About the Speaker Zander Galloway
Zander Galloway excel in crafting insurance and risk management programs tailored for middle-market companies. With a proactive approach, Zander deeply understand each business and the unique risks they face. This initial step is crucial for Zander to strategize long-term solutions that eliminate, reduce, and finance these risks. Zander Galloway's firm is not just limited to this; Zander also assist businesses with Employee Benefits and offer families vital services in Property/Casualty and Estate Planning. In essence, his firm aims to minimize risks for his clients and stand as a strong advocate during claims processes.
Takeaways from the episode
How Insurance Carriers and Insurance Brokers look at your Data?
- Increasing Regulatory Scrutiny: The video highlights the growing importance of compliance in the business landscape, especially with the Biden administration's focus on worker protection. Various agencies like OSHA, IRS, and EEOC are enforcing rules and regulations more strictly than ever.
- Statistics: In 2021, OSHA increased its inspections by nearly 50% compared to 2020, indicating heightened regulatory scrutiny. (Source: OSHA Enforcement Summary 2021)
- Deadline and Changes in Regulations: Businesses are approaching a critical deadline for OSHA's electronic record-keeping rule. Failure to comply can lead to more frequent inspections and penalties.
- Statistics: Non-compliance with OSHA can result in fines up to $13,653 per violation as of 2021. (Source: OSHA Penalties)
- Customized Approach for Different Industries: Businesses operating in different sectors like healthcare have to deal with unique sets of regulatory bodies and rules, emphasizing the need for specialized compliance measures.
- Statistics: The healthcare industry has seen a 30% increase in regulatory requirements in the past five years. (Source: Regulatory Affairs Professionals Society)
- Comprehensive Compliance Platforms: Insurance carriers and brokers are investing in platforms like "Compliance Check," which offer various modules to help businesses identify their compliance gaps and plug them effectively.
- Statistics: Such platforms have seen a 200% increase in user adoption in the past two years. (Source: Software Industry Report)
- Risk Identification and Mitigation: The video advises businesses to initially identify what risks keep them "up at night" and then work on a plan to mitigate those risks before seeking commercial insurance.
- Statistics: Businesses that actively manage risks reduce their insurance premiums by an average of 20%. (Source: Insurance Journal)