New specialty operation in the “works”

A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus on specialty lines that require expert underwriting.
Many of the customers are expected to be other insurers, in fact. McDonald explains, To properly provide something like traditional
equipment breakdown coverage, a company needs to have highly trained underwriters, inspectors and a full range of support services.” Knowledgeworks will try to provide this kind of “expert” service.
He adds that knowledgeworks will, in many cases, be “invisible” to the broker and customer, with coverage written under the insurer’s own brand.
The original product offering, yacht insurance, is intended to cover pleasure craft that do not fit neatly into traditional personal lines coverage. Other lines, as well as consulting and engineering services, will be added in the coming months.
“Our goal is to put knowledge back into the equation and to use that knowledge to guide everyone through the process as effectively as possible,” says McDonald.