In part one, we shared several E&O prevention best practices that agencies can apply prior to binding coverage. In this post, we’ll discuss what agencies can do to protect themselves during certificate issuance.
Certificates of insurance are a vital and often urgent deliverable for insurance customers. But for insurance agencies, they can be a stressful interruption and a potential source of errors and omissions (E&O) risk.
More and more states are beginning to enforce their versions of the NAIC’s Insurance Data Security Model Law. While high-profile hacks and a general rise in cybercrime levels continue to call attention to the need for robust data security programs, it’s important to understand that MDL-668 isn’t the only model law intended to improve data security for the insurance industry.
In Agency Freedom’s podcast, James Jenkins interviews Mark Breading, Consulting Partner at ReSource Pro, to discuss his views on distribution trends, technology disruption, and data. Here are some highlights from the conversation: Overall, Mark’s insights provide valuable perspective on the current state and future direction of the insurance industry, as well as ReSource Pro’s unique…
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New research from ReSource Pro Consulting indicates MGAs face several roadblocks when investing and deploying new technology capabilities. MGAs are tackling various technology initiatives spanning distribution, internal operations, and insurer relations, which are fueling priority conflicts and stretching IT teams thin.
E&O can be costly for insurance agencies. The best defense against E&O liability is to stick to the basics: Encourage your producers and account managers to improve their technical knowledge; train them to fully educate policyholders; and establish strict procedures for processing applications, checking policies, and properly filing paperwork.
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As insurance buyers’ expectations continue to rise, driven by new data and technology, many insurance organizations are falling behind. To take a closer look at the state of customer experience (CX) in the industry, we sat down with Josh Levine, founder and CEO of Cake & Arrow.
Between high volumes of submissions, a tight talent market, and other industry challenges, it’s easy for underwriting teams to become overwhelmed and overtaxed. To keep underwriters focused and efficient, insurers can develop a standardized approach to clearing and triaging submissions.
Whether you’re looking to improve certain aspects of your insurance operations that aren’t meeting expectations or simply want to take them to the next level, it can be tough to figure where to begin. One methodology we find useful is the “Five S’s”.
From rising customer expectations to talent shortages, today’s employee benefits insurance brokers are being challenged to find new ways to operate more efficiently, increase profitability and elevate the customer experience. Here are some of the trends and factors affecting brokers most today.
One of the Top 25 property and casualty insurance agencies in the U.S. was selling level-funded health insurance plans to its business customers. These plans are often marketed as lower-risk alternatives to self-funded plans—yet they have certain risks that employers need to be aware of.
As more insurance agencies warm to the idea of implementing automation, their next priority should be understanding how to make automation work successfully. To achieve the greatest return on investment, insurance agencies should consider four key steps.