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Brian Barnett

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Insurance Vendor Management: Disaster Recovery and Information Security

Submitted by Brian Barnett on May 23, 2022

In this series on Insurance Vendor Management, we talked about the specialization of the insurance company and the agent,  The 9 Critical Steps for Insurance Vendor Management, the fact that All Policies are Not Created Equal, and Insurance Company Ratings. In this article, we cover Disaster Recovery Plans and Information Security. Let's dive in!

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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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