From the Lloyds coffeehouse in London to Benjamin Franklin popularizing property insurance in colonial America in the 1750’s, modern insurance still serves the same purpose today as back then… transferring risk of loss to another. The modern advertising era and industry competition has created an environment of “insurance commoditization” where trusted advice is left up to a representative at a 800 number or at the click of a mouse. Iscential’s philosophy is to build a lasting relationship with our clients as their trusted advisor using the latest risk management techniques for underwriting and transferring risk for our clients. Our belief is to build a personal relationship and become an advocate with our clients to ensure that the first time we meet is not when there has been a claim.
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Modern insurance or the practice of “underwriting” came from the London coffee houses of the British Empire. In the mid to late 1600’s shipping goods to the new world from the old was booming and coffeehouses like the one owned by Edward Lloyd which became Lloyds of London were the meeting places for merchants looking for a way to prevent financial loss for their goods lost at sea. Venture capitalists of the time would sign on the bottom of the manifest for the portion of the cargo they were taking responsibility for, creating the term “underwriter”. Multiple underwriters would list their names on the manifest to spread the risk of loss. In the beginning this was pure speculation but by 1654 Blaise Pascal the same Frenchman that created the first calculator created what is known today as Pascal’s triangle which was used create the first actuarial tables that are still used by insurance companies today to help predict loss formalizing the concept of underwriting and removing much of the speculation associated with insurance making it affordable to the masses.
Securities and Investment Advisory Services offered through Nationwide Securities, LLC., member FINRA, SIPC and a Registered Investment Advisor. DBA Nationwide Advisory Services, LLC. in AR, CA, FL, IL, NY, TX and WY. Representative of Nationwide Life Insurance Company, affiliated companies and other companies.