The E&O Claims Advisor may have been on hiatus, but the Big “I” Professional Liability Program’s risk management team has not. The Big “I” and Swiss Re Corporate Solutions risk management team has been hard at work creating the next generation E&O seminar which was officially rolled out by Big “I” state associations on January 1, 2013. Titled “E&O Risk Management: Meeting the Challenge of Change,” the new seminar looks to build on the success of the prior E&O seminar, “A Practical Guide to Agency E&O Risk Management”. Designed in a modular format, the new seminar addresses the fundamentals of E&O risk management while exploring E&O exposures in today’s ever changing agency operations, such as: exposure to data breaches, using social media, carrier underwriting systems, agency contract considerations, and customer file documentation requirements. Unlike other E&O seminars, this one looks at E&O risk management from the perspective of the agency, not the E&O carrier.
Nearly 60% of policyholders send the required staff to the E&O seminar to receive the 10% loss control premium credit over three policy periods. While the direct premium savings are significant for policyholders, it is the changes in agency operations learned at the risk management seminar that can have a game-changing effect on their agency’s E&O exposure. Swiss Re Corporate Solutions claims data reveals that no matter the size, business mix, or region agencies that attend the seminar perform significantly better. So, to the 40% of policyholders that don’t send their staff to an E&O seminar – what’s up? Is avoiding the cost and hassle of E&O claims, keeping your deductible dollars in your pocket, lowering your E&O premiums, and improving the overall operation of the agency not worth 6 hours of time? Keep in mind that most E&O seminars put on by Big “I” state associations include CE credits. Taking an E&O seminar is like killing three birds with one stone: premium savings, less exposure to claims, and CE credits. Consider taking a break from the discount CE providers who’s tuition can be paid for with the spare change found in your desk drawer (and are worth that much) and take a seminar that advances the mission of the agency.
Remember, E&O risk management starts with the culture of the agency and culture is created from awareness. It is leadership that creates awareness and the new E&O seminar can help facilitate this. If protecting the agency from E&O claims is out of sight and out of mind in your agency, chances are there are E&O claims lurking.
We’d also like to extend a special thanks to lead consultant Robin Federici of Insurance Education & Training Associates for all of her efforts in drafting the new seminar. In addition, we want to recognize the following individuals who were part of the group that reviewed the material:
Stuart Powell - Independent Insurance Agents of North Carolina
Aubie Knight - Independent Insurance Agents of Georgia, Inc.
Joni Fairbrother - Independent Insurance Agents and Brokers of Arizona
Mike Edwards - Independent Insurance Agents and Brokers of Louisiana
Judy Durst - New Hampshire Association of Insurance Agents
Becky McCormack - Independent Insurance Agents and Brokers of South Carolina
Cheryl Koch - Agency Management Resource Group
Bill Perkins - Florida Association of Insurance Agents
Mary Eisenhart - Eisenhart Consulting Group
Chris Burand - Burand & Associates, LLC
Patty Padon - Pat Campbell Insurance, LLC
David Walker - Hartland Insurance Agency, Inc.
Robert Fulwider - Fulwider Agency, Inc.
Gary Joyce - Howalt-McDowell Insurance, Inc.
Jim Keidel - Keidel, Weldon, & Cunningham, Inc.
Chris Weldon - Keidel, Weldon, & Cunningham, Inc.
Chris Amrhein, Amrhein and Associates, Inc.
Myles Hassett – The Hassett Law Firm, P.L.C.
Bill Wilson – AVP, Big “I” Virtual University
Jeff Yates – Executive Director, IIABA Agents Council for Technology
Ball-Martin Insurance Agency, Inc. – Richmond, VA
Joseph W. McCartin Agency, Inc. – Beltsville, MD