds • All post actioned by close of business How we deliver •
Slide 30: Protector Forsikring ASA - UK
Protector Forsikring ASA - UK 1 Introduction 2 Market size and potential 3 Commercial sector deep dive 4 Public sector deep dive 5 Quality leader – Meet a broker 6 Claims Handling 7 QA
Slide 31: Protector insurance
PROTECTOR insurance
Protector Forsikring — Non-Deal Roadshow (November 2024) on 6ix