’It is a market that has experienced challenges, ranging from a lack of customer understanding around the product, to the regulator’s focus on fair value and low levels of utilisation,’ says managing director
Addept Insurance Services has announced the launch of its first suite of legal expenses insurance (LEI) products.
The first two offerings include Rent Protect Essentials, a legal expenses and rent guarantee insurance product tailored for landlords, and Officers’ Legal Protection, designed for police officers and their families.
Addept said it had already secured schemes for both products, including providing Officers’ Legal Protection to over 50,000 Police Federation members in England and Wales, and Rent Protect for over 4,000 residential tenancies.
The firm is also planning to further expand its legal expenses portfolio with new products in the leisure, personal, motor and SME sectors in 2025.
Richard Finan, managing director at Addept, said: “Our entry into LEI is a natural progression for us.
”It is a market that has experienced challenges, ranging from a lack of customer understanding around the product, to the regulator’s focus on fair value and low levels of utilisation.
“The team’s significant experience and expertise in the market, combined with our focus on solving problems, addressing gaps and responding quickly to market and regulatory changes, has enabled us to take a more innovative approach to meeting the needs of today’s insurance customers.”
Capacity
Capacity for the products is being provided by Irwell Insurance Company.
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Commenting on the partnership with Irwell Insurance, Finan said: “We have found a capacity provider that understands our approach and shares our commitment to deliver best in market LEI products through a diverse range of insurance distribution channels and their customers.”
Giles Reading, chief executive at Irwell Insurance, added: “We are delighted to be working with Addept, which shares our extensive knowledge and experience in the LEI market.
”This, together with their focus on innovating the market and delivering relevant and fair value products, makes this an exciting business partnership as both companies continue to grow.”
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