Mason Owen Financial Services in partnership with Instant Title Solutions Ltd (ITS) have launched a ground-breaking insurance platform that uses AI to instantly compare and assess terms from at least three A-Rated insurers and recommend the most appropriate one to the transaction. This eradicates the enormous compliance risk that comes from arranging insurance directly with insurers or so-called “comparison sites”.
Sam Gosney, Director of ITS says “SRA rules dictate lawyers should ideally be providing their client with a recommendation, but that this ‘must be on the basis of an analysis of a sufficiently large number of insurance contracts available on the market’ – we currently provide a personal service to law firms to ensure they comply with this requirement, but they have been begging us for years to deliver a solution that allows them to do this themselves using an online platform. Until now lawyers have had no choice but to approach multiple insurers and then spend time analysing each and determining which is best for the client. This naturally carries a huge compliance risk but at a stroke, ITS removes all this time and uncertainty”.
The platform has over 90 different products including more specialised risks including Forfeiture, Insolvency, and even Japanese Knotweed. The bespoke integrated search cover is the first in the market to allow you to choose which searches you require for your transaction. It also allows you to arrange search cover for developments (including for Highways & Utilities searches), and even create policies for portfolios up to £500m in value.
ITS is an Appointed Representative of Mason Owen Financial Services, nationally recognised experts in the field of legal indemnity insurance who work with over 60% of the Top 100 UK Law Firms. Andrew Gibbons, Mason Owen’s MD says “thousands of lawyers use our services every year to reduce their compliance risk… they hugely value our expertise, knowledge and the advice we provide. Using AI to extend this provision seemed like the natural thing to do”.
The primary focus of the ITS platform, when making a recommendation is the policy contract itself: what are the conditions like, what does it exclude, how does it react to claims, what are the assumptions? Every policy includes legal expenses cover as standard, and none of the terms on the platform carry an Excess.
To find out more about the platform, the A-Rated insurers providing capacity, and to see how easy it is to get started, please visit www.instanttitlesolutions.com or contact sam@instanttitlesolutions.com
