Financial institutions globally have been affected by recent economic turmoil; and in such uncertain times, insurers often prefer to take the easy route and “just say no”, capacity is withdrawn, prices increase and customers find getting the right coverage difficult. But when brokers have clients with complex risks and non-standard requirements that need a more than cursory evaluation, they turn to CNA Europe.
Our expertise in the financial services industry, combining years of experience and a highly specialist approach that ‘looks behind the name’ means that we don’t need to take an easy option.
A broker approached us recently with a request for coverage for one of the UK’s largest mortgage brokers. Their requirements – both commercial and regulatory – have many moving parts. Not only does the company itself need suitable protection, but also its countrywide network of appointed representatives who sell their mortgage and insurance products needs cover.
Our underwriting approach starts with identifying and understanding the risks specific to the case; we deconstruct each peril and treat them differently. On this occasion our work enabled us to show the client a few risks they hadn’t considered.
Our analysis resulted in a tailored structure that is within the client’s budget and yet provides appropriate limits of coverage and levels of deductible across a number of different covers.
It was never going to be a case of one size fits all – although that is what other insurers had been proposing.
The end result? A new customer who has coverage well in excess of the statutory required protection, with deductibles structured to maximise both benefit and cost efficiency which give them and their representatives the confidence to operate in a difficult market.
Hard work and skilled underwriting are part of what we do, but looking beyond the obvious is where CNA makes the real difference.
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