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"Specialty Insurance Blog" - 5 new articles

  1. Persuasion
  2. Top Surplus Lines Insurance Markets
  3. Insurance Agents & Cyber Risk Insurance
  4. Professional Liability Insurance – Claim Reporting Reminder
  5. Small Businesses Are Targets of Cyber Attacks
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Persuasion

This post is off topic from our typical posts, but hopefully helpful to insurance practitioners. As in any business, persuasion is important in insurance, whether soliciting a customer, communicating with an underwriter or interacting with colleagues. Robert Cialdini (see here and here) is the leader of understanding and applying the art of persuasion, starting with his book Influence: The Psychology of Persuasion. The article here discusses the application of the psychology of persuasion to business settings. The key concepts from the psychology of persuasion: Reciprocity - people feel obligated to reciprocate Commitment & Consistency - people want to be consistent, and will say yes if they have already said yes Social Proof - people do what everyone else is doing...
     

Top Surplus Lines Insurance Markets

The insurer rankings within the excess & surplus lines (or E&S) insurance markets changed in 2014 according to a recent listing from Insurance Journal (see here). Berkshire Hathaway continued its strong growth, at 48% year over year. At the top, Nationwide (Scottsdale) and Berkley (Admiral, Verus) showed material growth, while AIG, Zurich and CNA showed declines. The E&S insurance market provides an alternative for unusual or higher risk insurance unavailable from standard lines insurers (see here & here). The essence of the surplus lines market is the flexibility in coverage forms and rating that underwriters may utilize to match the variation in exposures insured. Tennant Risk Services is a specialty wholesale broker and underwriting manager with a focus on Insurance...
     

Insurance Agents & Cyber Risk Insurance

All insurance agencies and brokers should carry Cyber Risk Insurance to protect themselves from data breach exposure and to demonstrate good risk management for clients, yet some insurance agencies do not purchase the coverage. Insurance agencies have client data and premium funds, and need to take risk management and insurance protection steps to mitigate the exposure. A recent PropertyCasualty360 article (see here) and our prior post noted that small businesses are increasingly targeted by hackers. And insurance agents are repositories of all types of personal and confidential information, including both financial and healthcare information. Financial and healthcare information are key targets for cyber hackers. A recent Insurance Journal article (see here) outlines some steps agencies can take, including: Education –...
     

Professional Liability Insurance – Claim Reporting Reminder

We have commented on professional liability insurance (E&O, D&O, EPL, Cyber Risk) claim reporting a number of times previously (see here, here and here for a few), but the subject requires continuous discussion in order to protect clients. We continue to recommend erring on the side of early reporting, but it is not always so simple. A post on Professional Liability Matters, entitled Malpractice: Failure to Report Client’s Claim, discusses a unique (and interesting) claim reporting situation. However, there is also general reminder on reporting: There is no upside to failing to report a claim. You’ve been warned of the consequences facing professionals who take a wait and see approach or apply self-help measures before reporting. In some cases the...
     

Small Businesses Are Targets of Cyber Attacks

Cyber attacks against small businesses are on the rise (see prior post), yet many small businesses still do not buy Cyber Risk insurance. Attacks and breaches against small and medium sized businesses are generally not reported. For every attack against a large organization outlined in the media, there are hundreds of other attacks against smaller businesses which go unreported. It is hard to develop accurate numbers on breaches involving small businesses because so many are unreported, but estimates are available. A PropertyCasualty360 article (see here) estimates that 62% of breach victims are small to mid-size businesses. Considering that small businesses tend to have lower numbers of records, this is a significant percentage. And a Fox21News report (see here) estimates that...
     

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