Agency Management

Wholesale brokers are in a prime position to grab new business when a revived economy begins producing start-up companies that standard line carriers won't insure, a trade group leader advised here.

Three-quarters of U.S. consumers prefer buying insurance products through agents and other trusted sources, but younger and higher-income consumers are more inclined to buy products via the Web, a survey has found.

The development and widening adoption of communication standards have promoted efficiency and improved the insurance industry's bottom line, said ACORD President and CEO Gregory A. Maciag.

The Government Accountability Office said in a report released last week that inconsistencies remain in state licensing of insurance producers--such as in conducting background checks and fingerprinting.

A 10-year regulation in Florida, requiring businesses with underground tanks storing hazardous materials to replace them by the end of this year, is the driver behind a new storage tank system and an innovative new insurance policy for those tanks.

National Underwriter on May 18 named the three winners in the 2009 "NU Agency Technology Achievement Award" program.