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PI broking specialist gives business update

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Insurance Lab, a Melbourne-based professional indemnity (PI) insurance broker, says the business has performed above expectations since it launched a year ago in the midst of the pandemic.

Director Darren Pavic, who started the business focusing on the engineering and construction sectors, did not want to provide any financial figures but says the brokerage gained traction because of its specialisation.

He says not being affiliated with any underwriting agencies or insurers is also a positive for the broker as it worked to establish its presence in the market.

“What that means for our clients is that we work for them and do what’s best for them, not the other way round,” Mr Pavic told insuranceNEWS.com.au.

“The benefits of us being unaffiliated with anyone far outweigh the benefits that would have existed if we put our eggs into one basket.”

He says Insurance Labs has access to more than 20 underwriters and insurers that provide PI insurance products.

The PI market remains difficult, with rates still high and capacity limited, meaning product issuers remain as focused as ever on an insured’s internal risk management controls.

“In this current environment, how to present a client’s approach to risk management is more important than it's ever been,” Mr Pavic said.

“Insurers pay so much attention to risk management now but it’s not something that is best done with a cookie cutter approach.

“We do it differently because every client is different even if they’re in the same sector.”

Insurance Lab is a member of the Steadfast Group and an authorised representative of Victoria-based Elite Broker Network.

It also offers cyber, management liability, public and products liability, business and office as well as information technology liability risk solutions.

Mr Pavic worked for more than 20 years with broker Bovill Risk and Insurance Consultants before leaving in November 2019. Bovill is now under Honan Insurance Group ownership.