Posted by Chris Johnson, finance and pricing manager at Litigation Futures Associate Allianz Legal Protection
‘Change’ and ‘data’. Two relatively small words but ones that have taken on more depth and meaning over the last decade, especially when considered in the context of the legal sector. Focus in further on the personal injury market and the change has been dramatic.
With the Civil Liability Bill receiving Royal Assent yesterday and another sizeable shift in market dynamics likely, the market uncertainty felt since LASPO is set to stay, in the short to mid-term at the very least.
Although some business will adapt and thrive in these challenging times, the ambiguity will no doubt have an impact on the market in terms of key players, but potentially also influence the level of insurance capacity available.
The antidote to such change-generated uncertainty? Data. Navigating turbulent times ahead will require a granular understanding of performance. Be that real time management information on case performance – for example win rates, spending and budgetary control – or a longer-term view on case profiling, success rates and settlement values.
All will be needed to respond to market changes proactively and in an informed manner. This is where having a trusted and expert insurance provider as your partner of choice can add significant value to your firm.
Experts in data interrogation, profiling and prediction, your after-the-event (ATE) insurance provider can share intelligent and informative information with you.
More than just the odd ad hoc report, insight needs to either be in real time, or as appropriately close, so as to arm you with the power to make informed business decisions that improve claims and customer outcomes, whilst maximising business profitability.
This expertise is accentuated when backed by stability. An ATE provider that’s sufficiently capitalised and financially stable is willing to devise and crucially invest, in innovative approaches and solutions that support you and ultimately allow your customers to access justice in the current climate.
Such investment is in stark contrast to recent occasions where we’ve already seen some insurance providers withdraw capacity, leaving solicitors and claimants in a tricky position.
A data-led and underwritten approach is what we take. It’s a traditional attitude, enriched by modern methods and a multitude of data. Although the past definitely can’t predict the future, such experience and invested focus means solicitors can have confidence in an uncertain world.