An insurance broker has launched a new, bespoke service for self-employed people in the creative sectors, as it adapts to the changing nature of the business.
BHIB in Leicester has traditionally sold cover to larger SMEs around the UK.
That helped it record a gross written premium – equivalent to a turnover – of £56.8 million in the year to last May, compared to £54.4 million a year earlier.
Gross revenue was up by 7.5 per cent to £12.1 million, while the number of staff at its offices, including its main bases in Grove Park, Leicester, rose from 139 to 148.
But new technology means the business can now provide services to the smaller end of market, from freelancers to small limited companies.
As a result it has launched Create Insurance, so that self-employed people in the creative sector can buy more personalised insurance online.
BHIB and Create Insurance partnerships director Ajay Mistry said the service had been built with freelancers in mind, particularly in the film, media and entertainment industries.
Customers can choose appropriate levels of cover for their equipment, their work, and themselves.
The system uses BHIB’s own software provider Brokertech and can cover short-term projects or be on an annual basis.
He said general insurance policies are underwritten by Hiscox, while life insurance and income protection are provided by Vitality.
Mr Mistry said: “We have something here new and exciting – a way to buy the insurance they need, designed by freelancers for freelancers.
“The creative freelance economy is diverse and growing rapidly as more people than ever make the shift from traditional ways of working.
“This can be daunting enough and we know they need a simple and straightforward way to buy the cover they need, how they want, and when they want it.
“We offer short-term as well as annual policies, easy online claims reporting, a 24/7 legal helpline and UK, EU or worldwide cover, free HR tools and much more.
“Using our own software house, Brokertech, means we have not only designed and built exactly what we wanted but also means we can really speedily change and evolve Create to suit the evolving needs of our customers.”
Company chairman Ashwin Mistry led a management buyout of Brett and Randall in 2009, and rebranded the business as BHIB in 2015.
He was also instrumental in establishing Brokerbility, an independent network of brokers around the UK.
Speaking to Business Live last month he said BHIB was succeeding despite the generally tough economic environment, with both the sector and its customers struggling with huge changes created by things such as cyber security, revolutionary changes in technology, the consumer downturn and Brexit.
He said: “It has all meant incredible change. We have had to adapt otherwise we would have stagnated.
“We have invested in a line of business that three years ago we would never have got into – clients that pay less than £5,000 for their premiums.
“We’ve been able to do that with investment in technology and people, which has helped with the top line.
“The size of the overall cake may have shrunk but we’ve got a bigger proportion.
“The world has moved significantly over the past 18 months and that change will get even quicker over the next 18.”
