Lawcovernotes August 2016

This is a time of year when the Lawcover team reflects on its activities and performance, not just from a financial, but also from a service and value perspective. Connecting the concepts of ‘value’ and ‘insurance’ is not always easy, particularly when the purchase of your Professional Indemnity Insurance (PII) is a necessity rather than a choice. This is something of which I am acutely aware. I’m proud to reflect that our value proposition to all insured law practices is based on: ^ ^ Informing through various media channels ^ ^ Supporting through practice support services, claims management and advice ^ ^ Protecting through financial strength backing a broad PII policy ^ ^ Engaging through risk management and claims prevention programs and workshops ^ ^ Connecting through online facilities to make our interactions quicker and more efficient ^ ^ Participating on your behalf to champion the interests of the legal profession within the insurance environment It has been a key focus for us to ensure that we provide value to our insured law practices in all the things we do. I believe we have effected a number of positive changes in our internal operations, and continued to advance our service offerings. This is evident in the results we have achieved in 2016. Key among those offerings is the expansion of our risk management and claims prevention services which have been overwhelmingly embraced by the profession. The current range of offerings are detailed on Page 16 However, that is what we think – we are keen to find out what our insured lawyers think. We have engaged an independent research company, Customer Monitor who will be conducting a number of short surveys for us over the next 12 months. When you receive the invitation to participate, please consider doing so. Your opinion is valuable and will assist us in providing the best possible service to you and your law practice. 2016PolicyholderRebate Most of our insured law practices will have recently received notice of the 2016 policyholder rebate which we anticipate paying to eligible insured law practices in September this year. The rebate has again arisen due to cost savings arising primarily from better than anticipated outcomes. We attribute much of that improvement to take up of our risk management and claims prevention activities. Actuarial analysis continues to provide compelling evidence of the impact of your participation in our risk management activities, which result in a diminution in claims and notifications of potential claims each year. The impact of that is a reduction in in the costs of your law practice’s PII premiums, on a like-for-like basis. Of particular note for me is that Lawcover and its insured lawyers have achieved success in this critical area by working together to address risk factors in legal practice and consequently reducing claims frequency and severity. In other words, this has been achieved through working with the legal profession and focusing on good legal practice for good legal outcomes. 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 PDF VERSION Welcome to ourAugust 2016 edition of Lawcovernotes. August 2016 edition 10