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Three Ways Insurance Companies Need To Rethink The Role Of Agents

Three Ways Insurance Companies Need To Rethink The Role Of Agents

Founder and CEO of SmartFinancial.com: on a mission to make the insurance buying process more efficient.

It used to be that if you asked someone who they’re insured with, they’d give you their insurance agent’s name. Billions of dollars in advertising later, people now name their carrier and barely remember the agent that signed them on. Meanwhile, the brick and mortar agencies are waning in importance, and companies like Nationwide are moving to a virtual workforce model. In my role as a CEO overseeing an insurance-technology platform, I’ve observed one thing that remains the same despite all the confusing shifts over the past few decades: Insurance agents are still the primary sales channel for insurers.

Even though carriers can communicate directly with consumers at a lower cost, insurance agents who bring profitable business to carriers are a valued and integral part of the insurance distribution chain. Here’s how future trends will likely shape the carrier-agent-customer relationship and what carriers can do to stay ahead of the curve.

1. Support agents in their role as advisers.

We see a future where insurance agents become more specialized in various niche insurance products. Agents will bring more value to the relationship with the customer by understanding and explaining coverage options on more complex policies. The agent’s role will also become much more of an advisory role that goes beyond the traditional aim of selling insurance products. Because agents are on the front lines serving customers, they will be expected to demonstrate expertise, not only about the insurance products they sell, but also the many ancillary services that insurance carriers are increasingly offering to add value to their insurance products. Car loans, home loans, cybersecurity prevention and other services will become standard package offerings. And someone has to service them. That’s why it’s

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Steelers’ creative scheming played a big role in the win over the Eagles

Steelers’ creative scheming played a big role in the win over the Eagles

The Steelers offense exploded for 38 points against the Philadelphia Eagles on Sunday, eclipsing the 30 point barrier for the first time since a December, 2018 game against the Los Angeles Chargers. While rookie receiver Chase Claypool was the undisputed star of the afternoon, scoring four touchdowns and looking like Calvin Johnson 2.0, offensive coordinator Randy Fichtner and assistant coach Matt Canada played important roles as well. The Steelers unveiled several creative play designs that both confused and exploited the Philadelphia defense, most impressively on their opening drive of the second half that resulted in Claypool’s third touchdown. This article breaks down the best of that drive.



a group of baseball players standing on top of a grass covered field


© Charles LeClaire-USA TODAY Sports


Leading 17-14, the Steelers opened the second half with the ball at their own 25 yard line. Ben Roethlisberger converted a 3rd and 5 from the 30 by hitting tight end Eric Ebron for a seven yard gain. On 1st and 10 from the 37, Fichtner dialed up a reverse to Ray Ray McCloud that netted 58 yards and set the Steelers up at the Philadelphia 5 yard line.

The reverse was an obvious attempt to get McCloud, who has proven to be a shifty runner in his brief tenure in Pittsburgh, into space with the football. McCloud did his part, taking the ball through a nice seam in the blocking and sprinting away from Philly’s pursuit. The timing of the call, however, and the way it played off of one of the Steelers’ core designs, were the real brilliance of the play.

Before we look at the reverse, let’s look at this play from the first quarter. The Steelers went heavy on run plays from bunch and compressed sets early on. Here, they motioned James Washington across the formation before running a counter back into the boundary,

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Fintech’s role in financial inclusion rises but infrastructure, literacy challenges loom – Business

Fintech’s role in financial inclusion rises but infrastructure, literacy challenges loom – Business

Indonesian fintech companies are still facing basic infrastructure and literacy issues in their attempt to increase financial inclusion in the country.

Some two-thirds of surveyed fintech companies were already serving both the unbanked and underbanked population, including in rural areas, according to a recent survey by the Indonesia Fintech Association (Aftech), which has 362 members offering various financial services.

However, 75 percent of the fintech companies reported they were still facing low financial literacy among the target market, 57 percent reported facing basic infrastructure problems and 44 percent reported facing limited capital or resources challenges.

“So if we can work on this part, all of these three things, we can actually reach our target even faster,” Aftech board member Chrisma Albandjar said on Thursday during the Jakpost Fintech Fest webinar series organized by The Jakarta Post.

“If we are very focused on that part we will actually achieve the 90 percent financial inclusion,” she added, referring to the national target in 2024.

According to a 2019 survey by the Financial Services Authority (OJK), Indonesia’s financial inclusion rate stood at 76.1 percent, marking an increase of some 40 million unbanked adults from 2017, when the rate was nearly 50 percent.

To overcome the challenges, 45 percent of fintech companies told the Aftech survey they collaborated with traditional financial institutions such as banks and 23 percent took part in the government’s strategic partnership.

Chrisma was expecting the COVID-19 pandemic to accelerate the progress because it was leading to faster adoption of digital financial services as people had to stay at home or at least comply with social distancing rules.

The government also has interest in more and more people having a formal financial account so it can transfer its Rp 695 trillion (US$46.4 billion) coronavirus relief package efficiently, said Chaikal Nuryakin,

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ZEDRA Creates New Global Head of Funds Role, Appoints Wim Ritz

ZEDRA Creates New Global Head of Funds Role, Appoints Wim Ritz

In a move designed to signal the next stage of its strategic ambition to develop a strong international fund administration business, ZEDRA has appointed Wim Ritz to the newly created role of global head of funds. Wim will be based at ZEDRA’s offices in Luxembourg.

The creation of the new global role highlights ZEDRA’s commitment to drive company growth by developing and investing in its funds administration services. The Group has established teams in Jersey and Guernsey, where a strong focus exists for ESG products, and a major presence in Cayman and Singapore as well.

Initially trained as a lawyer, Wim has built up a wealth of experience over 25 years and has a strong track record in leadership and business growth. He has worked across all areas of the private funds industry, specialising in real estate and private equity and is a leading professional in the market.

Commenting on his appointment, Wim noted that “ZEDRA has a fresh, entrepreneurial approach to fund administration, which is exactly what the industry needs. I will be aiming to build on ZEDRA’s reputation for its personalised service and innovative approach. Within the Group, there is already a pedigree and reputation for excellence, backed by award winning teams in our Cayman office, for example, where we have a strong reputation amongst international private, institutional and sovereign clients to build on.”

Wim started his career as a lawyer working with private equity and real estate clients, before heading TMF’s real estate and private equity teams in Luxembourg. His most recent role was as country managing director for Vistra, leading the rapid growth of its fund administration business.

Welcoming Wim, ZEDRA’s CEO, Ivo Hemelraad says, “Wim brings a proven set of skills and experience to this new role. Our objective is to be recognised as a

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