Discounted PI insurance cover scheme launched by provider

MortgageStream has recently announced the launch of a discounted professional indemnity insurance cover scheme for general and commercial insurance broking firms through a partnership with Collegiate Underwriting, a specialised provider.

Any broking firm that has an active MortgateStream installation and regularly makes use of it is eligible to receive the discounted professional liability insurance.  The case management back office software company has negotiated even deeper discounts for broking firms using its call PhoneStream recording facility, which can be used to record client interviews and all inbound and outbound telephone calls.

Collegiate Underwriting’s director of underwriting, Richard Turnbull, said that one needs to understand risk and identifying which actions to take in order to make it less likely for a claimant to succeed in making  a claim on a policy.  Mr Turnbull recognised the beneficial risk reduction services being offered by MortgageStream, adding that individuals that use their compliance and point of sale software are better situated to demonstrate compliant attitudes towards achieving their goals.

Those firms who also utilise PhoneStream services will be given the capacity for the provision of additional evidence for all telephone conversations and interviews in order to assist with defending any notifications that might arise, said Mr Turnbull.  This has led to the ability to provide discounted professional indemnity insurance cover to any firm or individual that uses either a portion of, or all of, the aforementioned services as a reflection of their reduced levels of risk, he added.

MortgageStream sales director, Paul Holden, also said that brokers have faced ever increasing professional indemnity insurance premiums over the past few years, which has made it quite tough for firms – especially when combined with dwindling revenues.

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