CHAMP Titles’ Post

Traditional vehicle titling is one of the few administrative processes that still relies on physical paper documents, leading to inefficiencies, increased fraud risk, and frequent delays. The good news is that digitized titling across the country has arrived through the National Digital Titling Clearinghouse (NDTC). Learn more in this article written by Shane McRann Bigelow, CEO of CHAMP Titles: https://bit.ly/4gCU1fb #Insurance #ClaimsManagement #LitigationManagement #InsuranceDefense #CLMMagazine

CSAA Insurance Group, a AAA Insurer, claims operations exec Zack Gordon sees better time management as the biggest operational issue technology can solve. “Time, for me, is big, because if we don't manage it efficiently, then we put the customer at risk, we put our company at risk, and it creates a lot of issues,” he said. “We can assess risk. We can resolve coverage again, putting somebody at ease, or at least knowing our risk and being able to communicate that as fast as possible. It's better service. It's actually a better risk mitigation factor for us.” https://lnkd.in/enerGPPp #insurtech #insurance #insuranceclaims

In the Casualty Insurance space, we often get asked about alternative risk financing solutions like captives. In this month's Woodruff Whiteboard Breakdown, my colleague Evan Hessel covers single parent captive basics.

Nationwide is excited to partner with TrustLayer to offer a groundbreaking digital verification of commercial insurance for policyholders and brokers. This new capability allows TrustLayer customers to verify and validate commercial insurance coverage details on-demand, saving time, reducing costs, and ensuring compliance with risk management programs. Learn more on our newsroom. https://lnkd.in/gEe4quqf.

Rapid spread in the use of #AI is requiring #Insurers, #Brokers and #Lawyers to consider what new #Risk exposures are being created; get insights from Marsh (via Business Insurance) on how this evolving landscape is impacting #Coverages and #Claims

Transact Risk Partners is delighted to have closely worked with Marnix Terpstra of Marsh McLennan in resolving a W&I insurance claim for €12.5 million. This sum represented the full limit of liability under the policy and was, impressively given the size of the claim, agreed in less than 4 months from the claim notice being received. Our insured was pleased with the outcome, stating “We are very grateful for how the insurer and the broker handled our recent claim. We found them to be honest, pragmatic, and efficient in their claims handling, and our positive experience is definitely a plus for us when we consider them for our future transactions.” Alex White, Head of Claims for both Transact Risk Partners and Ryan Transactional Risk (International), comments "This is yet another claim that demonstrates the immense value of transactional risk insurance products to insureds. It also illustrates the speed with which claims, regardless of their size, can be resolved when insureds and insurers closely collaborate.“ #claims #mergersandacquisitions #transactionalinsurance #warrantyandindemnityinsurance #transactrisk #ryantransactionalrisk

Today’s commercial insurance landscape continues to shift. Understanding how to mitigate risks like cyber-crime and legal system abuse are critical to the success of your business. At R&R Insurance, our team of in-house professionals will help you navigate today’s complex market. • Our team of data analysts can help you make data driven decisions. • Our Claim Professionals ensure coverage decisions are accurate and your claim payments are timely. • Our Loss preventions specialists can help you avoid the loss…before it happens.

We are thrilled to announce that the chapter on Trade Secret #Insurance and Why it is a Major Step Forward has been released!! This is part of the newly released IAM Guide to IP Monetization. I was honored and excited to be asked to write this chapter on behalf of Crown Jewel® Insurance. It provides a peek into the insurance market’s historic challenges with this type of cover, what we did to overcome those, how the policy works, and how valuing and insuring these #tradesecret #assets can open up massive new opportunities for the #IP owners to monetize and leverage these insured assets for lenders and investors. These are assets your company ALREADY HAS! Make them work for you. And protect your bottom line and competitive advantage at the same time. https://bit.ly/CJIIAM24

Evan Hessel, Casualty Practice Leader, introduces the concept of single parent captives in casualty insurance in this Woodruff Whiteboard Breakdown. Single parent captives are insurance companies set up and owned by a company to provide insurance for its own risk or the risks of third parties, offering more control over insurance, underwriting profits, and investment. They provide flexibility to self-insure challenging future risks and access certain reinsurance markets, with potential tax benefits that require thorough review by accountants and tax lawyers. Certain lines of insurance, such as employee benefits and casualty lines, are best suited for a captive, while severity-driven lines like property, cyber, and D&O are less suitable, requiring deep analytics and stress testing. For more information on Captives Insurance, visit our website: https://lnkd.in/eZP9AnHY #whiteboard #SingleParentCaptives #CaptivesInsurance

#DYK 2-3% of an insurer’s combined ratio can be attributed to fraudulent claims? 🤔 In the the fourth in a series of commentaries on the #combinedratio problem facing the global insurance industry, our own Jeremy Jawish explores why insurers must invest in effective claims #frauddetection and how it can be the difference between operating at a profit versus a loss 👉 https://hubs.la/Q02L6j8p0