What’s In Your Holiday Collection?
It truly is the most wonderful time of the year and many of us have a treasured collection of holiday items that we’ve dusted off and put on display for all of our guests to enjoy.
As much as I would like to talk about my Hallmark snowman collection, however, I’m also interested in discussing what your agency collects! Do you have an assortment of credit card numbers, perhaps? Some lovely motor vehicle records (MVRs) on hand for display? Or maybe your focus is on gathering signed Acord applications?
When it comes to client information that must be kept in the agency file, a few documents can be critical to defending an E&O allegation or claim. As a rule of thumb, any time you can verify a customer’s request, decision or acknowledgment, this information should be kept in the file.
The Collection to Keep:
- Signed Applications: Always get applications signed and save them in the client file.
- Exposure Checklists or Intake Forms: These types of internal documents typically contain a lot of detail provided by the client. If there is verification of the information or a signature, that is even better.
- Change Requests: This may be a formal request, a follow-up email after a phone call, or an email from the client.
- Email Correspondence: Organize and save all email communication between the agency and the client.
- Carrier Correspondence: Much like you need to save client emails, carrier emails are also important. Especially if they contain verifications or underwriting information.
- Policy Information: Maybe I should’ve started with this one, but always keep up-to-date policy information in the client file.
Not for Collection Purposes:Â
- Motor Vehicle Record (MVR): An MVR is considered a consumer report protected under the Fair Credit Reporting Act. As an insurance agent, it should only be used to determine if the driver is an insurable risk. It should NEVER be shared with anyone outside of the agency, even the driver.
- Credit Card/Banking Information: This one likely does not need much explanation but is a good reminder during our busy workdays.
- Social Security Numbers: Again, I probably do not need to point this out, but I have found some personal information in client files that the agency likely would not like to have breached.
Whether you are admiring your holiday collections or your best-in-class client file storage, we wish you all a safe and happy end to 2024. Cheers to all of your hard work!
Mallory Cornell, MBA
Vice President, Virtual Agency Solutions at the IIAW
www.virtualagencysolutions.com
