Industry Trends

The annual contest provides teams of students with the opportunity to gain valuable insurance experience and networking opportunities.

The billions invested in property-casualty InsurTechs last year is a sign that this sector of the industry will continue to grow, especially in the post-COVID-19 world.

On Tuesday, Liberty Mutual and Safeco Insurance announced the winners of the 2020 Agent for the Future Award, which included several Big “I” members. The award celebrates agencies that are leading the way into the future.

A study released this week by J.D. Power in alliance with the Big “I” highlights consumers’ need for a more personalized approach and areas in which independent agents need to up their game in order to remain competitive.

A Big “I” survey of association member agencies reveals the pandemic continues to have a significant impact on day-to-day operations.

Today, Nationwide released results of a survey that pinpoints opportunities for agents to help strengthen and grow their business in the current environment.

In response to COVID-19, Liberty Mutual announced updated guidelines for their 2020 commercial lines profit-sharing agreement and will waive the 10% written premium growth requirement to earn a profit-sharing bonus.

The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.

The second quarter of 2020 saw rate increases in the composite property-casualty sector as well as most other sectors. Meanwhile, personal lines rate increases remained steady at 3.5%.

On July 1, Nationwide made history by completing its transition to operate as a fully independent agency carrier.