Module 7: 09.50 – 10.50am (1 Regulatory / Management / General CPD Hour)
Saturday 10th September 2022 = Seminar 7 in the Postal Booking Form
Professional Indemnity Insurance
‘Coping with the cost and effort of professional indemnity: focus on what you can change, and accept what you can’t’
Incurring the annual cost of our Professional Indemnity Insurance renewal is as inevitable as death and taxes. Like them, we must prepare for it as best we can, and our own prudent management actions now, and ongoing, will minimise the risks to influence the ultimate end game, whether that may be the premium or claims.
Bringing his experience as a Solicitor himself and his Masters degree in Management, in this talk John Kenzler, specialist in risk and claim reduction in the FINPRO PI area at Marsh JLT Specialty, will deliver his risk management advice as he does when he consults with UK and global law firm clients.
By working with law firms and analysing claim data and legal processes, John develops risk management content and workshops for practice groups focussed on particular areas of work, which he will also do in this workshop presentation.
Topics Explored Will Include:
- Things that are hard to change – errors and root causes in law firm claims:
- Claims and premium trends in Solicitors PI England & Wales and Ireland
- Pandemic impact?
- Ransomware challenge
- More questions?
- Root causes of error
- Focus on what you can Change 1 – tools to tackle root causes:
- Retainer letters
- Collaborative review
- Conflict Management and independence
- Being realistic about Human Factors
- Focus on what you can Change 2 – How to appeal to underwriters as a stand out firm:
- Strategic choices and consequences – work done and risk profiles
- Enterprise Risk Management – what is it and how difficult is it to do?
- Importance of Management Information and data
- Evidence trails on key risk management areas – retainers and audit actions
John Kunzler BSc (Hons) M.A. is Managing Director, Risk and Error Management, Marsh Specialty UK, based in London. He has the broad experience of advising on all things risk & claims reductions and Professional Indemnity for Solicitors, Surveyors, Architects, Technology companies, Local Government, and Financial Advisers.