The Special Risks Bureau (SRB) was launched in September 2003 to create the UK’s first specialised Special Risk brokerage. The strategy of The Special Risks Bureau is therefore to create a much more efficient market by packaging the medical evidence in each case for a carefully selected panel of product providers and, on receipt of their decisions, packaging the terms in order to make it easy for the distributor to advise his or her customer.

At the present time, The Special Risks Bureau services 10 networks and over 400 directly regulated IFA firms introducing non-standard cases. Members of Sesame, LifeSearch, Personal Touch, Positive Solutions, The Berkeley Network, The Millfield Partnership and the Whitechurch Network can send business to us without signing further paperwork.

SRB has recently changed its administration software to Quay CCD to make it far more interactive with our introducers and Panel members. Initially introducers are receiving the information by way of a number of automated letters and emails which will tell them when a case has passed a particular stage and which stage is about to happen next.

SRB has also used CCD Web Builder to create its own website and by September 1st 2005 introducers will be able to access as password protected part of our website and receive reports on all the cases their firm has with us. Networks can use this facility to observe the progress of all their cases This should cut down the numbers of chasing calls introducers need to make and we need to handle.

How SRB Operates

All our introducers complete SRB’s generic application form. This is available as a PDF download from our website www.specialrisksbureau.com alternatively; many of our introducers fill in the same form electronically on line from the same website. A forthcoming development will allow all our introducers to have our forms on their laptops as a template which can be despatched to SRB at a more convenient time. This will increase the number of on-line transmissions SRB receives.

All our applications are received at SRB’s administration centre at Barnwood Gloucester where they are imaged, placed on the system and acknowledged.

Our in-house underwriter assesses each case, initially for viability. Around 20% of cases introduced to SRB are culled at this stage as being uninsurable. The remaining 80% are then assessed for any additional medical or other evidence which SRB initiates. Finally our underwriter uses the evidence he has received and his knowledge of our panel to indicate potential loadings in order to manage client expectations. We have identified this as a real issue. Unless the adviser takes early control of the client’s expectations there will be real problems later in the process in persuading the client to complete on the case.

When we have received all the necessary evidence we are able to convey this to our panel via a secure and encrypted link using the Webline in-facts system

The SRB Panel consists of Norwich Union, Friends Provident, Standard Life, Liverpool Victoria, Lincoln Life Lutine and PAFS. We anticipate two further additions both of whom will be in place by September. All these companies use our generic form for the purposes of underwriting and some of them use it for the complete process. Where this is not possible SRB Administration completes the provider’s form at the time of placement.

The panel has 4 working days to look at the case and return with a conclusion. We then convey the best terms to the adviser and complete the necessary paperwork. When this received it is conveyed to the provider and the case is completed. We forward on the policy documents to the adviser as well as forwarding the relevant commission to the adviser or his trading group.

SRB Success Rates

As explained above we cull around 20% of cases presented to us. Of the 80% post-cull cases over 60% receive better terms. This includes a number of cases refused elsewhere. The completion rate is highly dependent on the way the introducer has presented the case to his client.

Company details

Special Risks Bureau Ltd
P.O. Box 2085
Barnett Way
Gloucester
GL4 3WT

Tel: 0845 6090121
Fax: 020 8652 2601
Email: admin@specialrisksbureau.com

www.specialrisksbureau.com