Lower Insurance Costs
Various insurers and leading PI Brokers who have looked at CLIENTCAREmonitor’s matter risk management system agree that it will assist practices in reducing claims and, as a result, have agreed that it may result in a reduction in their next years professional indemnity insurance (PII) premiums where the platform is used.
Here is what brokers and an expert on solicitors’ PII have said:
“Despite significant changes to the Indemnity Insurance Rules in 2013, that they called for, insurers are reassessing their appetite for solicitors’ business. In an uncertain world, underwriters like certainty and there is no better system than CLIENTCAREmonitor for providing this – such as its detailed reports based on comprehensive data, not just from the firm’s COLP, but from every fee earner in the firm.
In troubled times, law firms able to demonstrate a firm-wide culture of risk and compliance will stand out from the rest. They will be able to put a more convincing proposal to underwriters. It is unusual for a new product to appeal instantly to insurers, but I am not surprised that CLIENTCAREmonitor has produced such a positive reaction from underwriters and brokers alike.”
– Tim Prior, Director at PNCR Legal, former senior risk management consultant at Travelers and independent expert on solicitors’ PII
“…having looked at the various products enhancing SRA compliance and we have no doubt that CLIENTCAREmonitor will prove to be the best technology solution in this area… Software like CLIENTCAREmonitor, which is designed to improve a firm’s risk rating, will in impact the insurability and premium of a firm. Of the insurers we have shown the system to we have had a very positive response and are starting to see even this year premium reductions being introduced to incentivise firms to use such a robust system.”
– Simon Gale, a Director of St Giles and a solicitor with many years in private practice