Alternative Business Structures (ABSs)
Insurers that fail to adopt business management platforms risk being 'left in the dark ages'
Insurers that opt for Excel spreadsheet over more advanced methods of business planning are at risk of being ‘left in the dark ages’, industry professionals have said.
Parabis woes highlight importance of finding right ABS partner
The importance of insurers finding the right legal partner to enter into alternative business structure arrangements with has been highlighted by experts, after four such entities recently either changed partners or entered into run-off.
AA puts two-year-old ABS into run-off
The AA's alternative business structure, which started trading in December 2013, has entered into run-off following a strategic review.
Admiral dismisses data-selling claims as ABS's report £6.2m profit
Admiral has rebuffed claims its in-house legal divisions were set-up to circumvent the 2013 referral fee ban as its two alternative business structures reported joint pre-tax profits of £6.2m in 2014.
DAC Beachcroft approved for ABS licence
International law firm DAC Beachcroft has been awarded a licence by the Solicitors Regulation Authority to operate as an alternative business structure.
Blog: Could latest insurer tiff over motor claims costs derail CMC reform?
At the end of last month the Association of British Insurers made its latest plea to the government to tackle claims management companies amid rising motor prices.
DLG's Maddock claims insurers have 'an obligation' to set up ABSs to ensure access to justice
Direct Line Group claims director Steve Maddock has hit back at suggestions alternative business structures fuel claims farming saying they are actually an effective tool in stopping spurious claims progressing.
Insurers round on Aviva following 'disingenuous' ABS accusations
Aviva has been criticised for playing the “blame game” in the fight against fraud following accusations that rival insurers with alternative business structures are guilty of “feeding the beast” of fraudulent whiplash claims.
Laspo benefits questioned as industry rallies behind Aviva whiplash proposals
Insurers have backed Aviva's proposals to reduce the volume and cost of whiplash claims against a backdrop of criticism around the effectiveness of the government's civil justice reforms and aggressive tactics by third parties.
RSA receives approval to launch ABS
RSA has become the third insurer to link up with law firm Parabis Group to launch an alternative business structure.
The Military Mutual to offer policies for the armed forces
A new insurer will enter the market at the end of April, offering services exclusively to members of the armed forces and their families, The Military Mutual.
P&I club Thomas Miller unveils ABS
Thomas Miller has expanded its claims and consultancy services through the launch of an alternative business structure Thomas Miller Law.
Editor's comment: A market under attack
Quarter three of 2014 saw a glimmer of hope for the beleaguered UK motor insurance market, suggesting rates might be on the rise and claims might be falling as the Legal Aid, Sentencing and Punishment of Offenders Act 2012 started to take effect.
ABSs highlighted as claims upsurge threat as CMC numbers dwindle
The rapid demise of claims management companies and the subsequent reduction in bodily injury claims is in danger of being offset by the future strategy of insurance companies with alternative business structures, according to market observers.
IFoA suggests ABSs could replace CMCs in driving claims costs
The number of claims management companies operating across the UK has decreased by 35% over the past year, according the Institute and Faculty of Actuaries.
Review of the Year: Legal
Grabbing the headlines in the legal sector this year were M&A activity, closer ties between insurers and law firms and the ongoing fallout of civil justice reforms. Key figures from the sector give their views on 2014
Interview: Nick Parsons: Stepping into the limelight
After six years as vice-president at the Forum of Insurance Lawyers, Nick Parsons has assumed the role of president. He tells Post why he will not be a one-man band and shares his plans for the association
Specialist ABS launches for clients with spinal cord injuries
A new legal Alternative Business Structure has been created by a partnership between national spinal injury charity Aspire, and personal injury firm Moore Blatch solicitors.
Kennedys handed ABS approval
Law firm Kennedys has been granted an Alternative Business Structure licence by the Solicitors Regulation Authority, although the firm denies it is seeking external investment.
Rehabilitation: Rehab rethink
With the personal injury landscape now unrecognisable from the environment in which the Rehabilitation Code was introduced 15 years ago, a much-needed update to the code is on the way. So what can the insurance industry expect?
Blog:Insurer ABSs part of claims revolution solution
Tim Roberts examines why insurer-led ABSs could hold the key to tackling fraud