your claims advocate - microsoft · howden windsor has the uk’s largest in-house professional...
TRANSCRIPT
Your claims
advocate
1
WhY is a strong claims team important?
We believe the provision of an effective claims service is a vital component of any insurance broker’s service offering. Co-ordinated and dedicated claims management ensures the delivery of desired results in terms of both insurer cooperation and financial recovery.
An insurance broker should not only be measured on their ability to secure a competitive premium and the right level of cover, but their capacity to respond effectively in the event of a claim. This is the ‘moment of truth’ and it’s when your business really needs access to claims expertise to protect your commercial interests.
recognition and protection of our clients’ interests is central to our claims philosophY
2 hoWden Windsor
our service
We strive to add tangible value to the claims process and our claims consultants have a proven record of resolving large and technicallY complex claims for a diverse client base, from a varietY of locations around the World.
WhY it’s crucial to ensure indemnitY is not deniedDuring times of economic uncertainty, negligence claims against all professional service firms increase. In response to an increase in claims, insurers may seek to restrict the cover available by reducing the breadth of the policy wording or taking issue with coverage points. Both actions increase the likelihood of Insurers taking longer to confirm cover or having a rigid interpretation on exclusions under the policy. This could possibly result in a claim for indemnity being denied leading to your business meeting the full cost of a settlement with a Third Party and any legal costs arising. This can be ruinous. An experienced claims handler significantly reduces the likelihood of this happening.
We oversee and co-ordinate insurers, loss adjusters and/or solicitors throughout the claims process, working closely with them to ensure that wherever possible your commercial interests are upheld, and reducing the pressure that a claim places on you and your colleagues. Our in-depth knowledge of specific professions means that we know when it’s right to challenge, and where that’s not possible, how to ensure that settlement figures and legal costs are minimised.
We understand the impact to the business if a policy does not respond to a claim, so we leave nothing to chance. As your advocate, there to get the best outcome for your business, we help to achieve settlement where insurers take issue with policy coverage.
Howden Windsor has the UK’s largest in-house Professional Indemnity Insurance (PII) claims team. Our role is simple; to support you and your business throughout the life cycle of a claim. It is not just our size that sets us apart. It is our approach and service which combine to ensure you get the best achievable outcome.
3
Unlike many insurance brokers, we have made a conscious decision to handle the majority of claims arising against our clients in house because we believe that:
a commercial approach With the personal touch
• Where claims handling is outsourced to a third party, the remoteness of the relationship between the claims handler and the end client may result in the claims handler lacking a detailed understanding of the insured and the sector in which they operate.
– For example, the claim may originate with one of the insured’s major clients. Whilst the insured will want the matter settled, they will also want to ensure that they can maintain the relationship with the client. An overly aggressive claims handler could make this hard to achieve. Our experience brings judgement and sensitivity when needed.
• We believe in the importance of face to face communication, both with our clients and with insurers. This personal approach is becoming increasingly unusual in a highly commoditised insurance industry. It enables our claims handlers to develop an in-depth understanding of the personal preferences of both clients and insurers when it comes to resolving a claim. Working with Howden Windsor means you can meet the team who will be responsible for handling your claims. This creates open dialogue, you get vital information on claims trends and we get the information we need from you to successfully act as your advocate.
4 hoWden Windsor
• Over £500m of paid claims handled since 2008 – a proven track record you can trust.
• A team of over 30 specialists with over 300 years combined PII expertise. We have the scale and knowledge to take the pressure away from you and find answers to the most difficult challenges.
• A commercial approach to claims handling – we always endeavour to ensure that the commercial interests of your business are taken into account. For example:
– reserving policies – we believe in transparency and ensuring everyone involved understands the process. We will always work with legal advisers and claims underwriters so that the reason for a reserve being held is clear and, wherever possible, acceptable to all.
– management of legal costs – we understand that insurers will take into account total costs incurred, including legal fees, when assessing whether to provide PII cover and the actual cost of that cover. So, wherever possible we will try and ensure legal costs are managed. We make sure the right solicitor is appointed so that claims are handled efficiently and our relationships with insurers and solicitors facilitate sensitive yet effective conversations regarding costs.
The preservation of relationships with both customers and insurers is paramount to us. We act as an advocate for our clients, helping to resolve claims quickly and effectively. This is helped by our long-standing relationships with claims personnel at all leading insurers.
WhY choose hoWden Windsor claims team?
5
• Long-term relationships with the majority of claims personnel at all leading insurers - depth of relationship and strong negotiating skills are critical to ensuring a successful outcome when policy issues arise.
• We advocate a collegiate approach to claims handling and strive to ensure that insurers and their representatives work closely with our insured’s and, where possible, your preferred legal advisers. We aim to ensure that you are offered support when required whilst allowing you the flexibility to ensure that matters are handled in a commercially sensitive manner.
• Our claims department is an integral part of our PII team. Our integrated model promotes regular discussion on claims developments, wording amendments and insurer performance, which facilitates continual enhancement of our products and service.
• The claims team is divided into sub-teams who focus on specific professions. This ensures you will always be handled by a team that has an understanding of your profession and an in-depth knowledge of the claims environment in your industry.
• We proactively work with you to prevent claims, providing:
– appropriately structured policies and bespoke wordings which reduce the likelihood of a policy not responding to a claim.
– assistance with reviewing contractual documents, enabling you to understand the insurable and uninsurable commercial risks inherent in a new agreement BEFORE you sign, allowing us to tailor your insurance policy accordingly.
– direct access to senior members of the account handling and claims teams ensuring you can always receive a rapid response on any matters that may lead to a claim;
– where required, risk management presentations to your staff, Partners/ Directors to raise awareness of the key causes of claims and assist in the development of risk management procedures.
• Proven ability to handle and develop bespoke arrangements:
– small claims handling agreements – in certain circumstances, insurers are willing to allow policyholders to deal with claims up to a pre-agreed value (generally a percentage of the policy excess). We can work with you to develop and oversee the on-going management of such agreements, helping, for example with the development of procedures and recording mechanisms and standard letters of response.
• Claims reporting – the detail we request and record from the outset of a notification allows us to maintain a huge amount of information not only on the notification itself but the trends affecting a specific profession.
6 hoWden Windsor
case studY 1
A property consultant valued three properties to be used as security for a business loan. However, the borrower defaulted and the lender subsequently took possession of the properties, sold them as mortgagee in possession and sued the property consultant, alleging that the valuations were negligent.
Two experts were appointed by insurers who both, independently, stated that they could not understand how the valuations were arrived at. They went onto suggest the valuer must have been coerced into giving inflated values.
Where a matter can be proved to arise from a single cause i.e. valuer dishonesty, typically only one policy excess will apply, thus reducing the financial impact on the defendant. In this instance, despite the evidence of the experts, insurers attempted to apply three excesses, stating that as the claimant had made no allegations of dishonesty nor could any be proved, multiple excesses would therefore apply.
This meant that the policyholder was therefore faced with the possibility of an outlay of over £500,000. After a number of representations by Howden Windsor, insurers agreed to apply one excess, and agreed the valuer had been dishonest, saving the insured around £350,000.
solving the toughest problems
7
case studY 2
The insured made a notification relating to work undertaken by one of their overseas offices. The notification was accepted by insurers who asked to be kept advised of developments. Nine months later Howden Windsor received an update from the insured confirming the matter had been settled for around £200,000 and seeking reimbursement from the insurers.
As a result of the clear breach of policy terms and conditions which stated that the insured must not make an offer to settle without insurers consent, the insurers refused to pay. A number of representations were made by us which prompted an initial offer of £50,000 from insurers.
We continued negotiating with the insurers and despite continued tension between insurer and the insured, we negotiated a payment of approximately £170, 000.
8 hoWden Windsor
our people make a differenceIt is the size, expertise, personality and capability of our team that makes Howden Windsor what we are. Many of our claims handlers have specialised in PII for over 20 years. We are proud of our high staff retention rate, which enables us to provide consistency of approach, continuity and enduring relationships with both the insured and the insurer.
If, like us, you have known many of the senior claims underwriters at insurers for in excess of 20 years, then the level of trust and shared understanding inevitably leads to better results for our clients.
management team The senior members of our team work closely with their colleagues to ensure that all stages of the claims process, from initial notification through to final settlement, are handled efficiently and promptly. They share a common belief in working closely with clients to analyse their claims for common underlying causes and provide advice and support in managing existing claims, minimising future notifications and managing risk.
robert turner Robert, who is jointly responsible for managing the Howden Windsor claims department has been with us since 1997. He has over 20 years’ experience of handling PII claims and believes passionately in the importance of face to face meetings between clients and insurers’ claims representatives. He is responsible for handling claims for major UK and overseas clients including three of the five largest Australian contractors; he has particular expertise in the construction sector but also deals with numerous claims for other professions.
robert bass, aciiRobert has over 30 years of experience in PII and throughout his career has handled claims from a wide range of professions including accountants, surveyors, estate agents, architects and actuaries. Over the last nineteen years he has built on his wealth of indemnity insurance experience across financial services, particularly IFAs, a sector in which he now specialises.
kevin baileY, acii, chartered insurance brokerKevin commenced his PII claims career in 1980, joining us in 2007. Working alongside Robert Turner, Kevin is jointly responsible for managing the claims department. His attentions are now focused on our largest clients and he has a wealth of experience of handling claims from a range of professions including surveyors, architects, engineers, accountants, trust companies, insurance brokers and solicitors.
9
david scottDavid has almost 30 years of experience within the PII industry and joined us in 2009. David specialises in looking after major accounts, including several large solicitor practices. He has responsibility for all aspects of claim handling from initial notification through to final settlement and is happy to engage in resolving any contentious issues which may arise.
anne Wallis, aciiAnne started her career in PII in 1990 and has predominately focused on servicing accountants, solicitors and international clients in the construction industry. She joined us in 2008 as specialist in major accounts with a particular focus on accountancy clients. Anne deals with all aspects of claims handling from initial notification to final settlement; her considerable experience and technical know-how enable her to work with clients in preparing presentation of claims to insurers. Anne works closely with her clients to analyse their claims for underlying causes and is able to provide them with advice in managing existing claims, minimising future notifications and managing the potential risks to their business.
keith baileYKeith manages the claims broking team who are responsible for presenting and negotiating clients’ claims directly with insurers. He commenced his career in the London insurance market in 1976 and has been handling PII claims since 1982. He joined Windsor (now Howden Windsor) in 2003. Keith presents claims to insurers from initial advice through to settlement for a range of professions including: IFA’s, surveyors, engineers, accountants and insurance brokers. He has gained particular experience in handling Australian engineers, Canadian insurance brokers and IFA’s and believes that face to face contact with insurers provides them with a clearer understanding of a client’s position and handling of claims, and particularly assists in resolving any contentious issues.
10 hoWden Windsor
testimonials
“In the 10+ years that we have been using the Howden Windsor claims service, we have found the team to be responsive, insightful, discreet and well connected. As an expanding international business with an insurance programme placed into a foreign jurisdiction we need a local insurance partner who we can trust to represent us as if we were a local customer. The Howden Windsor claims team gives us that vital representation.” InsuranceManagerataglobalengineeringbusiness
“The Howden Windsor team is comprised of highly skilled individuals who manage to combine technical excellence in handling claims with the ability to communicate cogently and credibly with underwriters when coverage issues arise. The team has a wealth of experience and is highly regarded in the insurance market and beyond. In the provision of support and in advocating the cause of its clients, the team is second to none, in my experience.”Partnerataleadinglawfirm
Howden Windsor is a leading Professional Indemnity Insurance broker. With a team of over 100 we are responsible for placing £150m of premium per annum on behalf of over 7,500 clients.
about hoWden Windsor
We concentrate on servicing specific industry sectors: solicitors, accountants, surveyors, architects, engineers and financial advisers. This focused approach means we have a strong understanding of both our clients’ needs and our insurers’ appetites. It enables us to understand the changing requirements of our insureds and to use our expertise to design solutions that reflect their business activities, operating environment and approach to risk management.
The cornerstone of our success is our continued ability to push boundaries, ensuring we deliver on premium, coverage and claims handling and the greatest testament to our expertise is our dominance in many of the sectors in which we operate. We have over 50% market share in the Financial Adviser sector, are the Royal Institution of Chartered Surveyors’ only preferred PII broker and are broker to 30% of the UK’s largest accountancy practices.
12 hoWden Windsor
contact details
Property&ConstructionEmmaVigus020 7133 1570 [email protected]
StephenDando020 7133 1574 [email protected]
InsuranceBrokersMikeEld020 7133 1347 [email protected]
SolicitorsJohnWooldridge020 7133 1427 [email protected]
IFAsUmeshPuri020 7133 1471 [email protected]
ExistingclientsofHowdenWindsorRobertTurner020 7133 [email protected]
KevinBailey020 7133 [email protected]
AccountantsLeighFerris020 7133 1458 [email protected]
TestingLaboratoriesMattBaker020 7133 1567 [email protected]
71 Fenchurch Street | London EC3M 4BS | United Kingdom
Tel: +44 (0) 20 7133 1400 | www.howdenwindsor.com
Howden Windsor is a trading name of Howden Insurance Brokers Limited, a subsidiary of Howden Broking Group Limited, part of the Hyperion Insurance Group. Howden Insurance Brokers Limited is regulated by the Financial Conduct Authority: firm reference number 312584. Registered in England and Wales under company registration number 203500. Registered office 16 Eastcheap, London, EC3M 1BD.
Disclaimer: Howden Windsor makes no representations or warranties, expressed or implied, concerning the accuracy of the information contained herein. The observations, comments and suggestions made in these documents by Howden Windsor or any other party, are advisory and are not intended nor should they be taken as legal, financial or insurance advice. Please contact your specialist broker, legal or financial adviser for an analysis of your specific facts and circumstances.
February 2014