Mason Owen has launched the UK’s first-ever legal indemnity insurance platform, known as Instant Title Solutions (ITS).
The pioneering offering harnesses the power of artificial intelligence to streamline the insurance process, marking a significant advancement in the sector, according to InsurTech Insights.
The move aims to address the challenges and complexities associated with arranging legal indemnity insurance. The platform’s development comes in response to the growing demand from law firms for a more efficient and compliant solution for insurance procurement.
With ITS, law firms can now compare and assess terms from multiple A-rated insurers in real-time, ensuring that they can offer their clients the most suitable insurance option for each transaction. This not only enhances efficiency but also minimises compliance risks inherent in the insurance procurement process.
ITS offers a comprehensive range of over 90 different insurance products, catering to a variety of specialised risks such as Forfeiture, Insolvency, and Japanese Knotweed.
Additionally, the platform provides bespoke integrated search cover, allowing users to customize their insurance solutions based on their specific requirements.
Moreover, ITS operates as an Appointed Representative of Mason Owen Financial Services, a trusted name in the field of legal indemnity insurance.
With extensive expertise and a proven track record, Mason Owen is well-positioned to deliver innovative solutions that meet the evolving needs of law firms.
Sam Gosney, founder and director of ITS, highlighted the advantages of the platform, stating, “SRA rules dictate that lawyers should ideally provide their clients with a recommendation based on an analysis of a sufficiently large number of insurance contracts available on the market. We currently offer a personalised service to law firms to help them comply with this requirement, but they have been requesting an online solution for years.
“Until now, lawyers have had no choice but to approach multiple insurers and then spend time analysing each and determining which is best for the client. This naturally carries a huge compliance risk but, at a stroke, ITS removes all this time and uncertainty.”
Andrew Gibbons, Mason Owen’s Managing Director added, “Thousands of lawyers use our services every year to reduce the compliance risk. They hugely value our expertise, knowledge and the advice we provide. Using AI to extend this provision seemed like the natural thing to do.”
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