Personal injury representation has, for some smaller firms, become a less attractive business than it was only a year ago following the effects of the April 2013 Jackson Reforms, which called for increased settlement speed and a new fixed recoverable costs regime, compressing solicitor profitability substantially. While some firms have exited the personal injury business, others have begun to see the Jackson Reforms as an opportunity for growth, provided they can live within the new regulations.
At a time when the Law Society is forecasting a 15 to 50 per cent drop in claimant solicitor income in the next three years – which could require a wave of industry consolidation – Insurance Services Office (ISO) has released a new White Paper which looks at the issues facing claimant solicitors in more detail. Here ISO offers clear advice for those firms looking to adapt to this new business environment and turn the Jackson Reforms into an opportunity to restore profitability per case.
The Paper explains how automating and digitising the claims negotiation and settlement process will help significantly in reducing costs per case and restoring profitability, thanks to a drop in claim life cycles of as much as 40 days, freeing solicitors to handle more cases simultaneously and invest more time in generating new business, as well as ensuring better decision-making in less time.
The White Paper is available from ISO for free download here.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com. If you would like more information about ISO services, please contact : Mark Strang, Tel: 01252 761055 email@example.com