London-based insurtech company Newedenway, which trades as New Eden, has launched its professional indemnity insurance (PII) solution for law firms in the UK.
New Eden claims that its new professional indemnity and risk management solution for the legal sector will provide direct financial rewards to well-established commercial firms that represent the lowest risk.
New Eden, in a statement, said: “At the heart of the New Eden proposition lies a data-rich, analytics-led model of what comprises a well-run firm, built around key service criteria drawn from more than three decades of best practice regarding the principles of successful service businesses.
“By comparison, current assessment and underwriting models takes less than one-fifth of these criteria into consideration when determining premiums for PII.”
The company claims to have brought in market disruptive innovations which otherwise have been seen only in the personal lines segment of the insurance industry till date.
The insurtech also claims that it is the first to use cultural and behavioural data to calculate premiums. One of the factors it considers are how companies operate their businesses and not on just what they do. The company’s approach is said to combine learning, research, and knowledge of what makes a successful service business.
New Eden said that it offers significant financial rewards for companies at three alternate levels of entry.
Apart from that, its clients will have access to its SCOPE 360° Portal Platform online. The portal is said to have valuable business feedback for solicitor companies along with rich data for insurers to come up with better informed decisions on risk and potential for future claims.
The insurtech is backed by two A+ rated insurers with the new venture headed by professional indemnity insurance industry veterans. Included in this are the company’s chairman Richard Brown, who is said to have more than 20 years of experience and industry insight having worked at Prime Professions, Willis Towers Watson and Miller Insurance.
Currently, New Eden is an appointed representative of Xact Risk Solutions, a specialist wholesale broker, authorised and regulated by the UK Financial Conduct Authority.