A global professional body for chartered accountants, the Institute of Chartered Accountants in England and Wales (ICAEW), provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.
With some 166,000 members working in the public sector, business or private practice, ICAEW works with governments, regulators and business leaders globally. Responsible for supervising and monitoring around 12,000 firms, ICAEW holds its members and students to the highest standards of professional competency and conduct.
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Marsh Commercial and ICAEW
Delivering access to robust and appropriate cover
Dedicated to giving its members access to expert guidance and support they can depend upon throughout their personal and professional lives, ICAEW partners with a number of lifestyle and business brands that provide specially tailored benefits and services.
As ICAEW’s exclusive appointed insurance broker for members’ practice insurance, Marsh Commercial has developed specialist insurance policies that safeguard ICAEW Chartered Accountants from the specific professional and business risks they face.
“Navigating the insurance market can be a time consuming and confusing task for our members. Working in partnership with a specialist broker like Marsh Commercial enables us to eliminate this complexity, making it fast and easy for members to access high-quality cover that protects them, their business and the clients they serve,” explains Andrew Stott, Director, Corporate Partnerships & Operations at ICAEW.
Professional Indemnity (PI) insurance is compulsory for every ICAEW member who has a practising certificate and engages in public practice and ICAEW has very specific requirements when it comes to the PI terms that must be included in policies.
“Working with Marsh Commercial ensures that our members can access a PI policy that is appropriate and compliant to these minimum required standards. Over the years, Marsh Commercial has developed a number of specialist insurance solutions to support our different member communities. These communities provide members with information, insights, guidance and networking opportunities on a range of industry sectors and professional specialisms” continues Andrew Stott.
The provision includes PI policies for sole practitioners, firms with 1-4 partners and firms with 5+ partners. Alongside meeting the minimum requirements set out by ICAEW, these policies feature benefits designed with members’ needs in mind. For example, compensation for court attendances, cover for replacing or reconstituting physical documents and joint venture cover.
ICAEW Member Services provided by Marsh Commercial
- Professional indemnity insurance
- Office insurance
- Cyber insurance
- Support for members involved in complex tax mitigation, corporate finance, merger and acquisition activities
- Specialist advisory service for ICAEW members
- Education and training on key risks facing members.
Helping members navigate an increasingly complex risk landscape
Supporting members to make informed choices is a primary objective that characterises the day-to-day working partnership with Marsh Commercial.
“We need to always be aware that whether a member works in an accountancy practice or in a large or small corporate organisation, these are unique and individual companies that deserve to be treated as such. This is where Marsh Commercial really excels, as they treat everyone differently depending on their specific circumstances,” says Andrew Stott.
Based in Bristol, Marsh Commercial’s dedicated team of 25 professional indemnity insurance experts is focused on supporting the varied needs of ICAEW members. This includes fee-earning practices as well as niche and mid-tier firms. A comprehensive advisory service gives members access to the expertise they need, including in-person support. Specialist advisers are also on hand to help members through the claims process.
“During the pandemic, we recognised that our member firms needed additional support, insight, and guidance. Marsh Commercial helped us achieve this by delivering a series of webinars developed with our Small Practitioner Community to ensure members were better equipped to cope with a rapidly changing business landscape,” says Andrew Stott.
A trusted and evolving partnership
For over 16 years, ICAEW has worked closely with Marsh Commercial in pursuit of a single shared objective: ensuring that members’ evolving needs are continually addressed and met.
“What sets Marsh Commercial aside from other insurance companies and brokers is the people – they really listen to both ICAEW and our members. This has resulted in new services becoming available that help members to protect themselves against new and persistent risks and threats,” says Andrew Stott.
In 2020, the proposition was enhanced with the introduction of a cyber insurance product to protect members from the specific cyber threats chartered accountants face. This includes cover for regulatory defence and penalties, cyber extortion expenses, business interruption and the costs associated with administering data breach notifications.
More recently, Marsh Commercial has initiated a web-based client service portal and a quote and buy facility. By bringing everything together online, it’s easier and faster for members to manage their insurance needs. This ethos of making things simple also extends to a new Tax and VAT helpline – ensuring ICAEW’s Small Practitioners community can access advice from experts when they need it and stay up-to-date on changing legislation.
“Marsh Commercial strives to offer outstanding customer service that truly resonates with our members and the figures speak for themselves. Today our members have over 4,000 policies placed with them, not just for PI but for other insurances too,” says Andrew Stott.
Founded on transparent and open communication, the long-standing relationship continues to grow and evolve.
“The team works alongside us to understand what keeps members awake at night and finds ways to address these concerns. Whether that’s developing a specialist policy or delivering seminars that help members get to grips with specific topics and current trends,” he continues.
Rather than a one-size fits all proposition, ICAEW and Marsh Commercial are now jointly exploring ways to support specific member segments. Programmes are in motion to evaluate product and service options for members working with industry verticals such as the charity sector, as well as initiating new specialist services for firms with five or more partners as well as international members.
“The relationship with Marsh Commercial is very much member focused and encompasses far more that simply the provision of credible and trusted insurance products. Over the years, Marsh Commercial has evolved its proposition to include advisory services, webinars and more – all of which deliver additional value to members,” says Andrew Stott.
“Looking ahead, we’re focused on developing new services and benefits for members. It’s a pleasure working with Marsh Commercial and our relationship continues to go from strength to strength.”