What Is Trending In Risk Management
Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and the upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.
What Is Going On That May Impact Your Risk Program
Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders and operations.
Cyber liability will continue to be a major area of concern for all businesses. The government will continue to legally require a business to protect customer’s information. Those businesses that don’t will be subject to increase fines.
Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.
Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals. Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers and our extensive knowledge of the insurance marketplace.