Mosaic General Partnership’s Post

"AGH!!! MY INSURANCE RATES WENT UP AND I DIDN'T DO ANYTHING!!" -Every client of ours when their renewal comes around. You may be saying this exact sentence to yourself right now... In the current hard insurance market, rising rates and stricter underwriting are creating challenges for both agents and customers. A study by Liberty Mutual and Safeco Insurance found that 83% of agents view this as the toughest market in recent memory, and nearly 90% of consumers have experienced rate hikes. (Article Linked Below) This includes a critical communication gap: while agents believe they’re proactively informing clients about market conditions, many customers still feel uninformed. Strengthening agent-client communication is essential for navigating this market and retaining business. ^This is what we strive to do here at RISE: Don't just guess what you have, KNOW what you have.

According to a survey by the National Association of Insurance Commissioners, 71% of small businesses indicated they would have to close or sell if they lost a key employee. That's a pretty alarming statistic, isn’t it? This highlights just how crucial key person insurance is for many small businesses. Imagine losing a vital team member like an owner, founder, or someone with specialized skills, it could be devastating. In fact, it could potentially lead to the closure or sale of your business. But here’s where key person insurance comes in. It provides the financial protection your company needs to recover from such a loss and continue operations while you search for a suitable replacement. Think of it as a safety net that keeps your business stable during tough times. For assistance with key person insurance or if you have any questions, please don't hesitate to contact us. 👉 https://lnkd.in/e7wb-G_8

Was good to share some insight out to our market with this article 

Ever wondered what an insurance underwriter does? Here's your guide to underwriting – what is it, who does it, and why it is important. Chris Quick, Head of Market Management for Steadfast Underwriting Agencies explains. 

Happy Friday to all who follow and see this page. Thanks for hopping on board. We've got exciting news coming soon. See below for another simple Q & A. What is an insurance underwriter? An insurance underwriter is a professional who evaluates and analyzes the risks involved in insuring you (individuals and businesses). Insurance underwriters help establish pricing for accepted and insurable risks. Pricing for an insured varies based on characteristics of the specific risk.

From M&A to exec pay and cat bonds, what really grabbed the attention of the insurance industry this year? A new analysis we’ve conducted in partnership with Slipcase. Follow the link below to download the report.

There are no stupid questions when it come to business security! Feeling lost in the world of business insurance? Don't sweat it! Our Wings experts are here to answer your questions! Drop your questions in the comments below! We can help you! . . Schedule a one-on-one session with us- www.wwingsinfra.com . . #InsuranceExperts #Q&A #AskAnExpert #BusinessInsurance #Wingsinfra

“The Nexsure Insurance Platform has helped our business in many different ways, but the primary one for us is it has really built efficiency for us. In an area where we had a lot of manual processes, we are now much more efficient and have speed-to-market.” Carrie Volp of Jewelers Mutual Group shares firsthand how implementing Nexsure has revolutionized their business operations. Discover how this powerful tool has saved time and simplified processes for their team, allowing them to focus on what truly matters. Don't miss out on this insightful video showcasing the real-life impact of Nexsure in action!

Discover a new way to experience insurance brokerage, where your needs are heard, and solutions are clear and straightforward. With access to a diverse range of underwriters and policies, we're here to guide and support you. Speak to a broker addinsure.com Jayde Mulholland Luke Calderon Andrew Carey Josh Payne

Embracing creative destruction in the insurance landscape 🦾 Excel in a world where we have cognitive tech seems rather counter productive. AI enablement can revolutionise insurance placements and risk selection. Allowing less specialised risk selections to be automated could free up underwriting expertise to focus on specialist risks that require more in depth underwriting expertise. Freeing time and resource could help allocate expertise to the much needed risks that are becoming more difficult to predict and underwrite, such as Nat Cat and Cyber. If allowed, AI will reshape claims, distribution, underwriting and pricing for those carriers and brokers who lessen dependency on archaic data collation. Early adopters could see seismic impacts on productivity and data visibility and gain a competitive edge on emerging risk underwriting, enhancing the customer experience along the way. Carriers that take advantage of the AI disruption and streamline processes with investment could harness the opportunity to develop the tech further to innovate new risk transfer products and deepen the scope of data modelling. According to McKinsey research gen AI Gen has the potential to add up to $4.4 trillion in economic value to the global economy. Of course there are risks associated with new tech deployment but just as Cyber led to new product creation and profit for insurers, Gen AI can lead to a demand for further digital product ideation and thus underwriting profit in response to new risk exposure. A good read. Thanks for sharing. #data #analytics #insurers #genAI