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Proactive Ways to Manage Rising Insurance Costs, with Mike Marroccoli
Manage episode 449113309 series 3614002
Το περιεχόμενο παρέχεται από το Ken Lucci & James Blain, Ken Lucci, and James Blain. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Ken Lucci & James Blain, Ken Lucci, and James Blain ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
Don’t let skyrocketing insurance rates break your business.
In this episode, Ken and James sit down with Mike Marroccoli, Principal at EPIC Insurance Brokers & Consultants. They explore the impact of rising insurance costs in the transportation industry, emphasizing the crucial role of safety culture and risk management in keeping premiums manageable. In this episode, you’ll learn:
- Why the industry is currently in a "hard market," causing elevated premium rates due to increased reinsurance costs and high claim payouts, including "nuclear verdicts."
- Why minor accidents can lead to more severe incidents, reinforcing the notion that "frequency breeds severity."
- How the use of telematics and cameras in vehicles can mitigate risks and protect against fraudulent claims, despite initial privacy concerns.
- Why companies should be diligent about reporting all potential claims, even minor incidents, to avoid future complications and ensure early settlement possibilities.
- How brokers play a critical role in managing insurance needs, advocating for clients by thoroughly assessing risks, negotiating with carriers, and ensuring timely policy renewals.
Connect with Mike on LinkedIn: https://www.linkedin.com/in/michaelmarroccoli/
Visit Epic Brokers website: https://www.epicbrokers.com/
Connect with Kenneth Lucci, Principle Analyst at Driving Transactions:
https://www.drivingtransactions.com/
Connect with James Blain, President at PAX Training:
https://paxtraining.com/
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