https://completemarkets.com/Article/article-post/2079/FINDING-A-COMPATIBLE-BUSINESS-COMBINATION/
...rrent operations (profitability, staffing, expense controls, working capital, ... management, automation, clustering, errors and omissions, evaluations, mergers, and producer compensation. You may E-ma...
https://completemarkets.com/Article/article-post/943/MANAGING-TO-AVOID-ERRORS-OMISSIONS-PROBLEM/
Managing To Avoid Errors & Omissions Problem
MANAGING TO AVOID ERRORS & OMISSIONS PROBLEM by Carol Hamm...y evaluated with respect to financial and operational red flags that might in...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/233/Agency-Automation-An-E-O-Resource/
... same automation system (not an unusual situation) this commonality would greatly simplify the book transfer. Even if the agency being acquired has failed to use its system properly, updating files to the standards of the acquiring agency should be fairly easy. One key issue involves staffing. The buyer might be able to take over the book of the agency being acquired and retain its staff without a major investment in retraining them. However, because the chances are that the buyer's staff generated more income per employee than did the acquired agency, ... Buehler examines some of the automation pitfalls you should avoid to ensure that you're not hit with an E&O loss. Although few (if any) independent agencies operate without automation, I suspect that too many agents fail to use their computer systems to minimize their Errors & Omissions exposures. This neglect might easily come back to haunt them. As the hardening market forces more and more agencies to look for a new E&O carrier at renewal, they might end up with less coverage with a higher premium and higher deductible ... a time when they can least afford a claim. Consider these scenarios: An agency principal doesn't know how to use the computer system. A well-managed agency acquires an agency that's poorly run or controlled. An agency's financial performance is marginal or poor in comparison with its peers. Agency management doesn't require producers to be computer literate. An agency fails to account for and document activities in its system. An agency doesn't make proper use of the system's report and verification facilities. Although a number of other situations could arise, let's explore ...
https://completemarkets.com/Article/article-post/998/MANAGING-SMALL-ACCOUNTS/
...es. But for account retention and Errors and Omissions considerations, it is import...-billed basis. Ratings should be quick and easy, applications and endorsement requests standardized, and underwriting requirements clear-cut...
https://completemarkets.com/Article/article-post/1684/AGENCY-BROKER-PROFILING/
...ion about principals. 2. Agency-staffing information, describing the position...erform the duties he or she is best at and likes most. That concludes the rev...