Your center for insurance and risk management tips, news and trends.

3 Ways to Build a Truly Customer-Centric Insurance Experience Using Technology

Posted by Parker Beauchamp on Oct 26, 2016

When life gives you lemons, make lemonade. That’s the idea behind the aptly named Lemonade, a next-generation insurance startup. The company, which opened for business in New York in September 2016, aims to turn the sour insurance purchase and claims process into a “delightful” experience for consumers through smart technology and design.

It’s too early to tell if the company’s ambitions will become reality, but one thing is certain: competitors to traditional insurance, like Lemonade, are thriving because the industry desperately needs to reinvent the consumer experience with technology. For instance, Lemonade is partly revolutionary because it allows users to buy renters coverage instantly from any mobile device, functionality shockingly absent from the insurance process in 2016.

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Topics: Personal Insurance, Insurance News & Trends

What Is Cyber Insurance and Why Should Businesses Care?

Posted by Parker Beauchamp on Oct 19, 2016

Cyber insurance is a broad term used in different ways by insurers to describe coverage for a range of information security issues. Even if you’re not tech-savvy, it’s important to have some type of dedicated cyber insurance policy or add-on coverage for your business. These policies can protect you against first and third-party costs that result from data breaches, cyber attacks and other information security issues.

This isn’t only a concern for huge corporations and major commercial outfits. No business is too small to escape the notice of hackers and malicious parties. In fact, 60% of all online attacks in 2014 were made against small and midsized businesses, reports The New York Times. That’s because small and medium businesses often don’t have the resources to protect against sophisticated cyber attacks that steal customer data, disrupt ecommerce activity and hold passwords or logins hostage.

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Topics: Business Insurance

Liar, Liar Pants on Fire: Why You Shouldn’t Fib on Insurance Forms

Posted by Parker Beauchamp on Oct 13, 2016

It may come as a surprise, but a recent survey found that 51% of auto insurance applicants don't tell the truth, and it doesn’t stop there. Consumers lie on all different types of insurance forms, from auto, to life to homeowners insurance.

So why do people lie in the first place?

Individuals often lie or stretch the truth on their insurance forms to lesson backlash from damaging events, such as accidents, stolen items, health incidents, etc. What people may not realize though is that these lies can set you back even further. Depending on the severity of the lie, it could even be classified as insurance fraud instead of a simple slap on the wrist.

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Topics: Personal Insurance

A Nonprofit’s Guide to Understanding the Insurance and Risk Management Process [White Paper]

Posted by Larry McSpadden on Oct 03, 2016

1.41 million nonprofits operate in the U.S., contributing $905.9 billion to the economy.

As a vital piece to making the world a better place, your organization can’t afford to be unprotected. But, up until recently good insurance was hard to come by. Twenty-five years ago, many social services organizations struggled to find appropriate insurance coverage, yet they still had to show proof of insurance.

Without industry-specific solutions and consultation to rely on, it was difficult to protect an organization against common risks and hazards associated with nonprofit services / functions. Under such an environment, a relatively simple insurance event could result in detrimental financial losses if the proper protection was not in place.

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Topics: Business Insurance

Workers’ Compensation Insurance Audits: What Business Owners Need to Know

Posted by Larry McSpadden on Sep 27, 2016

Let’s face it: workers’ compensation (WC) insurance is a big expense item for most businesses, and the many rules and procedures involved can lead to frustration. While almost all employers are required by law to carry it, the requirements, rates, and benefit schedules vary from state to state. One procedure is common to almost all workers’ comp policyholders, though: the required policy audit.

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Topics: Business Insurance