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PII_&_RM_Market Update-Summer-2016-web

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PII_&_RM_Market Update-Summer-2016-web

  1. 1. ‘Creating A Paradigm Shift in Thinking’ Service and Business Development • Insurance Solutions • Risk Management News and Market Overview Summer 2016 © Page 1 of 4 ALL Change! And I promise not to talk about Brexit or England’s exit from the Euro’s (Well done Wales!). ‘Market Rumours, Risk and Renewal 2016-17’ What can be said, as we enter another PII Renewal season for a large majority of firms, is that premium rates are set to remain at ‘soft’ to medium, even with one new entrant*. Available markets comprise only rated insurers now, after the withdrawal of Elite earlier in the year, plus Enterprise not open to new business. The major players are expected to maintain their share albeit jostling for pole position, so no change there. Some brokers, perhaps using the uncertainty of Brexit, have suggested that rates may harden as we go through the year, but my feeling is that rates will broadly stay the same until the Autumn and that ‘early renewal’ will look attractive to many firms. Of course, ‘unusual’ quotes will always pop up from time to time as insurers chase business, or a broker does by reducing commission, as well as competing on price. Remember, service and support is important in the mix too. ProfessionsUK (PUK) will continue to provide market information in our normal way to help you decide, not solely on price, what is best for you and what risk management support you may need to ensure you sustain a healthy risk profile. Visit our website to review your available markets, the PUK PII Checklist and to download our ‘all market’ PII Proposal Forms, or call us Free on 0800 8498495 to discuss your existing arrangements. NEWS 1 PUK – What we do 2 PiXL Save Appointment 3 Cyber Crime & ‘StayPrivate’ 4 POBI ‘People Analytics’ 5 34FREE 6 “Are Services Different?” _________________________ 1 PUK – What we do: Over the past decade, we have been ‘first’ in a number of key service development areas and will ensure we are at the forefront of innovation, new services and products in the future (see later for the next steps): Highlights: - first provider with a Free Phone number - first with access to the whole market via our panel of brokers - first to create an online, interactive PII proposal form(s) - first to receive referrals from the SRA and ARP, because of our risk management approach and success - first to help 50 firms exit the ARP As well as maintaining our independent approach, we will continue to be innovative in helping organisations start up, grow and serve successfully. “We listen, we help, we care more - since 2004” § 2 PiXL Save Appointment PiXL (Partners In Excellence) is a support network of 2000 Schools across England & Wales, comprising 1500 Academies, the remainder being a mix of Primary, FE Colleges and Special Needs schools. What we are pleased to announce is that ProfessionsUK, through our association with UIB, and particularly with help from James Dandridge and SLW Training & Consultancy, has been appointed ‘preferred supplier’ status to the PiXL Network. The PUK service to PiXL will combine risk management support, on-site surveys and H&S reviews, along with an ‘open market’ survey in helping business managers and school principals, to choose the most appropriate levels and types of insurance cover to safeguard their students, teachers, staff and parents, as well as the public. Full launch of the service will commence in the new academic year, September 2016. § 3 Cyber Crime & ‘StayPrivate’ The media, almost daily, writes or reports on warnings about hackers, phishers (fissures?) and scammers, potentially ‘breaking in’ to exploit our most sensitive and private information. No-one seems immune as Government and businesses of all sizes report ‘breaches’ occurring and increasing on a month-by-month basis. Even Apple products are becoming prone to the occasional intrusion, although rarely by
  2. 2. ‘Creating A Paradigm Shift in Thinking’ Service and Business Development • Insurance Solutions • Risk Management News and Market Overview Summer 2016 © Page 2 of 4 comparison to Windows and Android,and gone are the days when it was spam or a benign virus that disturbed our daily grind. Although this still occurs too regularly as staff, managers and others are still curious to open up emails and pop-ups from “strangers” (Simple rule, which has been around since the start of the www: If you don’t know who it is from, delete!!). ‘Sending or Receiving?’ One area of ‘internet security’ that is only slowly being acknowledged by the legal sector is the need to protect and secure documents leaving your office, being sent by email, but with a lack of encryption, as well as emails on their own. Whilst the majority of firms, large and small, have robust firewall, antivirus and malware protection, coupled with complex password- protected files and back-up processes that securely protect documents and emails internally, only a small percentage (less than 10%) have systems to protect the external process. That is, 90% don’t have protocols that securely protect confidential documents and emails being sent from their offices, home or staff working remotely. Increasingly, this is leading to fraud and business disruption on a grand scale, leading to increased claims and therefore increased premiums. And this affects everyone so ignore at your peril! For example, over the past few years, ‘phishing’ externally sent emails, especially from public accounts such as Yahoo (the worst offender), Gmail, Hotmail and the like, has allowed many a sophisticated criminal to intercept and have bank transfers, sometimes in the millions (read about the exile in Israel), to be diverted to an unintended recipient. Sensitive information (phone-hacking is now passé) is also being targeted either for straight exposure (Wikileaks et all), ransom-not-to-publish or evn ransomware, which pretends to expose with selected information. Hacking is only part of the problem now as crime becomes more and more sophisticated. This is another reason why we have been appointed by the PiXL Network, since we have joined forces with a company called “StayPrivate” who have developed a ‘military level’ secure platform for email, documents and social media to flow safely between clients, students, staff, teachers, parents and governors, as well as selected suppliers. In fact the StayPrivate ‘Quorum’ product and service applies to all businesses who generate external communication on a regular basis, and is especially suited to both the legal and education sectors. If you would like to learn more, set up a free trial of their service and receive a 25% discount on your first year’s subscription, call ProfessionsUK free on 0800 8498495. This offer is open to the first 50 Clients who call PUK and subscribe for a year after the 1st month’s trial and will also be subject to a minimum number of users. Should you want to contact direct, don’t forget to quote ‘PRIVATEPUK50’ to receive the discount outlined. § 4 Another part of developing PUK’s service for the PiXL School Network, we have also introduced Paul Burton of POBi and here is a short summary of what ‘People Analytics’ can do for you. Pobi's 'People Analytics' is a software tool that diagnoses employees’ (staff and/or management’s) strengths and weaknesses, then brings long- lasting behavioural change to your people. The UK business challenges of shortfalls in productivity and skills, and a lack of employee engagement, are well documented and have significant impact on individuals, businesses and the economy. Pobi was born in a business to solve a problem of people underperformance. In 2011 Paul Burton and Ian Ormerod formed Pobi to bring the solution to market because they believed (and proved) there is so much more potential to be unlocked from individuals in the workplace and doing so generates massive value and a true feeling of fulfilment. Pobi works just like diagnostic software which plugs into your car to achieve its peak performance. The platform produces a simple diagnostic readout and then works with leaders and individuals to find a winning sustainable solution.
  3. 3. ‘Creating A Paradigm Shift in Thinking’ Service and Business Development • Insurance Solutions • Risk Management News and Market Overview Summer 2016 © Page 3 of 4 It’s by treating people as individuals and not as a number, and enabling them to set their own development path in a guided but not controlling way, that this magic happens. Pobi’s platform is designed around the user making it intuitive, simple and engaging to use. It identifies the root causes that impact performance and enables an individual to prioritise their development. The software then connects them with the right content, tools and people to help them achieve what they want. It then acts as a friendly coach to nudge, focus and help motivate the individual to complete the activity they need to move forward. At the same time the system enables an organisation to assess and develop capability in a consistent but individual way. Clever analytics enable the organisation to understand the capability across their business and to make informed decisions about succession, training interventions, reward, recruitment and many other things. And the results? We think that you’ll be pleasantly surprised too: • A workforce that feel valued, supported and respected • Happy, energized, engaged and capable teams delivering their best • A consistent but individual approach to development and support • A structured approach to business transformation and cultural change • The ability for an organisation to truly understand the capability of its people and plan succession and talent agendas accordingly • A reduction in the costs of learning and development combined with a massive uplift in impact • Better retention and attraction of top talent For more information and an introductory discount of up to 25%, call ProfessionsUK free on 0800 8498495. § The Whole is Greater Than……… Creating the service model and content for the PiXL Network, PUK used the same methodology in producing the 34FREE concept: i.e. establishing what the ‘demand’ is, instead of simply improving the ‘supply’ of what currently exists. Challenging the status quo through a paradigm shift in thinking what is possible and developing what customers and clients actually want. Whilst 34FFREE has taken a little longer in persuading insurers to take the necessary leap and ‘be first’, PUK is confident that our approach to identifying and rewarding conscientious clients will become the norm in the not too distant future. § 5 Primary ‘34FREE’ ©™ Since I last wrote to you, as the market went ‘soft’, it actually went soft in the normal way and decided to postpone participating in the 34Free model (well, the 2 insurers who’d said ‘in principle’ did anyway!). Having presented the concept to few more, we’ve decided to start from the ‘demand’ side and create a groundswell of opinion, so please read on. An Exciting New Proposal To Change The Shape Of The Solicitors’ PII Market - Ever felt you were never being rewarded for a good, clean or excellent claims history? - Ever thought that your Risk Management approach made little or no difference at all to your PII premium? - Ever wondered why the ‘open market’ hasn’t changed much in 17 years? To hear the answers to these, and many other blocks to creativity and innovation in the Solicitors’ PII Market, attend the ground- breaking ‘34Free Workshops’ in London, Bristol, Manchester and Leeds throughout October & November 2016 and Jan/Feb 2017, by calling free on 0800 849 8495 to reserve your place, or email: Our aim is to create a groundswell of support to change the face of the PII market, FOREVER!
  4. 4. ‘Creating A Paradigm Shift in Thinking’ Service and Business Development • Insurance Solutions • Risk Management News and Market Overview Summer 2016 © Page 4 of 4 Outline Workshop Content, attracting 3 CPD points, lasting 4 hours, is as follows: - 34Free: An Outline - What is your Service/Market Orientation? - What is your Bureaucracy/Enthusiasm Quotient? - What does your ‘People Analytics Profile’ show you? - Supply vs Demand - Matching Discontinuity Marketing to a Risk Management Culture - StayPrivate™, Cyber Threats to the Legal Sector and POBI ‘People Analytics’™ - 34Free: A Commitment to Change To Enrol, please call 0800 849 8495 or email The cost of the workshop is £30 per delegate and a 20% discount will apply for 5 delegates or more. Only OBTs (Online Bank Transfers) will be accepted, prior to attending workshops, as numbers are limited at each venue to 100. “Changing the way we do things around here!” § 6 “Are Services Different?” And, in case you missed it at the start of the year, download our Article that appeared in Global Business Media: Additional Service Referring back to Primary ‘34FREE’©™, one major ingredient is the ‘Risk Management Pre-Assessment Review’ (PAR) where firms will be rated on key criteria not found in their proposal form and will have to qualify for the scheme already described. ProfessionsUK has used this approach very successfully over the past 10 years in helping firms to present themselves to insurers with a fuller narrative as to the kind of organisation they are, where they’ve been, what they have learned and where they are headed in the future. It is a stand- alone service that can be provided separately to Primary ‘34FREE’©™. § Thinking of Starting Up? Passing On, Or Closing Down? ProfessionsUK has helped over 200 would-be entrepreneurs to start their own business over the past 6 years. In addition, a number of clients have chosen to retire along the way, and an orderly closedown and run-off has been facilitated. In some cases, selling the goodwill of the business has also occurred. Whether you are thinking of starting up your own practice or considering succession-planning, call FREE on 0800 849 8495 to discuss ways of making the process easier. § And next time, we will be writing about the new Data Protection Legislation which is due for implementation at the start of next year, regardless of Brexit. It will affect all businesses of all sizes and requires a proactive approach to compliance. More soon. In the meantime, if you’d like an alternative approach to the PII market with an open market survey, please complete the ProfessionsUK PII Form, or call us on 0800 8498495 to discuss if your existing form will be sufficient. Mark Langley-Sowter July 2016 © Copyright ProfessionsUK 2016 * Correct @ time of writing