Whether it is serving the needs of commercial, motor or household customers, legal expenses insurance (LEI) is now a key part of the business proposition for many insurance brokers.
The cover can be sold on a stand-alone basis, but in most cases is offered alongside household, motor, commercial and landlords’ policies and is an affordable extension that typically includes indemnity against the cost of common legal disputes as well as advice helplines and access to online legal documents.
A legal matter can surface unexpectedly and there can be enormous reassurance in having taken out LEI, often on the advice of a broker. But, given that legal risks change, are there sufficient levels of understanding among brokers?
To gain a greater understanding of the sector, Insurance Post and specialist LEI provider ARAG have recently conducted a major research project with brokers to find out more about this market.
• How much LEI business do brokers write?
• Understanding how the cover works.
• Educating clients about LEI.
• Do brokers have concerns about regulatory scrutiny?
• What would encourage more sales?
• LEI – get to know products and providers.