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Arc Legal Group (Arc Legal), the specialist provider of ancillary insurance products and services...
The ever-evolving insurance market exposes protection gaps brokers can take advantage of to build new business.
In this feature for Insurance Times, nine industry experts including Arc Legal’s Director of Product and Insurer Strategy, Tim Mullin, explore some of the protection gaps brokers should be prioritising in 2022.
According to Tim, one significant area to explore is Legal Expenses Insurance (LEI), a product that could meet the unmet legal needs of an estimated 3.6 million people in the UK each year, he writes:
“We know how valuable this type of product is, but with add-ons facing historic reputational challenges, LEI just isn’t getting the promotion it needs, leaving customers unprotected and, in some cases, facing significant legal costs for advice or when taking legal action.”
“We’d love to see brokers have the confidence to champion LEI products and highlight their value to customers to close what is a pretty significant legal protection gap”.
Other notable lines highlighted in the article include cyber insurance, intellectual property and ESG-related risks, all areas the brokers could benefit from exploring in 2022.
Click here to read the full article (subscription required).
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