Wealth & Finance International - February 2017

Wealth & Finance International 98 The Right Partner for Your Business We provide insurance services to a broad spectrum of clients, from multibillion turnover entities to businesses beginning their journey as start-ups. Whether our client is an SME or a major corporate, Safeonline will offer innovative and bespoke solutions to the risks inherent in today’s fast moving world. Safeonline (SOL) was conceived in 1998, when it’s founder Chris Cotterell saw an opportunity in the market to insure internet risk. Up to that point this risk was perceived to only affect financial institutions who were transferring funds around the world. Chris recognised early on that internet risk was beginning to manifest itself in any company who adopted the internet and whom had a computer network in place. Since those early days, Safeonline has continued to lead the way in the provision of niche insurance products that protect corporates and individuals from the dangers of cyber and network security events. It is amazing how the adoption of technology has grown exponentially since Safeonline was founded, but sadly the ability and creativity of the bad actors has also continued to evolve. Safeonline continues to develop insurance solutions to mitigate loss in this dynamic environment. The firm’s mission Our mission is to be the leader in the financial services industry for the provision of Cyber and Technology insurances. To offer our clients complementary insurance products such as directors’ and officers’, professional indemnity and intellectual property insurances that protect them from the ever-growing spectrum of risks that our clients face. It is through the employment of experienced, talented and creative people that we have been able to achieve our mission. It is our people that set us apart and ensures that Safeonline is recognised as a smart and progressive company. From its beginnings, Safeonline has also focussed on using technology to distribute its products. Through the creation of online portals, specifically built for its clients, it is able to offer insurance products fast and efficiently. This ability to use technology in this way, sets Safeonline apart from its competitors. Approach to client service Clients always have a choice as to what provider they should use for the provision of any service. No company has a right to exist, unless it can provide exemplary service to its clients. Staying relevant and effective is the only way Safeonline has been able to take on the competition and win! We ensure that our clients are responded to fast, with turnaround times of less than 24hrs assured. Also, through the recruitment and retention of talented employees, we ensure that our clients have access to the best individuals in the market to respond to their needs. By continually updating our product suite, and indeed by driving change in the market in response to a changing risk landscape, our clients can be assured that they will be getting the most relevant solution to their business needs. The state of the finance industry in London Based in the City of London, which is recognised globally as the centre of the insurance industry, Safeonline has access to the most experienced and resourceful market in the world. Like every market however, competition is great both from within and without. Also, finding the right people to join the firm is a major challenge, even though we are working within the world’s largest insurance market. There is a shortage of experienced individuals given the nascent nature of the Cyber insurance field, which leads to increased demands in terms of employee remuneration and benefits. Competition is intense. The other significant challenge is the thus far unknown impact of Brexit on our ability to continue to provide insurance products to our clients globally. At this time, the ‘passporting’ rights afforded to us as part of the EU offers us the ability to directly offer our international clients innovative solutions from our base in London. Our principal provider of products, Lloyd’s, is closely monitoring this situation and is planning for every eventuality. We are also involved in this process. On a more positive note the insurance sector continues to lead the way in terms of innovation and Safeonline is helping the UK market stay ahead of the competition in this regard. Safeonline LLP is a specialist Lloyd’s insurance broker, based in the City of London United Kingdom, which specialises in fast-moving insurance lines such as cyber, financial, professional, contingency and intellectual property. As winner of the award, Best Technology Insurance Broker – UK, Geoff Kinsella, Partner, lifts the lid on the wonderful work the firm does. W FI160054