MIA Offers Specialized Insurance Programs

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Our last post focused on the importance of developing a niche market, or rather a group of potential customers who share common traits. MGAs must stand out from their competitors, and by only offering general business lines or personal lines, they are not always able to do so. Midwestern Insurance Alliance (MIA) is an example of an MGA that offers products to a niche market; by being involved in underwriting and claims management of Workers’ Compensation Business for over 30 years.

Serving as a mandatory state-based social insurance program, Workers’ Compensation provides employees with financial protection against a disability or death that occurs while at work, or resulting from their work duties. Coverage is elective in some states, however most states require that business owners accept Workers’ Compensation Law provisions and provide the specified benefits.

Workers’ Compensation coverage includes four different types of benefits; medical, disability, survivor’s, and rehabilitation. Without these coverages, employees would be more likely to take legal action against their employers if they’ve been injured or made ill while on the job. Before Workers’ Compensation was an available insurance coverage, this system that made it difficult for employees to obtain compensation for such injuries, however exposed their employers to financially devastating financial penalties under tort law.

What should employers know about Workers’ Compensation coverage? The following is a brief overview of the factors, offered by the American Institute of CPAs, your clients should be aware of:

  • They are 100% responsible for providing the coverage to their employees.
  • Their state mandates how much coverage they will need to buy, which employee classifications must be covered, and what percentage of an employee’s salary the employer will pay if the employee misses work due to a job-related injury.
  • All employees, volunteers, and vendors must be covered; each state excludes certain employee classifications.
  • Select off-site accidents are covered by Workers’ Compensation policies.
  • Injured employees have the right to file a claim for their benefits.

The staff members at Midwestern Insurance Alliance are experts in providing Workers’ Compensation coverage, and view their relationship with policyholders as a partnership. To learn more, please contact MIA today.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM

Brian Weaver Joins Aegis Specialty Insurance Services

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February 23, 2015

FOR IMMEDIATE RELEASE

 

Insurance industry veteran Brian Weaver joins Aegis Specialty Insurance Services as Vice President of Sales.  Based in the heart of Silicon Valley, Aegis Specialty leverages the latest technology and data to offer residential property and motorcycle insurance through independent agents and brokers.

Sunnyvale, CA – Today, Aegis Specialty Insurance Services announced that industry veteran Brian Weaver has joined their team as Vice President of Sales.  Weaver brings over 34 years of insurance sales experience to the team at Aegis Specialty.

“We are very excited and proud that Brian Weaver has joined our team,” remarked Tim Summers, President of Aegis Specialty.  “Brian has made a career out of building wildly successful sales teams in the personal lines insurance space, particularly focused on residential property insurance.  Certainly no one is more qualified than Brian to help us expand our property insurance products nationally.”

Most recently, Weaver was the Vice President of Sales for Pacific Specialty Insurance Company.  “I’ve known Tim and the team at Aegis Specialty personally for years and I look forwarding to working with them again to expand distribution of their products,” commented Weaver.  “Aegis Specialty has done a fantastic job putting together solid products with data integration that makes them very easy to use.  Independent insurance brokers who need to master systems from several different insurance companies are truly going to love this approach,” added Weaver.

Aegis Specialty Insurance Services is a part of Aegis General Insurance Agency and provides homeowner, condominium, townhouse, renters, mobile home, earthquake and motorcycle insurance, along with specialized products sold by powersport dealerships.  Aegis Security Insurance Company is rated “A” (“Excellent”) by A.M. Best and sells insurance on an admitted basis all across the United States.

For more information please contact Robert Large, Senior Vice President of Aegis Specialty at 408-962-0061 or at rlarge@aegisspecialty.com.

Aegis Specialty Insurance – Peace of mind made easy.

Targeted Insurance: Developing a Niche Market

Targeted Insurance Developing a Niche Market

Targeted Insurance: Developing a Niche Market

For insurance agents and brokers, developing a niche market is an ideal endeavor, as it allows them to combine their specialized knowledge with their unique skills and business contacts. What is a niche market, exactly? While some define “niche” as being “small,” this is not necessarily the case. Niche might mean that the market is simply in an area that doesn’t receive a lot of attention from the wider insurance industry, for a variety of reasons.

Basically, a niche market is a group of potential customers who share common characteristics. These characteristics make them particularly receptive to customized products or services that an insurance firm may offer. For example, an MGA may solely focus on the Workers’ Compensation market in a difficult state or region that requires localized expertise. Or, an agency might put their focus solely on outdoor recreation insurance in a specific geography.

Insurance experts tend to agree; if agents and brokers are just a “general” business lines or personal lines agency, they are behind the times. It’s more important now than ever, with emerging technologies and modernized business practices, for agencies and MGA’s distinguish themselves from their competitors.

K2 Insurance Services, based in San Diego, CA was developed to create innovative insurance solutions for niche markets.  They are leading the way with creative distribution partnership initiatives, within several underserved market segments.

Let’s say you know what niche marketing is, but you don’t see the benefits of such a targeted marketing practice. Specialty Insurance experts claim that targeted or niche marketing is actually associated with higher than average profit margins. By taking the time to identify a target market and launching an effective sales campaign, agents and brokers should reap the financial benefits associated with providing products for underserved markets.

With all this in mind, niche markets shouldn’t be too broad. For example, homeowners insurance is a very broad and seemingly saturated market; but perhaps this could be narrowed down to lower value coastal homeowners insurance.  Agencies that target to a broader audience are likely reaching people who can use their service, however agencies that develop a niche market are targeting prospects who are likely to buy that service from them versus their competitor.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (855) 976-8113 or visit K2INS.com.