Richard Shlotzhauer

It'll be interesting to see what BI / Contingent BI claims start coming in as a result of the Microsoft / Crowdstrike outage. It has been emphasized that it was not a cyber attack or security failure. Will it then fall under coverages for system failure? Watch this space! #businessinterruption #cyberbi

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Cyber insurance is a critical piece of a company’s risk strategy, but without the CISO’s input, policies can overlook key risks, mismatched coverage can delay incident responses, and preferred vendors might not align with insurer requirements. This creates gaps when companies need to act swiftly during a cyberattack. Cyber risks are unique, and so are insurance solutions. CISOs ensure coverage reflects the company’s specific vulnerabilities and that all teams are ready to respond accordingly when needed. #CyberSecurity #Insurance #RiskManagement #CISO #CyberRisk

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It was great to sit down with Jessica Koch for the fourth and final chat in the AHOU: Association of Home Office Underwriters #Advance360 Chat Series "AI 101: Unlocking AI in the Life Insurance Industry". Members can find all Chats in their AHOU Course Library. In this chat we discuss AI terminology 101 in underwriting.

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Most losses from the CrowdStrike outage will be business interruption. The outage was caused by a flawed software update for Windows users, and not a cyberattack, so claims will be made under “systems failure” coverage. Determining final losses for the cyber industry is going to be a lengthy process as it takes time for insurers to determine which customers suffered losses from the outage and if those losses are covered. More details can be found in the full article linked in the comments. #crowdstrike #cyberinsurance 

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New data from Guidewire HazardHub highlights that many U.S. states face high wildfire risks, with California, Oregon, and Colorado having the highest number of homes at risk (based on the number of homes receiving an “F” for wildfire risk). Read a news report from CBS KKTV 11 News in Colorado Springs that leverages HazardHub data and covers the state's high-risk status underscoring the need for wildfire preparedness. https://lnkd.in/gqm2FsPW HazardHub's Enhanced Wildfire Score and other detailed HazardHub data and risk scores are accessible to insurers through Guidewire’s apps, including PolicyCenter and InsuranceNow, and via the HazardHub API. Consumers interested in learning about their home’s risks can visit freehomerisk.com.

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Do you value financial stability from your #insurancecompany? #PHLY has the highest possible rating by AM Best of A++ #financialstability #security #insurance #trust

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It's important to stay vigilant when making left-hand turns, which account for 22% of intersection-related crashes. You should always wait to start turning your wheel until it is safe to make your turn. For more tips on making left turns safely, visit Philadelphia Insurance Companies' blog: https://bit.ly/47RjbUr #TEAMPHLY #PHLYProud

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“Every industry’s being changed,” Bill Taylor, president and CEO of the Pennsylvania Compensation Rating Bureau and the Delaware Compensation Rating Bureau, said in Philadelphia. “It’s going to impact work comp. It’s going to help with risk management.” Though not an industry that will 100% rely on this new piece of technology, but as a user themselves, AI will take the insurance industry to a whole new level. Better marketing, research, systems, ect., I think positives can only flow! What is your opinion on AI in the insurance industry? https://lnkd.in/es7BxiDC

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Learn about The Benefits of Workers’ Compensation in Massachusetts.. In this post, we discuss a couple of benefits of having a Workers' Compensation policy for your business in Massachusetts. https://lnkd.in/eE683cuy

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Governmental regulations continue to inundate health plans, each with complex requirements and the need for strategic partner/system selections and ongoing support. At Wendigo Advisors, we've successfully helped clients implement solutions for critical compliance areas such as interoperability, the No Surprises Act, and Transparency in Coverage. Let us navigate these complexities and guide you towards seamless and compliant implementations. Connect with us! #HealthcareCompliance #Interoperability #NoSurprisesAct #TransparencyInCoverage #HealthPlans #RegulatoryCompliance #HealthcareSolutions #WendigoAdvisors

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Manufacturing on Long Island comes with its own set of opportunities and risks. From compliance with local regulations to protecting against liabilities, securing the right insurance is essential for resilience. At Graf Insurance, we’ve compiled an in-depth look at what manufacturers need to know to protect and grow. Explore our insights here: https://lnkd.in/gWdue3uk #ManufacturingInsurance #RiskManagement #LongIslandBusiness #BusinessProtection #Insurance

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Heading to ITC? Stop by the Connecticut Insurance & Financial Services (CT IFS) booth. Hang out with Susan Winkler, me and other friends and share your perspective on the future of our insurance industry. We'll be recording your thoughts for an upcoming episode of That Annuity Show. Zinnia

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Rapid Recap: P/C Premiums to Grow, Profits Expected by 2025 The Insurance Information Institute and Milliman report predicts a small underwriting loss for property/casualty insurance in 2024, with profitability by 2025. Homeowners insurance will remain unprofitable until 2026, despite double-digit premium growth. Personal auto insurance is set for profitability by 2025. Commercial lines will outperform personal lines in 2024, and workers’ compensation continues its strong performance, projecting profitability through 2026. However, slowed U.S. growth and geopolitical risks could impact these favorable conditions. For a deeper dive, refer to the full report by Triple-I and Milliman. #InsuranceIndustry #Underwriting #EconomicTrends #CommercialInsurance #IndustryInsights https://lnkd.in/d72Xt64u

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🚨 Maine Staffing Firms News Alert! Maine's Bureau of Insurance approves a 15.7% average rate reduction for Workers' Comp. - Aims at workers’ compensation insurance premiums  - MEMIC, the largest workers’ comp provider in the state, is involved - A total saving of as much as $31 million  - Over 17,500 Maine employers to benefit  - Rates effective upon renewal of policies in the next year This rate reduction doesn't just signify financial relief.  - It points to the possibility of reinvestment - It's an opportunity for Maine businesses to invest back into local people and businesses A bigger picture comes to mind.  - This isn't just about insurance - It's about the growth and development of an entire community Read more below ⬇ https://lnkd.in/ee2HhJGs

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Guidewire executives will be at Bartolin Hall E-115 at The Council of Insurance Agents & Brokers' Insurance Leadership Forum next week. If you're attending and interested in learning about Guidewire's latest innovations and industry perspectives, please contact [email protected] to schedule a meeting. #insurance #innovation #insurtech #analytics #data

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From my #CPRM book: "Questions take the commodity out of the insurance sale. Producers learn to help the buyer focus on all the components of value – not simply price."

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Rising Auto insurance rates are gaining attention with economists. Most recent BLS data below - Auto insurance is up 22% over the previous 12 months versus overall inflation rate of 3.5%. Since Jan 2020, auto insurance is up 46% against overall CPI of 22%. There are many reasons contributing to the rise in auto insurance rates, and those of us in the industry understand the causes and have risen to the challenges of the market cycle - but increased attention from economists will only increase regulatory pressure as consumers voice frustration. Our partners are leaning into messaging and having open and honest discussions with distribution partners and regulators. The recent CPI report and Economist attention is just another reason for CEOs to stay focused on key metrics in short and long term - and position your company for future market cycles.

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