Allianz plans to launch an e-trading platform for after the event (ATE) insurance by the first quarter of next year.
David Vine, business development manager for Allianz Legal Protection, said he believes Allianz would be the first of the five main ATE providers in the UK to launch an e-trading platform.
The online quote and buy facility would cover three stages of legal action, including issue of proceedings, pre-trial and trial.
Vine said: “It would put the lawyer in control. When a case is coming in and
they need insurance, they don’t have to do it between 9am and 5pm. They could go online anytime and get a premium without having to wait days and negotiate with underwriters.”
Vine said the reason there were so few ATE providers is that many did not want to take on the associated risk, with the main focus for solicitors being to recover the policyholder’s premium.
But he added: “They know by dealing with Allianz, our premiums don’t come under challenge in the courts. We can explain how our premiums are made up.”
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