Consultancy and Advisory

Some examples of the types of support we deliver to our clients are detailed below.

Retained Advisory Services

JPIC is retained by a number of organisations for whom we provide advice and assistance on a wide range of insurance and risk management related matters.

Our clients value our knowledge of the insurance market, our independence, objectivity and depth of market intelligence.

They appoint JPIC to ensure informed and objective decisions on insurance-related matters are made at all times, thereby enhancing and optimising their engagement with and use of the insurance market.

The scope of JPIC’s engagement varies from client to client, however our insurance support frequently involves the following activities:

• Pre-renewal strategy planning and objective setting
• Assistance with review of broker renewal recommendations
• Post renewal reviews
• Assessment of broker performance, including advising on an appropriate performance management regime
• Attendance at fixed period review meetings
• Review of insurance related contract conditions
• Liaison with brokers and insurers
• The provision of ad hoc advice and assistance.

Outsourced Risk & Insurance Resource Service

JPIC provides insurance and risk professionals on a Supply of Services contract basis to organisations who require in-house expertise on either a short- or long-term basis.

The skills and experience of our consultants are specifically aligned to each client’s requirements.

These individuals have backgrounds in insurance and risk roles within industry and commerce and also as underwriters and brokers.

While each client contract for the provision of insurance and risk resource will be aligned to individual requirements, all the following fundamentals will apply:

• JPIC will employ the outsourced resource and take care of all relevant employment costs, laws and requirements.
• A Supply of Services contract will be agreed between JPIC and the client, in which the specific requirements and objectives of the role will be detailed, together with the duration of the engagement and the terms and conditions under which the outsourced services will be delivered.
• A fee will be agreed, either fixed for the period of the contract or based upon an agreed daily rate. The actual cost of the service will be dependent upon the nature, responsibilities and scope of the work being undertaken and the range of skills and experience required.
• Minimum contract terms will be agreed with each client with extensions available by mutual consent.
  JPIC will monitor the performance of the outsourced resource during the duration of the contract, which will include regular performance reviews with the client to ensure continuous alignment of client objectives with the support service being delivered.

Clients that have benefitted from the service tell us that:

• It is a great method by which a short-term resource issue can be resolved.
• It is particularly useful in circumstances whereby there is an immediate need for resource but no immediate budget for additional FTE.
• They appreciate the ability to tap into a highly skilled, experienced and technical resource base without having to employ someone full time or long term.
• It can obviate the need for lengthy time spent searching for the right resource.

Acquisition and Disposal Insurance Due Diligence Services

We provide confidential, independent and professional insurance due diligence services in acquisitions and disposals situations.

Our experience and knowledge of risk financing programmes and our ability to interpret risk and claims data enables us to provide valuable insights that can be material to the outcome of the negotiations.

With our depth of resource, we are able to work to the tight deadlines that are often a feature of acquisition and disposals.

Expert Witness

JPIC’s consultants have acted as Expert Witnesses in a range of insurance related cases and are available to provide technical insights and opinions on a wide range of insurance related matters.

Bespoke Consultancy Projects

We have a track record of delivering bespoke consultancy projects to clients who require help and guidance in specific areas of risk and insurance.

JPIC has delivered a range of insurance consultancy support to its clients, which has included:

• Undertaking insurer cover-holder audits
• Advising on Managing General Agency start-ups
• Provision of sales and proposition development support to the insurance industry
• Compliance reviews
• Market research activities
• Advising trade associations on insurance related matters

Landlord Insurance Earnings Audit

Traditionally, property owners and investors have retained an element of commission from the placement of the insurance of their property portfolios.  Often this is recognised in lease agreements.

Recently there has been far more focus on the income landlords obtain from insurance placements, especially in relation to residential portfolios and the government has made a commitment to focus greater attention on this issue in the future.

In January 2023, the FCA wrote to all insurance brokers and insurance providers, reminding them of the expectation that customers are treated fairly. The focus of the FCA’s attention is initially on the Residential Sector, but the Regulator did not specifically exclude commercial premises in its letter and JPIC believes there will be greater scrutiny in this area in the near future.

While currently there may be no direct regulatory risks to the majority of the Real Estate sector associated with the receiving of commission linked to insurance premiums, there is a very real reputational risk that landlords need to consider.

Any retention of insurance-related earnings should be fair and reasonable and reflect accepted market best practice standards to ensure that customers – residential and commercial occupiers – are not adversely impacted by landlord retained insurance earnings.

JPIC’s Landlord Insurance Earnings Audit provides an independent assessment of current insurance earnings, assessed against external best practice standards and also any internal factors that should be considered when setting out an earnings strategy.

At the conclusion of the audit, a Landlord will be able to make an informed decision on its future insurance-related earnings such that it can have confidence in a strategy which remains fair and reasonable, is robust and justifiable in the face of regulatory scrutiny and consequently, provides a level of protection against reputational risks.