Good morning my dear friend and colleague. How’s the hard market treating you? Tough times, right? But always remember, challenge brings opportunities. So don’t get discouraged. Go get em!

Btw, It means the world to me that you want to receive our Newsletter. I appreciate you more than you know, so THANK YOU!

At Fun Insurance Solutions, our goal is very simple, we want to help YOU grow.

👀Remember to keep an eye on my ”Fun”Fact” included in the Newsletter. We'll be playing a game with them in the future. And, of course, you’ll get the chance to win some money🤑.

Now, let’s enjoy another day in the best industry in the world.

Let’s GOOO!

😱This week’s OMG moment

The Federal Trade Commission (FTC) recently introduced a rule to ban noncompete clauses, marking a significant shift in labor policy aimed at enhancing worker freedom and competition. Noncompete agreements, which previously restricted not just high-level executives but also workers in lower-wage positions, have been criticized for stifling employee mobility, suppressing wages, and limiting competition by discouraging workers from seeking new employment opportunities. While these clauses were initially designed to protect companies' confidential information and encourage investment in employee development, their application across various industries, including positions as diverse as fast-food workers and yoga instructors, led to widespread scrutiny. The rule has been met with opposition from business groups like the US Chamber of Commerce, which contends that the FTC lacks the authority to enforce such regulations and argues that this move could lead to further regulatory interference in economic matters. The Chamber of Commerce has expressed its intent to challenge the rule legally, suggesting a forthcoming legal battle over the scope of the FTC's regulatory powers. We’ll keep an eye on this to see how the insurance industry reacts to this controversial ruling.

🫱🏼‍🫲🏼For Insurance Agents

📰Propeller Bonds reports that the global surety market, valued at $16 billion in 2021, is expected to grow to $24.4 billion by 2031, fueled by a 4.4% CAGR and driven by the construction industry's growing need for bonds to ensure project completion. Additionally, the market is evolving through technological innovations like digitalization and data analytics, which streamline bonding processes and enhance risk assessment, alongside a rising focus on green bonds and international expansion.

👨‍👩‍👧‍👦Do you want your team to quote life insurance in seconds? Do you want your clients to quote life insurance in seconds? If this is the case, BackNine Insurance is your solution. BackNine is a FREE life insurance InsureTech that gives you direct access and appointments to multiple carriers in every State and Puerto Rico. Sign up with BackNine HERE and start enjoying the beauty of quoting and applying for life insurance in seconds. Oh, and remember to tell them that you are part of the Fun Family 😉.

⚙️Inchanted launches the first forms and content management system to operate natively on Apple iOS, Android, and Windows as a true mobile solution.

🍀A recent report indicates that global legal cannabis spending increased to $36 billion in 2023, with projections suggesting a growth to $58 billion by 2028, driven primarily by U.S. adult-use markets. This growth is expected to offset challenges such as price compression in mature markets like California and Colorado, with emerging markets and the introduction of recreational use in states like Florida and Pennsylvania anticipated to significantly contribute to the industry's expansion. It will be interesting to see the impact this will have on our industry in the next couple of years.

🌟Motivation

📝The book "Think and Grow Rich" by Napoleon Hill includes a powerful narrative of a young girl who, despite facing stern refusals and threats, persistently stands her ground to obtain fifty cents from Mr. Darby's uncle, exemplifying that unwavering courage and determination can overcome formidable obstacles. This story, along with the successes of individuals like J.K. Rowling and Walt Disney, underscores the universal principle that relentless perseverance, paired with focused action and patience, is key to achieving success, encouraging everyone to apply this mindset to overcome their own challenges.

⚙️Technology 

👩🏼‍💻Vertafore has expanded its Orange Partner Program by adding four new “MGA-focused partners”, enhancing its offerings to better equip MGAs as innovators in the insurance industry using its open API architecture.

👍🏼Meta has launched its artificial intelligence tool, Meta AI, across multiple platforms including Facebook, Instagram, and WhatsApp in over a dozen countries such as the US, Canada, Australia, and several African nations. The tool, which is integrated into feeds, chats, and search functions, enables users to perform tasks, learn, create, and connect without leaving the app, featuring capabilities like generating AI images and GIFs. But what if I don’t want to use Meta AI? Well, there’s not an answer to this… yet.

💻Accelerate Your Content Creation with Koala AI. Create high-quality SEO-optimized articles in minutes. KoalaWriter, powered by GPT-4, combines SERP analysis with real-time data to create content that ranks. You can get Koala AI for free HERE.

🌎Around the World

🚗They say insurance agents love Tesla vehicles. Well, not really. We just made it up. Anyways, Tesla's recent earnings call revealed a significant downturn in its financial performance, missing revenue expectations and reporting a quarterly revenue drop for the first time since 2020, alongside a six-year low in profits. Amid these challenges, including a major recall and workforce layoffs, Tesla announced strategic shifts towards more affordable models and a new focus on developing a fully autonomous robotaxi, which led to an unexpected rise in its stock.

 📈In the first quarter of 2024, global commercial insurance rates saw a modest average increase of 1%, a slight slowdown from the 2% increase in the previous quarter, as reported by the Global Insurance Market Index from Marsh. This stabilization in rates was attributed to declines in the financial, professional, and cyber insurance lines, alongside heightened competition in the global property market, with variations observed across different regions and specific insurance types like property and casualty.

🤫Here’s one of my “FUN” Facts: I was an active scuba diver for many years.

📰Non-Insurance Stuff

💲Starting today, Venice requires day-trip visitors to pay a fee of just over $5 as it becomes the first major city to introduce such a charge, in response to unsustainable tourism levels that have prompted UNESCO warnings. Critics are divided on the fee's effectiveness and legality, with some saying it infringes on the right to free movement and others arguing it's too minimal to curb the influx of the nearly 30 million annual visitors.

🦟In South Carolina's Newberry County, residents are contacting law enforcement due to the extremely loud mating calls of emerging cicadas, which can rival the noise of jet engines.

🏢For Insurance Companies & MGAs

🤑Did you know that insurance companies and MGAs are making hundreds of thousands of dollars of additional revenues just by using our Cyber and ID Theft Programs in their portfolios? Awesome! Right?

Carrier’s and MGAs, think about this: you can add to your portfolio 1️⃣Policy + 1️⃣Premium + ❌No Underwriting + ❌No Filings (it’s already filed and approved) = ♾️Infinite Possibilities.

🔒Want to learn more about the Cyber Risk Purchasing Group (cyer liability policy) that could transform your commercial portfolio?

Fill out our quick form below and let’s work together to achieve more.

Today is the day for YOU to shine. We have room to add 7 new carriers and 3 new MGAs to our Cyber and ID Theft programs.

😂Insurance Meme of the Week

🤔Is this covered? 😂

Do you have a funny insurance meme you would like to share? Send it over to us and we will gladly share it in our next newsletter. You will get the credit, of course 😉.

From the bottom of my heart, THANK YOU for being part of our Fun Family.

Please make sure you sure you forward and share our newsletter with all your insurance friends and colleagues so they can sign up below.

I appreciate you,