Insurtech: How Mobile Apps Can Save You on Premiums

| posted in Blog

Traditionally, insurance has relied on information asymmetry: The insurance carrier has had the advantage of access to reams of actuarial data which it uses to price policies, while the customer has had the advantage of more intimate knowledge of his or her own particular situation. But new developments in mobile technology, blockchain development and risk management are changing the equation. Innovative insurance technology – or insurtech – companies are developing apps for mobile phones, tablets and desktops that are putting more information into the hands of the customer, and providing them tools to help them lower the premiums they pay…
Read More

Commercial Auto Rates Continue Climbing

| posted in Blog

By now, you’ve likely noticed that your commercial automotive insurance rates have been increasing since last year, and for now there seems to be no slowing the momentum. The increase is probably noticeable since the period between 2011 and 2016 saw rates drop thanks to a number of factors, including fewer accidents, fewer cars on the road and more competition among insurance companies vying for your business. In this article we look at what’s behind the increase in rates. More drivers More people are driving than since the recession that started in 2008. When millions of Americans lost their jobs…
Read More

Seven Tips for Navigating a Workers’ Comp Audit

| posted in Blog, Uncategorized

No business ever wants to be audited, but in the world of workers’ compensation insurance it’s a regular occurrence that does not need to be a stressful event. A workers’ comp audit by your insurer is common for most mid-sized or larger employers, and the audit threshold in California is $16,000 or more in annual premium. While many employers are used to audits and have their procedures and policies in place to ensure a smooth experience, some of you may be growing concerns that now are large enough to be subject to audits. The key to a workers’ comp audit…
Read More

‘Cadillac Tax’ Delay Gives Employers Relief

| posted in Blog

Employers and their staff will get some relief for another few years from the impending “Cadillac” health insurance tax after Congress approved a delay as part of the budget deal it approved. President Obama has said he will not veto the new budget, which means that the excise tax will not take effect until 2020, instead of 2018. While some analysts predict that the delay is a precursor to an outright repeal of the tax, benefits experts say it is unlikely to dampen ongoing efforts by employers to rein in their health insurance costs. Under the Affordable Care Act, the…
Read More

Five Ways to Get The Most out of Your Insurance Policy

| posted in Blog

While you may see that the payment of premiums every year means that your insurance policy is a liability on your book, the reverse is actually true: It’s a valuable asset. The national law firm of Anderson Kill recommends in a recent blog that companies treat their policies as assets that must actively managed if their full value can be realized when they are needed. It recommends the following steps for maximizing the value of your insurance policy: 1. Save your policies – Make sure that your insurance policies and accompanying documentation are retained. If you are going through a…
Read More