The insurance industry is at a crossroads. A significant portion of the workforce is nearing retirement (of almost one million licensed agents and brokers, the average age is 45.9 years old, according to Agent Methods). Although the Big “I” and other insurance organizations reach out to the younger generation, many show little interest in joining the field. In short, the insurance brain drain I…
With today’s hard market, more agents place business with the surplus lines market. This article provides a basic overview of the importance of the surplus lines market, and some pitfalls to avoid when working in the surplus lines environment.
This article outlines the claims handling process from the adjuster’s perspective so that you as an agent can be a better partner to your client – the policyholder.
2023 was undoubtedly the most challenging year most independent insurance agents have experienced in their careers. It will certainly be one of the costliest to insurers, and this and uncertainty about the future given climate and social and other inflation seems to drive rates. According to Swiss Re, the cost of natural disasters worldwide broke…
2023 was undoubtedly the most challenging year most independent insurance agents have experienced in their careers. It will certainly be one of the costliest to insurers, and this and uncertainty about the future given climate and social and other inflation seems to drive rates. According to Swiss Re, the cost of natural disasters worldwide broke…
Unless you’re still taking your morning coffee sorting punch cards with Herman Hollerith, you’ve spent the last year or so trying to wrap your head around artificial intelligence (AI) and what it will mean in our industry, and in society in general. In all sincerity, I suspect every person reading this is doing their own…
As an emerging insurance agent, pointing out your customers’ various coverage needs can not only generate more income and a more committed client, but can also prevent a potential allegation that you failed to offer a vital coverage. This article highlights the difference between an agent’s servicing or selling.
Every insurance policy has exclusions. In this article, we discuss the six main reasons for policy exclusions. This article covers those reasons and provides a few warning tips for insurance agents regarding disclosure of exclusions to policyholders.
Every insurance policy has exclusions. In this article, we discuss the six main reasons for policy exclusions. This article covers those reasons and provides a few warning tips for insurance agents regarding disclosure of exclusions to policyholders.
The Big “I” Technical Affairs Committee (TAC) is one of the least publicized committees among the groups that work to improve agency operations and solve many types of insurance issues. TAC met with Verisk/Insurance Services Office (ISO) in 2023 with a full agenda of suggested coverage wording enhancements and changes. Read on to see how…
