Aon Risk Solutions has entered into an exclusive arrangement with AXA Commercial Lines to provide professional indemnity insurance for Independent Financial Advisers in the UK.
The product will be distributed through a dedicated sales team and Aon’s UK branch network. Aon will bind and issue policy documentation under a limited delegation of authority.
Working together, Aon and Axa have produced a product to meet the needs of the IFA market based on research conducted by Aon. This highlighted that IFAs were frustrated by the length of time they spent filling in proposal forms, the limited number of options available to them for PI insurance and that the market will consolidate further with the impact from the Retail Distribution Review.
By entering the market, Aon and Axa have increased the options available to IFAs, providing a quality service at competitive prices and making life easier for IFAs by reducing the length of the proposal form by introducing a shorter proposal form than their competitors.
Andrew Gough, Director at Aon Risk Solutions, says: “Our research highlighted that IFAs were dissatisfied with both the lack of choice in the market and the paperwork involved in obtaining a quote, so we worked with AXA to bring in new capacity and streamline the process. Dominic and his team have a tremendous amount of expertise in this sector and I’m confident that in partnering with AXA, we will be able to develop a successful scheme that will deliver quality cover at a competitive price to our clients.”
Dominic Guest, Head of Professional Indemnity at AXA Commercial Lines, comments: “IFAs present their own set of challenges when it comes to writing professional indemnity. You need lot of experience in this class of business to understand the risks involved and be able to grow a profitable book of business. The PI team at AXA Commercial Lines has that experience and we’re delighted to be able to support Aon in bringing this new offering to the IFA market.”