Sometimes we forget that the After the Event (ATE) insurance market is only two decades old. The ‘pause’ in our businesses over the last five months has given us all a chance to reflect on what’s happened over this time and anticipate what’s to come.
What's really important?
Solicitors initially choose the products that they subsequently offer to clients; so they need to be confident that they’re offering the right choices. It may be easy to just compare products on price and go for the cheapest ATE product available, passing it on to the customer as a good deal.
But the world has changed since 1999, with increased regulation and compliance to protect consumers and improved buying disciplines adopted by solicitors when selecting ATE products.
Over time, solicitors will have used different ATE providers resulting in both good and bad experiences, and with this understanding, solicitors are now better equipped to know what makes a quality ATE product, beyond just price.
Key considerations that solicitors do (or should be) looking at when assessing the market include:
Cover for the life of a case
Data and reports
A problem solver
This enhanced understanding demonstrates that solicitors are becoming ever more sophisticated buyers of insurance. This has to be a good thing as it means together, solicitors and ATE providers can develop better products which are capable of meeting clients’ changing needs and which proactively respond to shifts in external factors such as the state of the economy and subsequent impact on access to justice.
The next 20 years are likely to see more change in the legal environment which will have a knock-on effect on the ATE market, so it’s more important than ever to have a provider who looks forward rather than back.