Blog
April 29, 2024
Businesses Are Finding a More Favorable Commercial Property Insurance Market
The spring of 2024 marks a turning point in the commercial property insurance market. After six years of challenging conditions, the market has transitioned and many buyers are now in a more favorable position. As with previous market spikes, this last hard market cycle saw limited capacity as carriers struggled to generate consistent returns on...
April 25, 2024
Email Is Where Most Cyber Insurance Claims Originate
This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition’s 2024 Cyber Claims Report. Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as...
April 18, 2024
5 Cyberthreats to Watch in 2024
Cybersecurity is paramount to preserving the financial integrity and consumer trust of insurance companies and the businesses and personal finances of policyholders. The 2024 Cybersecurity Benchmarking Survey by ACA Aponix and the National Society of Compliance Professionals (NSCP) asked compliance professionals what they perceive to be the top threats this year and found email phishing...
April 17, 2024
Construction Defect Claims on the Rise: Understanding the Trends and Impacts
Construction projects are booming. That’s because demand is returning to its pre-pandemic levels, no longer impeded by mass closures, supply chain stalls or a lack of labor. Businesses and homeowners are looking to build, and the industry is more than happy to oblige. “The pre-COVID building boom, combined with lower interest rates and affordability, continues...
April 12, 2024
How the Right Benefits Can Improve Employees’ Health, Finances and More
Employers spend a lot of time contemplating which benefits to add to their plans. When those offerings are then utilized and go on to improve an employee’s life, the effort is more than worth it. As employees continue to demand support around their health and well-being, it’s critical organizations offer a wide variety of benefits...
April 9, 2024
3 Ways to Improve Cyber Hygiene
Cybercriminals may target insurers because the company files contain sensitive policyholder information and they believe insurance companies have deep pockets to extort. Most insurers and insured business owners understand the gravity of falling victim to a cyberattack but may not prioritize good cyber hygiene in everyday practices, which could have devastating consequences. Cyber hygiene protects the...
April 6, 2024
Prescribing Care: How Risk Management Can Support Health Care Workers
Stressed out, overworked, understaffed, burnt out: It almost reads like a prescription side-effects list. But for a good portion of health care workers, these labels are more than that. They’re the lived experience of physicians, nurses and staff who hold lives in their hands every day. Health care workers’ wellbeing cannot be ignored. “We are...
April 2, 2024
Don’t Overlook These Small Business Risks
Half of small businesses have had at least one workplace injury in the last five years, says a recent survey on small business safety from Pie Insurance. The survey consisted of over 1,000 small business owners (of companies with 1-500 employees), and nearly one-third of these owners said that they wished they had known to put a higher...
April 1, 2024
Most Common Questions of Workers’ Comp Claimants Show Where Change Is Needed
The most frequently asked questions in workers’ compensation claims reveal opportunities for improved communication and efficiency in the claims process, according to an analysis by Hi Marley, a communication platform for insurers. Using the findings can help insurance carriers and employers to streamline operations, support faster recovery for injured workers, manage expectations and provide peace of mind, Hi Marley stated. The study categorized inbound questions from workers’ compensation claimants within the Hi Marley platform. The most common inquiries related to payment status and amount (26%), contact with the adjuster (24%), and provider scheduling and approval activities (22%). Other inquiries from claimants focused on process explanation (14%), benefits (9%), and documentation (5%). These findings suggest that many of the most common questions could be addressed through proactive outreach, automation, and standardization of communications. For instance, carriers can use predefined message templates for scheduling reminders, which can support faster recovery and reduce claim cycle time and costs. Automated updates on the claim process and payment status can help manage expectations and provide peace of mind for injured workers. “With most people dealing with an accident on the job, it’s their first...
March 26, 2024
Is 2024 a Major Turning Point for Risk?
Is the current year a major turning point for risk? If trends such as important elections, economic uncertainty, and an uptick in violent conflicts are to be believed, then we may be at the cusp of unprecedented instability. In its 2024 geopolitical risk report titled “2024: a turning point?”, global insurer Howden outlines a complex and volatile risk...