How we’re doing
Every three years E&O conducts a claims audit using independent outside insurance experts. Its purpose is to ensure that claims are being managed in an effective manner consistent with our desire to provide “best practices” in claims handling.
This year the Board of Directors retained Focus Group Inc., an insurance management and consulting company with expertise in claims management.
The results of the claims audit were positive, with auditors noting that the files were well documented and organized and reflected a very good technical knowledge on behalf of E&O. The auditors also indicated that, based on their review, they believe that utilizing staff lawyers represents a significant cost saving on the litigation files. Staff lawyers are currently handling approximately 53 per cent of litigation files in-house.
The auditors also highlighted E&O’s proactive steps in risk management, including providing assistance and advice to insureds in response to incidents, and identifying and recommending remedial action to mitigate exposure when applicable. It was noted that these steps are “effective risk management controls to help control and reduce the loss.”
In addition to claims audits, E&O also receives regular feedback from you, our insureds. Every time a claim file is closed, we send a claim satisfaction survey to the managing broker and the individual licensees involved in the claim.
The approval rating for staff lawyers for claim files closed in the last three years is at 97.22 per cent, with overall satisfaction with the outcome at 97.65 per cent. Our insureds appreciate the high level of expertise of the defence lawyers handling the claims and the fact that they “have their back.” One managing broker writes:
“We appreciate E&O as probably the best thing that organized real estate has done since the MLS. Being sued is an incredibly stressful event and especially so when one is not a lawyer. The service E&O provides is outstanding and basically removes this intense pressure so that [licensees] can keep on doing what they do best – sell real estate.”
We are always looking for ways to improve, and we take all feedback seriously. Any negative comments are carefully considered with a view to determine how we can do better. We encourage all licensees to complete and return your claim satisfaction surveys, so that we can continue to provide you with a high level of service.