How Travelers Helps Legal Clients Deal with Emerging Risks
Jon Davies, Travelers Vice President, Bond & Specialty
Jon Davies discusses how Travelers must update their products and services to meet with their clients’ ever-changing needs, and the challenges that come with this.
As the market leading insurer of the legal profession, we need to ensure that our products and services keep up with our clients’ evolving needs, particularly regarding newer risks such as cyber-crime.
Doing this will be quite a challenge. Especially when you think about the range of law firms we insure – from the very smallest to the very largest, all of them grappling with momentous change.
Obviously, most of the exposure they face will be captured by the broad terms of our PI cover. But we’re embellishing that with new covers all the time.
Regarding cyber cover, there’s a lot of overlap with other insurance products, such as office, commercial crime and property and casualty policies. Our job is to ensure that we knit all those together for our customers so that they have access to the full suite of insurance coverage so that they can rest assured.
How do we keep up with those changes?
We actually spend a lot of time trying to understand the strategies and directions our insureds are following so there aren’t any surprises. That way, we can be ready when they require coverage that is different to what they currently have, or when they need advice.
For example, if they want to expand internationally, we can provide appropriate coverage for the licensing requirements of the territories they’ll be operating in, as well as some practical risk management advice around some of the challenges they may face.
Having insured thousands of law firms down the years, we have a lot of information to draw on
So, really, it’s about sharing all this experience with our insureds, as they run their businesses. However, if they’re looking to innovate or tailor their services for the future, we’ll make sure the cover we provide goes lockstep with those changes.
