News - Flaxman Partners in the News

At a time when the insurance industry is encouraging professionalism it is very important for brokers to understand what is meant by the expression "professionalism". It is not how they judge themselves but how they are judged by others; especially, ultimately, the Courts of law.

The Insurance Age article Reportage: a path to protection highlights recent cases where, for example, issuing a written demands and needs statement proved not to be enough to satisfy the standard expected by the Court. As insurance Claims Advocates, handling many and varied disputed insurance claims, where the broker is sued rather than the insurer, Flaxman Partners is a prime witness to the difference between the way that the broking industry, generally, regards "professionalism" and the way that is measured and adjudged by those seeking to claim against them.
Roger Flaxman commented: "It is far easier to sue a broker than to sue an insurance company. Solicitors  know that the chances of finding fault with a broker's "professional duty of care" are higher than succeeding against an insurer who rejects a policyholder's claim. This makes it essential for brokers to get a firm handle on how  they must  perform so as to be judged as professional and not negligent. It has little to do with glossy documents and compliance with FSA ICOBS; it has everything to do with understanding the traps inherent in the art of broking that are leapt upon by the suing lawyer. Know the traps and how to avoid them."
 
For the broker wishing to demonstrate professionalism and added value
it is worth using the seven protocols benchmark created by the recently published Mactavish/PwC report on Commercial Risk - The Case for Reform. Flaxman Partners prepared an in-depth briefing on the report- the first external analysis of the current corporate risk landscape; particularly important during the current, unprecedented economic crisis. The seven protocols offer crucial lessons for all three, buyers of insurance, brokers and insurance companies. If you'd like a copy of the Flaxman Partners' briefing click here.