SEIB Insurance Brokers has been recognised with the Marketing & Customer Engagement Award at the Insurance Age UK Broker Awards 2024. This accolade highlights SEIB’s innovative approach to insurance product development, demonstrating a customer-first strategy that directly addresses the evolving needs of a specific demographic within the equestrian industry.
Faced with the rising cost-of-living crisis and financial pressures on horse owners, SEIB conducted the first nationwide survey on the cost of horse ownership in 2022. The results revealed widespread welfare concerns, with many owners struggling to afford routine healthcare for their horses. In response, SEIB launched Core Horse Insurance, a budget-friendly, accidental external injury-only policy designed to fill the gap between comprehensive cover and having no protection at all. With premiums starting at under £10 per month and a streamlined online platform, the product offers essential cover to a demographic that needed a more affordable solution.
Suzy Middleton, CEO of SEIB Insurance Brokers, said:
“At SEIB, we’ve always placed customers at the heart of our business. The launch of SEIB Core is a direct response to the feedback we gathered from horse owners across the UK. By understanding their financial constraints, we were able to develop a tailored insurance product that meets their specific needs. Winning this award reaffirms our commitment to driving innovation in the insurance market through a customer-first approach.”
The launch of SEIB Core has significantly broadened SEIB’s market reach and repositioned the company as a provider that offers versatile, accessible insurance solutions. Traditionally known for comprehensive horse insurance, SEIB is now viewed as a forward-thinking insurance provider that listens to its customers and delivers products tailored to their circumstances. This shift has not only enhanced SEIB’s brand perception but has also led to operational efficiencies, with an online conversion rate of over 10%.
Katie Oswald, Head of Marketing at SEIB, commented:
“Our campaign was driven by a focus on real customer needs. The equestrian market is unique, and our deep understanding of this demographic enabled us to craft a product that offers value where it’s needed most. SEIB Core Horse Insurance is the result of listening to our customers, applying detailed market insights, and executing a robust marketing strategy that resonates with our target audience.”
A cornerstone of the product’s success was SEIB’s strategic partnership with grassroots equestrian influencers, an innovative approach in the insurance sector. By leveraging the reach of relatable ambassadors within the horse-owning community, SEIB was able to effectively communicate the value of the Core product to a broader audience.
Niall McKibbin, Head of Equine & Livestock at the insurers of the SEIB Core policy, Convex, also commented:
“We are very pleased to have collaborated with SEIB on the development of this product that may help alleviate some of the financial pressure for certain horse owners in these tougher economic times.
In addition, we hope this may provide a broader choice when selecting the right coverage for their much-loved horses.”
In addition to its market impact, SEIB Core’s online system has improved operational efficiency by enabling 24/7 sales, reducing the need for additional staff and lowering operational costs. The technology and process innovations introduced through this product launch have set a new standard within SEIB, providing a template for future product development.
