Why Networking Matters [Culture Corner]

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By Julie Furst(The WNY local group is great at creating opportunities to come together. A little axe throwing, anyone?! Thanks to Carrie Shaw for the photo.)Connecting, Interacting, Networking.For over a century, the insurance industry has been built on relationships. They've made everything possible.The last few years have caused us to develop new tactics for connection. Magic happens when those new ways are married with the traditional methods. As we continue to come back out of our shells and overcome the get-out-the-door hurdle many have developed, here's a reminder of the gifts awaiting in networking.Building relationships: Networking provides an opportunity to build and maintain relationships with people who can…

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REMINDER: Cyber Reg Certification Due This Weekend

​The deadline for submitting the annual certification of compliance with New York's cybersecurity regulation for financial services companies is this Saturday, April 15. If you haven't submitted the certification for your agency yet, you must do so by the end of the day Saturday.The certification is one of the requirements in the New York State Department of Financial Services (DFS) regulation Cybersecurity Requirements For Financial Services Companies, which is Part 500 of Title 23 of the New York Codes, Rules and Regulations (23 NYCRR 500.) Subsection (b) of Section 500.17 states:"Annually each covered entity shall submit to the superintendent a written statement covering the prior…

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What Is Your Agency’s Number? The Policies Per Customer Factor

​By: Carey WallaceSeveral factors impact the value of your agency. Some of the biggest factors include maintaining a strong and consistent organic growth rate, retention rate, profitability rate, and overall performance. In addition, agencies being aware of the risk factors that impact the value of your agency is key.Once you know these factors, you can work to minimize the risk inside your agency and maximize your value. Knowing the overall risk inside your agency is also critical because it is what any future buyer will take into consideration to help them predict the ongoing performance of the agency. There are many different factors that will…

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