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.
It’s easy to get caught up in the hype and promise of new technologies. But as insurance professionals, we must remember that AI is one tool of many at our disposal. We need to combine our understanding of its benefits with a healthy respect for the potential for damage if it is misused.
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.
Most insurance professionals understand that failing to meet their compliance obligations can result in censure by regulation authorities. Often, however, they underestimate the real harm such penalties can do
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.
One of the great things about a career in our industry is the ability to pursue it anywhere, especially these days with more companies adopting remote-working strategies. Simply notify state regulators of a new home or business address within the mandated time frame. If a move takes a licensee across state lines, however, the process becomes more complicated.
To achieve long-term growth, a carrier sought to expand into new lines of business and diversify geographically with new products & channels. Throughout this journey, the client needed to maintain a strong balance sheet while delivering a superior customer experience.
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There are arguments both for and against the near-term emergence and impact of the Metaverse. It is fun to think about how it may dramatically alter human existence in the future, but first, it is important to define what is even meant by the term—and there is no universal agreement on the concept.
Understanding the needs of stakeholders and allocating investments accordingly to enhance digital capabilities not only improves the customer experience of agents and policyholders but also delivers greater efficiencies internally.