Risk alternatives for agents

Article Abstract:

Insurance agents and brokers can use risk retention groups and purchasing groups as alternatives to more traditional risk retention methods. Purchasing groups, composed of insureds from one industry who purchase group insurance from a traditional carrier, are less expensive and take less time to form. Risk retention groups, on the other hand, form their own insurance carrier to retain the risks of the group members. These groups must satisfy all regulatory requirements of regular insurance companies.

Methods, Management, Risk management, Cooperative insurance

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Agents pull the strings with EDI: agents need not fear that electronic data interface will give insurers control of their computer systems

Article Abstract:

Standards for the electronic data interface (EDI) used by the insurance industry have proved to be beneficial to insurers. Use of EDI already promotes cost efficiencies and improves how information is managed. Standards-based EDI also eliminates the need to communicate between dissimilar systems. However, some insurers mistakenly believe that EDI is expensive to implement and is not in wide use throughout the industry.

Standards, Insurance industry, Electronic data interchange, EDI (Electronic data interchange)

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