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Collegiate online service aiming to help IFAs get better PI terms

Collegiate Insurance Brokers is teaming up with Selestia and Old Broad Street Research to offer a risk management tool to help IFAs negotiate better PI terms.

The online resource ena-bles advisers to assess their risk profile and make business process changes to reduce their claims’ risk, leading to lower PI terms.

The tool, available through Collegiate’s website at www. collegiate.co.uk, shows IFAs what underwriters are look- ing for when they assess firms for PI and includes a portal which gives access to specialist advisers offering risk management services.

The site is designed to reduce IFAs’ exposure to complaints and increase their chances of getting cost-eff- ective PI cover.

It deals with compliance, education training and development, research, portfolio construction and maintenance and client management.

Compliance Consultants and Technical Connections are among the firms which helped put the information for the service together.

Collegiate managing director Tony Howe says the facil-ity does not provide a short- term fix to PI problems but IFAs which adhere to the advice over a sustained period and change their business model in line with the site’s recommendations will get more favourable PI terms.

Howes says, “In the current soft market, it is a good time to provide independent advisers with thought provoking ideas so that they can prepare for another hard market.

“It is a really volatile market and that means that any kind of scandal, decline in the stockmarket or regulatory change such as A-Day could provide the trigger.”

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