Willis Towers Watson’s legal services team provides risk solutions for law firms of 11 partners and above. We offer deep insights in to current and emerging trends which will impact your business, including claims trends, compliance updates and regulatory changes.
Strong client relationships are of paramount importance to us. We strive to achieve a position of trust with clients so that we become a genuine ‘partner’ as part of their team – perhaps by being advised at an early stage should there be a potential acquisition so that we can offer observations that can support strategically or by providing proactive claims advocacy should there be an allegation of liability made against one of our clients.
Furthermore, our PII Practice has specialist knowledge of all leading professions with considerable experience of UK and international risks and insurance exposures. They act as a knowledge base for worldwide accounts, delivering expertise and understanding of global PII issues to bring innovative solutions and industry leading practices for the benefit of our clients.
We are often requested to provide training and education and have provided seminars and workshops to many ‘Top 50’ firms. Embedding risk awareness continues to be an important factor in the control of risk and these insight-based seminars/workshops look to transform the often-negative attitudes to compliance, risk and regulation. We have helped firms raise their own awareness of risk, helping them protect their reputation and reducing their exposure to claims, circumstances, complaints, fee write-offs, which helps control PII costs.
There are several primary insurance options available which may be a good fit. These are a combination of the established insurers and those with a renewed appetite for new business, particularly for firms with excellent claims record. Changing insurers is clearly a very important consideration for any firm and will require sensitive handling. We are confident that we will be able to generate sufficient interest to create a more competitive environment, while protecting existing market relationships.
Risk Management Matters for the Legal sector
We focus on firms with 11 or more Partners/Directors meaning we have time to really support each of our clients. There is an agreed renewal strategy including meetings with underwriters in addition to claims reviews and support in drawing out and articulating your risk management framework – vital in securing the most competitive terms.
At Willis Towers Watson we understand that Risk Management is a key area for our clients. Our team includes industry leaders from Legal and Regulatory backgrounds who are highly experienced in identifying and mitigating risk areas. As well as training, implementation, file audit and technical advice we issue regular Risk Management updates – a selection of case studies to help you plan your Risk Management framework.
The team has managed many of the largest and most complex claims made against professionals. It is this experience that delivers real value to clients and often sets us apart from other brokers.
Our claims advocates nurture relationships with all key insurers so should a problematic claim arise, there is an understanding of the personalities involved. This greatly improves the communication and increases the likelihood of achieving the most appropriate solution.
Intelligence & Risk Insight (IRIS)
Willis Towers Watsons’ Intelligence & Risk Insight (IRIS) System is designed to assist you in understanding the current risks facing the legal profession. When dealing with insurers we utilize the power of data to visualize and articulate the risk; information which aids you in managing and transferring risks.
Benchmarking continues to be an effective tool used by leadership teams to support decision making. It is important however that there is sufficient benchmarking data to ensure meaningful information from the outset. Willis Towers Watson’s client data bank contains the quality and quantity of data points required to generate insight to support clients.
We believe that Willis Towers Watson is the broker with whom you can build a long standing mutually beneficial relationship.
We know that you require a broker that has excellent access to the insurance market and the influence to secure the best deal we also recognize that you aspire to build your business and you need a broker that can handle all your day-to-day issues promptly and professionally.
We would be delighted to work with you further and look forward to discussing your specific proposals with you in detail.
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