Rising professional indemnity insurance premiums are having a threatening impact on UK law firms. For smaller firms, the hardening of PI insurance over the past two years has become unmanageable and may lead to devastating effects for these businesses and their customers.
With heightened focus being placed on firm’s internal procedures and risk management methods, the ability to effectively demonstrate best practice can reduce PI premiums. As PI insurance remains an important policy for firms to protect their financial assets from losses, law firms need to thoroughly assess their risk and adopting stronger processes could be invaluable to reduce PI premiums.
Working alongside a conveyancing case management software provider like Redbrick Solutions, offers firms a reliable risk management solution. Redbrick delivers functionality that provides a full audit trail of everything that has happened on a matter which is stored in one easy to access place. The comprehensive case management system also enables firms to set permission levels for managers to oversee and sign off important tasks. Signing off tasks and automating processes throughout the matter ensures a smoother transaction whilst delivering a high level of service. Following key steps throughout the conveyancing process is essential to protect law firms and their clients, and Redbrick’s risk management solution enables firms to effectively demonstrate this and offers the benefit to easily run reports required for PI providers.
Acquiring the best PI coverage available in the market is crucial for many firms and sourcing cost effective ways of working across the entire business are more important than ever before. Redbrick supports risk management best practices, but also provides the assurance of a cost-effective conveyancing case management solution, with added benefits from frequent upgrades at no cost, free support and maintenance, and the ability to pass transaction fees on as a disbursement. Redbrick believe in future proofing firms with our unique business model ensuring clients stay compliant, efficient, and profitable.
As one of the best conveyancing case management systems available, firms can have peace of mind knowing that they have the best partner by their side.
If you would like to learn more about our risk management solution to reduce your PI premium, plus increase efficiency and profitability, then please get in touch with a member of the Redbrick team.
