If you've taken a time management course or read a book on the subject, you probably learned about focusing your efforts within a "priority grid" established by importance and urgency. According to experts, most of your time should be focused on tasks and issues that are "important, but not urgent"—meaning the critical functions that affect survival and success.
You could say the same for the attention you give to monitoring the financial stability of carriers you use to place direct and brokered business. With more urgent tasks at hand, it’s easy to ignore red flags.
The first installment of a two-part Big “I” Virtual University (VU) article “What You Can Do About Insurer Insolvency” discusses protection against insurer insolvency, including access to a downloadable tool that streamlines the process.
The intent of the article is to provide you with a practical methodology for examining the ongoing financial stability of your carriers and taking corrective action as warranted. While this approach cannot prevent an insolvency, it can help minimize the likelihood that you and your clients will become active participants.
To learn more on this topic and to access a narrative of the VU articles and additional commentary from leading consultant Chris Burand, register for the upcoming VU webinar “Monitoring Insurer Stability and Solvency,” to take place on Nov. 18 at 2-4 p.m. ET. From legal obligations and clients to financial information sources and insolvency checklists, you will walk away from the webinar with practical information and E&O steps you can take to reduce loss exposure.
For more information about VU webinars, email Best Practices staff.