BHI Senior Living’s Post

A nice article giving detailed insights in the subject. #firelossofprofit. #fireinsurance #generalinsurance Source and Credit: Bimakavach and Respective Author.

Navigate financial success in the insurance industry with precision! Discover the crucial role of Accounting Practices for Property and Casualty Insurance Companies. From risk management to regulatory compliance, our tailored solutions empower insurers. Elevate your financial strategies today! https://lnkd.in/divPTzP5 #InsuranceFinance #RiskManagement #InsuranceIndustry #InsuranceInnovation #Insurers #propertycasualty #propertyandcasualty #propertyandcasualtyinsurance

Financial well being Requires financial planning. The insurance industry in South Africa has from time to time experienced a tumultuous relationship with it’s clients , the regulator and the media at large but one thing is certain , billions of rands in claims, have been paid out to policyholders and beneficiaries over the years, that reinforce the very purpose of this industry. I trace back my steps in this industry over 3 decades which is a humbling reflection of why I remained in this industry all this while . Nothing was more pleasing than to be that person or that company ,that brought relief to families in their time of absolute need ! The industry has evolved with the regulatory changes and there is expectation of financial advisors and insurers to deliver on client-centric outcomes through compliant advice led processes. This has seen a positive shift in standards, with some work in progress. Covid underscored the need for sound financial advice and insurers across the country stepped in to ensure that compromised individuals did not compromise the invaluable cover that their risk protection afforded them . Loved ones and survivors were often left clueless in terms of next steps and how to maintain their financial well being and for many of these clients , there was a financial advisor, a legal advisor and fiduciary services that were their shining light ! We salute the efforts of all financial advisors and insurers that have stood the test of time and supported their clients through this crisis ! You have made an unquestionable impact on families , the industry and the economy at large . Sadly , these challenges don’t end as we live in an uncertain and volatile world with unpredictable outcomes and all we can do, is to mitigate our risks as best we can. Insurers must continue to innovate and bring relevant products and solutions to the market that allow for efficient financial planning with the commitment to deliver on their promises. Advisors must keep updated on industry and regulatory changes and they must continue to provide this invaluable service to all South Africans . Clients , for their part need to be forthcoming with material information that allow insurers to make informed decisions , they must be clear on their desired outcomes and expectations and resolute in their quest to provide adequately for themselves, their loved ones and their businesses. Stay true and committed to your financial plan and review it with your advisor so that your plan remains relevant and true to its purpose. Thank you to the financial advisors and the financial services industry that make a positive difference in the lives of the communities we serve !

USA Risk Group's "Meet the Team" series. Meet Asha Charles, Team Leader at USA Risk Group. Click on the link below to learn more about Asha and her role at USA Risk Group. #team #insurance #captiveinsurance #captive #reinsurance

𝐑𝐞𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐀𝐟𝐭𝐞𝐫 𝐚 𝐃𝐞𝐜𝐚𝐝𝐞: 𝐀 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐰𝐢𝐭𝐡 𝐌𝐲 𝐒𝐞𝐚𝐟𝐚𝐫𝐞𝐫 𝐅𝐫𝐢𝐞𝐧𝐝 It's been a decade since I last saw my seafarer friend, let's call him Captain Jack (because, well, he's a captain and it has that adventurous ring to it!). We first met in high school 10 years ago, sharing dreams and laughters over cans of soda. Recently, Captain Jack and I reconnected through online chats. It started casually, catching up on life, sharing stories of the high seas and landlocked days. Over time, our conversations deepened, diving into our plans, goals, and the inevitable financial decisions that come with them. Despite the distance and years, it felt like no time had passed. One day, Captain Jack reached out to me with a request. He wanted to discuss his financial plans and how best to secure his future while navigating the unpredictable waters of his profession. Our conversation was enriching. I asked him various questions, delving into his views on money and his financial philosophy. For me, it's always about understanding my clients’ personal goals and how they see money as a resource to optimize. In the world of financial planning, there’s no absolute right or wrong way. It's about perspectives and life outlooks. Our discussion was intellectual and stimulating, touching on different scenarios and solutions. Captain Jack’s sharp mind and analytical skills made the conversation even more enjoyable. We spent an hour and a half in this engaging discussion, and at the end, he said to me, “𝐓𝐡𝐚𝐧𝐤 𝐲𝐨𝐮, 𝐀𝐝𝐫𝐢𝐚𝐧! 𝐘𝐨𝐮𝐫 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐰𝐞𝐫𝐞 𝐢𝐧𝐜𝐫𝐞𝐝𝐢𝐛𝐥𝐲 𝐨𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞 𝐚𝐧𝐝 𝐲𝐨𝐮’𝐯𝐞 𝐚𝐝𝐝𝐫𝐞𝐬𝐬𝐞𝐝 𝐦𝐲 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐬𝐨 𝐟𝐚𝐫." Whether a sale happens or not, what matters most is putting myself in my clients’ shoes and recommending what truly works best for them. Buying insurance should never make anyone feel poorer or uncomfortable. Instead, it should provide peace of mind, not just from the coverage, but also from knowing they’re working with someone they trust. ”How can we start this?” he added. Captain Jack decided to sign up for an annual plan with 5Million PHP in Basic Sum Assured also covering some living benefits where we crafted to his needs as an OFW—a decision he made with confidence and clarity. It was more than just a financial transaction; it was a reaffirmation of our shared values and mutual respect. Here’s to many more years of friendship and navigating life’s waters together! #FinancialPlanning #Reconnection #SeafarerLife #PeaceOfMind #TrustedAdvisor #ANDES #Marino #MarinoPh

This is an important article for Agency Owners and any Agent wanting to write Commercial Insurance to read! Being able to differentiate yourself starts with making sure you're doing the right things for your own business! One of the biggest challenges Independent Agents and Small Business Owners plan for is interruption!

I'm proud to share our latest blog post detailing how our team at ModernTax is innovating within the financial underwriting and claims process with direct carrier insurance companies. The TLDR is taking on the most pressing challenges in underwriting and claims management head-on. 1. Operational Inefficiency 2. Data Inconsistency 3. Fraud and Non-Disclosure 4. Lack of Real-Time Visibility 5. Compliance Risk Our unique approach streamlines data gathering and drives transformative improvements across the insurance value chain. I invite you to read about our efforts in increasing efficiency, improving data quality, and enhancing fraud detection and risk management. #Insurance #Innovation #ModernTax

Happy Saturday all, I hope you’re making the most of the sunshine 🌞 Question………How would you business cope if there was an emergency and you lost a key member of your team??? 🤷♂️ I was having a conversation with a client yesterday about the importance of key person insurance and at the end of that conversation, he admitted to me that he’d never considered the potential impact on his business should something like this happen😳🤯 So I wanted to share with all you amazing business owners why you need to consider key person: 1. **Financial Stability**: The sudden loss of a key individual can result in significant financial strain on a business. Key person insurance provides a financial cushion to help cover the costs associated with finding and training a replacement, as well as potential loss of revenue during the transition period. ⚖️ 2. **Business Continuity**: The insurance payout can be used to maintain operations, reassure stakeholders, and stabilise the business during an uncertain period, ensuring continuity and reducing the risk of business disruption. 📈💷 3. **Creditor Assurance**: Lenders and investors often require businesses to have key person insurance as a condition for providing loans or investment. This assurance helps protect their interests and provides confidence in the business's ability to repay debts or deliver returns even after losing a critical team member. 💷 4. **Employee and Customer Confidence**: The presence of key person insurance can instill confidence in both employees and customers, showing that the business is prepared for unexpected events and committed to long-term stability. 👷♀️ 5. **Shareholder Protection**: In businesses with multiple shareholders, key person insurance can provide the necessary funds to buy out the deceased's shares, preventing potential conflicts and ensuring that ownership remains within the control of the remaining shareholders. 💰 Overall, KEY person insurance is a crucial risk management tool that helps safeguard the business against the financial impact of losing a KEY individual, ensuring resilience and stability in challenging times. 🛟⛑️ For more information, email 📧 me at [email protected] or call 📞📲 me on 07900494339 Have a great weekend 🌞🕶️☀️ Furnley House

Discover how ModernTax is revolutionizing the insurance industry by tackling the most pressing challenges in underwriting and claims management. Our unique approach not only streamlines data gathering but also drives transformative improvements across the insurance value chain. Read our latest blog post to learn more about how we're increasing efficiency, improving data quality, and enhancing fraud detection and risk management. #Insurance #Innovation #ModernTax https://lnkd.in/gZA3_zGN

The use of alternative risk financing methods such as self-insured retentions and captives to write professional indemnity increased in popularity as a result of the recent hard market. Those who buy professional indemnity insurance are generally in professions that offer legal or financial advice, design work or specification, and represent a diverse range of sectors. “The other thing that was quite interesting during the hard market is the level of self-insured retention increased for some of these firms enormously,” Ben Waterton, executive director for financial and professional risks at Gallagher, told Captive Intelligence. “They were then considering captives as a risk financing option for that self-insured retention, rather than retaining that on their balance sheets.” Thank you to contributions to our latest long read from Ben, Oliver Schofield, Adam Miholic, and Andy Hulme. #captiveinsurance #captiveintelligence #professionalindemnity https://lnkd.in/eJzstEDj