Tuesday, 24 April 2018
LEI : Are you making the most of this opportunity to differentiate yourself?
Whether it is serving the needs of commercial, motor or household customers, legal expenses
insurance (LEI) is now a key part of the business proposition for many insurance brokers.
The cover can be sold on a stand-alone basis, but in most cases is offered alongside household,
motor, commercial and landlords’ policies and is an affordable extension that typically includes
indemnity against the cost of common legal disputes as well as advice helplines and access to
online legal documents.
A legal matter can surface unexpectedly and there can be enormous reassurance in having
taken out LEI, often on the advice of a broker. But, given that legal risks change, are there
sufficient levels of understanding among brokers? To gain greater understanding of the sector,
Insurance Post and specialist LEI provider ARAG have recently conducted a major research
project with brokers to find out more about this market.
Certainly, without cover, many clients could find it more difficult to meet potentially high legal
costs, and indeed, even know where to find a solicitor with relevant experience. However, LEI
takes pressures away and is typically available at affordable prices, and can be tailored to meet