Miller offers firms risk presentation advice and secures £100k saving
Helping law firms to get the right insurance that matches their needs, be that professional indemnity or wider, and providing a service that goes ‘above and beyond, is at the heart of how Miller works with its clients.
From first interactions, firms are assigned a dedicated account manager with market-leading expertise, who will be the main point of contact. They take the time to meticulously understand the business, benchmark the firm against peers in terms of premium spend and limit of indemnity purchased, provide recommendations as to what can be done to improve renewal terms, and work with you to present your firm to underwriters in the best possible light.
Supported by in-house risk management expertise, policy wording specialists, a first-class broking team and legally qualified claims advocates, over 1200 firms across England and Wales trust Miller to deliver for them year after year.
Some of our team here share how they’ve helped firms over the last 12 months.
Reversing an insurer’s previous decision to decline
“A year ago I shared that Miller had helped a firm to get insurance where others had failed. It looked like we were destined to do the same again this year when I took a call from a lovely lady asking for help. The firm was in the final days of the extended policy period and hadn’t been able to secure any terms. After review it was clear why the incumbent insurer had declined to renew and why others were not interested in quoting.
“We undertook a deep dive into a series of concerns, and with full and comprehensive explanation, and a meeting with the underwriters, we were able to reverse the decline and get the firm insured for another year. The client has a solid plan for growth and success and we have no doubt they will succeed.
“This situation, which unfortunately is not that uncommon, illustrates the importance of providing a thorough submission and addressing any issues at the outset. Interestingly this firm did just that but with over 30 attachments the submission was confusing and had inconsistencies, which should have been addressed before it was presented to insurers.
“Helping firms to present their business to insurers successfully is a key part of our service. To this end we have produced a guide that explains how to prepare a risk management submission and includes risk identification and mitigation steps for those areas of law that are the cause for the vast majority of claims against the profession.
Our team at Miller care. We will take the time to listen and do everything we can to assist. It is this determination and passion that drives our success.”
Full programme review secured £100k premium saving
“A UK-based corporate law firm, which had gone through extensive growth over the last few years, including international expansion, was presented with repeatedly increasing premiums. Having established that the firm’s existing broker had been using the same approach to renewal as it had done when the business was smaller, Miller recognised the potential of doing things differently.
“With a fresh set of eyes, Miller’s PI experts undertook a full review of the firm’s existing insurance programme and helped the client to produce a risk-management presentation identifying the business’s strengths. Delivering this more comprehensive presentation to insurers, we achieved a rate reduction of over 10% on expiring rates and a £100,000 saving on the previous broker’s anticipated renewal premiums.”
Significant saving for client with a leading insurer
“A traditional high-street practice with a significant proportion of its income coming from conveyancing had felt the pinch of high premiums following the incumbent non-renewing a few years ago. It took on a significant piece of litigation work, which was out of kilter with the usual areas of practice causing further challenges with insurers.
“The litigation settled earlier this year, resulting in significant fee growth and expectation that the premium would increase further. Renewal terms were received with a rate reduction, but still an unwarranted premium. We started the renewal process early, and fully engaged with the client to help them present themselves in the best possible light, fully explaining the nature of the litigation and the associated risks. New insurers we approached had concerns over potential claims from the litigation, but the firm was confident there would be no issues.
“As a direct result of open and transparent communication with both the client and the underwriter we were able to reach agreement on a separate excess for anything arising from that piece of work. This led to a much more palatable premium for the client and a £50,000 saving.”
