Professional Indemnity Insurance Consultancy

The Strategic Partner possesses an in-depth knowledge of the legal sector gained through direct interaction and management of law firms, engagement with the Regulator and The Law Society, and through this are able to offer powerful solutions to the Professional Indemnity Insurance Sector.

We understand that Professional Indemnity Insurers require the firms they insure to be aware of their risks and to take action to manage those risks. It is not always possible to remove risk and the first step for a law firm is to implement appropriate controls to recognise, manage and control risk which strengthens the firm and help to manage a positive relationship between the firm, its Broker and Insurer.

Due to our unique insight into the market and the work we perform for firms of all types and sizes we have developed strong relationships with Brokers and Insurers in the Professional Indemnity Sector providing knowledge and expertise to help them manage their Insured firms and generally improve their risk exposure.

Our services and expertise can be acquired on a one-off project basis or as part of an ongoing relationship through our Insurer Partner Programme.

risk regulation and compliance law firms

Find Out More

For more information about our work with Brokers and Insurers, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk. You can also download our Partner Programme presentation by clicking on the link below.

Insurer Consultancy – The Detail

Expertise to identify, manage and control risk.

TSP is a knowledge hub and risk management tool for law firms to improve structure, risk and profitability. Through our interaction, we are able to assist firms and their Insurers in the overall task of risk management. We engage with insurers and through them their insured firms, providing a range of solutions that benefit both the insurer and Law firm. 

Our services can be used to enhance or strengthen as an insurer’s internal resource or as an outsource partner.

Our goal is to become a valued partner to the professional indemnity sector providing expertise and guidance to assist in the overall improvement of risk and management of law firms.

 

Our Insurer Partner Programme

We have developed an Insurer Partner Programme specifically for Brokers and Insurers which brings formality to the relationship between TSP and the Broker/insurer providing a value-added element to their professional indemnity offering. Click here to view a presentation which details our Insurer Partner Programme.

Our partnership programme involves:

  • TSP becoming part of the insurer’s risk management and compliance solution either as an outsource provider or part of an existing resource
  • Each insured becoming a member to The Strategic Partner where they benefit from our full membership package
  • Provision of annual (or as required) training to the insurer about a range of topics in the legal sector or issues and factors affecting the legal sector.
  • Extended membership which would entitle a firm to a funded consultancy day and review to the overall benefit of the firm and part of the value-added proposition for the Insurer
  • Working with the Broker/insurer on existing and prospective risks to retain or convert new business

This solution is an integrated value-added proposition to strengthen the overall Professional Indemnity Insurance offering.

For more information on our Insurer Partner Programme, you can download our programme or you can call us on 0203 911 9710 or email us info@thestrategicpartner.co.uk

Our Insurer/Broker Solutions

We have developed a range of services and solutions that can be used by Insurers and Brokers which includes:

  • Insurer Consultancy – Working with the Insurer providing consultancy services on a project or retainer basis providing knowledge and intelligence as needed to assist them in understanding, managing and engaging with their insured risks. This includes assistance with the development of proposals or audit questionnaires to assist with the overall rating of a risk.
  • Outsourced Risk and Compliance Department – Working for an insurer provide risk management solutions for the Insurer and their insured firms
  • Risk Reviews – Working either for a law firm or insurer to assess the risk that a firm poses through a review of a firm’s current and past risk management processes,  helping to identify potential issues and make recommendations for improvements to improve a firms risk profile. This is often used as part of a renewal process where a firm is seeking a discount on premiums and the insurer wishes to gain a greater understanding of the firm due to a deteriorating claims history or general concerns arising.
  • Detailed Firm Risk Reviews – Similar to a risk review but rather than a short review focussed on particular areas this is a detailed analysis of a firm and each department. This goes wider than conspiring a firms approach to risk management but also assess how the process work and manage the firm overall as risk and risk management extends beyond claims prevention. This is often used when an Insurer is considering a significant premium increase, there has been a large claim or series of claims or the insurer may not be prepared to offer renewal terms. The focus of this review is to provide the firm and insurer with a detailed report and full analysis of the firm’s profile and introduction of strategies to strengthen the firm and improve its risk profile.
  • Auditing – This is the provision of one-off or a series of audits both within the insurer or within a law firm. We have a full range of experience and can provide risk audits alongside technical audits.
  • Training – Delivery of a range of training to assist insurance underwriters and claims staff on the market generally and to address challenges that are facing the market
  • Events and Seminars – Speaking at insurer events or seminars.

As we often work between the Insurer and the law firm we will agree to any fees to be incurred being split or paid by one of the other. The main focus for us is to integrate into the firm, whether requested by the firm or by the insurer to address the issues highlighted and provide the required solutions.

Enquiries

For more information about our work with Broker and Insurers in the Professional Indemnity Sector, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

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