Metis is a broker service that aims to help law firms navigate through volatile professional indemnity insurance market.
The 2010 renewal process for solicitors' professional indemnity (PI) is expected to be an expensive and problematic process for many UK law firms. Insurance brokers QLP Limited has launched Metis, in conjunction with international law firm Davies Arnold Cooper, which is a free component of its broking service, to seek to lessen law firms' exposure to PI underwriters' price and provision volatility.
Metis helps law firms demonstrate to insurers a proactive approach to risk management. Metis has been endorsed by a number of large PI insurers and encourages long-term risk transparency over short-term premium savings. Following the collapse of solicitors' PI insurer Quinn and the general hardening of the market the 2010 renewal process is likely to be the most volatile in recent history. Contrary to widespread perception, the majority of insurers' PI costs are not derived from the high-profile large claims – the £1m plus payout – but from the combined cost of frequent smaller attritional claims. Insurers’ greater appreciation of the individual firm's risk gives more certainty about the underlying risk of claims. Many large insurers are supporting Metis – this will give law firms who have access to Metis a competitive advantage in this years renewals process.
Metis is best practice risk management support for client and employee complaints. Metis offers a ten hours free advice service enabling members to access expert legal and employment advice from international law firm Davies Arnold Cooper.
Key benefits of Metis:
- complaints assistance package (a handbook of procedures and guidelines)
- employment assistance package (a handbook of procedures and guidelines)
- hotline – direct access to complaints and employment specialists
- ten hours free advice, which can be used either for complaints or employment advice
- opportunity to instruct Davies Arnold Cooper LLP at a reduced hourly rate should the dispute be pursued
- internet microsite with additional resources
- periodic employment, complaints guidelines and professional indemnity issues updates.
For more information contact QLP on on 020 7626 0191 and ask for Tom Davey, Andrea La Pietra or David Salmon
Download an Application Form (PDF)
Download the Metis Brochure (PDF)
Visit Davies Arnold Cooper website (www.dac.co.uk)
