Law firms are being challenged to fight back against mortgage providers in the battle to provide household and contents insurance with a Law Society-endorsed general insurance broking service.
Lawinsure, a subsidiary of the HSBC banking group which owns Midlands Bank, is promising to provide competitive quotes through its centralised quotation and arrangement service for household insurance.
Anthony Greayer, managing director of Lawinsure, says: "We believe that if we can centralise a lot of the solicitor's household business, we can get solicitors and their clients better rates and service. At the same time, if solicitors want, we can handle all the administration and make it easier for them to stay involved in the field."
The launch of telephone-based direct insurers has roused public interest in shopping around, and presented a business opportunity to Lawinsure to tackle mortgage providers who dominate the market.
Greayer says his firm can provide good rates on both standard and unusual risks which the direct insurers often decline.
Meanwhile, Guildford-based Premier Investment Management has embarked on a marketing campaign in the legal and accounting professions to act as telephone-based brokers in term insurance and critical illness to professional practices. Computer-based Policy Profile offers rebated commission to solicitors who using the service.