All the News You Might Have Missed: August 2020

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Running an agency is hard, busy work. And let's face it, most of aren't spending our free time reading the news. Here's a quick recap of some important stories that may have passed you by.
dog in sunglasses reading new & trends in the newspaper

 

Companies Risk Losing More Than 40% of Annual Profit on Supply Chain Shocks: McKinsey

Insurance Journal: “According to the report, the five sectors that are most exposed to a set of six shocks account for some $4.4 trillion in annual exports, or about a quarter of global trade. Those industries are communications equipment, apparel, petroleum products, transportation equipment and mining. The least exposed are food and beverage, pharmaceuticals, fabricated metal, wood products and medical devices.”

Challenges and solutions in streamlining the P&C claims experience

PropertyCasulaty360: “To compete with customer-oriented disruptors, insurers need to step up their game and provide intuitive, user-friendly, and fully digital claims processes.”

CT Residents Warned About Repair Scams After Tropical Storm Isaias

Insurance Journal: “After past significant storms and weather events, Connecticut residents have reported individuals, some claiming to work for utility companies, going door to door offering to reconnect electric power, repair roofs, remove trees or do other work in exchange for cash.”

How COVID-19 Litigation Is Evolving In Massachusetts

Agency Checklists: “COVID Coverage Litigation Tracker (“CCLT”) is an insurance law analytics tool created by Insurance Law Analytics (“ILA”), a project run by Professor Tom Baker and the University of Pennsylvania Law School … As of August 9, 2020, the CCLT website lists 868 cases in federal and state courts throughout the United States. Of that number, fifteen (15) of them have been filed in Massachusetts courts. Inspired by the work of Professor Baker and the CCLT, the following are some of the insights extrapolated from this data with respect to pending Massachusetts cases.”

Steep homeowners insurance rate hikes on the way in Florida

WPTV: “Claims from Hurricanes in 2017, 2018 cited for multi-million dollar losses to insurers”

Why InsurTech matters more than ever

PropertyCasualty360: “InsurTech has also provided much-needed agility to deliver value at every stage of the insurance claims lifecycle. However, its promise goes well beyond the pandemic. If implemented, technology solutions like field management software have the power to transform service experiences and provide up to 12 times annualized ROI for property and casualty providers and third-party administrators.”

Vertafore Acquired by Roper Technologies in $3.5 Billion Deal

IA Magazine: “Last week, Vertafore announced that it will be acquired by Roper Technologies, Inc. a leading diversified technology company, in a $5.35 billion deal.”

4 tips for insurance agencies to market with LinkedIn

PropertyCasulaty360:  “How agents can take advantage of the social media channel that generates the highest visitor-to-lead conversion rate.”

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About Renaissance Alliance

Renaissance Alliance is the premier alliance for independent property casualty agencies. Founded by agents for agents in 1999, we are a pioneer in agency groupings, offering far more than expanded markets and profit share. Distinct from agency aggregators, we provide state of the art technology solutions, a full-time staff of more than 90 industry experts and a proprietary agency growth acceleration process that delivers superlative results.

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