The platform compares and assesses terms from at least three A-rated insurers in real-time, recommending the most suitable option for each transaction. This innovation significantly reduces the compliance risks associated with arranging insurance directly with insurers or using traditional comparison sites.
Sam Gosney, founder and director of ITS, highlighted the importance of this development: “SRA rules dictate that lawyers should ideally provide their clients with a recommendation based on an analysis of a sufficiently large number of insurance contracts available on the market. We currently offer a personalized service to law firms to help them comply with this requirement, but they have been requesting an online solution for years.”
The ITS platform addresses this demand by enabling law firms to independently compare insurance options and make informed recommendations, ensuring compliance and enhancing efficiency in the legal indemnity insurance process.
“Until now, lawyers have had no choice but to approach multiple insurers and then spend time analysing each and determining which is best for the client. This naturally carries a huge compliance risk but, at a stroke, ITS removes all this time and uncertainty”.
The platform has over 90 different products including more specialised risks including Forfeiture, Insolvency and even Japanese Knotweed. The bespoke integrated search cover is the first in the market to allow you to choose which searches you require for your transaction. It also allows you to arrange search cover for developments (including for highways and utilities searches), and even create policies for portfolios up to £500m in value.
The platform is an Appointed Representative of Mason Owen Financial Services, nationally recognised experts in the field of legal indemnity insurance who work with over 60% of the Top 100 UK Law Firms.
Andrew Gibbons, Mason Owen’s MD says: “Thousands of lawyers use our services every year to reduce the compliance risk. They hugely value our expertise, knowledge and the advice we provide. Using AI to extend this provision seemed like the natural thing to do”.
The AI module’s primary focus when making a recommendation is the policy contract itself: what are the conditions like, what does it exclude, how does it react to claims, what are the assumptions? Every policy includes legal expenses cover as standard, and none of the terms on the platform carry an excess.
