What does your role as Commercial Account Executive at LIFT-Insurance involve?
My role has many different aspects but at the forefront of everything we do is to make sure our clients are protected the best way they can be. Relationship management is key to any successful business, not just insurance; we, however, need to keep many different relationships active and robust. Insurer relationships are time-consuming, but ultimately without them, our clients don’t get the best possible premiums and wordings combined. The relationships with insurers help us keep fully updated with policy wordings and trends in the market place as the industry is fast-moving, and we need to keep our clients and prospects fully updated. We also pride ourselves on the client relationships we have, our approach is to build an in-depth knowledge of our clients so we can offer solutions tailored for them, across the board. As a result, we’re a trusted adviser to many businesses both large and small, in turn, this delivers value and peace of mind for our clients.
What type of insurance can you and your team offer clients?
We offer all aspects of business insurance to fit the individual business needs, such as:
- Public liability insurance
- Employers’ liability insurance
- Product liability insurance
- Professional indemnity insurance
- Business interruption insurance
- Business property coverage
- Fleet insurance
- Cyber insurance
Unlike other insurance brokers, we use a vast array of insurers to secure the best possible terms for our clients.
What excites you most about the industry?
I enjoy the challenge. Nothing excites me more than a client who is having difficulty getting the right levels of cover, and we fulfil the business requirements. An example of this, we had a client who approached us as the big three insurance brokers didn’t come back to them or said they couldn’t find an insurer willing to insure the business. It was very complicated, and they needed many different types of cover. We sat down with the client and went over the demands and needs of the company, which helped us fully understand what the client required. We then approached several insurers and gave them a full descriptive and detailed report which would also help them understand the business. We secured three quotes from the market which the client was overwhelmed with as the others couldn’t help, from start to finish this process took five working days from the initial meeting to securing the clients business.
How do you think the insurance industry might change after the coronavirus pandemic?
The COVID-19 pandemic has disrupted economies and communities around the world; the insurance industry is no exception. The impact will be significant, although it’s impossible to say precisely how it will play out. Over the last few years, the insurance sector had been going through a major transition into a hard market, the impact of a hardening market has a profound effect on both large and small businesses in the UK, especially when preparing for renewal.
Insurers have been tightening up their criteria for coverage, and become more selective on risks meaning increased premiums for clients and fewer insurers writing to right business is some sectors. The reason for this is significant losses and the change to the Ogden Rate, which is used by our courts when calculating compensation in personal injury cases. Depending on the outcome of the upcoming FCA legal test case over business interruption insurance during COVID-19, we will see a significant change to the insurance industry for years to come. My fear is the market will become even harder, and both insurers and clients will feel the impact of this. As a broker, we work on behalf of the clients and do everything in our power to secure the best possible outcome for them no matter what the challenges and this will continue through the changes.