Markel has announced the addition of legal expenses insurance (LEI) as standard to its professional indemnity (PI) combined product, following feedback from brokers.
The insurer noted that the move is intended to offer additional financial and professional support for PI cover holders, particularly in situations involving payment disputes with third-party clients.
As of September 9, brokers arranging PI cover through Markel - whether manually via email submission, electronically through Markel’s extranet, or via the Acturis platform - will see LEI automatically included in the product. In addition to the combined PI product, brokers using Acturis will have the option of a standalone LEI product, offering further benefits to clients.
John Dawson (pictured above), Markel’s broker sales director, explained that the decision to enhance the PI offering came directly from broker input.
“We reached out to brokers who gave feedback that we should broaden the cover available under our PI combined offering,” Dawson said. He noted that the inclusion of LEI was part of the company’s efforts to enhance coverage options and limit choices for brokers and their clients.
By adding LEI to its PI cover, Markel said that it aims to simplify the submission process for brokers. LEI cover will no longer require additional referrals, enabling brokers to manage client needs more efficiently. This change also allows Markel to focus on underwriting more complex risks, increasing capacity and offering greater support to brokers.
Jo Sykes, divisional director – broker, UK at Markel, described the enhancement as part of the company’s broader strategy to invest in its eTrade capabilities and improve service efficiency.
“This change is part of ongoing investment into our eTrade capability and one of the many milestones in an overall strategy to improve efficiency and service, and prioritise the needs of our brokers and customers,” Sykes said. She added that brokers will still have the flexibility to trade with Markel through various channels, including face-to-face, digital platforms, and over the phone.
Markel’s introduction of LEI as a standard feature in its PI combined product also aligns with the company’s goal of responding to broker needs and enhancing the overall insurance experience for brokers and clients.
In other recent developments, Markel announced the appointment of Jamie Mullarkey as global executive underwriting officer for property and first-party lines.
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