Help Your Customers Avoid Vicarious Liability

October 19, 2011   By Marc Katz

Vicarious liability can add new meaning to the term “special relationship” and cause the accused party to feel anything but special. These special relationships can exist between husbands and wives, and parents and children. In a business setting, vicarious liability typically occurs within the construct of an employer-employee relationship.  read more..

Automation Technology Can Successfully Transform Business

October 20, 2011   By Clare DeNicola

Insurance buyers have enjoyed a soft property-casualty market since 2007, and while there are some signs of the market hardening, most experts project that current conditions will likely continue for another two years.  read more..

Pay it Forward With Customer Service

American Agent & Broker 

October 2011   By Anita Z. Bourke, CPCU, AINS

Do you remember the last time you received really great or really bad customer service? Think about those interactions. How did they make you feel about the company? Were you more or less likely to stay with the company? Would you tell others about your experience? Would you recommend the company?  read more..

True Agent-Carrier Collaboration Requires a Common Platform

October 13, 2011   By Bob Burns

Last March when unveiling the iPad 2, Steve Jobs said, “Technology alone is not enough. That it’s technology married with liberal arts, married with the humanities, that yields us the result that makes our hearts sing.”

He was talking about hardware, but it’s true of software as well.  read more..

ISO Introduces New Tools for Automating Rating Service

October 12, 2011   By Staff Writer

ISO announce the availability of newly formatted algorithm files to accompany ISO Rating Service and ISO Electronic Rating Content. The rating data and the rules for acting upon the rating data are now in formats that can be uploaded to a policy administration system. 

read more..

The Perils Of Copycat Ratemaking

Insurers with less-sophisticated data tools might see “imitation” as a solution—but costs, risks may outweigh benefits
National Underwriter P&C   

October 17, 2011    By David Cummings

It is a time-honored practice in insurance ratemaking for insurers to study their competitors’ rates. And, because of rate regulation, competitors’ price information is a matter of public record. 

read more..

Aug. Employment Numbers Net Loss For Insurance Industry

October 12, 2011   By Mark E. Ruquet

NU Online News Service, Oct. 12, 12:36 p.m. EDT

There were 2,100 fewer jobs in the insurance industry for the month of August, with property and casualty insurance carriers, agents and brokers taking the biggest hit of the nine industry segments. 

read more..

U.S. Workers’ Comp Results Drop Again, A.M. Best Reports

October 13, 2011   By Caroline McDonald, PropertyCasualty360.com

NU Online News Service, Oct. 13, 3:11 p.m. EDT

A number of challenges continued in the workers’ compensation segment throughout 2010, causing additional decline in premium volume and deterioration of underwriting results, according to A.M. Best. 

read more..

Markel: Data Breaches Not Just Aimed at Large Companies Any More

October 12, 2011   By Chad Hemenway, PropertyCasualty360.com

NU Online News Service, Oct. 12, 12:02 p.m. EDT

SAN DIEGO—Hackers, known for going after large organizations to steal data, now have an eye toward easy pickings in smaller companies, according to Markel’s IT and data-privacy underwriting expert.

read more..

Worsening Economy and Investment Income Strain P&C Industry

Conning Report Underscores Longer-Term Concerns

October 13, 2011   By Christina Bramlet, PropertyCasualty360.com

Generally speaking, the economy is more resilient than most pundits presume but nevertheless will continue to face prolonged stagnation in the next couple of years. The downtrend in economic indicators, along with shrinking investment income projections are chief conditions guiding the latest edition of Conning’s “Property-Casualty Forecast & Analysis” report.  read more..

The New Claims Caregivers

A Meditation on Millennials
Claims Magazine October 2011   By Alan Hlad

I was driving to work after celebrating a birthday milestone, reflecting on my life and career. Both are filled with many accomplishments and also some failures, which I fondly refer to as my “learning opportunities.” 

read more..

NCCI Releases Study on Workers’ Compensation Excess Loss Development

October 12, 2011   By Staff Writer

The National Council on Compensation Insurance (NCCI) has released a new study, “Workers Compensation Excess Loss Development,” which adds 4 calendar years of large loss experience to a similar 2007 paper.  read more..

Salary Survey 2011: Along for the Bumpy Ride

Overcoming Inertia, Stifled Wages, Precarious Workloads
Claims Magazine October 2011   By Christina Bramlet, PropertyCasualty360.com

Economic upheaval continues to dominate news headlines and affect our work and home lives in perplexing ways. On any given day, it can seem as though the entire world is on the verge of collapse. Basic living expenses are increasingly outpacing salaries, and mounting pressures and responsibilities are putting fetters on our happiness and ability to genuinely believe that brighter days are ahead.  read more..

“Fraud Dog” TV Show Takes on Insurance Scammers

Claims Magazine October 2011 

By Catherine Couretas, PropertyCasualty360.com

Linda Webb, an expert in fraud investigation, has developed an idea for a TV show set to kick off soon. Webb, who was previously in charge of AIG’s global fraud operations and currently serves as president of Contego Services Group, has been involved in the investigation of high-profile cases, managing more than $1.2 billion in exposure.  read more..

Claims and Business Intelligence: Adjusters in the Spotlight

September 30, 2011   By Aviva Phillips

Many business intelligence (BI) applications and efforts are focused on policyholders. We know how to monitor and measure the myriad offers, discounts, and special programs we create for them. We know how many times policyholders and prospects are “touched” in our marketing and sales processes. We know the demographic profiles of policyholders and prospects, their buying behaviors, their preferred price points, and their appetites for risk.  read more..

4 Overlooked Documentation Errors That Can Cause E&O

October 12, 2011  By Curtis M. Pearsall

For years, E&O seminars have focused on the issue of documentation. This is primarily due to the premise that the quality and depth of file documentation is a major factor in determining which direction an E&O claim goes. Solid documentation can literally stop a potential claim in its tracks while poor documentation may hurt your agency defense more than you can imagine. read more..

Will Crash-Avoidance Systems Eliminate Accidents?

September 28, 2011   By Greg Horn

Advances in crash-avoidance systems have hit a fevered pace over the last few years, including vehicle-stability technology requirements on all 2012 models aimed at preventing rollover accidents . New advances are possible primarily because of telematics like GPS navigation systems and advanced computer-controlled drive systems. This technology is only the beginning of many incredible things to come—but will it eliminate auto accidents?  read more..

Moody’s: Workers’ Comp Claim-Frequency Increase Adds to Profitability Challenges

October 4, 2011

By Phil Gusman, PropertyCasualty360.com
NU Online News Service, Oct. 4, 12:46 p.m. EDT

Reports from the National Council on Compensation Insurance showing that workers’ comp claim frequency in 2010 increased for the first time since 1997 is credit-negative for property and casualty insurers, says Moody’s, but it’s too early to know if the increase is a cyclical tendency or reversal of the long-term trend.  read more..

Driving Financial Gains with Auto Subrogation

Responding Quickly and Appropriately
October 10, 2011   By Christopher Tidball

What happens when subrogation demands come into your organization? If you are like many in the industry, then responding is not necessarily a high priority. In the eyes of some handling these types of claims, it is often viewed as being just another carrier on the other end of the demand. read more..

The Analytical Insurer

September 14, 2011   By Stuart Rose

Analytics is certainly not new to the insurance industry. It could be argued that the first mortality tables developed in the 18th century were analytics. However, the adoption rate of business analytics within insurance has been slow.  read more..

5 Lessons from Steve Jobs on Agency Succession

August 31, 2011   By Laura Mazzuca Toops, PropertyCasualty360.com

The recent news that Apple CEO Steve Jobs was stepping down from his current position roiled Wall Street, the media and the business community with speculation on whether the tech giant can sustain its competitive and innovative supremacy after the transition.  read more..

The Top 5 Misconceptions Juries Have About Insurers

September 29, 2011   By Marissa Alkhazov

Do you ever think about managing a case to trial while preparing to take the initial recorded statement of an insured? Most claims professionals do not, and once litigation is initiated and the ‘powers that be’ decide to move forward with trial, all of a sudden the judge is not the most important person in the courtroom to influence...it is the jury. read more..

“Moneyball” and Winning An Unfair Game

Applying Sabermetrics to Claims
September 28, 2011    By Christopher Tidball

In the new movie Moneyball, the art of sabermetrics takes center stage, as this real-life saga of Billy Beane and the Oakland A’s unfolds. Sabermetrics is the analysis of baseball through objective, empirical evidence, especially baseball statistics that measure in-game activity rather than industry activity, such as attendance. By focusing on actual contribution to a team, use of this formula theoretically enables teams to hire undervalued players, in turn bringing salaries in line with affordability.   read more..

Educational Article Series: Program Business—From Submission to Finish Line

Part 2: Taking the Completed Submission to Market
September 29, 2011   By Phillip J. Gajewski

Dedicated insurance programs are an excellent way for independent agents and agencies to set themselves apart from their competitors and help grow a specialized, renewable and, potentially, profitable book of business.  read more..

The Dollars and Sense of Workers’ Compensation

Return-to-Work Plans, Proposed New Mods Impact Pricing
Florida Underwriter October 2011 By Bob O’Halloran

No matter how safe an employer tries to make the worksite, accidents can still happen. The National Safety Council (NSC) reports that a disabling injury occurs every 1.3 seconds in the U.S. (more than 63,000 every day), and the Social Security Administration predicts that 3 out of 10 workers entering the workforce today will acquire some type of disability before they retire.  read more..

Workers Comp Lost-Time Claims Increase By 3%

September 26, 2011   By Mark E. Ruquet, PropertyCasualty360.com

NU Online News Service, Sept. 26, 1:38 p.m. EDT

Workers’ compensation lost-time claims increased 3 percent last year, the first increase in such claims since 1997, the National Council on Compensation Insurance, Inc. reports today.
The Boca Raton, Fla.-based association released its 2011 Workers Compensation Claim Frequency report saying the Great Recession of 2007-2009 may have had an impact on workers’ compensation claims frequency.  read more..

Comparative Negligence

Facing Auto Liability Claims Head On

Claims Magazine September 2011     By Mark Fay

A variety of factors contribute to fatal auto accidents—many of which are from the deadly everyday maneuvers that drivers perform, like turning a corner or changing lanes. In the cases that involve more than one vehicle, it may seem easy to point fingers and blame one driver for the entire accident.  read more..

Before and After

September 23, 2011   By Christine G. Barlow

In August the East Coast experienced an earthquake and a hurricane—and more hurricanes are developing. While billions of dollars in damage has been done and lives have been lost, there are some things the average person can do to mitigate their own exposure in the event of a disaster.  read more..