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October 4, 2013

Insights into Corporate Risk Management for Tech, Life Science Firm Insurance Provided by TechAssure's Association Expanded Benchmarking Report

4th Annual Report helps CFO's, risk professionals navigate shifting landscape

AUSTIN, Texas – While many have been focused on the implementation of the Affordable Care Act (ACA), many technology and life science firms may not be focused on the insurance market and trends that are driving their purchasing decisions in their corporate risk management programs.

The fourth Annual TechAssure Association Benchmarking Report has been released.  This report is one of the most comprehensive data collections across multiple insurance brokerage firms in the market.  TechAssure Association collected, reviewed and analyzed data from their 21 insurance brokerage members.  The fourth annual benchmarking report contains industry knowledge on corporate insurance pricing for the technology industry, updates on purchasing trends and limits of liability.   

We found that technology and life science firms were seeking a small handful of key qualities when selecting an insurance broker and carrier for their corporate risk management needs and our report captures that information.  Middle market technology companies have significant challenges and need better support in areas of insurance and risk management.  It is common to have incomplete management teams and lack of resources.  The services that TechAssure Association members provide help the technology industry develop a system for managing their unique exposures.

Other findings in the annual report provide unique insights into the insurance market responses for each technology sector.  Technology sectors covered in the benchmarking report include Software, Internet, Gaming, Manufacturing and Semiconductor.

"Benchmarks are useful as one of many pieces of information that help you to understand your insurance and risk management program," said Julie Davis, Executive Director of TechAssure Association.  "One of the strengths of the TechAssure Association Benchmarking report is that is collects data from a whole group of insurance brokerage and practices that focus on the complexities of the technology and life sciences industry."

The benchmarking report, conducted by TechAssure Association, is available from our brokerage members.  For more information on TechAssure Association and our member firms, please visit the TechAssure Association website at www.techassure.com