Radical new model aims to revolutionise risk management for law firms
New Eden, a disruptive new entrant to the UK professional indemnity insurance (PII) market for law firms, today announces the official launch of its game-changing offering. In a market that has changed little over the years, the New Eden Way has been designed to be starkly different, not least by for the first time providing direct financial rewards to well-run commercial firms which represent the lowest risk.
At the heart of the New Eden proposition lies a data-rich, analytics-led model of what comprises a well-run firm, built around key service criteria drawn from more than three decades of best practice regarding the principles of successful service businesses. By comparison, current assessment and underwriting models takes less than one-fifth of these criteria into consideration when determining premiums for PII.
New Eden is bringing to the market disruptive innovations which have solely been realised in the personal lines segment of the insurance sector to date. More specifically, it is the first to incorporate cultural and behavioural data to determine premiums, focusing on how firms run their businesses, not simply what they do, and the first in the market to provide significant financial rewards for firms at three alternate levels of entry. In addition, New Eden clients will have access to its robust SCOPE 360° Portal Platform online, which also provides valuable business feedback for solicitor firms as well as rich data for insurers to make better informed decisions about risk and potential for claims in the future.
Standing behind New Eden are two A+ rated insurers, and the new venture is being led by seasoned veterans of the PII industry. This includes Chairman Richard Brown, who brings to bear over two decades of experience and industry insight from roles at Prime Professions, Willis Towers Watson and, most recently, Miller Insurance.
Interested firms can book an initial assessment by visiting www.newedenway.com.
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About New Eden
Representing a 'rebalancing of the fundamentals of the insurance world', New Eden is a ground-breaking professional indemnity and risk management solution for the legal sector.
Newedenway Limited (t/a New Eden) is an Appointed Representative of Xact Risk Solutions Limited, which is Authorised and Regulated by the Financial Conduct Authority.
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