Featured Articles Blog

0

Uncategorized

Wells Fargo Misses Interest Income Estimates

Wells Fargo & Co. missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay out more for deposits are eating into the benefit of higher rates. The firm earned $12.2 billion in NII in the first three months of the year, according to a statement Friday, down 8.3% from a year earlier and slightly less than the $12.3 billion analysts expected. Still, overall revenue topped estimates, aided by an increase in investment advisory fees and brokerage commissions. “The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income,” Chief Executive Officer Charlie Scharf said in the statement. Big banks’ first-quarter results offer the latest window into how the U.S. economy is faring amid an interest-rate trajectory muddied by persistent inflation. Rivals JPMorgan Chase & Co. and Citigroup Inc. also reported quarterly results Friday, with Goldman Sachs Group Inc., Bank of America Corp. and Morgan Stanley set to follow next week. Like Wells Fargo, JPMorgan reported NII that slightly missed estimates. Shares of Wells Fargo, up 15% this year...

0

Uncategorized

People Moves: RT Specialty Promotes Murrey to President of Commercial Lines Binding Authority

Article 0 Comments RT Specialty, the wholesale distribution division of Ryan Specialty, headquartered in Chicago, promoted Jason Murrey to president of commercial lines binding authority. Murrey joined RT Specialty in 2017 through the acquisition of N-Surance Outlets where he served as president and CEO. At RT Specialty, he most recently served as president, Atlanta binding. Murrey now oversees the operational leadership of the RT Commercial Binding Authority and its teams. Topics Commercial Lines Excess Surplus Business Insurance Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Business Insurance? Get automatic alerts for this topic.

Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future 0

Uncategorized

Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future

Kelowna, BC (Apr. 8, 2024) – Summit is pleased to announce our $3.5M Seed Round of Financing. The momentum generated from this funding is not just a validation of our business model and revenue growth, it reinforces our long term vision: building the commercial insurance brokerage of the future. We believe broker distribution will continue to be the primary distribution model for commercial insurance, and Summit is reinventing the traditional delivery of this model. The industry is starved for top talent, combined with significant barriers to entry and rapid consolidation, leaving both consumers and brokers buried in excessive paperwork, limited insurance options and a desire for change. It has constrained many skilled insurance professionals to administrative tasks, diverting their time and expertise away from where it matters – our customers. At Summit, we are building the commercial brokerage of the future: driven by human expertise, fueled by technology. This $3.5 million funding round marks a significant milestone in our journey towards modernizing the Canadian insurance landscape. This infusion of capital, led by IA Capital Group with follow-on investment from Harvest Ventures, not only underscores the confidence in our innovative business model, but will significantly accelerate Summit in executing on our...

0

Uncategorized

Soaring Insurance Costs Hit as US Buyers Finally Get a Break on Car Prices

Article 0 Comments A new form of sticker shock has hit American car buyers like Darin Davis. In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. “It takes the fun out of owning a new car when you’re paying so much money,” said Davis, adding that if he’d known such a massive increase was coming, he might have opted for a less expensive model. But by then it was too late. In one of the cruel twists of an inflation-weary U.S. economy, car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle. Car prices have eased as the supply chain snarls of the pandemic—especially shortages of vital computer chips—have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance...

0

Uncategorized

5 Ways to Use Testimonials & Boost Your Client Experience

Financial advisors have long bemoaned restrictions on client testimonial. But after more than a year since the Securities and Exchange Commission Marketing Rule became mandatory, still only 7% of advisors are using client testimonials. Many are waiting for the SEC to bring down the hammer on an early adopter or two so there’s more clarity around what will trigger commission’s ire. In the meantime, however, advisors are missing out on more than the critical social proof needed to show how they offer differentiated value. They’re also missing a powerful method to forge deeper connections with clients and create a more impactful client experience. The practice of asking clients for their thoughts and opinions, and showing that you value that input is a requirement in a healthy client relationship. From collecting testimonials to how you showcase and share them, there are several key steps in the testimonial process where you can deepen your relationship with you clients. 1. Practice intentional onboarding. During your onboarding meeting, once a client has signed their documents, have a short conversation about why they chose you. What are their intentions in choosing a financial planner and why did they choose you? What was it about you...

Artificial Insurance Trends in Insurance 0

Uncategorized

Artificial Insurance Trends in Insurance

By SortSpoke — The Property and Casualty (P&C) insurance sector faces many complex challenges. Inflation, climate change and social unrest have led to increasing losses, and a hardening reinsurance market makes it more difficult than ever to sustain growth. No wonder P&C carriers worldwide are looking for new, agile approaches to doing business. For many, that means evaluating new technology to see if it can help them get ahead of those thorny market and societal challenges. Artificial intelligence (AI) is one such technology on the minds of many, and for good reason. It holds great potential for improving workflows in insurance companies—everything from triaging underwriting submissions to customer communication, marketing, and assisting with claims processing. AI is not a panacea, though. It won’t miraculously solve every single technical and labor problem insurance companies face. So, how can it best fit into P&C insurance operations? Carriers are just now starting to understand how it will be. SortSpoke polled our field experts and shared their insights on the major trends in AI P&C insurance carriers can expect to see this coming year. We explore AI’s wider social and economic impact in 2024 and beyond. Key technological and societal trends in AI that...

North American Pet Health Insurance Industry Continued Exceptional Growth Rate In 2023 0

Uncategorized

North American Pet Health Insurance Industry Continued Exceptional Growth Rate In 2023

Industry experienced a ~22% year-over-year revenue increase while surpassing the $4 billion mark for the first time Raleigh, NC (Apr. 11, 2024) – The North American Pet Health Insurance Association has released its 2024 State of the Industry (SOI) Report showing the North American pet health insurance sector grew another 21.9% in 2023. This year’s SOI Report indicated, for the first time, the North American pet insurance industry had exceeded the $4 billion mark, with a record-setting $4.27 billion USD in total premiums sold in 2023 (a 21.9% increase from $3.5 billion USD in 2022) and over 6.25 million pets insured across North America (a 20.9% increase from the 5.17 million pets insured in 2022). With an estimated total of over 170.4 million pets in North America, and an average penetration rate of 3.69% in the US and 3.52% in Canada, Rick Faucher, NAPHIA President and Chief Partnerships Officer with Fetch Pet Insurance, expressed his optimism for the industry’s continued long-term growth. “Last year, for the fifth year in a row, the North American market grew by over 20 percent,” said Faucher. “When we look at our sustained growth across North America, we see a tremendous upside for the industry and...

0

Uncategorized

Europe’s Wildfires in 2023 Were Among Worst This Century: Report

Article 0 Comments The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched by wildfires, according to a report on Forest Fires in Europe, Middle East and North Africa 2023 by the Commission’s Joint Research Centre. The three worst years this century by the extent of burnt area mapped by the European Forest Fire Information System (EFFIS) were 2017 (988,427 ha), 2022 (837,212 ha) and 2007 (588,388 ha). The report shows that fires intensified during summer 2023, affecting mostly the Mediterranean region, with Greece (near Alexandroupoli) suffering the largest single fire to occur in Europe since the 1980s. Climate change is making wildfires more frequent, and wildfires are increasingly affecting areas that have not been considered fire-prone in the past, the report said. It added that things are likely to get worse, according to the European Climate Risk assessment report published in March. Preliminary data for the first three months of 2024 show almost double the average number of fires, although these did not have major impact in terms of...

0

Uncategorized

4 Spring Check-in Conversation Starters

What You Need to Know Your clients have just paid, or officially put off paying, their income taxes. They might be interested in hearing about Secure 2.0. They must hear about the end of 2025. It’s springtime: the feeling of a fresh start. Many clients have already filed their personal income taxes for 2023 and have completed forms they can show you. Others may have filed for extensions or have business-related filing deadlines later in the year. Though most of us don’t get excited about preparing and filing our taxes, it can be a good time to review a client’s financial strategy. 1. Secure 2.0 Act: Key 2024 Provisions There are many provisions in the Secure 2.0 Act, but let’s focus on a couple that may broadly apply to the client population, effective this year. The ability to roll over any unused 529 money into a Roth IRA: This money must be moved directly from the 529 to the Roth IRA. The 529 beneficiary must have compensation, and the 529 account must have been maintained for 15 years or longer. The rollover amount is subject to the annual IRA contribution limit, less regular traditional or Roth IRA contributions. In addition,...

Perseus Group Software Corp. Acquires Valeyo Inc. and its Loan Origination Software (LOS) Business from Securian Canada, Inc. 0

Uncategorized

Perseus Group Software Corp. Acquires Valeyo Inc. and its Loan Origination Software (LOS) Business from Securian Canada, Inc.

Valeyo Inc. provides loan origination technology to serve Canadian financial institutions North Andover, MA (Apr. 8, 2024) – Perseus Group Software Corp., which is part of Constellation Software Inc., is pleased to announce that it has acquired Valeyo Inc. and its loan origination software (LOS) business from Securian Canada, Inc. The insurance portion of Valeyo’s business will be retained by Securian Canada. As part of the transaction, Valeyo will be joining forces with Securian Canada to continue to provide an LOS and integrated insurance offering to the market. The acquisition amplifies Perseus Group’s industry-leading technology suite with the addition of flexible, scalable, and dependable loan origination software services for Canadian financial institutions. Valeyo is a leading software provider partnering to deliver a full suite of business loan origination solutions for financial institutions nationwide. For more than 40 years, clients have trusted Valeyo to be their go-to provider based on the strength of their proprietary products, strategic partnerships, and people. “We’re excited to welcome the Valeyo team to the Perseus family. This strategic move reflects our ongoing commitment to growth in the financial services software industry.” said Alvin Lau, President, Financial Solutions Group. “We’re optimistic about the opportunities this acquisition brings...