Redefining Standards in the Toughest PI Market yet 

Here at Servca Group we are passionate about insurance. 

Likewise we are passionate about what makes us a Lloyd's of London Specialist Brokerage; our clients; our partnerships; our quality services and products; lastly, but not least, our submissions.

Getting through quality leads to the market’s underwriters has never been more difficult. As these conditions harden, you may wonder what you can do to help your submissions navigate the PI Market more efficiently. 

As a Lloyd Broker, we ensure our presentations exceed the standard expected of Servca and nothing less. 

That is why we have created this guide to the 'perfect submission', so we can show you what sets Servca above the standard when we send a submission and begin working on a risk. 

5 Steps to Building the Perfect Lloyds of London Insurance Submission
The five following tips will help you build the perfect Lloyds of London Presentation

Provide a thorough and detailed Renewal Proposal 

Take time to fully explain the activities and industry sectors, features of the business and contract values. Sell your business with pride to insurers and really spend time demonstrating on your knowledge and the high standard you work to.

We all know, insurance proposals are tedious and something we can’t really be bothered to do but set 15-20 minutes a side to prepare a thorough presentation and I can guarantee you, the savings you will make will be worthwhile.

Add information that highlights quality, stability and strength (experience, management control, long-term client relationships, etc.). Include full details of your qualifications.

Contact your broker early to go through this – preferably 8-12 weeks prior to renewal or contact a new broker who will spend time going through this with you and add value to you.

Contact an Independent, Professional and Experienced Broker

The broker you choose to represent you is more important than you would realise, for starters find a broker who will take time and care to hand hold you through the process:

A broker who has proven experience in representing insureds and is well connected.

A broker who understands your industry well, or will take time to listen to you and understand your role.

If the broker you are speaking with cannot demonstrate to you he understands your business inside out, how is he or she going to present your proposal to an underwriter?

There are also great perks of working with the smaller and independently owned brokers, the brokers who aren’t tied to a corporate structure or certain arrangement with insurers. These brokers will undertake a fair market exercise on your behalf.

Risk Management and Risk Mitigation 

Highlight ways in which the professional negligence risk is minimised within the organisation.

For example, contractual protection is a powerful risk management tool, often outlining the services to be provided, thus reducing the chance of a misunderstanding in the first place.

We highly recommend site of our clients T&C’s and sometimes it can really put our underwriters at ease based upon the exclusions and or limitation of liabilities.

Contracts can also clearly define what happens if there is a dispute. Stronger mitigation features will include limitations of liability and exclusions for consequential loss.

Provide Additional Information

You may feel some of the documents you have are pointless but we cannot stress the importance of providing as much info as possible.

Whether this be your T&C’s which as mentioned above, can at times show how you accept liability or how you cap your liability.

Here are some examples of documents you can provide to increase the quality of your submission:

  • Details of products you supply or install, or even your T&C’s with your suppliers.
  • Company brochures detailing your services.
  • A document you may be able to prepare for underwriters to provide a detailed explanation of your services. (The more detail the better.)
  • Copies of your qualifications, CV’s, risk management courses you have undertaken or health and safety and any other information you feel presents you as a good risk.

The Conclusion

The better the quality of submission shows the more care and passion in your work and how you want to succeed and grow a risk free sustainable business.

An underwriter is looking to write business which is profitable to assist with their growth, we of course understand, insurance was created to pay claims and protection but a business which takes time and care when undertaking its services and works to a professional standard, is what’s attractive to an underwriter.

Ultimately, underwriters are looking to take on profitable business which they can feel proud in underwriting and to insure a business they can build a long term relationship with, just like you do with your clients.

It may seem like a task at first, but we have seen countless companies see a good reduction in their PI premium, purely based on the quality of the risk presentation and setting time a side to sell their business.

More Than Just a Partnership

If you would like a confidential chat with Servca to seek advice on how to manage your clients renewal or your own renewal, please get in touch and we will undertake a silent exercise in the market and hand hold you through the process.