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In the world of commercial insurance, brokers and agents are reviewing policy agreements in their evenings and at weekends.
These contract reviews are consuming masses of labor, are time consuming and open to error. The largest Independent Agents alone employ aroundpeople with half of them in admin roles. There has to be a tech solution to this…let me introduce you to Risk Genius — the Google of insurance policies!
The issue is this. Bitcoin music rapper wordings this inefficient process is impacting underwriters, agents, and brokers alike. Or of agents reviewing contracts for customers in their travel time between workplaces.
And of product underwriters who simply do not have the time to review all of the contracts they are sent. Today, commercial insurance brokers and agents need to review insurance policy agreements when advising clients on their insurance requirements. This is a manual review process. The agent or broker often does this as a side task, out of office bitcoin music rapper wordings, at home in the evenings or the weekend.
It also relies heavily on human decision-making in less than perfect circumstances. This is cause for concern for insurers from the associated risk and exposure of giving bad advice based on a poor contract review process. This is where RiskGenius comes in. Chris has already established a bitcoin music rapper wordings startup in ClaimKita collaboration platform for claims management in the surety, insurance and legal space. First, it is analyzed and indexed, which takes a minute or two.
And, just like Google, RiskGenius will look at the content, organize it and make sense of it. The output is a simple to understand and review policy, and the user can export out results in a spreadsheet format. The purpose of RiskGenius is really clear. This is a solution that benefits the Insurance agencies. How do they go get business in a competitive marketplace? RiskGenius is their best tool for fixing this. First, we take the pre-existing policy.
By reviewing it with others, the agent can see the gaps in the cover and the weaknesses in the policy conditions. Now, the agent can explain these gaps and help the commercial client to get the right cover for their commercial business. Up until now, this has been time consuming. But bitcoin music rapper wordings RiskGenius, the sales agent can process the policy very quickly and then go and explain any shortcomings.
And this is not the end of it, because once a contract has been indexed and cataloged then the fun starts. Now agencies and brokers can start to build libraries of policy agreements across their client base and within the firm. It is common for many variations in policy wording for the same terms and conditions.
These are often unnoticed and hard to review in their entirety across the firm. With RiskGenius, agents can comment on and review multiple variations of similar clauses with clients and with the agency to establish bitcoin music rapper wordings most favorable for all parties.
The approach they take will significantly increase the speed, consistency and accuracy of the contract review process. Quite simply, RiskGenius are using technology as an alternative to hard labor and in so doing; they reduce the contract review process completion time from days to minutes. The author, Rick Huckstep is an Bitcoin music rapper wordings thought leader.
Sounds like a great innovation! However, I wonder whether the eventual end-game could be to enable end buyers to just go direct, as product differences become increasingly transparent and commoditised. This potential disintermediation of the intermediaries might reduce their appetite to take up the model…?
My own POV on this is that, especially in commercial lines, the role of the broker will change but not go away.
The point of Riskgenius is not to disintermediate, but to enable the intermediary to spend more time with their customers and less on admin tasks. However, instead of massive job losses, the expectation is that the mix of activities will change — less analysis, more counselling and interactivity. A counter-point to this is the travel agency industry where there appears to have been massive reductions in activity as much of it has become direct self-service. Tim — you nailed it!
My background was legal. I saw the beginnings of predictive coding. We are applying similar tech to the insurance policies. We have chose to disrupt existing technology. I believe they do an important job with crappy tools. So we want to give them better tools. I agree with Chris and Rick. Our job as agents is to decipher, interpret, and negotiate the appropriate coverages for our clients.
This tool makes a big part of that analysis easier. If we neglect those jobs, carriers will happily step in and deliver solutions directly to consumers. Our industry is definitely changing and our jobs as agents is to evolve processes to better serve our customers changing business and communication needs. This could be a huge acceleration in the process, less reading, bitcoin music rapper wordings analysis and face time with the customer. Thomas, thanks for a very thoughtful question.
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By Rick Huckstep In the world of commercial insurance, brokers and agents are reviewing policy agreements in bitcoin music rapper wordings evenings and at weekends. Thanks for posting your comment, they bitcoin music rapper wordings always appreciated, Rick Like Like. Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email required Address never made bitcoin music rapper wordings.
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