2022

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Inflation + Customer/Vendor Contracts = Bankruptcy?

Hunton Andrews Kurth

Over the last two years, courtesy of a once-a-century pandemic, government-mandated business closures, nationwide stay-at-home orders, and—unprecedented—disruptions to the global supply chain have illuminated, previously unknown, vulnerabilities across a whole host of industries. Would anyone have seriously questioned the viability of office space two years ago?

Damage 120
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Insurance Recruiters | The biggest mistakes made by recruiters - 101

An-Insurance-Agents-Career

Insurance recruiters biggest mistakes are over selling and recruiting unqualified people. Learn how to successfully recruit and build an insurance agency.

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Detecting and Confronting Procurement Fraud

Risk Management Monitor

Accountancy firm Crowe and credit rating company Experian have said that large enterprises and governments experienced 59% of procurement fraud in the United Kingdom, costing them $120 billion (£89 billion) collectively. It is estimated that over $2 trillion (£1.6 trillion) total is lost each year due to procurement fraud, or 4-8% percent of an organization’s procurement spending.

Crime 97
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Insurance Agency of Ohio Honored by Conway Center

Insurance Agency of Ohio

Insurance Agency of Ohio Receives Milestone Achievement Award from Conway Center for Family Business | COLUMBUS, OH – Insurance Agency of Ohio was honored Wednesday, November 16 at the Conway Center for Family Business’ 24th Annual Family Business Awards program with Milestone Achievement award for reaching its 55th anniversary in business. The program was established in 1998 to recognize excellence in family business in categories such as Milestone Achievement, Family Business of the Year, Succ

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What Is Commercial Insurance Premium Financing?

Agency Intelligence

Insurance premium financing is an ideal solution for insurance providers, agents, and brokers looking to provide the best possible service to their insureds. With a commercial insurance loan, insureds can easily maintain liquidity and access policies that might otherwise be outside of their purchasing capacity. What is business insurance premium financing?

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Getting the broadest landlord insurance cover

Cover4LetProperty

There are many pressures and challenges faced by the buy to let landlord these days – and there are inevitably occasions when things can go horribly wrong. That’s when you will turn to your landlord insurance policy for support and financial assistance. Let’s see how you can get the broadest possible cover at times like these by taking a look at those elements that might be included as standard items for your particular landlord insurance policy or which may be available as extras or add-ons: Lo

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Challenges and Opportunities within the Employee Benefits Market

Scott Insurance

With an extremely competitive labor market, it is important for employers to recognize the challenges of the current employee benefits market and understand how to take advantage of opportunities to attract and retain talented individuals. According to Microsoft’s 2022 Work Trend Index , 39% of all workers are considering changing employers this year, while 52% of Gen Z and Millennial workers are considering a change.

More Trending

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Workers Comp:A Strong Line Rebounds From Pandemic Pressure

Triple-I: Workers Compensation

Max Dorfman, Research Writer, Triple-I The workers compensation field is “responding and adapting remarkably well to economic changes,” according to Donna Glenn , chief actuary, National Council on Compensation Insurance (NCCI). “The pandemic brought new occupational illnesses into the system, but it was offset by a reduction of other types of claims back in 2020.

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Insurance News: Cloud connectivity in an evolving risk landscape

Accenture: Cyber Insurance

With all the connectivity that cloud enables, and complex dynamics at play in determining who has the responsibility to process and protect PII, insurers need to work with their ecosystem partners to protect the data of their customers and employees.

Risk 52
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Blanket Insurance and Your Core System

Unitas Financial Services

Core banking systems integrate with and have become essential to most of the services modern lending institutions provide. When it comes to loan servicing, your core system is often the conduit through which the essential process of insuring collateral portfolios is performed. Maintaining appropriate insurance coverage is so important that lender insurers have developed high-tech software that interacts with a lender’s core system to facilitate that coverage.

Insurer 52
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IP in the Metaverse: An Overview for Retailers in a New Landscape

Hunton Andrews Kurth

The metaverse is a new way to engage with computers through artificial intelligence (AI), widespread connectivity, augmented reality (AR) and virtual reality (VR). Instead of interacting with a two-dimensional application or website via screen and keyboard, the metaverse adds a figurative “third dimension” for users to explore in an intuitive, realistic manner.

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Marriage license and newlyweds.

An-Insurance-Agents-Career

Is there a certain way you should approach when door knocking?

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4 Steps to Help Organizations Embrace Risk from Emerging Technology

Risk Management Monitor

As companies continue to navigate the changing work environment brought on by the pandemic, it has become clear that business leaders will need to get comfortable revising and adapting their strategies to deal with disruption brought on from new technologies and new regulation. As risk management professionals, these rapid changes have made our job more important than ever to our organizations.

Risk 76
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Insurers, Regulators Push Back on Changes In S&P Rating Criteria

Triple-I: Business Insurance

Insurers, regulators, and members of Congress have expressed concern about proposed changes in how Standard & Poor’s Global Ratings defines “available capital” in its rating criteria. Specifically, S&P would no longer consider certain debt to be counted as available for purposes of rating insurers’ financial strength and ability to pay claims.

Insurer 52
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Agency Bill Or Direct Bill: It Pays To Prepare For Both

Agency Intelligence

Are you launching a new agency? Are you a brokerage expanding into new lines? Or are you simply looking for ways to bind policies, get paid, and/or move funds across the industry faster? A key consideration is how your policies are billed.

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The cost of low cost landlords insurance

Cover4LetProperty

If you are a landlord, then like a lot of people, you probably regard the cost of insurance as an inevitable and necessary expense – but, at the same time, you’ll want to keep the cost of it as low as possible. To be on the lookout for what you consider is cheap landlords’ insurance, therefore, is in many ways only quite natural. Beware of the headline price One possible problem with products branded as low-priced or cheap landlords’ insurance, though, is that the attractive price tag may have b

Insurer 52
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Cybersecurity Best Practices

Scott Insurance

Businesses in every industry are facing cyber threats with increasing frequency and severity. It is no longer a question of if your organization will experience a cyber incident, but when. From employment/HR data breaches to operations disruptions to wire transfer fraud and more, today’s landscape is brimming with real threats promising real and costly business impacts.

Cyber 52
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Real Estate is Your Business, Not Your Job

Agent Success School

Helping Real Estate Agents Podcast 3/31/22 Want to watch or listen to the podcast? Our YouTube Channel is: [link] or listen on Spotify or Apple to Helping Real Estate Agents Podcast. Hi, This is Tanya with the Helping Real Estate Agent Podcast and today I am jumping on one of my favorite soapboxes concerning how to treat real estate as your business and not your job.

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Section 1035 Exchange of Life Insurance with Policy Loans

Brokers’ Service Marketing Group

IRC Section 1035 allows Tax-Free Exchanges of life insurance policies in a gain position (i.e. gross cash value greater than adjusted cost basis) so that cash values can be easily transferred to more financially efficient policies. Sometimes greater death benefit and/or lower premium can result from the exchange in addition to desirable contract guarantees.

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Email Marketing for Tax Professionals: Everything You Need to Know

Constant Contact

Email marketing for tax professionals involves taking time to promote and discuss financial offerings with existing and prospective clients. The emails you send should showcase your expertise, position you as an expert in your field, and nurture relationships. Roughly 80% of professionals find that emails help them acquire and retain customers. Also, the return on investment (ROI) for email marketing is higher than for any other marketing channel, with an estimated $36 ROI for every dollar you s

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Insurance Meets Inflation. Will my rates go up?

Unitas Financial Services

May of this year marked the highest rate of inflation in four decades. Consumers are feeling the pain at the pump, the grocery, and when shopping for virtually any good or service. But what impact does record-breaking inflation have on the cost of a property and casualty insurance policy?

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Class Action Lawsuits Continue Targeting Companies For Tracking Users’ Website Activity

Hunton Andrews Kurth

Plaintiff’s firms continue to file variations of state law wiretapping lawsuits over “session replay” software and “live chat” or “chatbot” applications in various jurisdictions. These filings typically allege that companies use such software tools to record users’ interactions with a website without first obtaining users’ consent, thereby violating the wiretapping, eavesdropping, or interception provisions of various state laws.

Liability 112
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Workers Comp:Resilient and Relevant

Triple-I: Workers Compensation

Despite early “dire estimates” of how the COVID-19 pandemic might affect the workers compensation insurance sector, the system has proved to be resilient, according to Bill Donnell, president and CEO of the National Council on Compensation Insurance (NCCI). Triple-I CEO Sean Kevelighan recently spoke with Donnell about a range of workers comp topics, starting with how the line has managed to buck the hard-market trend affecting much of the rest of the industry.

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Five Strategies to Protect Against Ransomware and Other Cyberattacks

Risk Management Monitor

As organizations continue to adapt to remote or hybrid work models, it has never been more vital to have a robust cybersecurity program to better protect against ransomware attacks and other cyberattacks against company systems and personnel. Ransomware attacks have proven a particular risk in recent years, with attacks like the Colonial Pipeline and myriad attacks on health care organizations demonstrating the serious impact of cyberattacks beyond financial risks, affecting everyday life and bu

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What is Fair Value and what does it mean for the insurance market?

Protect Commercial Insurance

Fair value is the overall benefit that consumers receive from buying a product or service, relative to the total cost that they incur. On 1st January 2022, The Financial Conduct Authority made a new ruling. These rules came into effect for Home & Private Motor insurance. The new ruling aims to provide better outcomes to customers, known as ‘Fair value’.

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Are YOU the Future?

Agency Intelligence

Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.

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Buy to Let Insurance

Cover4LetProperty

Buy to let property insurance (also known as landlord insurance) is cover specifically designed to protect the principal assets of a buy to let business. The insurance recognises that anyone instantly becomes a landlord the moment they let their property, rent out rooms or areas of a home that they also continue to occupy, or only occasionally let their home during holiday peak periods on platforms such as Airbnb.

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Flood Policy Changes That Will Impact the Affordable Housing Industry

Scott Insurance

FEMA has introduced the largest reform to the National Flood Insurance Program (NFIP) rating system since its inception in 1968. The NFIP program premium will now be determined by the risk assessment at individual property levels versus the current more standardized, one-size-fits-all approach. Factors that Determine the Updated Insurance Premium Factors that will determine the updated insurance premium are: Property’s elevations within a flood zone Foundation type Height of the lowest floor of

Policy 52
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Why You Need To Spring Clean Your Business

Agent Success School

Helping Real Estate Agents Podcast 3/10/22 Want to watch or listen to the podcast? Our YouTube Channel is: [link] or listen on Spotify or Apple to Helping Real Estate Agents Podcast. Hi, This is Tanya Eldert and it is that time of year again… one of my favorite seasons, SPRING! This Helping Real Estate Agent’s podcast is going to be all about getting your Business Spring Cleaning done and all the reasons why it is so important.

Agents 52
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John Hancock announces New Protection IUL – Increased Pricing

Brokers’ Service Marketing Group

Effective March 4 th , 2022 John Hancock Protection IUL (2021) contract will be replaced with Protection IUL (2022). Based on our initial testing, the pricing is increasing with most designs and ages.

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Social Media Content for Insurance Agents: Tips, Scripts, Ideas, and More

Constant Contact

Anyone can start a social media account. But crafting content that makes a difference to your clients is a beast of a different nature. Great social media content for insurance agents allows you to reach potential clients, build trust, inspire confidence in your agency, and advertise agency promotions. Poorly written Facebook posts or blurry Instagram pictures, on the other hand, can make your agency seem unprofessional or untrustworthy.

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Growth in Community Banking:

Unitas Financial Services

Balancing Increased FTE Expense with Improved Process Efficiencies Across various parts of the country, community banks and credit unions are experiencing massive overall growth. This has led to faster growth in return on asset ratios, higher net interest margins, and higher loan growth rates. Even with looming economic hurdles on the horizon and talks of an impending recession, executives at these community financial institutions are trying to strike the balance between managing the growth, mai

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FTC Sues Importer of LED Bulbs and COVID-19 PPE for “Made in USA” Violations

Hunton Andrews Kurth

The FTC, through the Department of Justice, has entered a settlement with two companies and the joint corporate President for falsely claiming that the LED lighting products and personal protective equipment (PPE) they sold were “Assembled in the USA,” “Buy American Act Compliant,” “Manufactured in the USA” and “100% Made in the USA,” despite having been imported from China.

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Piracy Incidents Decline, But Horizon Isn’t Clear

Triple-I: Business Insurance

Maritime piracy in the first half of 2022 is at its lowest level since 1994, the International Maritime Bureau (IMB) says , with 58 incidents, down from 68 for the same period last year. Nevertheless, the organization cautions against complacency. For the full year 2020, IMB listed 195 actual and attempted attacks, up from 162 in 2019. The COVID-19 pandemic may have played a role in that rise in pirate activity – as it is tied to underlying social, political, and economic problems – and 2022 may

Cyber 40
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RIMS TechRisk/RiskTech: Opportunities and Risks of AI

Risk Management Monitor

On the first day of the RIMS virtual event TechRisk/RiskTech , author and UCLA professor Dr. Ramesh Srinivasan gave a keynote titled “The Opportunities and Downside Risks of Using AI,” touching on the key flashpoints of current technological advancement, and what they mean for risk management. He noted that as data storage has become far cheaper, and computation quicker, this has allowed risk assessment technology to improve.

Risk 75
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Pandemic Fuels Growth in Captive Insurance

Triple-I: Workers Compensation

By Max Dorfman, Research Writer The coronavirus pandemic and the financial challenges it presents have fueled growth in captive insurance – a form of self-insurance in which one or more entities establish their own insurance company. They also may insure the risks of organizations other than their major owners. “Wholly owned” captives are set up by large corporations to finance or administer their risk financing needs.

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Introducing: CheckMate

Agency Intelligence

We had to change our mission. And get rid of a dinosaur. When ePay began, our website boldly claimed that we were “on a mission to replace paper checks for all agency billing.

Claim 52