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

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

Why Machine Learning Is the Next Big Opportunity for Insurance Professionals

Posted by Parker Beauchamp on Sep 07, 2016

Machine learning is a branch of artificial intelligence (AI) that deals with teaching computer algorithms how to improve their results. This can happen in a supervised environment, in which humans tell the computer the correct answers and it learns from them. Or, it may occur in an unsupervised environment, in which the computer improves on its own.

This may sound like science fiction, but it’s a real—albeit unseen—technology that powers our modern world. For instance, Amazon uses machine learning to refine its recommendation algorithms: each new purchase you make gives Amazon’s recommendation engine more insight into what you like, and it adapts accordingly. Netflix uses machine learning to offer suggestions on what to binge-watch next.

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Topics: Insurance News & Trends

How Insurance Agents Can Market to Millennials: Q&A With a Young Industry Pro

Posted by Parker Beauchamp on Sep 01, 2016

Move over baby boomers, there’s a new generation of movers and shakers who are calling the shots now: millennials. According to Pew Research, millennials — the current generation of 18 to 34 year olds — is now the largest living generation. And this group hasn’t kept quiet: they’ve taken over headlines as being digitally savvy, adventurous, and outgoing on social and political topics alike.

What’s more, millennial communication and shopping preferences have forced many industries to rethink the customer experience and sales process. Old-fashioned tactics may have worked on their parents and earlier counterparts, but direct mail and cold calling will get you nowhere with this group. Instead, they expect intelligent, personalized interactions that are less disruptive and precisely targeted to their needs.

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Topics: Insurance News & Trends