Markel’s path to PI market success

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Markel has achieved over 150 percent growth in the PI market in the last four years. Leveraging its deep expertise, the firm unveils key strategies for brokers to thrive in the space

While other firms have entered and exited the PI market opportunistically, Markel, with over three decades of experience, underscores that consistency and patience are key for brokers looking to establish a reputation of trust in the PI space. “We’ve not been in and out of the market. This is a line we’ve written for a long time, and we’ve had many brokers bring us PI cases over the years, which I think is a great testament to our skill,” shared Jo Sykes, Markel UK’s broker channel lead. Achieving 150 percent market growth in four years, brokers looking to replicate Markel’s success must work with a trusted provider that offers holistic solutions to ensure client needs are thoroughly covered.

Markel is a leading specialist insurer, serving regional brokers and UK SMEs. We are proud to empower, support, and protect over one million UK customers with specialist insurance, tax, and legal solutions. We’re specialists and have provided sector-specific solutions for over 30 years. In that time, we’ve established a strong reputation for technical excellence, product innovation, and service excellence to the broking community. Whether it’s access to 24/7 legal advice, tax, and R&D support or a debt recovery service, we understand the day-to-day challenges facing our customers. We put people first because we believe in the power of relationships and doing what’s right.

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“For us, it’s not just about being an insurer; it’s about being a trusted partner. Our strategy is to build sector-specific solutions, where we are recognised as specialists in our chosen markets”

Jo Sykes, Markel

Markel’s PI product is designed with flexibility in mind, offering core coverage supplemented by optional modules such as property liability, management liability protection, and cyber cover. Highlighting the product’s modular approach, Sykes notes that brokers appreciate that the product is flexible, allowing them to pick and choose what covers they want. “Strong broker relationships are a cornerstone of our growth story,” said Sykes. “For us, it’s not just about being an insurer; it’s about being a trusted partner. Our strategy is to build sector-specific solutions, where we are recognised as specialists in our chosen markets. “We’ve worked hard to build a business that focuses on the needs of our broker partners and customers.” Markel’s dedication to quality and satisfaction is further validated by its claims team’s five-star rating for six consecutive years. Recently, Markel added two other accolades to its 2024 repertoire:

Another key strategy contributing to Markel’s success in the PI space is its emphasis on differentiation. Brokers aiming to build their PI business should seek to offer solutions that provide customers a suite of added benefits. In addition to standard coverages, Markel PI policyholders have access to the following perks:

Speaking on Markel’s tax services, Sykes emphasised, “This expertise is a significant and distinctive advantage for us. The firm’s experts have over 15 years’ experience within the tax incentives and reliefs sector and a proven track record.” Like Markel’s value-added tax offering, brokers and insurers aiming to make their mark in the PI space should also focus on developing a unique selling proposition (USP) and finding ways to stand out in a competitive market where customer service is increasingly important.

she highlights Markel’s commitment to gathering extensive client feedback. “We’ve collaborated with customers to develop our PI product using their insights, ensuring it meets real needs and preferences rather than relying on assumptions, resulting in a more effective and relevant insurance solution.” Frequently engaging in tri-party meetings with brokers and clients to ensure satisfaction, Markel shares that anyone looking to lead in the PI space must understand that gathering feedback is just the beginning; it’s what you do with it that truly matters. By listening to feedback, Markel recently pinpointed a gap in its new tech product offering. Instead of ignoring comments or shying away from changes, the firm used its open dialogue with brokers and clients to ensure its propositions met market needs. Elaborating, Sykes said, “An example of this is the cyber solution and international cover on our tech product that we’ve just launched. That came through heavily in our customer insights, so we’ve listened to that and refreshed the offering.” When it comes to constructive feedback, Markel emphasizes the importance of paying close attention to the things you might wish you didn’t hear. Advising brokers, the firm highlights that improvement happens only with robust communication with customers and comprehensive reporting at all business levels to stay adaptable.

Despite the rise in digital services, many insurance customers still value in-person contact. To meet these expectations while embracing technological advancements, brokers should look to market leaders like Markel, who innovatively employ AI to enhance PI services. Instead of having underwriters spend hours completing compliance checks and manually entering data, Markel enhances service efficiency for brokers by automating these non-value-added tasks through technology. Sykes emphasizes AI’s transformative role, stating, “Beyond underwriting, we’re exploring AI applications in our claims processes to optimize efficiency and prioritize true risk assessment and claims handling.”

Additionally, as confidence builds in eTrade, insurers are seeing the type and size of risk being traded change. Even as little as a year ago, the average premium for a PI combined business was around £1,000; now markets indicate risks priced between £2,500 and £5,000. With the shift in market dynamics and higher premiums, brokers and insurers need to leverage AI to free up time for strategic tasks, such as understanding complex risk profiles and enhancing client relationships. In addition to maintaining market consistency, offering flexible products, and embracing feedback, Markel leverages technology to deliver premier excellence to clients. “Ultimately, we’re selling a promise for a claim,” Sykes continued. “Over the past six years, we’ve consistently delivered on that promise while maintaining five-star service.”

Offer flexible, value-added products

Enhance customer service through AI

Published Aug 12, 2024

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“We’ve collaborated with customers to develop our PI product using their insights, ensuring it meets real needs and preferences rather than relying on assumptions, resulting in a more effective and relevant insurance solution”

Jo Sykes, Markel

Work with a trusted PI partner

• Commercial Lines Claims Excellence Award – Insurance Times Claims Excellence Awards • Commercial Lines Insurer of the Year – British Claims Awards

• 24/7 Cyber response: comprehensive cyber incident response available 24/7, 365 days a year • Collateral warranty review: assistance with the review and understanding of collateral warranties • Contract review service: professional review of business contracts to identify potential risks • Debt recovery services: support for recovering outstanding debts efficiently • PR crisis response: specialised services to manage and mitigate public relations crises • Tax and VAT advice: unique access to tax expertise, including VAT returns

While Sykes acknowledges the challenge some insurers face in getting clients to take advantage of added policy benefits,

Embrace feedback (even when it’s not so great)

Accountants

Architects and engineers

Design and construction

Educational establishments

Charities and associations

Markel PI covers professions including: