Tradewise Insurance Services

Tradewise Insurance Services Insurance Review

This review provides a detailed examination of Tradewise Insurance Services Limited, a company that offered various insurance products before ceasing trading. We'll explore its history, the range of insurance it provided, its customer service, and the crucial information for former customers navigating the transition to new managing entities.

Overview

Year of Establishment and Background Story

Tradewise Insurance Services Limited was incorporated on May 23, 2002 [1]. Its primary business was acting as an insurance agent and broker, offering a diverse portfolio of insurance solutions to its customers. The company's operational lifespan ended with its cessation of trading, resulting in a transfer of its policy management responsibilities.

Key Milestones in the Company’s History and Growth

A significant milestone for Tradewise was its provision of car, home, life, and young driver insurance. A key feature was its online self-service platform, enabling customers to manage their policies with ease [5]. Unfortunately, the company's operational history concluded with its liquidation, with its registered office listed as Opus Restructuring LLP, 1 Radian Court, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8PJ [1].

Regulatory Compliance and Licenses

It's crucial to note that at the time of this review, Tradewise Insurance Services Limited was in liquidation [1]. This means it was no longer operational and had ceased trading. Therefore, specific details regarding licenses and certifications held by the company are unavailable.

Insurance Products and Services

Main Insurance Products

Tradewise offered a range of insurance products designed to meet various customer needs:

• Car Insurance: Provided coverage for vehicles, although specifics on coverage options and policy details are not readily available from current sources [5].
• Home Insurance: Offered protection for homeowners, covering various aspects of property ownership [5]. Specific details on coverages are limited in available documentation.
• Life Insurance: Provided life insurance solutions with varying coverage options [5]. Further information on specific policy details is not readily accessible.
• Young Driver Insurance: Catered specifically to the insurance needs of young drivers [5]. Specific details on coverage are lacking in the available resources.

Coverage Options and Policy Details

While the provided sources mention the types of insurance offered, precise details regarding coverage options and specific policy information for each type of insurance are not readily available. The company's online self-service platform previously allowed for policy management [5].

Additional Services

Beyond the core insurance products, Tradewise offered additional services:

• Claims Assistance: Although Tradewise initially handled claims, this responsibility transitioned to The Davis Group following the cessation of Tradewise's operations [2, 3].
• Policy Updates: Policy updates, including modifications to the Motor Insurance Database (MID), were handled through a service called MIDAS, provided by Motor Data Solutions Ltd (MDS) [2].

Premiums and Pricing

Pricing Structure

Unfortunately, specific premium rates for Tradewise's various insurance products are not available in the referenced sources. A comparative analysis against industry averages is also unavailable at this time.

Discounts and Special Offers

Information on any discounts or special offers provided by Tradewise Insurance Services Limited is currently unavailable in accessible resources.

Customer Service and Support

Contact Methods

While Tradewise offered customer service support, specific contact details such as phone numbers and email addresses are not publicly available through the reviewed sources. Live chat support was not mentioned.

Information regarding 24/7 support or multilingual assistance is also unavailable.

Pros and Cons of Tradewise Insurance Services Insurance

Pros

• Competitive Premiums (Historically): Based on past customer feedback, Tradewise is reported to have offered competitive insurance premium rates.
• Comprehensive Coverage (Historically): The company offered a range of insurance products indicating a focus on comprehensive coverage options.

Cons

• Ceased Trading: The significant drawback is the cessation of Tradewise's operations, resulting in a transition to new policy and claims management entities.
• Policy Management Changes: The transfer of policy management to Faraday MGA Limited and claims handling to The Davis Group necessitates adjustments for former customers [2, 3]. The introduction of MIDAS for MID updates adds another layer of change [2].

Conclusion

Summary of the Main Points Covered in the Review

Tradewise Insurance Services Limited provided various insurance products but ceased trading. Policy management and claims handling have transitioned to Faraday MGA Limited (on behalf of Berkshire Hathaway International Insurance Limited) and The Davis Group, respectively [2, 3]. The company's online self-service platform was a notable feature, although its functionality has changed due to the company's liquidation.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings

Former Tradewise customers whose policies are now managed by Faraday MGA Limited will continue to receive coverage under their existing policies. However, it's essential to be aware of the revised claims handling procedures via The Davis Group and updated policy management systems like MIDAS [2, 3]. New customers cannot obtain insurance from Tradewise directly.

Frequently Asked Questions about Tradewise Insurance Services Insurance

Answers to Common Questions About the Company’s Policies, Claims Process, and More

1. What Happens to My Policy After Tradewise Ceased Trading? Your policy remains valid until its renewal date. Berkshire Hathaway International Insurance Limited continues providing coverage [2, 3].
2. How Do I Update My Policy Information? Use MIDAS (Motor Data Solutions Ltd.) to update information, including MID changes [2].
3. Who Handles My Claims Now? The Davis Group handles claims. They will contact you directly [2].
4. What Should I Do If I Need to Report a New Claim? Call the Motor Trade Claims Line at 0800 049 8179 [2].
5. What If I Have an Ongoing Claim? Your ongoing claim will continue and will be managed by The Davis Group [2].

Bullet Points Summary:

• Tradewise Insurance Services Limited ceased trading.
• Policies are now managed by Faraday MGA Limited (Berkshire Hathaway).
• Claims are now handled by The Davis Group.
• Policy updates are via MIDAS (Motor Data Solutions Ltd.).
• Contact the Motor Trade Claims Line for new claims (0800 049 8179).

References

1. https://find-and-update.company-information.service.gov.uk/company/04446259
2. https://www.thinkinsurance.co.uk/tradewise-insurance-services-update
3. https://www.faraday.com/tradewise
4. https://www.bloomberg.com/profile/company/1221599Z:LN
5. https://www.cbinsights.com/company/tradewise-insurance-services