Partner Model

As a leading insurer, GENRIC provides risk financing facilities to UMAs, start-up InsurTech businesses, brokers and entrepreneurs with an insurance business concept to participate in the insurance market.

Our Partner Model means that product innovators retain control of their business while participating in the economic benefits of insurance, at lower cost and with fewer compliance hurdles than having to secure a full insurance licence of their own.

Our Objective:

Our objective is to be the insurance partner of choice that provides growth and structured processes and operational alignment that facilitate the success of our partners’ businesses, retaining the individuality, unique skills, innovation mindset and customer centricity needed to provide an excellent service and more competitive premiums to brokers and clients.

Are you interested in partnering with us? Download Our Partner form

UMAs

We understand that for UMAs, speed to market and retaining entrepreneurial drive and independence matters. The very existence of UMAs is premised on the fact that they are driven by people with highly-specialist and expert skills who want to operate and grow their insurance businesses, without the distraction or red tape of large corporate environments and bureaucracy. In partnership with the UMA, GENRIC participates and engages to enhance both businesses and ensures the maintenance of the required regulatory and compliance controls.

Our unique partnership approach allows our business partners to prosper and grow as entrepreneurial entities with the backing of GENRIC’s insurance and reinsurance capacity, capital, solvency, operational and financial processes, and strategic direction. The combination of specialist skills, leadership and owner- driven responsibility with a like-minded and forward-thinking insurer makes for market-leading insurance businesses that can thrive in an environment of technological innovation and disruption.

Brokers

In an environment where commoditised insurance is increasingly becoming disintermediated, GENRIC recognises the importance of expert advice in more specialised segments of the insurance market. With changing regulations and insurance distribution models, brokers are looking to new models of remuneration to ensure that they can continue to play the important risk-advisory role for their clients operating in an increasingly complex world.

GENRIC’s range of niche insurance product solutions are designed to offer brokers additional lines of business that complement their existing models, without competing with existing principal agreements.

InsurTech Business

The insurance sector represents a unique opportunity for technological entrepreneurship by finding innovative ways of accessing and servicing the market. In an age of rapid technological development and evolving consumer needs, InsurTech startups bring unique opportunities to the risk industry. As GENRIC, we believe there is enormous potential in the InsurTech space that can enhance and add tremendous value to the insurer, UMA, and broker business models.

GENRIC’s focus is to partner with InsurTech companies to find ways to help improve the customer experience, develop new lines of coverage that meet the evolving exposures the market is facing, and optimising and modernising traditional insurance distribution.