Sofa is to offer lower professional indemnity insurance premiums to members through an arrangement with NCG Professional Risks to be launched at Sofa's November conference.
NCG has agreed with a several underwriters that Sofa qualifications and the professional conduct that membership implies will be taken into account as a factor when assessing premiums for PI cover.
The scheme will be piloted in October and November, aiming for a full launch at the conference. The scheme will be transferred to the Personal Finance Society if the proposed merger of the LIA and Sofa goes ahead after the vote in October.
NCG will be attending Sofa's conference to discuss what PI insurers are looking for when assessing premiums. The conference, Profit through Knowledge, will take place in Birmingham on November 23 and 24. Speakers include industry consultant Dr Ros Altmann, Scottish Life head of pension strategy Steve Bee, ABI EU pensions and savings policy adviser Nigel Peaple and Scottish Equitable director of pensions development Stewart Ritchie.
NCG, part of the US Risk Insurance Group, focuses on PI business to IFAs, mortgage advisers, accountants, surveyors and solicitors.
NCG managing director John Collier says: “It is right that competence and membership of a professional body should be considered by underwriters when assessing a risk. We are looking forward to working with Sofa and its membership.”
Sofa managing director Bob Bullivant says: “I have long believed that competence and the discipline imposed by membership of a professional body should be taken into account by PI insurers. I am delighted that NCG has shared this point of view as we believe that this is a significant extension to our membership proposition.”