Insure Tech

ITS has the ability and experience to create both new insurance products and innovative marketing strategies to compete in the insurance marketplace of today. Technology has created new opportunities, but the insurance industry is very slow to adapt.

In a world defined by lack of time it is important to reach the market with cost effective products that provide coverage and cost benefits. Our Insurance Policy Metrics program is an example of providing a comprehensive evaluation of coverage, claim payment and premium comparison of individual insurance policies with a single numerical factor.

Developing New Insurance Products

There are various steps in the insurance product development process. Some functions are creative and other steps require the diligent application of contract drafting and statistics.

• Innovation – Ability to recognize a need for insurance based on new risk.
• Market Research – Determining need for insurance and potential market segment.
• Risk Factors – Identification of circumstances that can lead to a loss.
• Underwriting Guidelines – Developing underwriting parameters.
• Pricing – Formulating a premium pricing strategy based on risk factors and market for insurance.
• Policy Drafting – Writing an insurance policy that correctly translates risk to contact language.
• Obtaining corporate approval for implementation.

Other Requirements:

• Competition – Review of insurance marketplace for similar products. Will insurance compete with existing insurance products or is it truly new? Check rates and forms.
• Reinsurance – Availability of reinsurance.
• Insurance – Decision to offer product either on an admitted basis or excess & surplus.
• State Filing – Filing forms and rates with state regulatory agencies.
• Market Distribution – Strategy to deliver product – direct, retail and wholesale.

Insurance Products:

Workplace Violence and Bullying Liability Insurance provides insurance protection to companies and organizations regarding allegations of workplace violence or bullying. Employment Practices Liability Insurance often excludes these risks. The policy covers loss of salary or wages for the victims of bullying who are unable to work, business interruption expenses, loss of goodwill/reputation, defense costs in the event of litigation including representation of named (the employer) and additional insureds (such as individual supervisors, human resources officials, management under a vicarious liability theory) at trial and costs associated with settlement/judgments and liability for damages for victims of workplace violence and bullying.

Supplemental Family and Medical Leave Insurance is an enhanced benefit program for employees, which provides additional and more liberal family leave coverage than offered by a federal mandated or state sponsored program. It enables the employer to design a family leave program to retain and attract employees with increased benefit options, rather than minimum benefit requirements. We are in contact with federal and state congressional leaders involved in Family and Medical Paid Leave with the proposal of offering a private insurance program.

Personal Protection Insurance (“PPI”) is a new accident and health (A&H) insurance plan to compensate victims for pain and suffering due to physical injury in the event of a Violent Crime (Aggravated Assault, Terrorism, Domestic Violence, Homicide, Sexual Assault, Workplace or School Violence, and Criminal Battery) or an Accidental Injury and a) provided a civil conviction and a judgment is obtained against the assailant or defendant for monetary damages, and b) the judgment is unable to be collected by the insured. Compensation for pain and suffering because of injuries is not covered by Health, AD&D or Disability Insurance. The National Center for Victims of Crime offers resources and a legal directory for assault victims.

Cyber3Protection Insurance objective is to implement a comprehensive (“three in one”) cyber defense and insurance program for small businesses and organizations including 1) security software, 2) file and data backup, and 3) cyber insurance. The program is “one complete package” with a single price and is designed for small businesses, organizations and professional practices. The program offers an insurer greater underwriting control and protection. It provides the user with a less expensive cyber security solution than cyber liability insurance offered by other insurers. Quotations and policy processing is online. See Cyber3Protection

Professional Loss of Income Insurance provides protection to individuals regarding a) License Defense Costs and Wrongful Termination Legal Costs, and b) loss of income for Wrongful Suspension or Revocation of license and Wrongful Termination of Employment. The product is a complement to professional liability insurance. Many professional liability policies provide little or no coverage for license defense expenses. Some policies offer only $5,000 in limits. This is an insufficient amount when legal defense expenses can cost much more. See Protecting My License