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As an agent of the insurer, an underwriting management agency (UMA) allows for entrepreneurial, skilled, short-term insurance underwriters to provide brokers with exceptional service, specialist knowledge and tailored products at the right price.
There was an air of anticipation as the crowd gathered for the 2014 South African Underwriting Managers Association (SAUMA) conference where speakers were set to discuss various issues which are pertinent to the underwriting industry.
The Ombudsman for Short-Term Insurance (OSTI) recently released its Annual Report for 2013. The report is an important feature in the annual calendar of short-term insurance players as it reveals how insurers fared on claims disputes which customers referred to the Ombudsman for intervention.
Cyber risks could be the next big trigger for lawsuits against directors. This will be triggered if they fail in their duty of care by not taking preventative measures against risks such as phishing, improper data manipulation or data loss. These directors could be held responsible for company and shareholder losses.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?