Concordia brings a new approach to employment liability for insurance intermediaries
Concordia Employment Services Limited the London based MGA’s specialist in employment relations risks has just launched a new product designed for insurance intermediaries: CONCORDIA BROKER PROTECT.
Concordia has partnered with RWA, the business consultancy specialising in supporting FCA regulated entities.
Concordia’s BROKER PROTECT includes a specialised insurance policy that indemnifies employers against legal costs as well as awards made against them. The protection it offers extends beyond claims made by current employees to include past employees, contractors, apprentices and failed employment applicants. Concordia gives further protection by providing risk management tools, and pro-active case management support to its clients through a nationwide network of employment relations experts.
And, exclusively for insurance intermediaries, Concordia BROKER PROTECT includes a comprehensive HR Risk Audit that addresses not only employment risks, but also Health and Safety risks, and, uniquely, the FCA requirements when it comes to regulated intermediaries’ Training and Competency requirements. Additionally it also includes license to access RWA’s Online Learning Zone, where Concordia clients have access to modules ranging from Treating Customers Fairly to An Insurance Broker’s Duty.
“For the first time and in one place insurance brokers have access to comprehensive cover and support where and when they need it, and that recognises their size and industry needs” says Philippe Gouraud, Chief Executive Officer of Concordia. “In working with insurance brokers to distribute our products to UK SMEs, some of the brokers told us they wanted access to the cover themselves. So, to further understand their needs, we worked with RWA, a market leading business consultant to FCA regulated entities, to provide bespoke additional benefits. We’ve identified a growing demand for a new kind of insurance and service to protect employers.”
“Until now employers have been finding many insurance options limited or imposing too many complex conditions,” Gouraud continues. “They want issues dealt with from day one rather than waiting for the matter to go to court and they want advice on how to improve their internal process and reduce their risk, and of course to be rewarded for following prudent employment practices. We’ve listened carefully and built our product to match their precise requirements.
“We’re providing easy to understand, effective and well-priced insurance - and our proactive risk prevention support and engaged claims handling process means that employers will never be distracted from their core business. Concordia’s product has been well received by the brokers who’ve reviewed it; both as brokers, and as employers themselves,” Gouraud concludes.
Kate Foreman, Director of People and Learning at RWA, adds “We are delighted to be able to offer the HR Risk Audit to even more brokers, as well as remedial help to enable them to secure effective employer protection”.