Inforum - A Community for Insurance Industry Producers

Why It’s Never Too Late to Make a Change in Your Career

For insurance producers with an entrepreneurial spirit, a traditional corporate agency may seem limiting. The lack of equity interest in their book, decision-making power, and stock options as well as crippling noncompetes, can make you feel trapped in your position. Other options, however, do exist.

Topics: future planning profession compensation producer/broker

Emerging Risks: Unprotected Digital Assets

Unprotected digital assets present an exposed risk in property and casualty insurance that few in the industry have noticed. However, founder and director of IoT Insurance Observatory Matteo Carbone believes it is “the single most important emerging risk for P&C insurance professionals.”

Topics: trends producer/broker Business Insurance cyber liability

How the NAIC Insurance Data Security Model Law Affects You

 

Insurance agencies responsible for safeguarding the nonpublic information of clients and employees may soon be affected by the Insurance Data Security Model Law as many states are beginning to review and adopt the law. Modeled after the March 1, 2017 New York State Department of Financial Services (NY DFS) Cybersecurity Requirements for Financial Services Companies Act, the law provides a framework for states to address risks and set cybersecurity guidelines for the insurance industry.

California’s Insurance Industry Faces Continued Wildfire Loss in 2018

A report released by Moody’s Investors Service shows that insurance companies will face  more wildfire losses this year than they have already. The report estimates that insured losses due to the Carr fire alone have totaled up to $1.5 billion already, including the destruction of over 1,500 homes and commercial structures, and burning of 121,000 acres of land. This figure is expected to grow as the fire continues to burn.

The Increasing Awareness of EPLI Exposure

Accounts of misconduct and inappropriate workplace behavior plagued headlines through 2017 and well into 2018, and as a result, employers are becoming more aware of their employment practices exposure.EPLI blog-1

Topics: producer/broker EPLI

10 Tips to Lower Your Homeowners Insurance

When buying a first home, people often are overwhelmed by unexpected costs. In addition to the mortgage, there are many other expenses to considers such as property taxes, homeowners association fees, repairs, and homeowners insurance. For homeowners insurance, however, there are some things you can do to reduce your premium.

Topics: personal lines homeowners

What Impact Could Artificial Intelligence (AI) Have on P&C Insurance?

shutterstock_442820110A recent report from Allianz discusses the impact the P&C insurance industry and society at large will see from artificial intelligence (AI), including adjustments to the way risks are underwritten and how coverage will evolve. Assuming complete adoption of AI across all industries reviewed, the report claims AI technology is expected to increase corporate profitability in 16 industries across 12 economies by an average of 38 percent.

Topics: trends producer/broker

Do I Need Insurance for My Boat or Jet Ski?

PERSONAL LINES CONSUMER FOCUS

When summer comes, many of us enjoy spending days out on the water. Whether you own a boat, Jet Ski, wave runner, or other watercraft, protecting your investment and the people enjoying them is critical because you never know when an accident will occur.

Topics: future planning personal lines Insurance Office of America

Millennials in Insurance: Changing the Workforce

Oftentimes, millennials get a bad rap for their efforts in the workplace with labels like "lazy" and "entitled." However, millennials are the generational force behind the workplace change that everyone is looking for. A survey by Gallup found millennial sentiments actually align with other generations. The survey discovered that only one third of the 100 million full-time employees in the American workforce (millennials and otherwise) are “emotionally and psychologically attached to their work and workplace.”

Topics: trends future planning profession producer/broker

IRS Reduces 2018 Family Contribution Limit for HSAs

On March 5, 2018, the IRS released its Internal Revenue Bulletin No. 2018-10 announcing a $50 reduction in the maximum amount a family can contribute to its health savings account (HSA) for 2018. Effective immediately, the new 2018 limit for family contributions is $6,850, down from the originally announced amount of $6,900. For individuals, HSA and high deductible health (HDHP) deductible limits remain unchanged for 2018. 

Topics: health care