Three Ways Insurance Companies Need To Rethink The Role Of Agents

Founder and CEO of SmartFinancial.com: on a mission to make the insurance buying process more efficient.

It used to be that if you asked someone who they’re insured with, they’d give you their insurance agent’s name. Billions of dollars in advertising later, people now name their carrier and barely remember the agent that signed them on. Meanwhile, the brick and mortar agencies are waning in importance, and companies like Nationwide are moving to a virtual workforce model. In my role as a CEO overseeing an insurance-technology platform, I’ve observed one thing that remains the same despite all the confusing shifts over the past few decades: Insurance agents are still the primary sales channel for insurers.

Even though carriers can communicate directly with consumers at a lower cost, insurance agents who bring profitable business to carriers are a valued and integral part of the insurance distribution chain. Here’s how future

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The Best Insurance Companies In Every State 2020

When the Coronavirus pandemic forced millions of Americans to work from home to curtail the spread of the virus, cars sat idle in garages and the U.S. economy ground to a halt. There was one silver lining: Traffic and traffic-related accidents plunged.

San Antonio, Texas-based USAA Insurance, America’s fifth largest property-casualty insurer, used the sudden change in driving patterns and accident logs as a cue to return money to its policyholders. In 2020, USAA has returned over $1 billion to its policyholders through “auto insurance dividends,” which are helping to keep

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Guatemala’s ex-economy minister charged in money-laundering scheme involving Miami companies

MIAMI – Former Guatemala economy minister regularly received backpacks, duffel bags, and briefcases full of dirty money, according to the U.S. Attorney’s Office for the Southern District of Florida.

At least two Miami companies, a Guatemalan bank, banks in the U.S. were involved in the $9.5 million money-laundering scheme, according to FBI Special Agent Paul J. West.

“During holiday season, cash was delivered clandestinely in boxes of liquor designed to look like holiday gifts,” West said during a deposition.

Acisclo Valladares, a Guatemalan attorney who studied at Georgetown University, was sworn in as the Central American country’s economy minister in 2018.

the 44-year-old son of Guatemala’s ambassador to the United Kingdom and a father of four, knew the money came from narcotrafficking and used it to help bribe corrupt politicians in Guatemala, prosecutors said.

Valladares’s demand for bribe cash “was allegedly so great, he allegedly once remarked to a co-conspirator

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What Does the Success of Lemonade and Other Insurtech Companies Mean For the Future of Insurance?

By Rashik Adhikari

In a world where COVID-19 cases are rising by the day, having the right and adequate personal insurance is more critical than ever. Because of COVID-19, the risks around us are heightened but our risk tolerance is low. We all are thinking about ways to better protect what we love, including what insurance to buy. As the world around us changes with social distancing in effect, so does the way we buy and manage personal insurance.

The process of buying insurance is transforming and insurance brokerages need to evolve to meet today’s consumers where they are: at the intersection of ease and transparency. Companies like Lemonade have figured out how to harness the power of tech to reshape the way consumers experience and purchase insurance so that the process is simple, intuitive and empowering.

One of the most salient representations of such transformation of the insurance industry

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UK Companies and Shoppers Send Recovery Signals for Economy | Investing News

By Andy Bruce and David Milliken

LONDON (Reuters) – British businesses have reported their fastest upturn in five years and shoppers pushed their spending back to near pre-lockdown levels, a survey and data published on Friday showed.

An early flash reading of the IHS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI) shot up to 57.1 in July from 47.7 in June, above the 50 threshold for growth for the first time since lockdown began in March.

The figure, its highest since June 2015 and above the euro zone’s reading for this month, was better than all forecasts in a Reuters poll of economists.

The surge suggested Britain’s economy would return to growth in the third quarter after shrinking by more than 25% in March and April, Chris Williamson, chief business economist at PMI compiler IHS Markit, said.

“Even with the July rebound, there’s a long way to go before the

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