ALLIANZ LAUNCHES NEW PROFESSIONAL INDEMNITY PRODUCT FOR SMEs

Allianz Commercial has launched a new e-traded product, Complete Professional Indemnity (Complete PI) to the UK broker market.

Following a very successful six month pilot, during which broker and customer feedback helped shape the product, Complete PI is specifically designed to cover SMEs with a turnover of up to £7.5m, or £2.5m for those professions operating on a fee income basis.

Now available on Allianz’s award-winning e-trading platform QuoteSME, Complete PI covers customers for their legal liability to compensate third parties for injury, loss or damage due to a breach of duty in the conduct of their profession.

Bespoke wordings are available for a wide range of professions such as accountants, architects and management consultants, which are designed to comply with professional bodies’ requirements.

QuoteSME provides the capability to quote, buy, adjust and renew in a few clicks, ensuring brokers are able to trade Complete PI insurance quickly and efficiently online. A dedicated underwriting team is available to ensure flexibility and provide assistance.

In the event of a claim, policyholders will receive support from a team of financial lines experts, along with professional legal assistance from some of the industry’s leading firms.

Key benefits of the new proposition include:

• 11 different policy wordings tailored to the specific needs of industry sectors

• Cover for a breach of professional duty, confidentiality, defamation, infringement of copyright, and other types of civil liability with a limit of indemnity up to £5m

• Full quote and bind and full self-service capability

• Ability to enhance and flex commission

• Expert underwriters and a specialist financial lines claims team

• Access to Risk Director, Allianz’s free online risk management service

Complete PI is the second e-traded product Allianz has launched for the financial lines sector, following the roll-out of Complete Directors & Officers in 2014.

Stephanie Ogden, speciality lines underwriting account manager, Allianz Commercial, said:

“We have listened to brokers, through an extensive pilot period, to develop a product which is truly in line with their needs. We offer flexible trading, combining full-cycle e-trading with expert underwriting support available at the other end of the telephone.

“In addition, we provide the widest cover available, profession-specific wordings and a wealth of underwriting and claims expertise to make this a dynamic proposition.”

ENDS