Hoyl Underwriting Management (HUM) has reported that a recent audit by Elite Insurance, HUM’s provider, has shown that its method of working closely with clients has already led to a very favourable selection and subsequent loss ratio, which benefits both insurer and insured.

HUM which adopted an individual continuous risk assessment model, when it launched its PI contract to selected intermediaries last year, says it is already being able to recommend lower premiums to early clients as the process of regular collaborative two way communication has proved to reward adviser firms, who are actively managing their compliance risk profile in concert with HUM.

Paul Barnes, HUM director, said: “We are delighted to have demonstrated to Elite and to our adviser clients that our approach to underwriting based on continual individual assessment means that our clients do not have to suffer from the one size fits all approach of the majority of the PI Industry.

“The future of PI insurance should mean that well run firms are not penalised for the slapdash approach of those firms that have caused PI insurance premiums to have rocketed over the past ten years. We are advocating that good firms should see their premiums reduce as they work with us.”