Stormseal’s Managing Director, Matthew Lennox, recently travelled to the UK to meet with a number of UK based Insurance companies, with large client bases extending across the UK.
Although he only spent four days in the country, Matthew learnt a lot about the UK insurance market and the challenges and opportunities it presents for Stormseal.
‘The way insurance works in the UK is very different to Australia. In Australia, if there’s a catastrophe like a big storm, the cost of subsequent claims is distributed evenly as a small, universal increase to premiums. In the UK, if you make a claim, your insurance premium will increase dramatically, doubling or even tripling to help defray costs – it’s a user pays system, designed to discourage excessive claims.
‘This makes Stormseal’s reliable protection of storm-damaged buildings even more important to policyholders – and therefore, to insurers – in the UK. It’s not just about policyholders’ safety and peace of mind, it’s also about avoiding a significant increase in their premiums by preventing ballooning claims from ongoing weather damage.’
Matthew also compared builder training in the UK to practices in Australia.
‘In Australia, we have robust, national regulations governing Workplace Health and Safety (WHS) training, with clear competency standards. We have developed a comprehensive one-day course for Stormseal installer training which is WHS accredited, and requires prior completion of Work Safely at Heights training. Successful trainees receive a nationally recognised Statement of Attainment.
‘In the UK, training standards are more lax, with many builders having the attitude that if they have experience, they don’t need training to enhance their skills or ensure that they are meeting safety standards. Stormseal training has been well received in Australia, but it could be a challenge to promote it in the UK market.’
Matthew was impressed with connections he made through meeting with Austrade representatives at the Australian High Commission in London, especially when they introduced him to Business Birmingham.
‘Business Birmingham rolls out the red carpet to encourage foreign businesses to establish a base in the city. Their services are free of charge and include relocation support, property guidance, government mediation, legal advice, business networking, and assistance with access to funding.
‘This is extremely helpful to Stormseal, given that one of our target clients – Evolution Claims Management – is based in Birmingham. This centrally located city has an exciting future, now that a Very Fast Train makes it possible to travel to London in 45 minutes, compared to taking about three hours by car.
‘Overall, we’re feeling excited about the prospects for Stormseal in the UK and keen to adapt our products and services to meet the needs of this market.’
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