The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes–as well as underwriting, rating and insurance producer and sales issues. That’s according to a review by Wolters Kluwer …
Errors & omissions claims against agencies related to the COVID-19 pandemic have not materialized as feared a year ago. Overall, E&O claims against agencies actually dropped in 2020. That’s basically good news for agency owners. However, experts warn that agencies …
It’s difficult enough keeping up with the latest trends in agency technology let alone trying to do it during a global pandemic. But industry technology experts say independent agencies made progress, with many accelerating their technology use during the pandemic. …
Despite independent agents having long driven the lion’s share of property/casualty (P&C) insurance industry revenue, many have been feeling neglected by carriers who have had their sights set on the direct-to-consumer market for the past several years. That’s changing, according …
You might think robots and other forms of workplace automation gain traction due to their intrinsic value in reducing the cost of doing business. But a study co-authored by an MIT professor tells a different story: Robots are more widely …
When Pierce Powers founded Powers Insurance & Risk Management in 1991, it wasn’t his idea. He had planned to follow in his father’s footsteps and become a surgeon. But an auto accident during his senior year in college changed everything. …
The hotel industry has made progress on the road to recovery from the effects of the COVID-19 pandemic, but in total, the sector is still reeling. The hotel industry is projected to end 2021 down more than $59 billion in …
Agency partnerships and networks continue to grow in strength and numbers as independent agencies, large and small, look to these groups for greater market access, valuable services and the sharing of ideas that can take their agencies to the next …
As an insurance journalist and a parent with a 16-year-old son, soon to be on the roads, I know all too well the dangers that lie ahead when it comes to driving behavior. So much so I’m often advocating that …
One area receiving increased scrutiny by underwriters are ESG related issues, or environmental, societal and government requirements, according to Ricky Bryan, executive vice president, IMA Financial Group Inc., and director of IMA’s energy practice in Houston. “We’ve seen some interesting …
