A new article from Insurance Age explores the evolving events sector and features insight from OneAdvent client, event insurance MGA, Vento.
Covid-19 dealt a punishing blow to the insurance industry. Not only were there protracted legal battles over business interruption claims (most of which insurers ended up honouring) but Lloyd’s also paid out an estimated $4bn in contingency claims, money that will likely never be recovered.
With Summer upon us (allegedly) and events season in full flow, Insurance Age’s Martin Friel takes a look at the evolving events sector, where all signs point to a market in “rude health”, with enough new capacity entering the market to satisfy increasing demand.
One of the ways the market is bouncing back is by taking a more advice-focused approach to selling contingency insurance.
“We want to move that [advice] on to a platform so that more people can access that insight. Like a blueprint of running a safe, small event – dealing with the council, how to make it more likely you’ll get your license, how to get the event going and of course, how to protect your event with the right insurance” – Freddie Sparrow, co-founder, Vento.
Having been a successful event organiser himself, Freddie Sparrow, co-founder of events insurance MGA Vento, understands the biggest challenges facing event organisers, the hurdles to obtaining insurance, and the advice he would have appreciated at the time.
Setting up Vento with the support of OneAdvent, Freddie has made it his mission to shake up contingency insurance and take a fresh approach to the product that keeps the customer at the centre of the journey. In the article, he explains that although the market has recovered, “we need better processes and experiences to push it over the line”.
Freddie’s new approach focuses on data to inform quotes and improve the buying journey for customers, but he’s also keen to offer a more consultancy-focused approach, helping his customers to understand what they need, and how to get it.
Read the full deep-dive into event insurance here (Insurance Age subscription required)
For further information on OneAdvent please contact :
Kirsty Plank, Full Circle Communications
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Notes to Editors
About Vento
We are transforming insurance for event organisers with our smart and accessible technology. Our platform is designed for event organisers, by event organisers. Whether you’re a festival, a village fête, or a birthday party, and the unpredictability of events is a constant concern – Vento is the solution. With transparent costings, our policies are clear and affordable. Quotes are generated within minutes, and each can be tailored to meet the individual needs of our clients. This personalised approach provides peace of mind, guaranteeing comprehensive coverage for the liabilities, property, revenue shortfall, and cancellation of an event. We are proud of our journey so far, but this is just the beginning!
About OneAdvent
Focused on getting insurance businesses to market – and fast – OneAdvent brings its sector expertise and technical know-how to bear for forward-thinking insurance businesses around the world. Collaborating with established industry players and entrepreneurial start-ups alike, we help our clients turn innovative ideas into genuine success stories.
We’re committed to challenging the status quo in a traditional, highly-regulated environment. With continued investment in our business and an empowering, hands-off approach, we’re ready to take advantage of the changing face of insurance. Bringing agility, flexibility and creativity to the market, OneAdvent is the industry’s innovation accelerator.
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