Specialist professional indemnity solution provided
Tax consultant obtains market solution
“We require very specialist insurance coverage and national brokers failed to find the correct cover for us. We were referred to Ascend and the team took considerable time to understand our business and the sector, before discussing with their longstanding contacts.
The outcome is that we have a bespoke programme and are delighted with the outcome.”
Sector: Professions
Sub Sector: Tax Consultant
The Problem:
The client was unable to obtain affordable professional indemnity insurance due to a combination of:
- Their activities
- The appetite in the market
- The manner in how they had previously approached the market
The Solution:
The client was unable to obtain affordable professional indemnity insurance due to a combination of:
- Their activities
- The appetite in the market
- The manner in how they had previously approached the market
The first thing we did was to explain to the client the challenges in the marketplace and how to achieve the best result. This included:
- A fact-finding meeting
- A review of their previous arrangements
- Their business plan
- Segmentation of clients
We also provided insight into the key risk management features that need to be embedded within the business and the optimum time to approach insurers.
Ascend prepared a detailed presentation and separate overview document of the industry sector to enable prospective insurers to consider the proposal. By adopting this approach, we were able to demonstrate that the client was in the top quartile of their industry sector and provided the client with 3 options, one enabling them to improve over the competitors in the cover that they hold.
Previously offered £100,000+ indications
Renewal obtained at £30,000 with A rated security
The client was absolutely delighted with the outcome which enabled them to continue to grow their business in the knowledge they have the very best insurance in place.
By understanding the client’s needs, the sector and what is causing the insurance marketplace concerns, we were able to introduce them to our market connections and provide them with a market-leading solution.
