Price! Is it the only game in town? Reflection

So, we are now well beyond the anniversary of LASPO, and the dust is beginning to settle on a frantic period of activity. In hindsight this activity started a few years ago and neither did it finish on 1 April.

It just keeps on giving.

However, in a rather rare and strange moment of reflection I found myself admitting that LASPO might indeed turn out to be a good thing! I’ve just had to re-read that statement, as an ATE Insurer I still couldn’t believe I said that. Even more amazing, it might be a good thing for claimant Law Firms.

I think I should explain.

Leaving aside the challenge of costs and reducing revenue, there are enormous opportunities for firms and insurers to differentiate their offerings for the benefit of the claimant (our customer), and their own business. This is clear from the discussions I have had with firms who have determined exactly what they stand for, their purpose and how that comes together to deliver their client proposition. These firms are progressive, forward thinking businesses that place the customer at the heart of what they do. As an insurer this compelling vision enables us to design insurance solutions that fit the proposition, which together and in turn delivers differentiated solutions and competitive pricing.

It is so encouraging and refreshing to hear those in our industry talk about how they ‘stand shoulder to shoulder’ with their clients, putting customers at the heart of their business, offering more than just ‘financial support’. These firms see their own brand and customer proposition as a point of differentiation – and it’s great to see.

My experience is that these firms can answer the following provocative questions clearly and passionately:

If you didn’t exist what would your clients be missing?

What do you do better than any other Firm?

What cause are you championing?

And

What are the moments that matter in your relationship with your clients?

Can you inspire loyalty beyond reason?

Can you?

Author: Phil Ruse

head oflLegal protection sales and distribution