How important is a PI renewal application?

Today I just wanted to touch on a topic which certainly is improving in the market which is the level of care and attention applied to a renewal submission.

Over the last week I have received 5 of the best renewal submissions in terms of information supplied, supporting info put forward by the insured and just generally the level of care and time put into the application.

What does everyone think happened? It allowed Servca to act on behalf of our broker and their client even quicker than usual, even more efficient than usual and renewal terms were supplied on all 5 cases to us within 48 hours. All of which at pretty fair prices as the underwriters all appreciated the time put in by the insured, fully understood last years and the prior years activities as well as understanding the intentions the insured had for the year to come.

On one of the accounts, we were also able to re-negotiate an excess and endorsement and terms have been issued within 2 weeks of the renewal and our client is pleased.

Given the time we have, we were also able to demonstrate to our broker, what other markets would want for the risk and reinforcing to our client why the risk is in the best home, as well as, why the premium has increased. We also provided options with higher excesses and aggregate limits if needed.

Will we retain all 5 of these risks? More than likely. This isn't arrogance whatsoever, the sad reality is, nowadays clients are moving brokers, simply based on the fact they do not understand the market and have lost faith in their brokers. This really just demonstrates how working closely with our partners, hand holding them through the process then allows them to build trust with their clients and really allows them to talk their client through this hard market earlier than later.

At Servca our renewals are just important to us as new business and as always we are grateful for the support from our brokers and respective underwriters

All the Best,

Macauley Geddes Cert CII, Broking Manager - International Financial Lines & Casualty