Amidst all the acquisitions and insurtech startups and disintermediation discussions, a bigger issue is being missed. The result is that all these firms are fighting over a dying industry. The reason the insurance industry is dying –commercial insurance in particular …
After finishing a strategic planning meeting with a client, he emailed me a Meme, “Just Do What is Right.” The entire strategic plan was summed up with that one sentence. We agreed at the meeting that the strategy would be …
Fully funded or level funded traditional health insurance provided by employers is not insurance except for people who buy their own insurance, i.e., the small business owner. To qualify as insurance, the insurance policy must insure the buyer’s assets. Employer …
The three most important commercial insurance policies to write and to write with exacting quality are applicable liability policies such as general liability and employment practices liability insurance, cyber and perhaps most important, business income. A building can burn down, …
A recent whitepaper, “The Insurer’s Customer Acquisition Playbook” offered by Data Axle, covers the Four Phases of Program Development. It is a pretty good read. One of the carriers they highlight in the paper is Progressive. One of the four …
I have written on this subject many times, but I have done an inadequate job of being understood because I keep coming across agency owner after agency owner who does not know they need a balance sheet, and in fact, …
Agency executives can greatly increase the success of their organizations if they know how many customers they have. That sounds fundamental. However, I find that most agencies do not have solid counts. They think they do, but they do not. …
When you go to an errors and omissions (E&O) education program, inevitably, the message contains something like this: “Do not advise that you are a professional or a specialist or otherwise create higher standards of care.” Also, “The agency is …
Insurance is a financial product designed to protect consumers’ and businesses’ balance sheets. If your house burns down and you have insurance, the insurance company pays to rebuild the asset known as your house. For insurance to be real, the …
The title of a recent article I read was, “The Race to Zero in Small Commercial.” Zero referred to zero underwriting questions. No application required. I think that even beats the already existing three question applications. On the same day, …
