How Does a Slowing Economy Affect Independent Insurance Agents?

A slowing economy can have significant effects on the insurance industry. The impact on the industry and independent agents can be complex and multifaceted, with both positive and negative consequences. Much depends on the specific circumstances and the strategies employed by the agents. Here are some potential implications of a slowing economy for independent insurance … Read more

Bold Penguin Can Help You Thrive In A Hard Market

It’s no secret that we are in a “hard market” for insurance. This insurance landscape is one of the biggest challenges facing independent agents this year and will likely continue into 2024. According to the Risk Management Institute, a “hard market is the upswing in the insurance market cycle, when premiums increase, coverage terms are … Read more

How to Avoid Insurance Fraud in 2023

With inflation on the rise and greater financial desperation, there’s been an uptick in fraudulent insurance claims. According to the Coalition Against Insurance Fraud (CAIF), total losses due to insurance fraud are at least $308 billion annually, and the number continues to rise. Dealing with insurance fraud is a critical concern for independent insurance agents … Read more

Risk Management in The Insurance Industry

The insurance industry is all about risk management, but since 2020, the risks have significantly increased. There seem to be new risks to deal with every passing month. Being in the insurance business is risky, too. But just like policyholders, there are ways to lower risks by planning ahead and improving current practices. Dealing with … Read more

Building Relationships in The Insurance Industry

During turbulent times, financial circumstances change frequently, and carriers often make changes to their policies as they adapt to the quickly changing economic landscape. Building solid relationships is especially important for independent insurance agents during these times, as they can build loyalty and commitment with current clients as well as peers. Strong bonds can lead … Read more

Cyber Insurance: A New Market to Consider (with Some Caveats)

In the move from email and websites to social media and the metaverse, more and more of our interactions are becoming cyber-based. While there are plenty of risks associated with cyber-based business, it also means there are new opportunities. For the independent insurance agent, cyber insurance is a new market worth serious consideration.   Opportunities … Read more

Changing With The Climes: Using Tech to Honor Climate Change Commitments

In an era where climate change occupies the thoughts of many, independent insurance agents face a difficult task. Not only do they need to protect the interests of their clients, they also need to align their business practices with climate change goals. Whether these changes encompass going paperless, minimizing unnecessary risk, or allocating a certain … Read more