Legal software house Lexsure have announced that in the three months leading up to 1 October over 120 firms have upgraded their risk processes by signing up to Lexsure’s conveyancing risk management products.
Simon Seaton, CEO of Lexsure puts the growth down to the recent ground breaking announcement by AmTrust Europe Ltd whereby the ‘A’ rated insurance company declared that for the first time an insurer would link the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for law firms.
Seaton commented: “COMPLETIONmonitor has previously been recognised as a valuable risk mitigation tool but AmTrust took the innovative step to reward firms that reduce their risk profile by using COMPLETIONmonitor in the conveyancing process.
“The reaction from firms who insure with AmTrust to the per case savings on their PI renewals for each case completed with the software has been tremendous. Even for small firms with active conveyancing practices, the potential for saving of thousands of pounds is very attractive.”
Russell Newell, head of professional indemnity at AmTrust Europe, said: “We appreciate that the cost of PI insurance premiums has a great impact on law firms, particularly for firms that do a lot of conveyancing, due to the frequency and size of claims in that field. We believe it is right and fair to offer a financial reward to firms that empirically demonstrate risk mitigation by using COMPLETIONmonitor. We are continuing to urge firms who have taken out insurance with AmTrust to use COMPLETIONmonitor to help reduce claims and their own premiums for the future.”
Commenting on the premium reductions last month John Wooldridge, director of solicitors’ professional indemnity at Howden Windsor said: “We are always looking to find ways for our clients to improve their risk management strategy while also reducing their PII premium. We are delighted that AmTrust have agreed to recognise the improved risk profile of firms using COMPLETIONmonitor by offering them a direct saving on their premium. We’re expecting some firms to save tens of thousands of pounds.”