My Legal Indemnity Shop (MLIS) – why should I use it?
- Saving time and cost
Did you know that around 1 in 3 transactions require some form of legal indemnity insurance and 1 in 4 policies are ‘multi-risk’ policies i.e. where more than one insurance product is required? MLIS enables you to combine up to 4 risks under a single quote/policy for ANY combination of risks. It’s entirely flexible regardless of the complexity of the title!It takes less than 60 seconds to obtain quotes on MLIS whether for a single risk or combining multiple risks – it’s that slick. Compared to having to arrange individual quotes/policies through any alternative, less flexible, online or self-issue service, the time and cost savings are compelling. On top of that, combining risks under a single quote/policy will bring considerable savings in premiums too. The more quotes/policies you arrange, the greater the savings!
- Better for your client and for you
MLIS is one service providing up to 3 quotes for comparison from different competing insurers. When most of us buy insurance, we ‘shop around’ so why not for legal indemnity insurance? It may not have been easy to ‘shop around’ in the past, but it is with MLIS – it’s all there in one, easy to use online service. We’ve even agreed a standard policy wording with each Insurer, so you don’t need to review different insurer wordings.Naturally, MLIS is also very competitive – after all, there are different insurer’s competing for your business!
- Treating Customers Fairly (TCF)
TCF is a formal requirement laid down by the Financial Conduct Authority to ensure all financial services provided to consumers are delivered in a way that isn’t detrimental to the consumer – this includes provision of insurance. MLIS gives you the opportunity to add value to your legal services and improve your client experience when arranging legal indemnity insurance, with no additional work. Treating Customers Fairly by improving the insurance choice provided to your client – it really couldn’t be simpler.DUAL has recently added a new ‘Consumer Quick Quote’ function to its MLIS site in response to increasing demand from consumers who have been unhappy with the lack of choice offered by their conveyancer, when being advised that insurance is necessary to complete a transaction. That consumer demand for more choice is only likely to increase.
- Good Risk Management
The Quote Summary, draft and final policy produced by MLIS clearly explain what’s covered, not covered, what’s been agreed and highlights any unusual conditions for complete transparency for all involved in the transaction – no ‘holes’ or ‘get outs’.Functionality allows you to email a summary of the choice of quotes to your client straightaway, should you wish, so you/they can decide what’s best for them – alternatively, you can simply recommend what you see as the best option for the client from the choice/comparison provided. An Insurance Product Information Document ( IPID ) is automatically provided alongside the policy documents.My legal indemnity shop – the smarter way to arrange legal indemnity insurance.