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…
A Boston-based property insurance company with footprint in 13 cities across the US was facing significant problems with its mailroom…
The impact of the Covid-19 pandemic on the insurance industry has been disastrous. The primary area of loss for most…
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…
While outsourcing has always been a well-recognized concept in the insurance sector, it was considered an add-on in the pre-Covid…
A strategic management of policy services has never been more critical than in the current situation. The Covid 19-induced depreciated…
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…
Since its inception, the insurance sector has fundamentally been a people-driven affair. Manual workflows have dominated the scene and the…
Customers are smart and look to have a deep-dive knowledge of services they avail. They are more than keen to…
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…
