News: amberis’ Agile Approach Responds to Market Diversification Following LASPO

ate insurance

Insurance broker amberis have developed market leading products in response to market demands, to enhance diversification across the sector.

amberis is an independent FCA regulated insurance broker providing bespoke ATE solutions for solicitors to provide them with the opportunity to diversify their service offering and protect all involved.

The company’s wide range of schemes provided through a panel of highly trusted insurers and underwriters will allow its clients to pursue new revenue opportunities whilst ensuring their clients receive full and fair protection.

Forged by industry leaders from the general insurance, credit and Lloyds broking markets, amberis delivers after the event insurance policies that provide the most suitable protection.

Managing Director, Martin Doyle says “We provide a simple and straightforward approach to ATE insurance, just the way it should be.”

For over 18 years, Personal Injury claims formed a significant foundation for the business, until the effects of LASPO saw an abrupt shift with 93% decrease in personal injury policies since 2018.

He continues “Innovation is at the core of our business; we work alongside our customers to create new products that match their needs and help them to diversify quickly. Not only protecting the client, but also the insurer, solicitor and funders alike. Just like amber is formed to encase and protect and can take any shape necessary to create the perfect safeguard.”

The need for litigation firms to diversify quickly to replace revenue streams, amberis responded quickly to devise brand new schemes to meet demand. amberis use their knowledge, experience and underwriting panel combined with their technology to enable customers to grow and provide cover in wider areas of the business.

This includes a range of financial misselling case types which amberis have seen a rapid increase in policies since 2018.

Doyle continues “We’ve seen a massive change in the market demands and litigation areas. Personal injury cases have dropped by 93% in 5 years, so solicitors have really had to expand their market offering in order to find additional revenue. We’ve also seen a vast increase in financial misselling claims, whilst civil litigation has remained fairly consistent.

Overall, we’ve seen policy inceptions increase by 300% in 2022/23 compared to 2018, which highlights the need for independent expertise, a company, like ourselves who can truly understand the demands and deliver a panel of suitable insurers to support their diversification needs.”

In comparison to Personal Injury cases, Financial Miselling claims require significant capital reserves, in turn this has led to a influx of Litigation Funders looking to diversify in their own right away from complex one-off litigation to faster moving commodity claims. With more stakeholders to consider, amberis has had to balance all needs while maintaining suitable protection and competitive premiums for policy holders.