Intermediaries

During a period of unprecedented regulatory change for Brokers, we developed an industry specific QA standard for Insurance, Mortgage and Investment Intermediaries. The standard provides a practical framework that insurance intermediaries can use to help comply with their regulatory requirements and forms the basis of our quality assurance services.

Our primary quality assurance-based risk management (QARM) service for intermediaries, either insured or seeking insurance under our PI schemes, is the self-assessment process. This uses a questionnaire to:

• Compare the performance of practices within their peer group
• Form the basis of an effective risk management process
• Provide underwriters with a detailed overview of our clients and their respective current management standards in order to make informed underwriting decisions when tailoring coverage

The self-assessment process is completed in 2 simple steps.

Step One – complete the questionnaire, available for download from the appropriate section of the Documentation Library, using MS Excel. The questionnaire consists of two completion options:

• Standard Form - a basic set of questions representing high risk operational factors (completion time approximately 90 minutes)
• Comprehensive Form - a comprehensive questions set that provides an analysis of all operational factors covered by the “Professions Series” standard and best practice principles drawn from other standards including Investors in People and ISO9001 (completion time approximately 210 minutes)

Returned questionnaires are analysed by us to prepare a report that includes prioritised action points. The report is delivered in hard copy, with additional information available on this website. Participating firms benefit from an impartial review of their business and administrative practices.

Step Two - review the written report. A detailed checklist will assist you in addressing issues that might require attention – a feedback process enables you to submit changes that you implement as a result of this process to us for re-evaluation. We will then issue an updated report.

A Risk Management Essential Questionnaire (RMEQ) designed to provide underwriters with basic core management information as part of the pre-underwriting process is also available for download from the Documentation Library.

The QARM process is completely free of charge – a health check against an industry standard could cost as much as £3,000 from an independent consultant.

In addition to the questionnaire based QARM process, a variety of on-site support services are available. The following on-site & bespoke services described attract consultancy fees, although under certain circumstances this fee may be subsidised by underwriters.

Site Audit – this provides a more in-depth investigation than is capable through the self-assessment process. Site audits involve examination of a complete cross-section of the firm’s files in detail and all practice management policies and procedures. Particular emphasis is placed on reviewing complaints and claims histories and the measures instigated to prevent recurrence of the problems encountered. To prepare for a site audit, please download the appropriate Pre-Audit Checklist from the Documentation Library .

Quality Standards Implementation Service – this is applicable to organisations of all types and sizes utilising both generic QA standards (e.g. ISO 9001) and any industry specific standards. The process includes assistance with documentation, implementation, training and, if required, preparation for third party assessment.

Training Services – focussing on risk management, quality assurance and management systems, our training packages can be delivered as public courses or to individual practices whereby the emphasis can be tailored to suit particular risk management issues within the firm.

Bespoke Consultancy Services – are available to clients with unique requirements for which a service can be specially developed. Such services may draw on our Risk Management, QA, IT and analytical expertise.