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...ntial to Choosing the Best Virtual Data Room for Insurance Companies
An online data room is a secure area where business p... involved. Luckily, there are virtual data rooms out there that offer customiz...

...ent. Aging infrastructure produces data silos through multiple outdated platfo...ing with manual processes, fragmented data, and mounting complexity can change...

...xtract meaningful value from their data and technology systems. This gap persi...newal. By linking customer experience data with renewal trends, customers can ...

...r important change: the shift from data to information. Everything used to be about data. We purchased agency management systems to manage our data. We spent the first year loading our data. Then, we were (and still are) deeply ... Redundant files abound. The computer database, paper file, and Word and Excel...

... of automation. There's a huge difference between being "computerized" and truly "automated." Some agencies use the computer as simply a typewriter and accounting tool. Others are actively using e-mail, faxing from the computer, interfacing with their carriers, scanning data — and some are even transactional filing. There's a world of difference. Cost cutting and improved efficiency requires the proper use of the computer's main functions. Get ongoing training from the firm's vendor, outside sources, or an in-house manager. Place a limit on ... makes sense from a cost and efficiency standpoint. It's important to analyze your agency's workflow at regular intervals. Automation was supposed to make workflow more efficient with fewer people. Often this is not the case, perhaps due to the way that the firm manages these workflow processes. For example, in Commercial Lines, we often see agencies re-entering data several times: Once to create a proposal, once to do an ACORD form, and sometimes even a third time, if the producer requires a special summary of insurance. If the ... ways to improve the bottom line. Work smarter, not harder by concentrating on the guidelines in this article — and you'll enjoy lower costs and higher profits. Bill Schoeffler, CIC, and Catherine Oak, CIC, CRM, AAI are partners in the consulting firm, Oak & Associates, based in Northern California. The firm specializes in financial and management consulting for independent insurance agencies, including valuations, mergers acquisitions, clusters, sales and marketing planning as well as perpetuation planning. They can be reached at ...

...learning algorithms assess diverse data points than human underwriters can eva...d implementing AI. Investment in data quality before expecting modeling v...

... or divestitures? Has there been a change in claims handlers? Who has handled the claims? Has there been a change in reserving philosophy? What types of loss control programs have been implemented and when? Is your casualty program occurrence or claims-made? WHAT KIND OF DATA WILL A CASUALTY ACTUARY REQUIRE? Although actuaries add value in many ways, the reason most people bring actuaries into a project is to take advantage of their technical expertise and obtaining as much of the available data as possible. The following is a sample of the ... the loss limitation. Indicate whether salvage and subrogation have an impact on losses. ARE THERE WAYS TO SAVE TIME AND MONEY? Planning ahead is the most effective way to minimize the cost of any actuarial project. The following items should be considered as early in the process as possible: If a presentation is required, decide early in the project to minimize travel expenses. You may accomplish a significant portion of the project over the phone (which is a money saver), but do not discount the value of a face-to-face meeting ... Insurance And Risk Management Professional 4/30/2013 10:45:23 PM by CompleteMarkets Editor , Al Rhodes This content has not been rated yet. ACTUARIAL CHECKLIST FOR THE INSURANCE AND RISK MANAGEMENT PROFESSIONAL by Al Rhodes The responsibilities of risk managers, risk management consultants, accountants, and brokers increase as insurance programs become more complex. An experienced casualty actuary must help manage these new responsibilities. This report poses several questions that will arise when you shop for a casualty actuary and answers them frankly and concretely. WHEN DO YOU ...

... go with a new system for both. These are major decisions that will affect the operations of both agencies and the financial results of the transaction. Although selection of the agency-management software system(s ) is important, other factors are involved. Decisions about training, data conversion, and procedures must be made, each with a significant impact on the ultimate success of the merger or acquisition. As many agencies can attest, changing an automation system can be the "best decision ever," or it can almost devastate an agency ... or breaking a deal. The fair market value of an agency is affected by its automation level to the extent that it improves productivity. Agency values are affected positively if automation use improves the quality of client service, account retention, carrier relationships, and the sales process. Timely and meaningful information that helps management to run an agency more effectively provides an extra bonus. Automation should have these impacts on agency value: Increased productivity and profitability Better quality of service to clients, resulting in increased account retention Improved communications, submissions, ... system training because specific agency procedures are already in place. Whether using vendor trainers or in-house staff, it's a good idea for new users to be taught the actual agency procedures and code numbers to be used with the new system. Angela B. Bemiss is a consultant for Reagan & Associates, an Atlanta, GA management consulting firm specializing in services to the insurance industry. She can be reached at 404) 233-5545, e-mail [email protected] , or visit www.reaganconsulting.com . Login or Register (for FREE) to ...

... Most important to our success were the remaining agency employees, whose dedication I rate higher than any group I've ever worked with. Equally important was the application of what I call the Agency Profitability Audit. The Agency Profitability Audit consists of five stages: Analyze the available data. Understand the agency's objectives. Determine the agency's assets and course of action. Inform all personnel and companies of the course of action. Transact the procedures and practices needed to attain the established objectives. We applied the audit to virtually all aspects of the agency's ... manager for the past 18 years, as well as every Commercial Lines producer. As if that weren't enough, the only people who were trained to use the agency's brand-new computer system left the agency on the system's first live day of operation, before completing the data-conversion process. Needless to say, this was the greatest challenge of my business life. However, not only did the agency and I survive, but by the end of 1998, income had grown by 10%, while the agency's value increased by more than 20 ... Management Resources & Links Categories Popular Recent All Back Agency Profitability Audits Lead To Greater Success 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Jack Fries This content has not been rated yet. Almost two years ago, after 10 years of consulting, I accepted a temporary assignment of managing an independent agency that generated 85% of its income from Property/Casualty Lines and 15% from Life, Health, and financial services products. The agency had just been terminated by its primary carrier, which accounted ...

...ients in gathering and researching data, crafting the report, and preparing f...untless hours gathering and analyzing data, preparing reports and strategizin...