New product will be available on AXA’s extranet and through the insurer’s Acturis platform
AXA has launched an e-traded professional indemnity (PI) product for professionals with turnover under £1m.
Brokers will be able to access the product on AXA’s extranet and through the insurer’s Acturis platform.
Commission is set at an initial level of 25%, but can be increased to a maximum of 40%.
The new product will provide cover for seven professional categories with a maximum turnover of £1m, but lower for riskier professions.
The categories include: design and construction, business and management consultants, accountants, architects and engineers, estate agents and surveyors, IT professionals and media professionals.
Commercial intermediary managing director Jon Walker said: “We believe that there is a lot of profitable PI business to be secured in the regions where brokers are closer to the client, have a better understanding of the risk and need access to quick quotes and decision-making.
“We know the type of business we want and we are going to be very disciplined in that. I am confident brokers will welcome a new, well-resourced, dependable market for their small PI risks.”
Head of professional indemnity Dominic Guest said: “Our appetite for risk is different for each sector and as such we apply appropriate fee income thresholds for each. We are not diving into the PI market looking to grab market share at all costs, but the introduction of this product is a real statement of intent.”