Your Own Insurer
Having considered the wider need for operational efficiency, risk control and all available commercial benefits, an increasing number of Law Firms are moving to an ‘own insurer’ approach whereby a Firm can more pro-actively benefit from their experience & good risk management. With Keystone, our ‘own insurer’ approach is based on a Segregated Account (also known as a ‘Cell’) model allowing a Firm to manage risk, premiums & claims with maximum efficiency.
Once a Law Firm is writing above a certain volume of ATE business per month / year (and this level is lower than you may think), then an ‘own insurer’ approach can benefit in 3 main ways:
- Control – it is a proactive step that puts your Firm far more in control of your own destiny, securing direct benefits from your good risk management & efficient operation.
- Operational – a Firm can have significant input into the types of ATE products being offered, the cover and premiums being charged, and the processes involved in delivering these products in a complaint, efficient way.
- Commercial – a combination of Control and Operational efficiency can lead to significant commercial benefits for your Firm, all without compromising on cover, attitude to risk and advice or service to your Clients
Keystone is able to work with Law Firms of many sizes in setting up their own insurer, from initial feasibility studies through to set up, management and fronting, including funding options if required. We are happy to have an initial, no obligation and confidential discussion with you; to find out more please contact Andy Parker on 01252 354100