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Are You An Insurance Nerd? Some Thoughts on National Insurance Nerd Day

I'm told that today, July 18, is national Insurance Nerd Day​. I had no idea. The Hallmark people must have forgotten to print cards for the occasion this year. I will take that matter up with them later. In the meantime, because it is a slow news day Insurance Nerd​ Day, I have been begged bribed threatened asked to pen a few words about this revered date on the calendar.What is an insurance nerd? How do you know if you are one? Well, if you didn't figure it out when you entered kindergarten, here are some signs. With apologies credit to that famous American philosopher Jeff Foxworthy​,…

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Managing Carrier Risks in Your Book of Business

By: Colby AllenAs an insurance agency owner, managing risks within your book of business is crucial for ensuring long-term success and profitability. With so many places facing hard markets, it's essential to adopt strategies that safeguard your top and bottom lines while providing excellent service to your clients. In this article, we will explore three key areas that can help you effectively manage risks and actualize your agency's potential.Aligning with Multiple Partner Carriers Can Help De-Risk Your Top and Bottom LinesOne of the most effective ways to manage risks within your book of business is by aligning with multiple partner carriers. When it comes to…

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DFS Revises Proposed Cyber Reg Changes

​The New York State Department of Financial Services (DFS) today proposed revised changes to its cybersecurity regulation. Today's publication in New York State Register​, the state's weekly compilation of regulatory changes, modifies amendments DFS proposed last fall. The revisions proposed today respond to comments Big I New York and others submitted earlier this year on the first proposal.Most Big I New York members are agencies with eight or fewer employees. Much of the impact of the proposed amendments is on larger organizations such as carriers and banks. However, our preliminary review of today's proposal found some changes that affect all agencies and brokerages.Last fall's proposal would…

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