Capstone Insights
While everyone talks about blockchain, also known as mutual distributed ledger technology, just a few people actually know what this technology can do and how it could someday revolutionize the re/insurance industry, just by streamlining back-office processes. Continue reading →
When it comes to obtaining or renewing business insurance policies such as general liability, workers’ compensation, commercial automobile coverage, property etc., typically the business, policy coverage and risk associated with the policy will go through what is called underwriting. Each insurance company has it’s own set of underwriting guidelines when determining if they are willing to take the risk of the insured. Continue reading →
Michael Johnston, the great, great grandson of the founder of one of the first Baptist churches in Texas, grew up being constantly warned about sin, including the evils of television and dancing. Thus it is a bit strange even to him that he has come to be known as the “marijuana guy” among insurance claims professionals. Continue reading →
Not only are liability losses increasing but they are getting more expensive, particularly in relation to global product recalls, corporate liability, cyber and environmental incidents, according to a new report by Allianz Global Corporate & Specialty (AGCS). Global Claims Review: Liability in Focus identifies defective product or work, crash and human error incidents as the largest causes of liability loss for businesses, based on analysis of insurance claims. Continue reading →
Effective January 1, 2017, OSHA has revised its requirements for recording and submitting workplace injury records and illnesses. The OSHA Final Rule on Electronic Tracking of Workplace Injuries and Illnesses revisions require that some recorded information is submitted to OSHA electronically. Continue reading →
Now that the yearly task of filing personal taxes has passed, this is an opportunity to discuss another type of filing for businesses that occurs every year – the workers’ compensation and general liability audits. In comparison, insurance audits and filing taxes are similar in that both are mandatory, annually. The workers’ compensation and general liability audits are conducted at the end of each policy period to verify that the premium is correct for the exposure during the policy period. In the event there is a claim, the claim might be denied because the premium exposure for the policy term within the policy period where the claim occurred was underinsured. Continue reading →
The fresh air of spring has arrived and the weather has been so nice. I have been busy cleaning out my garage and starting to spring clean my home. I just called my cleaning service to set up a deep clean of my house and it got me thinking about how important it is to have a cleaning company that is licensed and insured. Continue reading →
The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury claim was $13,891. In 2014, that average grew to $16,640 – an increase of almost 20 percent. The private passenger auto collision loss ratio has risen from 67.7 percent in 2010 to 78.3 percent in 2015 – a 16 percent increase. The loss ratio can be adversely impacted by claim handling, underwriting and rate inadequacy with claim leakage as a primary cause of loss ratio deterioration. Continue reading →
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