What's all the Fuss About?

Earlier this year 2020 launched its brand new insurance business. The company is already receiving amazing feedback and comments from 2020 members and other UK professionals, so here’s more about what makes this new business tick. 

Professional Indemnity Ltd is one of a new breed of insurance brokers who blend traditional service with cutting edge technology. The business is managed by leading PI expert Mark Bracher. Mark says “I very was fortunate to be given a blank canvas to start PIL which was very exciting. So we began with the premise that the commercial insurance market is polarised between selling online and offline and that brokers tend to fall into one camp or the other. We knew that there was an opportunity to capture a share of both and so that’s what we set out to achieve.” 

In the 1990s Mark was co-founder of Cabot Blackmore which became a major player in the PI market. They sold the business some years ago but it’s reputation from professionalism and service is still remembered by many accountants today. More recently Mark worked with his wife developing her online company and so he felt qualified to start an insurance business that could bridge the gap between online and offline. 

The new PIL website www.professionalindemnity.co.uk is designed for smaller firms to obtain quotations and buy online without completing a lengthy form. EasyQuote instantly compares accountants PI premiums from leading Insurers by using quote comparison technology. Larger or more complex firms can’t buy online but can use the website as a resource and download articles from the ever growing knowledge section. 

But the ability to quote and buy cover on the web is only one part of the PIL business. Mark has worked in the professional indemnity market for many years and was acutely aware that in some areas complacency had crept in. As brokers became bigger through consolidation, their ability to react quickly and negotiate freely was compromised. As a result premiums are not always as good as they should be and service has become reactive rather than pro-active. 

Bracher comments “It’s easy for a broker to become complacent. They know that an accountant will often simply stay with their existing broker, even when they are not particularly satisfied with the service they receive. It’s can be an infuriating process for customers....receiving renewal terms from a broker at the last minute. We saw this as an opportunity to build our service around just a few basic service standards...good service is not rocket science...it’s usually about culture and giving people enough time to service clients properly. But we didn’t simply want to enter the market and say “here we are, please can we quote?” After all it was a blank canvas We wanted to use the latest broker technology to deliver great prices and ‘pro-active’ service and I have to say that judging by the feedback we are receiving that’s exactly what we’ve achieved.” 

But don’t just take our word for it. Here’s a real life case study from a client of PI Ltd..... 

Glover Stanbury & Co are a 6 partner firm of Chartered Accountants. They were very satisfied with their professional indemnity insurer, but asked if PIL could achieve a better premium for them. They looked at the renewal terms being offered by the insurance company, which was inclusive of their brokers commission. Our efficient systems enabled us to change the cost basis of the broker remuneration from commission to a fixed annual fee, saving Glover Stanbury & Co a significant 14% of their annual PI premium spend. In addition to the premium saving, their insurer and cover remained exactly the same and the broker service offered was more hands on and personalised to their requirements. Partner Martin Chance commented “We were very pleased at the way in which our enquiry was handled by PI Ltd. They understood our requirements and quickly came up with a good way of saving us a substantial amount of money, without changing our insurer”.’ 

For further details call +44 (0) 845 251 4000, email info@2020insurance.co.uk or visit www.2020insurance.co.uk.