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INSIDE UNDERWRITING: Taking a Fresh Look at the ALPS Application and Quote

Underwriting the unique risks associated with Lawyers' Professional Liability requires thorough and careful analysis. The information needed to accomplish this analysis is most efficiently obtained from a complete Lawyers' Professional Liability application. With the most accurate, thorough and up-to-date information about your firm and the individual attorneys that comprise the firm, we’re able to most appropriately assess your firm’s risk and responsibly price your premium. Where do we get this information. Well, as our policyholders know we require an application annually. While we have heard from some of our policyholders and prospects that our application is longer than some of our competitors, we need to make sure we are getting the clearest picture of your firm before we provide you with a quote.

We fully respect that your time is valuable so this year we brought together a team representing a broader cross-section of the company including underwriting, client services, business development, marketing and information technology to take a look at the existing ALPS application. Each person was able to look at the application objectively and offer suggestions that we feel will simplify the new and continued coverage application process for you. Without sacrificing the ever-important information gathering, we’ve streamlined many of the sections, eliminated redundancies and pre-filled information whenever possible.

While reviewing our application, we also looked at how we present our quotation to our policyholders and prospects. The goal was again to ensure that the information provided in the quote is easy to understand and that you know all of the options available to your firm and the costs associated with these options. With the addition of the ALPS Cyber Response and ALPS Law Firm Protect (EPLI) policies, we recognized the need to incorporate these new policies into the quote without complicating the full picture of your LPL coverage.

As always, ALPS is listening to the legal community we serve and striving to make our processes and procedures convenient for our clients without foregoing our commitment to responsibly pricing each firm’s premium.

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