When an E&O arises, the company is liable for any mistakes made by brokerage staff on behalf of the client that they cannot convince the carrier to cover. Even if the brokerage is eventually found to not be at fault, litigation is costly. If your brokerage’s has an E&O policy in place, sure your bottom line may take a hit from the deductible but that’s why you bought an E&O policy… to protect yourself from a significant financial loss.
When we think about augmented reality (AR) and how it may impact insurance policies, we automatically think of those people falling off cliffs or driving into walls while trying to catch Pokemon. We think about how the risk increases and how it may be challenging to mitigate them in cases like this. (People don’t normally consciously walk off a cliff.) While these things have happened and surely cost the carrier a few payouts, it is important to be reminded of how this technology can impact the insurance industry for the better.
I recently had the privilege of joining some of Chicago’s tech leaders for a panel discussion on building happy customer relationships. The conversation and the questions reflected the increasing complexity of today’s business climate.
Our own Nicole Maaguo sat down with one of our favorite super users to discuss the bull in everyone’s china shop: comparing dissimilar documents.
Recent data breaches at Sony, the FBI, the OPM, Target, Ashley Madison, and along with dozens of other high profile stories in the last eighteen months, have dramatically increased the urgency with which companies are looking to protect themselves from cyber risks. At the same time that companies are waking up to the true cost of cyber exposure, underwriters are also confronted with the high costs brought on by cyber claims. NetDiligence’s 2015 Cyber Claims Study showed that the average cyber claim was $673,767 with claims reaching as high as $15 million. Naturally, commercial general liability policies have tightened wordings with the insertion of data breach exclusions.
Brokers have historically been drowning in policy checking work on regular times during the year. Historically, a policy checker’s only tools were the printer, a highlighter, and a set of eyeballs. The technique was called, “Stare and Compare”-- stare at the pages of the Renewal and compare to the Expiring until your eyes glaze over! Making matters worse, the vast majority of the policy checkers workload typically peaks at a few key points in the year - quarterly or annually.
Riding the 'L' train to work in downtown Chicago – short for “elevated” train -- I am often struck by how different the city looks from 30 feet above ground. It takes a moment to relate the view from the train to the same neighborhoods where I routinely walk, drive, or run. While catching glimpses into alleys and corridors not visible from the street, I have discovered rooftop cafes, hidden parks, and at least one dog-friendly playground, and come away with a richer view of my city as a result.
Ever since Don Norman coined the term User Experience, software designers and engineers have worried about the usability of their systems and the human interfaces they build to it. Despite the best efforts of the UX world, and the growing power and flexibility of Enterprise data-driven systems, it is a truism that most business data still remains in unstructured forms. The use of Email persists as a data exchange mechansim. It is still the Internet's "killer app". This post explores the idea that technologists and designers of user exepriences should pay attention to the many reasons Email works, and focus on leveraging its unique capabilities to create and manage valuable business data.
The right data truly creates efficiencies, operational improvements, underwriting opportunities and opportunities for competitive differentiation.
Our new senior solutions architect, Richard Stoney, comes to Adsensa with more than 10 years’ experience picking apart document capture processes to make them more efficient. In my conversation with him, I learned that many industries are trying to achieve the same thing when it comes to putting a process around how they work with their documents.