The insurance industry is going through a period of significant flux. Wide-reaching statutory developments, an increasing web of regulation, and an array of new technologies, platforms, and associated target markets are emerging for the market to grabble with.
We recognise that the relevant stakeholders are looking to cut costs where possible in order to maintain a profitable bottom line. We also recognise that, in such an economic climate, the preservation of strong commercial relationships is absolutely key. Even with contentious matters, therefore, we understand that how the matter is handled is often as important as the ultimate outcome.
The Insurance team has in-depth experience of handling various aspects of the ‘stock’ insurance work, with particular expertise in:
- Policy coverage disputes, across various classes of business
- Policy wordings advice
- Subrogated recoveries
- Liability / Defence
For all standalone advice, and recognising the existing pressures on the industry, we can provide an initial opinion for a fixed fee, bringing financial certainty to the client. Should our ongoing advice/input be required, we have various innovative fee structures available.
Beyond those discrete matters, however, we want to deliver genuine long-term savings to our clients by offering innovative services which recognise the ongoing challenge of legal and regulatory developments and aim to address potential issues up front rather than when the dispute has already arisen. For example, we can provide discrete, fixed fee advice on:
- The specific implications for the client’s business of legislation such as The Insurance Act 2015 and The Enterprise Act 2016, following an audit of the client’s existing processes and procedures
- The common trends/issues arising on a particular book of business, and the possible solutions available at the placement/underwriting stage
- Any legal and/or regulatory challenges which may arise in connection with new products, platforms (e.g. online sales), and technologies.