Radical new model aims to revolutionise risk management for law
firms
LONDON–(BUSINESS WIRE)–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.
ENDS
Notes to Editors:
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.
Contacts
Alex Spurgeon
Infinite Global
[email protected]
020
7269 1430
