Insurance provider BareRock has launched a digital-first platform offering professional indemnity insurance (PII) for regulated advice firms.
It has formed partnerships with five adviser tools that feed into their tiered rewards-based membership programme which include:
- an analyser from the Lang Cat enabling due diligence and comparisons across the market of investment platforms and MPS providers;
- EV providing the EVPro Solver de-risking tool designed to stress-test retirement planning options and assist advisers to confirm suitability for each client;
- Fintegrate applying individual client risk analysis to compare current investment and platform costs and performance against the firm’s investment proposition;
- a model office benchmarking advice firms’ working environment against five regulatory keys (focus, engagement, promise, systems, people) to validate sustainable good practice; and
- Money Alive providing online video resources to help ensure clients receive consistent information about products and advice, with an audit trail of engagement
BareRock aims to empower well managed advice firms to better evidence their individual risk resulting in fair and stable premiums.
It will work with firms that can demonstrate robust processes, a culture of responsible conduct and a track record of consistently delivering positive client outcomes.
Jonathan Newell, chief executive of BareRock, said: “We’ve seen time and again that good advice firms have been unfairly burdened with high PI premiums through absolutely no fault of their own. The legacy PII market has put too much emphasis on product count and industry averages, following a one-size-fits-all approach.
“Many claims originate from poorly performing advice firms, leaving well managed firms bearing the cost of those ‘bad actors’, through higher premiums. It’s an unfair system and it needs to change, and that’s what we’re doing.
“Our process allows us to separate the good from the bad and recognise well-run firms with a tailored PI cover exclusively to them. This new way of working rewards good practice with premiums that accurately reflect risk levels.”