The Policy Works Blog

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Posted by Steve Pieroway on December 21, 2017

What stories do your submissions tell?

Every submission tells a story. From small floral shops to large manufacturers, the submissions your brokers create tell the stories that end up becoming policies.

Ask yourself: what story do your submissions tell? Are they vivid, detailed, and well-structured narratives that are easily understood. Or are they more like haikus: slightly mysterious and cryptic verses that leave the reader scratching their head?

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Posted by Kathleen Kotchon on December 14, 2017

4 Reasons Why Your Lloyd’s Auditor is Anxious About You Too

I recently posted a blog titled, “How to Manage Lloyd’s Audit Anxiety.” In it, I talk about four things coverholders fret over during their audit. Now, let’s turn the tables and find out what can make a Lloyd’s auditor anxious.

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Posted by Kathleen Kotchon on December 12, 2017

What type of training participant are you?

Software training is a critical piece of the new software implementation process. You would think that, as adults, training participants show up and fight for the seats at the front of the class, right? Maybe not. Training participants can usually be categorized into one of three profiles: the prisoner, the tourist and the explorer.

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Posted by Kathleen Kotchon on December 7, 2017

Lloyd's Canada Coverholders, which audit ghosts haunt you?

If you haven’t read the book, you’ve probably seen the film. A Christmas Carol is the story of Ebenezer Scrooge, a grouchy, old miser whose dreams are haunted by three different ghosts in and around the Christmas season.

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Posted by Crystal O'Hara on December 5, 2017

Is your personal lines book on its deathbed?

Automation and the availability of obtaining quotes online in real-time has dramatically effected the way personal lines is sold in Canada.

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Posted by Kathleen Kotchon on November 30, 2017

Lloyd's Canada Coverholders and the "YOA Shell Game"

As a Lloyd’s Canada coverholder, you know Year of Account (YOA) forms part of your reporting criteria. While YOA is easily managed in year one of low-volume binding authority agreements, there are plenty of events that occur over the lifespan of multiple renewing contracts that make tracking YOA more difficult.

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Posted by Debbie Summers on November 28, 2017

Are you on the copy and paste merry-go-round?

Most insurance brokers I talk to use Microsoft Office®, namely Microsoft Word. It’s an excellent tool, it was used to write this blog. Did you know MS Word has been around for over 25 years? Even if your brokerage started using it in 1997, that means you have 20 years of data stored on assorted Word documents.

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Posted by Steve Pieroway on November 23, 2017

Lloyd's Canada: growth, efficiency and the future of your book

Susanna Fraser-Kuipers, Director of Client Services at Policy Works Inc., has consulted with dozens of brokers, coverholders and MGAs about their business, workflows and tools to manage their Lloyd’s Canada book. From the newly minted to experienced coverholders, Susanna has worked with them all. Below she shares what she's learned. 

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Posted by Steve Pieroway on November 21, 2017

Codify your commercial lines knowledge with this one vital thing

Think back to the whisper game you probably played as a kid. You know the game: a group of you would sit in a circle and one person would start by whispering a sentence in the person’s ear next to them. Then one-by-one, each person would whisper the sentence they heard to the person next to them.

The most common result? The sentence that made it back to the person who started the game was nothing like original one.

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Posted by Steve Pieroway on November 16, 2017

This 1 thing keeps Lloyd’s coverholders from maximizing profit

Most Lloyd’s coverholders begin as brokers, and then become tribunalized. This is often the start of the issuing policies process for brokers. And though it might seem like a natural progression, the underlying workflows and responsibilities are different. 

Here’s why.

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