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Our Most Recent Blogs
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 agents: #1 Increased Demand for Certain Insurance Products During economic downturns, individuals and businesses tend to become more risk-conscious. This can lead to an increased demand for insurance products, including health insurance, life insurance, and liability insurance, as people seek to protect themselves and...
Natural Ways The Insurance Industry and Independent Agents Stimulate The Economy
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 begin, here are seven ways the insurance industry is stimulating and supporting a vibrant economy. In the second section, we highlight the positive impact of independent insurance agents. #1 The Insurance Industry Helps Mitigate Risk The insurance industry helps individuals, businesses, and governments manage...
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 restricted, and capacity for most types of insurance decreases.” It becomes increasingly difficult to find coverage due to carriers frequently pulling out of certain markets or offering limited products. For your small commercial customers, it's likely that insurance might be more expensive and harder to...
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 in 2023 when everyone is feeling the pocketbook squeeze. To avoid insurance fraud in your agency, consider the following strategies: Stay Informed and Aware Keep up-to-date with the latest trends and tactics used in insurance fraud. CAIF has put together a list of scam...
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 emerging and evolving risks in the insurance industry requires adaptability, proactive strategies, and staying informed about the latest trends. Here are some ways independent insurance agents can effectively handle emerging risks in 2023. Stay Up-to-Date As an insurance leader, it’s crucial to understand the...
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 to increased referrals, better client retention, and new opportunities to collaborate with other professionals in the industry. Here are some tips for fostering relationships with clients and peers. Provide Exceptional Customer Service First and foremost, be sure to deliver outstanding service to your clients....
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 of Cyber Insurance As mentioned in a previous blog post, the cyber insurance industry is already estimated to be worth over $3 billion. It’s not slowing down anytime soon, meaning this market offers an incredible opportunity for independent insurance agents. Growing Demand With more business...
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 percentage of dollars to climate-related non-profits, here are eight ways to leverage technology in fulfilling climate change commitments. Use Digital Platforms As climate risks and regulations continuously change, streamlining and automating can improve an insurer’s ability to “keep up with the times.” It can...
Creating Customer Experiences That Keep Them Coming Back
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 after time, year after year. That’s where the customer experience comes in. Keeping current customers and attracting new ones is all about creating the ultimate experience. From the first interaction to ongoing support, insurance agents should strive to continuously add value, keeping customers eagerly anticipating...
PFAS and How They Could Impact The Insurance Industry
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 in our bodies, taking “forever” to break down. What Are PFAS and What’s The Potential Harm? PFAS stands for per- and polyfluoroalkyl substances. They are a group of man-made chemicals widely used in various industrial and consumer products since the 1940s. Currently, there are...
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.