As the insurance industry evolves, mutual and mid-market carriers must stay on top of regulations and legislation. With new laws being introduced regularly, staying ahead of the curve can be challenging, especially for those looking to venture into new states or lines of business.
As an attorney and claims executive with over 20 years in the industry, Caryn Siebert, VP and Director – Carrier Engagement, explores four reasons why mutual and mid-market carriers should consider partnering with a claims expert to combat the increasing complexity of regulations in the carrier marketplace.
- Deep Oversight of Regulation Changes by Specialized Experts
Regulations are in place to protect customers, as well as mutual and mid-market carriers. However, maintaining compliance can be a real challenge for carriers with limited resources and little margin for error. Cost-conscious businesses should consider partnering with an expert that has the resources and expertise to stay on top of changing regulations and legislation.
- Staying Competitive in an Evolving Insurance Marketplace
Introducing new products and lines of business could be the competitive edge you need this year. To offer this, mutual and mid-market carriers must stay informed about the latest regulations in an evolving carrier landscape. Staying up to date with legislation will ensure that you offer your customers the best possible products and services while staying compliant and ahead of the competition.
- Robust Risk Management Frameworks
Noncompliance with industry regulations can result in financial losses. From fines to penalties to license revocation, noncompliance can majorly impact businesses. Partnering with an industry expert can help alleviate these pressures. Gallagher Bassett (GB) relies on robust risk management frameworks to ensure that our partners remain compliant while focusing on delivering outstanding results for their clients.
- Enhanced Brand Protection and Reputation
A strong reputation in the mutual and mid-market carrier landscape will help you differentiate yourself from the competition. From attracting and retaining customers to standing out from the crowd, building and maintaining a strong reputation protects your brand and helps you stand out from the competition. Compliance with industry regulations and legislation is key to improving brand protection and reputation. Noncompliance can lead to a loss of trust with customers and puts your reputation and financial stability at risk. Noncompliance can also create the potential for loss of employee confidence in and respect for the company which could lead to turnover as well as a diminished ability to recruit future talent.
Staying up-to-date with regulations and legislation in the insurance industry is a constant challenge in today’s marketplace. The right strategic partnerships can help combat the increasing regulatory complexity of mutual and mid-market carriers. GB prides itself on ensuring that our partners deliver outstanding results for their clients while remaining compliant with regulatory requirements.
Need help staying on top of changing regulations and legislation this year? Contact me today to find out how we can help you stay ahead of the curve this year.
