3 Keys to Commercial-lines Data ExchangeMoving Closer to Once-and-Done: 3 Keys to Commercial-lines Data Exchange
Long regarded as the workflow saviour and technological ‘holy grail’ of the independent broker distribution world, SEMCI (Single-Entry-Multiple-Carrier-Interface) solutions, especially in commercial lines, have lagged in execution. Why?
The Policy Works eBook, Moving Closer to Once-and-Done: 3 Keys to Commercial-lines Data Exchange, written by Steve Pieroway and Lorin McCaffrey of Policy Works Inc., investigates the current state of commercial lines data exchange in Canada in an attempt to answer this question.
Topics covered in the eBook include:
- Overview of current commercial data exchange solutions.
- Challenges facing commercial-lines data exchange.
- 3 keys for advancing commercial-lines data exchange.
25 Risk Management TipsInsurance premiums are killing my business: Controlling insurance claims & costs for small to mid-sized business with risk management
Whether they know it or not, any business that has been in operation for a number of years is doing a decent job of managing risk. Best practices evolve in organizations to make sure bad things don't happen. Once companies realize that they are already managing risk then the next step of formalizing it is a natural one.
The eBook, Insurance premiums are killing my business: Controlling insurance claims & costs for small to mid-sized business with risk management, written by ClearRisk™ President and CEO Craig Rowe, FCIP, CRM, is designed to help small to mid-sized businesses better understand and formalize their organizationís risk management processes and procedures.
Topics covered in the eBook include:
- Understanding insurance: premiums, market cycles, loss ratio, rating.
- Getting to know your broker: services offered, how they can help your business.
- Assessing the risks of your business: what is risk, how to identify risk.
- Implementing risk management best practices: insure to value, ACV vs. replacement cost, etc.
The Customer Satisfaction Trap
The Customer Satisfaction Trap: 9 Steps for Insurance Brokers to Build Truly Loyal Customers
Historically, satisfaction was seen as the driver of customer retention and the key to increasing profits. But satisfaction is
becoming regarded as a limited measure of retention. According to Fredrick Reichheld, “Customer satisfaction is not a surrogate
for customer retention. While it may seem intuitive that increasing customer satisfaction will increase retention and therefore
profits, the facts are contrary. Between 65% and 85% of customers who defect say they were satisfied or very satisfied with
their former supplier.” But does this apply to insurance?
Yes. The Policy Works eBook The Customer Satisfaction Trap: 9 Steps for Insurance Brokers to Build Truly Loyal Customers discuss how satisfaction is not enough to maintain truly loyal customers. What's required, the author argues, is trust and commitment.
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