Despite significant transformations in nearly every other aspect of the insurance and legal industries, the approach to preventing, predicting, assessing, and resolving malpractice claims hasn’t really changed. Malpractice insurers and their law firm clients continue to take an old-fashioned approach when it comes to underwriting legal professional liability (LPL) coverage. Most legal malpractice insurers aren’t yet leveraging advancements in technology and legal analytics to forecast risk at an individual level based on behavioral data. Instead, LPL carriers primarily react to actual events or use the broad brush of simple demographics to set rates.
In this podcast episode, Professor Nancy B. Rapoport, and Joseph R. Tiano Jr., Esq. discuss using billing data and data analytics tools to predict an individual legal professional’s risk of committing legal malpractice so that measures can be taken to prevent the risk from turning into reality.
The Professional Liability Underwriting Society (PLUS) was founded in 1986 by industry professionals who recognized the need for a forum for individuals involved in the field of professional liability. The Society is a non-profit organization with membership open to persons interested in the promotion and development of the professional liability industry.
Membership consists of over 6,500 individuals, representing over 1,000 companies active in the many fields of professional liability. PLUS currently receives the support of more than 200 companies through corporate membership.
PLUS is recognized as the primary source of professional liability educational programs and seminars, assistance to its members to help serve clients, and information regarding professional liability. The Society is continually seeking new means to fulfill its mission statement and better serve its members.