Your guide to Management Liability with AXA

Transcription

1 Your guide to Management Liability with AXA standards

2 CONTENTS MLP for UK companies at a glance What s New Management Liability Our proposition How to trade Why should you place your business with AXA? Value Added Services Our Appetite Your key contacts for Management Liability MANAGEMENT LIABILITY

3 MLP FOR UK COMPANIES AT A GLANCE ü MLP cover The policy provides protection for your business and directors, officers and employees across three sections: Directors & Officers (D&O) Employment Practice Liability (EPL) Company Legal Liability (CLL). What s new ü 25,000 pursuit cover for contract disputes and debt recovery ü 100,000 data protection breach customer/supplier contact cover ü 25,000 negative social media crisis and public relations costs ü 25,000 circumstance investigation/mitigation costs üinsurance Act 2015 compliant üreduced excess levels 2,500 EPL, Nil CLL üdeprivation of assets ünon-indemnifiable additional limit for directors üemployment civil fines Option to extend employee dishonesty cover to full crime. ü Trade through branch MLP no maximum turnover, suitable for tailor-made solutions and more complex risks Extensive network of 12 branches across the UK Experienced, specialist underwriters on hand to help you and your customers with non-standard risks including Public Companies, Partnerships and Sole traders Empowerment to make decisions locally First class service on the wide range of MLP enquiries we receive. Trade through Online Management Liability online offers a 50m maximum turnover for Limited Companies, 2m for Clubs, Charities or Associations and 1m for Partnerships and Sole traders Offers all of the same cover and benefits as our branch policy Easy access to a fast, intuitive online solution via Acturis or our AXA Extranet Provides instant clear policy documentation in an electronic format Dedicated underwriting and support team actively trading and providing a fast response. Value added services rradar Unlimited expert advice to keep your customers out of trouble and save them money Prevention and pro-active advice with a focus on diffusing potential issues before they arise Legal team to support with arising issues Excellent claims service Sector specific support and advice covering wide business areas Online comprehensive Advice Resource Centre (ARC) Customer training sessions. Marketing and Ignition NBS Ltd AXA owned, independently run leading broker marketing agency Offering joint prospecting and marketing campaigns Access to digital tools , website, trade show collateral support and creation Delivers valuable customer insight. MANAGEMENT LIABILITY

4 Management Liability

5 OUR PROPOSITION As a leading insurer in the market for Management Liability, we offer a lot more than just standard cover; we provide the capacity and expertise you need across a range of sectors. We ve developed our proposition and know-how through being a credible player and having a significant share in the SME market. With our proposition established, we have the confidence to deliver the same success in the rest of the market and are doing this frequently. Regardless of size, we have the capability to quote on all business opportunities and have a successful and flexible approach to deals and schemes. In-house expertise Our policy is only as good as our underwriters and their knowledge of the market. With technology growing rapidly, identifying the challenges that directors and senior managers face on a daily basis creates an opportunity for us to understand these risks in greater detail through our wide footprint across the diverse businesses we insure. Access to all our customers provides us with an opportunity to survey risks across the market that helps our experts gain a deeper understanding and do a better job. That s why we ve established a specialist team to manage all our MLP across the UK. AXA has sector specific knowledge across the entire business which allows us to service both niche and corporate companies with the same level of expertise, support and input that your customers require. Our proposition is made up of four key areas: Underwriting expertise Knowledge in a range of specific sectors Value added services Prevention and managing a claim successfully. AXA s market-leading proposition is very different to anything currently offered by other insurers. As a specialist in Management Liability, our established cover offers you the opportunity to provide your customers with more than just the essentials it s designed to save them money with free legal and business advice. Jon Walker, Managing Director AXA Commercial Intermediary MANAGEMENT LIABILITY

6 WHY SHOULD YOU PLACE YOUR BUSINESS WITH AXA? A stable partnership with a global insurer Our financial strength is measured by the strength of our balance sheet. Solvency is 215% Debt gearing is 24% It is a real achievement to be recognised yet again as one of the world s best global brands, and the number one in our industry, at a time of intense competitive pressure and technological change. The strength of our brand is critical to building trusting relationships with our customers. Paul Evans, Group CEO, AXA UK and Ireland AXA Group Agency Rating Outlook Last Update S&P A+ Positive October 2015 Fitch AA- Stable October 2015 Moody s Aa3 Stable July 2015 The AXA Group is present in 59 COUNTRIES, 161,000 EMPLOYEES and 103 million customers worldwide AXA UK Organisation name AXA Insurance UK plc S&P rating (Oct 2015) Total revenue for AXA UK is 3.7 Moody s rating (July 2015) Fitch rating (Oct 2015) A+ Positive Aa3 Stable AA- Stable billion Sunday Times 25 Best Big Companies to work for 2015 AXA UK and Ireland 10,500 EMPLOYEES across four operating companies: AXA Wealth, AXA Insurance, AXA PPP Healthcare and AXA Ireland APPROX AXA CLaPI CLaPI OVER 3000 EMPLOYEES 2014 Combined Operating Ratio 97.5% Gross Written Premium 1.41 billion AXA was one of the first insurers to achieve Chartered Insurer status from the Chartered Insurance Institute (CII) in 2011 Ranked No.1 in Brokerbility s insurer performance survey for the 11th consecutive time in 2015 Ranked the largest insurer in the world by GWP by global ratings agency AM Best AXA, ranked the No.1 Global Insurance brand by Interbrand from 2009 to MANAGEMENT LIABILITY

7 WHY SHOULD YOU PLACE YOUR BUSINESS WITH AXA? Management Liability We have recruited MLP specialists WITH OVER AXA HAS IN EXCESS OF 20,000 MLP 100 YEARS COMBINED EXPERIENCE CUSTOMERS and growing rapidly WE HAVE AN EXCLUSIVE ARRANGEMENT WITH rradar WHO PROVIDE A VARIETY OF SERVICES TO END CUSTOMERS AS PART OF OUR OFFERING AXA HAS BEEN RATED AS ONE OF THE TOP 5 SME Management Liability INSURERS BY GWP A DESIRE TO TRADE, WITH INCREASED LOCAL EMPOWERMENT TO WRITE, TRADE & PROVIDE TAILORED customer service MLP IS CURRENTLY AXA S FASTEST GROWING COMMERCIAL PRODUCT 40 % IN THE WITH GROWTH OF OVER VALUABLE BROKER SUPPORT AND CUSTOMER TRAINING AVAILABLE CURRENT YEAR OUR COMPREHENSIVE MLP ONLINE OFFERING was launched in March 2011 AXA Group has been trading within the D&O market for 20YEARS OVER MANAGEMENT LIABILITY

8 OUR APPETITE OUR APPROACH TO DEALS AND SCHEMES Our appetite is broad and we have the capacity, comprehensive cover and expertise to manage a vast array of sectors and niches, at the right price. One common aspect for all companies is having employees (your customer s best asset) and protecting them is what we specialise in. Our policy provides protection for your business and directors, officers and employees across three sections: üdirectors & Officers (D&O) Covering your personal liability for legal costs and awards in defending any civil, criminal, regulatory claim or investigation. üemployment Practices Liability (EPL) Covering you and your business against claims from current and former employees alleging a breach of employment law. ücompany Legal Liability (CLL) Covering your company s liability for legal costs and awards in defending any civil, criminal, regulatory claim or investigation. We have a highly experienced team when it comes to managing deals and schemes effectively; we draw on knowledge, skills and information from other areas of AXA to provide a robust and excellent service, delivered in an open and approachable way that suits all parties involved. A considerable number of brokers have already trusted AXA as their preferred insurer for their Management Liability customers. We have established and delivered a seamless and efficient process for roll overs including bespoke policy wordings and delegated authority. Additionally, we can develop and tailor our Management Liability proposition for specific trade sectors or affinity groups. COBRA Underwriting has been delighted to work in partnership with AXA, to underwrite and promote their Management Liability product to COBRA Network members. It is a quality product, providing extensive cover and the support AXA has given has been excellent, from running training sessions to assisting with producing marketing material. Their pro-active flexible approach has been refreshing, resulting in the product being a great success for COBRA. Frank Such, Underwriting Director COBRA Underwriting MANAGEMENT LIABILITY

9 WHAT S NEW STANDARD COVER We ve strengthened our established Management Liability proposition further to offer additional areas of cover that others neglect, including wider cover as standard and any one claim limit. We have the flexibility to adapt to your needs with experienced specialist underwriters and the same great online product to deliver when it matters. üinsurance Act 2015 We ve updated our Policy Wording and application process to ensure we re compliant with the Insurance Act, including the removal of basis of contract clause and alteration conditions. ücontract dispute and debt recovery legal pursuit cover We cover rradar s legal costs up to 25,000 to take action against a third party in a contractual dispute or to recover monies owed. üdata protection breach Customer/Supplier contact cover Extends current Data Protection cover to include 100,000 costs of contacting those affected by a data breach (as required under new European legislation). ünegative social media and public relations covers Covers crisis public relations costs of up to 25,000 following a sustained social media attack. ücircumstance investigation costs Covers up to 25,000 of rradar s costs in investigating and taking steps to avert or mitigate a claim. üreduced excess levels We ve now removed the excess on company claims other than for employee dishonesty. We have also reduced the Employment Practices Liability (EPL) claims excess to 2,500. This excess is waived where rradar s free advice is followed for any employment matter that could lead to a claim. Any excess payable is only charged at the end of a claim and only if the claim is lost or settled. üdeprivation of assets and additional limit for directors This comes into action when the assets of directors are frozen. AXA will pay key bills and where the limit is used up, AXA will give an additional limit in certain instances. ücrime extension available This extends employee and funds transfer fraud to include third party fraud and will prevent losing out when a crime is committed. 99All areas of regulatory investigation and with no restrictions 99Employment claims 99Pension claims 99Pollution claims clean-up costs 25,000 99Cyber Liability including 100,000 loss of data costs 99Regulatory mitigation cover 99Lifetime run off cover for retired directors 99Infringement of copyright and defence costs up to 50,000 99D&O cover is worldwide including USA. For more details on specific cover, please refer to the separate guide or the Policy Wording and the Summary of Cover documents. MANAGEMENT LIABILITY

10 How to trade

11 A GLOBAL INSURER WITH A REGIONAL PRESENCE We are truly committed to regional brokers, demonstrated by our extensive branch network across the UK. Over the last three years, while other insurers have scaled back their regional presence, AXA has opened new branches in Newcastle, Maidstone, Bristol and Cardiff. We are proud of the significant experience and expertise that exists within each and every one of our 12 branches. We believe the level of service provided by our local branch teams is second to none. TRADE MANAGEMENT LIABILITY You told us you wanted to trade even more business online and our Management Liability online lets you do just that delivering fast, competitive and quality comprehensive cover, all at the touch of a button. MLP online is available to trade via Acturis or our AXA Extranet, both providing instant clear policy documentation in an electronic format. The same product, with two different trading routes. MLP online Trade Online MLP Trade through Branches Acceptance Criteria Maximum turnover 50m for Limited Companies, 2m for Clubs, Charities or Associations and 1m for Partnerships and Sole traders. No maximum turnover, suitable for tailor-made solutions and more complex risks. Easy access to a fast, intuitive online solution via Acturis or our AXA Extranet MLP Choice 5 printer friendly bespoke Proposal forms designed for your needs. Provides instant clear policy documentation in an electronic format, giving you more flexibility and greater control. Speak to our Online Trading team for product and system advice and support Speak to your local branch for more information We have experienced, specialist underwriters on hand to help you and your customers with complex risks. Visit axaconnect.co.uk/mlponline Visit axaconnect.co.uk/mlp HOW TO TRADE

12 Value added services

13 EXCEPTIONAL BENEFITS FOR YOUR CUSTOMERS Prevention is better than cure At AXA, we believe protection starts with prevention, which is why our Management Liability cover does more than any other in the market. Providing you with unlimited and exclusive access to rradar, a trusted law firm who specialise not only in the management of legal crises but the education and prevention of them, potentially saving customers thousands of pounds. AXA funds and recognises rradar as an exclusive benefit to our Management Liability insurance. By having this cover in place your customers get access to exceptional and unlimited legal services and other business support when they need it most. Something the rest of the market doesn t currently offer. rradar offer three tiers of support: üadvise Free access to a comprehensive range of specialist advisory services, offering support to help customers minimise risk and promote growth in their business üdevelop rradar s team of experts work directly with customers to develop their business sustainably and responsibly by providing design, innovation and educational solutions üprotect The knowledge and experience of rradar s legal team is available when customers need it the most. They provide full professional representation to help customers succeed and manage claims successfully. Expert advice to keep your customers out of trouble rradar s team of experts can provide advice to help keep your customers up to date and compliant across a range of legal categories as well as provide legal business protection and manage all claims. Your customers will then have time to focus on what really matters; growing their business and exploring new opportunities. Free and unlimited support and advice on major topics like: 99HSE analysis 99Human resources and employment 99Taxation and finance 99Environmental 99Professional compliance 99Corporate governance and legal duties 99Risk management 99Cybercrime, data protection and intellectual property. McClarrons has been working with AXA and rradar for a number of years. Our clients have seen a real benefit due to the forward thinking approach to both underwriting and claims. We receive positive feedback that AXA provides genuine value in the quality product and expertise from our team and clients. Sean McClarron, Director McClarrons Ltd VALUE ADDED SERVICES

14 TOOLS AT YOUR CUSTOMER S DISPOSAL ARC rradar offer an Advice Resource Centre (ARC), which is a comprehensive online tool, where customers receive unlimited access to: 99Website pages and templates with regulatory and compliance information 99Training videos to help explain the law across specific sectors 99Pro-active advice to help avoid potential legal risks and dangers 99Unlimited access to our professional support teams 99Litigation guidance sheets and case studies 99Professional consultancy 9924/7 crisis support lines. CASE STUDY Advice Resource Centre Support and Legal Representation Grievance allegations avoiding expensive tribunals Employee grievances can escalate quickly and unexpectedly. What happens when an employee issue spins out of control? How can you handle the fallout avoiding costly tribunals and hefty settlements? Seamless support and expert representation A veterinary practice saw an informal grievance by one of its employees move swiftly to multiple written allegations against co-workers and senior management and allegedly involved poor supervision, lack of training and discrimination. rradar s Advice Resource Centre advised on all aspects of handling the informal and written grievances. As the case progressed and the client needed representation, already fully aware of the circumstances rradar were able to seamlessly, without delay, react and move to protect their business. rradar advised on the investigation process, obtaining statements and communication. The grievance was not upheld and the employee appealed, introducing new grounds. We advised on the ACAS procedure and tribunal claim. Due to rradar s robust defence of the client, the claimant solicitor withdrew and the claimant abandoned their claim with a letter of apology. No fees were incurred in dealing with all the grievance issues, saving the client in the region of 3,000 6,000. The triggering of the Management Liability Policy (MLP) and defence of the tribunal claim also saved them up to 15,000 in additional legal fees. VALUE ADDED SERVICES

15 SUPPORT AND ADVICE WHEN IT MATTERS rradar s legal team provide a responsive service to help support clients with any legal matters that arise, across all legal sectors. Providing full access to a multidisciplinary team of professional solicitors and barristers, clients are guaranteed a legally privileged service ensuring their needs always come first. Services include: 99Legally privileged advice and guidance from specialist lawyers 99Full and ongoing legal representation through all legal cases 99Crisis call-out service with whole UK coverage 99Face-to-face contact with specialist legal advisors 99Multidisciplinary expert teams 99Dedicated 24/7 crisis line. CASE STUDY Support, Representation, Crisis Management Regulatory breaches your protection in a crisis An unexpected visit from regulators or a tragic event can often lead to an immediate crisis, both in personal and business terms. Implication by a whistle blower triggering newspaper headlines and a crashing reputation are the least of your worries, you could be facing jail. A phone discussion in minutes, by your side within hours Following evidence provided by a whistle blower on several serious regulatory breaches, the clients, a care home manager and owner, stood accused of systematic breaches, including false reporting, lack of safeguarding and misleading local authorities. Investigations also began by the police and coroner when two residents allegedly died as a result of maltreatment. rradar were on the phone immediately, travelling to sit down with the owner and directors of the business within hours. Due to the wealth of resources in rradar s Advice Resource Centre which are designed to help deal with a crisis appropriately and early on, rradar conducted a thorough investigation, interviewed staff and reviewed all processes and documentation, ultimately identifying one employee as the root cause. Advising on their removal rradar successfully proved that the home management were not culpable of any offence and, fully co-operating with the police and regulatory bodies, avoided all prosecution for the business owner. Avoiding a complex prosecution, catastrophic publicity and a devastating effect on the business, without rradar s fast response and comprehensive cover, the client could easily have incurred legal fees of 50,000 to 100,000 not including fines, civil claims and a prison sentence. VALUE ADDED SERVICES

16 KNOWLEDGE IS KEY rradar offer a range of customer training and development options to enable companies to stay on top of regulatory changes and manage their own risks ranging from data protection to HSE and Risk management. Areas of support and training available include: 99Comprehensive training and development sessions 99Product understanding and personal development 99Access to online training modules and apps 99Face-to-face training and advice to enhance learning CASE STUDY Advice Resource Centre Support Employee Claims calculating the cost change When it comes to changes in contracts for employees, reputation, workplace stress and drain of management time are on the line. Get it wrong and legal costs and rewards could be crippling, so how can you get it right? 24/7 fee free compliance Following a change of business, the client, a multi-site care home owner, needed to change work procedures, including hours of work for 18 employees who would be directly affected. Using rradar s Advice Resource Centre support team and 24/7 fee free compliance resources, they were able to educate themselves about potential issues and prevent problems. rradar advised on the consultation and processes to follow, designing the consultation requirements and all employee communications. 99Bespoke sessions on topical subjects. No employee objections were raised and no employee claims lodged of any kind, saving potential legal fees of per hour and potential tribunal claims in the region of 10,000 50,000. VALUE ADDED SERVICES

17 MANAGING CLAIMS We ve introduced a number of award-winning initiatives at AXA and we work closely with rradar so they mirror our market-leading standards. They have the ability and capacity to go one step further in this specific area through a deep understanding of legal and other business areas. As true experts in their field, rradar deliver the best possible protection and claims results. rradar manage all of our MLP claims, giving customers access to sector specific experts who have dealt with numerous problematic scenarios. This is a crucial step in providing customers with the reassurance they need in the event of a claim and making sure they make informed decisions. As insurance professionals we recognise that our clients face an increasing number of fiduciary risks in the running of their businesses. We always recommend the purchase of a suitable Management Risks policy and we believe that the AXA MLP product offers wide cover that is easily understood at a competitive price. Additionally, the rradar advice service included within the policy is a very useful benefit which is valued by many of our clients. Peter Foster, Managing Director Hugh J Boswell VALUE ADDED SERVICES

18 MARKETING AND IGNITION NBS LTD As part of our Management Liability offering you and your customers can also gain preferential access to digital tools and marketing consultancy delivered by Ignition, AXA s wholly-owned marketing agency. Support includes: 99Subsidised access to new AXA digital tools such as endcustomer.co.uk, which provides brokers with real time desktop access to a range of client data sets to help you profile and win customers 99Access to data and profiling services to help validate and enrich your local pipeline and undertake joint prospecting 99Marketing consultancy and execution across the complete range of marketing services, including; lead generation, training, web, social media design and build, video production, creative design services such as brand or campaigns/print solutions and access to the Ignition CRM bulk campaign tool 99Sector specific and targeted marketing campaigns. Unlike other financial profiling tools in the market, endcustomer.co.uk is built specifically for insurance brokers and available data includes: 99Financial details Trend performance and credit scores 99Location specific risk Risk is fundamental when understanding a company s profile. Users can view the potential flood, fire and subsidence risk of a property. Crime maps are graphically shown to help the client understand local crime levels and the importance of physical and alarm risk management 99Company Structure Cross-sell opportunities can be enhanced with instant access to a list of all directors, employees and other associated companies 99Legal Insight to a company s financial HM Sanctions (FCA requirement), criminal and HSE prosecutions can be accessed 99Activity Show your customers that you really understand their business by monitoring their web and social media activity; this will also give you the opportunity to understand their appetite and trade specialities through the content they produce. Endcustomer.co.uk AXA has created a gateway to Big Data for brokers with endcustomer.co.uk which provides clients with insight on demand. Our innovative online tool draws upon and consolidates data from a host of publicly available sources which means a quick and simple search on current and prospective clients allowing brokers to identify risks and opportunities that may otherwise not be apparent. Users can seek insight into a client s business with the profiling tool providing access to a range of key areas of topics relating to a specific company, giving you fresh insight when prospecting and identifying new opportunities or understanding changes to an existing client. Endcustomer.co.uk has become an invaluable part of our new client win process allowing us to get a good overview of a prospect in one location, to assist in risk and location profiling prior to an initial meeting. This allows us to demonstrate a knowledge and understanding of their business rather than going in cold. Mark Hansell, Business Development Manager Alan & Thomas Insurance Group VALUE ADDED SERVICES

19 YOUR KEY CONTACTS FOR MANAGEMENT LIABILITY Our enhanced proposition is designed to provide you with a flexible service and tailored cover for your customers. BRANCH ONLINE Our branches want to talk to you about our market-leading Management Liability proposition. To discuss specific opportunities, deals and schemes, please contact your local Sales Manager or one of our experts. For Management Liability online please get in contact with our dedicated Online Trading team: Callum Taylor Head of Management Liability callum.taylor@axa-insurance.co.uk MLP Choice Tel: OnlineTradingCentre@axa-insurance.co.uk Adam Wickens National Sales and Development Manager adam.wickens@axa-insurance.co.uk Gordon Clough Senior Management Liability Underwriter Underwriting Technical Centre gordon.clough@axa-insurance.co.uk For more information please visit: YOUR KEY CONTACTS FOR MANAGEMENT LIABILITY

20 AXA Insurance UK plc Registered in England and Wales No Registered Office: 5 Old Broad Street, London EC2N 1AD. A member of the AXA Group of companies. AXA Insurance UK plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA number Telephone calls may be monitored and recorded.