Being Different

I am often asked by prospective clients "Why should we choose you to act for us and what makes you stand out from thecrowd?" It is a difficult question to answer because although we strive to be better than our competitors it is not always easy to express the difference in words. However my colleagues tell me that this is a topic that customers wish to know about so here goes.

Firstly let me say that the service provided by a broker needs to be measured in the round. Most brokers can and will place cover at a competitive price based on what the client tells them.We don't operate on this basis. Our job is to know the risks to which a clients business is exposed and then make recommendations as to how they should be addressed. This involves gathering information as to the activities of the client, the attitude to risk and their ability to manage that risk either through the management process or transfer via an insurance policy. The solution will be different for each client.

As an example, a manufacturer of toxic cleaning materials may receive claims in volume where packaging fails causing damage to customers property. To insure this risk will be time consuming, expensive because of the element of inevitability and commercially damaging. An alternative solution could involve a mixture of internal claims handling, ongoing improvement to the integrity of the packaging and a policy that only kicks in once a certain loss level is achieved. As an overall management process it is cost effective and involves insurance as one part of the solution. Moving on, many brokers feel that their job is done once the policy has been arranged. This is simply not the case. An insurance contract is purchased on the basis of an up front cost in return for an indemnity if an insured peril operates. It is in the handling of the losses that arise during the policy period that a quality broker will stand out.

At PHPL we believe that claims handling is our flagship service and particularly when disputes arise over policy cover or amounts to be paid. In this respect we are very different from our competitors when it comes to the level of our involvement and the determination to ensure that claims are settled to the satisfaction of the client. I could go on and cover the whole newsletter with this topic. No doubt we will return to it again at some future date but in the meantime if you would like to find out for yourselves why we are different then please give us a call.

Peter Hattersley

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