Professional Indemnity Insurance: how Osprey aids law firms
Evidencing the proactive steps your firm has taken to mitigate risk, improve productivity and efficiency, implement quality control processes, and improve the long-term stability of your practice is more important now than ever. With Professional Indemnity Insurance (PII) premiums ever-growing, your firm may be hit with impossibly high PII costs if you’re unable to evidence the improvements made to your firm over the last year.
Lockton, the world’s largest privately owned global insurance broker, reported in Spring 2021 that the average increase for the primary layer of PII cover was 27%, compared to 17% last year, highlighting the impact that the last 18 months during the pandemic has had on the industry.
Continuously implementing improvements and collating the data to evidence the impact is costly and almost impossible without the right technology in place. Practice and case management software (PCMS) should be the foundation of your firm for you to effectively meet best practices and standards. PCMS enables you to implement standardised processes, reduce manual admin and provide firm-wide visibility so you can easily monitor and manage the performance and profitability of your practice. With the right PCMS in place you can lean on technology to make improving your processes easier and showcasing those improvements in your PII proposal.
Discover how legal software can positively impact your professional indemnity insurance renewal as well improve overall profitability and success.
5 ways legal software can impact professional indemnity insurance
1. Centralises your data for a single source of truth
Digitalising your data and documents in a centralised PCMS provides an accurate, single source of truth for your firm to work from. It ensures everyone within the firm is working to the same data which can be easily accessed from one secure platform. This reduces the need for duplicating data entry between systems, online and offline, which decreases errors and provides an up-to-date solution for the entire practice to work from. Additional business tools and legal software solutions can typically be integrated with a PCMS helping to centralise and connect all processes within your firm aiding efficiency, accuracy, and productivity too.
2. Streamlines compliance tasks
PCMS makes staying compliant easier, helping implement best practice and compliance tasks into your team’s daily workload. Digital risk assessments, GDPR and due diligence functionality, conflict of interest searches, compliance automated workflows and much more help to ensure you’re meeting compliance requirements.
Allow the software to do the hard work by implementing automation, prompts, reminders, and standardised workflows that ensure nothing is missed. This also means reporting on and showing evidence of your compliance procedures is easier because all your data and processes are centralised in a single digital platform. Streamlining your compliance tasks using a practice and case management solution means you can monitor and manage your processes from any location too, perfect for hybrid and remote teams.
3. Standardises processes with automated workflows
Automated workflows are a great way to boost efficiency and productivity because they reduce manual admin. But importantly, for your PII proposals, they help to standardise processes across your firm to aid with compliance, improve professionalism and client service. Workflows set out all the key actions within a task, such as the file opening process, to ensure nothing is missed and that everyone within the firm is following the same processes. This has two major benefits: firstly, it reduces errors and mistakes because processes are clearly mapped out and its clear which stage of the process a case is on. Secondly, it enables an agreed, standardised set of actions, templates, wording and branding to be used throughout each process for data capture, documents, and forms so you can be confident you’re always offering a compliant and professional service to your clients.
4. Provides visibility for data-driven planning
A centralised database of documents, files and data from clients, cases and financials help to build accurate reporting and insight for clear firm-wide visibility. When your data is connected and easily accessible it provides your COLP and COFA with information to effectively monitor and manage performance, so they can crucially identify potential issues before they arise, helping to mitigate compliance risks. Reporting and business intelligence tools also provide data-driven insight that help to improve performance across all areas of a firm. This enables your team to focus on what is successful and quickly implement solutions to problems or challenges. The data-driven insight then enables accurate forecasting and planning so you can better allocate resource and have a clear view of the breakdown of work your firm completed and accurate forecasts of the firm’s future performance. This helps to produce a clearer PII proposal, which can reduce premiums for higher risk areas of law.
5. Improves business continuity and data security
Digitalising and centralising your processes and documents in a cloud based PCMS means teams can effectively work from home and clients can be served no matter their location. A cloud hosted solution ensures access from any location, so your team can view client and cases information whether at home, in the office, or at court. It also opens opportunities to use a client portal to communicate and collaborate with clients, so they also have accurate and centralised data and document storage. When your firm is no longer reliant on physical files and servers you’re more agile and can adapt to challenges if the worst should happen and you can’t access your office. The data and cyber security measures put in place in cloud hosted environments also ensure your data is protected and reducing your firm’s reliance on the post and email, which are easily intercepted, you increase the security around your clients’ sensitive data.
Future-proof your firm with practice and case management software
Implementing solid digital foundations helps to future-proof your firm and improve its long-term stability because you’re able to stay agile, flexible, and adaptable to change. Easily monitor performance and continually make incremental improvements that reduce risk, standardise processes, increase efficiency and productivity, ensure quality control for clients, and improve overall profitability.
Easily show you firm is taking risk seriously and that you’re a professionally run firm by taking advantage of technology to standardise tasks, follow best practice and meet compliance requirements through workflows and powerful PCMS functionality.
Book a demo to see Osprey Approach in action and discover how our platform can reduce your firm’s costs of staying complaint.