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Industry News

BIG “I” PROFESSIONAL LIABILITY PROGRAM

Westport Gets an “A+”

A.M. Best Co. has upgraded the Financial Strength Ratings (FSR) to A+ (Superior) from A (Excellent) for Westport Insurance Company, the Big “I”-endorsed agency E&O provider. The A+ strength rating, combined with placement in the maximum Financial Size Category (FSC) Class XV, places Westport in the top 5% of p-c insurers tracked by A.M. Best.

The Westport agency professional liability product, which is exclusively available to Big “I” members in 50 states and the District of Columbia, goes back to the mid-1980s when the IIABA-Swiss Re relationship began.

“The best just got better,” says Big “I” CEO Bob Rusbuldt. “It is gratifying when a prestigious independent organization like A.M. Best upgrades a key company partner. This confirms our commitment to our member agencies and state associations to provide them access to the very best available in products and services.”

According to A.M. Best’s online rating center, 534 of the 5,316 total reported insurance companies achieve an A+ or higher rating (10%). Of the company groupings evaluated in Best’s Key Rating Guide (2006 Edition), 38 of 1,000 “rating units” are given the FSC rating of Class XV (3.8%). Combined there are 292 reported companies with an A+ or higher FSR rating and FSC Class XV rank (5.5%), according to the rating center.

“It is a great comfort to our member-insureds to know they are with a company ranked in the top 5% of all companies rated by Best,” says Mark Wolf, Big “I” AVP and head of the Big “I” Professional Liability Program. “As we watch the insurance industry face ever larger catastrophes, our agents are on an increasingly more dangerous risk-solution front line. It’s very important our members have the proper professional liability solutions so they too can sleep at night.”

Big “I” member agencies interested in obtaining coverage through the program can go to www.independentagent.com/eo to find contact information for one of the 51 Big “I” state associations. For more information, contact Pam Andrews at 800-221-7917; pam.andrews@iiaba.net.


EDUCATION

2007 Elite Force Sales Training Program Scheduled

The Big "I" has scheduled its next Elite Force Sales Training program for March 12. Elite Force Sales Training has a proven history of taking newer producers with a basic understanding of the sales process and dramatically increasing their production. The program is specifically geared toward producers with less than three years experience in sales and less than five years working in the insurance industry.

Alumni sales results of the Elite Force Sales Training courses offered in Florida and South Carolina prove that the classes literally pay off. Previous graduates of the class earned an average yearly commission of $71,399 after completing the course---one agent earned a whopping $175,581 in commissions. Class size is limited to 15 students to ensure everyone receives individual attention during and after each class, so agents should sign up immediately to be assured of a spot. The course consists of 12 full days of training conducted in four-day intervals, with all classes taking place at the Big "I" national office in Alexandria, Va. After attending all sessions and reporting requirements, graduates earn the Associate in Insurance Production (AIP) designation. Click here to see the benefits of the program, view the 12-day curriculum and register. For more information, contact Jennifer Becker at jennifer.becker@iiaba.net.


YOUNG AGENTS

YAC Scholarship Applications Due March 1

At the Big "I" Legislative Conference & Convention in Washington, D.C., the National Young Agent Committee will host seminars geared specifically toward young agents, including a first-timers reception, the Young Agent Attendee & InsurPac Chairs Luncheon, a hospitality event and the President’s Panel Breakfast with Big "I" leadership.

The YAC is offering each state association two $300 scholarships to assist young agents who will be first-time attendees at the 2007 Big "I" Legislative Conference & Convention, which will be held April 25- 27 at the Marriott Wardman Park Hotel in Washington, D.C. Scholarship funds will be paid to the order of the state association in May 2007. Interested young agents should return a completed application form to their state association by March 1 to be considered for a scholarship. It is up to the discretion of the state association to determine the recipients of these scholarships. Click here to download an application.

The $1,000 Maurice Herndon Scholarship will also be presented to one young agent who has not attended a conference in the past. The young agent recipient will receive his or her scholarship check in May 2007. Anyone applying for the Herndon scholarship, must be a young agent member (age 40 or younger) of the Big "I" who has not previously attended a Big "I" Legislative Conference. Each applicant must compose a 250-to-500-word essay describing why he/she should be considered for the scholarship and submit the essay along with a completed application form by March 1. Click here  for the application. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.


InVEST

Donations Deadline in One Week

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 will close at 1 p.m., April 27. Keep an eye on bids – the InVEST Silent Auction is a popular event during Big “I” Legislative Conference and Convention.

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 auction including updates on the great auction items. Visit www.independentagent.com and click here to download a contribution form.

Don’t delay, the deadline for InVEST Silent Auction donations is Feb. 15. For more information, contact Sandra Skipper at 703-706-5437; sandra.skipper@iiaba.net.

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.


VIRTUAL UNIVERSITY

Surf the Insurance Superhighway

If the Internet is the information superhighway, then the Big “I” Virtual University is the on-ramp for practically all the insurance information.

The Virtual University has the most complete Internet links section of any insurance Web site. Its exhaustive links will include a myriad of insurance and informational Web sites dealing with agency and company operations, technical information and much more.

For instance, the commercial lines section links to sites with information on bonds, ocean marine insurance, transportation sites, workers’ compensation, sample agency business income worksheets and more. The personal lines section links resources are extensive, too, including links to auto and home-valuation calculators, international auto insurance sites and inland marine resources.

Need help with developing a disaster plan? There are links to complete disaster plans that can be adapted for any agency’s needs. Also, there is a link to National Flood Insurance Program manuals, policy forms and flood map information, as well as weather-related resources and earthquake information.

There are numerous links to government agencies and resources, as well as to legal sites with court cases that can be used to support coverage claims. For agencies conducting business north or south of the borders or overseas, there’s also a lengthy international insurance resource link.

In the agency management area, VU provides links to free informational newsletters from noted industry consultants Al Diamond, Chris Burand and Jack Fries; sales and customer-service resources; and risk-management/loss-control sites.

On the company side, there are links to underwriting, coverage and claims resources, including watercraft and aircraft-valuation sites; self-insurance tips, captives and reinsurance.

There are two dozen industry publications (most for free), more than a dozen insurance glossaries and several insurance portals. Looking for new talent? To start the search, visit several colleges and universities offering an insurance degree program.

Life needs spice. That’s why the VU has a “Just for Fun” section including insurance jokes and other humor sites.

And links aren’t the only think the VU offers. The site provides users access to fee-based, accredited continuing-education courses; insurance, business and technology resources; a highly regarded e-newsletter; and thousands of pages of insurance-technical content.

The best part is that the VU is a free benefit for Big “I” member agencies. All employees need to access the resource and classroom center is a personal login provided by the Big “I.” If you don’t have this login information, click here.


IA MAGAZINE

Renew Your IA Subscription Today

Want to have the latest industry news and trends, management information, specialty lines access and government affairs coverage at your fingertips? To improve the profitability and efficiency of your agency, renew your subscription to Independent Agent magazine. And the best part --- it’s free. Take action now. Keep your IA magazine coming, delivered straight to your home or office each month. To validate your subscription online, go to www.iamagazine.com and click "Update Your Subscription." Use the six-digit ID printed on your magazine mailing label and follow the directions. While you’re visiting the Web site, don’t forget to check out the Premier Insurance Directory (PID). PID is the ultimate monthly guide for insurance products and services, including specialty lines, and the information is searchable by category online. Direct IA subscription questions to Jill Cosgrove at 800-221-7917; jill.cosgrove@iiaba.net.