Lawcovernotes August 2017

In 2016, Lawcover commissioned its first customer survey using the ‘Net Promoter Score ® ’methodology. Measuring our service performance The survey was one measure of our performance in meeting the needs and expectations of our insured lawyers. Rather than linking this survey to a transaction such as renewal, we preferred to invite participants to complete the online questionnaire at various times through 2016. All principals of insured law practices were invited to participate. What is a ‘Net Promoter’ Score? A Net Promoter Score, or NPS ® , is a globally used customer perception metric, based on a perspective that when asked “would you recommend [company] to a colleague” , every company’s customers can be divided into three categories, based on the score (1 to 10) they provide: Being the single-provider of professional indemnity insurance for the vast majority of law practices in NSW, we asked a variation on that question as follows: “Considering your total experience with Lawcover, how likely would you be to recommend them to a colleague who required their services?” How does an NPS ‘score’ a company? Based on responses received, the percentage of ‘Detractors’ (customers who provide low scores) is subtracted from the percentage of ‘Promoters’ (customers who provide high scores). The resulting number is the ‘Net’ Promoter Score. The best possible score is +100 and the worst is -100. Benchmarking of insurance and financial services companies in Australia indicate that a range between -10 to +40 is common. What is Lawcover’s Net Promoter Score? Lawcover received a Net Promoter Score of +32 , which our independent consultants tell us is in the upper quartile for insurance companies. The team at Lawcover is happy to receive this high score, which represents our focus on high standards of service to the legal profession, and we aim to do even better! What other things did we learn from the NPS? We asked a range of other questions about Lawcover’s product and services. These responses represent high satisfaction rates and it is gratifying to know that for the majority of lawyers who responded, we are achieving our objective to provide outstanding support and protection to lawyers. We also received a significant amount of general feedback from the survey – some positive and some not so positive. We are examining all of that feedback and taking note of the areas where we are meeting expectations and those where we are falling short. In some cases there are things we can’t do to address the negatives, due to the nature of our purpose and structure within the legal profession. Thank you to all those who participated in the survey. To all our insured law practices and the lawyers who practice within them, whether you participated or not, please be assured that we do listen and we do act. 17. Other questions Good or Excellent Neutral Fair or Poor 1. What is your overall view of value provided by Lawcover’s services 81% 13% 6% 2. What is your satisfaction with Lawcover’s insurance policy coverage? 74% 18% 8% 3. If you have attended, how helpful were Lawcover’s risk management/claims prevention courses? 90% 4% 5% 4. If you have had a claim, how satisfied were you with the claims management team? 81% 11% 9%