Employment in insurance: Number of US agencies on the rise

Insurance Business America | May 10, 2019

The potential demise of the traditional insurance agent is a topic of constant debate in the insurance industry. New technologies are spreading like a plague, offering efficiency gains and potential cost-savings across all links in the insurance value chain. In that increasingly busy playing field, it’s the insurance agents and brokers who are feeling the brunt of the disintermediation hype … but employment data from the Insurance Information Institute (III) suggests intermediaries are so far managing to buck that trend. According to the III, the number of insurance agencies and brokers in the US has increased from 653,300 in 2009 to 825,200 in 2018. This increase suggests there remains enough confidence in the US agent and broker distribution channel to continue opening and offering new businesses.

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INSURANCE TECHNOLOGY

Cannabis Insurance Company TRICHOME Announces Organizational Changes and Improvements in Dispensary Product

TRICHOME | June 06, 2022

Attender Underwriting Managers dba TRICHOME, a managing general agency, with the only cannabis dispensary insurance product endorsed by the National Cannabis Risk Management Association, today announced new initiatives designed to improve its ability to offer its unique products to a cannabis marketplace in need of broader solutions. Jeffrey C. Conway will assume the combined role of CEO and President of TRICHOME. Conway is currently the CEO and a founding member the company with over 30 years of underwriting, reinsurance, wholesale, program, and captive management experience. He replaces Rocco Petrilli who served in a role as interim president before accepting the role of CEO and president of National Cannabis Risk Prevention Services (NCRPS). Conway is joined by Thomas Cioletti, who was recently promoted to Vice President of Underwriting and Operations. Together they lead a team that builds, underwrites, launches, and manages property and casualty insurance coverages focused solely on cannabis. TRICHOME has upgraded its dispensary offering to "A" rated paper and continues to make improvements to its easy-to-use agent platform and extremely user-friendly application process. TRICHOME features extensive risk management and loss control, broad coverage enhancements, a proprietary property rating systems that rates perils from a single point geographic location, and a pseudo-Insurtech approach to dispensaries, which enables their team to turn quotations around within 24 hours. "We are wildly excited about the future and extremely thankful to Rocco Petrilli for his leadership and brilliant approach to truly risk management-based insurance products", stated Conway. "We will continue the vision to build and offer risk management and insurance that promotes the long term sustainability needed in the cannabis marketplace."

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RISK MANAGEMENT

Sky Wolfe joins Fast-Growing Newfront's Northwest Team

Newfront | January 06, 2022

Top risk consultant Sky Wolfe is the latest addition to Newfront, a tech-enabled, full-service brokerage based in San Francisco, CA. As Assistant Vice President and Producer, Sky will serve clients in the Real Estate and Development, Construction, Architects and Engineers, and Manufacturing industries. "We are thrilled to welcome Sky, as we continue expanding our Newfront Pacific Northwest team, with his unparalleled record of service, His high level of expertise, effective leadership, and proven results in developing effective risk management solutions for clients builds on Newfront's strong value proposition." -Newfront Chief Sales Officer Garth Hamilton. Sky, who is based in Portland, Oregon, joins the company from Parker, Smith & Feek and brings more than a decade of experience in working with top global firms. He says that Newfront intrigued him due to its unique combination of insurance brokerage services and technology. About Newfront Newfront is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform. Transparent data delivered real-time translates into a lower total cost of risk and greater insights. Newfront makes insurance work for you.

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INSURANCE TECHNOLOGY

Insurance King Acquires Two Insurance Agencies in IL: Vic Bernardi Insurance and The Insurance Center

Insurance King | January 17, 2022

Insurance King has announced the rebranding of the two insurance agencies they have purchased in Illinois. Vic Bernardi Insurance Agency located in Chicago Heights, IL established in 1985 primarily known for personal auto and SR-22 insurance filings will be the first Insurance King physical location in the Chicagoland Area. This location also services policies in Northwest Indiana. The office located at 710 Lincoln HWY Chicago Heights, IL 60411 is currently open during the remodeling process. The Insurance Center located in Decatur, IL established in 2009 provides auto, motorcycle, renters and SR-22 insurance. This office has relocated into the newly remodeled Insurance King at 255 E Grand Avenue, Decatur, IL 62521. Insurance King founded in 2001 is headquartered in Rockford, IL offering affordable Auto, Motorcycle, Renters, and SR-22 currently in CO, IA, IL, IN, KS, MO, MS, OH, TN, TX, and WI. Insurance King is a sponsor of NASCAR driver Josh Bilicki.

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INSURANCE TECHNOLOGY

New Industry Initiative Launches to Advance Racial Diversity and Equity

Insurance Information Institute | April 28, 2022

The Black Insurance Industry Collective (BIIC), a newly-formed non-profit organization affiliated with The Institutes, today announced its launch. The BIIC is focused on accelerating the advancement of Black insurance professionals. BIIC's mission is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals. The group will provide customized programs that address the unique needs and experiences of these professionals to tangibly improve the representation of Black insurance industry talent. This initiative, created under the leadership of four insurance industry diversity and human capital leaders, has been two years in the making, and included input from over 50 participants from insurance, talent development, and academia. BIIC will partner with the University of Virginia Darden School of Business to create a specialized leadership development program focused on developing skills necessary for career progression. The leadership program at Darden, part of BIIC's suite of offerings, will provide insurance professionals with the benefits of a supportive community of colleagues. Insurance is an ever-changing industry. No one should have to navigate it alone. With a strong network of peers who share similar interests, BIIC offers the support to learn from executive leaders in the insurance industry while developing critical skills through our strategic partnership with the Darden School of Business at The University of Virginia." Ronald Reeves, Chief Diversity Officer at AIG. The Institutes are excited to contribute to the formation of the BIIC as part of our overall DEI initiative. We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk management and insurance community." Peter L. Miller, CPCU, President and Chief Executive Officer of The Institutes. A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African-American Insurance Professionals. BIIC is built from the ground up by insurance leaders, We are focused on spotlighting top talent to key leaders and insurance industry role models who share similar cultural experiences." Susan Johnson, Chief Diversity, Equity & Inclusion Officer at The Hartford. Obstacles for Black insurance professionals are greater than for other people of color, according to the Marsh study. These obstacles impact individuals and have far-reaching business impacts. Black employees are also nearly twice as likely as other people of color to perceive their race will make it harder to achieve their goals, according to a recent study by McKinsey, Race in the Workplace: The Black Experience in the U.S. Private Sector. This initiative was named as a collective because we believe we can achieve more together than separately, We seek to address the unique, cultural, mental, and psychological experiences and challenges encountered by Black insurance professionals in achieving their career aspirations." Ivy Kusinga, Chief Culture Officer at Chubb. BIIC is committed to empowering and positioning Black professionals to lead and inspire excellence across the industry by bringing together top talent, mentors, sponsors, and allies, Although we have more work to do, by working together, we can equip leaders with a developmental roadmap, putting them on a path to success." Tony Steadman, Managing Director, Accenture. BIIC invites organizations to join as Founding Year Sponsors in order to grow this critical program. Sponsorship will facilitate funding for BICC's key education and leadership development initiatives.

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Spotlight

We know insurance can be awfully confusing. But benefits can be very beneficial. So, to make sure you’re getting the most out of your plan, we’re breaking down the insurance lingo with this easy-to-follow infographic.

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