FRAUD BUSTERS THE TECH (AND HUMAN) APPROACH TO WORKERS COMP CLAIMS HANDLING The best way to combat fraud takes both technology and human intervention By Lori Widmer It comes as no surprise to anyone operating a business that fraud is a big cost driver in workers comp. While it is not a large percentage of the claims filed (estimates from Radius Insurance put it somewhere between 1% and 2% of
Technology
CONTRACTOR MATH: SOLVING FOR CERTS Using AI and machine learning to automate certificates of insurance management processes By Lori Widmer “I would encourage others in our industry to really embrace the changes brought on by emerging technologies. … Get engaged.” —Mark Ware Executive Vice President IMA Financial Group On any construction project, all contractors and subcontractors must provide a certificate of insurance (COI). No matter what size the project is,
SURETY’S EVOLUTION Not taking the surety bond market seriously is a costly mistake many agents and brokers make By Lori Widmer “Surety is a very hot place to be right now,” says Aaron Steffey. His enthusiasm for the market is understandable: Steffey is co-founder and co-CEO of Propeller Bonds, a Philadelphia-based insurtech company operating as an MGA. Launched in June 2020, the firm provides an online platform for instant underwriting
HOW TO USE DATA TO GROW YOUR BUSINESS The importance of data collection, cleansing, security, and more By Pam Deanovich Every agency/brokerage is different, but all of them collect data of some kind. Many firms, like Compass Insurance Services, where I serve as commercial lines account manager, track data to boost customer retention, obtain new business and hold staff accountable. This all helps keep our businesses growing and thriving. Why
MASTER SOCIAL SELLING ON LINKEDIN FOR SUSTAINABLE GROWTH AND LONG-TERM SUCCESS Building a strong community By Andy Neary and Carolyn Smith As we mentioned in last month’s column about LinkedIn, today’s online consumers have high expectations and demands. They want more relevant, personalized content; better service; quicker response; and a successful customer experience. And they want it right now! Rather than fighting this trend, listen to and follow your
