Happy Wednesday! In this week's Big I Buzz, we are discussing this month's featured member benefit, new insurance technology you should know about and the future of the construction industry. 

Spotlight on Member Benefits: WI P&C Marketplace Report

We're jumping into a new month, which means we are spotlighting a new member benefit. This month's benefit is our WI P&C Marketplace Report. In addition to the annual report we send out highlighting the top lines of business, agent penetrations, loss ratios, percentage of surplus lines and the biggest writing insurers, we will be sharing quarterly updates as well. This data is a deep-dive into the insurer industry data for the state of WI from an independent agent's point-of-view. The goal is to provide a baseline of our state's marketplace that can be very useful in your agency for planning purposes. Agents can see the large writers overall, those insurers using agents and writing as surplus lines, and premium & loss ratio trends. Information from this report is compiled by Paul A. Buse from Real Insurance Solutions Consulting. This report is free for IIAW members. Nonmembers can access this report for $99. Head to our website here to see the data from Q2. 

Insurance Technology: Catalyit; CyberCube; Tremor; TransUnion and e2Value

Insurance Journal recently released a list of new technology solutions that you should know about. First named, Catalyit. Catalyit is a new technology resource for independent insurance agents. The Catalyit platform brings consulting, training, tools, reviews and community all in one place. In addition to the wide catalogue of resources, there's live coaching, product demos, on-demand classes and a video vault. Don't just take it from us, head to Catalyit.com to learn more. Catalyit is accepting new agency subscribers through December 15, 2021, when the open enrollment period expires until 2022. 

Other tech companies Insurance Journal named include CyberCube, TransUnion and e2Value and Tremor. Read more about these companies here. 

Construction Industry Set for Huge Growth But Labor Challenges Remain

According to a new report from Marsh, Guy Carpenter and Oxford Economics, the global construction industry is set to be a global engine for economic growth and recovery following COVID-19. Insurance Business Mag wrote, "The report, entitled 'Future of Construction: A Global Forecast for Construction to 2030,' predicts that global construction output will grow by 42%, or $4.5 trillion, between 2020 and 2030, driven largely by government stimuli and the demand for residential construction. In 2020, the output was 410.7 trillion, and the report's authors expect output to grow approximately $13.3 trillion by 2025 and $15.2 trillion by 2030. Average growth in construction output is predicted to hit 3.6% per annum over the decade to 2030, which is faster than either the manufacturing or services sectors." However, there are some worries in this growth as labor and supply chains challenges continue to arise.  Read more here. 

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. We hope that everyone has a great rest of their week!