Healthcare insurance provider Anthem is just the latest in a long list of companies to recently suffer from online data attacks, putting thousands of their customers at risk of identity theft. Unless a business carries insurance coverage for cyber-threats, this PR nightmare could also strike at the company’s finances.
Cyber Liability Insurance for Business Owners
Due to the increased vulnerability of personal data stored online, cyber liability insurance is on the rise. Just as you purchase insurance to protect from unexpected physical threats, so, too, should business owners purchase coverage to protect from “invisible” online threats.
Cyber liability insurance is new to the game, and has yet to be consistent across agencies (it is also called “cyber risk,” “privacy,” and “information security” insurance). Despite its inconsistency, this coverage is becoming increasingly important. As an independent insurance agency owner, it’s in your best interest to provide such coverage for your customers who own businesses.
Cyber Liability Coverage
If you do not provide cyber liability insurance, you can get started by looking into the most common points of coverage. The points are as follows:
Regulatory Coverage – Focuses on costs associated with lawsuits or fines against a business. This includes the cost of a defense lawyer and court fees.
E & O Coverage – Pertains to data breeches due to a failure to prevent them, including storing unencrypted data or not using a firewall. Such coverage can also be a part of general, non-cyber specific E & O coverage.
Notification Coverage – One of the largest pieces of cyber liability coverage. Most states now require businesses to notify customers of cyber breeches, and this point of coverage identifies the number of customers to be notified and the method (or methods) of notification.
Data Restoration Coverage – Covers the cost of recovering damaged or lost data. Points of coverage may include replacing hardware or software, restoration, and replacement of other electronic assets.
Crisis Coverage – Addresses the PR aspects of data loss. It covers everything from managing media relations to providing affected customers with credit monitoring.
Liability and Slander Converge – An oft missed, but important piece of a business’s cyber liability coverage. This piece addresses online incidents of slander, liable, copyright infringement, or other reputational damage done by those representing a specific business. This typically applies to social media posts by company employees, but also includes information on a business’ website or other online portals.
SIS Helps Protect Businesses
These points are just the beginning of cyber liability coverage. As the industry focuses more on cyber coverage, guidelines and standards will begin to evolve. We at SIS are aware of and are responding to the growing need for cyber security and liability coverage, including attending industry conferences and hosting our own sessions on the topic. Find out more about how SIS is staying ahead of the curve on our website or by contacting us today at [email protected] .
As an independent insurance agency, your local presence is central to who you are, what you represent, and your overall value. Unlike large, national agencies, you have the ability to know your customers personally, and knowing your community is a big part of that connection. In order to know more about your local area, your agency needs to take intentional steps to become engaged in and support your community. Here are some great ways to get started:
1. Identify Needs
Pay attention to and find out about the biggest needs in your city or town. Is it education? Neighborhood beautification? Unemployment? Once you know the areas of need, get involved in ways to help address such issues. By taking on issues of importance, you show you care about investing in what your community really needs.
2. Ask Questions
Survey your customers: find out what they expect from you and what they want to see in their neighborhood. Even this simple task of asking conveys your level of concern, and shows your customer’s opinion matters to you. Use the information you gather to inform changes you’ll make and specific ways you’ll give back to your community.
3. Make a Plan
As always, it is important to create a plan to ensure your whole agency is involved in your community on a regular basis. Start with the goal in mind, such as improving your local elementary school. Your plan could involve organizing fundraisers, volunteering at school events, or regularly collecting supplies such as pencils and notebooks for donation. Make sure your plan is sustainable – meaning your agency has the time and funds to be involved to the degree you decide.
4. Partner Up
Get to know and work with organizations and individuals who are well known in your locality. This could be community government members, local nonprofits, or community activists. Take the time to build relationships with these individuals and organizations, as they are your key to connecting and being in the know about what is going on in your community.
5. Spread the Word
Once you’ve started engaging in and meeting the needs of your community, make sure your customers and potential customers know. Blog about your involvement, include references in your advertising, and get your agency’s name on charity event banners and flyers. Don’t be shy! At the least, be sure you include a page on your website detailing your commitment to your community and how you show it.
Once you get to know your area and engage in community happenings, your brand awareness will increase and you’ll find your agency buzzing with new leads. Each lead is a potential customer, but conversion from lead to customer rests on the relationship you build with that individual.
Our Partner XE has a host of capabilities to help you keep track of new leads, and stay on top of your current customers relationships. By building and fostering these relationships, you’ll create life-long customers, meaning stability and longevity for your agency. To find out more about how Partner XE can help you create these lasting customer relationships, contact us today at 800.747.9273.
There is a reason why so many people make resolutions before the start of a new year: a blank slate. The idea that you can start anew is liberating, and holds so much promise for success. You and your independent insurance agency can take advantage of this new beginning by establishing new habits for the New Year. Here are a few new habits to get you started:
1. Be service minded – Think of your clients first! Start off the New Year by reprioritizing your clients, and recommitting to providing the best service. Get a read on how you can improve by asking for feedback from clients via a survey or personal phone calls. Once you have the results, set goals for improvements and start working towards making your clients number one.
2. Get a routine – Work towards structure in your day to ensure you get things done and stay sane. It’s best to start out your day by checking messages and cleaning out your inbox and then jumping in to tasks. Be sure to be realistic about how much time you need for a task, and schedule in breaks – you’re going to need a moment to recharge to stay efficient.
3. Commit to something new – There is always room for improvement, and your agency is no exception. Brainstorm with your staff to set goals to better your agency, and start working towards one or two goals for the year. Start with small pieces to the larger goal and chip away daily to make a big change.
4. Communicate early and often – Communication is the key to good relationships. Whether it be with coworkers or clients, listening to understand and giving immediate feedback create a connection that is mutually beneficial. By committing to communicate early and often, you can insure information is flowing and that everyone is on the same page: a recipe for great results.
5. Get organized – It’s amazing how far a little bit of organization can go! Start small by cleaning off your desk, and moving to cleaning out your desk and office. Keep the organization flowing by keeping a calendar using your smartphone, a planner or any other method that works for you. By committing to organization, you’ll find you’re able to get more done and feel better doing it.
One of the best ways to get organized is through your agency management system. We at SIS know that your agency management system is an excellent organizational tool, and we’ve ensured our Partner XE has what you need to use it as such. To find out more about how Partner XE can get you organized, check out our website or contact us at 800.747.9273 or [email protected].
Commercial lines policy detail downloads (CLDL) is on the rise, and for good reason! Such streamlined, consistent client records and data put a smile on the faces of carriers, agency staff, and clients alike. Using commercial lines downloads is one of the few things in life to make everyone happy!
Your Carriers
Carriers love CLDL because it gets them client information quickly and accurately at any time. Also, CLDL saves carriers time and money because it cuts down on calls to carrier service centers by brokers. Carriers also like the consistency commercial lines policy downloads brings to data entry.
Your Staff
Commercial lines policy downloads help things move faster and more efficiently, making your staff smile. CLDL eliminates duplicate information and minimizes errors that may occur with manual entry, meaning less E & O issues for your staff to investigate and manage. Your agency staff experiences less hassle when connecting with carriers, and is able to give clients accurate, up-to-date information quickly.
Your Clients
Clients feel the benefits of CLDL through faster response times and consistent customer service communication. CLDL allows for better communication between your staff and carriers, which translates to better communication with your clients. And if the clients are happy, you are happy!
You!
Happier staff, clients and carriers means a happier you. Plus, with all the increased efficiency, you will have more time to devote to the “back burner” things like improving your website or streamlining other processes.
In addition to these many benefits, CLDL also saves you money. Some agency management systems, like our Partner XE, already have the capabilities to allow for CL download, meaning you don’t have to invest in a new system to make it work.
To find out more about Partner XE and Commercial Lines downloads, check out our website or connect with us at 800.747.9273 or [email protected].
The National Association of Partner Agents (NASPA), the official user group of the insurance agency management system Partner XE, will be hosting its national user conference in Columbus, Ohio April 24-25, 2014. The conference offers Partner XE users two days of networking, industry updates, and interactive work group sessions to keep users up-to-date on newest industry trends and developments of Partner XE.
Mike Sweere, President of NASPA, is excited about bringing Partner XE users together to provide input on the future of Partner XE and learn about the latest industry news. “NASPA’s hosting of a national user conference provides an excellent learning opportunity for agency principles, account managers and producers. There are sessions designed for the new users and other sessions for the more seasoned user of SIS’s Partner XE management system. In addition, the networking with other agent users is invaluable in terms of the ideas and workflows that are discussed and shared.”
This year will be the biggest NASPA conference yet, with 50% more people registered than the last conference.
Alex Deak, CEO of Strategic Insurance Software, sees the event as an invaluable opportunity for Partner XE users to network, learn, and provide feedback about Partner XE. “The conference provides us and our sponsors an opportunity to educate Partner XE users about the industry, SIS, and Partner XE. We also want to provide a venue for clients to interact, share best practices, and provide us with feedback about how Partner XE can be improved to help our partner agencies.”
Attendees will be able participate in 10 sessions over the two days of the conference and can also attend a special session on April 23rd presented by ACORD. The pre-conference ACORD session will cover
Why carriers need to work closer with independent insurance agents,
Specific data on how the industry is performing, and
How independent insurance agents may seek assistance on agency automation projects.
In addition to work group meetings organized to collect feedback about Partner XE, the topics of sessions held on the 24th and 25th include
Stop Wasting Time: Improve Workflows,
Protecting Your Data,
Preview of the upcoming Partner XE 2.1 release,
Leveraging Social Media with Partner XE,
Making Your Website a Sales & Service Resource, and
Tracking Commissions.
Sessions will be led by NASPA board members, SIS team members, and industry partners from IVANS, ACORD, State Auto, Agency Marketing Partners, and Expedient.
Tami Scott, Director of Client Services for SIS, is looking forward to the conference as an opportunity to get more direct feedback from the users of Partner XE. “It’s a learning opportunity for our partner agencies, and it’s a learning opportunity for us so we can get valuable feedback from them to plan for the future of Partner XE.”
About SIS: Headquartered in Columbus, Ohio, SIS is the team behind Partner XE insurance software – an innovative web-based insurance agency management system that helps independent agencies streamline workflow and grow their business. Built on a foundation of strong technology and exceptional service, we’re moving forward with a constant eye on innovation that will make independent agents’ lives easier. For more information, please visit https://sispartnerplatform.com
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There is a reason why so many people make resolutions before the start of a new year: a blank slate. The idea that you can start anew is liberating, and holds so much promise for success. You and your independent insurance agency can take advantage of this new beginning by establishing new habits for the New Year. Here are a few new habits to get you started:
Commercial lines policy detail downloads (CLDL) is on the rise, and for good reason! Such streamlined, consistent client records and data put a smile on the faces of carriers, agency staff, and clients alike. Using commercial lines downloads is one of the few things in life to make everyone happy!
The National Association of Partner Agents (NASPA), the official user group of the insurance agency management system Partner XE, will be hosting its national user conference in Columbus, Ohio April 24-25, 2014. The conference offers Partner XE users two days of networking, industry updates, and interactive work group sessions to keep users up-to-date on newest industry trends and developments of Partner XE.
Healthcare insurance provider Anthem is just the latest in a long list of companies to recently suffer from online data attacks, putting thousands of their customers at risk of identity theft. Unless a business carries insurance coverage for cyber-threats, this PR nightmare could also strike at the company’s finances.