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T H U R S D A Y , J A N U A R Y 1 1 , 2 0 0 7
Industry News
IIABA NEWS
Big “I” Releases 2007 Legislative Agenda
The Big “I” is committed to building on its successes in 2006 by advocating aggressively for a number of important legislative reforms, at both the federal and state levels, in 2007.
The Jan. 4 edition of IN&V featured the first three of nine items on the Big “I” 2007 legislative agenda. The next three items are listed below. Look for the final installment in next week’s edition.
Terrorism Insurance —With the Terrorism Risk Insurance Extension Act (TRIEA) set to expire on Dec. 31, 2007, renewal or extension of a federal backstop for catastrophic terrorist acts is a top priority of the Big “I.”
“We believe that the uncertainty involved in potential terrorist attacks will continue to make such events effectively uninsurable in the coming years, and as such, we believe that a federal backstop is necessary to prevent significant economic disruption,” says Charles Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We are very heartened with the recent comments by the new committee leadership in the House and the Senate who have indicated that this issue is a leading priority, and we will work closely with legislators, policyholders and companies to ensure that some form of a program remains in place after this year.”
Flood Insurance Reform—The Big “I” was very pleased with the Senate Banking Committee action and House passage of the Flood Insurance Reform and Modernization (FIRM) Act in 2006, and remains committed to comprehensive reform of the National Flood Insurance Program (NFIP).
“The Big ‘I’ has been a leader in flood insurance reform, and an example is the comprehensive reform package we proposed in November 2005,” Symington says. (Click here to see the Nov. 11, 2005, release.) “The new leadership in the House and Senate have indicated flood insurance reform will be a priority, and we will continue to push for needed reforms that will help ensure the solvency and effectiveness of the National Flood Insurance Program for many years, and also help consumers by providing new levels of coverage, such as business-interruption insurance, increases in the maximum coverage limits, and the inclusion of additional living expenses coverage for residential policies.”
Natural Disaster Legislation—The active hurricane season of 2005 and the subsequent constraints in the insurance market reiterated the need for comprehensive natural-disaster legislation in Congress, and the 109th Congress considered four bills on the subject, including two general approaches: the creation of a federal reinsurance program and the ability of insurance companies to set aside tax-free reserves for certain catastrophic risks.
This also will continue to be an important issue at the state level, as many states are expected to consider catastrophe-related issues. As in 2006, states are likely to look at such issues as enhanced building codes (and the enforcement of such codes) in disaster-prone areas and other ways to promote mitigation before catastrophes strike. Continued debates are expected on the need for state or regional catastrophe funds, modeled after similar funds in place in Florida and California. State regulators and the National Association of Insurance Commissioners (NAIC) have been active participants in the state and federal debate and will play an important role once again in 2007.
To view the entire Big “I” 2007 legislative agenda click here.
InVEST
Silent Auction Items Online
Participate in the InVEST silent auction and support the program’s annual scholarships awarded to graduates of InVEST pursuing higher education with an emphasis on insurance. The InVEST board of directors will hold the 2007 InVEST silent auction during the Big "I" Legislative Conference & Convention. The InVEST Silent Auction will open at 6 p.m., April 26 and close at 1 p.m., April 27. Be sure to keep an eye on bids--- the auction is a popular event during the conference and convention.
A 501(c)3 educational trust, InVEST introduces high school and community college students to insurance and the more than 350 diverse careers available within the industry, giving students a new outlook on the future. The program also offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits. Play an important roll in the future of InVEST’s brightest students by making a donation to the 2007 silent auction. Click here to access information regarding the InVEST Silent Auction, including updates on the great auction items. Visit www.independentagent.com and click here to download a contribution form. For more information, contact Sandra Skipper at 703-706-5437; sandra.skipper@iiaba.net.
YOUNG AGENTS
Call for 2007 YAC Award Submissions
The Big “I” National Young Agents Committee is seeking submissions for the 2007 YAC awards in the following categories: membership development, state committee project, communications, Young Agents meeting and political involvement. Outstanding Young Agents Committee of the Year and first runner-up honors will also be awarded. Participating in the national YAC awards program demonstrates the commitment state young agents and brokers committees have towards perpetuating the independent agency system, and solidifies their presence as the driving force behind its future. The 2007 YAC awards will be presented at the 2007 Young Agent Leadership Institute being held in conjunction with the National Board of State Directors meeting scheduled for Sept. 28-30 at the Manchester Grand Hyatt in San Diego, Calif.
Entries must be postmarked by July 1. Visit www.independentagent.com and click “Young Agents” and then “tools” to download the 2007 YAC Awards Criteria. Direct questions to Katie Cosgrove at 80- 221-791; katie.cosgrove@iiaba.net.
ACSR
National ACSR of the Year Nominations Due Jan. 31
Nominations are now being accepted for the 2007 National ACSR of the Year. This award is an honor for insurance CSRs who demonstrate the highest level of commitment to the industry by earning their personal, commercial or life-health ACSR designation and providing outstanding service to their clients and agency. The National ACSR of the Year program was created to acknowledge the crucial value that CSRs bring to the independent agency system and the clients they serve. Consistently delivering superior customer service is one of the most important things an agency can do to enhance its value and those who obtain their ACSR designation demonstrate the ultimate commitment to that critical goal.
Candidates must meet the following criteria: hold a minimum of one ACSR designation line (P/L, C/L L/H); complete an application form; write an essay answering one of three provided questions in 1,000 words or less; and submit letters of recommendations. The National ACSR of the Year competition offers an opportunity to showcase an agency and its staff and also provides a monetary award, engraved plaque and registration for one CPCU or IIA course offered by AICPCU/IIA to the winning ACSR. Agency principals can nominate their ACSRs and ACSRs may nominate themselves. As an added bonus, the recipient will be announced on Feb. 28 --- ACSR Tribute Day, when ACSRs across the country are lauded for their industry service. The deadline to receive all materials is Jan. 31. Click here for an award entry packet. Click here for more information on ACSR Tribute Day. For more information on the ACSR program, e-mail ACSR@iiaba.net.
TRUSTED CHOICE®
Trusted Choice® Launches New Ad
Trusted Choice® is celebrating the New Year by hitting the airwaves with a new television commercial. Viewers tuning in to the Travel Channel this month will learn about the benefits nearly 7,000 participating Trusted Choice® agencies offer, including choice, advocacy and customization---at every consumer life stage. The ad explains that Trusted Choice® agents in every community work to choose the insurance that fits each customer’s life—no matter how it changes. The ad directs viewers to www.trustedchoice.com to find a local agent.
The new commercial will air on the Travel Channel Jan. 9-21 during programs including “Trip of a Lifetime,” “John Ratzenberger’s Made in America” and “Weekend Getaways.” In February, Fox News Channel viewers will receive the Trusted Choice® message on “Fox & Friends,” “Your World Neil Cavuto,” “The O’Reilly Factor” and “On the Record with Greta Van Susteren.” To see the complete schedule, click here.
Continuing the advertising strategy that began last September, Trusted Choice® is running ads for two weeks every month through August 2007 on different cable stations, including CNN, the Travel Channel, the Weather Channel, Fox News and other popular cable outlets. In addition, Trusted Choice® agents are encouraged to extend the reach of the advertising by airing tagable versions of the commercial in their local market. This strategy increases consumer exposure as well as positions agents as the local Trusted Choice® contact for consumers.
For additional information on national advertising or assistance with local, tagable advertisements, contact Jenner Gohr at 800-221-791; jenner.gohr@iiaba.net.
Brand in Action: MSA Group
As one of 41 company partners, The Main Street America Group is not only talking the Trusted Choice® talk, but walking the Trusted Choice® walk. They are fully committed to the brand program and they have proof. Click here to read the New England Region December 2006 newsletter where Regional Vice President Bob Buchholz talks about why Trusted Choice® is so important to the independent agency system or click here to read President and CEO Tom Van Berkel’s comments on Trusted Choice® in American Agent & Broker magazine’s annual review and outlook issue. The company’s belief in Trusted Choice®, and what it can do for agents, is so strong it offers to pay 50% of the first year of Trusted Choice® membership for its appointed agents not yet in the brand program. Main Street America Agents who have not joined Trusted Choice® yet --- what are you waiting for? For more information, contact Trusted Choice® Brand Manager Jenner Gohr at 800- 221-7917; jenner.gohr@iiaba.net.
BEST PRACTICES
Leadership: Sometimes Old-Fashioned Way Works Best
"How can I get my people to do what I want them to do?" Agency principals often ask this question when they are trying, with little success, to get their people to adapt to more productive and effective ways of doing their jobs. Examples include producers who are slow to accept sales management techniques, like focusing on prospects that meet a target profile and applying well thought out prospect development strategies, or CSRs who resist exploiting the features of the office automation system to enhance their productivity.
It was a shocked to hear about employees ignoring their bosses. The corporate world used to operate under the premise that "what the boss wants done gets done first." The reasoning behind this was simple: In the old command-and-control system, the boss could make or break a career, as well as influence the paycheck size.
Today, command and control has given way to more effective ways of leading and managing people. There is far less "bossing" and far more partnering and teamwork to change how business is done, to solve problems and to win together in the intensely competitive business environment. Leaders build high motivation and commitment to goals through inclusion and participation, not by being bossy. But even the most accomplished leader may occasionally need to act like a boss and this can be difficult for agency principals.
First, most principals have had little experience or training in when and how to act like a boss. Their approach has been to hire producers and CSR's who are experienced, self-motivated and self-directed --- people who know their job and do not need to be bossed to do it well. Such people remain an agency's greatest asset, but today these people must be open to new ways of doing their jobs and to improving their performance and personal effectiveness. This places a dual burden on agency leaders: they need to learn how to lead their people in change and also learn when and how to act like a boss.
Leaders need to act like bosses when the best techniques of participative leadership fail to accomplish something that is important to the agency. The problem may be staff members who are resisting making needed changes in how they do their jobs or who need to improve an aspect of their performance or behavior. The leader has engaged them in thinking the problem through, in understanding why changes must be made and in identifying how to make the changes. But the changes are not being made. Here are some guidelines that corporate bosses have followed for decades to ensure that the right things get done.
Make agreements - Turn expectations of what a staff member will do into a clear, well-understood and accepted agreement. Make it a habit to never conclude a conversation about tasks without clarifying what will be done and when it will be done.
Record agreements - Returning to the example of the producer who is slow to accept sales management techniques, an initial discussion could cover the desired techniques and why they are important. This discussion could conclude by asking the producer to think about how he or she will begin to apply the techniques and come up with steps to take in order to apply them. Then subsequently review the steps with the producer and achieve an agreement, in writing, of what will be done by when.
Follow-up on agreements - There is no better way to convey an expectation that agreements will be met than to follow up on them. Conversely, not following-up will lead staff members to assume there is no longer interested in whether they fulfill the agreement or not. Follow-up can be a simple as informally asking the staff member how they are coming along with the agreement and, if appropriate, whether they need any assistance and support.
Leaders act like bosses when they make it clear that certain actions, activities and standards for performance are non-optional. They act like leaders when they engage their staff members in defining how to meet the standards, in defining the actions that will be taken. Then they act like both leaders and bosses when they follow-up and provide support to ensure agreements are met and actions are taken. The result is a culture in which staff members can be counted on to do what they and their leader agree is best for the growth and success of the agency team.
The Big “I” offers “The Five Practices of Highly Effective Leaders,” a Best Practices handbook which presents five key practices used by 18 leaders who successfully guided their agencies through periods of change and uncertainty and provides real life examples of how these practices can be applied. To order the handbook click here.
BIG “I” LEGISLATIVE CONFERENCE & CONVENTION
One-Stop Shop for Advocacy, Innovation and Exhibits
Successful professionals are often busy from the moment they arrive in the office to the time they go home. And when they finally make it home to family and friends, the responsibilities are still there in the form of soccer practices, homework, neighborhood barbecues, community volunteer projects, etc. The Big “I” understands these kinds of schedules and that’s why the Big “I” Legislative Conference & Convention is only 56 hours---less than two and a half days and in one location. This is the premier place for independent agents to further professional development, learn how to protect the industry and discover how, with the right staff and sales techniques, it’s possible to keep New Years resolutions for a more profitable agency in 2007.
April 25-27 will be three action-packed days where insurance professionals can meet with legislators, network with companies and service provides and learn from industry leaders and coaches. This could very easily be the most important 56 hours this year for your agency. The Big “I” is the one voice for independent agents on Capitol Hill, in state governments and insurance departments and with companies. The 2007 change in Congress is a mixed bag for the industry. It is important that agents and brokers’ voices are heard through the halls of Capitol Hill. The Big “I” makes it easy by providing briefings and talking points to agents in attendance before they visit with legislators. Help the Big “I” keep the industry strong by participating in the 2007 Big “I” Legislative Conference & Convention. If you’re looking for more reasons to attend, click here to check-out the sights and sounds of Washington, D.C.
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