November, 2023 

Just as a chef makes the restaurant world revolve alongside other kitchen staff – networked insurance agents make the insurance industry revolve alongside MGAs, nationwide carriers, and wholesalers. If the other entities of a restaurant do not communicate with the chef, the flow of business will be altered. The same is true for the insurance industry if the voices of agents are not considered.

For those that have been in P&C insurance for 20+ years, you know the core system investment cycle. Every 10-12 years a shiny new PAS system replacement project takes place. Based on what has been seen in the market, 2021 was the end of the last big cycle. This wind-down seemed to start in 2020 as is illustrated by investment priorities shown in Commercial Line priorities outlined by AiteNovarica1. There was a sudden focus shift to distribution and underwriting. Was this driven by COVID? Maybe, but executives are tired of spending tens of millions of dollars on insurance technology that doesn’t impact the top line.

Living in a digital world requires specific security measures which will ensure the protection of your company’s trustworthiness to consumers, and the protection of your company’s data. This is accomplished through cybersecurity. In this article, we will discuss the best practices for securing your companies data, innovations in cybersecurity relevant to the insurance agency technology, and information on next steps if you feel that your company could benefit from better data protection.