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Self-Insured Municipalities: Ways to Avoid Ransomware Attacks

In today’s insurance marketplace, the benefits of technology cannot be overstated; however, the dark side of technology—namely ransomware attacks—is now infiltrating self-insured municipalities. Ransomware attacks occur when criminals find a way into the organization, encrypt as much data as possible, and then extort money from you to get your own data back.  If the ransom…

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IRS-npr.org

Captive Owners Sue Legal Advisors After IRS Levies Penalties

The owners of an 831(b) captive that the Internal Revenue Service ruled did not qualify for various tax benefits is now suing the lawyer who allegedly advised them to establish the microcaptive, Business Insurance reports. Last month, Benyamin and Orna Avrahami, the owner of a jewelry firm and various other businesses in Phoenix, last month…

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nrra crisp program

NRRA Helps Risk Retention Groups Attract Talent

Risk Retention Groups, like other smaller insurance companies, face an uphill battle when it comes to finding great talent.  In an article published on the National Risk Retention Association (NRRA) site, Joe Deems, the group’s executive director, laments the fact that young people have little or no interest in starting and building a career in…

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global reach ada compliance

ADA Claims Against Public Entities “Exploding”

It’s well known that public entities offering insurance operate with a number of inherent challenges: dated technology, complex reporting structures, regulatory reporting burdens and more.  But now public entities have an additional challenge.  According to an article written by Jerry Stovall, Jr., an attorney with Breazeale Sachse & Wilson LLP, claims against public entities under…

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workplace safety the top 10 causes of disabling injuries at work LM

Overexertion Tops Priciest Workers’ Compensation Claims: Report

Liberty Mutual says that a group of injuries involving lifting, pushing, pulling, holding, carrying or throwing cost employers and payers $13.1 billion. The insurer released its list of workplace injuries and their related costs based on its Workplace Safety Index in which overexertion, as it is presently classified with the injuries above, represents the costliest…

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Customer-Relationship-Building-With-CRM

4 Tips for Joint Power Authority Success in CRM

Some traditional insurers tend to think about customer relationship management (CRM) technology as a tool only for finding/sharing customer information, but in the bigger picture, it’s used for extended outreach, partnership management, and cross-functional efficiencies that lend themselves to improved customer outreach, cross-selling, faster response times, improved customer retention and more. Because of their complex…

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vector-toons

View from the Captive Cockpit Needs A Technology Parachute

In a recent IRMI Captive.com blog post (“A View from the Cockpit: Systems and Controls of Good Captive Managers”) the team at Atlas Insurance Management Limited compared the successful management of a captive insurance company to flying a plane. “It’s a whole lot less intimidating once one understands the controls and systems that need to…

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lynda-spreadsheet

How to Avoid Spreadsheet Paralysis

Back in 2016, Microsoft reported that more than one billion people used its Office suite of applications, which includes the Microsoft Excel spreadsheet. Roughly one in every six people on earth use it, Microsoft said.  There is no doubt that when Microsoft first developed this application, they were on to something important, and it still…

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actuarial report

Risk Retention Group Benchmarking Study Available

The 2018 Risk Retention Group (RRG) Benchmarking Study, an in-depth look at RRG financial statement data, complete with trends and comparisons to the admitted market, is now available from Pinnacle Actuarial Resources, Inc., Bloomington, Ill., a property/casualty actuarial firm. The Benchmarking Study examines a wide variety of metrics, including the number of RRGs, capitalization, premiums,…

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las vegas cica 2019

CHSI Participates in “Shaping the Future” at CICA

Tucson played host to more than 500 captive insurance representatives, including 100 first-time attendees (captive owners, potential captive owners, captive managers, risk managers, domicile regulators and officials, and service providers) at the CICA 2019 International Conference. In support of the conference’s agenda, which offered educational and networking opportunities, the theme of this year’s domicile-neutral conference,…

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