Product Designed to Help Insurance Agencies Reduce E&O Exposure and Increase Profitability
(ALEXANDRIA, VA., Oct. 29, 2008) —The Independent Insurance Agents & Brokers of America (The Big “I”) today announced its endorsement of Swiss Re’s Commercial Insurance group’s new Agency Shield Program™ for their Insurance Agency Errors and Omissions (E&O) policyholders. The Agency Shield Program™ is a value added loss control service and self-assessment program specifically designed for insurance agencies. The Agency Shield Program™ helps agencies reduce their E&O exposure, improve client service and build sustainable businesses. This new program is available for purchase through Big “I” state associations. It is available only to Swiss Re policyholders written through the Big I Professional Liability Program.
The Agency Shield Program™ is focused on reducing E&O claims costs by making it possible for an agency to do a comprehensive review and evaluation of the agencies processes, procedures and guidelines. The procedures analysis featured in the Agency Shield Program™ enables easy implementation of standardized processes to help avoid future E&O claims.
“The Agency Shield Program™ provides the comprehensive risk analysis techniques agencies need to follow to limit their E&O exposure and all the direct and indirect costs of being involved in an E&O claim. It is affordable, easy for the average agency to implement and there is a real incentive with the premium credit to complete it,” says Jack Sherrill, Chairman of the Big "I" Loss Control Working Group.
“We are excited to offer this value added service to our E&O customers through IIABA state associations,” said Sabrena Sally, Senior Vice President and Underwriting Leader for Swiss Re’s US Insurance Agency E&O. “The Agency Shield Program™ provides our policyholders with a more comprehensive understanding of risk management procedures and processes that they need to protect themselves and grow their business.”
The Agency Shield Program™ was reviewed by Big “I” volunteer agency leaders and state and national staff who concluded that it effectively reduces the factors driving increased E&O claims in agencies.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-“ by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best.
Swiss Re’s Commercial Insurance
Swiss Re’s Commercial Insurance protects insureds with specialized needs in niche markets in the U.S. and Canada. Products include property and casualty insurance, professional liability insurance, excess medical expense and risk management services. Swiss Re’s Commercial Insurance has served the primary insurance community since 1908 and is committed to providing service, creative solutions and security for its clients.
Margarita Tapia
703-706-5473; E-Mail: Margarita.Tapia@iiaba.net
