Policy checking comprises examining policy documents to check the complex aspects of a policy, understanding the differences in coverages, and ensuring if it complies with regulatory standards. All this makes it a meticulous task that demands a lot of time and accuracy to complete. Carriers and agencies cannot spare the time and effort needed which is why they outsource the task. When insurance companies outsource, they get a number of benefits that can lead to…

Any insurance policy requires a fair amount of data, reports, and other requirements to meet the compliance norms. The legal industry and malpractice insurance segment are no different. Loss run reports, which include a policy’s detailed information, are essential for several reasons. However, getting the latest loss run report can be nothing less than a daunting task. In this article, we take a look at the reasons why loss run reports are important in legal…

The Covid-19 pandemic has caused an unprecedented slowdown in the insurance industry, forcing stakeholders to change the way they conduct business. Insurers were clearly unprepared for such a brutal crisis and had to pay for it in terms of opportunity loss, revenue loss, and workflow disruptions, and even halting of operations. The crisis has underscored the need for insurers to brace themselves for more such unexpected setbacks and catastrophes in the future. And to do…

Most insurance brokers and agents find the standard process of obtaining loss runs to be downright painful. The single biggest problem for them is to find where to order them in the first place. A professional who worked with a carrier for many years found the process to be far too time consuming. The reason being it is way too complicated and confusing. In fact, it is complicated enough to dissolve a growing relationship between…