Insurer LV= enters legal market with fixed fee offering

Topics: Alternative business structures,Employment,Conveyancing,Wills & Probate

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One of the UK’s biggest insurance firms has announced its immediate entry into the legal services market.

LV= Legal Services will offer advice on wills, power of attorney, probate, conveyancing, personal injury and employment law.

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The insurer has entered a partnership with national firm Lyons Davidson, which already has joint ventures with insurers Admiral and the AA.

LV= Legal Services will be accessible through an online quoting system, where consumers can enter their details and requirements, securing an upfront fixed quote for the legal service they require.

For anyone requiring more specialised advice on personal injury or employment queries, Lyons Davidson’s advisory teams will provide extra support.

According to the announcement, LV= Legal Services will have advisers available to take calls from 8am to 9pm, with its website offering what it calls a ‘jargon buster’ to explain legal terminology.

John O’Roarke (pictured), managing director at LV= General Insurance, said accessing legal services can be ‘confusing, stressful and expensive’ at present.

‘We want to offer a customer-friendly alternative to people at a price that’s right for them and backed by a brand they can trust,’ he said.

‘Together with Lyons Davidson, LV= Legal Services will offer a transparent and affordable solution for those with a genuine need for high-quality legal service and want the security of knowing what their costs will be upfront.’

LV= has around 5.7m customers in the UK and employs more than 6,000 people. Last week it was one of two insurance firms to publicly commit to passing on savings from personal injury reforms onto customers.

As well as the AA and Admiral, the likes of Saga, Ageas, Direct Line and Allianz have all emerged from the insurance market to offer legal services since the liberalisation of the market came into force in 2012.

Readers' comments (29)

  • Really interesting move for LV=, they certainley have the brand recognition to move into this space.

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  • UK Domination starts for Insurers, what's next fixing my boiler or gardening ? How many shares has Mr Cameron got in LV ?? #SCL

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  • How many highly trained lawyers are they engaging please, and how many paralegals?

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  • I assume that they will offer their PI services to those whose claims will shortly be under the small claims limit.

    So on the one hand they are telling the government that claims under 5k are so simplistic that they no longer need a lawyer to deal, but on the offer they are offering a legal advice service to those who have a 'genuine need' for such advice?

    Makes sense.

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  • Anon 10.40am - if you actually bother to read the article I am asuming that the lawyers and paralegals will be employed by the Law firm mentioned and that LV will be the distribution channel.

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  • I'm sure many of my legal colleagues will dismiss this as they will see this development as a threat.

    However, surely this is a perect illustration of what the Clementi report back in 2004 was trying to acheive - putting consumers first and giving them differet access to legal services.

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  • I see no threat here.

    Just like the VC/third party funders/ABS/Accountants, it makes for better competition but price is not always the way to "put consumers first". There is quality of service which I have always focused on.

    I do not pick up a file and think...lets charge x. I pick up a file and do what needs to be done to get to the next stage and it goes back in the drawer until I need to work on it again.

    These people will try quick/cheap to turn a profit...but will this increase professional negligence claims? I see more litigation than ever before!

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  • Anon 10:52- I did read the article. LD will be scaling up and I want to know what conveyancing model they will be using for LV-referred clients.

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  • I can already envision the TV advert, with the urban landscape turning green, as an annoying guitar riff and singing idiot meshes with the message being broadcast, that LV, a trusted insurer for generations,can also now be entrusted with your legal services online.

    The Law Society with its ancient origins, could never have imagined that years later following its genesis, the Government of the day would throw a grenade at the heart of professionalism, so as to dumb down and corrupt our centuries old legal system.Neither could the Law Society have imagined that potential legal services giants might emerge, but formed in such a way as to distort the solicitor's traditional duty to his or her client.

    However we are where we are, and despite the best efforts of the Law Society, recent attempts to raise the profile of solicitors just by marketing have, I am afraid, failed.

    LV's primary motivation for offering legal services is to offer financial products to its "customers" whether they are suitable or not.

    The Law Society has a duty to act impartially, and whilst it has embraced the idea of ABS entities, equally it must do more to promote the merits of traditional law firms.

    Oscar Wilde once wrote about there being only one thing worse than being talked about, and that was not being talked about.The way forward is to promote what survives of the legal profession by taking a more robust campaigning role. Mere passivity will not do.

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  • Which document says that the Law Sociey has a duty to act impartially? It has an obligation to represent the interests of solicitors.

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