The platform stands out by offering a selection of more than 90 insurance products, addressing common as well as specialised risks. Credit: Vitalii Vodolazskyi/Shutterstock.com.

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.  

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

This platform stands out by offering a selection of more than 90 insurance products, addressing common as well as specialised risks such as Insolvency, Forfeiture and Japanese Knotweed.  

It provides an integrated search cover, which is said to be a first in the industry, enabling custom selection of required searches for specific transactions.  

Additionally, the platform facilitates the arrangement of search cover, which also includes Highways & Utilities searches, for developments and the creation of policies for portfolios valued up to £500m ($635m). 

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ITS, as an appointed representative of Mason Owen Financial Services, brings expertise in legal indemnity insurance to the platform.  

The ITS platform’s main criteria when recommending a policy is the contract’s content including conditions, claims response, exclusions and assumptions. 

Every policy includes legal expenses cover as standard, and none of the terms on the platform carry an Excess. 

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.  

“Until now lawyers have had no choice but to approach multiple insurers and then spend time analysing each and determining which is best for the client. This naturally carries a huge compliance risk, but at a stroke, ITS removes all this time and uncertainty.”