InsuredMine

JULY 19, 2024

Insurance agencies once focused primarily on assessing risks, underwriting policies, and managing claims. In this context, understanding why customers might leave and taking preemptive steps to prevent churn has become a strategic imperative for insurance companies. However, the landscape has shifted dramatically.

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Tosten Marketing

FEBRUARY 27, 2025

Insurance companies expect property owners to address these problems promptly. The average flood insurance policy costs $540 a year , according to the NFIP. To protect against this risk, businesses can often add sewer and drain backup coverage as an endorsement to their existing policy.

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LexisNexis

SEPTEMBER 17, 2024

With autonomous vehicles or AVs slowly gaining market share and the technology rapidly advancing, this is becoming an increasingly urgent question for insurance companies. Indeed, AV technology could upend the very foundations of the car insurance industry. First, some basics.

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Auto Insurance Insurer Insurance Insured 97

Redbird Agents

NOVEMBER 15, 2024

Recruitment: The Backbone of the Insurance Industry Insurance recruiting is more than a necessity—it’s a strategy. But insurance recruiting isn’t without challenges. High turnover, skill shortages, and a need for specialized talent like actuaries and risk management experts create a tough hiring environment.

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American Agents Alliance

FEBRUARY 7, 2025

One of the most challenging and unpredictable issues facing the insurance industry lately is social inflation. This trend describes the phenomenon of unexpected rising insurance claim costs because of societal trends and views toward litigation.

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ProWriters

FEBRUARY 23, 2025

According to NATO Secretary General Mark Rutte, Russia is intensifying hybrid attacks across Western Europe, “interfering directly in our democracies, sabotaging industry, and committing violence.” Security experts also believe China and Iran pose significant cyber risks.

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Majesco

MAY 23, 2024

Insurance company profit margin results right now are like trying to keep water in a leaking bucket. Can insurers fill the bucket with the right premiums as fast as claims pour out potential profits? It’s about rethinking underwriting and claims as well as rethinking risk resilience.

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InsuredMine

MAY 2, 2024

Can you imagine a world where your car could automatically adjust your insurance premium based on how safely you drive? Or what if your home insurance could send you alerts about potential risks and offer customized coverage options? At the center of this digital transformation lies efficient and effective tools called APIs.

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Majesco

OCTOBER 10, 2024

Risk vs. reward. Perhaps there is no more appropriate location to discuss it than Las Vegas, the undisputed home of risks and rewards. Next week, many of us will meet and chat at ITC 2024, filled with the excitement of game-changing technologies and insurance startups.

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Bankers Insurance

JULY 22, 2024

The Westfield Insurance Foundation, an independent private foundation endowed by Westfield, awards the donations to support their top agents’ local communities. said Ed Largent, Westfield president, CEO, board chair and Westfield Insurance Foundation chairman. It’s a great feeling to link arms with our agents and make an impact.” “The

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Final Expense Brokerage

MAY 10, 2024

You need to have a thorough understanding of different policy types, such as term life insurance, whole life insurance, and universal life insurance, to effectively advise clients on their options. Educate and inform: Provide clear and concise explanations of policy options, benefits, and potential risks.

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Redbird Agents

SEPTEMBER 13, 2024

In fact, insurance companies with well-structured marketing plans are not only better positioned for growth but also become attractive candidates for future mergers and acquisitions (M&A). Create Educational Content: Publish articles, guides, or videos that answer common insurance questions.

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InsuredMine

MARCH 12, 2024

Amidst this turmoil, legacy players in the insurance industry are the ones who will stand out, armed with the digitization experience and infrastructure necessary to not only weather the storm but also seize new opportunities. This blog will explore the five biggest threats faced by insurance agencies.

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Jackson & Jackson

AUGUST 16, 2024

The increasing frequency and severity of natural disasters in recent years have made insurance companies more hesitant to take on the risks associated with insuring California homeowners. Wildfires, in particular, have become a significant concern for insurers in California.

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Protect Commercial Insurance

SEPTEMBER 13, 2024

Understanding the Role of Insurance Brokers Insurance brokers operate as intermediaries between clients and insurance companies. Their primary role is to offer professional guidance and services to their clients, ensuring they obtain the most suitable and cost-effective insurance coverage.

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Property Insurance Centre

JANUARY 4, 2024

Emerging Property Insurance Trends 2024 Welcome to our guide on emerging trends in the property insurance industry. As we dive into the evolving landscape of property insurance, it’s important to stay informed about the latest trends and challenges affecting the market. Hurricane Harvey 2017 92.0

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Property Insurance Commercial Property Liability Insurer 52

Protect Commercial Insurance

DECEMBER 6, 2024

Early Developments in Business Coverage Long before modern commercial insurance, businesses faced the daunting task of safeguarding their assets against unforeseen calamities. The notion of business coverage can be traced back to medieval times, when the shipping industry first implemented rudimentary forms of risk management.

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Commercial Insurance Commercial Insurer Insurance 52

Protect Commercial Insurance

OCTOBER 11, 2024

As we face more frequent and intense extreme weather events, insurers are re-evaluating their policies to better manage these growing risks. Businesses now need to consider how climate change might impact their insurance premiums and coverage. For commercial properties near these vulnerable zones, this is a looming nightmare.

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Bankers Insurance

MAY 16, 2024

Sustained losses inflicted by natural disasters spurred some insurance companies to pull out of the homeowners insurance market in high-risk areas, such as California and Florida, leaving residents with fewer options and higher prices. Reduce liability risks. billion each. 3 or 5 years). Improve credit scores.

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InsuredMine

MARCH 26, 2024

The insurance industry finds itself on the cusp of a transformative era, propelled by technological advancements that present both challenges and tremendous opportunities. 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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Majesco

AUGUST 8, 2024

Group benefits, and worksite insurers who quickly take advantage of this opportunity will be in a prime position to adapt to the changing risk environment, evolving customer expectations, operational efficiency demands, and profitability and growth demands. Underwriting’s complexity can make it difficult to scale.

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Underwriting Underwriter Insurer Insurance 66

Triple-I: Workers Compensation

APRIL 4, 2022

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.

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Cowbell

MAY 13, 2024

Bringing together a diverse array of industry professionals, from reinsurers and traditional carriers to new products, AI vendors, and insurance super connectors, the summit features enlightening panels offering insight into the evolving landscape of insurance technology.

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Freeway Insurance

NOVEMBER 24, 2024

If two carriages collided, there simply wasnt a huge risk of damage due to their low speed. Laying Down the Law: The First Car Insurance Policies Motorized automobiles started cropping up in the late 1800s. So, when was car insurance invented and by who? Technology has also revolutionized the way insurance works.

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Auto Insurance Insurer Insurance Insured 52

Triple-I: Homeowners Insurance

DECEMBER 3, 2024

Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. Preventing adversaries to the U.S. Notice of intention to sue is also down by double digits.

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Majesco

OCTOBER 24, 2024

Integrating AI allows these teams to achieve high precision and efficiency, similar to its impact on the insurance industry. By integrating AI into their core processes, professional racing teams can achieve unprecedented levels of precision and efficiency, mirroring the transformative impact AI has on the insurance industry.

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American Agents Alliance

NOVEMBER 5, 2024

For example, the report recommends the department should create an independent panel of experts to create standards for evaluating insurance companies’ usage of private catastrophe models, rather than relying solely on the department’s internal analysis. But the recommendations urge officials to go further in some areas.

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Triple-I: Homeowners Insurance

JUNE 26, 2024

These projections did not assume legislative reform or that Citizens would become the state’s largest homeowners insurance company, with many risks priced below the admitted and excess and surplus markets. Our projections also assumed inflation would continue to grow at rates similar to those prevailing at the time.

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Majesco

APRIL 25, 2024

Its influence extends across various facets of insurance operations, creating a ripple effect that enhances efficiency, productivity, accuracy, and customer satisfaction. Why is GenAI the hottest topic in the industry? Want to bend the learning curve of new employees as the industry faces unprecedented retirements?

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InsuredMine

FEBRUARY 15, 2024

Brian Duperreault, CEO of AIG, once said, “The insurance industry is in the midst of a technological revolution. How can the insurance industry be left behind? This is where the approach to insurance operations is revolutionizing the way insurance companies operate and engage with customers.

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InsuredMine

JUNE 18, 2024

With all the insurance industry coming up there has been fierce competition, where agencies and carriers must continually innovate and find new ways to attract and retain customers. Through this integration, insurance companies gain access to a comprehensive view of data of their consumers.

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Property Insurance Centre

MARCH 19, 2024

The Importance of Consumer Education Consumer education is a critical aspect of making informed decisions regarding insurance coverage and navigating the complexities of the insurance industry. By gaining insurance knowledge , individuals can protect their property effectively and avoid falling victim to insurance scams.

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Majesco

JULY 25, 2024

Prioritizing the business model that integrates intelligence An October 2023 Forbes article notes that the digital transformation of insurance companies has increased speed, efficiency, and accuracy across every branch of insurance. [ii] Insurance is an industry built on data.

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Majesco

MAY 9, 2024

We see the same approach with some insurance companies that are standing still. How do we, as insurance leaders, drive ourselves to change when we know that we’ve been operating the same way for too long? But the competitor is using it to better price the risks. How will this impact insurance business models?

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Peter J. Fournier

MAY 25, 2021

Because it’s an average, it includes both the best insurance agents and those who are just beginning their careers or are working part time, only putting in a few hours a week. Those who are experienced in the life insurance industry will earn $100,000 per year , but many earn well above that. This is nearly double the average.

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Majesco

MARCH 14, 2024

The insurance industry has its own set of trends, but in our case, it is important to distinguish between technology trends (such as cloud vs. on-premise) and pain point trends (such as increased risks and a growing number of retirements). Technology and risk trends beg for a response from insurance executives.

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Agency MVP

DECEMBER 20, 2021

An insurance agency is only as good as the agents it hires, and without quality agents to connect with consumers, the company's overall success is at risk. Therefore, it is crucial to hire the most skilled, qualified, and personable agents for your company.

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