Press release -
Allianz Legal Protection partners with Speed Medical to offer enhanced After the Event proposition
Specialist legal expenses insurer Allianz Legal Protection (ALP) has launched ‘PAID+’ in partnership with experienced medical agency Speed Medical. PAID+ is available to clinical negligence and personal injury law firms.
Dovetailing with ALP’s established comprehensive After The Event (ATE) insurance cover, the PAID+ approach combines ALP’s existing ‘Paid As Incurred Disbursements’ (PAID) scheme, which allows solicitors to claim the cost of disbursements when they are paid rather than at the end of a case, with the expert medical services and deferred payment terms from the leading UK provider of medical reports, Speed Medical.
Recognising that the legal industry is facing longer settlement times and that finding the right medical expert can sometimes be challenging, PAID+ has been designed to help law firms mitigate these challenges.
PAID+ assists firms by reducing the cash flow burden from long-running cases, and through Speed Medical’s expertise, streamlining the way medical reports, pagination and medical notes are obtained.
Unlike funding arrangements, a key feature of ALP’s scheme is that this is not a loan and not subject to additional interest or drawdown fees. Instead, it is simply paying disbursements as incurred rather than at case conclusion. This makes the model easier for law firms to explain to clients and removes the need and complexity of getting clients to enter into a consumer credit agreement.
James Barclay, head of sales and distribution at ALP, commented: “We’re here to support law firms and our policyholders through the claim and litigation process. Evolving our PAID offering and partnering with experts, Speed Medical, is the natural evolution in helping our legal partners do what they do – supporting clients to get access to justice. The ease and convenience of PAID+ allows firms to progress cases, safe in the knowledge they will be supported by insurance and medical assessment experts.”
Caroline Arrowsmith, commercial director of Speed Medical Examination Services Limited, said: “As one of the industry’s most innovative Medical agencies, with more than 25 years’ experience; working closely with our partners to develop and deliver ground-breaking solutions like our new joint proposition with ALP is another exciting step for us.
“Our decade-long relationship with ALP enables us to support them in creating a product which provides firms and their clients with efficient access to diagnosis and treatment, reducing the claims lifecycle and allowing the client to return to some form of normality at the earliest opportunity.”
ENDS
Notes to Editor
The Allianz Legal Protection (ALP) team will be on hand at Stand 35 at the 34th AvMA Annual Clinical Negligence Conference (ACNC) – 21-22 March 2024, Royal Armouries Museum, Leeds.
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About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance
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**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.
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