Sales and Insurance Related Information
Is Your Agency Strategically Planning for Long-Term Producer Succession?
Part Two: Ten Recommendations for Hiring New Producers In our previous post, Internal Growth Challenges, we discussed several obstacles that create a need for agencies to recruit and train their own producers. In this post, we offer recommendations for agencies that are ready to make that commitment. Building your own team is a substantial investment,…
Is Your Agency Strategically Planning for Long-Term Producer Succession?
Part One: Internal Growth Challenges In this first installment of our two-part series, we delve into the top and bottom-line growth challenges agencies face on an annual basis and why a long-term strategy for new producer recruitment and development is vital. Most of the challenges listed have always plagued the industry but given the number…
Private Equity Continues to Drive Insurance Agency Acquisitions
Despite Interest Rates, There Will Always Be Options for Profitable Agencies A recent article by Robert Pettinicchi in the BIG I Independent Agent Magazine discusses the slowdown of private equity backed insurance agency acquisitions. While it is true that recent fluctuations in interest rates may have caused a slowdown it may be premature to assume…
Chat GPT Writes on its Future Impact to Outside Sales
Artificial Intelligence (AI) and Its Impact to the Outside Sales Industry Since its inception, AI has sparked discussions about its potential impact on human jobs. We requested Chat GPT to shed light on how AI could affect the outside sales industry, and the response was surprisingly optimistic. Contrary to fears of job displacement, AI is…
Five Reasons Why Directors & Officers Coverage is Essential
Directors and Officers (D&O) insurance protects the personal assets of directors and officers of a company in the event of a lawsuit or legal action. D&O insurance coverage is essential for businesses of all sizes, as it provides financial protection to the leadership of a company, ensuring that they can continue to operate and make…
Challenges for Salespeople in 2023
Salespeople will always be an essential part of the business world, and their role has become even more crucial in the digital, post COVID-19 age. With the rise of virtual communication and remote work, salespeople have had to adapt and learn new skills to build and develop relationships in this ever-changing environment. Some of the…
Earthquake Insurance – Being Prepared
Understanding Frequency and Major Faults According to the United States Geological Survey (USGS), California has experienced over 10,000 earthquakes since 2010, with a magnitude of 3.0 or higher. While most of these earthquakes were minor and did not cause significant damage, some were more severe, including the 7.1 magnitude earthquake that struck Ridgecrest in 2019.…
Understanding Reference-Based Pricing
If you’re in the business of providing employee benefits, you’re likely aware that healthcare costs are a major concern for employers and employees alike. As more companies explore the option of self-insurance, they are also increasingly looking at implementing reference-based pricing. Reference-based pricing (RBP) works to set a maximum price for medical procedures based on…
Why Every Business Should Purchase Cyber Liability Insurance
In today’s digital age, businesses are increasingly relying on technology to store their sensitive data and to carry out their daily operations. However, this dependence on technology also increases the risk of cyber attacks, data breaches, and other forms of cybercrime. Therefore, it is essential for businesses to have adequate cyber liability insurance to protect…
Health Insurance Costs Continue to Rise
The cost of employee benefit insurance, which includes health insurance, life insurance, disability insurance, and other benefits offered by employers, continue to rise for both employers and employees. In the past two years, the cost of providing these benefits has increased significantly, leading to higher premiums and deductibles for employees. We will explore and highlight…