Delaware Business Insurance Update from CNC Insurance Associates 2-7-13

Tech is Changing The Insurance Process:

Without a doubt, tech tools are changing the insurance landscape. These tools can now determine the cost of a policy by identifying risks faster and with more accuracy. Some of the ways they are utilized are algorithms that determine businesse size, product(s) it produces, geographical location and claims history. All with a click of a mouse. Does this mean the end of human involvement in underwriting? Who knows, no one can be sure what the future may hold. In my opinion, there will always be a level of human involvement to insure "one size does not fit all" for policy underwriting. Every business is unique and a policy must be written with that in mind. Make no mistake, as tech tools continue to evolve, they will in all likelihood become a staple in the insurance industry. When used in conjunction with human oversight, it should only make for a successful partnership. Well, until next time, be careful out there and know your risks.

G. Kevin Nemith
President, CNC Insurance

Proudly serving Delaware, Maryland, Virginia, Pennsylvania, and New Jersey.

www.cncinsurance,com
www.bizinsurancetv.org

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