Legal expenses insurance (LEI) has evolved from a niche product to a mainstream offering. In the main, this has been driven by external change and influence – regulatory and legal changes, rising litigation costs, and wider distribution opportunities. As the market has grown it can be argued that, beyond the greater use of technology, and some additional low utilisation sections of cover, there has been little by way of fundamental evolution.
With increased regulatory scrutiny, the focus on fair value, and changing customer expectations, the market needs to look at its offerings and operating models not just to ensure they are future proof but also to be fit for future purpose. Some providers have certainly not been sitting on their laurels. We have seen some embrace technology and there has been some expansion of offerings with non-FCA regulated services such as introducing legal document libraries to enhance their LEI products. But is this enough to ensure the market remains relevant to customers?
LEI providers must differentiate themselves not just on price but on the scope, focus and relevance of their products and services.
As we look ahead to 2025, we at Addept Insurance are excited by the opportunities to bring our approach and appetite to develop solutions that add value and address gaps in current products and services. With the team’s experience and expertise in areas, such as LEI, we are excited to build on our reputation for innovation and bringing new insurance products and services to a growing range of markets.
To find out more about our plans for 2025 and beyond, please follow us on LinkedIn.
Comments