Attend the webinar “XClaim: Bringing Innovation and Value to Insurance Claims Litigation” on Wed. June 13, 2012 at noon
This article was originally published in Canadian Underwriter January 2012 and is republished with the permission of the publisher.
The economic landscape for Canadian property and casualty insurers has changed dramatically over the past 20 years. The industry has experienced unprecedented consolidation and increased competitive pressures. The Top 10 property and casualty insurers in Canada controlled almost 60% of the market share in 2010. As a result of these pressures, in an effort to find a competitive edge, insurers have been compelled to develop innovative, more cost-effective methods to deliver insurance services and value to their clients. These efforts have extended to their suppliers and vendors, which have also had to adopt more innovative and responsive strategies to maintain market share. However, law firms, the insurance industry�s most significant supplier of services, have been largely resistant to this trend.
THE VALUE CHALLENGE
For much of its long and storied history, the legal profession in Canada has been somewhat immune from the economic pressures that have buffeted and shaped the commercial and insurance landscape. Its status as a licensed monopoly, among other reasons, has permitted it to at least partially escape the impact of rapid technological advances as well as the pricing pressures from Asia and other emerging economies that have had such a profound impact on commerce in this country and abroad. Nonetheless, like any service industry, law firms are now having to accommodate the demands of their clients, who are looking to retain counsel in the same way they procure other goods and services � i.e. through the use of sound commercial procurement practices geared toward reducing cost and increasing value.
Read the full article – The New-Look Law Firm
As one of Canada’s largest law firms, Gowlings knows what it takes to create, enhance and protect real business value. With more than 750 business-savvy professionals active in key industries, including insurance, Gowlings provides its clients with pragmatic legal advice. Gowlings has been a trusted business partner to many of Canada’s largest organizations for over a century and has built a solid reputation for delivering creative, effective and valuable solutions to complex business matters. Known as a pioneer in the development of innovative legal services, Gowlings finds creative solutions that drive business value such as XClaim. More information at http://www.gowlings.com.