Wednesday, 3 October 2018

Nonprofit Coverage: Submission Requirements & Enhancements

Our submission process is easy. Send an email to nonprofit@amtrustgroup.com and make sure to include: 
  • All pertinent ACORD and supplemental applications; we also accept other carrier’s applications
  • Audited year-end financial statement (or Form 990 if the organization does not have a year-end statement)
  • Brochures, promotional material describing programs and services offered and copies of all relevant contracts
  • Loss history for a minimum of 3 years
  • Schedule of drivers and vehicles, including VINs and seating capacity
  •  
AmTrust offers options to enhance coverage to include:

  • Articles, Fine Arts, Valuable Papers/Books
  • Armed Guards (contracted through 3rd party only)Nonprofit
  • Earthquake & Flood
  • Educators Liability
  • Employee Benefits (can be included in Package)
  • Immigration Counseling Liability
  • Vicarious Medical Liability – excludes physician liability; physician must have medical malpractice coverage
  • Medical Liability – excludes physician liability; Dr. must have Med Malpractice coverage
  • Special Events Blanket/Fund Raising Endorsement
  • Social Work, Foster Care & Counseling
  •  
The process is simple:

  • Submit the supplemental form, ACORD and loss run information to nonprofit@amtrustgroup.com
  • Your dedicated underwriter will take care of the rest!
  •  
Individual coverage may vary and may not be available in all states.  Not all applicants may qualify.  In the event of a conflict with the material herein, the terms and conditions of any issued policy will control.  Any available coverage for a claim will be determined based on the facts and circumstances of the claim as well as the terms and conditions of the policy, including any applicable exclusions or deductibles.

Monday, 10 September 2018

Millennials and the Insurance Industry

Millennials. They’ve almost become a buzzword in today’s world as study after study comes out about the generation. What kind of shifts will this cause in the commercial insurance world? Read on to find out.
First, when we say millennial who are we talking about? The Pew Research Center defines anyone born between 1981 and 1996 (ages 22 to 37 in 2018) as a Millennial. It’s important for agents to keep in mind that some millennials are nearing 40, and many are taking on the roles of decision makers within their companies. 

According to Nielsen, the leading global information and measurement firm, millennials account for nearly a quarter of the U.S. population – about 77 million. A generation of that size is sure to have an influence on a variety of industries, including insurance. Millennials are generally marked by an increased use and familiarity with communications, media and digital technologies. A recent survey conducted by Microsoft concluded that: 
 
  • 65 percent of millennials start interactions with a brand or organization online
  • 64 percent of them believe that social media is one of the most effective channels for reaching brands

Nielsen has also identified the millennial generation as the top users and adopters of Smartphones.

So what does all of this mean for the world of insurance? For agents, a focus on both social media and technology can be the key to reaching and interacting with clients. It also signals that an increase of millennials working in insurance means a continuing shift in the way in which insurance business will be conducted, as well as recruitment techniques to grow the workforce.

Social Media Marketing

Social media can help you, the agent, to connect with your clients and community in a very impactful way, positioning yourself and your agency’s status in the insurance field. Make an impact by researching and writing on industry related topics that interest your clients. Be inspirational and educational in your posts. Make sure social media is something you can manage in-house, and select the channels that make the most sense for your agency . Try test posts on each channel to determine which provides the best new business leads. Read our related posts on:

Data Driven

Thanks to data mining and social media, insurance companies are starting to target their marketing directly to specific consumers. The ability to tailor their coverages and policies to the right audience can be invaluable to insurance companies. The data-driven, computer savvy, innovative mentality commonly attributed to millennials make them prime candidates to help carriers create insurance products that truly speak to the right audience.

Change in Demographics

Younger business owners are driving a huge digital shift in the business insurance industry. By 2020 over 60 percent of small businesses in the U.S. will be owned by millennials and Gen-Xers (who range in age range from about 20 to 45). With this projection in mind, it’s clear that agents who wish to thrive in the future of the business insurance industry would be wise to consider adapting to the changing environment the industry continues to innovate in an increasingly tech-filled world.

Mobile Apps

Speaking of tech, many insurance carriers now offer most of their services through mobile apps. Insurance agents can utilize these apps to give clients the ability to file claims, schedule inspections, track their claims process, direct message an agent with questions, or even submit video for appraisals.
For example, AmTrust appointed agents can create and bind policies that are designed to meet their clients’ needs with AmTrust Online. With commercial package coverage information for workers’ compensation right at your fingertips, you can get your clients set up with the products they need in minutes. Then your clients can use the system to make payments and update their information at their convenience.

If you don’t have access to AmTrust Online, you could be missing out on a big advantage in this increasingly digital industry. Find out more about AmTrust Online, and how you can join our team of appointed agents.

Tuesday, 28 August 2018

More employers are offering paid parental leave benefits

More companies are offering paid parental leave benefits than ever before. In fact, a recent study from the Society for Human Resources Management found that more than 1 in 3 U.S. employers offer paid maternity leave beyond what is required by law.

This trend is only projected to go upwards. And since parental leave benefits have been proven to increase employee morale, retention, and talent acquisition, it’s only a matter of time before they become a mainstay at most companies.

The Family Medical Leave Act (FMLA) allows eligible employees to take up to 12 weeks of unpaid leave for certain family medical or personal needs such as the birth of a child or caring for a sick family member. However, there is no federal statute requiring employers requiring that leave time is paid, but a few states, including Hawaii, California, New Jersey, Rhode Island and New York, have passed laws requiring employers to provide disability insurance, with some also requiring paid family leave.

So what does that mean for insurance agents? Both statutory disability (also called Disability Benefits Law or DBL) insurance and paid family leave have a good chance of expanding, creating a need for clients to secure DBL coverage that complies with paid family leave (PFL) policies as more states mandate the coverage.


What is DBL?

While workers’ compensation protects workers’ injured on a job, disability insurance can provide financial support to workers that need to take time off for temporary, non-work related injury or illness. State disability insurance is a short-term disability coverage that is mandated by the above states.
From an employer’s standpoint, state disability insurance helps retain employees in the long term. It also helps ensure employees recover well, allowing employers to make more informed decisions about team structures and productivity.

What is PFL?

PFL or paid family leave is designed to help support employees in their states during major life events that might otherwise create a financial hardship. Rather than covering illness or injury, eligible employees in these states have guaranteed paid leave for certain life circumstances including:
  • The addition of a new child into the family home
  • The care of a family member with a serious health condition
  • A family member being deployed abroad on active military service

AmTrust North America is in your corner for paid family leave

AmTrust North America is a leading statutory disability insurance provider, covering more than 45,000 employers in New York and New Jersey alone. With our competitive rates and broad state disability insurance coverage, agents can support small businesses and work towards making paid parental leave a reality at employers both big and small.

Check out our additional resources on DBL and PFL:


 For more details about AMT Warranty Corp feel free to visit: http://blog.amtrustgroup.com/policywire/more-employers-are-offering-paid-parental-leave-benefits

Sunday, 21 January 2018

Our Financial Strength Is Your Peace Of Mind


An extended service plan is a smart move. It confirms that you do indeed have a specific idea of how your products will be used and a reliable backup plan should anything go wrong. But in addition to giving time and thought to the type of coverage you’re interested in, it makes just as much sense to consider the company who will be backing your contract.  

With more than 30 years of leadership in service contract administration, Warrantech is comprised of industry veterans who average more than 23 years of experience in program evaluation and design. This wellspring of knowledge provides us with vast insight and enables our team to uncover hidden growth opportunities and structure programs that offer a high-value proposition for our partners and their customers. 

Warrantech is also a subsidiary of AmTrust Financial Services, Inc., one of the strongest, most financially secure insurance companies in the industry. With an unwavering focus on your success, we go out of our way to deliver unparalleled service excellence in all that we do. 

• A.M. Best rating of “A” (Excellent)

• Named to the 2017 Fortune 500 list

• Ranked 63rd on Fortune Magazine’s Fastest Growing Companies 

• Named “2014 Best-Managed Company (Insurance)” by Forbes magazine

• Recognized as the most “warranty-centric” company in the industry by Warranty Week

• Ranked 6th nationwide in National Association of Insurance Commissioners (NAIC) March 
2014 workers’ comp market share report

• A+ rated and accredited by the Better Business Bureau

• Publicly traded (NASDAQ: AFSI)

• More than $23.9 billion in assets

• Multinational operations with offices worldwide

Having this financial strength allows us to bundle both underwriting and administration. And, as a result, it creates complete transparency and visibility to information that enables our customers to change and create plans that are both highly customized and profitable.

So whether you’re a customer, retailer, dealer, distributor, or manufacturer in the consumer or automotive market, Warrantech has a knowledgeable team that can provide a customized solution that will work specifically for you. And, just as important, offer you the financial stability to back it up so you can rest assured that you’re getting the best plan possible.

Friday, 22 September 2017

AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer

AmTrust Financial Services, Inc. Strengthens Senior Management Team with Appointment of Ariel Gorelik as SVP and Chief Information Officer

AmTrust veteran Christopher Longo continues as Chief Operating Officer

NEW YORK, Aug. 16, 2017 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that Ariel Gorelik, an experienced  global insurance industry executive and most recently Chief Operating Officer of AmTrust's AMT Warranty division, has been appointed Senior Vice President and Chief Information Officer (CIO), reporting to Chairman and Chief Executive Officer Barry Zyskind. Mr. Gorelik succeeds Christopher Longo who continues as EVP and Chief Operating Officer, appointed in 2016, who has guided technology development at AmTrust as the Company's CIO since 2006.

Mr. Gorelik will lead AmTrust's global IT organization, with a focus on operational excellence across the IT function. He is responsible for ensuring that AmTrust will continue to lead through technology innovation and capitalizing on technology solutions to help enable AmTrust fulfill its business goals. Mr. Gorelik's extensive operational leadership experience in the insurance sector includes expertise in centralization of operations and transformation of service delivery to improve customer satisfaction.

Mr. Gorelik joined AmTrust in 2014 as Senior Vice President AmTrust North America operations, and in January 2016 was promoted to Chief Operating Officer of AMT Warranty, one of the Company's operating subsidiaries in the U.S. Prior to joining AmTrust, from 2013 to 2014, Mr. Gorelik was a managing consultant of the ICON division for Zurich North America, a property and casualty insurer. From 2010 to 2013, he served as deputy chief operating officer at SK Allianz/Allianz Group, a German property and casualty insurer. He was responsible for the procurement, real estate management, and transportation departments, as well as for areas of IT relating to Allianz's core insurance system. He also led the organization's full automation of the policy life cycle. Prior to his role as deputy COO, Mr. Gorelik served as head of Allianz Eurasia's business services, where he established a shared service center with a number of back and middle office functions, including claims handling, P&C policy administration, payments, and call center.

"AmTrust has always led with technology and innovation, which have been a competitive differentiator for us," said Barry Zyskind, Chairman and Chief Executive Officer. "Under Ariel Gorelik's leadership as Chief Information Officer, we will continue to harness the power of our technology platforms and digital capabilities. Similarly, we now can maximize Chris Longo's management focus as AmTrust's Chief Operating Officer to enable us to undertake the initiatives and processes to optimize results across our business units and product and service offerings."

Mr. Zyskind continued, "With more than 400 knowledge developers within our IT staff of 1,000 men and women supported by in-house underwriting, actuarial and claims processing experience, innovation is in our DNA. Chris has been instrumental in developing our technology platforms and building our IT organization into the powerhouse it is today. He led the development of a single proprietary platform that allows us to continually improve the experience of our agents and our customers. It also allows us to develop new products and integrate emerging technologies quickly. With our IT function well established, Ariel, as Chief Information Officer, can move us further forward, utilizing his abilities to increase efficiencies across broad organizations and platforms, while enhancing the experience of our brokers, agents, and policyholders."

For more information, please contact:

AmTrust Financial Services, Inc.
Chaya Cooperberg
Chief Communications Officer & SVP Corporate Affairs
chaya.cooperberg@amtrustgroup.com
646.458.3332

Thursday, 8 June 2017

AmTrust Financial Services, Inc. Earns Distinction as Fortune 500 Company Following Record Year of Revenue

Achievement Recognizes AmTrust's Long-Term Success

NEW YORK, June 07, 2017 (GLOBE NEWSWIRE) -- Warrantech's parent company, AmTrust Financial Services, Inc. (NASDAQ:AFSI) (the "Company" or "AmTrust"), today announced that the Company has been named to the prestigious Fortune 500 list for the first time. The list celebrates the largest companies in the U.S. by total revenue.

This achievement is a recognition of AmTrust's financial strength and stability and follows a year of record revenue for the company. AmTrust's total revenue in 2016 was $5.45 billion, an increase of 18% over the prior year.

Since its founding in 1998, AmTrust has grown into a multinational property and casualty insurer with nearly 8,000 employees in more than 125 offices serving 70 countries around the globe. In the U.S., AmTrust is one of the top three providers of workers' compensation insurance and one of the top three warranty writers. AmTrust is also a top 13 Lloyd's manager by capacity. As an innovative, technology-driven provider of insurance products, AmTrust has earned a prestigious "A" (excellent) rating from A.M. Best.

"AmTrust is honored to join the Fortune 500 alongside an elite group of successful companies, and we're very grateful to our partners, brokers and agents for their trust in us as we reach this milestone," said Barry Zyskind, Chairman and Chief Executive Officer of AmTrust. "AmTrust's inclusion in the Fortune 500 is possible thanks to the hard work and dedication of our people, who live our core values of integrity, diversity, accountability, teamwork, community engagement, and a spirit of entrepreneurship. We adhere to these values every day allowing us to continue to successfully build a best-in-class property and casualty insurer for our valued partners and customers."

AmTrust was ranked 475 on the 63rd annual Fortune 500 list.

About AmTrust Financial Services, Inc.

AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated "A" (Excellent) by A.M. Best.


Saturday, 25 February 2017

Extended-Service Contracts Help Build a Comfort Zone – and Long-Term Relationships – with Customers

The following is an excerpt from an article by Jeff Crider, which appeared in the 2017 Jan./Feb. issue of RVBusiness. The full article can be found at: http://bit.ly/2m9hhac
 
“The quality of RVs in general has improved, but there are more and more gadgets,” said Joe Suttera, Warrantech’s vice president of specialty products. “From a warranty standpoint, there is certainly a lot more risk than there ever has been when it comes to these units.”
 
The continued growth of the RV industry in 2017 is good news not only for the nation’s RV manufacturers, aftermarket suppliers and retail dealers, but also for the companies selling extended-service contracts to this emerging wave of RV consumers.

In fact, the extended-service-contract business is booming, companies told RVBusiness, due to this sustained increase in the sales of new and used towable and motorized RVs. 
   
Indeed, the industry is currently experiencing its eighth consecutive year of growth, with wholesale shipments of new RVs expected to increase 4.4% in 2017 to 438,000 units, according to projections by Richard Curtin of the University of Michigan’s Consumer Survey Research Center.

That continuous flow of new- and used-vehicle sales creates huge opportunities for dealers to sell their customers extended-service contracts, the cost of which is typically added to the vehicle loan at the time of purchase. 

Regardless of whether their RV is new or used, consumers want to have peace of mind knowing that unexpected repair costs will be covered when their vehicle’s warranty runs out. 

While manufacturers provide different types of warranties to cover things that can malfunction in the mechanical and living areas of an RV, warranties only last for specific periods of time. Extended-service contracts have been designed to extend warranty protections for additional periods of time with varying levels of coverage and cost. 

Extended-service contracts are also available to cover things that are not typically covered by factory warranties such as roadside assistance, tire-and-wheel coverage and paint-and-fabric coverage.

Millennials, in particular, are in tune with the latest innovations in technology and they want it to work. 

Extended-service contracts can cover these items after the warranties expire to give consumers peace of mind with their RV purchases, regardless of whether they have new or used vehicles.

Bill Gilman, senior vice president of sales for Warrantech, an AmTrust Financial Company based in Bedford, Texas, said there were more “fit and fitness issues” with RVs back in 2007 when the RV industry was struggling through the Great Recession. The downturn forced many RV manufacturers out of business. But while the quality of today’s RVs has significantly improved from 2007, Warrantech and other extended-service contract providers see plenty of potential risks to cover.

 “The quality of RVs in general has improved, but there are more and more gadgets,” said Joe Suttera, Warrantech’s vice president of specialty products. “Now you’re covering 50-inch flat-screen TVs, full walk-in showers. From a warranty standpoint, there is certainly a lot more risk than there ever has been when it comes to these units.”

As one might expect, companies that provide extended-service contracts closely monitor their claims reports so that they can price their contracts accordingly. They also monitor feedback from RV dealers and periodically either update their extended-service contracts to cover new products or develop entirely new types of extended-service contracts for dealers to sell. 

Extended-service contract companies offer a variety of educational programs and increasingly sophisticated electronic programs to expedite contract sales and claims processing. 

But the time to make the initial pitch to consumers is in the F&I process when they’re purchasing their new or used RVs. That’s when dealers have an opportunity to educate their customers so that they know the differences between warranties and extended-service contracts. 
 
Warrantech Automotive, an AmTrust Group Co.
Bedford, Texas  

Product offering: Warrantech markets exclusionary and stated extended-service contracts using the CampersEdge brand name. The company covers motorhomes valued at up to $5000,000 and with up to 100,000 miles. It also covers towable units valued at up to $150,000 and that are up to 15 years old. The company also offers specialty contracts for RV technical assistance; 24/7 roadside assistance; windshield repairs; painting and interior; tire and wheel coverage; as well as key/remote replacement coverage. Warrantech also provides Towbusters coverage with 24-hour emergency towing, roadside assistance, lost 
key and lockout service, map routing assistance and theft as well as hit-and-run protection. 

The company also offers guaranteed asset protection (GAP) coverage. 

Key contact: Bill Gilman, senior vice president of sales, (210) 788-2555 or bill.gilman@amtrustgroup.com