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Market Insights

Cyber Attacks as Businesses Go Remote
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Risk Insight, Cyber Liability

Digital Thieves Ramp Up Cyber Attacks as Businesses Go Remote

Hacking activity is up, with cybercriminals taking advantage of remote work vulnerabilities amid the COVID-19 crisis. There are approximately 85 million Americans working from home. In fact, researchers cite that activity against corporations in the United States more than doubled by some measures in March, with malware infections, phishing tactics ,and ransomware running rampant. That’s because it’s harder to protect data when managed on home computers that use widely varying setups and on company machines connecting remotely.

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salespeople new normal
Insurance Made Easy, Market Insights

How Have Salespeople Adapted to the New Normal?

When we rang in 2020, did we ever in our wildest dreams (nightmares) consider that social distancing, shelter-in-place, safer-at-home, facemasks, quarantine, and lockdown would be everyday actions we’d take in our personal and work lives? Most of us considered remote work, well, “remote.” Sure, we used Go to Meeting, Google Chat, and other platforms to communicate with clients and our colleagues, but we also got into our cars or on the plane for those important face-to-face presentations, meetings, conferences, and networking. Now what? How are salespeople making it work during the COVID-19 “new normal”?

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insurtech terms
Market Insights

Your Simple Guide to InsurTech Terms

The explosion of InsurTech continues to gain traction with more startups and new products being launched. Earlier this month, for example, Lloyd’s of London announced it is fast-tracking three startups to bring to market more quickly COVID-19 related products and innovations. InsurTech Lemonade announced it raised $319 million for its IPO; the company provides insurance for renters and homeowners in the U.S. for the stolen or damaged property as well as personal liability and recently announced pet health insurance as its latest offering.

When talking about InsurTech, a lot of jargon is bantered about, so we thought we’d give you a brief overview of the typical terms used in this area. Let’s first start with InsurTech, which refers to start-ups that use technology to transform and disrupt the traditional insurance model. Technology such as artificial intelligence and machine learning is utilized to create savings and cost efficiencies. Now let’s dig a bit deeper:

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having difficult conversations with clients
Insurance Made Easy, Market Insights

Having Difficult Conversations With Clients: Tips for Making it Easier

Most of us tend to shy away from having tough conversations, particularly when we know that what we’re about to say will be a hard pill for our clients to swallow. But straight talk and transparency bring respect and trust, particularly now more than ever when there is so much stress and uncertainty as we all navigate unchartered territory.

Clients want you to communicate and tell them how it is, even if you’re delivering unwanted news. This may involve telling your clients that coverage is not available for a specific loss (consider all the loss-of-income claims filed by businesses that were shut down because of COVID-19, which is typically not covered under a Business Interruption or Property policy). Or, it may mean telling clients that certain limits are no longer possible or are more expensive to purchase because of the severity of losses the insurance industry has experienced over the last few years. There are countless examples where you know a difficult conversation has to take place with a client. Here are some tips to help those conversations go more smoothly:

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LinkedIn for Insurance Industry
Market Insights

LinkedIn Offers the Insurance Industry More

Harnessing the power of LinkedIn in the insurance industry not only builds connections, but it grows your business. If you’re using it the right way.

LinkedIn continues to be the world’s largest professional business networking platform—with 660+ million users in 200+ countries.

Understanding LinkedIn’s power—and more importantly, how insurance brokers can benefit from it—is as important now as when LinkedIn launched in 2003.

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Hard Market for Umbrella Insurance Market
Market Insights

Umbrella Liability Insurance Hard Market Persists

The most recent Commercial Lines Insurance Premium Survey (CLIPS) released by Willis indicates that nearly all coverage lines saw significant rate hikes in 2020 Q1, with Commercial Auto, Property, Umbrella Liability, and Directors and Officers (D&O) Liability insurance exceeding double-digit rate increases. Specialty line prices also increased considerably, including in the hospitality and habitational sectors.

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Is Your LinkedIn Profile Working For You?
Market Insights

Is Your LinkedIn Profile Working for You?

With over 690 million users, LinkedIn is the world’s largest professional business networking platform. For brokers, however, it is more than a place to share your resume and connect with people. It is also a powerful digital marketing tool. Due to LinkedIn’s visibility in search engine results, it is very likely that a client’s first impression of you will be made through your LinkedIn profile. 

By effectively harnessing the power of LinkedIn, you can build your personal brand and differentiate yourself from the competition. Here are five quick ways to polish up your profile:

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umbrella insurance market
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Restaurants

Navigating Today’s Umbrella Insurance Market

In our previous article, we discussed what factors are driving rate increases, capacity restrictions, tighter underwriting, and program structure changes in the Excess Insurance market. It’s important to note that prior to the COVID-19 pandemic, carriers were already tightening underwriting in the Excess/Umbrella market, specifically in the hotel, restaurant, and habitational sectors. In recent months, however, these changes have become even more pronounced. Here we take a more detailed look at the firming market and how COVID-19 has impacted certain industry sectors. We also provide you with advice on how to manage client expectations and navigate the disruptive Excess/Umbrella insurance market.

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we're meeting virtually
Market Insights

We’re All Meeting Virtually, But Who’s Meeting Effectively?

These days, we’re all doing virtual meetings. This practice, once limited to teams with a remote or global workforce, has become a daily essential for all businesses working to stay afloat throughout the COVID-19 pandemic. In fact, virtual meetings may remain a workplace mainstay long after the pandemic is over. Despite similarities in how businesses have adapted to their new environment, some have found a virtual workforce to be more effective than others. 

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Risk Mitigation Covid-19
Market Insights, Risk Insight

Risk Mitigation Takes Center Stage in the Wake of COVID-19

The coronavirus has disrupted businesses across every industry sector, forcing operations to scale back, furlough staff, and/or temporarily close – resulting in a significant economic hit, to say the least. Among the many issues to become clear during this crisis is the increased role risk assessment and risk mitigation will play in business recovery and sustainability moving forward. Insurance agents will hold an even a greater role in helping businesses in the risk-assessment process.

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Liability Immunity from COVID-19
Market Insights, Risk Insight

Businesses Call for Liability Immunity from COVID-19 Litigation

As restrictions are lifted and businesses begin to slowly reopen amid the coronavirus pandemic, they are working to keep their employees and customers safe – following CDC and FDA guidelines that include implementing social distancing requirements, providing workers with personal protective equipment (face masks, gloves, etc., depending on the industry), upgrading cleaning and sanitizing practices, and making workspace floor plan changes, among many other recommendations. But for many businesses, including restaurants, retailers and others, there is fear that if a customer or employee is infected by the virus he or she will turn to the courts alleging the business is responsible for their illness. As a result, businesses are turning to the government for liability protection. 

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