Risk & Business

The insurance industry has a youth problem. There is not a lot of interest from young people to enter the insurance industry. This problem is not new it is just becoming more critical as the industry ages. There are a lot of reasons that we can talk about but a recent study may have figured it out. The study showed that 70% of the millennials place work/life balance as the most important reason for choosing a career. The insurance industry does not have the reputation of being a career where there is the option to balance life and work. Take for example the job of being an insurance producer. If you are a young agent and you want to build a book of business, you are looking at 5 to 7 years of hard long days selling and servicing clients to build a good income. Now the rewards are great after you hit your stride and develop your book of business, but getting there is brutal. Trying to win over a young talented person about becoming an insurance producer may just be a turn off when the r...

A recent study by JD Power revealed that small business insurance buyers prefer to by their coverage from the same agent that sold them their homeowners or auto insurance. The study also showed that insurance companies that focus on personal lines coverage are also writing the majority of small business insurance. The main driver for this trend is personal service. Customers are use to having a relationship with their homeowners/auto agent, so it is natural for them to go to that person when buying insurance for their business.  The other dynamic to this is that in commercial insurance agent shops, small business is usually unattended, allowing for renewals to go by each year without a single live contact by the agent.  Small premiums and commissions do not leave a lot of room for service before losing money. The lesson here is that in order to successfully write small business insurance, companies and agents need to focus on it and personalize it to achieve growth. This wil...

The web masters at CNC Insurance have launched our new website! . It was designed to make navigation easier and contacting us faster. Also the new tab "Latest Tips and News" takes you to our informational website www.bizinsurancetv.org .  This site will have some of the latest tips on reducing the cost of business insurance and risk management techniques that can help your business. Take a few minutes and go to www.cncinsurance.com and see the new look. If you have any comments regarding the website please email me your thoughts. Until next time be careful out there and know your risks. G. Kevin Nemith President CNC Insurance Associates Inc. Serving DE, MD, PA, VA, & NJ www.cncinsurance.com www.bizinsurancetv.org