A new study from the Independent Insurance Agents & Brokers of America (IIABA), the largest insurance agent and broker association in the U.S., brings some good news regarding the state of the nation’s independent agencies. The 2011 Best Practices Study outlines the organic growth that is currently moving throughout the industry. The study notes that 2010 was a year of promising growth and that the trend has continued throughout this year as well. The IIABA says that independent agencies are showing real signs of recovery for the first time since…
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Independent insurance agents in Ohio flock to new insurance plan that may be a major hit with homeowners
Last month, Ohio’s Home Value Insurance Company launched a new insurance product dubbed Home Value Protection Insurance. The insurance plan is the first in the nation to provide protection against falling home prices due to a volatile market. Since announcing the plan, more than 75 independent insurance agents have applied to sell it, making Home Value Protection Insurance one of the most popular policies amongst agents in the nation. Given that the plan has no equal, there is an unprecedented opportunity for agents able to sell the product. The coverage…
Read MoreHow to prepare an insurance agency to be sold
The perceived value of an insurance agency is impacted by a number of different factors, but there are three among them that will have the greatest influence. These three critical factors are the same as those that would influence the perceived value of any type of investment, and are: • Market conditions • Pro forma earnings • Risk connected with earnings in the future Market conditions are vital to the sale of any form of investment, and timing can significantly influence the sale’s net gain. The parts of market conditions…
Read MoreWellPoint purchases stake in private health insurance exchange
WellPoint Inc., along with two non-profit insurance companies, has obtained the majority stake in a private health insurance exchange based in Minneapolis, Minnesota. The exchange, called Bloom Health Corp., was founded in 2009 and has helped employers in the state find insurance plans that are right for their business and employees. The exchange is one of the first in the country to see any degree of success and has become something of a standard by which other insurance exchanges can be modeled after. WellPoint, Health Care Service Corp. and Blue…
Read MoreInsurance brokers’ role in new health care system is still unclear
With health care reform on the horizon, the role of the insurance broker is likely to change along with the shifting environment of the health system. Federally mandated health insurance exchanges are going to play a bigger part in people’s search for coverage. The exchanges will, essentially, give consumers the ability to find their own health care policies and purchase these policies electronically. While this will be a popular trend amongst the average consumer, it may also be one that health care professional’s follow, which puts brokers and agents on…
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