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Articles by Tony Caldwell
How to master patience in business, invest and spend wisely
Credit: hankimage9/Adobe Stock As I've watched entrepreneurs over the years, I've observed that, while everyone would like to be successful immediately, those who build long term success and wealth often do it over a long period of time. Your access to unlimited PropertyCasualty360 content isn’t changing.
Balancing digital services and human touch
| Americans are divided when it comes to their feelings about the use of artificial intelligence in customer service. A recent survey of 1,000 people from Dynata showed that 54% agreed AI is helpful overall in this context – leaving 46% who think it is overall harmful to the customer service experience.
Who's using what in P&C insurance: September 2, 2024
Insurance technology news from Skyline Insurance, Greystar, Carpe Data and more . (Credit: TippaPatt/Shutterstock) Skyline Insurance has selected EZLynx management system as its business foundation.
Setting guardrails for AI use in P&C insurance
The insurance industry must have this key question answered: How will AI regulation bite insurers in the coming years? (Credit: Credit: john/Adobe Stock) The promise and potential of AI for the insurance industry goes well beyond the prosaic (such as automating repetitive tasks in areas such as customer service). Insurers are extending AI to more complex processes that financially impact consumers, including underwriting and claims.
How organizations can fight phishing and social engineering
It is no secret that 68 percent of breaches stem from one thing and one thing alone — social engineering. (Credit: jirsak/AdobeStock) The cyber threat landscape is so vast and complex that it often leaves security teams feeling overwhelmed, uncertain as to where to apply limited resources.
These are the tech tools winning over insurance agency owners
Agencies with at least $500,000 in revenue can benefit from easily unlocking the riches contained in the data hiding in their agency management systems. (Credit: Wright Studio/Shutterstock.com) The entrepreneurial business owner's mantra must always be "bigger, faster, cheaper, better" if they are to avoid the trap of becoming static, out of date and ultimately less profitable.
Reigniting resolve to navigate the hard market, unlock growth
When you are struggling to find coverage for clients at affordable prices, it can be easier to recognize the clients you probably shouldn't be writing anyway. It might make sense to jettison the unreasonable, the ungrateful and the unpleasant in times like this. Credit: OleCNX/Adobe Stock Last year, the American Property and Casualty Insurance Association said we were in the hardest market for property insurance in a generation. They were right.
National Association of Realtors Settlement Announcement May Have Sweeping Implications
The homebuying market as we know it is about to see sweeping changes. On Friday, March 15, 2024, the National Association of Realtors (NAR) announced a settlement with groups of home sellers, agreeing to end antitrust lawsuits against it. The NAR is going to pay $418 million in damages and eliminate rules on commissions. This agreement will change the current homebuying and selling model when using a real estate agent. On October 31, 2023, a jury verdict in Burnett v.
The Handoff: Making agency life more appealing to upcoming generations
As a salesperson as well as a mentor of younger professionals, I find the most powerful question I can ask is “What do you want?” With the answer to that question, I can often offer a solution. Credit: Gorodenkoff Productions OU/Adobe Stock During the past 10 years or so our industry has been involved in an intense effort to determine how to replace the current generation of leaders and employees in our insurance agencies.
Unplugged: How moderating tech use can improve productivity, effectiveness
The use of multiple screens in our businesses is commonplace based on the practice of having email applications open all the time while working on the other screen reviewing data, preparing proposals, creating applications and other tasks. But the frequent email notifications interrupt us, distract us and lengthen our workdays as a result.
Roadmap to results: 4 tips to drive agency success through accountability
A great mentor is likely someone who has been on a similar entrepreneurial journey and is willing to share experience, and unlike virtually anyone else, can empathize with the struggles of running a business like yours. Perhaps the most value a mentor brings to the table comes in the form of accountability. A good mentor is someone who won’t let you give up, change direction out of frustration or renege on commitments.
Looking to replace retiring talent? Hire them again
The insurance agency owner’s problem with changing demographics is in some ways worse than other business owners across other industries because of the highly personal and technical nature of insurance sales. (Credit: freshidea/Adobe Stock) The average baby boomer retired last year and in just seven short years, they will all be over age 65, according to the U.S. Census. This has a variety of implications for insurance agencies. How will this change their client base and their needs?
Operational excellence is key to navigating tricky year ahead for agencies
In the short run, agency operating income should increase as commissions follow the upward trend in premium increases. This will be balanced by a generally negative outlook on carrier profitability and contingent income for agencies. Agencies that don’t depend on contingent income will be generally better positioned.
Getting your mojo back: Consider these 5 questions to boost business
Most of us who are agency owners are excellent salespeople. We love that role and we invest significant amounts of time and money honing our sales skills. Do you have a similar commitment to improving your management skills? If you want your business to continue to grow year after year, this is just as important as developing your sales skills.
Looking for agency growth? Hone your business skills, not just sales skills
Many businesses offer “loss leaders” to introduce themselves and their capabilities to new customers. Many agencies do something similar when they agree to write only one line of business for a customer. This can be a great strategy, but only if you can track progress. In a year or two, your tracking should show you’ve picked up additional lines of business to make the account profitable.
Keeping your agency on solid ground a time of high inflation
At mid-year 2022, carrier losses in property lines, especially auto, continue to worsen. (Credit: Devon Yu/Adobe Stock) When I look at the current inflationary environment in the United States, I’m reminded of a favorite nursery rhyme from childhood that ends, “All the king’s horses and all the king’s men couldn’t put Humpty together again.” I’m growing increasingly concerned that “Humpty Dumpty” is the property and casualty industry.
Tale of two business owners: Choosing the path to a successful agency sale
The owner who is now enjoying a better retirement also enjoyed a higher income overall in the years before selling, than did the other owner. He accomplished both things because he ran his agency as a business in a very disciplined manner. (Credit: 1STunningART/Adobe Stock) I recently spoke to two agency principals, who had signed letters of intent to sell their agencies.
Tale of two agents: Choosing the path to a successful agency sale | PropertyCasualty360
The owner who is now enjoying a better retirement also enjoyed a higher income overall in the years before selling, than did the other owner. He accomplished both things because he ran his agency as a business in a very disciplined manner. (Credit: 1STunningART/Adobe Stock) I recently spoke to two agency principals, who had signed letters of intent to sell their agencies.
Challenges and opportunities for insurance agents in 2022
Last year (2021) taught insurance professionals that the COVID-19 pandemic is not a short-term phenomenon. This new way of life includes significant and permanent economic, political and social changes. (Photo: Adobe Stock) The COVID-19 pandemic created permanent changes in the way we will live, work and operate our businesses for years to come.
Agents can leverage tech to tap new niches, broader geographies | PropertyCasualty360
Commentary Video conferencing and new marketing tactics are changing how insurance agents will define their marketplace. The combination of widespread ‘Zooming’ and effective marketing now mean that agents can define to a greater degree than ever the kinds of prospects and clients they serve.
Why now is the time to start an insurance agency | PropertyCasualty360
While the current economic environment is creating many challenges, it is also rife with opportunities. (Photo: Shutterstock) The instant recession created by COVID-19 is regularly compared to the Great Depression of the 1930s, at least in terms of economic contraction. While there are many differences, one thing is always true in times of economic turmoil and destruction, and that is significant economic opportunity for those with the preparation, mindset, and courage to take advantage of it.
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