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MEASURING THE VALUE OF LEGAL EXPENSES INSURANCE

Helping our partners understand the role and benefits of legal expenses insurance (LEI) continues to be an important priority for Arc Legal. As part of this commitment, we have already invested in the development of training and marketing for our partners.

Our most recent initiative to help increase product knowledge and understanding, comes with the launch of a dedicated product rating tool for our distribution partners. The tool is designed to provide insight into the value of different aspects of our Family Legal Expenses Insurance (FLEI) product.

The rating tool provides our partners with a score and star rating based on factors such as the sections of cover, limits of indemnity and any excesses and exclusions. We have utilised our extensive claims data to weight the scores according to factors such as claims frequency and costs, and the impact of exclusions and limits.

To highlight the importance of specific sections of cover, we have weighted the scoring in favour of sections with higher utilisation and have put in place ‘minimum cover requirements’ based on this. This will ensure that a high – scoring product is made up of quality cover, and is not just focused on the quantity of features provided.   

Edward Hance, Head of Account Management at Arc Legal said: “The FLEI rating tool produced has been useful in our client’s product development projects. It has allowed them to review aspects such as removing exclusions and excesses and explore various ways to add value to the product.”

To find out more about the rating tool, please contact your account manager.

11/09/17

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