Online Multiquote and buy software

PIA (Professional Insurance Agents) is offering various European countries its UK online mulitquote and buy insurance platforms for SME clients either direct or by a business to business arrangements (B2B). The software platforms can offer such policies as:

• (PII) Professional Indemnity Insurance
• (D/O) Directors and Officers Insurance
• (P/L) Public Liability Insurance with Professional Indemnity
• (C/C) Commercial Combined Insurance Policies.

The system is easily adapted into different languages and currencies,issuing fully translated policy documents and schedules for all the main SME type policies such as Professional Indemnity Insurance, Office and Directors & Officers Insurance.

BIBA 2011

I am sure many of our fellow brokers and insurers are getting ready for the BIBA Conference, particularly if they have their own stands.

This year Professional Insurance Agents Limited will be highlighting the growth in online Multiquote and Buy for SME clients needing insurance.

Where brokers and insurers have been relying on traditional forms of marketing for SME business or even modern forms such as call centres, the tide has now changed with a massive swing in buying habits for insurance policies to online such as:

• Professional Indemnity Insurance (PII)
• Directors & Officers Insurance,
• Public & Employers Liability Insurance,
• Office Insurance,
• Commercial Combined Insurance,
• Property Owners Liability Insurance,
• Employment Practices Insurance

In the UK and more recently Professional Indemnity Insurance and Directors and Officers Insurance is starting to be sold online in Europe, PII in Malta, Gibraltar, Ireland and Holland.

Even taking into account late opening and Saturdays and Sunday trading, if brokers and insurers carry on thinking that the solution is B2B they will loose most of their SME Business to the direct supplier aggregators and brokers offering online Quote and Buy solutions for the SME'S.

The best example of this is - How many people now go down to their travel agents to book a flight or holiday? Despite our confident, blind belief that SME'S will always need a broker, with more and more sophisticated software and intelligent Underwriting, the Tsunami is coming and for those broker/insurers ignoring the power of the surfer, they will be swept away without trace.

If they refuse to believe the inevitable that small business will buy their Professional Indemnity Insurance, Directors & Officers Insurance, Commercial Insurance, and Public and Employers Liability "Online".

Insurance Technology

How far has the insurance industry come, in respect of it’s use of technology. To be honest up until the last few years, the whole insurance industry in general has been in the dark ages, only just getting over the ‘quill pen’. Yes there has been few exceptions where innovation by brokers and insurers managed to persuade the old guard that change was needed, although it has to be said there are still large pockets of resistance by some larger brokers and insurers, namely because of their old fashion procedures and very often hampered by too many jobs worth within their own corporations.

The quicker insurers and brokers understand and embrace insurance technology, sharing the best of innovated ideas and implementing them, the easier it will be for all involved in the process of buying and selling.

The benefits will far out weigh the losses and investments you may need to consider.

The buzz word must be ‘Automation Automation Automation’

Things to consider if you haven’t done so:

• Online Quote and Buy UK
• Online Quote and Buy Worldwide
• Feeding into UK Insurance market
• Visual and speaking communication direct from your own websites, almost TV broadcast
• Automating schemes via the internet
• ‘SME’ automation for all insurance products
• Broker/Insurer direct websites issuing more complicated insurance products and offering immediate cover for businesses and SME’s direct, rather via insurer/broker systems.

Insurance products to consider online if you have not already done so:

1. Professional Indemnity Insurance
2. Directors & Officers Insurance
3. Charities and Trustees Insurance
4. Pension Trustees Insurance
5. Property Owners Insurance
6. Commercial Travel Insurance
7. Public & Employers Liability
8. Cargo Insurance
9. Combined Insurance
10. Events Cover
11. Medical Malpractice
12. Tradesman Covers
13. Office Insurance
14. Shops / Surgeries

More complicated insurance products such as Intellectual Property Insurance, Solicitors Insurance, IFA Insurance, Shipping and Aircraft risks can still be automated and presented directly form your websites to insurers and underwriters to consider the risk.

New Company Start ups - Professional Indemnity Insurance

With many people now being made redundant, there is a growing trend towards starting up your own business and investing the redundancy pay received into a new business. If this is in your mind, you need to consider quite a few things.

It is always best to put together a type of business plan to start with, it doesn’t have to be over complicated in the very early stages, but at least gives you an idea of where to begin and what type of cost you would be facing to start your business. The obvious things sometimes do get lost with the excitement of the idea of being your own boss. Some basics would be:

1. What type of set up, ie a Ltd Company, Sole Trader or Partnership
2. Name for your company, (be careful here, this needs to express your trade, service or profession
3. Bank who will give you the best deal
4. Accountant who will give you the best deal
5. Working from home or renting/buying offices or industrial units. How much?
6. Equipment, computers, phones, photocopiers, desks, chairs, etc
7. Logos, headed paper, business cards, leaflets, websites
8. Marketing research, how best to promote your new business
9. Insurance, what types do you need:
• Professional Indemnity Insurance
• Directors & Officers Insurance
• Public and Employers Liability Insurance
• Office Insurance
• Commercial Combined Insurance
• Travel Insurance
• Employment Practice Liability


10. Staff to employ
11. Health and Safety Manual
12. Fund Raising / Capital Requirements

With all these options to consider it is good to know that some of the stress can be taken out by obtaining your insurance online at a competitive rate from a professional broker who will be available to answer any questions you may have. Click for quotations on Professional Indemnity Insurance and other commercial insurance quotes which you may need for your business.

What is office insurance business interruption cover

Business interruption insurance covers loss of income should a business suffer a disaster, for example, if your office burned down to the ground.
If you only cover the ‘property’ under your office insurance with no business interruption the insurance you have taken out will only respond to the physical damage to the business. What the business interruption insurance cover will offer under the combined office policy is the profits the business would have made if it had been able to trade normally. The following areas could be claimed on if you had included business interruption insurance when purchasing your office combined insurance policy:

• Fixed costs – based on historical figures
• Cost for temporary re-location to get the business up and running again
• Profits that could have been earned in normal trading (based on previous financial records)
• Expenses – that may have been occurred beyond any fixed costs

For advice on your office policy requirements please call Professional Insurance Agents Ltd on 01323 648000
We can discuss both UK operations and companies that trade in other countries, particularly if they have staff working abroad. We would need to look at offering other additional covers as “add ins” to the standard office insurance combined covers, commercial travel, kidnap and ransom, legal protection and worldwide cover.
We think that we can offer comprehensive office insurance covers at the right price and costs. We are also able to offer Professional Indemnity Insurance, Public Liability Inusrance, Directors and Officers Insurance as well as other commercial insurances.