Diversifying Insurance Offerings: Securing Future Growth

In an ever-evolving landscape of risks and uncertainties, insurance companies face the pressing need to re-evaluate their value propositions to ensure long-term profitability and sustainability. As traditional models of insurance become increasingly challenged by emerging risks and changing consumer expectations, companies must adapt by expanding their coverage options and venturing into new markets. 

The Need for Diversification

Insurance companies traditionally operate within well-defined sectors such as life, health, property, and casualty insurance. However, as the world becomes more interconnected and risks become more complex, the demand for specialized coverage is on the rise. From cyber threats to climate change-related perils, there’s a growing recognition that traditional insurance products may not adequately address modern risks.

Stagnant growth in mature markets and increasing competition have also compelled insurers to explore new avenues for revenue generation. Diversification offers insurance companies the opportunity to tap into underserved markets, differentiate themselves from competitors, and mitigate concentration risk.

Expanding Coverage Options

One of the most effective strategies for diversification is expanding coverage by developing innovative insurance products tailored to specific industries, professions, or lifestyle choices. Insurers can introduce policies covering cyber liability, reputation management, or even pandemics.

When certain policies do not cover an entire claim or casualty, there is opportunity to offer customers a marketplace of complementary services at lower prices to acquire substitute products. In this way, businesses can better serve customers while obtaining a new revenue stream.

According to a recent Deloitte study, more business insurance customers are seeking greater levels of flexibility in their insurance products and policies. A significant portion express the desire to adjust coverage and premium rates periodically throughout the year, contingent upon business conditions. The traditional models of annual reviews and one-time coverage modifications are no longer considered viable.

The primary motivations behind desiring such flexibility do not revolve around cost reduction. Instead, respondents expressed a greater interest in optimizing their coverage. An example is having the ability to deactivate insurance coverage during periods of inactivity, such as with pay-as-you-go workers’ compensation policies. This approach enables adjustments to coverage when a company undergoes layoffs or experiences a seasonal downturn. 

Entering New Markets

Expanding into new geographic markets or demographic segments offer immense growth potential, driven by rising incomes, urbanization, and increasing awareness about the importance of insurance protection in emerging economies. 

Targeting underserved demographics such as millennials or gig economy workers can be lucrative, as these groups often have unique insurance needs and preferences, necessitating tailored products and distribution channels.

Insurance organizations should also look at rising trends within their markets, like electric vehicles and ride-sharing in the automotive industry, to assess opportunities for growth.These trending markets carry high avenues of expansion with possibly low competition. 

Re-evaluating Value Propositions

In the quest for diversification, insurers must re-evaluate their value propositions to align with changing customer expectations. This involves emphasizing transparency, simplicity, and customer-centricity. Transparent pricing, devoid of hidden fees or complex terms, fosters trust and enhances the perceived value of insurance products.

Furthermore, educating customers about risk mitigation strategies is paramount in today’s risk-prone environment. Insurers can leverage digital platforms, interactive tools, and personalized advice to empower customers to proactively manage risks and reduce potential losses. By positioning themselves as risk management partners rather than just providers of financial protection, insurers can deepen customer engagement and loyalty.

Challenges and Considerations

Despite the opportunities presented by diversification, insurers must navigate several challenges. Regulatory compliance, cultural differences, and operational complexities can pose hurdles when entering new markets. Moreover, developing innovative products requires substantial investment in research, technology, and talent.

Insurers must strike a balance between diversification and maintaining underwriting discipline. Overextending into unfamiliar territories or offering overly complex products can expose insurers to undue risks and erode profitability.

Implementing Diversification

Expanding coverage options, entering new markets, and re-evaluating value propositions are key strategies for meeting the evolving needs of customers and securing future growth.

By embracing innovation and transparency, as well as prioritizing customer-centricity, insurers can differentiate themselves in a crowded marketplace and build a resilient business model capable of withstanding the challenges of tomorrow. In doing so, they not only safeguard their own profitability and sustainability but also contribute to the overall resilience of the societies they serve.

ePayPolicy Wraps Up 2023 With Winning Multiple Badges from Gartner Digital Markets

ePayPolicy is thrilled to announce that we have been recognized as an impactful software solution for insurance organizations by Gartner Digital Markets. We are proud to serve the insurance industry in the best way possible, allowing companies to collect and send payments online to speed up receivables and streamline their operations.

ePayPolicy has been recognized in the following software categories:

Capterra Ease Of Use Badge and Best Value Badge for: Recurring Billing

Checkout some of our reviews:

“Engaging with ePayPolicy was a game changer in my agency. It provides for a much super-efficient way to bind new business and makes the renewal process much easier. In a world of customization, online payments is one more option we can offer to our clients.” – Holi M. [Capterra]

“St is very functional and easy to use. It gives instant notification to your email when a payment is received, and it processes the funds quickly through your bank.” – Alexa B. [Capterra]

Software Advice Customer Support Badge and Most Recommended Badge for: Recurring Billing

Check out these reviews:

“I have loved using ePayPolicy ever since I heard about it on a podcast years ago. I started my own Youtube channel and always recommend it to other agents/agencies out there!” – Chris C. [Capterra]

“The system and process is extremely user friendly. Moreover, the support (when needed) has been prompt and always helpful.” – Ashley B. [Capterra]

GetApp Functionality and Features Badge for: Recurring Billing

Here are some reviews:

“The customer service experience is exceptional and I couldn’t be more pleased with the decision to engage them for ePayment. As the only vendor at the time which integrated with our Vertafore product, I initially felt captive in selecting them, but they are a delight to work with and our customers love it as well!” – Melyssa M. [GetApp]

“The fact that it works exactly like they said it would is incredible. The features, integration, ease of use, and savings have taken my agency to another level.” – Diane T. [GetApp]

We have always strived to achieve higher customer satisfaction, which is why ePayPolicy has been a top-rated product on all Gartner Digital Markets sites, with an overall rating of 4.9 out of 5. We would like to thank all our users for supporting us and making this possible.

About ePayPolicy

Built by insurance professionals for the insurance industry, ePayPolicy is the fastest, easiest and most secure way to move money for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages and automated check processing, with CheckMate. 7,000+ insurance companies trust ePayPolicy to handle their payments every day. Learn more: ePayPolicy.com

About Gartner Digital Markets:

Gartner Digital Markets is the world’s largest platform for finding software and services. More than 100 million people visit Capterra, GetApp, Software Advice, and UpCity across over 70 localized sites every year to read objective research and verified customer reviews that help them confidently choose the right software and services. Thousands of B2B companies work with Gartner Digital Markets to build their brand, capture buyer demand, and grow their business. For more information, visit https://www.gartner.com/en/digital-markets

​​Built In Honors ePayPolicy in 2024 Best Places To Work Awards

Built In today announced that ePayPolicy was honored in its 2024 Best Places To Work Awards. ePayPolicy earned a place on 3 award lists in Austin – Best Startups to Work For (U.S), Best Startups to Work For (Austin), and Best Places to Work (Austin). This was ePayPolicy’s 3rd consecutive year on the list.

The annual awards program includes companies of all sizes, from startups to those in the enterprise, and honors both remote-first employers as well as companies in large tech markets across the U.S.

“Awards like Built In mean so much because you can’t just apply for them. You earn them,” said CEO Mark Engels. “We can feel it inside the company – we’re building something special, and I’m proud of our entire organization for their contribution in making ePay an incredible place to work.”

Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits. To reflect the benefits candidates are searching for more frequently on Built In, the program also weighs criteria like remote and flexible work opportunities, programs for DEI and other people-first cultural offerings. 

ePayPolicy recently won awards for Best CEO and Best Culture from workplace survey company Comparably, as well as two consecutive Inc. 5000 awards. 

“I’d like to extend our heartfelt congratulations to the 2024 Best Places to Work winners,” says Maria Christopoulos Katris. “I am truly inspired by these companies that have risen to the challenge of fostering a positive work environment, maintaining a strong brand, and ensuring employee satisfaction. The future is filled with promise and we are so excited to see what lies ahead.”

About Built In’ Best Places to Work

Built In’s annual Best Places to Work program honors companies with the best total rewards packages across the U.S. and in the following tech hubs: Atlanta, Austin, Boston, Chicago, Colorado, Dallas, Houston, Los Angeles, Miami, New York, San Diego, San Francisco, Seattle and Washington DC. Best Places to Work is distinct because its algorithm selects tech companies that build their offerings specifically around what tech professionals value in a workplace. 

About ePayPolicy ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 7,500+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com

ePayPolicy’s Year in Review: More Than Just Payments

Faster, easier online payments help insurance companies save hours of back and forth. But alongside the rapid pace of digital payment adoption, insurance companies of all sizes have been impacted by rising interest rates, talent shortages and high premiums over the last 2-3 years. This “hard market” has companies looking at their core processes to see where else they can find efficiencies and cost savings.

Beyond the immediate benefits of offering digital payment options, insurance organizations are looking for more. They’re seeking solutions that extend beyond payment flexibility for their clients—a need to optimize manual check processing, refine payables networks, and streamline premium financing.

Ultimately, we’re looking to build tools that give time back to our customers. And if we can, then our customers can devote more time to growth and retention-focused activities, improving the bottom line.

“We’re building an industry-wide network that allows money and the associated data to flow freely through the industry while saving time and providing security for our customers,” said CTO Nish Modi.

2023 was a big year for ePayPolicy. As our CEO, Mark Engels, likes to say, “ePay is not what it used to be”. We are proud to have evolved and transformed, introducing a suite of products and technology integrations aimed at serving insurance companies in the best, most efficient way possible.

New Products: CheckMate, Payables Connect, and Finance Connect

At the forefront of this evolution are three pivotal offerings—CheckMate, Payables Connect, and Finance Connect—each addressing distinct pain points within the insurance industry.

CheckMate: Revolutionizing Check Payments

Checks persist as a common method of payment within the insurance realm, prompting ePayPolicy to develop CheckMate. This solution streamlines the processing of paper checks, offering rapid, secure check routing, and automated reconciliation with accounting systems.

In the same way our digital payment pages are integrated with the most popular management and accounting systems (as well as custom API integrations), CheckMate uses those same integrations to reduce manual, double-work. CheckMate batches and processes checks every day, and uses the same ePay dashboard as our digital payments. Just one hub, for all your payments. Now, we not only have online ACH and credit card payments, but we’ve been able to digitize checks so that our clients never have to touch paper checks again.

One of our first CheckMate clients, a top 10 Broker in the US, said, “The rollout was agile enough for us to adopt it very quickly and for our teams to understand it.” The agency was able to redistribute over 50% of staffing resources dedicated to check processing.

Payables Connect: Payables Have Met Their Match

Another stellar addition to ePayPolicy’s arsenal is Payables Connect, an innovation that addresses the industry-wide challenge of managing paper-based documentation like carrier statements, checks, and invoices. By harnessing machine learning technology and existing integrations, Payables Connect offers a transformative solution that automates the reconciliation, creation, and payment of due payables.

The tool’s machine-learning assisted document scanning and matching capabilities significantly reduce the manual labor typically associated with reconciling market statements and invoices. Its continuous learning and improvement mechanism hold the promise of a future where such tedious tasks become a relic of the past.

Finance Connect: Premium Financing, Made Simpler

Completing the trio of ePayPolicy’s latest offerings is Finance Connect, a solution aimed at enhancing flexibility for payers. By integrating with companies’ premium finance partners, ePayPolicy enables payers to enroll in financing agreements effortlessly right at checkout.

This addition not only alleviates the cost of insurance payments, but also, eliminates manual aspects of financing agreements, and accelerates policy binding. Its ability to generate consolidated premium finance agreements (PFAs) and integrate with existing premium finance partners ensures a seamless experience for all parties involved.

“As premiums increase, access to financing becomes more important,” said Modi. “Finance Connect is going to help insureds pay faster and bind policies sooner, helping both insurance companies and their PFC partners.”

Integration Revolution: The ePayPolicy Advantage

Beyond these new product offerings, ePayPolicy stands out with over 30 integrations, uniquely positioning itself as the insurance industry’s go-to payment processor. By seamlessly integrating with popular tools and management systems, ePay ensures your accounting team is just as delighted as your customers.

This year, we added a number of integrations to our tech stack, including: Datacrest, Trailblazer, MCI, Surefyre, Cogitate, and WeSignature. Integrations automate work, improve security and reduce manual, redundant tasks for both payers and accounting teams.

Our management system integrations let payers review and select which invoices they would like to pay directly from the online portal. They also enable invoice notifications and automatic payments. Integrating with tools like WeSignature also make the payment process more seamless and quick, by allowing documents to be signed and paid all at once.

Propelling Industry-Wide Transformation

These products aren’t just about ePayPolicy’s growth; they’re catalysts for broader industry transformation. They are tools that accelerate growth, automate tedious tasks, and, most importantly, pave the way for a more efficient, automated, and customer-centric insurance landscape.

Small Steps, Big Impact: Affordable Tech Solutions for Insurance Companies

Historically, the insurance industry has been known as more traditional and outdated when it comes to technology. However, with the covid pandemic, the rise of insurtech tools, and a more tech-savvy employee and customer base, insurance companies are adopting new ways of doing business. According to a McKinsey report, venture capital investments for insurtech surpassed $11 billion in 2021, doubling 2020’s number. The gap between modern companies and traditional ones is deepening.

Convenience now plays a significant role in people’s decision-making when purchasing insurance. People want coverage in quick, easy, and affordable ways – and insurtech tools aid in doing so.

Not all technology requires big changes, though. And we all know there are some tech tools all insurance companies already have, like a good management system. Sometimes, all you really need is to take full advantage of the current tools, instead of investing in new ones.

Here are four ways to do just that:

  1. Optimizing Your Management System (AMS)
    Management systems are the bread-and-butter of insurance companies, and they boast in being just that. This software is there to equip you with all the tools needed to manage policies, send quotes, and essentially give your customers a simple, one-stop-shop. Because of this, management systems have a wide-range of integrations that make life easier for your team and your clients. Your AMS might be the best place to find insurtech tools that are actually useful and easy to implement, since they integrate with a system you already have in place.

    Integrations facilitate instant data transfers between applications and your AMS, improving accuracy and eliminating repetitive tasks. By extending the functionality of the AMS, integrations empower insurance companies to remain flexible and innovative. Some integration examples that add to your AMS capabilities include online document signing (i.e. WeSignature), self-service kiosks (i.e. Pathway) and digital payment collection (i.e. ePayPolicy). Though some integrations come with added costs, it can be insignificant compared to the value they provide (examples provided start at just $15/month).

    It’s also important to have connections in the industry that can make processes from your AMS and integrations easier, like agencies partnering with carriers to transfer policy data or with premium finance companies to ease the burden of payment collection.
  2. Boost Your Marketing
    We get it, some of our customers operate on a small scale — you might not even have a dedicated marketing hire, let alone time to put out ads on social media or magazines. However, there are simple ways to make sure you’re reaching people who are interested in your business, or even upselling current customers.

    Email marketing tools like MailChimp and HubSpot allow you to add customers and prospects and send them automated emails. Instead of bulk sending an email and CC’ing all customers announcing a new product or feature, you can do it through an easy email tool in less time. Organize your audiences, utilize their email templates, and see data on opens and clicks.

    Another easy but effective tool is Google My Business (free). Through GMB, you can claim your business profile and fill out as many attributes as possible so that your business shows up when people are searching for you or your offerings. Google will prioritize search visibility for those that take advantage of the tools they offer.

    Note: before you do any of this, make sure your website is up to date! It shouldn’t just be easy to find, but also easy to navigate and understand. This is usually where your customer gets their first impression of you.

  3. Artificial intelligence Is Here to Stay
    Although artificial intelligence and machine learning are still in the early stages of adoption within the insurance industry, they will become indispensable as more companies utilize data-driven insights to price policies, assess risk, and more. Many predictions state that the emergence of AI will disrupt distribution, underwriting, claims, and service within the industry.

    Although the idea of incorporating AI might seem daunting for a small business, there are more accessible implementations available that do not require a steep learning curve or hefty budget. These technologies have the potential of automating simple but tedious processes, and hence simplifying the work of your employees. Chat bots, for example, are sometimes used by insurance companies to answer frequent questions or direct customers to the best available agent.

    Another trending tool is Open AI’s ChatGPT. This is a free AI tool that can help guide you in writing emails, social posts, website copy, or simply answering customer questions in a concise manner. Learn how to get started here. The rise of Generative AI tools like ChatGPT opens even more opportunities for chatbot solutions, enhancing new capabilities and improving accuracy of responses.
  4. Team Collaboration
    An organized team is an efficient team. Even if your business is just starting, you might benefit from an array of tools that can help you stay on top of projects. The first thing you might want to consider is a messaging tool, like Slack or Microsoft Teams. Slack’s most essential plan is free and Microsoft’s tool starts at just $4 per user.

    Another tool that some people overlook is a project management tool. These are great even for “teams” of one. Managing whole lines of business, customer follow-ups, renewals, etc. can be tedious. Having everything organized with due dates, checklists, and documents in one place is highly effective. No need to look back at notes or search your emails. Some popular examples of project management tools include Trello and Asana, both which have free versions.

The insurance industry is on its way to digital transformation. We often overestimate the short-term impact of new technology and underestimate its long-term effect. So what are you waiting for? Dig in deeper into the integrations your AMS offers, claim your business on the most popular search engine in the world, don’t let AI scare you — let it empower you, and expand the tools that make you and your employees’ work easier.

As the old expression goes, “Work smarter, not harder”. Technology is the crutch to help you achieve this. It’s not as daunting (or expensive) as it seems!

New Product – Finance Connect

We’re thrilled to announce the addition of Finance Connect to our suite of insurance payment and reconciliation products for insurance companies. Finance Connect enables insurance companies to offer premium financing options – with their existing premium finance partners – at the point of online checkout for their insured customers.

“Premium financing is essential in our industry because it gives customers greater payment flexibility with financing options,” said CEO Mark Engels. “We’re combining the ease of integrated online payments with financing at checkout to help improve conversion rates for our customers and eliminate the manual aspects of enrollment in a financing agreement with their partners.”

ePayPolicy has over 6,500 customers in the insurance industry, including Premium Finance Companies (PFCs). Existing customers will have early access, with integrations to their existing PFC partners to ensure a seamless experience for all parties involved.

“As premiums increase, access to financing becomes more important,” said CTO Nish Modi. “Finance Connect is going to help insureds pay faster and bind policies sooner, helping both insurance companies and their PFC partners.”

Finance Connect is the latest integrated product for an industry in need of greater digital efficiency and automated back-office operations. ePayPolicy’s founders experienced firsthand the operational pains of check collection and manual reconciliation in insurance, which led to the company’s first product – secure, online payment pages that were fully customizable to match the insurance company’s brand. 

ePayPolicy recently introduced CheckMate, an automated check reconciliation solution that utilizes machine learning, and announced the Payables Connect tools for automating the reconciliation, creation, and payment of market payables.

Finance Connect is the next of several product releases, with the goal of continuing to streamline the accounts payable, receivables and disbursement experience for customers in the insurance industry.

“We want to be the place our customers go to reconcile their payables and receivables and to tie it all together with their existing accounting solutions,” said Modi. “We’re building an industry-wide network that allows money and the associated data to flow freely through the industry while saving time and providing security for our customers.”

Key Features

  • Allows insurance companies to work with their existing PFC partners
  • Premium financing options presented at checkout alongside option to pay in full via ACH or credit card
  • Auto-payment enrollment and payment reminders for enrolled customers
  • Simplified financing enrollment and upfront terms for insureds
  • Easily generates consolidated premium finance agreements (PFAs)
  • ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry

How Digital Insurance Payments Can Optimize Your Business

A lot of people seem to have the misconception that implementing a digital payment option for their business is a big undertaking. In reality, not only can the process be easy, but it can also greatly enhance the customer experience. More and more consumers now have the expectation of being able to pay for services with credit card or ACH. Younger consumers, especially, don’t even own a checkbook.

Businesses that don’t offer digital payment options risk falling behind their competitors and losing customers. And if you feel like you have a more traditional customer base, you can still accept checks but also offer the option of digital payments for those who prefer it (and at ePay we even offer a way to make paper checks as easy as online payments).

Here are some ways digital payments benefit insurance companies:

1. Improve the Customer Experience
Many customers find the traditional payment process for insurance premiums to be time-consuming and cumbersome. By offering digital payment options, insurance companies can make the payment process faster, more convenient, and more secure. Customers can pay their premiums from anywhere, at any time, using their preferred payment method.

2. Reduce Manual Labor & Streamline Accounting
Traditional payment methods, such as checks and cash, require manual processing and handling, which can be tedious and costly. By implementing digital payment options, insurance companies can automate payment processing and reduce the need for manual handling. This also ensures accuracy of data and streamlined accounting.

3. Reduce Risk of Payment Fraud
Digital payment options, such as credit and debit cards, offer advanced security features that can help to prevent fraud. Additionally, digital payment processing systems can be configured to detect and flag suspicious payment activity, which can help to prevent fraudulent transactions.

4. Stay Competitive
In today’s digital age, customers expect businesses to offer a range of payment options. By failing to offer online payment options, insurance companies risk falling behind their competitors and losing customers.


In summary, implementing digital payment options is not a big change for most businesses, and it can provide numerous benefits for insurance companies. ePayPolicy is fully committed to simplifying the payment collection process for insurance companies. Our sign up request form takes 1 minute, and then our underwriting team reviews your submission and requests any additional details to verify eligibility. Once approved, our team sends final account signup instructions so that you can start collecting payments within 24 hours.

Easy sign-up with no contract, no signup fee, and you can cancel at any time.


30 Insurance Terms You Should Know

The insurance industry is an integral part of the modern economy, providing protection and peace of mind to individuals and businesses alike. With a wide variety of insurance products available, it can be overwhelming to navigate the terminology and concepts associated within the industry. That’s why we’ve put together a glossary of common insurance industry terms.  Whether you’re an insurance agent, broker, or policyholder, understanding these terms can help you make informed decisions and ensure that you have the right coverage for your needs.

The terms:

  1. Policy – A contract between the insurance company and the policyholder that outlines the coverage provided.
  2. Premium – The amount paid by the policyholder to the insurance company for coverage.
  3. Deductible – The amount the policyholder must pay out of pocket, in the event of a claim, before the insurance company pays their portion.
  4. Coverage – The amount of protection provided by an insurance policy.
  5. Claim – A request for payment made by the policyholder for a covered loss.
  6. Underwriting – The process by which insurance companies evaluate the risk of insuring an individual or entity.
  7. Risk – The likelihood of a loss or adverse event occurring.
  8. Insured – The person or entity covered by an insurance policy.
  9. Insurer – The insurance company providing coverage.
  10. Liability – Legal responsibility for something, such as an accident or damage.
  11. Umbrella policy – An insurance policy that provides additional liability coverage over and above your other insurance policies (protection against your assets if you were to be sued). You can have a personal umbrella policy which covers your home and auto, and then you can have a business umbrella policy which covers your business assets and commercial autos.  
  12. Endorsement – A change or addition to your insurance policy.
  13. Renewal – The process of continuing coverage under an insurance policy after the initial term has expired.
  14. Exclusions – Situations or events that are not covered by an insurance policy.
  15. Inclusions – Situations or events that are covered by an insurance policy.
  16. Benefit – The amount of money paid out by an insurance company for a covered loss.
  17. Agent – An individual who sells insurance policies and represents an insurance company.
  18. Broker – An individual or firm that acts as an intermediary between insurance companies and policyholders (can also be an agent).
  19. Indemnification – The process by which an insurance company compensates the policyholder for a covered loss.
  20. Actuary – A professional who uses mathematical models to evaluate the financial risk of insuring individuals or entities.
  21. Rate – The cost of insurance coverage, often expressed as a monthly or annual premium.
  22. Underinsured – A condition where the amount of insurance coverage is insufficient to cover the potential loss.
  23. Overinsured – A condition where the amount of insurance coverage on your policy is more than the potential loss (you are paying for more coverage than you can actually use).
  24. Cancellation – The termination of an insurance policy before the end of its term.
  25. Policyholder – The person or entity that holds an insurance policy.
  26. Subrogation – The process by which an insurance company seeks to recover costs paid out for a covered loss from a third party.
  27. Adjuster – An individual responsible for evaluating and settling insurance claims.
  28. Loss ratio – The proportion of premium dollars spent on claims and company expenses, compared to their profits.
  29. Insurance Fraud – Deception committed in order to obtain payment from an insurance company for a covered loss that did not actually occur.
  30. Solvency – The financial stability and ability of an insurance company to pay claims and meet its obligations.


We hope this glossary is a helpful resource for those within this industry. Understanding these terms can help you communicate more effectively with clients, evaluate risk and coverage options, and navigate the complex landscape of insurance products. As the insurance industry continues to evolve and adapt to changing market conditions, it’s more important than ever to stay informed and up-to-date on the latest trends and developments. By staying informed and knowledgeable, you can ensure that you’re providing the best possible service to your clients and protecting their interests for years to come.