Seera Associates’ Post

D&O/E&O Insurance Renewal Timeline: The 120-Day Phased Approach Phase I: 120 Days Prior to Renewal Date 👉 Operational discussion with client; summary of past year (growth, management changes, etc.) 👉 Provide a market update to manage client expectations for premium and terms 👉 Evaluate peer analysis, analytics and alternative coverages based on risk management objectives 👉 Outline renewal approach and adhere to the defined timeline Phase II: 90 Days Prior to Renewal Date 👉 Define underwriter requirements 👉 Review submission materials for delivery to markets Phase III: 60 Days Prior to Renewal Date 👉 Conduct an additional status check on submission materials if necessary Phase IV: 45 Days Prior to Renewal Date 👉 Marketing Stage 👉 Conclude negotiations with markets Phase V: 30 Days Prior to Renewal Date 👉 Review all program options and recommendations 👉 Finalize recommended terms and conditions 👉 Obtain binding authorization from client 👉 Collect binders and invoice for client delivery #insurance

💡 Tip for Staffing Companies: Understanding Accounts Receivable Insurance In the world of staffing, ensuring financial stability is key. One powerful tool that often flies under the radar is Accounts Receivable Insurance (ARI). What is ARI, and why should staffing companies care? 💠 Accounts Receivable Insurance provides protection against non-payment of invoices due to insolvency, default, or protracted default of clients. Essentially, it acts as a safety net, mitigating the risks associated with unpaid invoices. Here's why it's particularly beneficial for staffing firms: 🔻Risk Mitigation: In staffing, uncertainties are inevitable. ARI helps to safeguard your cash flow, reducing the impact of potential client defaults. This means you can focus on growth without the constant worry of financial instability. 🔺Financial Stability: Unpaid invoices can wreak havoc on your bottom line. ARI provides a financial safety net, ensuring that even if clients falter, your company remains financially secure and operational. 🔺Peace of Mind: Perhaps most importantly, ARI offers peace of mind. By transferring the risk of non-payment to an insurer, staffing companies can focus on what they do best – delivering exceptional staffing solutions. In today's unpredictable business landscape, Accounts Receivable Insurance is not just a luxury; it's a necessity for staffing companies looking to thrive. Have you considered implementing ARI in your financial strategy? #StaffingIndustry #FinancialManagement #RiskMitigation #AccountsReceivableInsurance #BusinessGrowth

Facing diverse data formatting approaches across the insurance value chain, along with inconsistent data flow timing, (re)insurers encounter complexities in policy administration. This leads to accounting challenges, such as aged debt and unallocated cash, hindering financial reporting accuracy. These issues stem from discrepancies in written premiums due to data quality issues in (re)insurers' systems. #Insurance #DataQuality #FinancialReporting

Do you hold client money as an insurance broker? Can you evidence it? Recently, I have reviewed several binders and Terms of Business Agreements (TOBAs) during audits, and a common trend has emerged. In the fast-evolving landscape of #automation, especially among #insurtechs, many firms neglect regular reviews of their agreements with insurers. This neglect often leads to automated money flows diverging from TOBA requirements over time. Reliance on binder audits alone is not enough—so what else do you have? As a reminder, firms should review their distribution agreements annually. Consider these critical questions: 1. Are our binding platforms approved (if allowed at all)? 2. Are the risk transfer provisions clear and explicit? 3. Do we comply with the risk transfer provisions? 4. Can we evidence the above? With the new Duty built around the Senior Managers and Certification Regime (SMCR), Senior Management Functions (SMFs) should have clearly defined reports to ensure compliance and transparency. Regular reviews and thorough audits are crucial to maintain compliance and safeguard client money effectively. If in doubt, please seek help or contact RR Compliance Associates. Whilst a little outdated, firms should be familiar with the Financial Conduct Authority ‘s guide on client money:

If you believe that insurance pricing == modelling, you are mistaken. When I began my journey as an actuary a decade ago, modelling and coding fascinated me the most. Today, I've encountered some of us who seem to overemphasize the importance of precise modelling in insurance pricing. While there's nothing wrong with enhancing risk/demand/other model metrics, it appears that there are several other priorities that deserve greater attention: - Deployment: No matter how cool your pricing model or external data provider is, if you cannot integrate it into sales channels, it becomes useless. - Explainability: The internal sense of the "right price" and recent regulations, such as Customer Duty in the UK, highlight the importance of being prepared to explain premium increases/decreases to policyholders. - Time-to-market: Consider how quickly you can recognize loss ratio deterioration in a specific segment, how fast you can update the pricing pipeline, and whether the response time of your rating engine is short enough. - Pricing strategy and team: The people aligned with the insurer's strategy are the most crucial factor in the pricing team you work with. Additionally, the way you collaborate, communicate, and utilize your skills is crucial. This list is likely not exhaustive. If you can help me extend it, please leave your comment.

If you're in the world of Billing and Accounts Receivable Insurance, we've got something special for you! Check out our latest insights on how to secure your financial future. Get in touch @ https://bit.ly/461WlYD #insurance #outsoursing #PersonalFinance #FinancialPlanning #FinancialStatement #MoneyManagement #FinancialLiteracy #Finance #Investing #Budgeting #financialaccounting #business #smallbusiness #transactionservices #outsourcingservices #accountant #financialservices #accountingservices #DesignControl #ProductDevelopment #QualityAssurance #RegulatoryCompliance #DesignProcess #Documentation

Do you buy or generate live leads for your insurance brokerage or other financial products? Imagine using that same data and seeing a huge increase in your engagement rate. At Kompare Calls, we guarantee our team will boost your engagement rate (speak rate) with the leads you already have. Unlike others, we mean what we say. If we don’t improve your lead engagement rate, you don’t owe us a penny. 💰 How It Works 1. Easy Integration: Your leads drop straight into our bespoke system. 📥 2. Quick Response: Our agents contact your leads within 52 seconds of application. ⏱️ 3. Direct Transfer: We engage the client and hand them over directly to your sales team. 📞 Since 2011, we’ve been tweaking and refining our contact strategies based on our performance data. This constant improvement is why no one else can deliver what we can. 🔧 Illustrative Results: Current Performance: - Leads: 100 per day - Engages: 20 - Converts: 10 Performance with Kompare Calls: - Leads: 100 per day - Engages: 55 - Converts: 28 Many of our clients have been with us for years, proving the value of our services. - Quick Setup: Our LEP service is up and running in less than 30 minutes. ⏳ - No Upfront Costs: No initial fees, no monthly retainers. 💸 - Pay on Results: You only pay for the results we deliver. ✅ 📅 Book a call : https://bit.ly/3VuDIsa For more information DM me or visit - komparecalls.com 📞 Call us at 020 3630 0569 ✉️ enquire@komparecalls.com

I have been exposed to many things in the insurance industry, but one of its most significant issues is the conflict between sales targets and providing genuine financial advice to clients. It a dilemma faced by many advisors, as the pressure to meet sales goals can sometimes overshadow the importance of thoroughly assessing a client's financial needs and providing tailored recommendations. One way to ensure you’re giving proper advice is to prioritise holistic financial planning over simply pushing products. A good advisor will take the time to understand a cient's individual circumstances, goals and risk tolerances before making any recommendations. The advisor should also be transparent about any potential conflicts of interest, such as commission or incentives you may receive for selling certain products. Additionally, certifications and credentials are a good indicator of an advisor's qualifications and commitment to industry/conduct standards. Building a trusting relationship with your client is also crucial. Don’t be afraid to ask and answer questions, voice any concerns, and seek clarification that the client understands the recommendations you make. A good advisor will prioritise the client's best interests and work collaboratively with them to develop a comprehensive financial plan that aligns with the client's goals and values. Ultimately such an advisor needs `to be part of a company that bases their entire ethos on only employing good, qualified and client-focused advisors. Imperium Secure aims to be such a company. So if you’re ready to be supported to be not only a good advisor, but a great one, let’s meet for a coffee.

The Cost To Insurance Brokers of Manual Data Entry In insurance broking, time is not just a precious commodity; it's a direct financial factor. Every minute spent on manual data entry is a minute away from strategic client interactions, opportunities for new business, and essential decision-making. But have you considered the actual financial burden it imposes? Manual data entry, a traditional practice in many brokerages, is more than just a time sink – it's a significant cost driver. With brokers spending up to 40 minutes per client on data entry, the cumulative cost impact over a year can be staggering. Enter Proceso, our groundbreaking tool designed to reverse this outdated practice. By automating data entry tasks, Proceso saves time and slashes the direct and indirect costs of manual processes. This means reduced labour costs and enhanced opportunities for revenue generation and business growth. Proceso is not merely a tool; it's a strategic asset in the modern insurance landscape. It's changing the game for brokers, empowering them to reallocate their most valuable resource – time – from mundane tasks to high-value activities. The result? A more efficient, productive, and financially savvy brokerage. Join the movement to transform your brokerage's efficiency and financial health. Embrace Proceso, where innovation meets cost savings. #CostSaving #InnovationInInsurance #ProcesoAdvantage #BrokerageEfficiency Learn more https://lnkd.in/dHSsZPWC