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Jul 15
Industry Roundup: July 15, 2021

LIBERTY MUTUAL AGREES TO BUY STATE A​​UTO IN $2.29 BILLION DEAL

Liberty Mutual Holding Co. agreed to buy State Auto Financial Corp. for about $2.29 billion in cash, adding roughly 3,400 independent agencies in 33 U.S. states. Liberty Mutual is owned by its policyholders and is one of the more acquisitive insurers with that structure.

 

HOW INSURANCE AGENCIES​​ FIND SALES TALENT IN SMALL MARKETS

Small markets pose a unique challenge for agencies looking to grow. You have more options than just the “born and bred" hometown producer, including newbies, out-of-industry converts and returning home stories. Learn some strategies that may help.

 

PREMIUM FINANCE:  IS THI​​S THE NEXT GREAT OPPORTUNITY FOR INSURANCE AGENTS?

As businesses and individuals begin to come out on the other side of the COVID-19 pandemic, it's a good time for insurance agents to consider starting their own premium finance company - especially those that do a lot of business with certain industries.

 

HIGHER LUMBER PRICES – WHAT IMP​​ACT DO THEY HAVE ON INSURANCE?

When the full scope of the pandemic's impact was felt, most people assumed a massive slowdown of the economy would mean fewer construction and renovation start-ups, leading to lower prices for lumber amid lessening demand. It didn't quite work out that way.

 

P/C INSURERS DEFEND ​​RANSOMWARE REIMBURSEMENTS IN NEW CYBER PRINCIPLES

The nation's largest property/casualty insurance organization is defending ransom payment reimbursements by insurers in a new set of principles stressing that the insurance industry wants to partner with government and business to improve cybersecurity.

 

UNRAVELING THE MYSTE​RY OF THE MIAMI BUILDING COLLAPSE

There is inescapable liability exposure to unit owners, individually and collectively, as members of the homeowner's association. There may have been complaints to the association of suspicious movement or cracking within the structure. Those complaints may have been ignored or studies may have been commissioned. The results of those studies concluded in reports that may exist (and they will be found) addressing dangerous conditions and urging corrective action that should have been acted upon.

 

700 MILLION LINK​​​​EDIN ACCOUNT DETAILS DISCLOSED ON HACKER FORUM

A hacker forum is auctioning off the information of 700 million LinkedIn users. The stolen dataset was posted on the RaidForums hacker site on June 22. Cybersecurity website PrivacySharks analyzed the dataset and reported in a blog post that it contains information such as users' full names, gender, email addresses, phone numbers, and industry information. If your agency is on Linkedin, be sure to update your password.

 

HOW TO KEEP YOUR INSURANCE AGENC​​Y'S DATA SECURE

Learn the most important factors that insurers consider when determining a “good" application for cyber insurance. As it turns out, these factors also form the building blocks for ensuring your own agency's resilience to today's cyber threats.

 

COMMERCIAL INSURANCE TO SEE ​​8.5% CAGR THROUGH 2028

The worldwide commercial insurance market is anticipated to see a compound annual growth rate of 8.5% by 2028, reaching a value of more than $1.22 trillion, according to Valuates Reports. The market was valued at $692 billion in 2020.

 

DIVE INTO INSURTECH FUTURE, AGENCY DA​TA AND MORE

Don't miss learning about the future of technology in business, the role of agency data to direct decisions, how to combat cybercrime, and more at Agency Nation's Elevate Trilogy Part Two: Data. understand the focus on data and technology, the big role it is playing today, and how it will unfold in the future. This event is FREE to all Big "I" agency members.

 

CUSTOMER EXPERIENCE WEBI​NAR SERIES

The Agents Council for Technology (ACT) and supporting ACT member, SimplePin, are teaming up for a three-part webinar series designed to help your members give clients the best possible customer experience (CX). On July 13 at 1 p.m. ET, Part One will delve into the discover and evaluate stages. This first session will deliver insights and action steps that members can apply to ensure their agency's digital presence is found and favorably viewed by potential customers.​​


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