By Anamaria Cifuentes, ePayPolicy

The world of insurance is incredibly traditional. At times, this is a good thing. Independent agencies believe in the personal touch, forging deep, lasting relationships with clients. But, in other ways, relying on what’s tried and true is a hindrance, especially when it involves a lack of digitalization.

Many independent agencies are slow to incorporate new technologies. While you don’t necessarily need to embrace every emerging solution that arrives, a lack of digitalization can hold you back. Not only can it cause you to spend more than you need to; it can also mean missing out on...

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FAIA President and CEO Kyle Ulrich recently posted a blog outlining changes in the homeowners' market and how agencies can protect themselves from an Error & Omissions (E&O) claim. You also have heard in FAIA's E&O Class to "document, document, document!" With each client, document the conversations regarding the impact of coverage changes; document their options; document the additional options offered; and document whether those options were accepted or declined.

Spea...

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I had a recent conversation with one of my insureds regarding their upcoming cyber renewal. We placed coverage a few years back and have maintained $1mil of coverage with a national carrier. The expiring premium is $4k +/-.  $12mil operation with five (5) retail locations.

The topic of multi-factor authentication (MFA) is an issue (they do not currently have it)…so they reached out to their contracted IT firm to find out the issues/cost of incorporating MFA. 

Their IT firm advised they do not need MFA...and…further—do not need cyber protection! 

The IT firm principal proceeded to explain to my insured that the firewall...

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