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Are You Managing Your Insurance Risk?
Due to the limited number of rated providers and the quality of data retained by insurers, it is highly likely that many underwriters will have received risk presentations from the same clients or prospective clients year after year. In some cases this can be through a variety of brokers which enables them to build a historic risk profile.
With this in mind it is more important to demonstrate to insurers that firms have robust procedures in place which will prevent claims from happening, rather than insurers assuming that a firm simply may have been fortuitous in avoiding claims to date.
Claims are seen from a variety of areas such as administrative errors, routine clerical mistakes, pressures of work volume, poor recording of client instructions, client selection, giving advice in areas without sufficient expertise, and training. Insurers should be advised that not only have these risks been identified by firms, but that there is a culture of embedded risk awareness throughout the firm, rather than as an after-thought. Partners should be aware of their responsibilities, that there are procedures of risk management in place, and these are reviewed to ensure they are effective with a clear chain of responsibility with named individuals to ensure prevention, or early recognition of instance which may give rise to a claim.
A good quality insurance broker will not simply gather information to complete the proposal form. They will take the time to discuss and understand their clients and potential clients’ business, and pass these positive features on to the insurers. There is of course a Commercial consideration for doing this, because they are looking to present clients in the best possible light and differentiate themselves, not just from competing brokers but also from any previous information an insurer may hold for a firm.
For further information on any of the above content above please contact:-
Tristan Webb, Managing Director, Aspire Insurance Services Limited, 0845 270 6720
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Aspire Insurance is part of the huge A-One Insurance Group and is a fully independent Insurance Broker with an innovative approach to clients’ insurance requirements, using a wide range of insurers and insurance policies to secure the best cover with optimum savings.
The insurance industry is dominated by large national brokers with huge budgets for sales and marketing who are constantly on the acquisition trail - but Aspire stand out due to their unique service.
Tristan Webb has been the owner of Aspire Insurance since April 2007 and has grown the business year on year.
The Aspire model is based on honest straight forward advice to their clients and their goal is to make the process of arranging the right insurance product as easy as possible by trading electronically with both insurers and clients to enable them to be quicker and more efficient than many of their competitors.
It also means that from an environmental perspective they consumable far less than most insurance brokers.
Tristan has received 2 takeover bids in as many years but does not intend to be selling any time soon.
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