jlarson

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

There’s a prevailing sense of uncertainty about the economy, the level of risk to assume, and the future trajectory of our nation. We in the insurance industry aren’t exempt from these concerns and challenges. The good news is that as we continue to serve and innovate, we contribute to the good things taking place. To … Read more

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

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

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

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

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

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

In a competitive marketplace, keeping customers is no easy task. That’s just as true in the insurance industry as it is anywhere else. Customers shop around for the best combination of quality, price, and service they can find. It’s one task to recruit a new customer; it’s another to keep them coming back — time … Read more

In 2022, the United States Environmental Protection Agency (EPA) released a new set of advisories on PFAS found in drinking water. The EPA also allocated large funds to tackle these and other “emerging contaminants” due to the risks they pose to public health. It’s a well-known fact that these chemicals persist in the environment and … Read more