Has the indemnity product been?
Um, well received and well taken up on because there'll be,
I'm sure there'll be some people thinking, why are you doing that when there's already
indemnity products on the market. Yeah.
So, um, I think what we've done is, is disturbed the market.
I think discretionary uh cover for indemnity was something that was beginning to cause
concern. I know the government were looking at um moving
away towards, uh, you know, a more secure method of indemnity.
I, we were hearing from members that, you know, it was getting more and more expensive year on
year, and the transparency of what they were being charged was,
was not always there.
Um, and I think what we have done is, is affected the market in that we often get people
who join us for indemnity, and then the following year,
uh, they'll, um, they'll get a call from their previous indemnity and say,
what are the BDA asking you for this year? We'll undercut it.
And, um, you know, even if we've only done that, then we've helped,
you know, people um in their subscriptions.
But I also think um, You know, we've been lucky to recruit some really high and well respected
members of the profession into our indemnity organisation, you know,
Linda Cruz and uh and Kevin Lewis are well-known, respected people in the profession,
and they've really steered us through.
We are growing, we are growing and uh uh uh we would like,
we would like more indemnity members, we would like more members generally,
and I think people when they look come to us for a quote for indemnity,
They often think they were relatively expensive without taking into account that it's not only
the indemnity, it's the membership you get and the support around that,
that is included in the package.
Um, but, uh, you know, I, I. I'm pleased with the people we've got there.
I think, um, you know, I sit on the indemnity governance Committee,
and I sit on underwriting committees, and the, the volume of new applications we get is,
is quite, is quite encouraging. So I think we will continue to grow.
Probably not as quickly as we thought we would.
But, um, you know, it is a product that I think is well established now.
And as you can say, you're having a, you're having a positive effect on the market,
even if it means that the other um people operating in it are reacting to you and
offering better services, it's having a, uh, an impact, isn't it?
It is, yeah, yeah, and um I think that's a byproduct.
But uh yeah I mean it's it's.
You know, for the profession it's good.
I, I think, I think it's also, you know.
We, we have a clear pricing structure, and I think it's encouraged some of the other people
to, to take away some of the greatness in their, you know,
uh, you know, there's a few people I know that um they got their renewal notice from their
previous indemnity fire.
They, they get a quote from the BDA and they go back and say I'm leaving.
Uh, and then their indemnity fire says, oh, we'll match it.
And uh I, it's like any product I suppose they think, well why didn't you bloody offer me that
in the first place? Yeah, trying to change TV company or phone
company, and they, they find a new deal after you say no,
sorry. Yeah, I find that more frustrating than
appealing, to be honest.
Yeah, yeah, I agree.