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Insurance business We honor the top workers’ compensation providers of 2024.
Industry expert Carol Murphy, executive vice president of HUB International, highlights the characteristics of these companies.
“A leading, best-in-class carrier has capabilities and jurisdictional expertise in every state. They respond consistently, fairly and quickly, and to support their clients’ good reputations. Treat the complainant with empathy.
“They avoid surprises for their clients. The best companies reduce turnover, increase consistency in high-quality claims adjusters, and invest in continuous improvements in technology and analytics. Masu.”
While there are many factors to consider in this area, the fundamentals for providers are serving customers who are injured on the job.
“As a customer advocate, our top priority is customer satisfaction with the carrier’s service and underwriting approach to optimize total cost of risk,” Murphy explains. “We then ensure that the program structure and costs are competitive and reasonable, providing the best tools and analysis to support our clients in improving their reputation and total cost of risk. These factors Any of these can cause problems and cause a desire to change carriers, but the most important factor is the customer’s satisfaction, especially with the insurance claims service.
AmTrust Financial Services
The New York-based company has been in operation for 26 years and is an expert in the workers’ compensation sector.
There is no doubt that AmTrust’s capabilities have been recognized this year. IB This marks the company’s third consecutive year of annual five-star employee compensation.
With over 400,000 policies in force, AmTrust has a strong focus on small and medium-sized businesses, making it an unrivaled expert, making it difficult for competitors to match its offering. Masu.
Matt Zender, Senior Vice President of Workers’ Compensation Strategy, said: It can be very difficult to make the economy work if you have to contact them via email or regular correspondence, but since we started writing small competitions from the beginning, all of our was built to ensure success. It’s about being able to support that, from our systems to our employees to how we interact with our agents to their desires. Basically, we have a moat built around us. ”
“We have the unique distinction of being the No. 3 producer of workers’ compensation insurance, but we also have an entrepreneurial agility that allows someone within the organization to bring a proposal to the table. If you bring it to us, we have the flexibility to implement it.”
matt zenderAmTrust Financial Services
There are five guiding principles that Zehnder believes are fundamental to the company’s performance.
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Consistency
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Honesty
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experience
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reliability
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innovation
He added: “Our ambition and approach is consistent year after year, so our agents and partners know what to expect from us. are empowered to be meaningful partners for their agencies, and we support their decisions.”
AmTrust has established itself as a leading player in the workers’ compensation sector by refining its operations to maintain its position.
This has been done through investments and key strategic decisions.
“We have made great strides in application programming interface (API) technology that allows us to interact with agents digitally and much more quickly than ever before. Stores can now transact with us from quoting to binding to policy issuance, which is unique to us,” commented Zehnder.
“For small policyholders, when our agents work on that business, they have to work very quickly. If it takes too long, it’s not economical. So we work very quickly. We have to be able to support that through transactions, and our system allows us to do that.”
A recent lawsuit highlights how AmTrust’s decisions regarding technology have enabled it to become an even stronger provider.
One large agency was having issues with 30,000 policies with its previous insurance company because policies were taking two to four weeks to issue.
“We were able to apply some technology solutions and now we can issue those policies within four hours, in many cases instantly,” Zender says.
This is the typical scenario that drives the company forward and why it continues to win awards.
“It’s heartening to know that not only is it a solution that has benefited AmTrust, but it has benefited AmTrust. It has been beneficial to our agency partners, but most “Importantly, it was beneficial for people who needed access to care. In some cases, waiting two to four weeks may have been important,” Zehnder added. “Now we’ve completely gotten rid of that problem. When you get a win like that, you want to find another opportunity. It satisfies your hunger and makes you hungry for more.”
Despite efficient internal operations and extensive field experience, the fundamental reason AmTrust remains successful is that it understands its policyholders.
Our focus on small and medium-sized businesses allows us to cover a wide range of industries and capture patterns.
Zender explains: “They have certainly changed in terms of payment options and integration into the payroll provider stream, and now they can use their provider to send their premiums to us. In most cases, Small policyholders wear so many different hats that purchasing workers’ compensation is something they know they need to do and don’t have to refer to it at all throughout and during the year. We want them to. We are there to support them. But for the most part, while their needs have changed in many ways, the fundamentals have remained the same. ”
However, these edges are essential, and there may be trends specific to certain sectors that AmTrust must be aware of. They do this using data and analytics.
Zehnder said: “We start with the broadest possible perspective and then narrow it down to looking at, for example, retention rates and the number of policies that are being renewed on a premium or annual basis.”Based on the policy , then you can probably check the number of intermediate cancellations and then by class code. And if you notice a change happening within you, you might ask yourself, was it due to a change in the economic cycle? So by starting broad and narrowing, you can gain insight. ”
He emphasized that the company’s expertise allows it to gain more information and provide better service each year.
“Going back to Hori’s comment, if you have data, you can get insights. The things we have and the things we don’t have are slightly different. On the other hand, if you don’t have that business, you don’t have that ability. ”
Its sophisticated approach is based on the ultimate policy and its direct impact on injured workers.
“If we lose sight of that, we lose sight of everything. Providing support and assistance when people are injured at work is what we’re in business for. That’s why we’re here.”
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