About the Speaker Zander Galloway
Zander crafts insurance and risk management programs for middle market companies. The process is proactive and helps me understand the business and the risks to which they are exposed. Only by taking this first step can he determine how to eliminate, reduce, and finance those risks over the long term.
Watch "How Insurance Carriers and Insurance Brokers look at your Data"
on BBSE
Listen to business experts and the blinds spots they see.
Hear the blind spots and understand how, through data and analytics, you can eliminate those blind spots.
Podcast Bullet points
Business Blind Spots: The podcast episode aims to uncover blind spots that businesses may not be aware of, particularly in how insurance carriers and brokers view a company's data.
Insurance Carriers' Perspective: Insurance carriers usually have limited information to make judgments about the risks involved in insuring a company. In a "hardening market," where prices are going up, insurance companies are becoming more stringent in their underwriting processes.
Data and Risk Assessment: Carriers often rely on lagging indicators such as Motor Vehicle Records (MVRs) to assess risk. However, these only provide a snapshot and may not fully represent the risk profile of a business. This underscores the importance of using more comprehensive and real-time data.
Client Engagement: Zander Galloway's agency focuses on understanding the positive aspects of a business, such as safety measures in place, to represent them more accurately to insurance carriers. They aim to act as advisors rather than just brokers, diving into various compliance and safety-related issues through their "Compliance Check" platform.
Ownership of Risk: Businesses that demonstrate low-risk profiles might consider retaining some of the risks rather than transferring all of it to the insurance company, especially in a market where insurance premiums are rising.
Statistical backing may vary depending on the specific points, but generally speaking, it's well documented that the "hardening" of the insurance market has led to an increase in premiums across various sectors. A 2020 report by Willis Towers Watson indicates that commercial insurance prices rose by nearly 20% in Q2 of 2020, highlighting the changing dynamics in the insurance industry. This substantiates the need for businesses to better understand their data and how it's being perceived by insurance carriers.
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