Weekly Newsletter - 11.20.2024

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How Streamlined is your Training? Find out with this free Quiz!

Imagine this: Your top claims adjuster is knee-deep in a complex case when a new hire needs help understanding policy details. Now, instead of closing the claim quickly, your senior staff is stuck giving a crash course on insurance basics. 🏠

This isn’t efficient. In fact, P&C carriers see a 30% drop in overall productivity when experienced adjusters are sidetracked by onboarding tasks (Gartner, 2023).

Here’s how to avoid this: Implement scenario-based onboarding. By using real claim scenarios, new hires learn faster without monopolizing the time of your seasoned adjusters. This way, your senior team can focus on what matters—resolving claims and serving clients.

Ready to see where your onboarding process stands? Take Hive Perform’s Sales Readiness Assessment and get actionable feedback.

INDUSTRY INSIGHTS 🌐

Election Impact on P&C Insurance Sector

The recent election could bring major shifts to the property/casualty insurance sector. With Donald Trump’s presidency and Republican control in Congress, federal policies may stabilize mergers and acquisitions while curbing tax concerns.

However, proposed tariffs could raise repair costs, affecting auto and property insurers. The APCIA is pushing for federal legislation on third-party litigation funding and continuing tort reform efforts at the state level. Judicial appointments under Trump may favor business-friendly rulings, impacting pricing in the directors and officers liability sector.

Despite challenges, a stable M&A landscape and pro-growth policies could benefit insurers, shaping a dynamic future for the industry.

Effective Risk Management for Architects and Engineers' Liability Insurance

Insurance agents and brokers must focus on project scope, risk management, claims history, and workforce management to secure optimal professional liability coverage for architects and engineers. Understanding these areas helps tailor insurance to clients' unique needs, ensuring comprehensive protection and enhancing risk profiles.

INDUSTRY NEWS 📰

Texas P&C Insurance Market: Challenges and Opportunities

The Texas P&C insurance market faces challenges due to population growth, severe weather, and economic factors. Despite these, carrier interest is rising, driven by Texas's business-friendly environment and potential for diversification. Effective geographical exposure management and risk classification are crucial for insurers to navigate and capitalize on opportunities.

ZhongAn's P&C Insurance Profits Enhance Financial Performance

ZhongAn's P&C insurance profits have strengthened its financial performance, with capital and surplus reaching $2.84 billion by 2023. Despite profitable underwriting since 2021, AM Best warns of challenges from investment fluctuations. ZhongAn aims to maintain industry leadership by leveraging technology to support its core insurance and tech service revenues.