Finding Genius Podcast Demystifying Insurance: Insights On Rising Rates, Stigmas, & Smart Planning
Nov 30, 2024
Michael Silverman, President and CEO of Silver Lining Insurance Agency, brings over 30 years of insurance expertise to the discussion. He dives into the reasons behind the recent surge in insurance rates, citing increased construction costs and post-COVID claims. Michael also addresses the stigma surrounding the industry and stresses the importance of personal relationships between clients and agents. He discusses the complexities of home insurance valuation, the emotional impact of proper coverage, and the necessity of tailored insurance solutions for individual needs.
AI Snips
Chapters
Transcript
Episode notes
Insurance as a Helping Profession
- Michael Silverman, despite being third-generation insurance, focuses on sales as a means of helping people.
- He emphasizes building relationships and treating clients like friends.
Rising Insurance Rates
- Insurance rates are rising across the US due to increased replacement costs, particularly post-COVID.
- Claims costs are significantly impacting insurance company profits, driving rate increases.
Prioritize Protection
- Focus on having the right insurance protection, even if it means higher premiums.
- View insurance professionals as partners who can help navigate potential exposures and disasters.