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Industry News

Big "I" Legislative Conference & Convention
Protect Your Industry—Register Today

The new year brings a new Congress and new Administration, which means both opportunities and challenges for the independent agency system. In 2008, the Big “I” made headway on issues such as agent licensing reform, flood insurance and crop insurance. In 2009, there will be major restructuring of financial services regulation that will significantly impact independent insurance agents. We need agents on the Hill in 2009 to show legislators we care about issues that affect the insurance industry. With more than 300,000 agency employees and an experienced, bipartisan government affairs staff in our nation’s capital, the Big “I” is well-positioned to advocate for independent agents but it needs your participation. We need more agents to attend the Big "I" Legislative Conference & Convention, April 29-May 1 at the Marriott Wardman Park in Washington, D.C. Register early and save 10% on registration fees by using the code EARLY09 at checkout. Click here for the event Web site, or visit www.independentagent.com and click on “events.”


ACT
Retail Agent--E&S Market Initiative Gains Momentum

The Independent Agents & Brokers of America’s Agents Council for Technology (ACT), the American Association of Managing General Agents (AAMGA) and the National Association of Professional Surplus Lines Offices (NAPSLO) formed a joint initiative to improve the efficiencies for retail agents interacting with managing general agents and wholesale brokers in the E&S market and to promote the electronic exchange of data among the parties.

The objectives of the initiative include improvements to the E&S industry over the next 12-18 months in the following areas:

• Retail Agent Interface: Focus on E&S Carrier supplemental applications to streamline supplemental data requirements and migrate to the use of ACORD standards for applications as much as possible

• General Agent Interface: Concentrate on data transmission streams from retail agents to general agents, as well as among general agents and begin to automate the flow of this data as much as possible 

• General Agent Web sites:  Develop a roadmap of recommendations for MGA Web site capabilities: Generation 1 is a Web site with basic marketing information; Generation 2 adds login and rating capability; Generation 3 provides for online applications and policy issuance capabilities; Generation 4 expands the Web site for integration with retail agency management systems.

Retail agents have vastly improved their electronic interfaces between agency offices and standard carriers through the adoption of Real Time (www.getrealtime.org).  Real time is “the ability to click on a button from a client file in your agency management system or comparative rater for immediate access to carrier information on that client. The transaction may be a quote, billing inquiry, claim inquiry/loss runs, policy view, endorsements or a request for information. This approach provides a single workflow for servicing or quoting.” Retail agents have recognized significant time savings which has resulted in improved client service and more sales for the agents and carriers.
 
For more information about ACT visit www.independentagent.com/act.


InsurPac
Big “I” Political Action Committee Breaks Fundraising Records in 2008

The Big “I” political action committee, InsurPac, raised a total of $901,985.84 during the 2008 calendar year, setting a new record for receipts in a calendar year.
 
“This marks the eighth consecutive year that InsurPac has grown and we expect this trend to continue as we surpass the million dollar mark in 2009,” says Robert Rusbuldt, Big “I” president and CEO. “Our membership has always prided itself on political engagement, and the continued growth of InsurPac says that we’re not slowing down anytime soon.”

For the two-year election cycle, InsurPac will close the books with more than $1.73 million in receipts, maintaining its presence as the largest property-casualty political action committee. During that same time, more than $1.6 million was disbursed to representatives, senators and other candidates for federal office. Ninety-two percent of InsurPac-supported candidates won in 2008.

“InsurPac donors can be extremely proud of how effectively their donations have been put to use,” says Nathan Riedel, Big “I” vice president for political affairs. “Very few PACs can claim such a high winning percentage when distributing so much money.”

In disbursing contributions, InsurPac does not look at party affiliation but supports representatives, senators and candidates for federal office that have been advocates and supporters of the independent agency system. 


InVEST
InVEST Collaborates with the Insurance Scholarship Foundation of America

Each year, InVEST awards scholarships to students participating in a high school or community college InVEST class with plans to pursue higher education with an emphasis in insurance, risk management, actuarial science or business. InVEST also provides opportunities for students ready to jump right into insurance careers. But what about students with other scholarship needs not met by InVEST?

InVEST is proud to announce a collaborative marketing effort with the Insurance Scholarship Foundation of America (ISFA), a 501 (c)(3) foundation dedicated to promoting excellence in the insurance industry by underwriting the education of current and future employees. Founded by the members of the National Association of Insurance Women (International) in 1993, ISFA provides scholarships to college students preparing for a career in the insurance industry and for those working in the insurance industry seeking to improve their career opportunities.

ISFA has two insurance scholarships, offered in April and October annually.

College Scholarships: Awarded to juniors and seniors pursuing degrees in insurance, risk management and actuarial science.

Professional Scholarships: Awarded to those currently working in the insurance industry, pursuing a designation program, studying other industry courses or completing a college degree.

For more information about ISFA scholarships or to download an application, visit www.inssfa.org.

This collaborative effort between ISFA and InVEST can enhance awareness of scholarship opportunities to high school and community college students throughout the nation.

InVEST, a 501 (c)(3) educational trust, is dedicated to improving insurance literacy and attracting new talent to the industry. For more information, visit www.investprogram.org.

InVEST
Study Shows Big “I” InVEST Program Key to the Future of Insurance Industry

Future One, a collaboration of the Big “I” and leading independent agency companies, recently released key findings from its biennial “Agency Universe Study,” which revealed the need for younger female and minority professionals in the independent insurance agency system.
 
The survey results point to InVEST, a Big “I” program in dozens of classrooms across the country, as a solution --- with 56% of respondents stating that the insurance industry should encourage high schools and community colleges to help students plan for insurance careers. Also, 45% of agencies said they would consider participating in an internship program to bring new people into the insurance industry.

The study also found that 11% of the agencies participating in the 2008 Agency Universe Study are relatively new, founded in 2004 or later (including 4% founded in 2007 or 2008). The good news is that new agencies were mostly headed by younger principals. The average age of respondents from all agencies is 52, compared to 47 from new agencies.

As a 501(c)(3) educational trust, InVEST benefits from the support of numerous insurance organizations, hundreds of agencies, brokers and volunteers. The program provides the insurance industry with motivated, talented and intelligent professionals through a support structure of state associations, board members, national staff, teachers and the many industry professionals who work in the field as classroom liaisons.

The high school curriculum is a business-education program that utilizes a hands-on approach which simulates an insurance agency and company operations to prepare students for various business careers. At the college level, InVEST is an information-intensive curriculum of risk management and financial services. These courses provide students with a working knowledge of the basics needed to pursue careers in the insurance industry. For more information, go to www.investprogram.org.


Big “I” Advantage
Big “I” Members Get Savings on Caliper Profiles

For more than 30 years, Caliper has helped Big “I” members and more than 25,000 companies worldwide define the skills, competencies and strategies necessary for achieving corporate goals and objectives. As a Big “I” member, your agency is entitled to exclusive discount pricing on Caliper’s personality profiles. The Caliper Profile, a personality assessment tool that quantifies a candidate’s core competencies and identifies potential, retails for $295 and is now available to Big “I” members for $245. The “First Step for Sales” and “First Step for Service” tests, which measure sales and service skills, respectively, retail for $90 and are now available to Big “I” members for $79. Members also enjoy an across-the-board discount on all Caliper human resources solutions, including performance management and team-building products. For more information, contact Gabrielle Mondel-Lamb at 609-524-1430; gmondel@calipercorp.com.


Big "I" Markets
Year in Review

Here is a quick look back at 2008 and some statistics about Big "I" Markets, the online market access program available exclusively to Big "I" member agencies.
 
The year ended with 7,374 agencies registered for Big “I” Markets. That is an increase of 1,156 (18.6%) from the year before.

• Big “I” Markets users submitted 9,793 quote requests, a 23.5% increase from prior year.

• Written premium on Big “I” Markets grew by 15% in the middle of a very soft market.

• Big “I” Markets helped members place 2,133 pieces of business they may not have otherwise been able to write. That means we are   succeeding in our mission to help independent agents to live, thrive and survive by helping you where it matters most --- closing sales, generating revenue and making money.

Product round-up:

• The affluent homeowner program grew by more than 20% in premium over the prior year. Many agents are using the Chubb Masterpiece^® product and/or the Fireman's Prestige^® Portfolio product to provide superior coverages to the high end market. Don’t let the mortgage crunch and down economy fool you. While it is true that many high net-worth households are challenged by the economic times, they still have risks that require the unique coverage options offered via the affluent program in order to get the most appropriate coverage. Keep an eye out for more webinars designed to educate you on the coverage advantages of our affluent products.

• Habitational: This market has really taken off and we will be expanding into several other states in 2009. Also, look for an admitted vacant home market through MiddleOak Specialty, the same company used to access the habitational market through. Big “I” Markets expects an official product introduction within several weeks.

• Non-standard Homeowners: Many of you have taken advantage of this E&S market, especially the coastal homeowners and the non-admitted vacant home product. Also, don’t forget that if you have a high value home that is declined for value, unprotected town class or seasonal exposure, Big ”I” Markets can help. Click here for a listing of all markets that fall under the banner of non-standard homeowners.

• Flood: In tough economic times many people with flood policies will be looking to cut expenses, and cancelling a volunteer insurance policy like flood will be a big temptation. Do your best to convince your customers not to cancel. Remind them of all the floods,  and hurricanes of the past few years and ask them if the premium they save will be enough to replace their belongings in the event of a flood incident. For resources to help with convincing customers, visit the FloodSmart.gov site or for even more agent information register for the agent-secure site, click here.

• RLI Personal Umbrella: Help your clients understand the need to maintain their umbrella coverage even in a downturn. For more information go to www.independentagent.com/RLI.

• New markets: Big “I” Markets is finalizing negations with providers for three new markets expected to be announced early in 2009!

Thank you for your continued support of Big “I” Markets. Remember that every time you place business with Big “I” Markets you are also supporting all the great work your state association does on your behalf because Big “I” Markets passes along some of its commission to your state association.


Trusted Choice^®
Marketing Reimbursement Program

Trusted Choice^® is introducing the Marketing Reimbursement Program (MRP). This newly launched program is designed to aid Trusted Choice^® independent insurance agencies and brokerage firms in delivering a consistent brand experience to their customers. Through the MRP, Trusted Choice^® will reimburse a portion of expenses incurred in 2009 by Trusted Choice^® Agencies for rebranding materials including business cards, letterhead, envelopes, agency signage, logo-wear and Web sites to include the Trusted Choice^® logo. Click here for the complete program guidelines and reimbursement request form. Click here for a complete list of vendors participating in this program (you will need to log in). For more information on each vendor, visit their Web site or call using the phone number listed for each. Please note that these are the only vendors acceptable to use in order to get reimbursed, as detailed in the program guidelines. Reimbursement funds will be distributed on a first-come, first-served basis, and reimbursement requests are now being accepted. 

For more information, contact Ines Hoyle at 800-221-7917; Ines.Hoyle@iiaba.net. You will need your agency username and password to access areas of the secured “Agents/Brokers” section of www.TrustedChoice.com. If you do not have this login info handy, send an e-mail to Trusted.Choice@iiaba.net requesting your login info.


Young Agents
Apply for a YAC Scholarship

During the 2009 Big "I" Legislative Conference & Convention, April 29-May 1 at the Marriott Wardman Park Hotel in Washington, D.C., the Big "I" National Young Agents Committee (YAC) will host seminars geared specifically toward Young Agents. Events include a first-timers’ reception, the Young Agent Attendee & InsurPac Chairs Luncheon, hospitality events and the Presidents’ Panel Breakfast with Big "I" leadership.

The YAC is offering each state association two $500 scholarships to assist Young Agents who have not previously attended the event. Scholarship funds will be paid to the order of the state association in May 2009. Interested Young Agents should return a completed application form to their state association by March 13 to be considered for a scholarship. Recipients of these scholarships will be chosen at the discretion of the state associations.
 
The $1,000 Maurice Herndon Scholarship will be presented to one Young Agent who has not attended a Legislative Conference & Convention in the past. The Young Agent recipient will receive his or her scholarship check in May 2009 after the Big "I" Legislative Conference & Convention. To be eligible for the Herndon scholarship, you must be a Young Agent member of the Big "I" who has not previously attended the conference; compose a 250 to 500-word essay describing why you should be considered for the scholarship; and submit your essay and completed application form by March 13.
 
Click here to download the $500 Scholarship and Herndon Scholarship applications. For more information, contact Katie Cosgrove at 800-221-7917; Katie.Cosgrove@iiaba.net.