Insurance Journal » Agents & Brokers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 24 May 2013 22:09:03 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Burand’s Agency E&O Blog: Tip #33 http://www.insurancejournal.com/blogs/agency-e-o/2013/05/24/293234.htm Fri, 24 May 2013 16:28:20 +0000 Chris Burand http://www.insurancejournal.com/?p=293234 E&S Binding Limits. Extremely few, if any, retail agencies have any binding authority whatsoever with their E&S brokers. This is such a simple E&O tip that most readers probably see it as a complete waste of blog space. My field …

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]]> 50 Top Apps for Independent Agents http://www.insurancejournal.com/news/national/2013/05/14/291812.htm Tue, 14 May 2013 14:53:24 +0000 http://www.insurancejournal.com/?p=291812 Mobility technology is changing the way the insurance industry operates. But when it comes to working on the go, nothing is as important as mobile device applications. But what apps do independent agents use most? What apps are the most …

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]]> E&O Insights: Directors & Officers Liability Is Not Your Normal Insurance Product http://www.insurancejournal.com/news/national/2013/05/14/291814.htm Tue, 14 May 2013 14:16:38 +0000 Curtis M. Pearsall http://www.insurancejournal.com/?p=291814 If you asked 100 insurance professionals on the agency side what one line of business “scares” them the most, it’s likely that directors and officers (D&O) liability would be at the top. The lack of standardization of policy forms contributes …

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]]> Bock Joins Kemper as CFO http://www.insurancejournal.com/news/national/2013/05/13/291681.htm Mon, 13 May 2013 15:26:09 +0000 http://www.insurancejournal.com/?p=291681 Elizabeth “Libbie” Bock will join Kemper Corp. as the chief financial officer for its Property & Casualty Group, effective May 20. In her new role, Bock will report to Denise I. Lynch, Kemper’s Property & Casualty Group executive, and will …

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]]> Willis North America Appoints Japan Global Practice Group Co-Leaders http://www.insurancejournal.com/news/international/2013/05/13/291672.htm Mon, 13 May 2013 14:53:16 +0000 http://www.insurancejournal.com/?p=291672 Willis North America has named Brian Murphy and Hiromoto Ushiki as North American Practice co-leaders of the Japan Global Practice Group. Murphy and Ushiki assume the position previously held by Junji Hamada who retired in April 2013. Willis North America’s …

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]]> Rockwood Decreases Agent E&O Rates in Massachusetts, California, Texas http://www.insurancejournal.com/news/national/2013/05/07/291147.htm Tue, 07 May 2013 16:58:23 +0000 http://www.insurancejournal.com/?p=291147 Rockwood Programs has implemented underwriting guideline changes to its P&C Agents E&O program. The modifications will result in a rate decrease in the states of California, Massachusetts, Nevada, and Texas. The exact amount of the decrease will be dependent on …

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]]> Zurich Expands Community Banking Products to Zurich Agency Services Agents http://www.insurancejournal.com/news/national/2013/05/02/290646.htm Thu, 02 May 2013 16:32:17 +0000 http://www.insurancejournal.com/?p=290646 Zurich is now working with Zurich Agency Services, Inc., to expand its community banks offering additional agents and brokers. As part of this effort, Zurich worked with ZAS, formerly Universal Underwriters Insurance Services, Inc., to develop an online portal that …

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]]> How to Grow Your Agency by Asking and Answering the Right Questions http://www.insurancejournal.com/news/national/2013/04/26/289858.htm Fri, 26 Apr 2013 16:40:33 +0000 Alan L. Shulman http://www.insurancejournal.com/?p=289858 One of the “secrets” to building an agency, or any business for that matter, is to ask introspective questions and to answer them thoughtfully. For an operation that sells contractual promises, written by others, these queries cover a lot of …

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]]> New + Old = Workforce Success: Commentary http://www.insurancejournal.com/news/national/2013/04/25/289709.htm Thu, 25 Apr 2013 15:14:54 +0000 http://www.insurancejournal.com/?p=289709 For the first time in history, American companies now have five generations of employees in the workforce: the silent generation (born 1925-45), baby boomers (1946-64), generation X (1964-80), generation Y (1980-90) and millennials (after 1990). Each generation has its own …

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]]> Remember E&O When Buying or Selling an Agency: Pearsall http://www.insurancejournal.com/news/national/2013/04/25/289696.htm Thu, 25 Apr 2013 14:46:35 +0000 Curtis M. Pearsall http://www.insurancejournal.com/?p=289696 While the industry seemed to see a spike in mergers and acquisitions activity in 2012 due to some tax implications, many are projecting that 2013 will see some healthy buying and selling, too. While there are many issues to address …

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]]> UK MGAA Members Write over $3.85 Billion in Gross Premiums http://www.insurancejournal.com/news/international/2013/04/25/289688.htm Thu, 25 Apr 2013 10:59:13 +0000 http://www.insurancejournal.com/?p=289688 New members joining the UK Managing General Agents’ Association (MGAA) since the beginning of 2013 have increased the total combined gross written premium represented by the Association’s membership to over £2.5 billion [$3.85 billion]. “The total membership now includes 64 …

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]]> Burand’s Agency E&O Blog: Tip #31 http://www.insurancejournal.com/blogs/agency-e-o/2013/04/24/289618.htm Wed, 24 Apr 2013 16:41:00 +0000 Chris Burand http://www.insurancejournal.com/?p=289618 Record Retention. It’s not as simple as everyone thinks. Significant and dangerous myths exist relative to this increasingly important topic. The first myth is that “records” means all records, not just paper records. Second, the solution is not to keep …

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]]> The Risks of Insuring the Cloud http://www.insurancejournal.com/news/national/2013/04/24/289596.htm Wed, 24 Apr 2013 16:08:58 +0000 http://www.insurancejournal.com/?p=289596 Hollywood would have us believe that some smart, awkward computer guy in his 30s living in his mother’s basement is to blame. Surrounded by a dozen computer screens with an IQ of 150, this cyber character enjoys targeting large companies …

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]]> What Young Agents Say About Their Career Choice http://www.insurancejournal.com/news/national/2013/04/23/289463.htm Tue, 23 Apr 2013 15:31:17 +0000 Andrea Wells http://www.insurancejournal.com/?p=289463 The road to becoming a successful independent insurance agent is not always easy. The economy and often volatile property/casualty insurance market cycle are just two of the potholes agents must maneuver. Young agents in particular face the added burden — …

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]]> Most Carriers Offer Agents Training Opportunities for Online Sales: Survey http://www.insurancejournal.com/news/national/2013/04/23/289455.htm Tue, 23 Apr 2013 15:10:21 +0000 http://www.insurancejournal.com/?p=289455 A two-thirds majority of independent insurance agents say their carriers are providing them with training and consulting on how to use their agency websites to increase sales. This is one of the findings in a new survey of more than …

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]]> Cooper Gay Swett & Crawford Complete $500 Million Financing Deal http://www.insurancejournal.com/news/international/2013/04/17/288607.htm Wed, 17 Apr 2013 10:29:40 +0000 http://www.insurancejournal.com/?p=288607 Cooper Gay Swett & Crawford Limited (CGSC), the global wholesale insurance and reinsurance broker, has announced the successful completion of a $500 million financing exercise from US based investors. The debt repayment terms have been extended from 2014 to 2020. …

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]]> Burand’s Agency E&O Blog: Tip #29 http://www.insurancejournal.com/blogs/agency-e-o/2013/04/10/287103.htm Wed, 10 Apr 2013 10:00:37 +0000 Chris Burand http://www.insurancejournal.com/?p=287103 Flood Insurance. Who Ever Said Mortgage Companies Know Everything About Flood Insurance? In agency after agency I visit, flood insurance is usually only offered to people if their mortgage company requires it. De facto, this means the agency is accepting …

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]]> 14 Keys to Insuring Water-Related Entities http://www.insurancejournal.com/news/national/2013/04/04/287231.htm Thu, 04 Apr 2013 13:55:55 +0000 http://www.insurancejournal.com/?p=287231 Water is a precious natural resource entrusted to water entities across the country. These entities include public and private water companies, irrigation companies, conservation districts and more. They face many challenges, from water main breaks to water quality and treatment …

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]]> Burand’s Agency E&O Blog: Tip #28 http://www.insurancejournal.com/blogs/agency-e-o/2013/04/03/287088.htm Wed, 03 Apr 2013 17:31:51 +0000 Chris Burand http://www.insurancejournal.com/?p=287088 Job Descriptions. A simple solution to minimizing E&O exposures. One of the most significant E&O exposures is literally a “he said, she said” issue. Producers think a CSR will do something and CSRs think the producer is doing it. The …

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]]> High-Tech Personal Lines: Technology Changing the Way Agents Do Business http://www.insurancejournal.com/news/national/2013/04/03/287039.htm Wed, 03 Apr 2013 16:12:25 +0000 Andrea Wells http://www.insurancejournal.com/?p=287039 Many believe there is still opportunity for independent insurance agents and their carriers to grab personal lines market share. But to do so they must find a way to compete against the giant direct response and captive carriers that are …

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]]> Willis Acquires UK Indemnity Specialist Broker Prime Professions http://www.insurancejournal.com/news/international/2013/04/02/286720.htm Tue, 02 Apr 2013 10:13:15 +0000 http://www.insurancejournal.com/?p=286720 Willis Group Holdings announced that it has “further enhanced its offering in the executive risk market by agreeing to acquire, through its subsidiary Willis Limited, PPH Limited and its subsidiary Prime Professions Limited (together referred to as Prime Professions),” a …

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]]> Project CAP CEO Bacciocco Shares Views on Consumer Agent Portal and 2013 http://www.insurancejournal.com/news/national/2013/04/01/286482.htm Mon, 01 Apr 2013 10:20:07 +0000 Andrea Wells http://www.insurancejournal.com/?p=286482 Independent agents should soon be getting some help with their personal lines sales— better late than never. The delayed Consumer Agent Portal — backed by the Independent Insurance Agents & Brokers of America Inc. (IIABA) and six investor insurance companies …

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]]> Burand’s Agency E&O Blog: Tip #27 http://www.insurancejournal.com/blogs/agency-e-o/2013/03/27/285292.htm Wed, 27 Mar 2013 10:00:28 +0000 Chris Burand http://www.insurancejournal.com/?p=285292 Agency Catastrophe Plans. How to keep a catastrophe from becoming an even bigger catastrophe. I don’t know who said it, but they correctly concluded that the best E&O audit is a natural catastrophe because so many clients have claims and …

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]]> Last Chance: Young Agents, Tell Us What You Think http://www.insurancejournal.com/news/national/2013/03/25/285931.htm Mon, 25 Mar 2013 15:32:41 +0000 http://www.insurancejournal.com/?p=285931 Are you a young insurance agent, 40 years old or younger? Do you know a young insurance agent? Today is the deadline to tell the industry what you think. Participate now in this year’s Young Insurance Agents Opinion Survey. Share …

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]]> Agents Seek Mobile Apps for Customer Self-Service, Sales Help: Survey http://www.insurancejournal.com/news/national/2013/03/21/285472.htm Thu, 21 Mar 2013 17:19:37 +0000 http://www.insurancejournal.com/?p=285472 Independent agents and brokers want their customers to be able to “self-serve” on mobile devices, and sales and quotes are key capabilities for agent-facing applications on tablets, according to preliminary results of a new research study. More than 50 percent …

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]]> Agency Compensation: Who’s Worth What in Your Independent Agency? http://www.insurancejournal.com/news/national/2013/03/20/285236.htm Wed, 20 Mar 2013 16:01:17 +0000 Andrea Wells http://www.insurancejournal.com/?p=285236 From top level managers to office and support staff — every person in an agency has a role to play in helping the agency win in the sales game. When one person fails, the whole agency suffers. And when an …

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]]> FERMA Calls on EU Parliament to Enforce Minimum Disclosure Standards for All Broker Business http://www.insurancejournal.com/news/international/2013/03/20/285191.htm Wed, 20 Mar 2013 11:13:06 +0000 http://www.insurancejournal.com/?p=285191 The Federation of European Risk Management Associations (FERMA) is calling on the European Parliament to ensure that all insurance buyers are entitled to a minimum European standard of disclosure in the revised Insurance Mediation Directive (IMD2). FERMA’s bulletin said it …

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]]> Cooper Gay Swett & Crawford Moving to ‘Next Level,’ Says CEO Esser http://www.insurancejournal.com/news/national/2013/03/19/285098.htm Tue, 19 Mar 2013 11:50:53 +0000 Charles E. Boyle http://www.insurancejournal.com/?p=285098 On the last day of February, international independent broker Cooper Gay Swett & Crawford (CGSC) made some significant changes in the management of its U.S. operations. In a telephone interview with Insurance Journal, CGSC Group CEO Toby Esser described them …

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]]> Calling Young Insurance Agents: Tell Us What You Think http://www.insurancejournal.com/news/national/2013/03/12/284418.htm Tue, 12 Mar 2013 16:28:49 +0000 http://www.insurancejournal.com/?p=284418 Are you a young insurance agent, 40 years old or younger? Do you know a young insurance agent? Insurance Journal is once again searching for young insurance agents to participate in this year’s Young Insurance Agents Opinion Survey. Tell us …

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]]> Agents Hang Onto P/C Market But Lose Ground in Personal Auto: Study http://www.insurancejournal.com/news/national/2013/03/11/284272.htm Mon, 11 Mar 2013 20:43:08 +0000 Andrea Wells http://www.insurancejournal.com/?p=284272 After experiencing dwindling premiums for years, the property/casualty insurance industry managed to grow substantially in 2011. Independent agents and brokers hung onto their share of the market with some independent agency carriers gaining in market share by double digits, according …

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