Graham Hearsey CEO of Professional Insurance Agents Ltd has been
very pleased with the latest move in the Insurance market to improve
Professional Indemnity Insurance policy covers.
After several meetings with leading suppliers some really useful "add ins" (which hopefully would not upset the FSA) are now available when you buy your policy, whether its via the companies online Multiquote and Buy platform or with an offline more complicated Professional Indemnity Insurance requirement. These covers include Personal Accident Insurance, Life Cover and Directors and Officers Insurances.
With new regulations and regulators due to take over from the FSA, brokers need to be very aware of "adding on unnecessary products" with the main purchase they offer their clients.
PPI was an example of bad selling of an insurance product, thankfully for every broker involved with selling this type of insurance with, the major banks like Barclays, Lloyds, RBS had to pick up millions of pounds in fines from the FSA and to compensate all the clients that they miss-sold too.
Hearsey the CEO of PIA said "We are very confident that the extra products we are selling along side Professional Indemnity Insurance policies are very complementary to the clients needs and because many of our customers buy via our website, very often without a brokers advice i.e "execution only", we make our extra product range very visible and all our clients can opt out of having these sections on their final policy if not required and more are sold as an assumption sale. We would also like to make it clear that besides the Professional Indemnity policies we offer which currently total 9 insurers on our Quote and Buy platform that all these other policies can be purchased stand alone, and the client can cherry pick from different suppliers what they would like to have cover on. This makes the buying experience flexible and gives the client a wide range of insurance products and services to choose from."
After several meetings with leading suppliers some really useful "add ins" (which hopefully would not upset the FSA) are now available when you buy your policy, whether its via the companies online Multiquote and Buy platform or with an offline more complicated Professional Indemnity Insurance requirement. These covers include Personal Accident Insurance, Life Cover and Directors and Officers Insurances.
With new regulations and regulators due to take over from the FSA, brokers need to be very aware of "adding on unnecessary products" with the main purchase they offer their clients.
PPI was an example of bad selling of an insurance product, thankfully for every broker involved with selling this type of insurance with, the major banks like Barclays, Lloyds, RBS had to pick up millions of pounds in fines from the FSA and to compensate all the clients that they miss-sold too.
Hearsey the CEO of PIA said "We are very confident that the extra products we are selling along side Professional Indemnity Insurance policies are very complementary to the clients needs and because many of our customers buy via our website, very often without a brokers advice i.e "execution only", we make our extra product range very visible and all our clients can opt out of having these sections on their final policy if not required and more are sold as an assumption sale. We would also like to make it clear that besides the Professional Indemnity policies we offer which currently total 9 insurers on our Quote and Buy platform that all these other policies can be purchased stand alone, and the client can cherry pick from different suppliers what they would like to have cover on. This makes the buying experience flexible and gives the client a wide range of insurance products and services to choose from."
