The term “social inflation” has been gaining traction in the insurance industry due to its significant impact on claim costs and premiums. Unlike standard inflation driven by economic factors, social inflation refers to the rising costs of insurance claims influenced by societal and legal trends. For independent insurance agencies, understanding this concept is crucial to […]
Independent Agents can Enhance Growth Opportunities by Writing More Commercial Insurance According to IIABA’s 2023 Best Practice Study, small agencies (defined as under $1.25 million in revenue) on average generate 43.9% of overall revenue from commercial P&C. Within SIAA, the national average of overall revenue from commercial P&C is 40%. And although there are exceptions, […]
With auto insurance premiums increasing by an average of 15%, consumers will look to agents for ways to respond. While independent agents can remarket accounts, the resulting disruption and potential to face increases again with another carrier at the next renewal may necessitate finding another alternative. Carrier telematic programs offer agents a better way to […]
Successfully Navigating through a Volatile Insurance Market Inflation and higher gas prices continue to drive cost increases and volatility. It’s important to learn how our agents are navigating a volatile insurance market. Personal and commercial insurance premiums will continue increasing (10% and greater) as carriers cite underlying factors such as material shortages (car and parts […]
When working with a new commercial lines prospect, make sure you are gathering all the information you have at your disposal so you can be more efficient throughout the quoting process. Here are some quick and accessible resources that will help you find information on your prospects: Insured’s Website: This often provides valuable information regarding the history, […]
What’s the biggest challenge your agency has gone through over the last year? We wanted to bring our agency up-to-date. This started with re-branding our agency, which included both revising our image and advertising. The agency has been in business for over 80-years, remains family-owned, and I am currently the third-generation owner. Our daughter Megan […]
SIAA signs 562 new independent member agencies in 2017 January 23, 2018 – Hampton, NH: Jim Masiello, CEO of SIAA (Strategic Insurance Agency Alliance) – the largest alliance of independent insurance agencies in the U.S. – announced today, “2017 was another great year for SIAA due to the tremendous partnerships formed among our member agencies, master […]
Five Questions You Should Ask Yourself For insurance agents and producers with a few years of sales experience, the thought of running your own insurance agency has probably crossed your mind. Oftentimes, some of the best insurance producers will embody an entrepreneurial spirit that has enabled them to be successful at generating new business. In […]
Local independent insurance agencies rely on the Internet to increase their visibility and enable that most important first contact with a customer. The problem is that many agency owners do not have the time or resources to pay for ad space or continually revise website content to meet SEO (search engine optimization) demands. Fortunately, Google […]
On April 27, the Insurance Journal shared the results of what young agents (those aged 40 and younger) like most and least about the insurance industry and being agents. (Source: http://www.insurancejournal.com/news/national/2016/04/27/404152.htm) The good news is the optimism that young agents have about their insurance careers. Among the reasons young insurance agents like their profession is the ability […]
