Prepare for the future of the insurance industry with some help from Blitz.

There are numerous factors that can impact trends in the insurance industry from year to year.  Blitz Sales Software has captured the future of the insurance industry in our list of the top trends that could impact your insurance agency for years to come.

The Rate Increases on Reinsurance

Between the wildfires that tore through California to Hurricanes Harvey and Irma, 2017 was one of the costliest years in terms of financial impact from these catastrophes.  With reinsurance rates being relatively flat in past years, this could be an opportunity to tighten terms and possibly increase rates.

Coverage for Legalized Medical Marijuana

Voters in the United States don’t agree on the topic of medicinal marijuana, but the plant undeniably opens the doors for new insurance commercial and personal lines coverage. While covering cannabis-related risks to companies is in its infancy, this is a trend that you’ll want to track.

Data Breaches and Cyber Insurance Coverage

There is a growing need for cyber insurance due to the unfortunate trends of many companies being hacked and having their data compromised.  Small businesses, in particular, may be the most susceptible to a cyber threat, but companies of all sizes need to remain vigilant.  In response to these growing threats, cyber insurance will continue to grow and evolve rapidly to meet the needs of businesses everywhere.

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The Impact of Technology

Keep your eye on technologies that help companies increase customer engagement. There is a growing demand for software and services that work across not only all devices, but also allow them a quicker and more seamless experience for insurance quoting. This opens the door for strong growth potential on everything from automobile to homeowners insurance and even more complex commercial policies. And by using Blitz Sales Software, your insurance agency has access to tools that save you time and provide increased customer engagement.

Increased Activity in the M&A Sector

Assuming that brokerages can remain profitable, the increased rate of purchase and sale transactions is expected to continue.  Currently, there is a seller’s market, which is supported by both the numbers and activity in the financial sector. However, there may be a shift to other M&A deals including catastrophe management.

ACA May Be Repealed

Several “repeal and replace” bills failed to pass, so the Affordable Care Act (ACA) is still the law of the land at the moment.  However, that could potentially change this year. Therefore, staying on top of any changes to the ACA is important.  The changes could have a substantial impact on small businesses and insurance agencies especially, so stay tuned.

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What trends do you see on the horizon for those working in the insurance industry?  Which trends did we miss?  Our readers would love to hear from you.  Please share your thoughts and idea by commenting below.