This past year, new risks are emerging that are affecting insurance agencies. According to a McKinsey & Co. report, “... while insurance as an industry may be slow to change, its risk environment is not.” Amid the developing risks in the digital realm, the...
The rise of artificial intelligence has been swift, with the industry transforming from mere stuff of sci-fi fantasy to a multi-billion-dollar industry seemingly overnight. Today, AI plays some role in nearly every aspect of our lives—from the health care we receive,...
The iconic New York City skyline is renowned for its dazzling lights, towering skyscrapers—and unfortunately its unsightly construction cranes and scaffolding. On July 26, 2023, a crane—situated atop a 45-story building in Midtown Manhattan—abruptly caught fire and...
Typically, any service provider’s emotional state influences the outcome of that service interaction. Ensuring emotionally positive points of connection are among the best predictors of customer loyalty. Have you considered your insureds’ criteria to evaluate positive...
There are many outstanding questions about what the coming months and year may bring for the independent agent given the economic uncertainty over the last 18 months. The M&A world wants to be able to answer the following: Will M&A activity pick up steam in...
You are probably familiar with the turn of phrase Don’t shoot the messenger. It means not to blame the person delivering a message for the content of that message. Often, I think that all insurance agencies should have that sign up in their lobby or on their website,...
The New York State Department of Financial Services published a revised proposed second amendment to 23 NYCRR 500—colloquially referred to as New York’s cyber security regulation. The publication of the revised second amendment comes over six months after the...
Volume in the merger and acquisition sector has declined 48% in comparison to Q1 of 2022, and it has declined 27% from Q4 of 2022 according to insights from Dealogic. For many independent agents, M&A is an integral part of their growth strategy, offering a...
Globally, mergers and acquisitions have slowed dramatically as many independent agents question the benefits of M&A as a growth strategy in 2023. Activity is down by a staggering 45% from Q1 of 2022 to Q1 of 2023—and a whopping 60% from Q1 of 2021 to Q1 of 2023...
As the world becomes accustomed to a sharp increase in major cyberattacks and data breaches, cyber insurance is becoming more popular. Cyberinsurance can protect a business if it is held liable for losses suffered if hackers steal customers’ sensitive data. You can...