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partners in risk

Proven Ways To Build Strong Insurance Relationships

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The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.

The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.

How To Build And Maintain Strong Relationships

Don’t base your relationship on technology

Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.

Follow Through

Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.

Focus on more than just pricing

When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.

Be Consistent

Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.

The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.

 

Unveiling the Risks of Employer-Utilized AI Programs

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In the ever-evolving landscape of technology, artificial intelligence (AI) has emerged as a transformative tool in various industries. One sector where AI’s impact is particularly significant is human resources, where AI programs are increasingly used by employers for tasks such as recruitment, hiring, and performance evaluation. While these AI-powered tools promise efficiency and objectivity, there is a growing concern about the potential for discriminatory outcomes, leading to Title VII discrimination claims.

Title VII of the Civil Rights Act: A Brief Overview

Title VII of the Civil Rights Act of 1964 is a landmark federal law in the United States that prohibits discrimination in employment on the basis of race, color, religion, sex, or national origin. Its intent is to ensure equal opportunities for all individuals in the workplace, regardless of their protected characteristics. The law applies to employers with 15 or more employees and covers various aspects of employment, including recruitment, hiring, promotion, and termination.

AI in the Hiring Process: Promise and Peril

Employers have turned to AI-powered programs to streamline the hiring process. These tools can help sift through large volumes of resumes, identify qualified candidates, and even conduct initial interviews using natural language processing. However, concerns arise when AI algorithms inadvertently replicate or exacerbate biases present in historical hiring data.

AI algorithms learn from historical data, which means they can inherit any biases present in that data. For example, if a company’s historical hiring data reflects a bias against a particular gender or ethnicity, an AI program trained on that data could perpetuate those biases, leading to discriminatory outcomes. Such outcomes are a direct violation of Title VII’s mandate for equal employment opportunities.

The Unseen Bias: How Discrimination Creeps In

The subtlety of AI-driven discrimination is a cause for concern. Unlike overt acts of bias, AI systems’ biases might remain hidden beneath layers of algorithms and mathematical complexities. This can make it difficult for both employers and employees to identify and rectify discriminatory practices. As a result, a qualified candidate might be unfairly rejected, or an employee’s performance might be evaluated unfairly, solely due to the biases entrenched in an AI program.

Challenges in Holding AI Accountable

Proving discrimination claims stemming from AI systems can be challenging. Unlike human decisions, AI algorithms lack subjective intent. This means that while the outcome might be discriminatory, proving the algorithm’s intent to discriminate is complex. Employers might claim that they acted in good faith by relying on technology that they believed to be objective and unbiased.

Mitigating the Risks and Ensuring Compliance

To minimize the potential for Title VII discrimination claims arising from AI programs, employers must take proactive measures:

Diverse and Comprehensive Training Data: Ensure that the training data used to develop AI algorithms is diverse and representative of the entire applicant pool. This can help reduce the risk of inheriting historical biases.

Regular Audits: Continuously assess AI algorithms for potential bias and discriminatory outcomes. Regular audits can identify and address bias that may have developed over time.

Human Oversight: Integrate human oversight into AI processes. While AI can aid decision-making, having human reviewers can provide a check against algorithmic biases.

Transparency and Accountability: Make AI decision-making transparent and explainable. Employees and applicants should understand how decisions are being made and have a recourse if they suspect bias.

Ongoing Education: Educate HR professionals and decision-makers about the limitations and potential biases of AI systems. This awareness can help them make more informed and fair decisions.

While AI programs offer significant benefits to employers, they also present potential risks when it comes to Title VII discrimination claims. Striking a balance between efficiency and fairness requires careful consideration of the design, implementation, and oversight of AI systems. As technology continues to advance, it is imperative that employers remain vigilant in upholding the principles of equal opportunity and non-discrimination in the workplace. Only by addressing these challenges head-on can employers harness the potential of AI without compromising the principles enshrined in Title VII of the Civil Rights Act.

 

 

 

 

 

Are You Sure You Know What’s In Your Policy?

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You may not be aware of all the underlying aspects that influence the cost of your insurance coverage. You might question why insurance is so expensive when attempting to compare prices. Prices might vary significantly from one company to another. There is not doubt premiums are going up and coverage is changing.

Trends we are seeing now with many carries affect your insurance, not is a good way. Some insurers, to lower their costs, here are examples.

  1. Reducing sub-limits on your policy.
  2. Adding a percentage deductible rather than a flat dollar deductible.
  3. Limiting sewer line coverage for homes over 50 years in age.
  4. Changing loss of use coverage to a reduced amount of time.

What Can You Do To Minimize Your Risk

  • Read your policy and any renewal coverage change bullitins.
  • Call your agent if you have any questions.
  • Understand which coverage limitations you are ok with and which ones you are not. Then request changes.

You Want An Insurance Program That Will:

  • Respond when a loss occurs.
  • Having an agent who will respond to your questions and help you when you need it.
  • It is priced correctly for the risk you have.

There is no one-size-fits-all insurance policy.

Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price.

 

 

 

 

Should Insurance Technology Always Be Trusted To Predict Accurate or Fair Results?

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Insurance companies have relied on data to set their rates for years, but with the advent of advanced technology, insurers can now gather and analyze more data than ever before.  While the use of technology to set rates has its benefits, there are also several problems associated with this practice.

We will show you how an experienced agent can help you understand this technology and why it is important.  Many people are trying to push insurance into a commodity driven by technology and quick, cheap pricing.  We will continue to advocate the importance of personal relationships and how through these relationships, clients get the best combination of coverage price and service.  It is important to understand that insurance is not a product but a service.

Lack of Transparency

One of the biggest problems with insurers using technology to set rates is the need for more transparency in the process.  Insurance companies use complex algorithms to analyze vast amounts of data, and these algorithms are often proprietary and not subject to public scrutiny.  This lack of transparency can make it difficult for consumers to understand why they are being charged a certain rate or to challenge the accuracy of the data being used to set their rates.  Agents find it difficult to get answers to questions involving how this complex system process the data to get the final rate, therefor are not capable of explaining or encouraging modifications to behavior that are negatively affecting their insurance outcomes (cost or coverage).

Benefits Of Having An Agent

Agents can help you design an insurance program that includes deductibles, limits, and coverage that represents the risks you have.  If you understand what you are buying, then you have a better basis for determining the best pricing options.  Factor in now how their data is being used to align with cost & coverage models, carrier appetite for their specific risk issues, finding the soft dollars that benefit the client amidst the complete underwriting and rating systems used by carriers, and still being able to speak to a live person at the end of all this to influence the final decision regarding a particular risk and you have a very important advantage on your side.

Lack of Personalization

While technology can help insurers gather more data, it can also result in a lack of personalization in the insurance process.  Insurers may rely too heavily on data to set rates and overlook important factors that can affect an individual’s risk profile.  For example, a person with a safe driving record may be charged the same rate as someone with a poor driving record simply because they fall into the same demographic group.

Benefits Of Having An Agent

Your agent can ask you questions about your circumstances and work with you to determine what company and coverage is best for you.  With an agent, you have a friendly face to connect with when you have a question or need help with a claim.

Data Privacy Concerns And Unintended Consequences

The use of technology to gather data for insurance purposes raises serious privacy concerns.  Insurers are able to collect a vast amount of data on individuals, including information about their driving habits, health status, and online activity.  This data can be used to set rates, but it can also be used for other purposes, such as marketing or even denying coverage.  Additionally, insurers can gather more data on individuals.  In that case, it may lead to a situation where people considered high-risk cannot obtain insurance at all.

Benefits Of Having An Agent

An experienced agent will know what information is needed to get the best results and what is not necessary.  This will protect your privacy and give you the confidence to obtain the best coverage for your circumstances.

While technology can help insurers gather more data and set rates more accurately, there are several concerns associated with this practice.  Remember, an agent is on your side, your partner.  He or she will educate you and how to design insurance and risk solutions that fit your needs and limit the influence of certain technologies in your insurance program.

The modern independent agent serves two masters – the carriers they represent via a formal agency agreement and their clients, whom they owe a considerable duty of care in handling the information they are given and the benefit of the services we render.  We can’t just say we work for the clients; however, having this dual role gives us a unique difference between an independent agent and the direct writers who have no capacity to insert themselves into the claim conversations on behalf of their customers or use alternative markets that better match their needs.

What Are Three Commercial Risks Not Always Talked About

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Operating a business involves managing a multitude of moving parts, and with it comes inherent operational risks. These risks, if not effectively addressed, can disrupt the smooth functioning of your business and impede its growth. In this blog post, we will delve into the top three operational risks faced by business owners and explore strategies to mitigate them. Work with a qualified agent that understands these kinds of risks and how to create effective risk reduction solutions, which may include commercial insurance.

Human Resources and Talent Management:

One of the most critical operational risks for any business is the management of human resources. Challenges in this area can include difficulties in hiring and retaining skilled employees, employee burnout, insufficient training, and workplace conflicts. A lack of an effective human resources strategy can impact productivity, morale, and overall company culture.

Mitigation Strategies:

  1. Robust Recruitment and Selection Processes: Develop comprehensive job descriptions, conduct thorough interviews, and implement rigorous background checks to ensure you hire qualified candidates who align with your company’s values and goals.
  2. Employee Development and Engagement: Provide ongoing training and professional development opportunities to enhance employee skills and engagement. Implement performance management systems to recognize and reward employee contributions.
  3. Clear Communication and Conflict Resolution: Establish open lines of communication to foster a positive work environment. Implement conflict resolution mechanisms and encourage a culture of feedback and collaboration.

Supply Chain Disruptions:

In today’s interconnected global economy, supply chain disruptions can have a significant impact on business operations. Disruptions can arise from factors such as natural disasters, transportation issues, supplier bankruptcy, or geopolitical events. Inadequate supply chain management can lead to delays in production, increased costs, and customer dissatisfaction.

Mitigation Strategies:

  1. Supplier Risk Assessment: Conduct thorough due diligence when selecting suppliers, assessing their financial stability, reliability, and contingency plans. Diversify your supplier base to minimize dependency on a single source.
  2. Business Continuity Planning: Develop a comprehensive business continuity plan that includes contingencies for potential supply chain disruptions. Identify alternative suppliers, establish backup inventory levels, and maintain open lines of communication with key stakeholders.
  3. Supply Chain Visibility: Utilize technology and data analytics to gain visibility into your supply chain. Implement systems that provide real-time tracking, inventory management, and demand forecasting to proactively identify and address potential disruptions.

Technology and Cybersecurity:

In today’s digital age, businesses rely heavily on technology to streamline operations and serve customers efficiently. However, this reliance on technology brings its own set of operational risks. These risks include cyber threats, data breaches, system failures, and inadequate IT infrastructure.

Mitigation Strategies:

  1. Robust Cybersecurity Measures: Implement comprehensive cybersecurity protocols, including firewalls, antivirus software, and regular data backups. Train employees on best practices for data security and implement access controls and encryption.
  2. Regular System Maintenance and Upgrades: Keep your technology infrastructure up to date with the latest security patches and software upgrades. Regularly monitor system performance and conduct vulnerability assessments to identify and address any weaknesses.
  3. Disaster Recovery Planning: Develop a comprehensive disaster recovery plan that outlines steps to be taken in the event of a system failure or data breach. Regularly test the plan to ensure its effectiveness and update it as technology evolves.

Operating a business involves inherent operational risks that require proactive management. By recognizing and addressing these risks head-on, business owners can minimize their impact and create a solid foundation for success.

Commercial insurance offers effective solutions for many of these as well as other risks your business faces.

Implementing effective strategies to manage human resources, supply chain disruptions, and technology challenges will help ensure the smooth functioning and long-term viability of your business.

Should Insurance Technology Always Be Trusted To Predict Accurate or Fair Results?

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Insurance companies have relied on data to set their rates for years, but with the advent of advanced technology, insurers can now gather and analyze more data than ever before.  While the use of technology to set rates has its benefits, there are also several problems associated with this practice.

We will show you how an experienced agent can help you understand this technology and why it is important.  Many people are trying to push insurance into a commodity driven by technology and quick, cheap pricing.  We will continue to advocate the importance of personal relationships and how through these relationships, clients get the best combination of coverage price and service.  It is important to understand that insurance is not a product but a service.

Lack of Transparency

One of the biggest problems with insurers using technology to set rates is the need for more transparency in the process.  Insurance companies use complex algorithms to analyze vast amounts of data, and these algorithms are often proprietary and not subject to public scrutiny.  This lack of transparency can make it difficult for consumers to understand why they are being charged a certain rate or to challenge the accuracy of the data being used to set their rates.  Agents find it difficult to get answers to questions involving how this complex system process the data to get the final rate, therefor are not capable of explaining or encouraging modifications to behavior that are negatively affecting their insurance outcomes (cost or coverage).

Benefits Of Having An Agent

Agents can help you design an insurance program that includes deductibles, limits, and coverage that represents the risks you have.  If you understand what you are buying, then you have a better basis for determining the best pricing options.  Factor in now how their data is being used to align with cost & coverage models, carrier appetite for their specific risk issues, finding the soft dollars that benefit the client amidst the complete underwriting and rating systems used by carriers, and still being able to speak to a live person at the end of all this to influence the final decision regarding a particular risk and you have a very important advantage on your side.

Lack of Personalization

While technology can help insurers gather more data, it can also result in a lack of personalization in the insurance process.  Insurers may rely too heavily on data to set rates and overlook important factors that can affect an individual’s risk profile.  For example, a person with a safe driving record may be charged the same rate as someone with a poor driving record simply because they fall into the same demographic group.

 

Benefits Of Having An Agent

Your agent can ask you questions about your circumstances and work with you to determine what company and coverage is best for you.  With an agent, you have a friendly face to connect with when you have a question or need help with a claim.

Data Privacy Concerns And Unintended Consequences

The use of technology to gather data for insurance purposes raises serious privacy concerns.  Insurers are able to collect a vast amount of data on individuals, including information about their driving habits, health status, and online activity.  This data can be used to set rates, but it can also be used for other purposes, such as marketing or even denying coverage.  Additionally, insurers can gather more data on individuals.  In that case, it may lead to a situation where people considered high-risk cannot obtain insurance at all.

Benefits Of Having An Agent

An experienced agent will know what information is needed to get the best results and what is not necessary.  This will protect your privacy and give you the confidence to obtain the best coverage for your circumstances.

While technology can help insurers gather more data and set rates more accurately, there are several concerns associated with this practice.  Remember, an agent is on your side, your partner.  He or she will educate you and how to design insurance and risk solutions that fit your needs and limit the influence of certain technologies in your insurance program.

The modern independent agent serves two masters – the carriers they represent via a formal agency agreement and their clients, whom they owe a considerable duty of care in handling the information they are given and the benefit of the services we render.  We can’t just say we work for the clients; however, having this dual role gives us a unique difference between an independent agent and the direct writers who have no capacity to insert themselves into the claim conversations on behalf of their customers or use alternative markets that better match their needs.

How Agents Should Serve Their Customers

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In today’s fast-paced business world, providing excellent customer service is more important than ever. With so many options available to consumers, businesses must strive to provide exceptional service to keep their customers happy and loyal. Here are four keys to customer service that can help businesses stand out in a competitive marketplace:

Listen to your customers:

The first key to great customer service is listening to your customers. When customers feel like they are being heard and understood, they are more likely to become loyal customers. Make sure you are actively listening to your customers, whether they are complaining or praising your business. Respond to their concerns and provide solutions to their problems. This will show your customers that you value their feedback and are committed to providing excellent service.

Be responsive:

Customers expect businesses to be responsive to their needs. When customers reach out to your business, whether it’s through email, social media, or phone, respond as quickly as possible. Even if you don’t have an immediate solution to their problem, let them know that you are working on it and will get back to them as soon as possible. Being responsive shows that you care about your customers and are committed to providing excellent service.

Personalize your interactions:

Customers appreciate personalized interactions with businesses. When you personalize your interactions, you show your customers that you care about them as individuals, not just as customers. Use your customers’ names when you communicate with them, and remember their preferences and past interactions with your business. This will help you provide a more personalized experience that will make your customers feel valued and appreciated.

Go above and beyond:

To truly stand out in the marketplace, businesses must go above and beyond to provide excellent customer service. This means anticipating your customers’ needs and providing solutions before they even ask. It also means providing unexpected perks and rewards to show your customers that you value their business. Going above and beyond can help you build strong relationships with your customers and turn them into loyal advocates for your business.

In conclusion, providing excellent customer service is essential for businesses that want to stand out in a competitive marketplace. By listening to your customers, being responsive, personalizing your interactions, and going above and beyond, you can create a customer service experience that will make your customers feel valued and appreciated.

Some Good Insurance Related Questions

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We recommend asking your agent a series of questions to better understand what your insurance covers and does not cover.  We know how hard you’ve worked to turn your house into a home. Since your home is one of the most important financial investments of your lifetime, you’ll need proper coverage in order to keep your investment protected and provide your family with the guarantee that they’ll always be safe and sound.

Ask These To Your Agent

  • Do you hold any insurance designations?
  • What happens when we have a claim?
  • What is your agencies core values?
  • Will you offer more than one kind of solutions?

We offer coverage options that are both flexible and affordable and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.

  • Do I need a personal umbrella? What does it cover?  What limit should I have?
  • I drive for a ride-share company. How am I covered?
  • What is replacement cost coverage, and why is it important?
  • What happens if I rent a car and go both domestically and abroad? What coverage would my insurance have?
  • My homeowners’ deductible, what is it? How would it be waived? When did I most recently file a homeowners claim?
  • What would happen if my house was destroyed completely? Could I instead use the cash value of my policy?
  • My house is old. Would my insurance pay to rebuild my house to current building codes, or would I be responsible for that cost?
  • I have a wine collection; how is that covered?
  • I just constructed an outdoor kitchen, is this automatically covered? If not, what do I need to do?
  • Can I receive any credits for combining my home and auto insurance together?
  • What is flood insurance exactly? Or an earthquake occurrence? Does my insurance cover these incidents? If not, should I add coverage?
  • I employ a housekeeper.  What if they had a work-related injury?
  • Am I potentially liable for their lost wages and rehabilitation? What if I’m sued by my employee?
  • What if I misplace my jewelry?
  • I serve on boards for both for-profit and not-for-profit organizations. Will a claim made against me be covered by my own insurance?
  • How much would my automobile be worth if it were a total loss? How, if at all, would the deductible apply?
  • I recently started a home business. Does my homeowner’s insurance provide any coverage?
  • When should I include my kids in my auto insurance policy? When should they be removed?

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Three Ways Agents Add Value To The Insurance Relationship

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Insurance agents came in al different sizes and shapes. We have learned over the years that insurance is not a product but a relationship. In order for your agent to help educate you and find the best solution these three communication techniques must be in place.

  1. Active listening: Active listening is an essential customer service skill. It involves listening to the customer’s concerns and needs attentively and demonstrating empathy towards their situation. This helps in building trust and rapport with the customer, and they are more likely to be satisfied with the interaction.
  2. Prompt response: Customers expect prompt responses to their queries and complaints. It is essential to respond to customer inquiries quickly and efficiently. This can be done by providing multiple channels of communication, such as phone, email, live chat, and social media, to ensure that customers can reach out to you in their preferred mode of communication.
  3. Personalization: Personalization involves understanding the customer’s preferences, needs, and history with the company. This helps in creating a customized experience for the customer, which makes them feel valued and appreciated. Personalization can be done by addressing the customer by their name, offering personalized recommendations, and tailoring the communication to suit the customer’s preferences.

By implementing these three top customer service methods, businesses can create a positive customer experience, leading to customer loyalty and repeat business.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Why You Need An Insurance Agent?

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If you’re too young to remember a world without the Internet, you’ve probably asked yourself this question at some point. Similarly, you may have questioned the necessity of a travel agent, a piano instructor, or a bookstore. Everything they offer is available online. But do you really need an insurance agent?

Dealing with an agent who takes the time to get to know their clients and explain choices gives the buyer a sense of confidence and the peace of mind that things will be taken care of if something happens. It can be challenging to understand the implications of an insurance purchase.

Although most clients won’t suffer a claim event, everyone should feel more at ease knowing that they have a well-thought-out plan and coverage program that would respond if one were to happen. They need to have access to persons who they can consult with for advice as necessary in that strategy.

Agents do more than collect price quotes. Yes, we understand that cost is likely your concern. Who, after all, has extra funds for something they hope they will never use? But insurance agents have the training and experience to help you comprehend all the different things that could go wrong and why the cheapest option may not be the best.

An independent insurance agency represents you, the client, in locating the best coverage at the most affordable price. This may include your home, automobile, apartment, condominium, and business coverage. Insurance policies are not products that can be purchased from a store’s shelves, so “shopping” is not the most inclusive term.

Independent insurance agencies have access to various insurance carriers. Truly diversified agencies, such as ours, have relationships with multiple carriers. In addition, some of these insurers will only work with insurance purchasers through an agency. Therefore, if you shop for insurance on your own (which we do not recommend), you will miss out on some of the best options available today.

There is still a human desire for social interaction, and the value you provide cannot be replicated in the digital world.

Give us a call today and let us know how we can serve you.