Over the past year, the COVID-19 pandemic, increasing frequency and severity of ransomware attacks have put pressure on the U.S. cyber liability market, creating an imbalance between coverage supply and demand. Insurance agents need to keep up with the constantly changing nature of technology, and cyber policies are becoming more complicated.

Learn from Independent Agents about the critical need to anticipate and pivot when change demands it. 

InsurTech solutions have definitely changed the way we all do business. However, I encourage you to not consider InsurTech as a disruptor of business as usual, but as a new opportunity to optimize your agency. Here’s what you need to know about this game-changing trend.

I’m going to go where no author has gone before….writing an article about Cyber with no mind-boggling statistics that would scare you, no prattling on about coverages, sublimits, and first or third party exposures. No “inside baseball” talk about loss prevention and breach response being key to every business’s cyber security strategy. Frankly, you’ve heard it all before.

In this business, we handle so much sensitive personal and private financial consumer information that we have to be vigilant about staying on top of cyber security. It is important to always be cognizant of potential threats in order to preserve your clients’ security and that of your book of business. Making sure you are aware of these risks now will save you time and money in the long run.

Over 1,100 new agencies joined the fastest growing agency network in 2021, accompanied by 28% gross revenue growth for the year. For the new year, the company has added two additional sales executives and made some internal organizational changes.

Year In Review

Download the PDF →

There’s no question that COVID-19 drastically reshaped our work lives – and many of the changes are here to stay. As we emerge from this time of uncertainty and start planning for 2022 and beyond, it’s clear that workplaces cannot return to “business as usual.” Future-thinking insurance agencies are adapting the way they attract and retain talent, build cultures, and lead their teams.

Small commercial is still largely controlled by independent agencies, is reliably profitable, but highly fragmented. Even the “titans” of the industry have less than 10% market share. In short, small commercial is ripe for the taking. Sounds great, right? 

Tim had survived his first year in sales. Actually, Tim had done more than just survive. At the end of his first year, he was the number two agent at the agency. Out of 26 other agents, that was an impressive accomplishment. Yet he was troubled. There was a secret he had not shared with his manager nor his fellow agents. In fact, he had hidden it from all of them.