Insurance Industry Can TECHNOLOGY TO A HARDENING MARKET

from e-Insight - August 2023

How the Insurance USE TECHNOLOGY SURVIVE

By AgentSync

These tech solutions enable insurance professionals to better predict risks for all types of insurance coverage. Better risk prediction means more accurate pricing, which is vital to an insurance carrier trying to survive a hard insurance market. For example, advanced weather prediction software can help agents better understand their clients needs for flood insurance. And digital twins can replicate large machinery to give insurers a 360-degree view of vulnerabilities and maintenance needs before they become a problem.

A producer who can help their client prevent risk in a hard market with limited coverage availability will gain client trust. Plus, with underwriters less willing to write risk, agents with a better understanding of their clients’ risk have an advantage and can use it to strengthen their relationship with underwriters.

3. Improve Data Collection

Hard market conditions make it more important than ever for agents to foster a strong partnership with their carrier partners. In a soft market, agents might find it more beneficial to shop around when it comes to carriers in order to maximize their commissions, but this strategy won’t work anymore when the market hardens.

When there are a limited number of carriers offering the specific coverage a client needs, agent’s will want to have as many trusted carriers on their side as they can. To improve the relationship between producers and carriers, agencies can invest in data collection solutions that make carriers’ jobs a lot less stressful.

Agencies should look for a tech solution that can improve the quality of their data and streamline their data collection. A technology-backed solution can help agents provide carriers with cleaner data at a more efficient pace. This way, carriers and agents are happy with the backoffice end of their working relationship and can focus more on serving their shared clients.

Moving Forward

The insurance market moves in cycles, meaning, eventually market conditions will change. A hard market will eventually soften as inflation rates stabilize and carriers’ appetite for risk increases again. Agencies and producers can view the current hard market as an opportunity to build stronger relationships with their clients and carriers.

The technology investments insurance professionals make in a hard market will keep benefiting them even as the market softens by continuing to improve workflow efficiencies and add value to clients. The great news is that any agency, carrier, or MGA doing well during a hard market will likely see those benefits carry over and produce even better results in a soft market.

This article originally appeared on the AgentSync website at https://agentsync.io/blog/technology/how-technology-canhelp-the-insurance-industry-survive-a-hardening-market.. If you’re looking to control costs by increasing operational efficiency as inflation eats away your profit margin, AgentSync can help. Our solutions can automate and streamline your agency, carrier, or MGA operations to help your business thrive in hard market conditions.

UFG Insurance Recognized for Innovative Marketing Communications and Video

The Insurance Marketing & Communications Association (IMCA) announced UFG Insurance as a winner of six 2023 Showcase Awards during its Ignite annual conference in June.

“For over 60 years, the IMCA Showcase Awards have recognized the most effective and innovative work from the best minds in insurance marketing and communications,” the association explains on its website.

UFG received three silver and three bronze Showcase Awards for 2022 creative. Honored work includes a baseball-themed contest, social media content, digital collateral, a marketing campaign for the state Land Improvement Contractors Association (LICA), an agent holiday card with digital animation and an inspiring video production of UFG’s Go Beyond Award recipient.

“We are grateful to be recognized by the IMCA for the ingenuity of our marketing and communications team,” states Casey Prince, AVP and marketing communications manager at UFG. “These awards serve as a true testament to our ability to push the boundaries of creativity, innovation and excellence in insurance marketing.”

The organization also received four awards from the 44th Annual Telly Awards in June. UFG was awarded gold for a fully animated holiday message. UFG was also honored with three bronze awards for their employee appreciation, Go Beyond Award and community support videos.

“The caliber of the work this season coming from creators truly has reflected the theme of breaking out and standing out,” said Tellys Executive Director Sabrina Dridje.

The Telly Awards is the premier award honoring video and television across all screens. More than 13,000 entries are received from all 50 states and five continents and are judged by more than 200 leading experts.

SECURA Insurance Named a Top 50 Carrier by Ward Group for 10th Consecutive Year

SECURA Insurance has been acknowledged as one of the top 50 property and casualty insurance companies once again by Ward Group, based on its outstanding performance over a five-year duration (2018-2022). This marks the company’s 10th consecutive year of being honored on this prestigious list, which highlights its exceptional financial strength.

“Earning a spot on Ward’s 50 is always an honor,” said Garth Wicinsky, SECURA President & CEO. “Our inclusion on this list for the past 10 years is a reflection of our associates and independent agents working together to serve our policyholders while achieving long-term growth and financial stability.”

Ward Group is a leader in the insurance industry as a provider of benchmarking and best practices services. Annually, they conduct a comprehensive analysis of nearly 3,000 property-casualty insurance companies in the United States to identify the top performers.

Financial benchmarks include:

• Five Year Average Return on Average Equity

• Five Year Average Return on Average Assets

• Five Year Average Return on Total Revenue

• Five Year Growth in Revenue

• Five Year Growth in Surplus

• Five Year Average Combined Ratio

In addition to being named to Ward’s Top 50, SECURA has an A (Excellent) rating from AM Best, which affirms its solid financial results and ability to pay claims. SECURA is also certified as a Great Place to Work based on associate feedback about the company’s workplace culture, and was ranked number 14 on the Fortune Best Workplaces in Financial Services & Insurance for small and medium companies, number 78 on the Fortune Best Medium Workplaces, and number 66 on Fortune Best Workplaces for Millennials for small and medium companies.

West Bend Again Makes Ward’s 50 List of Top Performers

West Bend Mutual Insurance Company has placed in the coveted Ward’s 50 group of top-performing companies for 2023. The recently released list includes the best industry performers of nearly 3,000 U.S.-domiciled property-casualty insurance companies and nearly 700 life-health insurance companies. West Bend is recognized for its outstanding financial results in the areas of safety, consistency, and performance over five years (2018-2022). It is the tenth consecutive year the company has been included.

The Ward Group’s methodology evaluates key safety and consistency measurements and performance tests. Ward’s 50 identifies companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results. To be awarded the designation, companies must pass minimum thresholds of performance.

“Our consistent appearance on Ward’s 50 list is a testament to our associates for their outstanding performance and independent agents who represent West Bend,” stated West Bend’s President, Rob Jacques. “We’re honored to again join the ranks of other top property and casualty insurers in the nation.”

West Bend Mutual Insurance Company Builds Out Surety Leadership Team

West Bend Mutual Insurance Company announced changes to its leadership team. First, Jason Enders was promoted to Assistant Vice President – Surety. He’s been with West Bend for more than 16 years, most recently serving as Director of Bonds. Joining West Bend is Lance Cross, who will co-lead as Assistant Vice President –Surety. Lance spent 11 years with IAT Insurance Group in Plano, Texas, as the Regional Manager of Dallas Contract.

“As West Bend continues to build opportunities within the surety market, we will continue to focus closely on developing these types of specialized underwriting capabilities,” stated Rob Jacques, president of West Bend. “Leveraging talented associates, like Jason and Lance, is key to our success.”

Together Jason and Lance will work to refine the organization’s surety market strategy, including developing business growth through expansion in new states beyond the core footprint. This approach involves identifying and nurturing key relationships with West Bend’s independent agency partners capable of broadening coverage in their markets.

Responsive claims handling