March, 2024

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Establishing Trust in Insurance Sales

Final Expense Brokerage

Introduction: When selling life insurance, trust serves as the fundamental pillar for achieving success. Creating trust with clients is not just vital for sealing deals but for nurturing enduring relationships and upholding a dedicated customer base. This article delves into the importance of fostering trust in insurance sales and offers practical tactics for insurance agents to gain their clients' trust.

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Court Says Builder’s Risk Policy Limited Coverage for Additional Insureds

The Property Insurance Law Observer

In BCC Partners, LLC v. Travelers Prop. Cas. Co. of America , 2024 WL 1050117 (E.D. Mo. March 11, 2024), the Court determined that the plaintiff property owner, as an additional insured, was not entitled to the same insurance coverage as the named insured where the builder’s risk policy limited the scope of recovery for soft costs and rental income.

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Handling Buyer Objections in Insurance: Tips for Brokers | Solstice

Solstice Insurance Broker

Managing buyer objections in insurance is an essential part of being a broker. Experiencing resistance happens to the best of us. Your prospect may have other products and offers on the table. Or they may believe they do not truly need your product.

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Question on an ISR extension of coverage

Prof. Allan Manning

The following question was asked of one of the LMI team who intern asked me to address it. Hi, Sorry – another tech question. Could you advise why the Steadfast Wording requires a sub-limit for Unabandoned Undamaged Portion of a Building. Per the wording, the increase in sale value is regarded as salvage value taken by the insurer? Does having a sub-limit benefit or is it a disadvantage to the Insured?

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New York Issues Credit Card Surcharge Guidance for Businesses

Hunton Andrews Kurth

Earlier this year, New York Governor Kathy Hochul signed S.B. S1048A into law (which we reported about here ) requiring sellers that impose credit card surcharges to post the total price, inclusive of the surcharge, on the item. The law is aimed at preventing consumers from being misled when making a purchase using their credit card. Governor Hochul recently announced guidance to help businesses better implement the law’s requirements.

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Meet Your Mechanics March 2024: Get to Know the AR Pit Crew

Agency Revolution

Each month, we give the Agency Revolution team a prompt and ask for a picture and an explanation. Keep reading to find out the answers! March Prompt: What was your best spring break ever? Ian Zeiders Ian Zeiders, Client Onboarding Manager, Marketing Operations Manager, told us about the time in 2018 when he went to Recap’s Corner in Philadelphia, a board game shop, to playtest a prototype remake of one of his all-time favorite board games, Fireball Island.

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Everything You Need To Know About Insurance ACORD Forms

North American Software Associates

In the insurance world, thousands of agencies must communicate by sharing data. But without a way to standardize communication of insurance information, there’s a significant risk of miscommunication about customer needs and policy coverage. Enter ACORD forms. In this article, we'll walk you through exactly what ACORD forms are and answer all your questions about this universal data-sharing system.

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The Digital Future of Surety Bonds

Scott Insurance

Leaders in the surety industry recognize that to stay relevant, surety professionals must adopt technological solutions to enhance the issuance, delivery and security of surety guarantees, which are a vital part of commerce and regulation. As one of the most conservative business sectors, the surety industry has been slow to evolve its business practices.

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Lithium Batteries a risk management issue.

Prof. Allan Manning

I read this morning that the NSW Fire and Rescue have today reported that there have been 45 fires directly related to lithium batteries since the beginning of the 2024 year. Sadly also two people have lost their lives in the fires and possibly a third yet to be confirmed. The reality is that Lithium batteries are in many items today and we need to personally manage the risk.

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Leveraging Cloud Capabilities: Insurers’ Path to Tech Debt Reduction

InsuredMine

The insurance industry finds itself on the cusp of a transformative era, propelled by technological advancements that present both challenges and tremendous opportunities. As we enter 2024, a wave of innovation is sweeping through this traditional sector. Insurance companies recognize the imperative to invest in modern digital technologies to achieve their goals of cost reduction and revenue growth.

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Understanding Consumer Education and Property Insurance

Property Insurance Centre

Understanding Consumer Education and Property Insurance As an informed consumer, education on consumer rights and property insurance is crucial. It empowers individuals to make informed decisions about insurance coverage and understand their policy rights. Consumer education ensures that individuals are prepared and protected with the proper insurance coverage and are knowledgeable about the claims process.

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Insuring Your Legacy: The Ultimate Guide to Luxury Handbag Insurance

Jackson & Jackson

Luxury handbags are not just fashion accessories; they are also an investment. These exquisite pieces can appreciate in value over time, making them even more desirable. However, just like any valuable possession, protecting them with the right insurance policy is crucial. In this guide, we will explore the importance of luxury handbag insurance, its coverage, how to choose the right policy, and the steps to insure your cherished bags. “Understanding the Importance of Luxury Handbag Insura

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Court Differentiates Vandalism from Theft in First Party Insurance Policy

The Property Insurance Law Observer

The United States District Court for the Western District of Washington decided an insurance coverage case involving Plaintiffs Benny and Guangying Cheung and Defendant Allstate Vehicle and Property Insurance Company. Cheung v. Allstate Vehicle & Prop. Ins. Co., No. C22-1174 TSZ, 2023 WL 9000432 (W.D. Wash. Dec. 28, 2023). The Court considered whether the Plaintiffs’ loss was caused by theft or vandalism, as neither term was defined in the policy.

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De-Risk Your Portfolio with Whole Life Insurance

The Insurance Pro

We had a really good run with the stock market over the past 10+ years. It seemed like the market was on a nonstop race to higher and higher levels. In fact, many hobbyist investors made unimaginable fortunes by launching blogs and doling out investment advice that largely parroted the long-standing ethos of the now-deceased. Keep Reading The post De-Risk Your Portfolio with Whole Life Insurance appeared first on The Insurance Pro Blog.

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Train Your Brain to see the Gain: Tips to Squash Negativity and Embrace Progress

Your Journey With Jennie

Hey everyone, Jennie Wolek here! We've all been there: you put yourself out there, share something you're passionate about, and then.wham! A negative response smacks you down. It's easy to get stuck in that "gap" of self-doubt, focusing on the one bad apple instead of the basket full of good ones. Sound familiar? This happened to me recently. I sent out a long email with insights from a conference, and at the bottom, I asked people to reply "hi" if they read the whole thing.

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10 Major Challenges Facing the Modern Insurance Industry in 2024

Top Insurance Blogs

What could be the key challenges facing the insurance sector? Are there ways AI and technology can help us tackle these problems? The insurance industry has long been considered a cornerstone of financial stability, providing individuals and businesses with protection against unforeseen risks. However, in recent years, the industry has been grappling with a host of challenges brought about by changing demographics, emerging technologies, and evolving consumer expectations.

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Five Biggest Threats Faced by Independent Insurance Agencies

InsuredMine

Amid rising inflation and market fluctuations, independent insurance agencies keep on finding themselves grappling with intensified challenges stemming from a continuous cycle of economic uncertainties, geopolitical headwinds, environmental challenges, and capital constraints. These challenges can be squeezing profits. But opportunities exist as well.

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Managing For A Lifetime of Financial Growth

Bankers Insurance

Managing For A Lifetime of Financial Growth You probably will experience several major events in your life that can make it more difficult to start or continue saving toward retirement and other goals. The key is to have a clear plan, to stay focused on your goals and to manage your money so that life events don’t prevent you from keeping on target.

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Court Finds No Coverage for Loss Caused by Water Back Up Through a Storm Drain

The Property Insurance Law Observer

In Carrico v. Stillwater Ins. Co. , 23-CV-349-RAJ, 2024 WL 308106 (W.D. Wash. Jan. 26, 2024), the Western District of Washington considered competing motions for partial summary judgment in a property damage case involving a winter storm, where large amounts of rain and melted snow backed the drain up and the force of the water pushed through the exterior door causing damage to the entire basement level.

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2024 ERISA Compliance | The Who, What, Where, Why, and How 

Relation

With the 50th anniversary of ERISA upon us, our Compliance VP, Matthew LoPorto is set to guide you through its requirements and dive into how plan sponsors can stay true to their ERISA fiduciary duties. Join Relation Insurance Services for our upcoming webinar, where we will be kicking off this year’s compliance series! Matt will […] The post 2024 ERISA Compliance | The Who, What, Where, Why, and How appeared first on Relation Insurance.

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Why Every Insurance Agency Needs a Network Firewall

North American Software Associates

In today's increasingly interconnected world, insurance agencies handle more sensitive customer data than ever before. Having robust cybersecurity measures in place is crucial. One of the most vital protections is a network firewall. Let’s explore what a network firewall is, why insurance agencies need one, the threats it helps mitigate and how it secures critical agency assets.

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Why is Health Insurance So Expensive in the United States in 2024?

Top Insurance Blogs

Why is health insurance so expensive in the United States and what can you do about it in 2024? The tension in our rambling medical services framework in the U.S. has never been more strained. There’s a critical need to extend testing and treatment for COVID-19 to all occupants who require it, paying little heed to medical coverage bills. This has made a lot of policyholders start comparing private medical insurance.

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Why Use Insurance Telemarketing Services In Your Agency? | EverQuote

EverQuote

If your agency is still making outreach calls the old-fashioned way, you’re missing out on all the benefits you could obtain from insurance telemarketing services.

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Three Types of Commercial Insurance Your Business May Need

Paragon Independent Insurance Agencies

Optimizing Your Business Security – Paragon Independent Insurance Agency in Plano, TX Running a successful business entails a ton of responsibilities, with one of the key areas being protection. At Paragon Independent Insurance Agency in Plano, TX, we understand the dynamics of commercial insurance. The scope of insurance your business requires hinges on several factors, such as its nature, size, location, and the products or services it offers.

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Mastering the Art of Cross-Selling as an Insurance Agent

Southwest Insurance Agents Alliance

As an agent, the ability to cross-sell effectively can speak volumes on your credibility. Cross-selling not only boosts your sales, but also aids in client retention. By leveraging your existing client relationships, you can unlock significant growth opportunities just within your current book of business. Here are a few easy ways to hone in on your skills.

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How Today’s Business Success Benefits From Future Focus

Majesco

At some point between preschool and first grade, a parent or a teacher may have introduced you to the balance beam. It’s an important physical and psychological step. Walking the beam gives kids confidence, and it helps them to appreciate the importance of balance. The balance beam also introduces children to an element of the mysterious — one of their first big mind tricks.

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The Kidney Stone Test

Client Focus

Imagine if the time you could spend on your business were cut drastically. What would happen? Would it grind to a halt, hum along just fine, or continue to grow without you? Would your employees be lost, or would they use your absence to be creative and innovate? Would problems get solved? Would customers be less happy? This is an important question, because it speaks to the kind of work that gets one when you ARE around.

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How ICHRA Health Insurance Can Benefit Both Employers and Employees

Top Insurance Blogs

In the world of work benefits, ICHRA health insurance is a game-changer for both bosses and their teams. ICHRA, which stands for Individual Coverage Health Reimbursement Arrangement, is a fresh way for companies to handle health benefits. It lets businesses pay back their workers for their health insurance costs, instead of offering the same plan to everyone.

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March is National Nutrition Month

R&R Insurance

In the spirit of National Nutrition Month, it's essential to keep in mind the importance of balance when it comes to our dietary choices. Maintaining a healthy diet doesn't have to be overwhelming or require strict adherence to rigid rules. By focusing on incorporating a variety of nutrient-dense foods into our meals, we can nourish our bodies and support overall well-being.

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Appellate Division Rules That Claimants in Certain Circumstances Do Not Have to Reimburse an Employer’s Lien From a Third Party Recovery Until the End of the Workers’ Compensation Case

New Jersey Workers' Comp

The unreported case of New Jersey Transit Corp. v. Joseph , No. A-1194-22 (App. Div. March 19, 2024) has thrown a wrench into the common understanding of when to resolve third party liens in New Jersey. The facts that are supplied in the case are not detailed. Darshelle Joseph was injured on October 23, 2019, during the course of his employment with New Jersey Transit.

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INSURING YOUR NJ HOME WITH CHUBB

Boyle Agency Insurance

Outstanding Homeowners Insurance Coverage Bogle Agency Insurance offers Chubb Masterpiece Homeowners Insurance to NJ homeowners. Chubb is a leading American insurance carrier and in the interest of serving our clients’ needs, we offer the best coverage. Chubb Masterpiece Homeowners Insurance is a quality product offered to NJ homeowners to protect their most expensive asset, their home.

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Insurance Coverage for Household Appliances

Paragon Independent Insurance Agencies

When acquiring new home appliances, consider incorporating them into your existing home insurance policy. These tips will help ensure adequate coverage for your latest investments. Don’t hesitate to contact our representatives at Paragon Independent Insurance Agency for assistance updating your personal insurance policy. Consider the Use Value Consider the use value of each appliance you’ve recently purchased.

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How to Generate Insurance Leads Online

Southwest Insurance Agents Alliance

As we rely on technology more and more, the insurance industry has seen a profound shift in the way our businesses acquire leads. Online lead generation has become an incredible resource for success, offering a cost-effective and efficient way to reach a broader audience.

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What’s Next With GenAI for Insurance?

Majesco

Every trend has an impact and corresponding implications. Avocados are healthy, for example, but avocado demand has caused environmental issues. E-mail, messaging, and tools like Slack help us get answers quickly, but interruptions can harm deeper ideas, better communication, and long stretches of focused thought. Smartwatches track our health and foster good habits, like sleep, but for some personalities, they cause unnecessary stress and obsession. “Everything in moderation” seems

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Best Private Medical Insurance UK 2024

Top Insurance Blogs

Looking to buy medical insurance in the United Kingdom? This list of best private medical insurance UK would guide you on where to purchase one. I have reviewed the best private medical insurance companies in the United Kingdom so you can choose from when you need comprehensive health insurance. In this article, I will show you how to choose the best private medical insurance UK and the cost of private medical insurance in the United Kingdom.

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A Strong Customer Engagement Strategy Looks Like…

Client Focus

If you own an agency, this should be your dream list: Huge ROI Massive CLV Brand awareness Referral business Real Impact If so, the first ingredient is customer engagement. You already have great products. And great customer service. Those are non-negotiables. But customer engagement will set you apart. It’s your chance to build care and credibility, which are the foundations of a trust relationship.

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The Legislation Enacting Virginia’s New Class Action Statute Should Be Amended to Protect Virginia Businesses From In Terrorem Statutory Damages

Hunton Andrews Kurth

Virginia is currently one of just two states, along with Mississippi, without state-court class actions. But in the most recent legislative session, the General Assembly passed Senate Bill 259, which would create a class action mechanism in Virginia state courts. Under Virginia law, Governor Youngkin can sign the bill, veto it, do nothing (which permits it to become law)—or he can propose amendments to the bill, which would then be sent back to the General Assembly at the “veto session” in April

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