Challenges in the personal injury and clinical negligence markets create new demands for after the event (ATE) providers.
As the personal injury and clinical negligence markets continues to be increasingly challenging to provide legal services in, there’s an increasing need for ATE providers, medical agencies, and funders to work together and provide integrated and sustainable solutions for solicitors and, of course, their clients.
The market has come a long way since the early 2000s when the use of conditional funding agreements or Conditional Fee Agreements for personal injury and clinical negligence legal actions was relatively new, ATE was in its infancy, and personal injury solicitors were under less cash flow pressure. Fast forward to today, and the choice of ATE provider is often driven by ‘what else’ they can bring to the table. But it’s as important as ever to ensure that the ATE product itself provides the right cover, is easy to administer, and pays out when called upon.
Read: 8 important questions for your After The Event insurance provider | Allianz Insurance
Specialist funders for personal injury and clinical negligence claims are limited, meaning ATE providers and medical agencies are now also providing funding to help meet the demands of law firms.
With several different funding solutions developed over the last few years, it’s important to pick the most suitable one and look at how sustainable they are – both for the solicitor firm and the policyholder.
Four things to consider when making a choice:
1. Medical agency funding
Check the financial history of the medical agency, their experience, and the service they provide. Be clear about how much they’re charging fo