NOW AVAILABLE! THE STATE OF TECH REPORT

I'm excited to tell you that Catalyit's 2023 State of Tech in Independent Agencies Report is now available for you to download!

Catalyit surveyed agencies around the country to learn about the technology they are using and how they feel about it. Agents also rated their top carrier partners on the technology support they provide. You may have taken the survey yourself, but even if you didn't, you can still access the results.

The report shares findings from the survey and insights on agency tech trends. Here are four key findings that I found very interesting:

More agencies are using Marketing Automation platforms (with a 15% increase year-over-year) for email and text marketing, prospecting, client retention, pre-renewal processes, cross-selling, and up-selling. Cybersecurity continues to be a weak point for agents and needs to be a priority. Data Analytics tools are underutilized, and with more strategic insights, agencies can make more informed business decisions that improve overall efficiency and performance. Development and use of Commercial Lines Quoting/Rating platforms is growing, with 25% of respondents utilizing at least one of these solutions.

I encourage you to download the full 36-page State of Tech Report to see all the results, explore the latest insights, and learn what the data means for independent agencies.

Get the report

Despite the frequency of flooding, inflation and an uncertain economic outlook can make flood insurance a difficult sell.

At the beginning of 2023, the U.S. witnessed historic flooding in California before tornadoes, hail and straight-line winds swept across Mississippi, Alabama and Georgia. Despite the frequency of these events and flood insurance's rising profile, inflation and an uncertain economic outlook can make flood insurance a difficult sell.

Nevertheless, agents shouldn't be deterred. “Now is a critical time for agents to discuss the importance of flood insurance with all of their customers," says Cassie Masone, vice president, flood operations, Selective Insurance. “As prices for goods and services rise, consumers look to pare their expenses; flood insurance should not be an item to cut back on."

Here are three ways agents can demonstrate that they are knowledgeable about their clients' risks and educate them about why they should purchase flood insurance coverage:

1) Integrate flood into every conversation. Flooding is the single most common peril properties face, according to FEMA, and it's also the most costly. Yet, many clients are unaware that they need flood insurance or, if they are aware, how they can purchase coverage.

“I always encourage independent agents to have their staff integrate the flood conversation into every sale in the same way that many already do with other ancillary coverages like excess liability make it part of the routine," says John Hannah, assistant vice president, lending and insurance solutions, SWBC.

“It's shocking how many insureds genuinely don't know they can even purchase flood insurance coverage if they don't live in a special flood hazard area, purchase more coverage than the NFIP offers, or look at alternatives to the NFIP that don't require elevation certificates or waiting periods," Hannah says.

As extreme weather events increase in frequency and severity, “clients are relying on us advisors to point out the perils that face their biggest assets," agrees Steve Rivera, partner, national personal