It’s been over two years since LASPO and there’s no sign as yet of the market settling. The pressure on solicitors to provide their clients with a good ATE deal, has led to inevitably some decisions being based on price rather than the overall value of the ATE product.
Most were unused to the rigour of providing their clients with a balanced product analysis and so price was the easiest option.
In those conditions some insurers did well with keenly priced products designed to build their market share. But, two years on, is price still proving to have been the best guide to client value?
What about the unexpected imposition of tough claims conditions or the frustrating limiting of delegated authority, or the refusal to top up the more difficult risks?
Too many solicitors are telling us they now regret going with the cheapest option because, when it matters most, the product isn’t always proving to be as reliable as the marketing material promised.
By which time it’s too late – for them and their client.
At Allianz we have a simple approach, to deliver sustainable pricing which represents fair value and allows us to deliver our promise in those moments of truth. We may not always be the cheapest – but to borrow from Oscar Wilde, the trick is to understand the value, not the price.
Author: Peter Dobie
Head of Legal Protection Product Portfolio