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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...
The Predictability of the Insurance Industry
The insurance industry is no longer as predictable as it was in the past. Things are quickly evolving as concerns around climate change interact with inflation and quickly-changing technology. Client expectations are also changing due to shifts during the COVID-19 pandemic, including better online user experiences. To be successful in this industry, it’s critical to get super focused, adapt to the times, and pivot when necessary. Know Thyself While the competition in this industry can seem intimidating, the truth is that there’s plenty of room for everyone to thrive. Insurers need to know their zone of genius and focus their...
Small Commercial Can Be Easy
...seriously! Read ahead to see how ASNOA and Bold Penguin’s partnership helps agents grow their small commercial book. Historically, small commercial has been a time-consuming and challenging process to quote. Lots of repetitive paperwork, calls, and submissions had to be undertaken for just one quote - and that assumes that you’d be able to find coverage for your customer. Getting a quote for a small commercial customer could take so much effort, that by the time you bound their policy, you’d lost money. Plus, no one has ever said, “I love filling out ACORD forms!” so there has been frustration...
How Emerging Technology is Changing the Shape of the Insurance Industry
From automation to the use of artificial intelligence (AI) to offering policy quotes in real-time and more, insurance agents are looking for their carriers to boost the implementation of new and emerging technologies not only for their own benefit but for the benefit of their policyholders as well. When the world as we knew it was turned upside down by the COVID-19 pandemic, the insurance industry, like many other industries, embraced remote business models seemingly overnight. As world economies have slowly emerged from pandemic-era restrictions, insurers have been looking to accelerate their reliance on emerging tech as a way to...
Addressing Cyber Threats & Preventing Loss with Cyber Security Insurance
As an insurance agent, you probably already know the importance of having a good cyber insurance policy to protect your business in case of a data, privacy, or network breach. However, you need to ask yourself if your clients fully comprehend how cyber insurance can protect them and if you're doing enough to inform them. The last time we talked about cyber threats/insurance, the cyber security insurance market was projected at $14.5 billion by 2022. According to Allied Market Research, the market is now projected to reach $28.6 billion by 2026. Insurance providers are continually adapting to the cyber security...
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.