Page 35 - BusinessWest July 11, 2022
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INSURANCE AGENCIES
RANKED BY NUMBER OF AGENTS IN WESTERN MASS.
   40 WHALEN INSURANCE AGENCY
71 King St., Northampton, MA 01060
(413) 586-1000; www.whaleninsurance.com
46 DELISO FINANCIAL & INSURANCE SERVICES 540 Meadow St. Ext., Suite 108, Agawam, MA 01001 (413) 785-1100; www.delisofinancialservices.com
46 STREETLIGHT FINANCIAL, LLC 8 Main St., Florence, MA 01062
(413) 848-6020; www.streetlightfinancial.com
48 LAPORTE, SHEA AND BORYS INSURANCE AGENCY INC. 71 Church St., Chicopee, MA 01020
(413) 598-8304; www.lsbinsurance.com
Insure
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Increased Shipping Costs and Delays
The pandemic has impacted almost every part of the global supply chain, causing shipping delays and higher prices. When shipping ports get over- whelmed and backed up, it impacts the time it takes to get materials to home- owners and the cost of delivering the materials.
From appliances to plumbing fix- tures, it’s taken weeks and months longer to get building supplies, which previously had taken days to procure. In fact, 94% of Fortune 1000 companies have reported supply-chain disrup- tions from COVID-19.
Globally, RBC Capital Markets reported that 77% of ports are expe-
Auto
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shopping was down, as vehicle purchases account for as many as one in three auto insurance shopping events.
• Miles driven, which is a strong predictor of loss cost frequency, rebounded to traditional seasonal patterns exhibited in 2019, and carriers could see a significant benefit in more accurate and frequent mileage readings from connected vehicles.
• According to a December 2021 LexisNexis Risk Solutions survey of U.S. consumers, 71% are inter- ested in the of use telematics-enabled usage-based insurance for purposes of discounts. However, con- sumer adoption remains much lower, presenting
a significant opportunity for both consumers and insurers.
• Changes in the regulatory environment are put-
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Comm., Personal
Financial Planning, Investment Advisory, Group Retirement Plans, Life, Annuities, Disability, Long-term Care, 529s
Life, Disability, Annuities, LTC, Group, Health, Emp. Benefits
Homeowners, Auto, Umbrella, Business, Life
Peter Whalen
Jean Deliso
Aaron Smith Mark Vaclavicek
Paul Shea
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Emp. Benefits, Life, Disability, Long-term Care, Retirement- plan Administration
Steven Bradway
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Property/Casualty, Auto, Home, Business, Life, Health, Workers’ Comp
Kyle Sullivan John Sullivan
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Employee Benefits (Group Health, Dental, Disability, and Life); Investment Advisory, 401(k)
Matthew Hollister Michelle Simpson
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BFP ASSOCIATES INC.
110 Elm St., West Springfield, MA 01089 (413) 739-2352; www.bfpassociates.com
JOHN M. GLOVER AGENCY
4 Open Square Way, Suite 218, Holyoke, MA 01040 (413) 534-1500; www.johnmglover.com
BUSINESS BENEFITS INC.
25 Pray St., Amherst, MA 01002
(877) 230-8650; www.bbibenefits.com
COMPANY
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TYPE OF INSURANCE
TOP LOCAL OFFICIAL
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     BusinessWest
INSURANCE
JULY 11, 2022 35
riencing abnormally long
times to turn around traf- fic. In fact, Freightos.com marketplace
data shows that, in September 2021, China-to-U.S. ocean shipments took an average of 73 days to arrive at their final destination, 83% longer than in September 2019.
Higher Labor Costs
Builders often hire subcontractors who handle electrical, drywall, plumb- ing, and other areas of construction. With the current labor shortages, high- er costs are needed to secure skilled laborers or obtain the needed mate- rials. This, in turn, has forced home builders to factor in higher costs for construction and remodeling work.
Eighty-nine percent of contractors are having a hard time finding craft workers, and 88% of firms are experi-
encing project delays. Additionally, the U.S. is seeing a drop in the number of Americans becoming tradespeople. The National Electrical Contractors Association reports that 7,000 electri- cians join the field annually, but 10,000 retire. This shortfall results in higher prices and longer wait times for home projects.
Auto Insurance Affected, Too
Home insurance isn’t the only cov- erage impacted by current trends. Auto insurance is also experiencing increas- es due to national trends. Used-car prices are up 40%, the cost of labor for repairs is up, car parts are costlier and harder to obtain due to supply-chain issues, and rental car costs are up 30%. These factors and others are contribut-
ing to a rise in auto-insurance rates. It might be time to review your
home and auto policies with an agent to make sure your coverages are appro- priate in the current inflationary mar- ket. u
Lisa Johnson is chief operating officer for Amherst-based Encharter Insurance; (413) 658-3410.
Sources: NAHB, AGC, Accenture,
U.S. Bureau of Labor Statistics, AutoRentalNews, CCC Intelligent Solutions, CNBC. All products
are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates. This material is provided for informational purposes only and does not provide any coverage.
FT AGENTS/ EMPLOYEES
OFFICES (LOCALLY)
   ting pressure on core rating variables as some states are introducing legislation designed to restrict the types of data used for risk-based insurance scoring. This could be harmful to consumers, as 85% of new U.S. consumer auto-insurance policies issued to con- sumers in 2021 benefited from products that leverage data and analytics.
“When you consider all the variables at play, I do think the assertion by LexisNexis Risk Solutions that we are in a revolution of sorts in the insurance indus- try is apt,” said Karlyn Carnahan, head of Insurance, North America at Celent. “Like no time I can ever recall, insurers are reliant on data and analytics to not only assess risk, but also to provide a more seamless experience for the customer from point of quote all the way through the claims process. Across the insur- ance continuum, data is oil that keeps the engine
running.”
Considerations for the Road Ahead
We could be headed for another year of vehicle and insurance shopping volatility in year-over-year growth rates. Additionally, current economic uncer- tainty and continued risky driving behaviors suggest claims severity will remain high. Finally, LexisNexis Risk Solutions will continue to watch the regulatory environment closely in support of consumers and carriers.
“The insurance industry is in a critical phase,” Pichon said. “There are so many unknowns, and insur- ers, no matter the size, who adapt by using data and analytics to enhance their workflows and meet custom- ers where they are will be positioned to make better, more informed decisions and gain market share.” u
  

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