Coverage of the Cover Holders and Risk Takers-Exchange Conferences
John Bennis, president, MGA Systems, said many Insurers and MGAs are turning to portals and automation to boost sales and cut expenses.
Brokers and insurance professionals at the third annual CHART-Exchange conference, held in Baltimore, say syndicates and others in the Lloyd's market are showing an appetite for new types of risks, startups and smaller organizations.
Thomas Wilson, partner, Wilson Elser, said brokers and managers looking to launch an insurance program often devote more than a year to starting up, and face a range of regulatory requirements.
Mark Rattner, executive vice president and chief underwriter, Fortegra, said filing miscellaneous errors & omissions coverage is more difficult than developing for specific professionals such as accountants or architects.
Jonathan Swann, director, CFC Underwriting, said early cyber claims largely focused on breach, but 75% of today's claims are for ransomware and phishing incidents, making it more akin to crime coverage.
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