Professional indemnity insurance comes to the regions

Thanks to both a new professional liability insurance broker launching in Suffolk and Allianz Commercial rolling out its offering beyond the London market, professional indemnity insurance has come to the regions.

Allianz’s commercial insurance division has teamed up with Allianz Global Corporate & Specialty in order provide capacity as the insurance provider takes steps to begin to reach out across the UK.  Initially focusing on the London market, AGCS first entered the professional indemnity insurance sector in 2009.

Allianz Commercial’s head of property and casualty Steve Coates stated that AGCS needed to get its feet under itself in London in order to build the propsition.  As a result the firm is now prepared to launch to the regions with an offering that will dovetail nicely with the current offerings it already carries.

In the wake of a successful pilot programme, the product will be made available to both brokers and their clients through one of the 14 regional branches Allianz has at its disposal.

One additional online professional indemnity insurance broker has launched from its Ipswich offices in order to target SME business owners, small consultancies, and independent consultants.  This follows on InsuranceBee, last year’s sister company to PolicyBee which launched in the US.

Valerie Hockley, managing director, stated that the decision to implement expansion efforts into the UK was finalised after finding a need for personalised service despite the commoditised nature of the insurance cover.

There are many players who have come and gone in the online arena, stated Ms Hockley.  However the ones with staying power are more than just a slick-looking website, she said, and customers are particularly keen to call up and get their own personal advisor instead of call centre staff on the telephone.

The managing director stated that PolicyBee has no intentions to become an aggregator site, as not every insurer they work with have professional indemnity products that will be immediately put online.

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