![]() ![]() You will receive this from our office via Docusign in the next few weeks. Sign the required documents to become a member of the reciprocal Tower Hill Exchange.Review the declarations page when it arrives from Tower Hill in the mail. ![]() To make it easier for you, our agency will send this to you via Docusign in the next 15-30 days. Additionally, you will need to sign required paperwork to join the Tower Hill reciprocal exchange. As part of this process, Tower Hill will mail you two letters including a non-renewal and offer of replacement insurance. From left: Kyle Ulrich, FAIA president and CEO Jeff Grady, former president Peter Corrigan of Auto Club South Insurance and Steve Weinstein, chair of the Bermuda Institute of Ocean Sciences.Tower Hill will now be a reciprocal insurer (policyholder owned. Photo: FAIA’s general session panel discussion, June 16. “Call it job security,” said Jeff Grady, a former FAIA president, now business development manager for Independent Market Solutions. “We keep hearing that AI is going to take the place of the agent. “No where else in this country is an independent agent needed more than in Florida,” Corrigan said. He and others said the state will always need well-versed agents who know how to write vulnerable properties in a hard market, especially one that is seeing a growing number of endorsements, exclusions and higher deductibles. Florida’s too complicated for AI,” said Brian Chapman, owner of Chapman Insurance Group, one of the largest agencies in southwest Florida. The conference did not host an education session or discussion on artificial intelligence. A December 2022 report by the National Association of Insurance Commissioners found that 88% of insurance companies surveyed plan to use or consider using AI.īut several people at the FAIA convention poo-poohed concerns that AI will replace agents and agencies anytime soon. Data Bridge Market Research has reported that the value of AI in the global insurance industry is expected to increase 10-fold by 2030. News and industry reports have shown that carriers and agencies are increasingly utilizing AI and machine learning for a wide range of needs, from quotes to underwriting to claims management. In Florida, where agents and carriers have walked through the coals of their own insurance crisis in the last three years, the growing sense of confidence also applies to the perceived impact of artificial intelligence on the industry. Those limits, in the face of mounting losses from wildfires, has contributed to State Farm, Allstate and other carriers placing a pause on writing new business in California. ![]() The American Agents Alliance warned of a crisis facing the Golden State and vented frustration that carriers can’t seem to raise rates more than 6.9% a year. The brewing optimism stands in sharp contrast to the feelings expressed in and after a California webinar last week with that state’s insurance commissioner, Ricardo Lara. ![]() He spoke at a panel discussion at the FAIA conference’s general session on Friday. We’re starting to see new capital come into the state, and will see more by the end of the year, I believe,” said Peter Corrigan, president of Auto Club South Insurance Co. I’m getting positive feedback,” Kyle Ulrich, president and CEO of the FAIA, said at the end of the three-day convention. featured far fewer complaints from agents than did the same session at last year’s conference. Many said that while issues remain with some carriers on commissions and underpaid claims, the Florida Legislature’s recent litigation reform measures have nudged the market back in the right direction, and should soon lead to new carriers and more-affordable coverage in the state.Įven a session on the intricacies of the state-created Citizens Property Insurance Corp. Gillespie was one hundreds of agents at the Florida Association of Insurance Agents annual convention in Orlando last week. ![]()
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