We are about to do something unheard of in After the Event Insurance circles.
Some may call it shameful. Others may think it will create a price war or maybe signal the end of the ATE insurance industry as we know it (bit strong this but it is good to build up some tension).
What are we going to do? Well, we will shortly place adverts in the legal magazines which tell the world how much our premiums are.
Yes that's it - that is the news.
Why is this so amazing? Well unlike any other product which has a price tag, ATE remains quite reclusive. Why not have a look around. No ATE Insurance provider has their premiums listed on their website (us included although about to change). The level of premiums has, until now, been a closely guarded secret. This is all about to change.
We are starting with our Clinical Negligence and Industrial Disease policies. We aren't worried as we are pretty sure ours are the cheapest (and best i.e. we pay out when a claim is made). As soon as the adverts hit the papers, be prepared for some backlash. If we are indeed the cheapest, there will be quite a few upset ATE insurers out there. Some may publish their own premiums. The ones that choose not to may be more expensive - who knows.
Time will tell but I predict this will be a turning point. We will remain the cheapest as we don't have huge offices nor thousands of staff to pay. Our overheads are low as we have spent our money on technology and building systems which are cheap to run.
So, if you are paying more than the price you see next time you open up the Gazette, give us a call. After all, your client won't thank you if you don't.