Allianz Legal Protection (ALP) has announced a revamp of its existing After The Event (ATE) insurance offerings aimed at clinical negligence and personal injury law firms.
The specialist legal insurer’s PAID+ was devised in collaboration with Speed Medical, integrating the “Paid As Incurred Disbursements” (PAID) system with Speed Medical’s specialised medical services and favourable payment conditions.
ALP explains that this new scheme is unique in that it allows solicitors to recover disbursement costs as they occur, rather than waiting until the conclusion of a case. This integration with Speed Medical, a UK provider of medical reports, is designed to address longer settlement times and difficulties in sourcing appropriate medical experts that law firms currently encounter.
The program was also developed to ease the financial strain on law firms managing protracted cases by facilitating early payment for disbursements and leveraging Speed Medical’s proficiency in acquiring medical reports, pagination, and medical notes.
Another feature of the PAID+ system compared to traditional funding methods is its operation as a non-loan arrangement. It does not accrue additional interest or incur drawdown fees, presenting a more transparent model for law firms and their clients, eliminating the need for consumer credit agreements.
James Barclay (pictured above), ALP’s head of sales and distribution, emphasised the supportive role of PAID+ in the claim and litigation process.
“Evolving our PAID offering and partnering with experts, Speed Medical, is the natural evolution in helping our legal partners do what they do – supporting clients to get access to justice. The ease and convenience of PAID+ allows firms to progress cases, safe in the knowledge they will be supported by insurance and medical assessment experts,” Barclay said.
Caroline Arrowsmith, commercial director at Speed Medical Examination Services Limited, also highlighted the partnership’s significance in providing efficient healthcare solutions for clients.
“As one of the industry’s most innovative medical agencies, with more than 25 years’ experience; working closely with our partners to develop and deliver ground-breaking solutions like our new joint proposition with ALP is another exciting step for us,” Arrowsmith said.
In other recent developments for the global insurer, its Allianz Partners arm has promoted Ariane Koelbli to global head of people & culture.
What are your thoughts on this story? Please feel free to share your comments below.
