Mason Owen, ITS roll out AI-based legal indemnity insurance platform


Source: Yahoo Finance

UK-based independent insurance broker Mason Owen Financial Services and Instant Title Solutions (ITS) have collaborated to introduce a new AI-driven legal indemnity insurance platform.

This platform leverages AI technology to quickly compare and evaluate the terms of multiple (at least three) A-Rated insurers to further recommend the most suitable insurer for the transaction.

The use of this platform eliminates the compliance risk, which comes with the process of arranging insurance directly with comparison sites and insurers.

ITS director Sam Gosney said: “SRA rules dictate lawyers should ideally be providing their client with a recommendation, but that this ‘must be on the basis of an analysis of a sufficiently large number of insurance contracts available on the market’ – we currently provide a personal service to law firms to ensure they comply with this requirement, but they have been begging us for years to deliver a solution that allows them to do this themselves using an online platform.

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