Education Calendar

FLOOD INSURANCE

INTELLAGENTS ™ INSIGHTS FOR INDEPENDENT AGENTS

• BERKSHIRE HATHAWAY GUARD INS. • CELINA INSURANCE GROUP • COLUMBIA INSURANCE GROUP • EVOLVE MGA • FCCI • • J.M. WILSON • KEY RISK | A BERKLEY COMPANY • METHOD INS. • METLIFE AUTO & HOME • OPENLY • SAFEWAY INS. • • STRATEGIC INSURANCE SOFTWARE - PARTNER PLATFORM • SWISS RE LAWYER'S PROFESSIONAL LIABILITY

3 Takeaways from a Decade ...continued from page 8 new ways to protect. Parametric insurance for earthquakes, hail, home system failure, wind, flight delays, website failure, audit coverage and flood has become very important for independent agents. Independent agents can contract with with up-and-coming carriers to add these additional coverages to their current portfolio of offerings.

Many "smart" home devices now offer access to controls that improve risk management

On the path to establishing a relationship as a trusted advisor, the advent of the Internet of Things (IoT) can help reduce the frequency and severity of claims. New technology has emerged, including instruments like water detection devices under sinks and next to water heaters, automatic shut-off valves that detect changes in pressure, doorbell monitors for theft deterrence and sound detection and temperature change detectors for your home. Technology continues to evolve with new devices to monitor every part of our homes and properties.

Through digital transformation, agents can more easily stay on top of any new regulatory modifications, which is critical as regulation regarding the assignment of benefits in certain states like Florida, wildfire coverage availability in California and no-fault mandates in Michigan are all examples of regulations facing changes.

In a short decade, the world has transformed, and our industry with it. There is no more status quo, no more doing business in a manner it was conducted for the last few hundred years. Industry players who are not willing to evolve will unequivocally be disrupted as the momentum propels us all through this age of innovation.

About the Author

Mikhail Palatnik is executive of product management at CoreLogic. Prior to joining CoreLogic, Mikhail had extensive experience with working for large, multi-national management consulting companies including Accenture and CapGemini to deliver complex business and technology transformation programs for Fortune 500 clients. u

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