FAQ

Everything you need to know about getting started as an agency working with iprism.

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iprism & You

Who are iprism and how long have you been in business?

iprism was established in 2006 to put brokers first. Our mission is to give brokers the easiest, most efficient and reliable way to manage their SME portfolio.

Why do you have your own products?

We have worked closely with our panel of insurers to provide cover and rates which are unique to us. As insurers agree to a single iprism policy wording, you receive a true price comparison across our panel of insurers.

So what's in it for me?

Simple. iprism gives you access to a wide insurer panel and expert support over the Internet – quickly, efficiently and economically. To achieve this we are focussed on:

  1. Providing a quick, efficient and responsive service.
  2. Empowerment, choice and independence.
  3. Providing you with comprehensive cover.
  4. Reducing the costs of running your business.

What does it cost me?

As long as you have an Internet connection there are no transactional costs whatsoever. The system is totally free for you to use and there is no membership fee.

Why should I join now?

iprism offers you the chance to reduce your costs and improve your profitability, the sooner you start using iprism the sooner you will start to enjoy the benefits. To apply for an agency please complete the online application form on our Join Us page or e-mail and one of our broker team will contact you.

How long will it take to get an agency? Is there lots of paperwork to fill in?

Joining iprism is a relatively simple and quick process. After completing a short Agency application form (just 3 sides of A4) our Broker Relationship team will contact you to discuss your requirements further. Subject, to everything being acceptable to both parties we will be able to issue an agency with the accompanying documentation (TOBA etc).

Can all my staff access it?

Yes, we can set up several users in your office, all of whom will have their own secure password and user name. You will also be able to set up an Administrator for your account who can determine what access your team have to various parts of the site e.g. accounts.

At renewal do we have to re-key all the information to obtain renewal terms?

No. iprism will put forward the best renewal terms to you, which you can then review and update if necessary, before forwarding it on to your client electronically.

Will I have to place all my business with iprism or achieve particular levels of support?

No, although we would obviously be delighted if you choose to place all your business with iprism. You are not bound to place a set amount of business with us, but we are sure that once you have used the system and got used to the quick and efficient way that you are able to trade with us, that you will soon see the benefit of placing most of your business this way.

What happens if I choose to leave iprism?

We would be very disappointed if we had not lived up to your expectations but there are no ‘penalties’ or ‘commission clawbacks’ in the event of you choosing to not use iprism in the future.

As long as you have an Internet connection there are no transactional costs whatsoever.

Insurers & Finance

Do we need to get agency agreements with all the insurers before we can access them via your system?

No, your TOBA will be with iprism, so providing there hasn't been any previous issues with an insurer you will have full access to our panel.

We have partnerships with 5 of your panel members and would prefer just to support these companies.

Not a problem, you are able to ‘switch off’ insurers you don't wish to support.

Why are insurers doing this?

Insurers are keen to reduce their costs and yours by making products available to brokers quickly and efficiently via the Internet. iprism provides a way for them to achieve this while ensuring that the brokers get the necessary support to trade effectively in this way.

Will I still maintain communications with insurers or is it all through you?

For business placed with iprism your first point of contact will be the iprism broker service centre where our underwriters, with delegated authority, should be able to resolve any issues. Where you already have a strong relationship with a local insurer office then those will continue for any business that you place outside of the iprism arrangements.

I see you offer premium finance. We have our own credit arrangement which we would want to continue.

Not a problem, as you are able to use your own existing arrangements if you prefer.

Insurers are keen to reduce their costs and yours by making products available to brokers quickly and efficiently...

Regulatory

What if we are not authorised to handle Client Monies?

This is fine. iprism have Risk Transfer agreements in place with all their insurers. In addition, they have agreed to cascade risk transfer to all our agents, (you), and this is reflected in clause 9 of our terms of business. This means that as soon as your client has paid you, the insurers consider those monies to have been received by them.

Service & Support

Do I need broadband?

As long as you have Internet access you will be able to access the iprism system. Broadband will be the quickest and most efficient way to use the site.

Is it secure?

As an Internet based business, the security of our systems is of prime concern. All our systems, and working processes are rigorously tested and monitored to ensure that all business transacted is completely secure.

Where will my call be handled? Do you outsource call traffic or administration work to overseas companies?

Depending on the nature of your enquiry, your calls will be handled by our dedicated Broker Service Centre in New Broad Street, London, EC2M 1NH. iprism is totally UK based. We do not outsource any part of our business process to overseas companies.

What about claims?

Initially claims will be notified to Cunningham Lindsey who operate a First Notification of Loss (FNOL) service on our behalf. Claims will then immediately be passed to the relevant insurer and continually monitored and supported by Cunningham Lindsey.

We have a few juniors in the office, is the system easy to learn?

Yes, we have made the system straightforward and intuitive to use so that new users can pick it up quickly.

How long will it take to receive policy documentation?

Policy documentation (Policy, Schedule, Statement of Fact) is available within seconds of completing the buy process. It is provided in PDF format over the internet/e-mail so that you can forward on to your customer electronically.

Policy documentation is available within seconds of completing the buy process.