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.
With economic challenges ahead and competition for talent high, companies must focus on not just hiring new employees but retaining their most experienced and productive ones. Here are five tips to consider when it comes to your enhancing your talent retention strategy.
A specialty carrier was seeking to implement a new administrative system with a facilitated training curriculum for end users. As the carrier was focused on the technology build, testing, and launch of the new system, they realized they needed a partner who could support the training curriculum build and deployment.
Determining whether automation makes sense for your insurance organization requires assessment across multiple areas—your people, your business process, and your technology systems. It is critical to understand each area while considering implementing automation.
Between economic and talent challenges, increasing compliance obligations, and more, 2023 is set to be another interesting year for the insurance industry. Let’s explore the top trends affecting the space today and examine the impact they’ll have on retailers.
The excess and surplus lines insurance market has long been a source of solutions for companies with emerging and difficult-to-place risks. The steady growth in E&S premium volume over the past two decades have made non-admitted business attractive for agencies and brokerage firms.
Organizations that lack an efficient approach to prioritizing submissions can find their underwriters wasting time and effort focused on those that are unqualified and likely to be declined. This is especially challenging when an organization is dealing with high volumes.
Macroeconomic conditions are challenging for insurance companies in general, but they offer some opportunities for surplus lines companies. With inflation at a 40-year high, insurance rates are likely to remain high, driving more risks to the surplus lines market.
Mergers and acquisitions have reached record heights for brokers in recent years. At the same time, rate increases and tightening in the admitted insurance market are causing more business to flow into excess and surplus (E&S) lines.
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The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.