As many of you will know, Ramadan has come to an end and on Sunday, it is Eid.
It is a time for celebration, for visiting family and giving presents to children - a bit like Christmas I suppose. Although Ramadan is seen as a blessing, it is tough to fast from sunrise to sunset for 30 days non-stop. For those uninitiated, that means no food OR drink. When the days are long that means 16 odd hours without food or water. So the celebration of Eid has been earned.
What relevance here to After the Event Insurance, Personal Injury claims or law for that matter?
Well (stay with me), we have a long slog ahead of us in the lead up to the Jackson changes in April next year. Here at Box Legal plans are already afoot to deal with first the rush for last minute cover and then the new products after the change. We are already well advanced with innovative products which will suit both solicitors and clients alike.
It is going to be tough as well for solicitors whose business models will need to change. Where are cases going to come from with referral fees banned? Are referral companies going to be swallowed up by solicitors or vice versa? Are solicitors going to pour more resources into advertising (utilising the forgone referral fee perhaps)?
As usual, most of us will adapt. The important thing is to plan ahead. We are already talking to firms to check that what we think they want is in fact going to be useful for them. If you are reading this and want to contribute then get in touch - firstname.lastname@example.org. All contributions are useful - even negative ones so don't worry about offending us.
For the whole industry, we have 8 months of upheaval with no doubt a lot of stress and worry along the way (not just 30 days) - At least we can eat and drink though. But what of our Eid?
Well, I for one am convinced that we will end up with a cleaner, clearer and fairer system (after some bedding down) after Jackson where solicitors can still be in business and clients can receive (most) of their compensation. The After the Event insurance industry will also be fairer with the daft policies and silly commissions a thing of the past. There is no point in negative thoughts. Just as Ramadan rolls around every year, these changes are coming - all we can do is get in shape and stay positive.
Challenges make you stronger.