2 min read: ARC LEGAL IN THE NEWS… ‘TIS THE SEASON TO RECEIVE CLAIMS ABOUT...
The first strains of Christmas music are in the air and Mariah Carey is...
Arc Legal Assistance (Arc Legal) has continued its track record of growth and reported a 12% increase in revenue to £21.5m in 2013.
The company experienced growth across all of its business lines with the number of legal expenses schemes under management increasing by 18% to 536. Motor Legal Expenses policy volumes increased by 42% over the year to over 3.3m, generating revenue of just under £1.5m and Family Legal Expenses policies on cover rose to over 2.2m, an increase of 18% and generating revenue of over £8m.
The impressive performance in 2013 marks Arc Legal’s first decade of operating in a dynamic market and is set against a backdrop of significant regulatory focus and an evolving legal landscape which has led to a shift in the approach and role of legal expenses from an emphasis on revenue generation to delivery of quality products.
Helen Withers, Managing Director of Arc Legal, said: “Our well-established business model has always focussed on providing high quality legal expenses insurance products, rather than simply providing a means to generate claims revenue. We have worked closely with our partners by analysing claim outcome information to determine customer requirements, and have used this data to add further value to our products.
“We also provide our partners with a range of product training and sales support programmes to enable them to respond to the demand for consumers to be clear about the value and benefits of legal expenses insurance products. These are now key considerations in the market’s purchasing decisions and our ability to respond effectively to these needs has helped deliver significant growth in 2013.”
Arc Legal has seen this growth trend continue in 2014 with its Commercial Legal Expenses book set to triple in size over 2014 and 2015.