Nuneaton based Needham Insurance Services has launched a new administration and integration service aimed at Administrators and Liquidators working in conjunction with Insurers, who need to ensure that policyholders continue to receive servicing of their insurance policies when their original providers are no longer able to deal with them.
The launch follows Needham’s purchase of the £5m portfolio of Inspire Insurance Services from liquidators, who approached Needham after the FCA ordered Inspire to cease carrying out activities.
The new Policy Administration and Integration Service protects existing policyholders by ensuring that priority is given to treating customers fairly and it enables insurers to protect their income from policies that might otherwise have been lost to competitors.
Neal Lowe, Managing Director of Needham said: “Within 48 hours of taking over the Inspire book of business all new phone numbers and lines of communication had been advised to the Inspire clients, cover was reviewed to check fully correct and every client was given the opportunity to discuss their insurance needs individually. Recognising the need for an expert solution when brokers cease trading, we used our experience to put together a dedicated service designed to meet the needs of administrators working in conjunction with insurers or MGAs to protect them and their policyholders.”
Needham Insurance Services deal with all the leading insurers and MGAs in the UK, including Lloyd’s of London, which ensures the smooth transition of policies from the original provider to Needham.
Lowe added: “Our conversion team have in-depth knowledge of products and different software platforms and are able to use our comprehensive end to end solutions for conversion and consolidation of other policy administration systems.”