The traditional business model in the insurance space was long overdue for a makeover. Antiquated sales and marketing approaches, manual data collection and processing, laborious underwriting, and sluggish timelines had been par for the course in the industry – until the arrival of a series of new technology tools. For those producers operating within this … Read more
Technology, by design, is intended to boost efficiencies, enhance capabilities and otherwise improve our lives. When appropriately applied to certain industries, such as insurance sales, technology can deliver strikingly-beneficial results for all involved – including buyer, producer and business. The influence of technology in the insurance industry should be obvious in certain ways – think … Read more
The nature of small business has changed dramatically. It has grown broader, encompassing a much larger portion of the working population than it once did. Although the traditional mom-and-pop shop still exists mostly as we remember it, it has been joined on “Main Street” by a diverse array of other small-business models and trades – … Read more
Corporations and many midsize companies are structured and categorized with insurance in mind. Businesses with generational know-how and deep resources employ professionals – sometimes entire departments full of them – to accurately determine and even reduce liability across what are often wide networks of hundreds and sometimes thousands of employees and outlets. Contrast that with … Read more
We can all easily understand the importance of selecting the right tool for the job. A data analyst has no use for a cement mixer, just as a landscaper won’t get much done with a slide rule. The same goes for people who buy insurance – and for the brokers who sell them coverage policies. … Read more
The way work gets done in the United States – or, more specifically, how Americans engage with work – looks very different than it did just a short time ago. Freelancing, independent contracting and gig work have become as much a part of the employment landscape in recent years as full-time and part-time work. According … Read more
The growth of the gig economy is in hyperdrive: The number of independent contractors in the U.S. increased by 34 percent from 2020 to 2021 – more than 13 million Americans joined the gig economy in a single year. And it’s unlikely that those figures are a pandemic-driven anomaly: More than half of the U.S. … Read more
Gig workers already make up a massive portion of the U.S. workforce – 57.3 million people, or 36 percent of all American workers, according to one estimate. What’s more, it’s growing fast – three times faster than the total workforce. And as the gig economy grows, it must evolve. One area where it has fallen … Read more
The way American workers think about work and their relationships with employers has shifted dramatically in recent years. Rather than classifying employment as either full-time or part-time work, there are now a number of overlapping categories and concepts that may not be easy to define. This includes gig work. Put in the simplest terms, the … Read more
Maximizing Revenue: Unlocking the Power of Faster Underwriting for Brokers The insurance industry is currently undergoing large-scale and rapid-pace change. There was a time when agencies would track down relevant data sets by hand, analyze and assess risk manually and build client quotes with little more than a spreadsheet and calculator. The embrace of automation … Read more