St Giles Legal and Professional Risks, specialist brokers in the field of solicitors professional indemnity insurance, has announced its endorsement of CLIENTCAREmonitor the online compliance service designed specifically to meet the requirements of the new regulatory regime. The system was created by the the legal risk software house Conveycentric.
Conveycentric has enjoyed a close working relationship with St Giles since they launched COMPLETIONminitor (a conveyancing focused risk management system) at the Law Society in July 2011.
Over the last couple of years, with the help of St Giles a number of leading insurers, have recognised the benefits of Conveycentric’s risk products including LENDERmonitor and COMPLETIONmonitor both of which are referred to on various 2012 PI insurance renewal forms. LENDERmonitor was the first conveyancing risk management system to be supported by the CML.
Simon Gale a Director of St Giles, and a solicitor with many years in private practice himself, said ‘We have found that introduction of OFR and the new SRA handbook has left the legal industry in a rather confused state. Firms are now being forced to interpret rules and hope that they’ve got it right. In working closely with law firms we are constantly being asked to recommend solutions and effective software tools to help them in this area. We wanted to bring something of real use and benefit to the market and having looked at the various products enhancing SRA compliance and we have no doubt that CLIENTCAREmonitor will prove to be the best technology solution in this area’.
As to the question as to whether CLIENTCAREmonitor will reduce PI premiums this year Mr Gale said ‘ In the short term..no, but in all probability, in time, qualifying insurers will seek to learn the SRA’s risk rating before underwriting a firm’s risk. It makes sense to think that if a firm has to produce evidence to show the SRA that it is low risk, that the same evidence should be produced to insurers to do the same thing before they agree to provide indemnity cover. Therefore software like CLIENTCAREmonitor which is designed to improve a firm’s risk rating will in impact the insurability and premium of a firm. Of the insurers we have shown the system to we have had a very positive response’
St Giles will be demonstrating CLIENTCAREmonitor at their forthcoming summer seminars which have the added benefit of free CPD points. To register visit the seminar programme here or email [email protected]