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Industry News

InsurBanc
An Update on Deposit Insurance

Do you know about the latest changes in deposit insurance? There have been a few important changes in coverage that are beneficial to the Big “I” member agencies and personal accounts.

First, the FDIC has temporarily increased the basic deposit insurance coverage from $100,000 to $250,000. This increased coverage is in effect until Dec.31, 2009.

Also, effective Oct.14, the FDIC started providing  full FDIC insurance coverage on non-interest-bearing transaction accounts over and above the $250,000 already provided. Please note that not all financial institutions are participating in this program and an institution must enroll in the plan for its customers to take advantage. InsurBanc is participating! This coverage is in effect until Dec.31, 2009.

InsurBanc has also made an effort to help clients through this difficult time. It has reduced the top tier on money market accounts from $300,000 to $250,000. Money market accounts of $250,000 will now earn the top tier rate as well as be fully insured within the new FDIC insurance limits. We are also offering two special CD rates in effect until Nov. 7. Visit www.insurbanc.com/rates/deposit-rates.php for more information.


Virtual University
Big “I” Virtual University Offers Free Work Comp Training and Tools

In these uncertain economic times, how about some free resources to boost your sales and client services? Tim Coomer, a Big “I” Virtual University expert and CEO of Specific Software Solutions, recently announced that his company has new training videos on workers compensation experience rating available free to IIABA members. Specific Software is best known for its ModMaster software which computes and analyzes the experience rating modification factor. In addition to the videos, available for online viewing, Big “I”  members can also take advantage of a special offer to try ModMaster free until June 2009. Even agents who don’t currently use ModMaster have expressed enthusiasm about the videos. Big “I” members can view the videos and register for the free trial by logging on to the Big “I” Virtual University today. Already have your login? Use it today to access the VU at www.independentagent.com/vu and learn how you can take advantage of this offer. 


Big "I" Flood Program
New Flood Tools Available

Last weekend, a speaker at the Independent Insurance Agents of West Virginia’s annual convention stated that 2008 has been a nightmare for losses because it has been one of the worst years for catastrophes. Aside from hurricanes, tornadoes and severe weather have caused damages from wind and flooding across the country. Now, more than ever, clients need flood insurance. To learn about the latest marketing tools available from FloodSmart, click here and read IIAWV’s latest newsletter.

Also, check out these tools featured in the FloodSmart newsletter:

• A new PRP TV spot. (A link to view the commercial is embedded in the newsletter with information on viewing it in your area.)

• A free agency poster available for download at Agents.FloodSmart.gov, the secureagent site of the NFIP.

• Online resources – The Cost of Flooding. This will be added to our Web site, www.independentagent.com/flood, as soon as possible, but as an agent you can add it to your Web site now! This is a great interactive tool that is highlighted in the Big “I” Flood Program’s weekly sales webinar, “By the Way Flood Sale.”

• Mail-on-demand providing pre-built, direct mail templates, lists for purchase and mailing service from the Agents.FloodSmart.gov site for registered agents.

More than 25,000 agents are registered for the Agents.FloodSmart.gov secure site, but only 2,000 have provided proof of agent training in order to qualify for FloodSmart Agent Programs. The programs include: 1) agent referrals; 2) co-op advertising 3) mail-on-demand. To enable agents more time to qualify, the deadline for FloodSmart agent training has been extended to April 2009. Your state CE required training hours can be used for FloodSmart qualification if they were obtained within the last 12 months.

Before the next storm, be sure to ask all your clients without flood insurance to purchase it now. The Big “I” Flood Program can help with placement, whether it is with Selective for the primary NFIP coverage or with Wells Fargo Special Risks for limits above or outside the NFIP. Visit www.bigimarkets.com or contact Flood Program Manager Linda Mackey at linda.mackey@iiaba.net for more information.


Big I Advantage℠
Free Sales Webinar Offered

Caliper invites Big "I" members to attend a free webinar entitled “How are Top Companies Selling through These Tough Times?” The webinar will take place at 12 p.m. EST, Nov. 12. Learn how to understand your clients' changing needs, replace fear with confidence, reassure your top performers and weed out those who fall short, keep your salespeople focused on the right opportunities and reshape your sales force into a winning team.

To register for this webinar, click here. Also, to learn how Caliper helped Extensis improve their closing ratio, click here.

Speakers will include Gerhard Gschwandtner, founder and publisher of Selling Power, Dan Sheridan, VP of sales at Extensis and Herb Greenberg, founder and CEO of Caliper. Once you register, you will receive an e-mail with detailed instructions on how to participate in this webinar. For Communiqué Conferencing help or technical support, call 1-877-283-7062 or visit www.communiqueconferencing.com. To learn more about the Big “I”  Caliper discount, visit www.independentagent.com/Caliper.


Big I Advantage℠
RLI Personal Umbrella Market Available

Did you know that the RLI personal umbrella policy can be written along with other personal umbrellas and might just save your customers money?

For clients needing $10 million of personal umbrella coverage, the total coverage premium for a $5 million RLI umbrella combined with another company’s $5 million umbrella is often less expensive than buying a $10 million umbrella.

What about a client who has a carrier that only writes up to $2 million in umbrella coverage, But the client recognizes the need for $5 million of coverage. Write an RLI $3 million PUP! Remember, RLI is true umbrella coverage with no requirements on underlying carriers.

To start quoting the RLI Personal Umbrella Policy today, visit www.independentagent.com/RLI.


Big "I" Markets
BIM Enjoys Record-Breaking Month

Big "I" Markets hit a new high in October. More quote requests were submitted, more quotes issued, more binders processed and more premium was written than in any other month on record. In October, Big “I” Markets:

• Processed more than 1,400 quotes
• Wrote more than $200,000 in affluent homeowner premium
• Bound more than $270,000 in habitational new business
• Wrote almost $90,000 in non-standard homeowner business

We appreciate your business and the opportunity to serve you. The Big "I" Markets mission statement is “to help the independent agent to live, thrive and survive.” Register for Big "I" Markets, the online market access program available exclusively to Big "I" members, by visiting www.bigimarkets.com. No access fees, no volume commitments and competitive commission await you!