AXA and Aon agree PI provision deal

Aon Risk Solutions has entered into an exclusive agreement with AXA Commercial Lines to provide professional indemnity insurance to independent financial advisers in the UK.

The product will be distributed through a dedicated sales team and Aon’s UK branch network, with Aon binding and issuing policy documentation.

The product was produced off the back of research by Aon which highlighted the frustrations of IFAs over the length of time spent filling in proposal forms, the limited options of PI insurance available to them, and further market consolidation as a result of the retail distribution review.

Aon also claims to have produced a shorter proposal form than its competitors.

Andrew Gough, director at Aon Risk Solutions, said: “Our research highlighted that IFAs were dissatisfied with both the lack of choice in the market and the paperwork involved in obtaining a quote, so we worked with AXA to bring in new capacity and streamline the process.

“Dominic and his team have a tremendous amount of expertise in this sector and I’m confident that, in partnering with AXA, we will be able to develop a successful scheme that will deliver quality cover at a competitive price to our clients.”

Dominic Guest, head of professional indemnity at AXA Commercial Lines, said: “IFAs present their own set of challenges when it comes to writing professional indemnity.

“You need lot of experience in this class of business to understand the risks involved and be able to grow a profitable book of business. The PI team at AXA Commercial Lines has that experience and we’re delighted to be able to support Aon in bringing this new offering to the IFA market.”