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From management consulting companies to market research experts, consultants tend to work with highly sensitive information, offering recommendations on make-or-break business decisions. To protect themselves from a lawsuit if their advice leads to less-than-ideal financial outcomes, they buy a variety of business insurance policies. Many also buy Fidelity Bonds. The cost of Professional Liability Insurance depends on the coverage limit they choose.
Policies with higher coverage limits cost more than policies with lower limits. Before we look at cost, let's see which policy limits folks are choosing.
See the chart below for a breakdown of policy cost by limits chosen. In fact, 86 percent of consultants choose a GL policy with these limits. She is a senior leader responsible for helping insurers develop, manage and deploy large scale technology systems, business processes and strategies. In her career with Accenture, which spans almost 20 years, Krause has worked with many of the top insurance carriers in the industry, assisting them in their efforts to become high-performance businesses.
Her expertise lies in insurance processes, product and policy management, claims management and underwriting, focused primarily on the areas of financial services insurance, and property and casualty insurance. As Client Service Group leader, Krause and her teams develop strategies to help insurers address capacity and infrastructure constraints, streamline and standardize processes, and develop custom-built policy administration platforms. Follow us to keep up with the latest news, get valuable insights and thought leadership, and stay up to date on all things Accenture Insurance.
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Click the menu icon to display the main navigation. Type anywhere at any time to use our smart search tool. Consulting Home Technology Consulting. We help insurers improve their policy, distribution and claims functions, and benefit from analytics, mobility, digital marketing, cloud and social media.
We help insurers cut costs, manage risk and drive growth through digital innovation, platform modernization, and improved distribution and marketing. Advanced Analytics and the free flow of data can help insurers make better decisions and improve processes.
Video April 10, It's especially important for consultants who operate as a one-person business. Our professional liability coverage satisfies most standard contract insurance requirements. Fidelity Bonds are a tricky policy to quantify because they vary so widely based on the needs of the client. While we are mindful of these conditions, we also work with insurers in every region to develop and execute strategies that make them more nimble competitors. Share your Folio items by email.
Carriers determined to exploit analytics will need to ensure their capabilities are embedded across their organization and in their culture. An operating model serves as a blueprint that defines how resources are organized and operated to accomplish critical work. It applies to the enterprise level or the business unit or divisional level, as well as to functions such as underwriting or claims. Superior claims management offers a means of competitive differentiation , whether through faster payout, easier filing via digital channels or higher-quality interactions between customers and claims representatives.
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Bain determined that both customer retention and penetration provided significant opportunities. We helped our client design customer-focused programs that increased both customer retention and market share. The most profitable customers were generating a disproportionate share of complaints for our financial services client.
Bain recommended the company transform the overall customer experience for its multi-line customers. Want to continue the conversation? Contact Bain How can we help you?