Manic Monday - The Insurance Nerds Newsletter (December 30th, 2024 Edition)
The Latest From Insurance Nerds
My Battle With Sleep Demons (and How I Overcame It 🤞)
Sleep issues can be incredibly frustrating and anxiety-inducing, creating a vicious cycle that seems impossible to break. I know this firsthand, as I recently struggled with sleep disruptions that began affecting my quality of life. However, through a combination of lifestyle changes, supplements, and mindset shifts, I’ve found a path to better sleep. Here’s my story and what worked for me.
The Cycle of Sleeplessness
My problems began with middle-of-the-night awakenings.
Instead of peacefully drifting back to sleep, my mind would kick into high gear, flooding with worries and racing thoughts. This created a new layer of anxiety – the fear of waking up itself. “Will I wake up tonight?” became a constant concern, making it difficult to fall asleep even when exhausted. The sleep anxiety was actually preventing sleep, creating a seemingly endless loop.
Finding Solutions Through Supplementation
Andrea Wise , my co-author in this series, was the first to make recommendations that helped. I slowly developed a comprehensive approach to addressing my sleep issues. We started with natural supplements known to promote better sleep. Magnesium (Citrate), a natural muscle relaxer, became a key component of my evening routine. I also incorporated slow-release melatonin, which helps regulate sleep-wake cycles more naturally than traditional melatonin supplements.
Diet played a crucial role as well.
READ THE FULL ARTICLE HERE:
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Exploring the History of Citizens Property Insurance Corporation (Florida): From Inception to Present – AoB Podcast
Guests:
– Jay Adams – Chief Insurance Officer at Citizens Property Insurance Company
– John Kummer – Team Focus Insurance Group, former Deputy Insurance Commissioner of Florida
Episode Summary:
In this episode, host Nick Lamparelli talks with Jay Adams, CSPO, CSM and John Kummer to explore the intricacies of Citizens Property Insurance Company, the insurer of last resort in Florida. The discussion covers the following key topics:
1. Introduction to Citizens Insurance:
– Citizens was established to provide insurance coverage for those unable to obtain it from the private market, particularly in times of catastrophe.
– The company serves as a barometer for the insurance market, fluctuating in size based on the availability of private market options.
2. The Need for an Insurer of Last Resort:
– John Kummer explains the historical context of Citizens’ formation, particularly following Hurricane Andrew in 1992, which highlighted the need for a safety net for homeowners in Florida.
3. Operational Dynamics:
– Jay Adams discusses how Citizens operates, including its semi-governmental status and the regulatory oversight it faces.
– The episode delves into how Citizens manages claims during catastrophic events and the importance of vendor partnerships to scale resources effectively.
4. Claims and Litigation:
– The conversation highlights the impact of litigation on claims processing, with statistics showing that claims that enter litigation can cost significantly more to resolve.
– Jay Adams shares insights on recent changes in legislation that affect claims reporting timelines and the implications for policyholders.
5. Takeout Process:
– John Kummer provides an overview of the takeout process, where private insurers can assume policies from Citizens, emphasizing the risks and strategic planning involved.
– The importance of timing and preparation for insurers looking to participate in takeouts is discussed.
6. Transparency and Education:
– The episode concludes with a discussion on Citizens’ commitment to transparency and the resources
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The Importance of Security in Workflow For Insurance Agents & Brokers (AoB Podcast with Taylor Pascoe of ShareFile)
In this episode of The Assignment of Benefits Podcast, 🇺🇸 Nick Lamparelli spoke with Taylor M. Pascoe , Senior Sales Manager for Financial Services ( Progress ShareFile ). Nick and Taylor discussed the critical Balance of security & efficiency in insurance workflows.
Many of you will agree that efficiency of workflow is very important, but may under appreciate security. .
Why the Dual Focus Matters…
Like the accounting and legal sectors, Insurance professionals handle sensitive personal and financial data daily, making secure and efficient workflows non-negotiable. The intersection of productivity and protection isn’t just about compliance—it’s about building trust and maintaining competitive advantage.
The Email Trap – Traditional email communication poses several risks:
– Unsecured transmission of sensitive data – No version control for important documents – Limited file size restrictions – Difficulty tracking document access history – Increased risk of human error in data handling – Potential HIPAA and FINRA compliance violations
Benefits of Secure Document Management 1. Risk Mitigation – Controlled access to sensitive information – Audit trails for all document interactions – Automated security protocols – Compliant with industry regulations
2. Operational Excellence – Streamlined client onboarding – Efficient document versioning – Reduced administrative overhead – Clear workflow visibility
3. Business Protection – Secure offboarding process – Protection of proprietary information – Prevention of data breaches – Vendor consolidation benefits Best Practices – Implement robust document management systems – Establish clear security protocols – Maintain version control – Regular security audits – Employee training on secure workflows – Automated notification systems
By prioritizing both security and efficiency, insurance agencies can protect their clients’ sensitive information while improving operational productivity and maintaining regulatory compliance. Having PII escape your agency could be existential and not worth the risk. Thus the dual focus!
10 Insurance & InsurTech Companies Hiring Now
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Turning The Corner - The New Normal of The Florida Insurance Marketplace (January 22/23 - Bradenton, FL) By Invite Only
Florida is having an insurance crisis - no surprise there!
In this Townhall/Workshop we will work together to debate, discuss, deliberate, and determine what the future of the Florida Insurance marketplace will look like!
The goal for this workshop is to bring together industry leaders, regulators, lawmakers, and stakeholders to collaborate on practical solutions that will benefit both insurers and policyholders.
This two-day intensive workshop offers: