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I'm asking for your support

Discussion in 'Australia' started by APodC, Apr 24, 2015.

  1. Pod66

    Pod66 Member

    The insurances industry sounds like musical chairs, so IH is ex guild and they are brokers?
     
  2. APodC

    APodC Active Member

    Like so many industries, people move around.

    The GM of insurance and the head of Risk for Guild went to work for Insurance House who are brokers. They put together a product underwritten by Loyds of London where the claims are locally managed by IH. IH use a national law firm (in the same way Guild does) to try and minimise the exposure and they will work with us to establish a risk management committee to try and capture and manage emerging risks. Throw in global coverage except for Canada and USA, cyber coverage, 30 mins free legal advice on non insurance related matters and a range of other good stuff, and it's a great product. We decided to get $20mil for everyone as the price was very good and it means all members get maximum coverage.

    I know it's easy to say we put a lot of work into it but we presented it to the boards of each state association who all asked lots of questions and all agreed it was a good way to go. guild was then asked to pitch their best master policy but it wasn't nearly as good.
     
  3. Pod66

    Pod66 Member

    So Lloyd's are the insurers for the professional indemnity?
     
  4. APodC

    APodC Active Member

    They underwrite the financial risk and issue the policy. Insurance House manage the claims locally in consultation with us.

    Cheers.
    D.
     
  5. Pod66

    Pod66 Member

    So Apodc will be involved in claims process? Isn't a claim between the pod and IH?
     
  6. APodC

    APodC Active Member

    The claim goes direct to IH's claims team to manage. They're open 24/7.

    Our only involvement in claims is as part of the risk management committee in which we review all the claims (de-identified) along with IH and their legal people to see if we can mitigate the claims cost and future risks (as we'd done with Guild for the last 10 years). Any emerging risks will see us writing about them in the Australian Podiatrist. We'll also be constantly talking to IH about product improvements.

    Cheers,
    Damian.
     
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