Ken Stearns

Click the link below to listen to my latest feature on the Kim Pagano Show!

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Insurers will soon have to provide customers a clear explanation for increases in their auto and home insurance premiums at the time of renewal. This comes at a time when more and more consumers are grappling with insurance price increases and changes or loss of coverage. Beginning Saturday, companies must do so in writing if a policyholder requests it. In 2027, that information must be provided automatically and in easy-to-understand language on policy renewal notices. “If your insurance company is going to increase your premium, you have a right to know why,” Insurance Commissioner Mike Kreidler said in a statement. “Hundreds of consumers, every year, have told us they are unable to get a clear answer from their insurance company about why they’re being charged more..” #insurance #insurancepremiums #transparency #washingtonstate #consumerprotection #customerservice #premiumincreases #renewalnotices #insurancerenewals #insurancecoverage #autoinsurance #homeinsurance

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🔍 Looking for Answers in Workers’ Compensation? Visit “Ask Joan”! 🔍 At Viscardi, we understand that navigating the complexities of Workers’ Compensation can be challenging. That’s why we created the “Ask Joan” column, a valuable resource where you can find answers to common industry questions. Sample Question: From a claimant: I'm worried my job will be in jeopardy if I tell my employer I was injured, how can I protect myself? Joan: Workers’ Compensation is responsible for your injury that occurs as a result of an incident/injury at work. In order to receive benefits, you must inform your employer and complete the appropriate forms. Whether you’re an employer, claimant, or industry professional, “Ask Joan” has insights that can help you manage and understand Workers’ Compensation better. 📚 Explore the full “Ask Joan” column linked below. #WorkersCompensation #ClaimsManagement #AskJoan #IndustryInsights #ViscardiCares

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🚨 Attention all insurance enthusiasts! 🚨 Are you ready to dive into the wild world of coverage challenges? 🌪️🔥🌊 Buckle up, because we're about to explore how California's Insurance Commissioner Ricardo Lara is shaking things up and what it could mean for states like Florida, Texas, Louisiana, and Colorado! Climate change is no joke, and it's fueling CAT claims across the nation like nobody's business. 🔥States are scrambling to find solutions, but California's Commissioner Lara might just have the answer, according to the California Department of Insurance. 💡 🗺️ Lara's secret weapon? A first-ever wildfire risk map that shows insurance companies exactly where they need to step up their game and write more coverage. 🏠💼 This is a game-changer, folks! Other states should take note and follow suit. But wait, there's more! 🤝 Lara's plan also includes negotiating tools that encourage carriers to share the burden. By letting insurance companies use sophisticated catastrophe models for rate-making in exchange for writing more policies in distressed areas, states can create a more balanced and sustainable insurance market. ⚖️ This is a win-win situation! Consumers get better access to coverage in high-risk areas, and carriers can manage their risks more effectively. It's like having your cake and eating it too! 🍰 But the fun doesn't stop there! 🌟 States can also explore cutting-edge solutions like satellite imagery and AI to assess wildfire risk and offer personalized coverage options. Plus, partnering with local communities to invest in wildfire mitigation efforts can help reduce the chances of devastating losses. 🌳🚒 The bottom line? As climate change continues to shake things up, collaboration and innovation are the keys to keeping insurance accessible and affordable for everyone. 🤗 By taking a page out of California's playbook and embracing new ideas, states like Florida, Texas, Louisiana, and Colorado can come out on top and be ready for whatever the future throws their way. 💪🌅 🤔 Is Commissioner Lara onto something? How can we work together to tackle these challenges head-on? Share your thoughts. 📊 Take a look at this mind-blowing chart of homeowners' effective rate changes by state since 2018! 📊 chart source - Data compiled Jan. 11, 2024. Year to date as of Dec. 29, 2023. Source: S&P Global Market Intelligence. © 2024 S&P Global.

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Thanks Forbes Finance Council for sharing this article. It's an additional step we can take in our financial wellness strategy! The right insurance is a key component.

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In 2024, insurance executives grapple with formidable challenges, including rising costs and fierce competition. Historical trends alone cannot address these issues effectively. To thrive in this dynamic landscape, embracing new technologies and meeting evolving customer expectations is essential. Artificial Intelligence (AI) emerges as a critical tool, but it must be wielded strategically to avoid empty promises. Join The Future of Insurance 2024 and walk away with your full strategy 📅 Event Details: Date: May 15-16, 2024 Location: Chicago, Illinois 🔍 Key Insights: Industry Regulators: Learn from regulatory experts about the changing landscape and compliance requirements. Technology Experts: Gain insights into cutting-edge technologies shaping the industry. C-Level Executives: Understand successful strategies for staying relevant and achieving sustainable growth. Join us in Chicago to chart your course toward success in this rapidly evolving industry. Let’s build a future-proof strategy together! 🚀🔑 Feel free to share this invitation with your network! 🌟👍 https://lnkd.in/gvE2hFE6 Adam Miller

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There are three basic types of retirement plans—one of which will fit your business best. Check out our blog for some tips on how to choose.

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In Beryl's Wake: 6 Crucial Ways Insurance Agents Can Support Hurricane Victims As Hurricane Beryl's devastating impact unfolds across Texas, insurance agents find themselves in a unique position to offer vital support to those affected. Our expertise and knowledge can provide much-needed relief during these challenging times. Here are six essential ways we can step up and make a difference: 🚨 Establish Local Emergency Response Centers Set up temporary offices or mobile units in severely affected areas like Houston and Galveston. This visible presence can reassure clients and provide a centralized location for face-to-face consultations and claim filings, which is especially crucial given the widespread power outages. 📱 Provide 24/7 Support Services With over 2.7 million homes and businesses without power, questions and concerns don't adhere to business hours. Offer round-the-clock phone and online support to address urgent inquiries and guide clients on immediate steps. 🔦 Expedite Claims Processing Simplify and accelerate claim procedures for Beryl-related damages. Prepare easy-to-understand guides on filing claims and offer assistance in documenting damage. Consider using technology like drone surveys to speed up assessments, particularly in flooded areas like Harris County. 💰 Guide Clients to Emergency Funds Many policies include provisions for immediate emergency funds. Educate clients about these options and help them access this crucial financial lifeline quickly, which can be especially important for those facing extended power outages and potential heat-related challenges. ⚕ Coordinate with Local Resources Compile and distribute a comprehensive list of local shelters, contractors, and aid organizations. Your network and local knowledge can be invaluable in helping victims find the right assistance, especially in hard-hit areas like Galveston and Deer Park. Offer Post-Disaster Financial and Safety Counseling Beyond immediate claim support, guide long-term financial recovery and safety measures. This could include advice on dealing with mortgage lenders, understanding federal aid programs, and planning for future disaster preparedness. Also, educate clients about the dangers of heat-related illnesses due to power outages and high temperatures. As insurance professionals, our role extends far beyond policies and premiums. In the aftermath of Hurricane Beryl, we have the opportunity to be pillars of support for our community. By implementing these strategies, we not only fulfill our professional duties but also provide crucial assistance during this time of crisis. Remember, in the wake of Beryl's destruction, our expertise isn't just about protecting assets; it's about protecting hope and facilitating recovery. Let's rise to the occasion and show our community the true value of having dedicated insurance professionals in their corner during these difficult times.

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Do you use a broker or an advisor for your employee benefits? Broker: - Resells the same status quo BUCA retail insurance plans for commissions - Gets a raise for you renewal premium increases - Receives retention bonus for keeping you with same insurance carrier - Has a built in conflict of interest (makes more when you pay more) Advisor: - Consults clinet for best possible results - Sits on Employer's side of the strategy table - provides full transparency of compensation (no hidden fees or kickbacks) - Gets paid on success of outcomes If you're using a broker, here's what the top brokerage CEOs are making. Just a thought, but if this is what their compensation packages look like, who's best interests do you think their looking after first, yours or their shareholders'/owners'?

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Flood insurance claims in California soared nearly 211% in 2023, reaching an all-time high of more than $59.3 million, according to National Flood Insurance Plan (NFIP) data. And despite severe flooding and storms that caused nearly $5 billion in damages last year, the number of Californians with NFIP policies decreased in 2023. #wrightflood #weareflood

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Struggling with declined life insurance apps? Learn why and how to fix it! 📝💡 Want more approvals and fewer headaches? Discover the Ultimate Launch

NAIFA's Life Happens and LIMRA have partnered to conduct the 2024 Insurance Barometer Study, which emphasizes the importance of educating Americans on life insurance and clearing up misunderstandings. The study's findings are particularly relevant during National Financial Literacy Month. For more information, check out this article https://lnkd.in/eMnS_kqp *Society of Financial Service Professionals *Life Happens *Suzanne Carawan *Kevin Mayeux Carroll Golden *Bryon Holz

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It was an honor to join Karl Susman on Insurance Hour and discuss several issues affecting the surplus lines marketplace. This conversation got me thinking about the California Department of Insurance’s List of Approved Surplus Lines Insurers (LASLI) and an often-overlooked service that The Surplus Line Association of California provides: full solvency reviews of approved insurance carriers. To protect California insurance consumers, we conduct a thorough financial analysis of approved surplus lines insurers that write business in the state to confirm they are reputable, solvent, meet capital requirements and can fulfill their obligations in the event of a claim. These reviews not just help maintain the financial stability of surplus lines insurers, they safeguard our market from insolvency crises. The LASLI is not a formality. Insurers who wish to be on this list must undergo a thorough vetting process conducted by our organization. This includes proving financial stability, management experience and expertise in their insurance specialty. Brokers and consumers alike can check if an insurer is on the LASLI via our website or the CDI website. By ensuring that only financially robust and experienced insurers are on the LASLI, we provide a vital service that protects all stakeholders, including the insured. #surpluslines #insuranceindustry #riskmanagement

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This articles points out an interesting phenomenon that is going to impact every employer's work comp rates in the future. Last year, the number of claims went down but the cost of claims increased. Think about that for a minute. In our previous podcast, Mark Walls and I had an in depth conversation about why that is happening. It is not because the injuries are changing, it is because of advances in medical technology and expanded life span expectancy. This is a great thing for human quality of life, but there is a very real impact to the costs of insurance. It is things like this that make self-insuring a far better way to manage costs than buying insurance through the traditional marketing. California Restaurant Mutual Benefit Corp (CRMBC) The PATH Alliance Jon Wroten, MBA, CPP Mike McDonough, SIP Here are links to the podcast in case you missed it: 🎧 Listen here - https://lnkd.in/gP8FGwq2 📺 Watch here - https://lnkd.in/gaD7Gvn9

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