22nd May 2003
In December 2002, the Office of Fair Trading (OFT) launched a study into the liability insurance markets in the UK. The Law Society was asked to respond to these questions using feedback from the major Professional Indemnity (PI) insurers. The reported stated "we have received feedback from the profession that some insurers do not provide solicitors with quotes until close to the final renewal date giving them very little opportunity to seek alternative quotes."
In addition it is predicted that rates are likely to carry on rising and many firms of solicitors may therefore find it hard to source quotations. With all professional indemnity contracts due for renewal on 1 September, solicitors may face the prospect of spending the summer searching for this mandatory cover.
To counteract this and help solicitors get the best policy, Zurich Professional, the market leader in solicitors' professional indemnity is one of the first insurers to start its professional indemnity renewal process to allow firms ample time to secure insurance.
Zurich Professional will be launching its renewal campaign for solicitors' professional indemnity (PI) insurance at the beginning of June.
Differentiating itself from the rest of the market Zurich Professional has always launched its renewal campaign early. Customer research* has shown that customers value this service as it allows them time to shop around to find the best quote early. In fact, 95% of Zurich Professional’s customers would recommend Zurich Professional’s service to another solicitor.
However, it is not just price that firms need to consider; the financial security of their insurer, the level of service and way that claims are dealt with are of equal importance.
Jeremy Alwyn, Sales and Operations Director of Zurich Professional said, "Service is very important in the solicitors’ PI market as all policies renew on one date. Service is a key part of our proposition. At Zurich Professional, we’re open for business as usual. Last year our average turn around time for quotations was 1.6 days"
Zurich Professional’s advice to solicitors would be to start getting quotes early. Solicitors will benefit from having all documentation and relevant information prepared and ready.
As the market-leading broker of solicitors' professional indemnity insurance Alexander Forbes support the early Zurich renewal opportunity and will encourage clients to take advantage of this. With 9,500 solicitors' firms and sole practitioners renewing cover on the same day, (1st September) certain insurers may become overwhelmed with requests for quotations resulting in delays.
* Customer survey 2003
-Ends-
Notes to editors:
Zurich Professional Limited (www.zurichprofessional.co.uk), a member of the Zurich Financial Services Group, is a dedicated business, servicing the professional indemnity insurance market for solicitors in England and Wales and accountants and other miscellaneous professions in the UK. Launched in May 2000 in the solicitors market Zurich Professional currently insures 1 in 3 solicitors in the market.
Zurich Financial Services (www.zurich.com) is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs about 68,000 people.
