There has been a lot of discussion in the media about the benefits and pitfalls of consumer comparison sites. For motor and household insurance, they have become increasingly popular as a way for the consumer to check prices and try to get the best deal.
But they can be flawed, and when the market leaders don’t take part and aren’t included in the results, or, as in some instances when a provider is actually behind the comparison site, their weaknesses start to become more apparent.
While the legal indemnities market has yet to see an independent comparison site, our Business Development team are often asked by solicitors whether or not we would ever be on one ourselves – to which our answer is an emphatic NO! Our view is that showing our premium alongside two or three others would not help you to assess which is the most comprehensive policy cover with excellent all-round best service to help their client’s transaction.
The major criticism surrounding comparison sites is their inability to focus on anything other than price. This presents consumers with enough of a dilemma when it comes to say, a motor policy, so imagine trying to untangle what provides the best all round value for legal indemnity cover.
The practice of comparing price, and whether or not multiple quotes are even needed for such complex policies, was brought back into the spotlight with the Insurance Distribution Directive (IDD) last year, and yet there is still some confusion about the practical application of the requirements set out.
The IDD was largely intended to shift emphasis away from simply looking at the price of products, and move towards focussing on all elements of a policy. This emphasis was supported by the introduction of the Insurance Product Information Document (IPID), which makes it easier to compare the terms of cover between different providers. However, at the same time, the IDD sets out that you don’t actually need to get multiple quotes every time you require indemnity cover. So in that respect, very little has changed. If you only obtained one quote, or if you were in the habit of obtaining more than one legal indemnity quote, then quite simply, carry on as before. But with the IPID, it’s now easier to compare all terms, not just the price.
Staying on track
Whichever approach you take, we can we help you to remain compliant. Whether Countrywide is one of your providers, or your only source for a legal indemnity quotation, you can advise your clients that, with us, they will receive the best all round service from quotation to claims payment. Our attention to detail, service philosophy, and underwriting flexibility sets us apart from our competitors and provide rigorous standards that remain unchallenged in the legal indemnity market.
By dealing directly with Countrywide, you can have confidence that you are dealing with the market leader, with a team of experienced underwriters who will work to find the best and fairest solution for your client.