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ALLIANZ TARGETS GENERAL MANUFACTURERS WITH ITS SECOND MID-CORPORATE PROPOSITION LAUNCH

Press Releases   •   Sep 01, 2014 11:27 BST

Allianz Commercial has today launched its new General Manufacturing proposition to the UK broker market. The second in a suite of tailored mid-corporate propositions, the offering provides bespoke cover and services tailored to the individual needs of general manufacturing businesses.

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ALLIANZ APPOINTS MAIDSTONE BRANCH MANAGER

Press Releases   •   Aug 27, 2014 09:19 BST

Allianz Commercial is pleased to announce the promotion of Jamie Lewis to branch manager at its Maidstone office.

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PRICE! IS IT THE ONLY GAME IN TOWN? BLOG REFLECTION

Blog posts   •   Aug 21, 2014 11:45 BST

Allianz Legal Protection will be publishing a series blog posts reflecting on their market and the changes that have taken place over the last year. The second blog is written by Phil Ruse, Head of Legal Protection Sales and Distribution.

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ALLIANZ SENDS UK TEENAGE FOOTBALL FANS TO GERMANY TO MEET WORLD CUP STARS FROM FC BAYERN MUNICH

Press Releases   •   Aug 20, 2014 11:17 BST

Allianz is giving competition winners, Mollie Aspinall and Zachary Henderson, the opportunity to attend the sixth Allianz Junior Football Camp, which will be held in Munich from 20-25 August.

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ALLIANZ CREATES NEW CLAIMS MANAGEMENT ROLE

Press Releases   •   Aug 20, 2014 09:35 BST

Allianz has appointed Richard Nettleship to the newly created role of proposition and change relationship manager.

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ALLIANZ INSURANCE OPENS ITS TECHNICAL SCHOOL LEAVER PROGRAMME FOR A-LEVEL STUDENTS

Press Releases   •   Aug 13, 2014 14:55 BST

Allianz Insurance has opened its Technical School Leaver programme for the fourth year running to give students with A-level qualifications the opportunity to work within its Retail division.

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ALLIANZ ENGINEERING APPOINTS FIVE NEW ENGINEERING MANAGERS

Press Releases   •   Aug 12, 2014 10:52 BST

Allianz Engineering has expanded its team of Area Technical and Operations Managers (ATOMS) with five new appointments.

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£2M INSURANCE FRAUDSTER FOUND GUILTY

Press Releases   •   Aug 11, 2014 11:00 BST

Business owner, Justin Hindry, has been found guilty and remanded in custody after he burnt down his showroom in a bid to fraudulently claim more than £2m from Allianz Insurance.

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ALLIANZ INSURANCE GROWS STRONGLY AND SEES PROFIT FIGURE BACK ON TRACK

Press Releases   •   Aug 08, 2014 10:00 BST

A strong performance in Q2 saw Allianz’s growth accelerate, with GWP of £1093.4m putting the company 9.7% ahead of 2013 at the half year. Our overall Operating Profit rebounded after a first quarter hit by very poor weather and is virtually back on plan at the end of Q2.

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Price! Is it the only game in town?

Blog posts   •   Jul 29, 2014 11:02 BST

LASPO! There I’ve said it. I believe everyone has now crawled out of their Jackson proof bunkers and realised that there is life out there and that there is a continuing need for Personal injury lawyers, but it just isn’t quite the same as it was pre April 2013. New challenges arise and one of those facing PI lawyers is that of having to now explain what an ATE policy does, why it is right for the client and how much it is going to cost the client a the end of their legal case.

This has now given rise to the cry “We have to act in the client’s best interest and give best advice, that means we have to look at the cheapest premium” If I’ve heard those words tumble from a solicitors mouth once I’ve heard it a thousand times “So is price the main consideration when talking to a client about an ATE policy?

Let’s consider the following:-

Certain case types can take years to settle, what if that insurer or cover holder is no longer around when you come to call on the policy? Well they were the cheapest at the time. Is that best advice?

The cover holder has changed insurer since I took out the policy now there is no relationship and they are playing hardball on the claim. Well they were cheapest at the time. Is that best advice?

The insurance policy I recommended at the time is nearing its limit of indemnity and the insurer is unable or unwilling to “Top Up” the policy but they were cheapest at the time. Is that best advice?

I could go on but why labour the point!

Best advice around an ATE insurance policy should consider a number of factors, price being one.

Things to consider should include

  • Does the insurer have a long term commitment to the ATE market
  • Does the insurer control their own capital and capacity
  • Does the insurer have the financial backing to meet their long term commitments
  • Is the insurer consistent in their pricing
  • Are those premiums really sustainable
  • Does the old adage if it looks to be too good to be true it probably is
  • Is the policy wording clear, transparent and unambiguous
  • Is the policy limit of indemnity really suitable
  • Does that insurer “Top Up” their own cases

If you can answer yes to all of those questions and price is competitive but not the cheapest aren’t you providing best advice?

A friend of mine says “You get what you don’t pay for”. This can be true of the ATE policy you are recommending to your client. Make sure it is fit for purpose and will be there when called upon

Price is certainly a part of the game but surely it is only part of the answer.

Author: David Vine

Business Development Manager
http://www.allianzlegalprotection.co.uk/home/news/blog/price-is-it-the-only-game-in-town.html

Allianz Legal Protection will be publishing a series blog posts reflecting on their market and the changes that have taken place over the last year. The first blog is written by David Vine, business development manager.

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About Allianz Insurance

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

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