At the end of the day , thoughtful consideration of integrating alternative service providers into agency operations will help your agency reduce its E & O exposure . •
• Translation of basic E & O risk management : With your agency ’ s normal workflow and procedures , you use basic E & O risk management processes , such as E & O coverage checklists that the customer signs , proposals that contain disclaimers and thoroughly documenting all conversations with customers . How does this translate to the service provider ? Do they include disclaimers on their customer communications ? Discuss whether they would be willing to incorporate some of these risk management methods into their operations , or what they already have in place .
BALANCING THE RISKS & REWARDS
Agencies need to analyze carefully the benefits and costs of doing business with service providers . It starts with understanding what they offer and how the workflow will affect the agency ’ s operation and
the customer ’ s experience . Some AI , VAs , and carrier services centers may be better than others , and that will specifically influence whether working with them may increase E & O exposure .
At the end of the day , thoughtful consideration of integrating alternative service providers into agency operations will help your agency reduce its E & O exposure . •
Dave Hulcher is CEO of the Kansas Association of Insurance Agents ( KAIA ). For over 25 years , he has served independent agents and the insurance industry with KAIA and the Independent Agents and Brokers of America , Inc . ( Big “ I ”). With a focus on agency E & O and risk management , he has worked with hundreds of agents , authored many articles , and spoken at numerous insurance industry events over his career . Dave holds both P & C and L & H licenses and is a registered lobbyist in Kansas .
In , Above , and Outside of the NFIP !
Together , Big “ I ” Flood and Selective ’ s relationship helps deliver members an unparalleled flood insurance program .
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