Bruce Bentley

  Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success. Insurance buyers who are enthusiastic about discussing risks and coverages regularly, not just begrudgingly once a year. Customers who are eager to share data on safety and performance. Or customers who view insurance not as a cost but as a revenue builder. These insurance customers do exist. Some of them come from the sharing economy and three of them recently shared their experiences with insurance in a Lloyd’s of London webinar titled The Sharing Economy. Host Rosie Denee, Innovation and Thought Leadership manager at Lloyd’s, stressed how the pandemic has recalibrated the sharing economy of independent contractors, entrepreneurs, service providers, drivers, property owners, renters, riders and buyers and the technology platforms they love. “Companies have had to adapt to cha...

  Edison, NJ - (SBWIRE) - 04/05/2021 - The latest update of the Global Small Business Insurance Market study provides comprehensive information on the industry players' development activity, growth opportunity, and market size for Small Business Insurance analysis by key segment, leading and emerging Actors and Regions. The 110-page study includes the detailed business review of each profiled player, their full research, and market development history with the latest news and press releases. The study helps identify and track emerging market players and their portfolios, improve decision-making skills, and develop effective counter-strategies to gain a competitive advantage. Some of the high-profile players/parts of the study coverage are CPIC, AIG, AXA, Allianz, Marsh USA Inc., Westfield, Allstate, Liberty Mutual, USAA, and Liberty Mutual. The HTF Market Intelligence study examined more than 15 countries with a detailed data layout from 2015 to 2026 and nearly 12+ regional ind...

  Global commercial insurance prices rose 18% in the first quarter, according to Marsh's latest Global Insurance Market Index. This follows an average annual increase of 22% in the fourth quarter of 2020 and 20% in the third quarter of 2020. The first quarter of 2021 marked the first time the average rate of increase fell since the index first saw global rates rise in the fourth quarter of 2017. According to Marsh, gains across regions have slowed due to generally slower rate increases in property insurance, finance and professional life. The UK, with composite prices up 35% (up from 44% in the fourth quarter) and the Pacific region, up 29% (up from 35% in the fourth quarter) drove the global composite rate. The rate of increase was 14% (versus 17%) in the US, 8% (versus 11%) in Asia and 5% (versus 9%) in Latin America and the Caribbean. Further survey results were: Global property insurance prices rose an average of 15% compared to the 20% increase in the fourth quarter of 2...

The COVID-19 outbreak and subsequent labor policy upheaval caused claims professionals to scramble to keep their operations going. From affiliation to advancing health policies to crippling travel restrictions, insurers, adjusters, third-party administrators, and others have found themselves in unprecedented circumstances. While many claims handlers were already working remotely, companies had to move almost all of their activities to all-remote for an extended period of time and relied heavily on technology to make this transition possible. Many of the changes in technology use are expected to persist after the pandemic ends, but it remains unclear what changes will be permanent after the return of personal injury assessments, experts say. "Our first priority was getting people to work from home quickly," said Pat Van Bakel, president of Toronto, North America Loss Adjustment at Crawford & Co. Adjusters and other claims professionals are often on-site, and many...

One thing that may have been overlooked in the Federal Emergency Management Agency's recent release of Risk Rating 2.0 - the first major update to the National Flood Insurance Program's pricing system in 50 years - is that the new pricing system is for businesses as well as for Homeowner applies. Commercial real estate accounts for 4% or 199,394 of the total NFIP guidelines, according to market sources. In this regard, NFIP provides approximately $ 1.3 trillion in flood insurance coverage to more than 5 million policyholders in the United States. The new pricing system applies to all properties insured through the NFIP, and all categories of policies are increased or decreased. Risk Assessment 2.0 aims to provide actuarially sound flood insurance rates that should be fairer and more understandable to policyholders by leveraging improved technology and understanding of flood risk. For policyholders, the change means that premiums are based on the value and specific flood r...

PASCO COUNTY, Fla. - Nick Catalano, a retiree in Pasco County, never saw the other vehicle arrive. The driver slammed the back of his SUV at an intersection in New Port Richey last October. "Suddenly something hit us so hard that we drove through the three lanes of oncoming traffic," said Nick's wife Mildred, who was in the passenger seat. The accident caused approximately $ 3,000 in damage. Nick, who has a disability, was unable to get his walker in and out of the tailgate of the SUV. Since last October he's been struggling to get the walker into the back seat. According to the accident report, an FHP soldier charged the other driver with negligent driving. So Nick filed a claim with the other driver insurance. Two months later, the insurer sent a letter denying the claim. In this letter, Direct General wrote: “At this point we have not yet been able to speak to our policyholder about the damage. Unfortunately, based on this information, I have to refuse to pay ...

  Buying life insurance offers security, but at what price? (( iStock ) More than 500,000 Americans have died from the coronavirus pandemic, according to the Centers for Disease Control. Accordingly, mortality is on the minds of many people who worry about caring for their loved ones if they die. A solid financial plan is vital, and life insurance is an integral part of that plan. Buying life insurance is important, especially senior life insurance. However, the pros and cons of life insurance plans vary depending on the term, death benefit, and insurance premiums. Visit Credible to explore your options, whether it's your first time buying life insurance or looking to upgrade your coverage. Investing in life insurance, while serving as a financial safety net, can be costly, which is why understanding the pros and cons is so important. Benefits of a life insurance 1. Peace of Mind While thinking about your death can be uncomfortable, knowing that your loved ones will be fin...

BOSTON & SINGAPORE - (BUSINESS WIRE) - May 3, 2021-- Berkshire Hathaway Specialty Insurance (BHSI) announced today that it has named Daniel Thieviasingham as Senior Underwriter, Transactional Liability, Asia Middle East. "We are excited to welcome Daniel to BHSI as we continue to expand our transaction liability capabilities in the Asia-Middle East region," said Marc Breuil, Head of Asia-Middle East at BHSI. "Its presence in Singapore enhances our ability to quickly and adroitly address the changing transactional liability needs of customers across ASEAN and across the region." In the area of ​​transaction liability, BHSI currently offers agency and warranty insurance, tax insurance, contingent liability insurance and class action settlement insurance worldwide. “Dan accompanies us in a crucial phase of our development in the transaction liability market in the Middle East of Asia. The product is becoming more widespread not only by private equity firms but al...

Insurance can be a complex professional field. The competitiveness of selling insurance makes it difficult for producers to find and build strong books. Traditional companies, concerned about the safety of their assets, are often suspicious of entrusting the industry with new producers. An experienced insurance producer, John Ritenour, co-founder of IOA, recommends various measures to help insurance producers succeed at all levels. Knowing about insurance and successfully selling insurance are two very different things. Understanding customer needs and leveraging long-term relationships are also essential aspects of success. Throughout his long career in the insurance industry, John Ritenour has found ways to nurture all of these essential aspects that are required for success. Here are ten ways to build more leads and convert them into more active customers. Stay up to date on trends The innovation leadership at IOA looks forward to the benefits that new tools bring to insur...

“The sharing economy looks different from the typical corporate risk. You build your claims tools and your actuarial data. They need to be dynamic and work in-house or with a TPA to get the information right to the point, ”said Laura Langone of Airbnb. (Photo credit: Daniel Dror / Shutterstock) Companies like Uber, Instacart, and Airbnb have radically changed the way consumers view certain industries. These emerging and constantly developing companies also have special insurance needs and demand flexibility from the industry. Laura Langone, Head of Insurance at Airbnb, noted the tremendous opportunity these companies offer insurers: “The sharing economy is not disappearing and is evolving. We've seen it with Uber, and we've seen it with home sharing and many other goods and services. " The needs of the companies that make up the sharing economy are each unique. This, according to Langone, makes it a little harder to find a cover than simply going out on the m...

New partnership expands USI's expertise in trade, employee benefits and personal risk VALHALLA, NY and WARREN, PA, May 3, 2021 (GLOBE NEWSWIRE) - USI Insurance Services ("USI"), a global leader in risk management, employee benefits and retirement benefits, today announced the completion of its acquisition of the insurance business, offered through Northwest Insurance Services by Northwest Bank, a subsidiary of Northwest Bancshares, Inc. (NASDAQ: NWBI). Northwest Insurance Services is a wholly owned subsidiary of Northwest Bank providing property and casualty, life, disability and long-term care insurance, and group health, life and disability employee benefits. Northwest Bank President and CEO Ron Seiffert stated, “In finding the right partner for our insurance business, we had two main requirements: Positioning our Insurance Services group with a proven industry leader in property and casualty, benefits Employee, personal risk and retirement planning, and partnering with...

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, announced today that it has acquired the business assets of Barr Insurance Agency, Inc., a family-run, full-service insurance agency based in Watertown, MA. The transaction takes effect May 1, 2021 and marks the 34th acquisition by an independent insurance agency for Eastern Insurance since 2002. Barr Insurance has provided personal and business insurance coverage to individuals and businesses for more than 50 years. "Barr Insurance is known for offering a wide variety of coverage to both individuals and businesses, from automobiles to households to commercial lines. It has great loyalty from many longstanding customers and we look forward to welcoming them to EIG . "said John Koegel, President and CEO of Eastern Insurance Group LLC. Marianne Jenkins, President of Barr Insurance added, "Having served our valued customers for the past five decades, we are excited about the new opportunities that are...

The Hartford The Hartford is our pick for the best Employment Practices Liability Insurance (EPLI) because it makes buying insurance easier and potentially cheaper by bundling products like D&O and EPLI insurance. Hartford Financial Services Company was founded in 1810 as a fire insurance company. Today The Hartford is a leading investment and insurance company headquartered in Hartford, Connecticut. With The Hartford, you can choose between taking out D&O insurance as a separate policy or bundling it with other types of coverage. The Hartford wins our selection for the best combined EPLI policy as it offers a bundled D&O and EPLI policy to provide lower-cost insurance for smaller businesses. Employment Practices Liability Insurance (EPLI) covers claims related to employees, including harassment, discrimination, or wrongful termination. A more comprehensive EPLI is also available that includes crime and fiduciary coverage. For some type...

Apollo Global Management Inc. APO -0.29% Made its name, generating double-digit returns on debt-laden buyouts. Under the new Chief Executive Officer Marc Rowan, the company's future will increasingly be about finding ways to get a few percentage points more than corporate and government bonds pay. The shift reflects Apollo's evolution from a leveraged buyout shop to a credit-investing powerhouse primarily aimed at insurance companies looking to park oodles of cash from the sale of retirement products known as fixed annuities. For Apollo, this has meant building platforms that will spawn a growing number of investment products that are designed for relatively low risk. These products include loans to large or medium-sized companies, asset-backed securities, aircraft finance, and residential mortgages, all of which need only return marginally greater tha...

  Warren Buffett's Berkshire Hathaway posted a quarterly profit on stock market gains and better insurance results. Berkshire BRK.B, -0.95% BRK.A, -1.29% reported net income of $ 11.7 billion, or $ 7,638 per Class A share equivalent, on Saturday, compared with a loss of $ 49.7 billion. $ Or $ 30,653 per Class A share equivalent for the same period last year. Operating profit, which excludes some investment results, increased to $ 7.02 billion from $ 5.87 billion a year ago. Berkshire had around $ 145.4 billion in cash at the end of the first quarter, up from around $ 138.3 billion at the end of 2020. The conglomerate runs a large insurance operation, as well as railways, utilities, industrial manufacturers, retailers, and even car dealerships. It also holds great investments, especially in the stock market . A change in accounting rules in recent years has meant that Berkshire's earnings often reflect the higher performance of the stock market, while operating earnings mor...

Since the pandemic began, California has paid billions in fraudulent unemployment payments. It is estimated that $ 63 billion in improper payments was made nationwide. Congress needs to ensure that there is more fraud protection. Congress should hold hearings on this nationwide issue before more tax dollars are wasted. Congressman Michelle Steel is serving in her first term as the California 48th District Representative. Kevin McCarthy serves as Republican leader of the US House of Representatives, where he represents California's 23rd Congressional District. This is a split opinion. The thoughts expressed are those of the author. You can find more articles on Insider's business page. When the pandemic broke out, US unemployment spiked almost immediately. Mandatory bans meant businesses were closed and ...

When people are looking for a potential employer, health insurance coverage is one of the most important items to look for alongside financial compensation. The substantial cost of health insurance can create significant financial difficulties. Hence, finding an employer-provided insurance plan can be a huge relief for many people. Despite a strong desire to get health insurance, this can be quite a task. From small to larger businesses, everyone has a hard time finding satisfactory health insurance at a low price. Jason Zuccari is Vice President of Business Development at Hamilton Insurance Agency and shares his expert opinion on this balancing act. He says it's not as easy to provide adequate insurance to employees while maintaining a healthy profit margin as some might think. Even if a company strikes that perfect balance, there are other obstacles, like the difficulties associated with employee engagement and enrollment. BeneBee is Zuccari's new project to help compan...

  The Oklahoma Insurance Department (OID) is offering help to Oklahomans affected by the storm last Wednesday evening. The OID has set itself the goal of helping victims of damage deal with their insurance claims promptly and fairly. "Filing an insurance claim can be an intimidating process," said Insurance Commissioner Glen Mulready. “But we are here for those who suffered from the storms on Wednesday. We want to make sure they are getting the support they need to recover as quickly as possible. " The OID's Consumer Assistance division stands ready to help anyone who has been harmed by this week's storms. Here are some tips for storm victims: Has your roof checked by a trusted roofer? If the damage is less than your deductible, you would have to pay for the repairs; If they are much greater than your deductible, check with your insurance carrier. Contact your insurance company or agent as soon as possible. Ask which forms, documents, and information you n...