Georgia’s personal auto insurance affordability has significantly worsened over the past decade and a half, making it one of the least affordable states, according to a new report by the Insurance Research Council (IRC) – a division of The Institutes, like Triple-I. The study, Personal Auto Insurance Affordability in Georgia, ranks the state 47th in terms of auto insurance affordability. Only four other … Read more
Michigan personal auto insurance affordability improved markedly after enacting substantial auto insurance reform in 2019, according to a new report by the Insurance Research Council (IRC) – like the Triple-I, a division of The Institutes The study, Personal Auto Insurance Affordability in Michigan, found that personal auto insurance expenditures accounted for 1.9 percent of the median household income in Michigan in … Read more
Several metrics that influence auto insurance premium rates are starting to improve, but it will take time for these improvements to be reflected in flattening rates, according to a recent Triple-I Issues Brief. Direct premiums written and underwriting profitability improved dramatically in 2023. Additionally, 2023 net written premium growth of 14.3 percent is the highest in over … Read more
When you think about domestic violence, insurance typically isn’t top of mind. However, financial security and access to resources can make all the difference to victims when deciding to leave an abusive relationship. And insurance is an important component of financial planning that can help survivors move forward. One frequently hidden form of abuse perpetrated … Read more
Insurers paid $1.12 billion in dog-related injury claims in 2023, according to research by Triple-I and State Farm. The total number of dog-bite and related claims was 19,062 in 2023 – an increase of more than 8 percent from 2022 and a rise of 110 percent over the past 10 years. However, the average cost … Read more
Amid rising inflation and market fluctuations, independent insurance agencies keep on finding themselves grappling with intensified challenges stemming from a continuous cycle of economic uncertainties, geopolitical headwinds, environmental challenges, and capital constraints. These challenges can be squeezing profits. But opportunities exist as well. These new challenges call for new capabilities but also opportunities for growth. … Read more
Successful sales go beyond just closing a single deal. It involves building strong, long-lasting relationships with clients that provide mutual benefits over time. Technological solutions like AMSs and CRM software can be valuable tools in this process. These applications help you manage and nurture client relationships effectively, leading to better retention and growth opportunities for both … Read more
Insurance agencies once focused primarily on assessing risks, underwriting policies, and managing claims. However, the landscape has shifted dramatically. Today, agencies face an equally critical challenge: customer retention. With customers having numerous options and the ability to switch providers easily, the stakes are higher than ever. This shift in focus is driven by the realization that … Read more
Let’s talk about something that’s been a game-changer for the insurers today e-signatures. Remember the days when getting a policy signed meant printing out reams of paper, playing phone tag with clients, and praying that the postal service wouldn’t lose your important documents? Well, those days are going the way of the fax machine, thanks to … Read more
