2022 Insurance Trends

Working at Statefarm’s West Caldwell, New Jersey office, John Urchak is an award-winning insurance agent. Through his expertise in various insurance types, John Urchak helps individuals in Essex and Passaic Counties plan for unforeseen events and prepare for the future.

Many changes will occur in the insurance industry in 2022, affecting companies and customers alike. Due to changes in business practices across diverse industries, insurance companies will continue to modernize their operations in 2022. As businesses transition to at-home work, agents will learn to meet clients remotely. They will also continue to meet businesses’ increased claims filing for damaged or lost goods, resulting from 2021’s persistent supply chain issues. Companies will also utilize automation and digitization to streamline their processes so that agents can serve more customers quickly and effectively.

In 2022, insurance companies may also tap into underserved markets that either lack insurance or own insufficient coverage. Groups most impacted include customers in minority communities and millennials between the ages of 25 and 40. Current insurance messaging either neglects to account for marginalized populations’ specific needs or millennials’ preconceived notions of insurance costs or benefits. By promoting financial literacy among these groups, companies can reach new markets while improving customers’ lives.

Individual customers will also experience changes in how they interact with insurance providers. Continuing transformations from 2021, customers will purchase insurance from digital-only platforms more frequently and seek flexible plans for freelancers or customers searching for work. They will also receive increased exposure to insurance services offered by non-insurance companies, like Amazon, which offer insurance policies on goods.

Calculating the Appropriate Amount of Life Insurance

A Level-One agent with State Farm, John Urchak provides free quotes on renters insurance, homeowners insurance, and auto insurance, seeking good driver discounts and student discounts for customers to lower their rates. John Urchak also helps clients choose life insurance options aligned with their long-term financial goals.

Any working person with a family should consider life insurance an essential aspect of their financial planning. How much life insurance is the appropriate amount? Life insurance calculation should consider specific family situations. Age is one factor.

A 30-year old with several young children will need more life insurance than an older working adult with grown children. In addition to the children’s ages, consider the ratio of spouses’ incomes. If one person earns 80 percent of the family income, his or her insurance needs are greater.

Similarly, what are the family’s long-term financial goals? Do the parents want to fully fund their children’s college educations? Consider any debts that will need to be paid in case of death. While debts such as student loans will be canceled, the estate must settle a mortgage. Working with a trusted insurance agent can help individuals choose a plan that reflects their unique financial circumstances.

State Farm Incorporates Hybrid Office Format for Employees

For the last few years, John Urchak has worked as an insurance agent for State Farm, an insurance company that provides coverage for home, life, automobile, business, and even pets. As an insurance agent with this company, John Urchak has been recognized as a Level One agent, among other honors.

In April, State Farm announced that it would be incorporating flexible working options for its employees that will allow them to work both at home and the office. The reason for the change stems from the company’s desire to operate more efficiently.

The plan will affect close to 40,000 who will transition from an office format to working remotely and in the office part-time at a facility designated by the company. The amount of time employees spend at home and in the office will depend on their location, with leaders working with individual employees to determine how much time will be spent at each place.

With COVID-19 the backdrop, State Farm adopted a primarily remote office policy with a limited number of essential workers coming into work. At the same time, to remain operational, the company’s platform has undergone a digital transformation, making it possible to work both in the office and from a remote work location.

With everyone returning to work full-time, the company expects this new hybrid approach to be a win-win for employees and the business. The plan accommodates State Farm’s interests while keeping employee health a top priority.