This is the first video in a series of ‘skill sessions’ that we’re sharing with clients and colleagues to give a bit more information on W&I and the process surrounding it.
What we’re aiming to do with this series is provide bitesize pieces of technical, and sometimes tactical, information that you can you use on your own transactions. We’ll cover topics we’re frequently asked to speak on in workshops including:
(1) Whats the typical cost of a policy?
(2) Tips on scoping and preparing due diligence reports.
(3) Policy structure – know the bare bones of the policy and how it all fits together.
(4) Exclusions – Where do these come from? known issue, lack of information, and / or scoping omission.
(5) How can they (exclusions) be dealt with – Affirmative cover or Contingent Risk cover.
(6) Contingent Cover – What is the process and What’s the cost?
(7) Claims data; and
(8) The underwriters themselves – What makes them tick and who specialises on what type of deal?
Each session will be 5 to 10 minutes and our aim is that these short sessions can give you a little more knowledge so you can either think on your feet or have useful tools at your fingertips.
This first session is all about having W&I pricing in your pocket – we’ve created an online ‘Quick Price Tool’ that can do just that.
We’re really pleased to introduce the Wiispa Quick Price Tool, or QPT for short. It’s a software tool that’s been designed to give immediate pricing and coverage commentary based on a few key details on the transaction.
While we’re always delighted to have a chat on a new deal, but we understand that you’re busy and sometimes it would be great to have some indicative pricing available immediately rather than waiting for a response to an email.
There might be a situation where you’re on a client call and the subject of W&I comes up and you need some facts and figures there and then.
Equally, on your way to a pitch it might be helpful to have some information up your sleeve to show a potential client that you’ve not only thought of transactional insurance, but you’ve got some cost and coverage information to share with them then and there.
