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What are insurance company ratings and why are they important?

Submitted by Brian Barnett on May 02, 2022

In our series on Insurance Vendor Management, we have covered the 9 Critical Steps for Insurance Vendor Management, Specialization of the Insurance Company and the Agent, How to Evaluate an Insurance Policy, and Claims and Administration of the Policy. In this article, we discuss the Ratings and Financials of the Insurer. 

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Insurance Vendor Management: Service and Claims (Part 4)

Submitted by Brian Barnett on April 21, 2022

In this series on Insurance Vendor Management for Lenders, we discussed how to evaluate an insurance policy, the specialization of the insurance company and the agent, and the 9 Critical Steps for Insurance Vendor Management. In this article, we tackle claims and administration of the policy. 

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Insurance Vendor Management: All Policies are Not Created Equal

Submitted by Brian Barnett on March 31, 2022

We talked about the specialization of the insurance company and the agent in the last article in this series. We covered the 9 Critical Steps for Insurance Vendor Management in the first. In this article, we tackle the actual insurance policy. 

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Insurance Vendor Management Part 2 - Specialization

Submitted by Brian Barnett on March 18, 2022

Specialization in the product lines by the insurer

This is part 2 in our series on Insurance Vendor Management. Click here to read the first article in the series, 9 Critical Steps for Insurance Vendor Management.

By specialization, I mean focus. Is this product a focus of this company or just a side product? Side products are listed farther down a company’s product listing than others. Your goal is to have the insurance company you are dealing with have that product as one of their leading income producers.

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9 Critical Steps for Insurance Vendor Management

Submitted by Brian Barnett on February 28, 2022

Insurance Vendor Management has many different components. Many financial institutions oversimplify insurance management into just a few areas: size, ratings, stability. The problem with oversimplifying insurance vendor management is that many companies may look strong on paper but lack good customer service, claims handling, and adequate coverage in their policies. It is not prudent Vendor Selection and Management to have a large, financially strong, A+ rated insurance company with poor service and claims handling.

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How Well Do You Know Your Collateral Portfolio Insurance?

Submitted by Allen Moss on February 16, 2022

My job involves talking with community lenders on a daily basis. Specifically, I work with credit union and bank executives on their collateral portfolio insurance. This includes consumer, mortgage, and commercial equipment portfolios. I am regularly surprised to find that many managers, executives, and others are unfamiliar with the policies they have in place or how they manage risk in their portfolios. While being a leader in a lending institution carries dozens of responsibilities across multiple departments and disciplines, keeping on top of your insurance is something you can’t let fall by the wayside. Not only are uncovered or under-covered losses unacceptable, but in-depth knowledge of your policy can help with compliance. As a new year approaches, here are some good questions to ask yourself and your staff to make sure you have the best possible grasp of how your collateral portfolios are protected.

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