At LIS we have a process to regularly review and monitor our products (insurance policies), with agreement from our Insurer Liberty Mutual Insurance Europe SE (UK branch) (the 'Insurer') including making changes and launching new products, to ensure that they are appropriate for our Target Market and provide fair value to them.
This is in accordance with:
The Target Market is a group of customers sharing common characteristics at an abstract and generalised level in order that the insurers may identify for whom the insurance product is/ is not compatible.
Our Target market is any individual or organisation or lender in the United Kingdom who has a requirement for Legal Indemnity Insurance due to defects affecting in the title to their property.
Due to Financial Conduct Authority (FCA) regulations we do not offer advice but rather we deal with solicitors (regulated by the Solicitors Regulatory Authority (SRA)) and licensed brokers (regulated by the FCA) who are acting on behalf of their client and who are regulated by these bodies to ensure that they act in the best interests of their client.
We pay licensed brokers a commission for their services in line with our specific terms of business with them but our standard procedure is not to pay a fee to a solicitor.
If a solicitor charges their client a fee in arranging and advising on the suitability of our product then we expect it to reasonably reflect the time taken to do so.
We review and monitor our distribution channels to ensure they offer fair value and remain appropriate for our Target Market.
When launching a new product or making significant changes to existing products a formal process is undertaken beforehand with the Insurer to identify the Target Market and their needs as well as assessing the fair value of the product. We continue to monitor the product after it has been launched to ensure the above still applies.
If you have any questions or any comments on the above or in relation to any of our products then please email us at firstname.lastname@example.org