Lawyers’ Professional and Accountants Professional
Trends to watch
- The accountant and lawyer professions will see significant changes in the next few years affecting how services are delivered.
- These changes include technological advances such as automation and the use of artificial intelligence.
What this means
Given the massive use of data, insurers are going to have to be prepared for the changes in exposures that come with this trend. Insurers will have to analyze the ability of firms to proficiently deliver their services and must be able to use available data to analyze risk without overcomplicating the insurance process.
VP, Underwriting – Risk Management
Lawyers’ Professional Liability and Accountants’ Professional Liability
These trends will force everyone in the chain, including the client, professional, broker and insurer, to be smarter about how they address client relationships and exposures.
While these professions were built on relationships and customer service, efficiency and accuracy are going to become increasing components of the equation.
Protecting client information and data security will be even more important. Law and accounting firms who are financially or culturally unable to embrace these changes may find themselves unable to compete.