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“With focus on the importance of having the customer at the centre of any product development, we believe there will be the opportunity to introduce new servicing models for lower value claims.
A ‘one size fits all’ approach to legal expenses will not be appropriate. We look forward to working with our existing and new partners to offer the flexibility to support their customers’ and respond to the needs of different business strategies. What is clear is that legal expenses products must remain relevant and deliver value.”
“In anticipation of the reforms, we had already started with a ‘blank sheet of paper’ to model how the current and new LEI processes can respond to these key changes. We are now in a great place to be able to fully assess the opportunities based on the information provided today.
“These reforms will add to the value of LEI, giving it even greater relevance and benefits to customers.”