BareRock offers advisers lower PII premiums through new tech partnership

Professional indemnity insurance (PII) provider, BareRock, has partnered with Comentis, adding the Comentis vulnerability assessment platform to its suite of approved risk mitigation solutions for its Club Member firms. 

Aligned to the FCA’s four drivers of vulnerability, and in line with Consumer Duty regulation, the Comentis tool enables advisers to consistently identify vulnerable client activity. 

Combining technology with the clinical expertise of mental health and psychology specialists, the tool provides accessible and cost-effective digital assessment, which will be integrated into existing technology and processes that BareRock provides to members.

Taking just four minutes on average to complete, advisers can save time while conducting a thorough vulnerability identification assessment, pinpointing specific areas where a client may be at risk and creating a clear audit trail.

The partnership means Club Member firms using the Comentis technology will gain points towards their overall BareRock Club score, potentially allowing them to qualify for insurance premium reductions of up to 20%.

John Netting, COO of BareRock, commented: "Supporting well-managed advice firms is at the core of our mission here at BareRock. Comentis helps reduce PII risk by providing an objective, clinically validated audit trail of vulnerability assessments. This documentation is particularly valuable when defending against future complaints, for example where beneficiaries retrospectively question past advice given to vulnerable clients. The system's consistent approach to documenting vulnerability and support measures creates strong evidence of appropriate client treatment and regulatory compliance. This, in turn, strengthens a firm’s position against complaints, whilst also helping to prevent unsuitable advice through early vulnerability detection."

Jonathan Barrett, CEO of Comentis, said: “Regulatory scrutiny around vulnerability continues to increase, so it’s more important than ever for advisers to be fully equipped to identify any, and indeed, all signs of vulnerability. Our market-leading software will ensure that all BareRock members will be able to better identify their financially vulnerable clients quickly and efficiently, mitigating the risks associated with missed identification.

“We're delighted to partner with BareRock, specifically as both organisations share a deep commitment to supporting the advice profession. This collaboration will help more firms embed robust vulnerability processes into their advice journey, creating better outcomes for all clients, whilst strengthening their own risk management too.”