Despite up to a third of firms moving their renewal date since the liberalisation of the Professional Indemnity Insurance market three years ago, brokers are still expecting 90% of firms to need to renew on the traditional 1 October deadline.
Most firms are currently benefitting from a strong buyers market, with many insurers quoting 5% – 7% reductions, according to Sandra Neilson-Moore from broker Marsh’s lawyers’ practice. There is still the usual caveat around claims, cautions Sandra, but even firms with outstanding claims should not struggle to find cover this year, albeit at a higher rate.
Viv Williams of 360 Legal Group agrees and says that ‘if a firm is well managed, has invested in workflows and technology and has a good claims history, it should see a reduction in its premiums this year.’
But what else should firms be doing to secure the best possible premium?
It is generally believed that claims against law firms are most likely to arise from poor processes, administration and/or system failures. Indemnity insurers will therefore closely consider a firms risk management processes when assessing any application for cover.
Martin Macduff, Managing Director of Redbrick Solutions says: “A quality case management solution can ease some of the challenges faced by firms when it comes to PII renewal. Redbrick Practice Management provides extensive workflows to ensure matters are handled in a disciplined and timely manner. Whilst integration with numerous third party suppliers reduces the risk of errors in re-keying information. Compliance checks and audit trails are built in to reduce errors and the risk of fraud.
Combine case management with a back office solution such as Redbrick Business Intelligence, and you have a truly powerful system to help manage risk and eliminate fraud. Stringent financial controls and comprehensive reporting functions ensure all matters are handled to SRA requirements.”
Redbrick Solutions are the only case management provider to have achieved the Legal Eye Quality Standard, which clearly demonstrates their commitment to risk management.
Jaunita Gobby, managing director of Legal Eye comments ‘Redbrick Solutions are very proactive about their risk management and best practice procedures and it was a pleasure working with them. The systems and procedures they have demonstrated are very impressive.”
To find out more about how Redbrick Solutions can help you secure affordable PII, please contact us using the form below or call 01572 770088.