Marie-Christine Razaire

Many companies that pay more than $1M in business insurance premiums have moved into the appealing "captive" space, but chose the first captive program their broker presented, not realizing there are over 1,500 captives in the US. Don't be one of them.   The country's leading captive expert is Spring Consulting, an Alera Group Company here in Boston, and we can benchmark your existing #Captive program and compare it to other options, akin to "quoting" your insurance.   Things to consider: - Single-Parent Captive vs Group Captive - Offshore Captive vs US Captive (IRS/Tax ramifications) - Are you paying too much collateral? - Is your captive a ticking financial bomb? - Will you capture the savings your were promised?   Have you benchmarked your captive program? #Alera #SpringConsulting #captiveinsurance

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❓🫥❓"The medium-sized brokers have all but disappeared" ... or have they? In 2017 Insurance Age reported 50 brokers with revenues £20m - £75m, and in 2023 that dropped to 25. Consolidators are the cause, but that leaves a great opportunity. Here's an article from today's Insurance Times about the current void of small-medium sized brokerages: https://lnkd.in/eMcVE8DX At Ignite (a Verisk business) we're (genuinely) excited to be supporting some of the fastest growing UK brokerages as they grow to fill this space. Many are start-ups run by ex-CEOs of those mid-sized brokerages that have exited to big corporate (and largely hated it). And a growing number of our clients are second brands launched by existing larger players, looking to be nimble and valued on Ignite software rather than sticking with the old guard policy admin systems. Case studies here: https://lnkd.in/eN7DYMdx After the market turmoil of 2022/23 the shackles are off in 2024 to accelerate and take advantage of this mid-market void. The small and nimble are catching the big and slow... #insurance #insurancebrokers #insurtech

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At this year's National Bureau of Economic Research meeting of the #insurance work group the importance of price-making in distressed markets was the big topic. While building Next Generation Models [NGM] at Verisk we wrote two articles (with Society of Actuaries, Casualty Actuarial Society review) for colleagues in #underwriting & #riskmanagement. The papers outline the value of our view of natural #catastrophe risk for metrics in spatial #diversification, https://lnkd.in/e2ebr5aG & for competitive #premium pricing, https://lnkd.in/e66HebMu. These have brought about some excellent discussion on the #insurancecoverage gap & a suggestion to look at the theoretical volume of #reinsurance coverage needed for distressed markets to function properly. If interested to contribute with data or research, please reach out, #floridainsurace, #californiainsurance

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In the Trenches: Our Quest to Revolutionize Insurance Operations Ever wonder what drives a seasoned consulting firm to leap into product development? It's the unmistakable call to solve real problems. 🚀 Bridging the Divide: With a rich history of partnering with over 40 insurtechs, predominantly MGAs and MGUs, we've seen firsthand the strife that disjointed systems can cause. From gnarly accounts receivable issues to the cumbersome servicing of policies, the symptoms were loud, but the problems ran deeper. From Observers to Innovators: The pivot from consulting to creating wasn't a leap; it was a calculated stride into familiar territory. Armed with intimate knowledge of our clients' pain points—whether they're just starting or doubling their book size year after year—we realized something vital. The industry wasn't just yearning for a patch but a comprehensive solution. Rolling Up Our Sleeves: Our team thrives on challenges. We're not just problem identifiers; we're passionate problem solvers. We're gearing up to unveil a solution that doesn't just address symptoms but eradicates the root causes of operational inefficiencies in insurance. Mark Your Calendars: The countdown has begun. We're not just announcing the launch of our a product; we're unveiling a new dawn for insurance operations. Prepare to reimagine what's possible. Stay tuned for the revolution coming April 22nd. #InsuranceInnovation #OperationalRevolution #insurance #insurtech

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Joshua Motta had some interesting insight on a post I made about unlimited reinstatement of limits. I wanted to share something really cool that we're able to do with Coalition, Inc. that solves a huge pain point for insureds. Coalition is one of the only markets that frequently writes $500k sublimits for funds transfer fraud cover when requested. $500k is a lot better than $250k in most cyber policies, but insureds often want even more, especially if they pay very large invoices. Here's what we're able to do with Coalition that allows insureds to get seamless access to $1.5M in funds transfer fraud coverage with Coalition: We quote the cyber policy with Coalition with two special requests. First, we request the $500k funds transfer fraud sublimit. Second, we request a primary non-contributory endorsement. This endorsement prevents us from running into other insurance challenges. Once we have the cyber quote with those two endorsements, we go to Coalition's executive risk team and quote stand alone Crime. We either strip the crime policy completely down to funds transfer fraud for a reduced premium or the insured just purchases the stand alone Crime as is if that's what they'd do anyways. We get a quote with the stand alone Crime at a $1m limit with a $500k retention. The language in the crime policy does not specify where losses have to come from in order to satisfy the self insured retention. As long as the funds transfer fraud loss meets both the cyber policy's definition of funds transfer fraud loss as well as the Crime's definition of funds transfer fraud loss then it's a covered claim on both policies AND the losses paid out by the cyber policy (siting primary) will satisfy the Crime's SIR. You read that right... If you had a covered $1.5m funds transfer loss this is what would happen: 1. The insured would satisfy their cyber policy SIR. 2. The cyber policy would pay out $500k. 3. The Crime policy would have its SIR satisfied by step 1 and 2 and cover the remaining losses up to $1m. With FTF frequency and severity at scary highs, this is the kind of solution that wins accounts! Shout out to Travis Kroger for being the brains behind this.

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Something that we hear pretty consistently from bigger organizations is that there's a diseconomy of scale in specialty insurance for writing big complicated risk, like an oil rig. One of the big problems in insurance is that the big organizations focus only on the big risks — they're looking for the biggest most obvious upside. We see it a bit differently, which is why we're building Accelerant so differently.

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Did you catch our newsletter that dropped yesterday? We talk all things risk - The top 10 reshaping insurance today: 1. More frequent & intensive cyber attacks 2. Climate change tipping points 3. The unclear path to net zero 4. Economic volatility (inflation, rates) 5. Higher frequency catastrophes stressing property markets 6. Supply chain disruption 7. Geopolitical conflict 8. Aging, worsening infrastructure 9. Long-tail liabilities rising 10. Unpredictable longevity and mortality What does this mean for insurers and financial institutions? We answer: How these risks are interconnected and compounding each other What structural changes may be needed, like stricter statutes of limitations How financial institutions can mitigate their top risks Plus, we cover the rise of nuclear verdicts and Artemis' major ILS milestone. Want to ensure your institution is ahead of the curve? Sign up for the LION Specialty newsletter in my bio. LION Specialty #claimspreparation #insurancebrokerage

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🌍🏙️🚨 BrickUnderground.com Article 🚨📖 ** Navigating Earthquake Insurance in NYC: A Wake-Up Call from Recent Tremors** Excited to share insights from a recent interview I did with BrickUnderground on the necessity of earthquake insurance for New Yorkers, especially following the surprising shake we felt from the quake in New Jersey. Despite being rare, the reality is that NYC is vulnerable to seismic activities, and it’s crucial we discuss preparedness and insurance needs. While major earthquakes in NYC are uncommon, smaller ones pose a real risk, and most standard policies do not cover earthquake damage. This is a critical gap in coverage that needs attention. Our buildings, especially the charming but older ones, could be seriously affected by even minor quakes due to their unreinforced masonry and outdated structures. As co-CEO of United Public Adjusters & Appraisers, I urge co-op and condo boards to review their master insurance policies closely. It's essential to ensure adequate coverage is in place, including ordinances or law coverage and replacement cost coverage, which are vital for bringing a building up to code or rebuilding post-disaster. Let's use this recent seismic event as a catalyst for proactive conversations about how we can protect our homes and communities. Being prepared means more than just surviving; it's about thriving post-challenge. 📞 For property damage or insurance claim related questions, we are here to help! 1-800-718-5677 (LOSS) United Public Adjusters & Appraisers, Inc. Michael Maltaghati Anthony DeLorenzo #EarthquakeInsurance #NYCRealEstate #PublicAdjusting #RiskManagement #CommunitySafety #InsuranceCoverage #DisasterPreparedness #Insurance #PublicAdjuster #brickunderground

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Lots of insights here at Insurtech Hartford! Bob Frady nailed it once again in his latest round table: 🔹On the siloed nature of insurance: "Getting claims and underwriting together is like playing 23-and-me: Yes, you guys really are are related!"🧬 🔹About predict and prevent: "I mean, the best claim is the one that never happens at all ... right?"🔮 We couldn't agree more - let's work together as an industry and get claims under control. We can do this! #ihs2024 #customerengagement #claims #underwriting

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Working for a TPA just got a little bit easier thanks to Verisk Property Estimating Solutions (formerly Xactware) opening up the Xactanalysis API. Here are a few ways we, as restorers, can capitalize on this and use it to streamline our work. https://lnkd.in/eKQDUxka

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I did a quick summary using an AI tool of the 2024 DOL Rule 476 page document. Just some food for thought from an insurance agents perspective. https://lnkd.in/ehxrGtdu

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Our data is showing us there is a direct correlation in policyholders having access to their policy documents in a client platform and skyrocketing additional actions for self-service and new revenue - Bill Pays - Claims - Referrals - Cross Sells - New Quotes - Reviews - Etc... Literally staggering results, its wild. Now if we could just automate the documents from the carriers and hand deliver them to agency's policyholders...hmmmmm The BoB is coming #insurtech #selfservice #clientexperience

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It has been a privilege to partner with Stephen Sills, Steven Feltner, Jeff Saunders, and the exceptional team at Bowhead Specialty as they redefine the standards for growth, broker servicing, and underwriting excellence. Bowhead's leadership has quickly executed on what many in the industry are now realizing: separating the wheat from the chaff when it comes to AI is critical. There is an incredible amount of noise but often little of substance. AI is a powerful tool only when it is tied to empowering underwriters to deliver on the true business KPIs that matter: premium growth and profitability. This requires a set of complete capabilities and a platform that can demonstrably move the needle in days, not years. Multi-year projects, endless POCs, a 5-year AI roadmap, no-code build-ups, or cobbling together inadequate point solutions do not solve the challenges that insurance leaders are facing. Kalepa's AI Copilot does. I'm grateful to Bowhead's team for their partnership and thrilled to continue to support them after a tremendous IPO last week. Congratulations on the remarkable achievement! #underwriting #insurance #ai

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At this point it’s no secret that valuations for insurance agencies are up dramatically the last few years. Depending on who you talk to, or what publication you read they’ve increased 20 - 30%. We agree with this assessment, though it’s too simple to simply assume all agencies are currently worth more. Not all agencies are created equal (a topic we’ll cover in a future post). Read more... https://hubs.la/Q02CXGwN0

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🚨 NEW RESOURCE ALERT 🚨 In case you missed it, I've recently released a new report all about the rise of outwards reinsurance systems. The bottom line is, your reinsurance company will likely use one or more of these systems now or in the future. Thus, it's a good time to get to grips with what they really are and what they can and cannot do for you. I'm no gatekeeper so I'm giving you free access. 👇 https://lnkd.in/eVD_iFPU #reinsurance #technology #report #ORS #tools

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At this year's National Bureau of Economic Research meeting of the #insurance group the importance of price-making in distressed markets was the big topic. While building Next Generation Models [NGM] at Verisk Extreme Event Solutions, we wrote these two articles (with Society of Actuaries, Casualty Actuarial Society review) for colleagues in #underwriting and #riskmanagement. The papers outline the value of our view of natural catastrophe risk for metrics in spatial #diversification, https://lnkd.in/edkp89T & for competitive #premium pricing, https://lnkd.in/gA5bZTyJ. These have brought about some excellent discussion in the community on the #insurancecoverage gap & a worthy suggestion to look at the theoretical volume of #reinsurance coverage needed for distressed markets to function properly with enhanced clarity, certainty and predictability. If interested to contribute with data or research, please reach out. #floridainsurace, #californiainsurance

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Memo to insurance companies that insure ⁦Columbia University: If the university seeks coverage for the damage caused you should look into whether you can deny coverage because much of the damage was self-inflicted due to the university mishandling of the issue.

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I've posted a few articles about predictions for the 2024 hurricane season, including reposting a few excellent articles from Justin Roth, ARM, CEEM. In summary, this hurricane season could be a doozy. However, as noted in THIS article, higher levels of hurricane activity does not necessarily mean higher insured losses. Certainly in 2005 projections suggested higher activity and there were high levels of insured losses, but this is not always the case. 𝑇ℎ𝑒𝑟𝑒’𝑠 𝑎 𝑟𝑒𝑙𝑎𝑡𝑖𝑣𝑒𝑙𝑦 𝑤𝑒𝑎𝑘 𝑐𝑜𝑟𝑟𝑒𝑙𝑎𝑡𝑖𝑜𝑛 𝑏𝑒𝑡𝑤𝑒𝑒𝑛 ℎ𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑎𝑛𝑑 𝑖𝑛𝑠𝑢𝑟𝑒𝑑 𝑙𝑜𝑠𝑠𝑒𝑠, 𝑠𝑎𝑖𝑑 𝐾𝑎𝑟𝑒𝑛 𝐶𝑙𝑎𝑟𝑘, 𝑓𝑜𝑢𝑛𝑑𝑒𝑟 𝑎𝑛𝑑 𝐶𝐸𝑂 𝑜𝑓 𝐵𝑜𝑠𝑡𝑜𝑛-𝑏𝑎𝑠𝑒𝑑 𝑐𝑎𝑡𝑎𝑠𝑡𝑟𝑜𝑝ℎ𝑒 𝑚𝑜𝑑𝑒𝑙𝑒𝑟 𝐾𝑎𝑟𝑒𝑛 𝐶𝑙𝑎𝑟𝑘 & 𝐶𝑜. “𝐻𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒𝑠 𝑎𝑟𝑒 𝑙𝑖𝑘𝑒 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒. 𝑊ℎ𝑎𝑡 𝑎𝑟𝑒 𝑡ℎ𝑒 𝑡ℎ𝑟𝑒𝑒 𝑚𝑜𝑠𝑡 𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑡 𝑡ℎ𝑖𝑛𝑔𝑠? 𝐿𝑜𝑐𝑎𝑡𝑖𝑜𝑛, 𝑙𝑜𝑐𝑎𝑡𝑖𝑜𝑛, 𝑙𝑜𝑐𝑎𝑡𝑖𝑜𝑛,” 𝑀𝑠. 𝐶𝑙𝑎𝑟𝑘 𝑠𝑎𝑖𝑑. 𝐼𝑛 2020, 𝑓𝑜𝑟 𝑒𝑥𝑎𝑚𝑝𝑙𝑒, 𝑡ℎ𝑒𝑟𝑒 𝑤𝑒𝑟𝑒 11 𝑛𝑎𝑚𝑒𝑑 𝑠𝑡𝑜𝑟𝑚𝑠 𝑡ℎ𝑎𝑡 𝑚𝑎𝑑𝑒 𝑙𝑎𝑛𝑑𝑓𝑎𝑙𝑙 – 𝑎 𝑟𝑒𝑐𝑜𝑟𝑑 𝑛𝑢𝑚𝑏𝑒𝑟 – 𝑏𝑢𝑡 𝑡ℎ𝑒 𝑎𝑛𝑛𝑢𝑎𝑙 𝑖𝑛𝑠𝑢𝑟𝑒𝑑 𝑙𝑜𝑠𝑠 𝑓𝑟𝑜𝑚 ℎ𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒𝑠 𝑤𝑎𝑠 𝑜𝑛𝑙𝑦 𝑎𝑏𝑜𝑢𝑡 $20 𝑏𝑖𝑙𝑙𝑖𝑜𝑛, 𝑏𝑒𝑐𝑎𝑢𝑠𝑒 𝑛𝑜𝑛𝑒 𝑜𝑓 𝑡ℎ𝑒𝑚 ℎ𝑖𝑡 ℎ𝑖𝑔ℎ𝑙𝑦 𝑝𝑜𝑝𝑢𝑙𝑎𝑡𝑒𝑑 𝑎𝑟𝑒𝑎𝑠, 𝑠ℎ𝑒 𝑠𝑎𝑖𝑑. “𝐼𝑡 𝑗𝑢𝑠𝑡 𝑡𝑎𝑘𝑒𝑠 𝑜𝑛𝑒 𝐶𝑎𝑡𝑒𝑔𝑜𝑟𝑦 4 ℎ𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒 𝑡𝑜 𝑚𝑎𝑘𝑒 𝑙𝑎𝑛𝑑𝑓𝑎𝑙𝑙 𝑛𝑒𝑎𝑟 𝑀𝑖𝑎𝑚𝑖 𝑜𝑟 𝑛𝑒𝑎𝑟 𝐺𝑎𝑙𝑣𝑒𝑠𝑡𝑜𝑛/𝐻𝑜𝑢𝑠𝑡𝑜𝑛 𝑡𝑜 𝑔𝑒𝑡 𝑎 $100 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 𝑙𝑜𝑠𝑠,” 𝑠ℎ𝑒 𝑠𝑎𝑖𝑑. 𝐻𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒 𝑖𝑛𝑡𝑒𝑛𝑠𝑖𝑡𝑦 𝑎𝑛𝑑 𝑙𝑎𝑛𝑑𝑓𝑎𝑙𝑙 𝑙𝑜𝑐𝑎𝑡𝑖𝑜𝑛 𝑎𝑟𝑒 𝑐𝑟𝑢𝑐𝑖𝑎𝑙 𝑓𝑎𝑐𝑡𝑜𝑟𝑠 𝑖𝑛 𝑑𝑒𝑡𝑒𝑟𝑚𝑖𝑛𝑖𝑛𝑔 𝑖𝑛𝑠𝑢𝑟𝑒𝑑 𝑙𝑜𝑠𝑠𝑒𝑠, 𝑠𝑎𝑖𝑑 𝑀𝑎𝑟𝑘 𝐵𝑜𝑣𝑒, 𝑚𝑒𝑡𝑒𝑜𝑟𝑜𝑙𝑜𝑔𝑖𝑠𝑡 𝑎𝑛𝑑 𝑠𝑒𝑛𝑖𝑜𝑟 𝑣𝑖𝑐𝑒 𝑝𝑟𝑒𝑠𝑖𝑑𝑒𝑛𝑡 𝑜𝑓 𝑁𝑎𝑡𝑢𝑟𝑎𝑙 𝐶𝑎𝑡𝑎𝑠𝑡𝑟𝑜𝑝ℎ𝑒 𝑆𝑜𝑙𝑢𝑡𝑖𝑜𝑛𝑠 𝑎𝑡 𝑀𝑢𝑛𝑖𝑐ℎ 𝑅𝑒𝑖𝑛𝑠𝑢𝑟𝑎𝑛𝑐𝑒 𝐴𝑚𝑒𝑟𝑖𝑐𝑎 𝐼𝑛𝑐., 𝑏𝑎𝑠𝑒𝑑 𝑖𝑛 𝑃𝑟𝑖𝑛𝑐𝑒𝑡𝑜𝑛, 𝑁𝑒𝑤 𝐽𝑒𝑟𝑠𝑒𝑦. “𝐻𝑢𝑟𝑟𝑖𝑐𝑎𝑛𝑒𝑠 𝑑𝑜𝑛’𝑡 𝑏𝑒𝑐𝑜𝑚𝑒 𝑑𝑖𝑠𝑎𝑠𝑡𝑒𝑟𝑠 𝑢𝑛𝑡𝑖𝑙 ℎ𝑢𝑚𝑎𝑛𝑠 𝑔𝑒𝑡 𝑖𝑛 𝑡ℎ𝑒𝑖𝑟 𝑤𝑎𝑦,” 𝑀𝑟. 𝐵𝑜𝑣𝑒 𝑠𝑎𝑖𝑑. OK, now my main point. What is missing from this article is the idea of resilience. Projects built to withstand weather events can withstand such events. The best example I recall was NextEra Energy, Inc.'s Babcock Ranch solar farm some 12 miles inland from where Hurricane Ian made landfall that was built to withstand high winds - and it emerged nearly unscathed. Check out this features following the Hurricane from 60 MINUTES https://lnkd.in/eJeiqdfE Building projects resiliently helps minimize property losses. This is where a company like FM Global can help too when these sites are being sited, designed, built, etc., to best assure these projects are around for their anticipated project life.

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I enjoyed interviewing Adam Rimmer of FloodFlash to hear his thoughts on parametric insurance! Check out his interview for Insurance Thought Leadership to learn what he thinks about the future of parametric, how it is filling gaps left by traditional coverage, and the surprises between the UK and US markets. Thanks to Adam for sharing his thoughts! #abileads #insurance #risk #riskmanagement #parametric #cpcu #parametricinsurance https://lnkd.in/evVUEh_P

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