P&C Breakouts: Your challenges—Your best practices

Traditionally, the ICAE Exchange dedicates product-line specific sessions to allow regulators and companies an open forum to discuss what’s on everyone’s mind in a somewhat structured environment—meaning a universal question is posed and participants take the question to distill information into take-away ideas.

Sometimes, when facing a challenge, insurance professionals find it’s hard to see the most obvious solution.  Recognizing this dilemma, the ICAE 2014 Exchange provided oceans of opportunity for participants by facilitating interactive sessions on the universal question: What are your challenges and what are the best practices to address those challenges?  The sessions were fruitful from the start.

Here’s a recap:

Challenge:  What can be done…

  •  About multiple follow-up requests from regulators, which  can feel like harassment, and
  • To work with regulators taking such a hardline that carriers feel may be less advantageous to consumer?

Best practices

  • Companies were encouraged to remember that the mindset of individuals in charge (commissioner) at any time can change the culture of any regulator at any time.  Companies need to understand the duty of regulators and regulators need to understand the importance of being able to do business.
  • Dialogue, dialogue, dialogue—initiation of informal conversations will save time
  • Getting all information at the same time helps—reach out and talk to the consumer as well as the regulator
  • Companies need to be aware of non-performing employees—meaning those who do not  respond to consumer
  • Fostering a partnership culture
  • Embed compliance-related individuals within business units to help ensure the flow of information
  • Build transparency into the culture
  • Analyzing and processing information—big data handled internally is smart
  • Open communication between and among business units
  • Remember most regulators work with consumers to come to a good place about the industry
  • Monitor work etiquette and  ethics to ensure both accurately represent the corporate culture


  •  NAIC coding and the importance of accuracy and reconciliation

Best practices

  • Coding directly impacts analysis—make sure coding is accurate
  • Reconciliation may seem tedious but is also critical—templates and declaration pages are important.  If regulators truly have all information, any poor reconciliation is on the regulator.
  • Add additional data so that everyone has the same information
  • Double-check coding number on closing letters


  • Issue of social media

Best practices

  • Review NAIC white paper on social media complaints
  • Companies can scrub comments on their Facebook pages
  • Many companies have consumer services research and find consumer with complaint, when possible (by matching information with client data)
  • Specific guidance from regulators on social media?

o    Safest to try to research and find consumer behind any social media comment, if possible.
o     If followed up as a complaint, make sure it’s in log
o    Comments listed on third-party sites are not considered to be trackable complaints
o    Companies need to make sure they follow social media policies


  • Uptick in creative financing for premiums

Best practice

  • Carriers must check premium finance companies as best protection for all.  In most states, it will take legislation to eliminate premium financing.


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