Master Policy: the new team moves in
The transition of the Master Policy contract to new brokers Lockton is underway. Here the Lockton team introduce themselves and set out some of their initial priorities
In April of this year the Law Society of Scotland made the momentous decision to change its arrangements for providing administration and brokerage services to the Society’s Master Policy for professional indemnity insurance, and award the contract to Lockton Companies LLP.
Lockton is the world’s largest privately owned global insurance broker, with specific expertise in solicitors’ professional indemnity insurance and risk management.
Chief executive Lorna Jack commented at the time: “The tender panel’s decision to change brokers was based on a range of factors. These included Lockton’s broking and placement plans, their proposed innovation, especially in areas of online renewal, and their commitment to the long-term sustainability of the Master Policy. For all these reasons, Lockton offered the most cost-effective administrative and brokeraging package for the profession. I am also confident that Lockton will provide a high level of day-to-day service to our firms.”
The official appointment commences on 1 January 2017. In the transition period, Lockton is actively engaged with the Society to ensure that all the features and benefits of the Lockton offering will be delivered timeously.
The dedicated local Lockton team servicing the profession and the Society from 1 January 2017 is:
Neil Nimmo, Society sponsor within the Lockton LLP board
e: email@example.com; t: 0207 933 2540
Lorraine Boyle, partner in charge of administration and broking of Master Policy
e: Lorraine.firstname.lastname@example.org; t: 0131 345 5552/07879 656 269
Mark Gray, claims director
e: email@example.com; t: 0131 345 5557
Robert Searil, client director
e: Robert.firstname.lastname@example.org; t: 0141 225 8484
Siobhan Fogarty, client director
e: email@example.com; t: 0131 345 5559
Calum MacLean, director of risk management
e: firstname.lastname@example.org; t: 0131 345 5561
Fiona Macpherson, lead administrator
e: Fiona.email@example.com; t: 0131 345 5551
Sheena Dailly, administrator
e: firstname.lastname@example.org; t: 0131 345 5553
Now that renewal of the Master Policy for 2016 is concluded for firms, the Lockton team are very keen to meet with as many of the profession as possible, as soon as possible, with introductory communication being issued to all practices during November. Building and cementing relationships with the individual firms is seen as key to the success and appreciation of the Master Policy arrangements.
Lorraine Boyle outlines Lockton’s other strategic priorities from 1 January 2017: “Our extensive and expansive broking strategy for renewal of the Master Policy in November 2017 is already well underway.
"We have been in regular and detailed discussion with the lead insurers, RSA, and have opened dialogue with other approved insurers – some presently involved in the Master Policy, some not yet. We plan early engagement too with their actuaries and financial modellers to enable considered negotiation on insurers’ appetite, capacity and pricing for the Master Policy.”
She confirmed that Lockton is very aware of the importance of the sustainability of the Master Policy and is intent on it remaining fit for purpose and being best in breed for the profession and the public.
Regarding implementation of its digital strategy, Lockton will provide a secure online portal for firms that will deliver numerous additional features, including a streamlined renewal process with a simplified proposal form which can be completed and submitted at a time most convenient to individual firms.
The portal will also contain enhanced risk management content. Lockton appreciates that relevant and effective risk management support is as critical to the day-to-day running of a practice as it is imperative to insurers’ continued participation in the Master Policy.
Calum MacLean will liaise with the profession and insurers to understand their respective demands and needs in terms of risk management, and develop content, modules and bespoke training to accommodate these.
Lockton has pledged to listen to the broader demands and needs of the profession in terms of the Master Policy broking and administration.