The recent strike down of the Federal Trade Commission’s (FTC) proposed ban on new non-compete agreements does have implications for the insurance agency. On August 20th, a Texas judge overturned the ban on non-competes scheduled to take effect on September 4th. In her ruling, the judge stated that the FTC “lacks statutory authority” to prohibit … Read more
Amidst a challenging economic landscape, purchasing a book of business from another agent can improve cash flow and accelerate growth significantly. It offers an agent immediate access to an established client base, massively boosting income for the agency and providing access to new markets. Here’s how to go about purchasing a book of business and … Read more
Generation Z is the generation that follows the millennials. Generation Z (born approximately between 1997 and 2012) is approaching insurance differently from previous generations. Their approach is influenced by their digital upbringing, financial priorities, and unique perspectives on risk. Here’s how Gen Z is going about selecting insurance for themselves: #1 – They’re Taking … Read more
With all the natural disasters, air travel cancellations, and pandemics of recent years, parametric insurance may be a more efficient alternative to traditional indemnity-based insurance. Because of its innovative approach, parametric insurance is gaining traction across industries, from agriculture and travel to energy and business interruption. Those who leverage this insurance model appreciate its efficiency … Read more
Error and Omissions (E&O) insurance is crucial for independent insurance agents as it provides protection against claims of negligence or inadequate work. In an economy where everyone is stressed about money, E&O insurance is more important than ever. Here’s why E&O insurance is important for agents and some best practices to follow in 2024 and … Read more
The insurance market is showing signs of softening, especially in the realms of property and casualty insurance and commercial insurance. While the hard market may continue through 2024, experts predict it will soften in 2025. Reinsurance may also increase by the end of the year, leading to softer market conditions in 2025. What does that … Read more
The last few years have brought an unprecedented number of weather-related claims across the country. Handling them can be a daunting task when they’re all coming in at once. However, with the right strategies in place, an agency can manage them efficiently. Here are some pro tips on handling the influx of weather-related insurance claims. … Read more
The Internet of Things (IoT) is here and experts estimate there could be up to one trillion connected devices by next year (2025). IoT refers to a network of physical objects—”things”—embedded with sensors, software, and other technologies to connect with other devices and systems over the Internet. These “things” can range from household items like … Read more
Usage-based insurance (UBI) is a type of insurance where the premium is based on the specific behaviors and habits of the insured. It’s becoming more popular as cost-conscious consumers look for ways to pay only for what they need. The UBI market is estimated to grow from $48.38 billion in 2023 to $63.29 billion by … Read more
As summertime approaches, many people set their sights on heading “up north” to the cabin or planning the family reunion at the vacation home later in the summer. Some families may even be meeting with real estate agents over the summer, hoping to find their perfect summer cottage or even a rental for additional income. … Read more