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Light at the end of the tunnel

In January I wrote an article that addressed the question “why are IFA’s finding Professional Indemnity Insurance more challenging to obtain at reasonable terms?"  Well four months on what’s changed and how exactly can IFAs achieve a better insurance outcome?
 
For some time now I have held the opinion that too many IFAs suffer from a one size fits all broking approach.  This been reaffirmed on a number of different occasions in recent weeks, with many examples of Protean Risk being able to achieve a better result for our client through an individual broking approach. 
 
What does that exactly mean?  Well, firstly we prepared a stronger risk presentation to portray the IFA in the best possible light and then actually invested the time to introduce the insurer to the client.  This allowed the insurer to question the client’s compliance processes and get more comfortable with their management of risk. Experience so far has been very positive and the aim is to provide longer term stability for the client as the insurance underwriter is directly involved in, and a part of, the relationship.
 
Specialist brokers can also help IFA’s understand the parts of their business that carry higher risk weightings and enable them to evaluate the actual cost / benefit of that side of their business.
 
Whilst market conditions will remain difficult for the foreseeable future, I am passionate about the fact that insurers are determined to seek out the better risks and compete harder on those. 
 
It’s very important to recognise this dynamic and work with a specialist broker that has broad market access and can provide options to leverage the opportunities that are available to them.
 
To help IFA’s consider how they can better position their risk and to answer the questions we are frequently asked, Protean Risk have put together a useful 2015 Professional Indemnity Guide.  I 
hope you find it helpful and would be happy to answer any further questions you may have, just 
email nathansewell@proteanrisk.com
 
 

Nathan Sewell
 

PS/ Why not follow us on LinkedIn to receive further tips and guidance?

 

[Sponsored article by Protean Risk]

 

 

Author: IFA Life Sponsored Post
Posted: Monday, May 18, 2015 | 7:37:01 AM


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