Cox Insurance

A Better Way to Be Insured

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Cox Insurance Celebrates 75 Years of Excellence and Innovation in the Insurance Industry

Cox Insurance is proud to commemorate its 75th anniversary, marking a legacy of exceptional service, community engagement, and industry leadership since its founding in 1950. This milestone celebrates decades of trusted relationships with clients and a steadfast commitment to protecting what matters most.

Over the past 75 years, Cox Insurance has evolved from a small local agency to a regional leader in the insurance sector, offering a comprehensive range of personal and commercial insurance solutions. Through its innovative approach and dedication to customer satisfaction, Cox Insurance has maintained a reputation for integrity, adaptability, and forward-thinking solutions.

“As we reflect on 75 years in business, we are incredibly grateful for the trust our clients have placed in us and the dedication of our team members,” said Taylor Cox, President. “This anniversary is not just a celebration of our history but also a moment to look forward to a future filled with new opportunities and continued service to our community.”

To commemorate this remarkable milestone, Cox Insurance is hosting a series of events, including a series of lunchtime interviews with current and former employees who have been pivotal to the agency’s success. These initiatives will highlight the stories, challenges, and triumphs that have shaped the agency over the years.

The agency remains deeply committed to its founding principles of personalized service and community involvement. In celebration of its 75th anniversary, Cox Insurance is reaffirming its dedication to supporting the community and strengthening connections with those it serves.

Kelley Loughrey joins Cox Insurance as Chief Experience Officer

Cox Insurance is pleased to announce the appointment of Kelley Loughrey as the company’s Chief Experience Officer (CXO). In this newly-established role, Loughrey will lead initiatives aimed at enhancing the overall experience of team members and clients, ensuring that every interaction with Cox Insurance reflects the company’s commitment to innovation and service excellence.

Loughrey brings a wealth of knowledge and a proven track record of strategic vision and leadership.

“We are thrilled to welcome Kelley to our leadership team,” said Taylor Cox, President of Cox Insurance. “Her passion for organizational development aligns perfectly with our mission to build a collaborative work environment while serving clients with reliable, personalized insurance solutions. We are confident that her leadership will further strengthen our team.”

As Chief Experience Officer, Loughrey will be responsible for team development and process enhancement.

“I am excited to join Cox Insurance at such an important time in its growth,” said Loughrey. “I look forward to working with the team to build on the company’s strong foundation and help drive customer experience excellence in every aspect of our business.”

Loughrey holds two Master’s degrees, is a board-certified coach, and has also earned a Brene Brown leadership certification.

LEARN MORE ABOUT KELLEY

 

About Cox Insurance

Since 1950, Cox Insurance Associates has provided personal and commercial risk management services as an independent agency. The heart of our business is building genuine relationships with our clients and business partners. We work as a team toward collective goals, inspired by a commitment to provide an outstanding insurance experience.

New law shortens defensive driving classes

A law going into effect July 1 shortens classes for first-time participants from eight hours to four, matching the same length of refresher courses that drivers seeking to keep their state-mandated 10% discount on their auto insurance premiums must take every three years.

For more information, check out this article “New law shortens defensive driving classes for seniors taking it for the first time” from the StarTribune.

COX INSURANCE COURSE OFFERINGS

Navigating the 2024 Insurance Market

The insurance industry has recently entered a period of “market hardening” which means:

  • Premiums are higher,
  • Carriers are stricter with their underwriting standards, and
  • Carriers are reducing the number of policies they will take on.

As a result, insurance is more expensive and harder to obtain.

Undoubtedly you’ve experienced a rise in premiums or changes to coverages at your time of renewal. Let us help try to explain what is going on…

What is fueling the rise in insurance costs?

Weather-Related Disasters

The increase in catastrophic weather events has put a huge strain on the insurance market.

  • In 2023, there were 24 weather events with industry payouts of over $1 billion each. To put this into perspective, between 1980 and 2022 the annual average number of events was 8.1. Between 2018-2022 the number was 18.1 events.
  • 2023 was the most severe year for convective storm activity on record and included $92.9 billion in weather-related losses.
  • Since 2008, there has not been a single year with less than $10 billion in losses from convective storms.

U.S. 2023 Billion-Dollar Weather and Climate Disasters

Click on the image to expand

In order to be financially viable, insurance carriers have had to reassess their client portfolios.

For more information on insurance and weather-related events, read the Wall Street Journal article that reports on “huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers.”

Increased Construction & Labor Costs

Supply-chain disruption, labor shortages, and costlier replacement parts are all contributing to current and future loss pressures.

Increased cost of materials for home and auto repairs along with weather-related catastrophes and other factors have forced the insurance industry to raise rates.

Inflation

Inflation also plays a factor. Even though the media buzz around inflation has died down, many policyholders are still experiencing rate increases at the time of their renewal. This is partly because the insurance industry lags 12-18 months behind due to the lengthy process to declare, file, and implement rate changes in response to market conditions.

Additional Factors

There are a multitude of other factors that are contributing to the perfect storm of insurance vulnerability, including:

  • Increased cost of reinsurance
  • Regulatory changes
  • “Social inflation” including a propensity for legal action and verdicts with large payouts

How are carriers responding?

Insurance companies are now dealing with client portfolios that are increasingly unprofitable and unsustainable. Market conditions have forced many carriers to take action to preserve their financial ratings.

Some things we’ve seen carriers do:

  • Increase premiums
  • Restrict the acceptance of new business
  • Restrict product offerings
  • Announce mass layoffs
  • Restructure their business model due to poor underwriting results
  • Exit the personal lines market altogether

These changes have resulted in many challenges for the insured.

How can Cox Insurance be your guide?

Every day we are working directly with clients to help them understand what is going on and work together to find the best solutions. With access to an array of carriers, we can advocate to get you the best coverage for the best value.   

Regardless of market conditions, we will always be here for you! Please do not hesitate to set up a phone call with us to discuss your specific situation.

Cox Insurance Named “Agency of the Year”

During their annual expo on April 5, BIG I MN presented Cox Insurance with the 2023 Agency of the Year award.

The MN Independent Insurance Agents (Big I MN) is the state’s oldest and largest association representing independent agents, brokers and their staff.  The Big I MN represents over 6,000 insurance professionals throughout Minnesota.

Insurance carriers nominate the agency award recipients and all nominations are reviewed by the Big I MN Executive Committee and then selected for their individual attributes and collective contributions to the independent agency system.

Since 1950, Cox Insurance has developed customized insurance plans for individuals, families, and businesses. Receiving this award is a result of three generations of dedication to our customers and the drive to continuously improve!


“This award represents three generations of hard work and innovation. We are grateful for the continued support from our customers and co-workers!”

– Hanna Cox Connor & Taylor Cox

Watch the video that was played during the award presentation: