Just as a chef makes the restaurant world revolve alongside other kitchen staff – agents make the insurance industry revolve alongside MGAs, carriers, and wholesalers. If the other entities of a restaurant do not communicate with the chef, the flow of business will be altered. The same is true for the insurance industry if the voices of agents are not considered.
As we know, standard loss run requests are conducted by sending a letter to previous insurers or brokers asking for detailed policy information which includes a disclosure of all claims processed – a very time-consuming process. Loss run requests of the future will provide a more streamlined approach and provide more discretion for the insured requesting to obtain the necessary data. How will this process be enhanced in the days, months, and years to come? Or, has this innovation already been implemented? In this article, we will discuss what the future of loss runs will look like, how it will benefit the insurance industry, and how you can get your business on board with it NOW!