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…
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.
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…
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 Insurance Services Office (ISO) in 2022 with a full agenda of suggested coverage wording enhancements and changes. Read on to see how…
The federal Telephone Consumer Protection Act requires insurance agents to follow best practices outlined in that legislative rule. The Big “I” Agents Council for Technology offers resources that can help agents comply with the legislation and help ensure agents fully document all text conversations they have with their clients. Following some simple best practices can…
Bradley Flower, Big I member and owner of Portal Insurance in Mobile, Alabama, knows a few things about catastrophes. He developed catastrophe claims process we asked him to share for agents who have cat-exposed clients. After catastrophic events, your insureds will reach out for help, and while you may be mopping up your own damage,…
In recent months, this has become a hot topic: Can our agency cancel or non-renew a nightmare client?
Six “costs” in addition to the premium combine to develop the insured’s true total cost of risk: 1) Deductibles or Self-Insured Retentions; 2) The cost of uninsured or self-insured losses (intentional or unintentional); 3) Legal costs; 4) Loss control and safety costs; 5) Claims management costs; and 6) Opportunity costs. Do your clients understand these…
Most agents pursue prospects with a passion as long as the prospect appears to be positive and amenable to working with the agency. However, most agents also forget about the client after the policies have been issued and checked and the premium is paid. The next time they think about the client is when the…
The Wall Street Journal has taken an interest in some of the new(ish) insurance products now available such as “Active Shooter” policies, Tuition Insurance, and Cyber coverage.
