New Eden is promising the UK professional indemnity insurance (PII) market for law firms something different.
“The market for PII and risk solutions in the legal sector has operated the same way for years, looking only at the historical risk associated with the type of work carried out to determine the base premium that firms should pay,” noted chairman Richard Brown (pictured) when their PII product was introduced.
“It’s fast becoming crystal clear that this model is no longer fit for purpose, with already daunting premiums continuing to rise for even the most well-run, claims-averse firms.”
So what makes New Eden’s PII proposition “game-changing,” as the Xact Risk Solutions Limited appointed representative calls it?
According to the disruptor, its offering is centred on a data-rich, analytics-led model of what comprises a well-run firm. It is built around 30 key criteria, which New Eden said is over five times more compared to what current assessment and underwriting models take into consideration.
In addition, it claims to be the pioneer in incorporating cultural and behavioural data to determine premiums for PII, as well as the first in the market to provide significant financial rewards for policyholders who remain claims-free for an agreed period.
“The New Eden way is fundamentally different and represents a rebalancing of the fundamentals of the legal sector insurance industry,” stated Brown. “It’s not about what firms do, but rather about how they do it. Our unique approach lets us clearly understand what makes a good firm good, what the culture is and how this is reflected in the quality of the work carried out.
“For far too long, risk-aware and well-performing firms have long suffered by being treated exactly the same as everyone else – but those days are rapidly coming to an end.”
Meanwhile clients will also have access to the SCOPE 360° platform, which New Eden said provides valuable business feedback for solicitor firms as well as a trove of data for insurers.