Fulfilling a client’s need for a better tailored insurance programme

The background

At the EOA 2023 conference, a business approached the Howden stand, strongly expressing their dissatisfaction with their current insurance broker, explaining that their specific needs were not being met or covered, and the relationship felt impersonal and generic – which really went against the grain of what it means to be an employee-owned business.

First impressions, lasting relationship

The conversation at the stand proved to be fortuitous for both parties. 

The business, an established consultancy and solutions provider for the tech industry, was attending the EOA conference for the first time, as they were preparing to transition to an Employee Ownership Trust (EOT) structure. 

The team on the Howden stand demonstrated their expertise and insight and were asked to attend a further meeting, where Howden could fully understand the business’s challenges and requirements. What helped establish the relationship was that Howden is itself employee-owned, and has a strong, authentic ethos of making every client relationship count – which the client liked from the get-go.

Understanding the issues

The main problems with the current insurer were that the client had a Professional Indemnity limit of £10m aggregate, but contracts were often set at £10m any one claim – so that was a frustration, needing to increase the cover each time it was required. 

The business also sensed that their broker didn’t fully grasp what it meant to be employee-owned. A recent transformation had seen them downsize and restructure, but the cost of the ongoing insurance being offered didn’t reflect that. 

Add to that how long it was taking for calls to be answered and emails returned, and the business was sensing that not enough attention and importance was being placed on the value of their account, and they were little more than a name on the client roster.

Making the relationship “official”

While the business was convinced from early on that Howden was the better broker fit for them, Howden’s specialist team were keen to formally present exactly how they envisaged they would be more cost-efficient and streamlined, as well as how they would nurture the personal relationship. 

The presentation was not just a slide deck with comparable figures that showed how Howden could save the business money; it also demonstrated where policies could be combined and brought under one umbrella, and be more suited to their purposes. Every line and number was about what Howden could do for the client, rather than the other way around. 

And of course, the important bottom line – at first estimation, there would be a premium saving of more than £50,000.

A successful outcome

Howden was appointed as the new insurance broker for the business at the point of renewal, and the Howden team secured the increased cover under the PI limit to the required any one claim basis. A further change was reducing six policies to two – a much needed and welcome simplification. 

While this approach and efficiency has reduced the amount of necessary contact required, the client knows that if and when they do need to talk to Howden, they’ll receive a swift response from someone who knows and understands their business and has the insight to solve a problem, large or small. 

All of which shows that sometimes it’s the off-chance conversations that can result in transformative, beneficial business outcomes.

As an employee-owned business, are you being presented in the best way to your insurer? Discover how your commercial insurance needs can be better met by emailing [email protected]