Consolidation is a hot topic in the insurance industry. It requires everyone to stay on their toes and keep on top of their game.
It can sometimes be challenging to keep up with all of the consolidation that is taking place in the insurance industry, according to Emil Moskowitz, founder and president at the inspection and premium auditing company, Cal Inspection Bureau.
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“There’s a lot of consolidation going on, which means you can’t get complacent,” Moskowitz told Insurance Business. “In my position, as the owner of a company, you develop lots of relationships with clients, some of which even turn into friendships. But you have to be careful. I’ve had clients that have been bought by larger companies and the person I had a link with now has a different role or maybe isn’t with that company anymore.
“Unless you’re ever-innovating and always moving forward, you’re going to struggle to keep up with industry consolidation. You cannot rest on your laurels and trust in an old relationship to always be there. If you do, you might find yourself and your company in hot soup.”
Cal Inspection Bureau is a nationwide inspection and premium auditing company. As well as keeping up with insurance industry consolidation, the company is also tracking trends in technology and automation, said Moskowitz.
It is in the process of developing a new website that will include enhanced technological capabilities, so that Cal Inspection Bureau can provide audit-based data on a larger scale to its clients and give them more detailed information on their risks in real-time.
“Technology is driving a number of changes in the business,” Moskowitz commented. “There was a time (not so long ago) when you would send out an inspection or audit request by mail and wait for it to come back completed for you by mail. But with the advent of modern technology, you can do everything and react to situations in real time.
“At Cal Inspection Bureau, we’re promoting what we call a ‘hybrid audit,’ which is where our professionally trained auditors carry out the task via email and phone rather than organizing in-person meetings. In our opinion, it produces the exact same results but with more efficiency and at a reduced cost. We call it a ‘hybrid audit’ because we’re also reducing our carbon footprint, like a hybrid car.”
Inspection and premium auditing is an important part of the insurance industry. It harbors the same pressures for constant innovation and value-add services. But despite the rise in technology, it’s the “personal touch” that matters most, said Moskowitz.
“We’re a family-owned company that cares about the services we provide. We customize reports to meet individual client needs and we review each risk and audit individually,” he added. “That’s a big deal nowadays. It’s a personal touch. It matters.”
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