Insurance

KEY SECTOR TRENDS

Elevated need to balance digital accessibility with constantly changing, consumer savvy demands
Redefining of the term ‘ownership’ and a continued shift to shared ownership i.e. Uber
Stagnant economy will continue to expedite M&A activity as companies seek to gain a competitive edge while invoking innovative cost reduction strategies

LEGAL RAMIFICATIONS

Sound legal comprehension required in the midst of M&A activity and the insurance business model restructuring
Increased reliance on legal advice with respect to regulatory change, contract and liability composition and unprecedented dispute scenarios
Need for legal risk review as new technologies and multi-channel distribution platforms emerge to replace existing insurance infrastructure

WHAT WE KNOW

Ownership and liability, the simplistic nature of the insurance industry we once knew, has changed—dramatically. What used to be an easy line drawn in the sand has now become a blurred delineation which is subject to ambiguous and subjective definitions of ‘who owns what?’ and, even, ‘what is ownership?’ As with the majority of the economy’s sub-sectors, the digital and information sharing age is catalyzing the insurance sector’s need for a complete, strategic reposition in order to solidify its relevance and the way in which it operates. With such an increasingly sophisticated audience and ever-changing access to a wide array of competitive options, purchasing channels and innovative ownership alternatives, insurance companies are bracing for continued sector change, M&A activity and the need to jump on the ‘speed to innovate’ bandwagon.

ADVANCING THE LEGAL INDUSTRY

At McInnes Cooper, we believe in playing an active role in the advancement of our clients and the industries in which they progressively participate. As such, we believe our responsibility extends beyond providing basic, legal advice—we are your true advocates and we fulfill this role in the most literal sense.

Our legal team of insurance lawyers are actively involved with the insurance community and have an intimate knowledge and appreciation for the nuances of the sector and the multitude of challenges it faces in the current market reconfiguration. We embrace this change and we revel in the opportunity to provide legal advice and industry expertise to our clients in pursuit of insurance sector leadership.