Local Insurance Broker Craig Oakes got off to a flying start when his new Dorset business, Oakes Insure, started up last September by managing to provide a top-notch result for Global Insurance Tech Company, Morning Data. After chatting on LinkedIn, Kirstin Duffield CEO decided to get Craig in to give an objective view away from the Lloyd’s of London Brokers she normally used.
When Oakes Insure started up, Morning Data contacted them to see if they could help on the insurance side of things. Morning Data creates software solutions for Insurance companies, brokers, and MGA’s globally, so they wanted a completely neutral view from someone who they didn’t work with on a daily basis. Kirstin is a regular at Lloyds of London in her capacity as someone who works within both the tech and insurance industry.
One area crucial for Morning Data was Professional Indemnity. Previously, a company that they had provided services for had challenged them which had resulted in an out of court settlement which exonerated any error by Morning Data. However, the legal costs still needed to be paid by the insurance company. This had resulted in a significant increase in the premium for Professional Indemnity Insurance.
Oakes Insure started with Professional Indemnity and then built all the other covers around it into one big policy where in the past they had been separate. Not only was Oakes Insure able to bring the high cost of the indemnity insurance down, but by using Chubb, an international tech and securities insurer who were not a client of Morning Data, it meant that cyber insurance could be offered. With GDPR compliance looming and because of the nature of Morning Data’s business, it meant that due to conflicts of interest, insurers had not wanted to underwrite a cyber policy for something so close to home for them.
Buildings, Office, Liability and Business Interruption insurance were all checked and tweaked. All of these areas within SMEs can result in underinsurance and as Morning Data is very much a growing international provider it was felt that no stone should be unturned when it came to ensuring cover was very much up to date.
Kirstin Duffield is considered as a leader in what is thought of as a male dominated industry. Not only a leader in her industry, but also one of the country’s leading business women, a champion for equality within business and a technological genius. http://kirstin-duffield.strikingly.com/
Whilst Craig Oakes is a qualified local insurance broker with over 20 years experience, also based in Dorset, he is an Authorised Representative under the Gauntlet Risk Management umbrella, a Chartered Insurance Broker that is headed up by Roger Gaunt and his team of accounts, broking and compliance staff and is part of the Willis Towers Watson network.
A huge saving of around £4000 was made in the end by conducting a thorough Insurance review., whilst actually providing more security for the company. Despite Morning Data’s proximity to Lloyd’s of London, a broker right on their doorstep was perfectly placed to dive deep into the SME’s specific needs.