As we reach the 1 October deadline for renewal of professional indemnity insurance (PII), reports suggest that many firms are still yet to find cover.
As some key players have withdrawn from providing cover to certain types of firm, levels of supply and demand have driven up prices and forced many solicitors to turn to unrated insurers for affordable PII. The risks associated with this option have been clearly documented in widespread reports about the problems faced by those insured with Balva and, more recently, Berliner.
But, securing PII can be made easier with the effective use of legal technology.
According to Martin Ellis of Prime Professions, 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. It’s fully integrated, and compliance checks and audit trails are incorporated to reduce errors and the risk of fraud.
“Choosing a Redbrick Solutions’ product is a great way to reduce your PII premiums as we are the only legal case management provider to be working in conjunction with Lexcel, to provide Lexcel compliant workflows, ensuring firms meet ‘best practice’ requirements at all times.
“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.”
To find out more about how Redbrick Solutions can help you secure affordable PII, please visit www.redbricksolutions.co.uk or call 0845 166 2629.