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From the referral fee frying pan into the advertising fire
Thursday, 11 October 2012We kind of all knew it anyway, but just how much money a large insurance company like the Direct Line Group makes from referral fees still took my breath away. As we reported earlier this week, the group received £110m from solicitors in the three and a half years since January 2009. Call it £30m a year and extrapolate (the group’s market share is 19% of motor and 18% of home insurance) and you are looking at around £150m a year going from the pockets of solicitors to insurance companies for the privilege of receiving cases. And that’s before the £100m or so insurers make every year from credit hire referral fees.
Tags: claims management companies, referr
Posted in Blog
Blog
Fifteen years on: Lessons from ABS reform
Fifteen years ago this month saw the very first alternative business structure. At the time, the prospect of non-lawyers owning law firms was dubbed ‘Tesco Law’.
Hybrid working and client money controls – be aware of the risks
For legal finance teams, remote working has changed how information moves, how approvals are obtained and how colleagues communicate.
AI can interrogate your contracts – but are they ready for questioning?
Suppose a law firm wants to review a client’s entire real estate portfolio for risk in the leases. Not long ago, that meant a multi-week project. Today, first-pass answer can arrive in minutes.
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