Fee protection insurance

Accountant A has always had a FPI scheme, and would provide details to any clients that made an enquiry. The total premiums collected from their clients just covered the cost of running the scheme. We worked with the accountant to understand the financial benefits to the practice and the value of the cover for their clients. Different pricing options were discussed, with Markel UK providing examples and case studies of how similar accountancy practices had turned around their schemes.

As a result of these discussions, it was agreed that Markel would run a direct mail campaign to all of the practice’s clients who didn’t currently subscribe to the scheme using a new and improved pricing structure. Following the initial mailing and subsequent follow-up mailings, the accountant increased their client subscription rate fourfold and also generated an additional income stream for the practice.

Accountant B had an FPI scheme in place with another provider for a number of years but subscriber numbers had been dwindling. The client had undertaken little active promotion due to limited administration capacity and the day-to-day pressures of running a busy family practice.

Our area sales manager worked with the practice to understand these pinch points and ensure a smooth transition to Markel Tax – from back office support to utilisation of our mailing service to boost uptake of the scheme. In the first year we helped the client achieve double the number of subscriptions to their service, and ensured that fee protection added a valuable income stream rather than an additional administrative burden.