Professional indemnity insurance is a fickle market. Conveyancing firms are once again navigating a market that remains challenging, nuanced, and increasingly shaped by risk culture rather than raw numbers.
Renewal season is the backdrop to this latest Today’s Conveyancer Podcast discussion with Miller Insurance account managers Marianne McWilliams and Phil Limb who lift the lid on what insurers are really looking for and why firms need to rethink how they present themselves.
Appetite for conveyancing work has improved say McWilliams and Limb, but insurers are scrutinising firms more closely than ever, particularly around expertise, file supervision and risk management.
Limb reiterates the point many insurers have made in recent years; dabbling is dangerous. Firms undertaking only a handful of transactions must demonstrate robust systems, specialist case management and clear referral points. “If you are doing a low amount of conveyancing, it’s about proving the expertise… and that you’ve got referral points at certain critical points” .
Technology is now central to that story. Specialist case management systems, automated checkpoints and emerging AI tools can all strengthen a firm’s risk profile but only when used intelligently. McWilliams cautions that AI requires rigorous due diligence and human oversight: “if you ask the wrong prompt… you’re not going to get the right answer” .
Insurers are also watching emerging risks closely, from crypto‑related funds to cyber incidents.
The takeaway is clear: firms must articulate their risk culture, not just their compliance. Insurers want clarity, candour and evidence of control. Conveyancers who can demonstrate that story will be the ones securing the best outcomes when it comes round to renewal.
The Today’s Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.
Thank you to our podcast sponsors LEAP Legal Software
