Lawcovernotes March 2019

Insurance Renewal Law practices will shortly be invited to renew their professional indemnity insurance policy with Lawcover via our Online Services. Details are on page 3 of this edition. For the majority of law practices, online renewal is a quick and seamless process. However as always, our excellent Insurance Services team will be at the ready to guide you if necessary. One Day Claims Prevention Seminar I once again had the privilege of opening Lawcover’s Annual One Day Claims Prevention Seminar in Sydney, attended by over 300 lawyers and support staff. The agenda was informative, enlightening and entertaining, all presented by recognised experts in their fields. In referencing the findings of Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, I noted that Lawcover’s business metrics for success, both financial and non- financial, have always been and will continue to focus on ethical conduct, good corporate culture, prudential management and regulatory and legislative compliance. They are also focused on our insured law practices and the 19,000 lawyers they represent. At Lawcover, affordable, sustainable and enduring insurance cover isn’t just an aspiration, it’s a business goal. On a ‘like-for-like’ basis, Lawcover insurance premiums have been falling for five years, in an environment where increases are the norm. This has been achieved by sound prudential management and the pursuit of good legal practice by the legal profession. I am confident we will see a continuation of these outcomes into the future. Customer Survey Late last year, Lawcover conducted its 2018 Net Promoter Score ® (NPS), the second since 2016. The NPS survey is one way that we gauge our success in meeting customer expectations and satisfaction. This is a customer metric widely used by businesses in Australia and internationally. Our previous NPS was conducted in 2016 and we then received a very creditable score of +32 (in a possible range from -100 to +100). At that time it placed us in the upper quartile when compared with financial institutions and insurers in Australia. The 2018 score has increased to +41, a very satisfying result for us and one we think reflects our continual aim of improving our services to the profession. Three other metrics I would like to share with you, which reflect our core service activities, are: As a profession owned insurer, Lawcover treats customer satisfaction as crucial and these positive results indicate that we are continuing to do well. We also appreciate that there is always scope for improvement in some areas and we are listening, and where possible, we will continue to improve our value and services to the legal profession. Michael Halliday Chief Executive Officer Lvl 13, 383 Kent St, Sydney NSW 2000 Australia DX 13013 Sydney Market Street Telephone (02) 9264 8855 | Facsimile (02) 9264 8844 lawcover@lawcover.com.au | lawcover.com.au Lawcover Pty Ltd | ABN 48 003 326 618 Lawcover Insurance Pty Ltd | ABN 15 095 082 509 Welcome to our March 2019 edition of Lawcover notes . March 2019 edition 18 PDF VERSION What is your overall view of the value provided by Lawcover’s Services? Excellent or Good 80% If you have experienced them How satisfied were you with Lawcover’s claims management services? Highly Satisfied or Satisfied 90% If you have experienced them How helpful did you find Lawcover’s Risk Management courses for your legal practice? Very Helpful or Helpful 94%