With June’s CLC PI renewal deadline looming, Orbital Witness explores the help a technology partnership can bring to conveyancing firms in evidencing to insurers how they are reducing risk.
Conveyancers play a vital role in property transactions up and down the country, on a daily basis. Partnering with a technology provider to make that day-to-day work more efficient is already unlocking multiple benefits for conveyancers and their business operations alike.
At Orbital Witness, we’re proud to be helping many of the UK’s most forward looking firms tackle leasehold transactions (including Blacks, Enact and LPL to name just a few): halving the time taken to carry out title reviews, flagging issues early in the conveyancing journey and helping them to provide a slicker, more efficient overall service to their customers.
But, with title investigation and reporting on leasehold property contributing to around 8% of all PII claims relating to conveyancing according to the SRA, it’s important that firms are able to demonstrate to insurers how they’re managing the risks they face in this complex area of work. What is less widely understood, is the impact a technology partnership can have in evidencing this to their insurer.
Here at Orbital Witness, we’re providing our Orbital Residential customers with guidance on how to complete their renewal form to highlight the benefits of the product to their insurer as easily as possible. We see this as one of the many additional ways we can support the development and growth of our customers’ businesses. In this article, we explore how harnessing the power of AI technology can help more firms to better evidence their risk management for leasehold work.
Making clients aware of issues earlier
By using AI technology, conveyancing firms can more quickly alert clients to potential issues to minimise the risk of complaints or claims. Orbital Residential checks the lease, the title and lender requirements to flag potential lease defects and complexities (including non-compliance with lender requirements) at the start of a transaction, enabling conveyancing lawyers to highlight issues at the outset that may affect the client’s desire or ability to progress any further with the transaction.
Standardisation and reducing the margin for human error
For many conveyancers, the value in using AI technology is ‘the second pair of eyes’ it provides on a file, reducing the margin for human error by helping firms to ensure that nothing has been overlooked. AI can also help firms ensure that leasehold title checking and reporting is carried out consistently, across their team. Orbital Residential provides answers to a comprehensive and standardised checklist of 60+ routine and important items that conveyancers would be expected to check and report on. This is especially helpful to more junior lawyers who are starting to take on more leasehold property.
Improved client care through time savings
Where AI technology saves time (up to 50% using Orbital Residential), conveyancers are able to focus their efforts on more complex tasks, having the downstream effect of better client service and care.
Supporting workflow allocation and future training
Early identification of complexities also enables firms to refine the way in which they choose to distribute work across their teams. With complex cases flagged straight away using Orbital Residential, work can be allocated at outset to a conveyancer with the appropriate level of experience for that particular transaction reducing the disruption and potential dissatisfaction for clients caused by case re-allocation to a more experienced conveyancer or member of a specialist team. The existence of an electronic record of the checks that have been performed on any given case also means that supervision and monitoring by firms internally is easier, both for auditing and training purposes.
Looking to better evidence your working practices ahead of your next PI renewal deadline? Speak to our specialist team to find out more about how Orbital Residential can help.
This article was submitted to be published by Orbital Witness as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer
