The Client Journey
A SPECIALIST IFA SERVING THE LEGAL SECTOR AND RECIPIENTS OF PERSONAL INJURY CLAIMS
In the UK Personal Injury Market Report 2018, it was reported the personal injury market is valued at c. £4bn with the catastrophic claims market representing c. 5% of these, totalling around £200m of opportunity on an annual basis. The Frenkel Topping Group has been providing support to this market for over 30 years and we believe that the total personal injury market is greater than the report suggests, with the catastrophic claims market potentially being double the reported size.
This represents significant opportunities for Frenkel Topping. However, due to the perceived risk of competitors in this specialist space, it is crucial that the Group is consistently serving this market and is front of mind within the legal sector. We have been particularly focused on promoting our brand and offering to the legal sector, as well as keeping abreast of continuing market changes e.g. the Ogden Rate / Discount Rate.
Our data has consistently demonstrated the correlation between Expert Witness Report production and selection of the IFA to manage the AUM award post settlement. Enquiries for this area are increasing on a monthly basis, and building this pipeline is a key metric for future growth and forecasting. We use applications which enable the business to use ‘smarter’ utilise data to predict certain outcomes and manage clients, especially between pre and post settlement ensuring we are front of mind with the solicitor or deputy managing the caseload.
An ongoing strategy for Frenkel Topping is pursuing further joint ventures, first initiated in 2017. The strength of these commercial relationships is already being recognised, with increased expert witness work and a pipeline of future AUM. We are currently working on further JV opportunities and this will continue as an objective in 2019 and beyond.