As the summer heats up each year, so does disaster season. In 2020 and 2021, property/casualty insurers in the United States paid approximately $176 billion in natural catastrophe claims. It’s not getting any better; losses have steadily increased over the past four years. Whether the damage comes from flooding, wildfires, tornadoes, or earthquakes, many people … Read more
In a hard market, there’s a market cycle of high demand for coverage coupled with a reduced supply. This decrease in supply may be due to several factors, including an increase in weather-related losses, rising labor costs, and supply chain shortages. When insurance premiums increase to reflect the hard market, and underwriting criteria become stricter, … Read more
Bold Penguin makes small commercial insurance profitable by making it simple. Founded by insurance agents and for insurance agents, they empower agents to find the right coverage at the right time, seamlessly and within minutes. Since 2016, they’ve powered over $4 billion in premium and over 5 million quote applications. As a valued ASNOA partner, … Read more
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 … Read more
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 … Read more
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 … Read more
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. … Read more
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 … Read more
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 … Read more
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 … Read more