WELCOME TO
REWARDING INSURANCE
NEW EDEN'S CULTURE DATA-GATHERING EXERCISE
We are reaching out to invite your business to be part of an exclusive exercise designed to understand and enhance your business culture and then as a result, potentially reduce your PII insurance costs, whilst meeting the requirements of the SRA 'Workplace Culture Directive'.
A robust culture not only boosts employee morale, productivity and ROI, but also significantly mitigates risks associated with professional liability.
Did you know? Up to 90% of PII claims and Cyber security breaches are because of an organisation’s culture and behaviour, not the misapplication of the law itself. Until now, PII and Cyber insurers have not measured this critical, differentiation and indicator of the potential for mistakes, complaints and ultimately claims.
Until now. If this is factored into the underwriting process, surely firms with great cultures and good claims records should get a much better deal on their PII premium. This is our aim.
To take part, all we require of you is to:
Nominate a ‘Lead Contact’ to be given access to your secure and private New Eden Dashboard which will contain the results for your specific firm
- Send out a companywide email to introduce the questionnaires, with a link to self-register, (we will provide you with a generic introduction for you to personalise)
- Provide us with a copy of your most recent Claims Summaries (6 Years ideally), redacting your company name as required. We will redact it in any event.
New Eden is already supported by a major Solicitor’s PII Scheme, a national broker and a separate insurer, all wanting to access this fundamental data and combine it with their ‘conventional’ PII and Cyber underwriting processes to better assess risk and reward well run organisations with lower premiums. Only 250 Law Firms have been selected as having a potentially ‘convergent culture profile’ and you are being invited to participate in the largest ever data-gathering exercise based on an organisation’s culture, with the clear intent of changing the professional indemnity insurance marketplace.
This ground-breaking research will be carried out anonymously and aggregated only, with no individual firm identified at any point before, during or after the process has been completed, without the written permission of the participating law firm.
It will take an average of 15 minutes to complete the 3 questionnaires, and you’ll be able to complete them all, either at the same time, or one at a time if it’s more convenient, by logging back in to our portal, on your tablet/laptop or PC and even on your smartphone.
The first 25 Law Firms who register for this ground-breaking research, will also receive a 60-minute feedback session, along with the headline summary report of your organisation, in-person or via video conference, to consider the ‘actionable insights’ our cultural analytics provide. The whole process embraces all management and staff,
at no cost, and is available from 1st May – 1st June 2024 inclusive.
If you are not within the first 25 you will still receive a headline summary report to digest with valuable insights into your business, again all free of charge.
The results are instant and available to be viewed at any time on your individual New Eden Dashboard, once you have registered.
To begin Step 1 of the process above, please email culturematters@neweden.uk and by return, we will send you 2 secure links; one to access your dashboard, and one to send out to all staff and management to complete the questionnaires, within a specified time period, usually 3-5 working days but this can be extended if key people are away that particular week.
To repeat, the exercise is light of touch, and deep in impact, quick and easy to complete the Culture Balance Questionnaires taking only 15 minutes in total, per individual participant. Results are instant and a Headline Summary of the output, to consider the ‘actionable insights’ will be provided, at no extra cost. As well as benchmarking, high-scoring outputs (a 'convergent culture') will help you negotiate a more competitive PII (Professional Indemnity Insurance) quotation at this year’s renewal. At the same time, you will also bee able to
show the SRA how you comply with the 'Workplace Culture Directive'.
We look forward to collaborating with you to enhance your firm's success and resilience.