Surge in take-up of technology that presents firms in best light to Personal Indemnity Insurers

Personal Indemnity: Legal software house Lexsure have announced that in the last two months over 100 firms have upgraded their risk processes by signing up to Lexsure’s conveyancing risk management products.

Simon Seaton, of Lexsure puts the growth down to the PII market hardening and lawyers understanding that they need to prove to lenders and insurers that they are taking risk management seriously.

Recognition by PI Insurers of the benefits of Lexsure’s COMPLETIONmonitor dates back to 2014 when AmTrust Europe Ltd, an ‘A’-rated company, declared that for the first time an insurer would link the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for law firms.

This year Searches UK has joined a number of companies behind a risk management rebate scheme that financially rewards firms that empirically demonstrate risk mitigation by using COMPLETIONmonitor.

Commenting on Searches UK’s contribution towards the rebate fund, Samantha Manning said:

“We are always looking to find ways for our clients to improve their risk management strategy as well as help our firms when it comes to PII cost. We’re expecting some of our client firms to enjoy significant financial benefits.”

To find out more about how your firm can benefit from a risk management rebate of up to £12,750 + VAT

please contact Searches UK.

Kindly shared by Searches UK

Main photo courtesy of Pixabay