Company says results of survey will allow for more precise underwriting practices.
Brightstone Insurance, with offices in New York City and Cleveland, has announced that it has begun a long-term project to collect insurance data for the commercial information management industry. The survey results will be shared with insurance underwriters of insurance coverage used by the commercial information management industry and will lead to more precise underwriting practices, according to Brightstone.
“Once we can put this data into the hands of underwriters, they will have a much better knowledge base to price more competitively and offer specific coverage needed by the industry,” says Jeff Ice, principal at Brightstone Insurance. “One of our main duties as an agency that specifically serves the commercial information management industry is to educate underwriters regarding industry-specific needs. The data we collect during this project will be critical to accomplishing these educational objectives. This will lead to better and more cost-effective insurance products for the industry.”
Jim Booth, records and information management practice leader at Brightstone, will lead the survey effort. Booth is the former executive director of PRISM International, the trade association serving the commercial records and information management (RIM) industry.
“This is a great first project for me to engage in as a new Brightstone employee,” Booth says. “By combining my experience in the industry with this data collection, it will be a great way to educate myself on specific concerns of operators of records and information management companies.”
The project seeks to collect insurance policies in force for the industry. Data from the policies will be cumulated to arrive at standard practices and specialized coverage needed for certain aspects of the industry, such as data protection, imaging, shredding and related businesses, such as moving and storage, self-storage, data repositories and consulting services. All insurance information will be held confidentially by Brightstone, the company says, and will be shared only with insurance underwriters seeking to serve the industry with insurance products.
“We have already developed several specialized products that are unique to this industry,” Ice says. “With this project we intend to move into the mainstream property, casualty, auto and worker’s compensation coverages that are common to all operators within the industry so that these coverages can be adjusted to accommodate specific industry needs.”
Those interested in additional information on the survey and those wishing to participate should contact Booth by e-mail at firstname.lastname@example.org or by direct line at 919-323-3266.