Agent portal provides instant access to markets with no fees, long-term contracts, or quotas A new insurance agent partner program is being launched today to give independent agents instant access to general liability, professional liability and business owner’s policies. The program, ‘InsuranceBee for Agents’, is a partnership between Hiscox and small business insurance broker, InsuranceBee, and will cover more than 180 professions. The easy-to-use portal enables agents to quote and bind online within minutes, with competitive commission rates which are earned for the lifetime of the policy. Benefits to agents…
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Minnesota insurance agents concerned over commissions and a health insurance exchange
Insurance agents voice their concern regarding exchange system Minnesota is making progress on establishing its own health insurance exchange, but the state’s plans have sparked concerns amongst insurance agents. Independent insurance agents have come together to make their concerns heard by state officials. The majority of the state’s health insurance is sold by these independent agents, who are worried that a health insurance exchange will make deep cuts in their commissions. If these concerns are justified, an insurance exchange could present a serious financial problem for Minnesota agents. How insurance…
Read MoreThe Hartford to expand auto insurance to more AARP member with the help of independent insurance agents
The Hartford, one of the largest insurance providers in the U.S., has announced plans to expand the accessibility of auto insurance to AARP members. In order to do this, the insurer will have to expand its base of producers. This will be done through a hiring surge, where the insurer will look to bring on new staff and agents capable of bringing auto insurance coverage to those looking for additional options. The company currently has 4,000 agency locations throughout the country and hopes to increase that number to 6,000 by…
Read MoreConsumer Agent Portal announces new online resource to connect independent agents with consumers
As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…
Read MoreHHS upholds medical loss ratio provision, changes some aspects of the overarching law
Despite daunting opposition, the Department of Health and Human Services has remained firm on the medical loss ratio provision of the Affordable Care Act. The medical loss ratio provision requires that insurers pay no less than 80% of premium money on improving medical care. The provision has gained rabid opposition from the nation’s health insurance companies, who have been fighting to have administrative expenses and independent insurance broker fees removed from the mandate. The HHS, however, has issued a final ruling on the matter, claiming that most of the nation’s…
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