Happy Wednesday! In this week’s Big I Buzz: U.S. insurance companies are being targeted in a new wave of cybersecurity attacks. Plus, the industry is bracing for a growing talent shortage—what can be done?

US Insurance Industry Warned of Scattered Spider Attacks

Google’s Threat Intelligence Group is warning that the threat actor Scattered Spider (also known as UNC3944) is actively targeting U.S. insurance companies and managed service providers.

Using advanced social engineering tactics, attackers are impersonating IT or helpdesk staff to bypass multi-factor authentication (MFA), reset credentials, and deploy ransomware.

What You Should Do:

• Use stronger MFA – Opt for phishing-resistant methods like hardware tokens or push-based apps.
• Secure helpdesk procedures – Validate identity through callbacks or challenge questions before resetting passwords.
• Stay alert – Monitor for unusual login activity, MFA failures, and unexpected password resets.
• Reinforce staff awareness – Conduct regular training against phishing and social engineering.

Learn more here.

Insurance Industry Talent Shortage is Imminent

The insurance industry is staring down a major workforce gap. The U.S. Bureau of Labor Statistics estimates 400,000 insurance professionals will retire by 2026. Meanwhile, agencies are struggling to recruit young talent.

Without a new generation stepping in, the industry risks losing the valuable “generational handshake”—the transfer of knowledge from experienced professionals to new recruits.

Rose Hall, founder and CEO of RH Business Ventures, says the industry may need to rethink its image. Gen Z candidates are looking for flexibility, purpose, and modern work environments—not just a 9-to-5 desk job. 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.

FOND DU LAC, Wis. (June 9, 2025) — Society Insurance, a mutual insurance company offering specialized business insurance coverage, celebrated its 110th anniversary on June 8, 2025.

Founded in 1915 by threshermen in Madison, Wisconsin, who recognized the need for workers compensation coverage, the Wisconsin Brotherhood of Threshermen Insurance Company, Limited Mutual, was established. The company relocated to Fond du Lac, Wisconsin in 1918 and evolved to support the hospitality industry, which has unique protection needs. The company adopted its current name, Society Insurance, in 1995. Over the years, Society Insurance has made a significant impact on policyholders in Wisconsin and across its nine-state operating territory.

Society’s accomplishments over the past 110 years include:

• Transitioned from a workers compensation-only insurance company to offering comprehensive commercial insurance solutions tailored to the unique needs of each business
• Expanded to provide commercial insurance products in nine states
• Recognized as one of the “Best Places to Work in Insurance” by Business Insurance in 2021, 2022 and 2023 and as one of the ten nationwide “Best Internship Programs” by Employ Humanity in 2024
• Established the Society Insurance Charitable Fund in 2007 which has distributed more than $1 million to non-profit organizations in the communities we serve

"For 110 years, we have been dedicated to serving business owners, safeguarding livelihoods and supporting our communities," said President and CEO Heather Boyer. "We are excited about the many achievements we've celebrated and remain focused on continued growth through our independent agency partnerships.”

Society Insurance attributes its longevity to the trust and partnership of its employees, agents and policyholders. While Society has evolved over the last 110 years, there is still much to look forward to in the years ahead.

ABOUT SOCIETY INSURANCE: Headquartered in Fond du Lac, Wis., Society Insurance has been a leading niche insurance carrier since 1915. Society focuses on the small details that make a big difference to its policyholders while offering top-notch insurance coverage, service and competitive pricing to businesses in Wisconsin, Illinois, Indiana, Iowa, Minnesota, Tennessee, Colorado, Georgia and Texas.

Happy Wednesday! In this week’s Big I Buzz: DIY home inspections are on the rise, and insurers face mounting pressure to support access to high-demand GLP-1 drugs.

DIY Home Inspections Are Taking Over, Firms Say

The future of home inspections may be in the homeowner's hands. Leaders from two firms developing DIY inspection systems—now used nationwide for pre-policy property surveys—say the trend is rapidly gaining momentum.

At the Insurance Innovators USA conference in Nashville, the head of EXL Survey and Business Control emphasized that DIY inspections are no longer a question of "if" but "how to implement."

While some homeowners may initially hesitate to submit photos of a water stain or a precariously placed tree limb, most are willing to participate—especially when they learn it can reduce costs and eliminate the disruption of a traditional in-person inspection. Read more here.

Insurance Companies Scrambling to Support Need for GLP-1 Drugs

Insurers are racing to address the skyrocketing demand for GLP-1 drugs like Ozempic, Wegovy, and Mounjaro. Originally developed for diabetes, these medications are now widely used for weight loss—creating a complex challenge for the insurance industry.

The dilemma? Balancing consumer access with soaring drug costs. While the current strategy is to manage short-term expenses while waiting for long-term data and potential competition from generics or biosimilars, some experts warn that delaying action could prove costly as demand continues to climb. 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.

A Letter to the Editor:

I am writing to express my deep appreciation for Mike Ansay, an extraordinary mentor and role model in the insurance industry. I feel compelled to write you due to a recent bike accident Mike had, and my need to say thanks to him, on behalf of many agents he helps on a daily basis for the benefit of the insurance industry. Insurance is a field that requires both ethical integrity and strategic intelligence, Mike has consistently demonstrated an unwavering commitment to professionalism, client advocacy, agency direction, mentorship and friendship.

From the moment I met Mike at a SECURA Professional Development Conference, it was clear that his knowledge and experience were invaluable, but more importantly, his willingness to share and help me grow. He has the unique or remarkable ability to simplify complex concerns and industry issues, only to make my agency better. I am not alone. This unselfishness, in turn, helps the Independent Agency system. His guidance has not only helped me grow as an insurance professional, but has also reinforced the importance of trust and transparency to lead in our industry.

Beyond his technical expertise, what truly sets Mr. Ansay apart, is ethical leadership and straight truth messages. In an industry where integrity is paramount, he leads by example, always prioritizing the best interests of people and truth over anything. His mentorship, guidance, support and love of others goes beyond business; he genuinely cares about the success and well-being of those he is in contact with daily.

I have witnessed firsthand how Mike takes the time to nurture talent, offering support and wisdom to anyone willing to learn. His encouragement has empowered me to set higher standards for myself and serve my communities with the same dedication and honesty he exhibits daily.

In a world where true mentorship has waned from the past, Mike is a shining example of what it means to lead with integrity, intelligence, and compassion. I am grateful for his guidance and honored to have them as a mentor. His influence will undoubtedly continue shaping me and the careers of many others in the insurance profession for years to come.

Happily, and respectfully submitted,

Eric DeBruin

President

Family Insurance Center, Inc.

Happy Wednesday! In this week’s Big I Buzz: A report reveals how much the average household spends on bills. Plus, a look at how congress and executive orders will impact health care.

Typical U.S. Household Shells Out Over 24K Each Year in Bills

A recent report by Doxo found that U.S. consumers spend nearly $25,000 per year on household bills. The data showed that a typical household spends $24,695 per year or $2,058 per month, with a median annual household income of $80,610.

According to the report, the 13 most essential household bills are:

• Mortgage ($1,775), Rent ($1,453) and Auto loan ($470).
• Cable & Internet ($121), Electric ($120) Auto Insurance ($105) and Mobile Phone ($96).
• Water & Sewer ($86), Alarm & Security ($74) and Health Insurance ($72).
• Gas ($71), Waste & Recycling ($70), and Life Insurance ($60).

Read more here.

How Will Congress, Executive Orders Impact Health Care?

Congress is poised to significantly influence the U.S. health care landscape as it reconvenes from its spring recess with a focus on extending the 2017 Tax Cuts and Jobs Act. This initiative includes potential $1.5 trillion in spending reductions, with Medicaid cuts emerging as a contentious issue. To offset the cost of tax extensions, lawmakers are considering limiting the tax-preferred status of employer-provided health coverage, a substantial expense under the Internal Revenue Code. Simultaneously, executive orders under President Trump's "Make America Healthy Again" initiative aim to expand treatment options, promote preventive care, and enhance price transparency in health insurance. 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.