OchreSoft and Lockton forge partnership to drive down PI premiums
OchreSoft Intelliworks Software reduces the risk of human error
OchreSoft Technologies, a leading provider of integrated case management solutions, and Lockton, the world’s largest independent, privately owned global insurance broker, have teamed up in an attempt to drive down the costs of Professional Indemnity (PI) insurance in the legal sector.
In the autumn of 2008, many firms involved in residential conveyancing were faced with crippling PI premium increases. This was due to a combination of a decline in house prices, which may result in negative equity for some house owners, and lender losses. Much of the blame and ensuing litigation has been and will be directed at solicitors who are being held accountable by their clients for failing to identify issues during the conveyancing process. Some firms were unable to get any insurance cover at all.
Envisaging a worsening situation in 2009, OchreSoft and Lockton teamed up to persuade insurance companies to reduce premiums for those legal firms using OchreSoft Intelliworks Software.
Together, OchreSoft and Lockton demonstrated the benefits of OchreSoft Intelliworks Software to the top six qualifying insurers. All were impressed by the simple workflow nature of the system and the ability of Intelliworks to help manage the inherently risky process of residential conveyancing.
Jon Davies, Assistant General Manager of the market leading solicitors PI insurer Travelers said, “We were impressed with the workflow features within OchreSoft Intelliworks Software. The ability to walk solicitors and practice managers through each stage of the conveyancing process means that they are less likely to make mistakes and therefore the risk of error is reduced. With the market as it is at the moment, this is an invaluable tool.”
Scott Duncan, CEO at OchreSoft Technologies commented, “Intelliworks Software is built specifically to assist solicitors in their day-to-day activities. If working with Lockton aids our clients in reducing their PI premiums then it’s an additional benefit for them”.
Over 170 firms are already using OchreSoft Intelliworks Software and can clearly demonstrate the importance of reducing the risk of human error in their conveyancing systems and procedures.
Lockton is confident that OchreSoft clients can benefit from the inherent risk management capabilities that the Intelliworks Software delivers, as well as the key objective of achieving discounted insurance premiums.
Please contact us to see how Lockton can investigate the available options on your behalf and find out more about how OchreSoft’s SaaS (Software as a Service) case management solution can improve your business efficiencies that may ultimately save you money on your Professional Indemnity premiums. For further information on OchreSoft, please contact OchreSoft Technologies on +44 (0)1793 836730 or visit our website at www.ochresoft.com. To speak to Lockton directly, please contact Brian Boehmer on +44 (0) 7933 2083 or visit www.lockton.com/solicitors.