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We must do more as an industry to reframe Legal Expenses Insurance (LEI) and highlight the broader benefits of the product to customers, demonstrating the tangible value it provides.
In an exclusive blog written for Insurance Age magazine, our Director of Product and Insurer Strategy, Tim Mullin argues that to address a legal protection gap for customers, the industry must unite to champion the benefits of LEI in all areas of life.
“It’s time for us as an industry to work together to showcase these benefits, provide comprehensive product training to our broker partners and help them to show clients that this is not just an afterthought, it’s an essential product that can lead to untold savings in both cost and stress.”
As a legal expenses provider we see the biggest barriers to purchasing LEI as:
We believe the challenge of perception will be partly addressed by the FCA’s publication of value measures data next year. This data, gathered from insurers and accessible to consumer organisations and the media will include information about average claims cost, claim rejections and complaint volumes to help build a clear picture of product value across the industry.
Beyond this we must work on demonstrating the tangible benefits of a product that offers legal protection in a huge range of circumstances, making it clear to customers that LEI is so much more than a fallback in the event of a claim.
Read Tim’s article in full here (subscription required).
Tim Mullin, Director of Product & Insurer Strategy, Arc Legal Assistance
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