Innovation Broking Insurance Review
Overview
Year of Establishment and Background Story
Innovation Broking was established on May 5, 2017 [1]. This independent commercial insurance broker focuses on providing high-level risk management and advisory services primarily to larger corporations based in the United Kingdom [2, 3]. Their approach centers on understanding the unique risk profiles of their clients and crafting tailored insurance solutions to mitigate potential threats.
Key Milestones in the Company’s History and Growth
Significant milestones in Innovation Broking's journey include a registered address change from Watford to London's One Creechurch Place on August 8, 2024 [1]. This relocation suggests growth and expansion within the London insurance market. The submission of full accounts for the period ending September 30, 2023, indicates a commitment to transparency and financial accountability [1]. This suggests ongoing operations and a commitment to regulatory compliance.
Regulatory Compliance and Licenses
As an independent commercial insurance broker operating within the UK, Innovation Broking is subject to and adheres to the relevant regulatory frameworks. While precise details regarding specific licenses and certifications are not readily available in public sources [1, 3], their operation implies compliance with the necessary industry standards and regulations.
Insurance Products and Services
Main Insurance Products
Innovation Broking's core offering revolves around comprehensive corporate insurance broking services. Their expertise extends to diverse sectors, offering specialized risk management and insurance solutions tailored to the specific needs of each industry. They possess notable experience in the energy storage sector, advising on projects ranging from 50MWh to over 500MWh [2]. Their client portfolio includes businesses in technology, private equity, venture capital, leisure, healthcare, life sciences, professional and financial services, manufacturing, and distribution [2, 3]. Innovation Broking focuses on delivering flexible, 'full-service' propositions, emphasizing board-level guidance and proactive risk management strategies, particularly for technology companies [2, 3].
Additional Services
Beyond core insurance broking, Innovation Broking's commitment to client success extends to additional service areas. They offer valuable financial advisory services, helping clients design compelling benefit packages to attract and retain top talent in today's competitive job market [2]. While not explicitly stated, their comprehensive insurance approach likely incorporates aspects of retirement planning, given the long-term financial security needs of their clients [2]. Furthermore, their support extends to claims assistance, streamlining the claims process and providing clients with essential guidance and support throughout [2].
Premiums and Pricing
Pricing Structure
While a precise, detailed breakdown of premium rates for each insurance type isn’t publicly available, Innovation Broking emphasizes competitive premiums and flexible pricing models adapted to individual client circumstances [2, 3]. This approach suggests a willingness to tailor insurance costs to reflect the specific risk profiles and needs of each business. Further transparency regarding pricing would benefit potential clients.
Discounts and Special Offers
Information on specific discounts, such as multi-policy discounts, safe driver discounts (where applicable), or loyalty rewards programs, is not explicitly detailed on their website [2]. While not overtly advertised, a customized approach to insurance solutions implies the possibility of such incentives for suitable clients [2]. Similarly, limited-time promotional deals or special offers are not currently highlighted [2, 3].
Customer Service and Support
Contact Methods
Currently, readily available contact information such as phone numbers or email addresses is not publicly accessible on their website [1]. This lack of readily available contact information could be improved upon to enhance client accessibility and responsiveness.
Availability of 24/7 Support and Multilingual Assistance
Information regarding 24/7 customer support or multilingual assistance is absent from readily available sources [1]. The provision of these services would considerably enhance customer service and accessibility for a wider range of clients.
Pros and Cons of Innovation Broking Insurance
Pros
Innovation Broking presents several advantages: Their competitive premiums, tailored to client needs, are a significant draw [2]. Their comprehensive coverage options across diverse sectors, including technology and energy storage, provide extensive protection [2, 3]. Their specialist expertise across numerous sectors ensures tailored solutions and deep understanding of industry-specific risks [2, 3]. The focus on board-level advice signifies a strategic, proactive approach to risk management.
Cons
Potential drawbacks include the limited publicly available detail regarding specific policies and coverage options [1, 2], making it challenging for potential clients to thoroughly assess the suitability of their offerings without direct engagement with the company. The absence of easily accessible contact information (phone and email) might pose a barrier for clients requiring immediate assistance [1]. Improved transparency and readily available contact details would greatly improve customer experience.
Conclusion
Summary of the Main Points Covered in the Review
Innovation Broking is an independent commercial insurance broker in the UK specializing in providing expert advice and comprehensive risk management to larger companies. Their strength lies in their tailored insurance solutions across various sectors, particularly tech, private equity, and energy storage, all while striving for competitive pricing [2, 3].
Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings
Businesses and organizations requiring specialized insurance services, especially those operating within technology, private equity, venture capital, and the energy storage sector, would find Innovation Broking’s expertise invaluable [2, 3]. Their proactive risk management approach and tailored solutions make them a suitable partner for companies seeking comprehensive and strategic insurance coverage.
Frequently Asked Questions about Innovation Broking Insurance
Due to the limited publicly accessible information, a dedicated FAQ section could not be compiled from the provided sources [2, 3]. A comprehensive FAQ section addressing common client queries about policies, claims procedures, and other key aspects of their service would greatly enhance transparency and improve the overall client experience.
| Question | Answer |
| What types of insurance does Innovation Broking offer? | Innovation Broking offers corporate insurance broking services, specializing in various sectors including technology, private equity, energy storage, and more. Specific policy details are not publicly available. |
| How can I contact Innovation Broking? | Contact information is not readily available on their public website. |
| What is Innovation Broking's pricing structure? | Their pricing is described as competitive and tailored to client needs, but specific details are unavailable. |
| What is Innovation Broking's claims process? | Details regarding their claims process are not available in the reviewed sources. |
References
[1] https://open.endole.co.uk/insight/company/10757123-innovation-broking-group-limited
[2] https://www.innovationbroking.com/
[3] https://www.innovationbroking.com/about-us
