Lawcovernotes March 2017

Insurance Renewal You will shortly be invited to renew your professional indemnity insurance with Lawcover via our Online Services. Details are on Page 5 o f this edition. Once again, our excellent Insurance Services team will aim to make the renewal process as simple and straightforward as possible and I know that they are looking forward to being of service to you. Insurance Premiums I recently had the pleasure of opening the 10th annual Lawcover One Day Claims Prevention Seminar in Sydney which was attended by some 320 solicitors and support staff. I mentioned inmy opening address that I felt a little like a CEO addressing shareholders at an Annual General Meeting and that in no small measure I was pleased to provide an overview of Lawcover’s performance over recent years. The result is that the 2017/18 premiumpool (the collective amount of all premiums) will be held at the same level for the third year in a row, despite continuing growth in the number of solicitors that are insured each year. Lawcover premiums have reduced each year since 2015 and once again in 2017/18, themajority of insured law practices should receive a reduction in premium (on a like-for-like basis, depending onmovements in Gross Fee Income and claims experience). This has been achieved through the delivery of legal services by a competent and risk aware legal profession, together with prudent and rigorousmanagement of claims and the insurance business by the entire Lawcover team. Customer Survey In the last issue of Lawcover notes , I mentioned that I would provide a brief overview of the customer survey we conducted over the last six months of 2016. I would like to thank the many principals who responded to the invitation to partake in the survey, and provide us with valuable feedback. I was delighted to find that the vast majority of respondents provided positive feedback. This is very satisfying, however those that were not so positive are also being listened to. We chose to use the Net Promoter Score ® (NPS ® ) method of customer survey undertaken on our behalf by Customer Monitor. For those of you unfamiliar with the NPS it is a widely- used customer metric which for our purposes is a measure of customer satisfaction. The Net Promoter Score we have achieved this year is +32, which, according to available benchmarking material, is a very positive score when compared to other insurers and financial institutions in Australia. That high position is borne out in particular by three metrics I would like to share with you: The entire Lawcover team takes its role as professional indemnity insurers and advisers to our insured law practices very seriously and while these positive results indicate that we are doing well in many things, they also highlight areas where we could do better. Our focus is on efficient, cost effective and proactive service delivery, together with broad and enduring insurance protection and affordable and sustainable premiums. Our commitment is to listen and, where possible and appropriate, to improve our value and our services to insured law practices. Michael Halliday Chief Executive Officer What is your overall view of the value provided by Lawcover’s Services? Excellent or Good 81% If you have experienced them How satisfied were you with Lawcover’s claims management services? Highly Satisfied or Satisfied 81% If you have experienced them How helpful did you find (Lawcover’s Risk Management) courses for your legal practice? Very Helpful or Helpful 90% Lvl 13, 383 Kent St, Sydney NSW 2000 Australia DX 13013 Sydney Market Street Telephone (02) 9264 8855 | Facsimile (02) 9264 8844 | Lawcover Pty Ltd | ABN 48 003 326 618 Lawcover Insurance Pty Ltd | ABN 15 095 082 509 Welcome to this March 2017 edition of Lawcover notes . March 2017 edition 12 PDF VERSION