Professional liability insurance

Mm-hmm.

Uh, 'cause I did that Claris video on SOAs, and she did one on connections and APIs and things, wasn't it?

Yeah, the MCPs and plugging into your systems.

Yeah.

Yeah.

And for a long time, dealing with your P.I. renewal was just, I mean, it was like going to the dentist.

Oh, completely.

You just went once a year, filled out the forms and braced yourself for whatever painful number they handed you.

Yeah.

And then the PI insurance, that's really where they get stuck, so a lot of them-

Yes

... just don't carry it.

Uh, so obviously y- you spoke a little bit about cyber.

Yeah.

From an insurance perspective and a risk profile perspective, would you describe that as the biggest threat or one of the biggest threats that integrators would actually face today? Obviously, they have their GL, their PI.

Yeah.

I know how to do this.

And actually the other thing that was attractive in turnover at that point was it was, although purported to be a PI account, it was really a monoline product line.

So I thought there's not too much complexity to this.

I've focused on one thing.

So there's constant change.

So...

The announcement in 19 when HDI wanted to go into specialty, again, from my personal perspective, I was absolutely delighted because I'd been sort of asking for a long period of time, could we have more investment in the PI team? Could we broaden this out? Could we move into other areas? And there was a reticence at that time, but then when the announcement came that Specialty was going to be a real sort of growth engine and we really wanted to become a key Specialty player, and we saw this sort of churn of underwriting teams coming in, new capabilities, new sort of dynamic market leading teams coming into the organisation, it was natural then that the PI team should also follow suit.

So from that perspective, I viewed it wholly as positive.

And then comes the insurance.

You're required to hold professional indemnity insurance, or PII.

Right, okay.

But the real anchor, the thing that really weighs you down, is the capital requirement.

Exactly.

It frees up hundreds of thousands of dollars to actually invest or grow the business.

Now, they still have to manage operational risk, obviously, and they absolutely still need to keep professional indemnity insurance.

The safety nets are there, but that initial mass restriction is gone.