New to Insurance? Here’s Three Reasons Why You Should Stay the Course

New to Insurance? Here's Three Reasons Why You Should Stay the Course

This post is part of a series sponsored by AgentSync.

New to Insurance? Here’s Three Reasons Why You Should Stay the Course

Ask any insurance industry veteran and they’ll tell you it’s a career worth having. Whether they own an independent agency, work as a producer for a larger brokerage, manage and service accounts, process claims, or any of the dozens of career paths within the insurance industry, most agree this tight-knit field makes a good professional “home” for those who land in it.

Of course, like any field, there will be ups and downs. It can be discouraging at the start to feel like a tiny fish in a huge pond who isn’t getting their share of the algae flakes. Let’s just assume for a minute you actually want algae flakes. You’re a fish – just go with it.

Despite its excellent reputation with long-timers, the insurance industry is

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3 life insurance underwriting predictions for 2023 | Insurance Blog

As the insurance industry continues to navigate the pace of change, complexity and uncertainty in our world, consumers continue to respond, expecting companies to be more responsive to their needs. This year’s underwriting predictions offer guidance on how carriers can respond faster.

1.  Evolving cognitive technologies will help insurers capture opportunity from more discrete market segments

Technological advances in AI and data analytics are helping insurers further refine market segments. As these more discrete segments grow, so too does the opportunity for insurers to address them with new products and services offered through a wider range of digital distribution channels. One such channel is embedded insurance—placing insurance in the customer journeys of non-insurance companies—for example, offering life insurance during the process of applying for a mortgage.

New cognitive insurance platforms underpin these new products and distribution channels providing life carriers with a way to capture that opportunity, and as

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10 Compliance Department New Year’s Resolutions Worth Keeping for 2023

10 Compliance Department New Year's Resolutions Worth Keeping for 2023

This post is part of a series sponsored by AgentSync.

Happy New Year! You’ve enjoyed the end of the holiday season glut. Now you’re looking for ways to tighten up those processes, and what better way to start your year off right than with compliance resolutions?

Sure, 99 percent of resolutions fail (or some other made up statistic, probably). But with AgentSync’s help, these are simple to keep, and they’re worth the effort!

It’s time. Strike a new pose, turn over a leaf, and buckle up, because here are the best compliance resolutions for the coming year for those of us tasked with maintaining producer licenses or appointments.

Without further ado:

1. We will not pit compliance against recruitment and sales

Silos! Silos everywhere! Data silos are turning your compliance and recruitment or sales teams into a modern day Capulet vs. Montague face off. You know how it goes. A

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Has Sarbanes-Oxley Made Insurance Riskier?

The Sarbanes-Oxley Act of 2002 (SOX)—named for its chief sponsors, former Sen. Paul Sarbanes (D–Md.) and former Rep. Mike Oxley (R–Ohio)—was intended to restore trust in the transparency of publicly traded companies after the collapses of WorldCom and Enron Corp. revealed that their auditors had certified financial reports that overstated the firms’ assets and massively understated their liabilities.

But, of course, “transparency” isn’t quite the same thing as prudential safety and soundness. In the insurance space, more specifically, transparency doesn’t necessarily equal solvency.

A new paper from Martin Grace of Temple University and Juan Zhang at Eastern Kentucky University looks at how property and liability insurers have responded to the enhanced disclosure and attestation requirements, both of SOX itself and of new auditing rules subsequently adopted by state insurance regulators. The latter were closely modeled on SOX, but also applied to nonpublic insurers, primarily mutuals.

They reach a counterintuitive conclusion:

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Riding the Waves of Insurtech

This post is part of a series sponsored by AgentSync.

The evolution of technology in any industry follows a similar pattern. Transformation doesn’t happen overnight. Rather, we see a progression from infancy to maturity in the way an industry uses the tech at its disposal. At the same time, the actual capabilities of technology keep progressing so that what was “cutting edge” one day soon becomes standard, and there’s room for the next innovation to take its spot as the latest and greatest.

According to AgentSync’s Co-Founder and CEO Niji Sabharwal, the insurance industry is at an inflection point. As the major players in the industry have reached a moderate, baseline level of digitization (expedited by the necessity of a more distributed, remote workforce thanks to COVID-19), the next wave of insurance technology (insurtech) can begin to take hold. We’ve seen this progression happen more quickly in other

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