PRZOOM - /newswire/ -
London, United Kingdom, 2015/03/20 - UK employer insurance specialist Concordia has just opened its doors for business. The City of London MGA’s debut has been facilitated by Ambant Underwriting Services and underwritten by capacity partners in the London insurance market.
Concordia’s insurance has been specifically developed for UK employers to manage their risk and exposure resulting from workplace disputes. Its cover indemnifies employers against legal costs, as well as awards made against them. It gives further protection by providing risk management tools, active case management support and workplace investigations. Unlike typical market offerings, Concordia’s insurance covers claims made by current as well as past employees, contractors, temporary workers, trainees and failed employment applicants. Clyde & Co are providing legal support. Concordia (concordia-employment.co.uk) is distributing its insurance products through brokers as well as directly to employers.
“Employers now have, for the first time and in one place, comprehensive cover and support where and when they need it,” says Philippe Gouraud, Chief Executive Officer of Concordia. “We’ve identified a growing demand for a new kind of insurance and service to protect employers - that’s why we chose to launch Concordia now.
“Until now employers have been finding many insurance options limited or imposing too many complex conditions or draconian condition precedents,” Gouraud continues. “They want issues dealt with from day one rather than waiting for the matter to go to court. And they want to be rewarded for following prudent employment practices. And employers want their insurer to stay onside, even if they make a procedural oversight in handling a difficult employment situation, such as dealing with a staff conduct or performance issue. We’ve listened carefully and built our product to match their precise requirements.
“We’re providing easy to understand, effective and well-priced insurance - and our proactive support and claims handling process means that employers will never be distracted from their core business. Concordia’s product has been well received by the brokers who’ve reviewed it and the employers we consulted as part of its development process,” Gouraud concludes.
Neil Carnaffan, Finance Director, Ambant Underwriting Services, adds: “Concordia is providing insurance that’s satisfying a real need its innovative approach and market expertise will make a positive contribution to the UK workplace. Ambant Underwriting Services provided incubator space and consultancy for Concordia in its set up phase. And we helped to get it up and running quickly and easily so it could launch to deadline. We’re continuing to support Concordia with the kind of key regulatory and operational back-office services an MGA needs to grow successfully.”
Notes for editors: Philippe Gouraud, CEO, Concordia comes from a solid background in insurance and risk management. He has built his insurance career in the oil and gas sectors and at AIG through various management roles, including head of its AIG Risk Finance unit in Europe, and more recently as Head of Client Management, EMEA. Gouraud is an economics and finance graduate from the Institut d'Etudes Politiques, Bordeaux and holds a Master’s degree in risk management from Kedge Business School. He left AIG to set up Concordia in 2014.