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Navigating Talent Challenges in the Evolving Insurance Landscape The insurance industry, like many others, has embraced virtual training as a response to changing work dynamics. Independent adjusters (IAs) and staff adjusters now often receive training remotely, leveraging digital platforms and interactive sessions. However, in an industry where the majority of the work hinges on a person being in the field - Touch, See, Climb - the quality of adjusters has been swiftly deteriorating. Desk adjusters rely on engineer reports, unskilled field adjusters, and other "specialty contractors" who write their reports often in favor of who hires them...the carrier. Desk adjusters & in-office managers discuss these reports as if they are gold or the Bible & are becoming unwilling to see claims for what they are - individual & requiring assessment on a case by case basis. The drop is the quality of adjusters drastically affects the clients who are relying on their carrier to uphold the promise they sold in the insurance contract. Clients come to us on a regular basis feeling unheard, with a drastic misunderstanding of the claim process, and with many unresolved claim issues. Being an advocate for the insured in an ever changing & vastly under skilled industry is what we do. What are your thoughts on an article like this? https://lnkd.in/g4bSXUJ9
Independent Adjusters Face Industry Shifts Amid Quality Concerns and Carrier Changes
claimspages.com
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Earlier this week I got the opportunity to discuss my thoughts on cross-departmental programs and talent retention in the insurance industry with Insurance Business America. You can read it below if you're interested! https://lnkd.in/e-T_FD3v #plm #insurance #talentretention
How cross-departmental programs help build and retain talent
insurancebusinessmag.com
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🔍 Seeking RIBO licensed insurance brokers? Crafting a clear job description is crucial! Highlight qualifications and company culture to attract the right candidates. Check out this article to learn more ⬇️ #InsuranceRecruitment #HRInsights #insurancebroker #businesstips https://lnkd.in/eeYuxDsb
How to attract and hire RIBO Licensed Insurance Brokers
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There is significant opportunity for the life insurance industry to better and more efficiently assess risk through the use of Artificial Intelligence (AI). However, with this opportunity comes certain challenges, as states consider how to hold insurance companies accountable that their data and algorithms do not unfairly discriminate. For more information on this topic, read our recent article, originally published in ON THE RISK, by MIB's Christie Corado and John Allen. https://lnkd.in/esJdgcu3
MIB - Algorithmic Accountability, Data Bias and the Regulatory Landscape
mibgroup.com
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WHY INSURANCE ADJUSTERS WILL ALWAYS BE IN DEMAND IN TODAY’S EVER-CHANGING JOB MARKET, THE FEAR OF AUTOMATION AND TECHNOLOGY RENDERING CERTAIN PROFESSIONS OBSOLETE LOOMS LARGE. However, one profession that stands resilient in the face of technological advancement is that of an insurance adjuster. While automation may streamline certain aspects of the job, the need for adjusters will never truly diminish. Here’s why: https://lnkd.in/gW68tQuD
Why Insurance Adjusters Will Always Be in Demand
ae21.com
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Hot off the press! Karun Arathil and Karen Monks provide valuable insights into the global P&C insurance BPO market, emphasizing the importance of driving efficiency and innovation. BPO and TPA services are instrumental in assisting insurers to reduce costs, address operational obstacles, and explore growth opportunities. Their report offers a detailed market analysis of global life insurance outsourcing deals, spotlighting the trends that are shaping the industry's advancement. Interested in learning more? Check out the insightful report here: https://lnkd.in/epHP45TY
2024 Global P&C Insurance BPO Market Analysis: Driving Efficiency & Innovation | Celent
celent.com
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Protect your career with Errors and Omissions (E&O) insurance 🔍 Your advice, expertise, and services are the heart of your career. A small mistake can have significant financial consequences. Learn how E&O insurance protects you against claims for inadequate, negligent, or poorly executed services. After all, to err is human. ➡️ Read the article to learn more! https://lnkd.in/e9BnRC93 #Insurance #ErrorsAndOmissions #ProfessionalProtection #Blog
Importance of insurance for professionals | Fort Assurances
https://www.fort.ca/en/
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𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬, 𝐒𝐡𝐚𝐫𝐞 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐃𝐞𝐦𝐚𝐧𝐝 𝐚𝐧𝐝 𝐂𝐨𝐧𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟒 𝐭𝐨 𝟐𝟎𝟑𝟑 The Insurance Brokerage Market involves entities that act as intermediaries between insurance buyers (individuals or businesses) and insurance providers. Insurance brokers help clients assess their insurance needs, identify suitable insurance products, and negotiate coverage terms and premiums with insurance companies. They play a crucial role in facilitating the purchase of insurance policies and providing ongoing support and advice to clients. The Insurance Brokerage Market is a vital component of the insurance industry ecosystem, providing value-added services to both insurance buyers and insurers. Insurance brokers offer expertise, market knowledge, and personalized advice to help clients navigate the complexities of insurance coverage and make informed decisions. 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://lnkd.in/dCKxmDqT 🌟Key Functions of Insurance Brokers: Risk Assessment: Insurance brokers assess clients' risk exposure and insurance needs by analyzing their personal or business circumstances, assets, liabilities, and potential risks. Insurance Product Selection: Brokers help clients select appropriate insurance products and coverage options tailored to their specific requirements, preferences, and budget constraints. Market Access: Brokers have access to a wide range of insurance providers and products, enabling them to shop the market and obtain competitive quotes and terms on behalf of their clients. Negotiation and Placement: Brokers negotiate coverage terms, conditions, and premiums with insurance companies on behalf of clients, leveraging their market knowledge and relationships to secure favorable outcomes. Claims Assistance: Brokers assist clients in filing insurance claims, navigating the claims process, and advocating for fair and timely claim settlements with insurance providers. 📈 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧𝐬: 𝐁𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 • Wells Fargo • NATIONAL FINANCIAL PARTNERS • meadowbrook insurance group kansas city mo Co • JARDINE LLOYD THOMPSON GROUP PLC • BB&T Insurance Services of Morganton • Willis Group • Marsh McLennan • Gallagher • HUB International • Brown & Brown Insurance #Type • Life Insurance • Non-Life Insurance #Application • Institution • Individual ✅ 𝐅𝐨𝐥𝐥𝐨𝐰-Stringent Datalytics - Information Technology #InsuranceBrokerage #InsuranceBroker #InsuranceServices #InsuranceIndustry #InsuranceAgency #InsuranceAdvisor #InsuranceConsultant #InsuranceCoverage #InsuranceProducts
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👍Thanks Insurtech Insights for the coverage! Looking forward to many more great stories over the coming months! #insurtech #underwriting #lifeinsurance
Munich Re Automation Solutions and American Family Life Insurance Company have announced a strategic partnership, with American Family Life Insurance Company adopting ALLFINANZ NOVA, Munich Re's cloud-based automated underwriting and analytics solution. Grant Andrew, VP of Customer Success at Munich Re Automation Solutions North America, said: “We help our clients differentiate in the market through proven, class-leading solutions focused on enhancing the end-consumer experience of insurance." Todd Fancher, President of American Family Life Insurance Company added: “We are always evolving our technology to support our innovative products and provide the best customer service possible." #insurtechinsights #insurancenews #partnerships https://lnkd.in/ee4-U2fk
Munich Re Automation Solutions Announces Partnership with American Family Life Insurance Company | Insurtech Insights
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The Broker of Record (BOR) plays a crucial role in the insurance. The significance can be highlighted in several key areas: ### Insurance Industry 1. **Representation and Authority**: In the insurance sector, a Broker of Record (BOR) is an agent or agency that has the express authority to represent an insured party in buying, maintaining, and negotiating insurance policies. The BOR has the exclusive right to communicate with the insurance carrier regarding the policyholder's coverage and terms. 2. **Policy Changes and Negotiation**: They can request changes, negotiate terms, and provide professional advice to the insured on their insurance policies. This can include adjusting coverage limits, adding or removing policy endorsements, or navigating through complex policy renewals. 3. **Claims Assistance**: The BOR may also play a role in the claims process, assisting the policyholder in lodging claims and acting as an intermediary between the policyholder and the insurance company to facilitate a smooth settlement process. 4. **Market Knowledge and Access**: They often have in-depth knowledge of the insurance market and can access a wide range of insurance products and services that might not be directly available to consumers. This enables policyholders to get the best coverage according to their needs and budget. 5. **Legal and Compliance**: Ensuring that policies comply with current laws and regulations can be complex. A Broker of Record helps maintain compliance, minimizing the risk of legal issues for the insured. ### Overall Importance The Broker of Record holds a position of trust and authority, acting as a key advisor and facilitator for clients in navigating the complex landscapes of insurance. Their expertise and guidance are invaluable in helping clients make informed decisions, ensuring legal compliance, and advocating on their behalf in negotiations and dispute resolution.
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