T H U R S D A Y ,   F E B R U A R Y   5 ,   2 0 0 9

Industry News

Legislative Conference & Convention
IIABA Grassroots Scholarships Available for the LC&C

With  the Big “I” Legislative Conference & Convention (LC&C) just a few months away, the Big “I” would like to remind members about its annual grassroots scholarship program. The program provides financial assistance for travel and/or accommodations to participate in the LC&C. The scholarship is given to reward a select group of agents interested in expanding their knowledge of the legislative process.

Scholarship recipients are typically first-time attendees of the LC&C, young agents or individuals who have shown an extraordinary interest in Big “I” grassroots and policy initiatives throughout the past year. Based on availability and need, recipients may receive up to $1,000 in reimbursement for his or her legislative conference expenses. Priority consideration is given to qualified agents attending the conference for the first time. Additionally, the Big “I” requires all recipients to attend its “Hill Day” to meet with their federal legislator(s). The LC&C provides an excellent opportunity to discuss important insurance issues with your elected representatives on Capitol Hill.

The Big “I” strongly encourages members to nominate worthy agents for this generous scholarship. Applications can be e-mailed or faxed to Jen Dlugasch at 202-863-7015 (fax) or jen.dlugasch@iiaba.net. Click here to access the application. The deadline for applications is 5 p.m., Feb 20. Thank you for your consideration and nominations!


InVEST
Take a Stand in the War for Talent with the InVest Silent Auction

The insurance industry is just one of many contenders in the war for talent, and InVEST has the answer to ensure it wins the battle.

InVEST, a 501(c)(3) educational trust, perpetuates the industry by making students aware of exciting careers in the insurance field. Each year, InVEST accepts scholarship applications from program graduates pursuing an insurance degree or certification. Last year, $60,000 was granted to 52 students across the U.S.

Contribute an item to the InVEST silent auction today and begin taking a stand in the war for talent.

All of the proceeds generated from the silent auction are used to fund the scholarships awarded to InVEST students each year. Convention attendees will have the opportunity to bid on sporting event tickets, golf clubs, electronics, gadgets, trips and more. Items are donated by insurance carriers, agents and brokers, the Big “I” and its state affiliates, other professional organizations and individuals.

As a contributor, you will receive spotlight visibility by being listed in the auction program that is distributed to more than 2,300 convention attendees, on the Big “I” and InVEST Web sites and on event signage posted at each item.

The 2009 auction will be held during the Big "I" Legislative Conference & Convention, April 31-May 1 at the Marriott Wardman Park Hotel in Washington, D.C.

The deadline for InVEST Silent Auction donations is Feb. 13. Not sure what to donate? Give the InVEST staff a call and they can assist you in finding a creative and memorable item to grab attendees’ attention. For more information, contact Jennifer Robinson, InVEST program manager at 703-706-5437; jennifer.robinson@iiaba.net. Click here for the contribution form. 

Register early for the LC&C and save 10% on registration fees by using the code EARLY09 at checkout. Click here to register.


Young Agents
Congressman Kevin McCarthy to Speak to Young Agents

Rep. Kevin McCarthy (R-Calif.) will address Young Agents on April 29 during the Big “I” Legislative Conference and Convention at the Young Agents and InsurPac Luncheon. Rep. McCarthy serves on the House Financial Services Committee, the most important committee for independent agents, and he is assistant whip in the House. He is a former small business owner, and close to the Big “I”. 

Come hear Rep. McCarthy as he shares his unique perspective about insurance, financial services and being politically active. InsurPac awards will be given out during this lunch, including the National Championship, Young Agent of the year and Eagle Awards. For more information, contact Katie Cosgrove, manager of the National Young Agents program, at 703-706-5455; katie.cosgrove@iiaba.net.


IIABA News
Big “I” Names New Senior Director of Federal Government Affairs

The Big “I” recently announced that Joe Wall has joined the team as senior director of federal government affairs.  

 “Joe brings a wealth of government and political experience to the Big ‘I’,” says Charles E. Symington, Jr., Big “I” senior vice president for government affairs. “The Big ‘I’ is pleased to welcome him to our federal government affairs team on Capitol Hill.” 

Wall previously served as deputy assistant for legislative affairs to Vice President Dick Cheney. He also worked on the Romney for President Campaign as assistant national field director and as a floor assistant for Rep. Roy Blunt (R-Mo.) in the Office of the Majority Whip of the U.S. House of Representatives.

“With so many issues coming before Congress that are important to our members, we are glad to complete our team with a professional with such pertinent executive, legislative and campaign experience,” says Robert Rusbuldt, Big “I” president & CEO.  

Wall, a native of Omaha, Neb., graduated magna cum laude and received a Bachelor of Science degree in political science from Wayne State College. Wall joins a bipartisan lobbying team and replaces Jason Spence, who recently departed the Big “I” to join the minority staff of the House Financial Services Committee.  


Trusted Choice^®
Tennessee Firm Awarded Trusted Choice^® Agency of the Month

Don Scott Insurance has been named the Trusted Choice^® Agency of the Month by Trusted Choice^®.

“Don Scott Insurance exemplifies the Trusted Choice^® Pledge of Performance by ‘Living the Brand,’ and providing great customer service,” says Robert Rusbuldt, Big “I” president & CEO.

The Don Scott Insurance agency, headquartered in Lebanon, Tenn., has been serving families and businesses in Lebanon and surrounding communities since 1979. In 2004, owner and president Don Scott bought out his partner and changed the name of the agency from Dodds & Scott to Don Scott Insurance. The agency provides its clients with a variety of family, business, life, long-term care, boat and specialty insurance products. 

“I was impressed with the research and development efforts of IIABA and knew right away that I wanted to be a part of Trusted Choice^®,” says Scott. “Trusted Choice^® is at the forefront of our branding efforts and on behalf of our team; we thank you for honoring Don Scott Insurance as the Trusted Choice^® Agency of The Month.”

The Trusted Choice^® Agency of the Month program recognizes those Trusted Choice^® agencies that are going above and beyond in living the tenets of the Trusted Choice^® Pledge of Performance and in communicating the benefits of their services to consumers. For more information, visit www.TrustedChoice.com.


Best Practices
There’s No Better Time to Get Started

The Big “I” works to provide the tools agencies need to reach their full potential. Through the Best Practices product offerings, you can develop an agency strategy that sharpens your competitive edge while assembling an overall agency management plan to maximize prosperity and profits. Not sure how to get started or what tool will benefit your agency most? We can help.

First, a warning. The Best Practices resources cover everything from perpetuation to crisis management to joint agency/company planning. Don’t try and implement all these options at once. Take the time to do a complete review of your current situation, and compare it to the Best Practices findings. Your review may well reveal you are already equal to or exceeding the benchmarks of the best agencies in some areas, while falling well short in others.   

Take the first step. A comprehensive review is a necessity. Beyond the review, no one practice or Best Practices tool is necessarily a prerequisite to the others. From that initial review, determine which area holds the greatest potential for significantly improving your agency’s performance. Then utilize the proper tool(s) developed for that specific practice to get the improvement process started for your operation. Once you have improvement underway in one area, you can move on to your next priority. Eventually you will find all the top practices are taking hold in your agency and you can focus less on radical change and more on ongoing, continuous improvement.

To help with your initial review, utilize the Interactive Agency Self-Diagnostic Tool. Use of the tool will help you evaluate your agency in regards to key external influences (the current business climate in your area); management issues, key operations and performance issues. These evaluations, when compared with statistical benchmarks included in the latest annual update to the Best Practices Study, will allow you to clearly see the performance gaps between where your agency currently operates and where it could be if it were utilizing the best practices of the best agencies.

The Big “I” and Reagan Consulting offer an online resource to help your agency continue on its path to improvement. Visit the Best Practices Gateway to run the Best Practices Performance Quick Check which provides a snapshot of how your basic agency numbers compare to those of the Best Practices agencies, download quick-checks, review information on the agency management resources, review historical data and more.  To obtain your copy of the Interactive Agency Self-Diagnostic Tool or the 2008 Best Practices Study Update, click here. For more information, e-mail BestPractices@iiaba.net.


InsurBanc
FDIC Guide to Changes in Insurance Coverage and Premium Trust Account

In today’s financial environment, it is important for insurance agencies to be aware of the FDIC insurance regulations and changes to insurance coverage.  

Given InsurBanc’s in-depth knowledge of the cash management needs of independent insurance agents, it realized there was a need to inform agencies of updates to FDIC insurance coverage, and to provide guidance on FDIC insurance eligibility of premium trust accounts. InsurBanc understands the unique characteristics of these accounts and therefore researched FDIC interpretations and legal opinions on the matter.  

InsurBanc has created a page on its Web site to keep everyone informed of current FDIC issues.  For updates on the latest changes to FDIC insurance and how they relate to your agency, visit www.insurbanc.com/fdic.php.  This information will be helpful to determine coverage for both your business and personal accounts:

• Latest changes to FDIC Insurance
• Specific questions on both personal and corporate account coverage
• Eligibility of premium trust account
• FDIC insurance coverage calculator

InsurBanc can provide you with e-mail updates on the latest FDIC changes and special product offerings from InsurBanc. Log on to www.insurbanc.com and click on “Sign-up for E-mail Updates”.

This information is intended to provide guidance on this important topic to help ensure the safety of your deposits. Member FDIC.


Big “I” Markets
Worlds Apart^® Affordable Housing Apartment Program Available

Affordable housing is receiving more attention in the public than in recent years due to the housing slump. Affordable housing can be tricky to place; it’s often not an occupancy class many habitational carriers want to play in. Fortunately, MiddleOak Specialty® welcomes this class of occupancy! 

This program on Big “I” Markets is directed to property owners and managers who specialize in affordable housing. This type of housing is aimed at providing affordable and safe rental housing for eligible low-income families. MiddleOak Specialty® defines affordable housing as privately owned public housing operating under the 1986 Low Income Housing Tax Credit (LIHTC) or any other tax credit programs for affordable housing. The LIHTC is a tax incentive intended to increase the availability of low income housing. 

Also included is public housing, which is apartment housing owned and operated by HUD, PHA or state or local government. You will often find the term “subsidized” used to describe affordable housing. Subsidized housing refers to housing financed by government funding. In addition, low-income tenants may utilize the Section 8 rental voucher program. These are all acceptable within the Worlds Apart® Apartment program. The target market continues to be the successful professional property owner who has developed the management skills necessary to secure responsible tenants and maintains his/her buildings in a safe manner. 

Eligibility requirements:

• No minimum or maximum number of rental units in most states
• Any property age with updates in the last 30 years
• Property owner/manager with experience in renting affordable, low-income properties

Ineligible:

• Armed security

For more information, and to see if this market is available in your state, log on to www.bigimarkets.com. If you have specific questions about a risk, contact Rob Keller at MiddleOak Specialty^® at 860-638-5115; rob.keller@middleoak.com.  


Big “I” Flood Program
Marketing Seminars Offered

Interested in learning flood marketing techniques? Participate in the “Oh, By the Way Flood Sale” webinar presented by Big “I” Flood Program Manager Linda Mackey. Topics in the fast-paced, 45-minute presentation include:

• Reasons to sell flood insurance
• Reasons consumers should buy
• Limited product knowledge
• Misconceptions by agents and consumers
• Talking points and myth busters
• Flood risk
• Flood resources – facts and statistics.

Upcoming dates are  Feb. 4 and Wednesday, Feb. 18 at 2 p.m. EST. To register, send an e-mail to bigimarkets@iiaba.net with "Oh, By The Way" Flood Sale Webinar in the subject line and indicate which session you would like to attend. For more information contact Linda Mackey at linda.mackey@iiaba.net.


Big “I” Eagle Agency
Member Access to MetLife and Travelers

Eagle Agency is a general agency created exclusively for Big “I” members, featuring:

• Easy access to top-rated carriers
• Low volume commitments
• No fees
• Opportunity to receive direct contracts with the partner carriers
• Competitive commissions (66% of the commissions the Big “I” receives) 
• Gross commissions vary, depending on the line of coverage and the state  
• Eagle agents retain ownership of all the business placed through the Eagle Agency

Eagle agents may access MetLife Auto & Home and/or Travelers personal and commercial lines. Each company requires two new policies a month in personal lines and Travelers commercial requires two submissions a month.

To be considered for Eagle Agency an agent must have three years of experience as a licensed producer or have extensive industry experience (i.e. former underwriter, CPCU, etc.). If an agent is brand new to the business, consideration will be given to those who can quantify that they have licensed support staff with at least three years of agency experience. To learn more, visit www.independentagent.com/Eagle or contact eagleagency@iiaba.net.