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Our Most Recent Blogs
Most Common Claims in The Carefree Days of Summer
As summer quickly approaches, most people welcome the change in pace and increase in activities and family gatherings, including road trips, boating on the lake, waterskiing, campfires, and more. Unfortunately, with all these fun summer activities comes all kinds of risks. Here are some of the most common claims that come in over the summer months and what to anticipate over the summer months of 2023. Top Claims Over The Summer Months Each summer, people break up their usual routines and seek out different places and experiences. Unfortunately, sometimes those adventures lead to injuries and damage. Some of these...
Electric Vehicles and The Auto Insurance Industry
With the arrival of electric vehicles (EVs) onto the automobile scene, there are exciting possibilities and plenty of challenges. One of those challenges lies within the realm of the insurance industry: specifically, the area of yet unknown risk. While governments and universities are gathering data and making predictions about risk and premium costs, we don’t yet have enough consumer data to make accurate assessments. Here are some things to know as we move forward with new technology in the auto insurance industry. Some Current Stats on Electric Vehicles Let’s begin with a few statistics on where we currently stand...
Artificial Intelligence & The Insurance Industry
Are you noticing artificial intelligence (AI) showing up in more and more places recently? You may have started typing an email and had suggested words appear. Or, perhaps you were on YouTube, and an ad popped up where a young man’s voice was explaining that he is not a human but an AI-generated likeness of a human voice. Maybe you’ve even had a conversation or created a poem with a chatbot. Like it or not, AI is quickly becoming a part of all aspects of life. Soon, it will completely change how we think and act in the world of...
Compliance in The Insurance Industry
The insurance industry has been experiencing an increased number of compliance infractions over the last few years. Accordingly, compliance risk management has become a top priority for those in leadership. Staying compliant has become more challenging due to increased regulations, difficulty finding people to fill this role, and inflation creating a need for cost reduction. There are also emerging risks of cyber threats to consider. With all these risks and challenges, it’s critical to be strategic as we improve compliance and effectively serve policyholders. How Can Insurers Ensure Compliance? Insurance companies are feeling the pressure of increased regulations and...
Empathy & Preparation in The Face of Cyber Threats
It’s starting to get a little crazy out there. Technology is progressing at a rate never seen before in history, and it can be challenging to keep up with the latest forms of communication. As more and more business and professional interactions occur online, there’s a greater risk to personal health information, financial data, and assets that exist on the web or are accessible via the internet. Since protecting assets is the specialty of the insurance industry, it’s up to us to learn how best to protect our clients and ourselves in the face of increasing cyber threats. Cyber Threats...
Inflation and The Insurance Industry
Inflation is squeezing American pocketbooks from all directions. Wages aren’t keeping up with increases at the gas pump, the supermarket, and everyday living expenses, yet people still need to protect what they have, including their homes, transportation, health, and life. Here are some ways inflation is impacting the insurance industry and how to adapt in 2023 and beyond. How Inflation is Affecting The Insurance Industry Inflation is a topic of concern across all industries. When prices rise, people find creative ways to economize. In the insurance industry, policyholders may choose greater risk or forfeiting privacy over higher financial outlay. Here...
3 Questions with Kathy Bova – VP of Operations at ASNOA
As someone who has worked in the independent agency space for years, what are some of the biggest changes you’ve seen in the industry over the years? Not to date myself, (lol) but the innovations I’ve seen in the insurance industry have been mind-blowing! Moving data to the Cloud was one of the biggest changes to the industry offering us opportunities to access data anywhere–no longer were we tied to an office. Additionally, VOIP phone systems made remote work seamless for many of us in the industry. Interface communication between carriers and AMS systems continues revolutionize the policy and...
Women in The Insurance Industry
International Women’s Day (IWD) is celebrated each year on March 8th. IWD celebrates the achievements of women around the world and brings awareness to gender equality in the workforce. The theme selected for 2023, #EmbraceEquity, was chosen to encourage conversations on two assessments of the current job milieu: Why equal opportunities aren't enough and Why equal isn't always fair. In independent insurance agencies, that means evaluating women’s current roles and their opportunities for advancement. Current Ranking of Women in The Independent Insurance Industry Women far outnumber men in entry-level positions within the insurance industry. In fact, according to research...
Insurance in The Age of The Metaverse
Have you heard of the metaverse? If not, you may have noticed Facebook has rebranded itself as Meta in honor of this up-and-coming technology. The metaverse is a quickly developing immersive virtual platform that will be a whole new way of interacting with people, places, and things online. The line between reality and virtual reality is very fine in this up-and-coming platform. -- So much so that you can even own digital versions of things which exist in the physical world. Like real-world assets, goods in the metaverse are vulnerable and must be protected. That’s where the insurance industry comes...
Reducing Operating Costs in The Insurance Industry
It seems like everyone’s trying to find ways to reduce expenses these days, and the insurance industry is no different. Inflation, rising costs of raw materials, and disruption in supply chains have led to a higher cost of doing business in 2023. Is it possible for insurance companies to thrive in this economic environment? Just as in the case of individual households, the answer goes back to managing the expenses of day-to-day operations. Here are six ways to reduce operating costs in your company. 1. Optimize Operations to Lower Overhead One of the best ways to reduce costs is to...
Who is ASNOA?
The Agent Support Network of America (ASNOA) is a fully integrated marketing and service network for independent insurance agents. We offer more than just carrier and market access, we support your entire business with our list of services, which includes accounting, licensing, marketing, training, and ongoing education. Contact us today to see how we can help you grow your agency.