PI - More Competition = More Headaches for brokers

As I am sure everyone has noticed, this year has been the year PI premiums have certainly relaxed and began to soften.

Quarter 3 and Quarter 4 are really showing to be where premiums are dropping and competition is being invited at renewal. Some sectors are still seeing higher rates at renewal or little reduction but some areas of PI are certainly dropping with new insurers or old one dipping their toes back in.

Insurance operates on a simple supply and demand basis, the more quoting insurers, means more competition leading to alternative quotes arriving from attacking brokers.

So how can Servca help you through this issue at your clients renewal?

• Market Exercises - We are connected to all insurers in the Lloyds and London market within the PI sector and have weekly appointments with most of the leading markets.
• Wording and Coverage reviews to ensure we can identify strengths within our quotations and arrange cover enhancements, as the old saying goes if you win or price, you will lose on price.
• Creative options to tackle the renewal, if your client is premium focused, offering cover restriction's or higher deductibles to lower the premium spend.
• We are happy to join teams calls to give our view on the market, the terms we have offered and answer any questions on cover technicalities.
• Starting the process early and building the perfect presentation for the market with our guidance on forms and additional information needed.
• Creative options on cover basis enhancing AGG Limits to AOC or U/l RTC.
• Additional products offered - Free Collateral Warranty Review Service provided by Servca and expert advice by our specialist PI team.
• It sounds cliché but it really also does boil down to how hungry your Lloyds broker is, if your current placement strategy feels weak or leaves you anxious about the end result, let us change that!

It is important you are partnered with a Lloyd's broker who is well connected in the market and can offer you expert advice, but as well as this, you want to be partnered with a broker who is hungry and keen to help you win and retain your business and that is where Servca comes in!

Give me a shout and let us turn problems into successes.

[email protected]

0203 735 7018