How our industry's evolved: A brief history of insuranceBlog added by Jason Johnson on November 13, 2013
Jason Johnson

Jason Johnson

Big Bear City, CA

Joined: August 07, 2013

Managing risk has been in existence since the second millennium B.C. The early Chinese and Babylonians both recognized the need to mitigate exposure on their trade routes. During that time, a supplier would place a small fee on the cost of the goods to ensure that, in the event of a loss, the vendor would not have to pay for the lost goods. If an accident or theft occurred, the vendor was released of the debt.

As trade evolved and shipping became more popular, ship captains and merchants began meeting in a coffee shop owned by Edward Lloyd. Today, we know this company as Lloyd's of London. Privateers would attack shipping routes and seize cargo, resulting in a loss to the shipper. Captains and merchants would meet and hire underwriters to insure the cargo in the event of a loss.

As commerce evolved into the industry we have today, the methods of managing risk also evolved. The insurance industry became a multi-faceted market with agents specializing in a certain product line or niche market.

Our current industry has evolved to include almost every type of risk imaginable, from the tangible (physical property) to the intangible (intellectual property). As an agent in an evolving industry, you need to stay ahead of your competition. By harnessing the power of social networking, writing exceptional content, and using creative marketing efforts to locate ideal markets, you can stay ahead of the rest.

Just as the industry has evolved, agents and the technology they embrace must change, too. The Internet and various online tools are there to provide you with recent updates in the industry. In addition to the fresh content and information, it's also easier than ever before to connect with prospects, clients and other industry professionals. To not put these resources to use would be a shame. Don't miss out on these historic times.

See also:

That social media stuff won’t work for me

Will the government take over the life insurance industry?

7 in-your-face quotes the insurance industry needs to hear

The history of why people buy life insurance
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