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Industry News

LEGISLATIVE CONFERENCE & CONVENTION

House Majority Leader to Speak to Big “I”

House Majority Leader Steny Hoyer (D-Md.) will speak to Big “I” members during the Legislative Conference & Convention, held April 25 through 27 at the Marriott Wardman Park Hotel in Washington, D.C.

With more than 1,200 independent agents and brokers from across the country in attendance, Hoyer will be a featured speaker at a breakfast on April 26 along with House Minority Whip Roy Blunt (R-Missouri).

“As manager of the House floor, Majority Leader Hoyer is in a prime position to influence legislation that affects our members’ businesses each day,” says Big “I” CEO Robert Rusbuldt. “Steny Hoyer will be a key player in determining the direction of legislation on issues such as insurance regulatory reform, natural disaster reform, terrorism risk insurance and other important topics to independent insurance agents and brokers, our economy and our nation.”

Now serving his 14th term in the House of Representatives, Hoyer is the longest-serving House member from southern Maryland in history. Prior to being elected majority leader, Hoyer served two terms as Democratic Whip.

“Majority Leader Hoyer has long been recognized as a consensus builder and a leader on both sides of the aisle,” says Charles Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We’re honored to have him as a guest and look forward to his perspective on the new Congress and on issues important to our members.”

Each year during the legislative conference, Big “I” agents and brokers hold hundreds of meetings with their elected officials on Capitol Hill to share their perspective on how legislation affects their business. Top issues this year include insurance regulatory reform, natural disaster issues, terrorism risk insurance and more.

Highlights of the Big “I” Legislative Conference & Convention include an in-depth issues briefing session, the annual Big “I” congressional reception on Capitol Hill, appearances by numerous high-profile speakers and the industry’s largest and best-attended trade show. This year’s event also will include an interactive insurance panel discussion, with representatives from the industry, consumer groups and regulators tackling top insurance industry trends and challenges.
 
To register online and make hotel reservations, click here.

Ultimate Producer Challenge Application Deadline Extended

Are you “The Ultimate Producer?” Have you discovered the best mix of personality, salesmanship and technical expertise to write just about any piece of business that you set your mind on? If you meet all the eligibility criteria provided in the application, you could be chosen to compete in “The Ultimate Producer Challenge” at the   Big “I” Legislative Conference and Convention in Washington, D.C., April 25 through 27. All selected participants will receive a complimentary event registration.

Along with pride and prestige, The Ultimate Producer Challenge winner receives a $2,500 cash prize and consultations with industry renowned sales trainer Roger Sitkins.

The Ultimate Producer Challenge was first conducted at the 2005 Big “I” Convention in New York City, where Diane Durnin of J.D. Fulwiler & Company Insurance, Inc. (Portland, Ore.) was named winner, Roosevelt Haywood III of Haywood and Fleming Associate (Gary, Ind.) was named first runner-up.

Be a part of the action. Click here to download the 2007 Ultimate Producer Challenge Application. Act now, the deadline to submit your application to participate is March 16. For more information, contact Madelyn Flannagan at madelyn.flannagan@iiaba.net.
 

YOUNG AGENTS

Conference & Convention Events for Young Agents

The National Young Agents Committee is offering events geared specifically for up-and-coming leaders at the Big “I” Legislative Conference & Convention. Special sessions include a first-timers reception, the Young Agent attendee and InsurPac chairs luncheon, a hospitality event and the always-popular President’s Panel breakfast with Big “I” leadership. Young agents will gain valuable legislative and leadership skills at this ground-breaking insurance industry event. The Big “I” Legislative Conference & Convention will be held at the Marriott Wardman Park Hotel in Washington D.C. April 25-27, 2007.

For more information, contact Katie Cosgrove  at 703-776-5455; katie.cosgrove@iiaba.net.


InVEST

Get Ready for Silent Auction

Don’t miss your chance to support the next generation of insurance industry professionals. Participate in the InVEST Silent Auction and support the program’s annual scholarships awarded to graduates of InVEST who are 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 April 25-27 at the Marriott Wardman Park Hotel in Washington, D.C. The InVEST Silent Auction will open at 6 p.m., April 26 and will close at 1 p.m., April 27. Be sure to keep an eye on bids – the InVEST Silent Auction is a popular even during Big “I” Legislative 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 offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits.

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.

BEST PRACTICES

Finding and Training Top Producers Just Got Easier

Throughout the years---through hard and soft markets, diversification and consolidation, commission shifts and bank battles, the rise of technology and the fall of typewriters---one desperate refrain has remained a constant. How do I find and train a really good producer?

And that is just the beginning of the questions. How much time and money will the hiring process cost? What’s the best way to recruit, screen and interview candidates? How do you avoid any legal pitfalls in the interviewing and hiring process? How long until a new producer is profitable to the agency, and what kind of tools, training and support will it take to get them there? And, once that excellent producer is on board, how do you keep them motivated?

Independent agents and brokers are distinguished from the competition by a commitment to service and expertise. An effective producer, in particular, can significantly enhance an agency’s ability to grow revenue, secure company relationships, perpetuate internally and increase the overall value of the agency. But all too often we are reactive, not proactive, in meeting agency staffing needs; and approach the hiring process as a necessary evil rather than what it really is---a substantial investment in the future of an agency. The key to finding the right producer is actually very simple: Always be on the lookout for that ideal producer and make sure you’re properly armed to attract, recruit and train when they come along.

Easier said than done? Not at all. All you have to do is commit to an ongoing search for talent. Once you have established this process as a key initiative for your agency, the Big “I” has the roadmap for you and training to help develop top producers.

Through IIABA’s Best Practices Program, we conduct intensive research to identify the practices that make independent agencies most successful and then turn the findings into tools that are applicable to any agency.

One such study, “Best Practices of the Leading Sales Organizations of the United States,” finds that “successful sales organizations hire talented salespeople and recognize that it will be necessary for them to proactively recruit on an ongoing basis if they are to be in a position to effectively identify and attract such individuals.”

“Top Producers: Discover, Train, Reward” is the independent agency’s answer to finding, hiring, training and compensating excellent producers. The comprehensive Best Practices manual lays out a complete roadmap for success, from finding a top producer, creating a career training path, to effectively managing and motivating the experienced producer. It provides step-by-step advice for each development phase and numerous worksheets for goal setting, calculating related expenses and appropriate compensation, measuring sales potential and tracking producer activities.

The manual is divided into three major sections---selection, development and motivation---that can each be used as a stand-alone resource or as part of your overall producer development plan. The guide also includes IIABA’s “Guide to Producer Contracts,” which contains sample contracts and steps on compensating, contracting and managing new producers; a detailed appendix on interview guidelines; and a copy of the Best Practices “Sales Potential Quick Check.” This comprehensive set of resources covers every facet of the process and could save you thousands of dollars by showing you how to avoid hiring mistakes. The Top Producers manual is available for $89.95, shipping and handling included. Click here to download on order form.

In addition to information readily available in your office, the Big "I" also offers a 12-day (conducted quarterly) classroom sales training, Elite Force Sales Training. The Elite Force Sales Training Program is a complete training program for newer producers (recommended for agents with less than three years experience in sales and less than five in the insurance industry) who have a basic understanding of the sales process and are now seeking the foundation of a strong sales skills program to transform them into superstars in production.

Attendees will learn everything from prospecting to data gathering and closing. The Elite Force learns the full psychology of the sale, not just tricks or gimmicks. Skilled instructors will teach personality traits, negotiation skills, time management, consultative relationship building, building credibility and more with several popular sales techniques reviewed. Case studies and the students' own actual experiences are discussed among the group, so they learn from each other's successes and failures. Students are sent home each quarter with various publications and books to study that outline various sales methods. Plus, they learn about presentation skills, using the Web for prospecting, and how to set, measure and track their sales goals. An Elite Force Sales Training class is scheduled to begin in June 2007. Click here to review the curriculum and application.

There is no factor more critical to the longevity and profitability of a sales organization than a continuous source of fresh talent, which not only increases the agency’s bottom line, but also lays the groundwork for future success. So get started down that path now; you can’t afford not to. For more information on the Best Practices or Elite Force Sales Training program, contact Best.Practices@iiaba.net.


ACSR

ACSR of the Year/ACSR Tribute Day

IIABA and AICPCU/IIA congratulate the Vermont Insurance Agents Association and Dyane DeRobertis, customer service representative/agent at the Essex Agency, Inc. for her achievement as the 2006 ACSR of the Year Award recipient. This award recognizes the tremendous contributions of an Accredited Customer Service Representative that displays outstanding leadership and service to the independent agency system and to the public. In addition, we wish to recognize CSR’s nationally for the dedication and the value that they bring to the insurance industry.

For more information on the 2007 National ACSR of Year Award Entry, click here.


VIRTUAL UNIVERSITY

March is Ethics Awareness Month

The Big “I” Virtual University has a number of articles and links to help agencies learn more about ethical behavior in the industry. The Big “I” also offers several online classes on the topic that will help participants discover why ethics make a difference in a community, in jobs and daily life. It's hard to have a positive, long-standing relationship without trust, so you must endeavor to be ethical.

The ACORD Certificate of Insurance forms say that "the issuing insurer will endeavor to mail ____ days written notice to the certificate holder." Just recently, one of the largest insurers advised that they no longer want to be copied on certificates and the agency must mail notice of cancellation to any certificate holders. What should agencies do? Obviously the insurer will not "endeavor" to provide the certificate holder with cancellation notice, even though the certificate says "the issuing insurer" will do so. In most cases, there is no contractual obligation to notify certificate holders of cancellation. E&O educators say if an agent does it for one, they should do it for all. So, does issuing a certificate with the "will endeavor to" wording constitute a breach of ethics? If so, what is the solution?

The VU is looking for opinions on this non-hypothetical situation. Please e-mail comments to Bill Wilson at bill.wilson@iiaba.net and put "Ethics FEEDBACK" in the subject line. Those who would like their name, employer, city and state published, please include that information. The VU will publish the results in the March 23 issue of The VUpoint newsletter.

For more information about the "Certificates of Insurance: Issues and Answers" white paper, go to the VU home page at www.iiaba.net/vu. Big “I” members can access all the information the Big “I” Virtual University on Ethics by logging in at http://www.iiaba.net/vu. All employees need to access this online resource and classroom center is a login provided by the Big “I.” (Those who do not have this login information, click here.)