T H U R S D A Y ,   M A R C H  5 ,   2 0 0 9

 Industry News

IIABA News
House Republican Whip Eric Cantor to Address the Big “I”

The Big “I” recently announced that Rep. Eric Cantor (R-Va.), republican whip of the U.S. House of Representatives, will address the association’s membership on April 30, during the Big “I” Legislative Conference & Convention.

Cantor will be a featured speaker at the legislative conference breakfast, which occurs just prior to  the annual Big “I” Day on Capitol Hill. Every spring more than a thousand agents visit Capitol Hill offices to lobby members of the House, Senate and their staffs on issues that directly impact independent agents and consumers.

“The Big “I” is pleased that House Republican Whip Eric Cantor will be kicking off our annual agent pilgrimage to Capitol Hill,” says Robert Rusbuldt, Big “I” president & CEO. “We’re looking forward to hearing Rep. Cantor’s perspectives on financial services regulation and other important topics facing our members, their businesses and our nation.”

Cantor is uniquely positioned to speak on both insurance and small business issues affecting independent agents. In addition to his position as the House republican whip, he serves on the powerful House Ways and Means Committee, which has direct jurisdiction over taxes, trade, Social Security, Medicare, health care and welfare reform. He will be a key congressional leader as the Obama administration attempts a major health care reform. Cantor is in his fifth term representing Virginia’s seventh congressional district and is a native of Richmond.

“We’re pleased to have such a dynamic and well-positioned congressional leader address the Big “I,”” says Charles Symington, Jr., Big “I” senior vice president for government affairs. “Rep. Cantor has an impressive track-record as an advocate for small businesses and has many years of experience on issues that directly impact the independent agency system.”

The Big “I” Legislative Conference & Convention is the insurance industry’s best-attended, most effective legislative meeting. This year’s event will take place April 29-May 1 at the Marriott Wardman Park Hotel in Washington, D.C.

The legislative conference is an opportunity for Big “I” agents and brokers to discuss important issues with their congressional representatives. Top issues this year include: insurance regulatory reform, agent licensing reform, health insurance reform, taxes, natural disaster issues and other challenges and opportunities facing the independent agency system.

Additional highlights of the Big “I” Legislative Conference & Convention include: in-depth issues briefing sessions, a panel discussion with top insurance carrier CEOs, a state of the association address by Big “I” Chairman Brett Nilsson, a speech by Freakonomics author Stephen Dubner and appearances by numerous other high-profile industry speakers.

For registration and hotel information, go to www.independentagent.com and select the “Events and Conferences” link.


Education
2008 Agency Universe Study - Get Your Copy and Find Out the Facts!

The number of independent agencies has stabilized---that’s one of the key findings of the 2008 Agency Universe Study. Future One, a collaboration between the Big “I” and leading independent agency companies, has released key findings from the recently completed study, hailed as the most comprehensive look at the independent agency system. The study surveys a wealth of issues about independent agencies operating in the U.S., including their numbers, revenue base and sources, number of employees, ownership, mix of business, diversification of products, technology uses, non-insurance income sources and marketing methods. The 2008 Agency Universe Study found that despite tough economic times in many areas of the financial services sector, independent agencies remain strong, stable, flexible and have the potential for growth. And, as predicted, the study found that the number of independent agencies has stabilized, halting a decade-long trend of larger and fewer firms. More agencies are being formed than in past years, particularly in areas of the country suffering from difficulties in the availability of coverage, and agency principals tend to be younger. This is a positive finding as the bulk of agents are baby boomers nearing retirement.

Other key findings of the 2008 Agency Universe Study include:

• A long-term trend interrupted. The long-term trend toward fewer, larger agencies has been interrupted. Compared to 2006, the number of agencies has remained the same. This stabilization reflects a decrease in acquisitions and an increase in the number of start-up agencies.

• Growth in the number of small agencies. The percentage of small agencies (less than $150,000 in insurance revenue) grew between 2006 and 2008, while the percentage of all other sized agencies decreased slightly.

• Doing more with less. Agency operations are becoming measurably more efficient. Apparently, agencies are able to do more work with fewer employees. Increased usage of technology likely contributes to more efficient processes.

• Satisfaction with carriers continues to improve. Satisfaction with personal lines and small commercial lines carriers is up since 2006. The area considered to be the most improved across carriers is that “they make it easy for CSRs to write business.”

• Concern about controlling expenses. Maintaining experienced staff, and finding carriers who will maintain their commitment to the agent’s market and provide the coverage customers need, remain major concerns for agencies. However, “controlling expenses and reinvesting in the agency” has risen as a concern since 2006.

The 2008 Agency Universe Study is the ninth in a series that was first conducted in 1983.  Subsequent studies were released in 1987, 1992, 1996 and 2000. Since 2000, the study has been completed biannually. Since 2004, the Agency Universe Study has relied on Internet data collection. A small sampling of agencies participated via fax as well. Approximately 1,900 agencies were included in the 2008 analysis. Future One member companies have been provided with complete copies of all the results as well as the supporting data.

If you would like to discuss the Agency Universe Study or Future One in greater detail, contact Madelyn Flannagan at madelyn.flannagan@iiaba.net or Tom Koonce at tom.koonce@iiaba.net or call 800-221-7917. To order a copy of the 2008 Agency Universe Study management summary, which includes highlights from the complete study, visit www.independentagent.com.


Legislative Conference & Convention
Make Your Voice Heard on Capitol Hill

April 29  marks President Barack Obama’s 100th day in office. It also marks the beginning of the Big “I” Legislative Conference & Convention. Be a part of history and be in a position to have an effect on the next 100 days and beyond. Protect your agency! Join us April 29 – May 1 at the Marriott Wardman Park Hotel in Washington, D.C. Agents, make sure to register by noon EST on April 3 for inclusion in the event’s attendee directory and a chance to win an iPod Touch! Register today under the “Events” section of www.independentagent.com or click here.


Education
ACSR Scholarships Available

The Big “I,” in cooperation with the National Association of Insurance Women International (NAIW), continues to offer a scholarship program to further promote and assist insurance agents and brokers’ commitment to excellence.

During NAIW’s upcoming convention in May, the Big "I" and NAIW will award the following scholarships for the Big “I” Accredited Customer Service Representative Designation (ACSR):

• Two full scholarship to take all classes required to earn the ACSR personal, commercial or life-health designation.
• One scholarship to take one ACSR personal, commercial or life-health class.

Scholarship recipients will gain critical professional development skills, improve their customer service tactics, retain accounts and reduce their agencies’ E&O exposure. In addition, they will be able to take advantage of earning their designation online via the Big “I” Virtual University.

Applicants must be current and active members of the NAIW in good standing, work at a Big "I" member agency, employed full-time and must have been in the insurance industry for at least one year. Applicants must intend to complete and achieve the ACSR designation within three years or take the ACSR class within one year, and expect to continue their career in the insurance industry for the next three years. To download an application, click here. All applications must be postmarked no later than April 15.


IIABA News
Change to 2010 Winter Board Meeting Date

In an effort to lessen travel expenses, the Big “I” 2010 winter board meeting has been rescheduled for Jan. 6 – 10 at the Doral Golf Resort and Spa in Miami. The date change allowed attendees to receive a lower room rate per night of $259. The previous rate was $299 per night.

The Big “I” executive committee meeting will be held Jan. 6 – 7, 2010 and the board of directors meeting will be held January 9 – 10, 2010. Also, the 14th annual Chairman’s Cup Golf Tournament will be held Jan. 8, 2010 at one of Doral’s five championship 18-hole golf courses. For more information on Big “I” events, go to the “Events” section of www.independentagent.com or click here.


Big “I” Markets
Habitational Checklist Available

Big “I” Markets has received a lot of agent questions regarding the habitational market, so a tool has been created to help members learn important information about program. An active checklist is also included to ensure you don’t miss something when attempting to secure coverage. Read and download the checklist here. Learn more about the habitational and other markets available on BIM at www.bigimarkets.com.


Big “I” Professional Liability
Hundreds Join Webinar to Learn How to Save on their E&O Premiums

On Feb. 25, the Big “I” and Swiss Re held a webinar about the benefits of the Agency Shield Program^TM (ASP^TM), which was attended by hundreds of members across the country. The Agency Shield Program is an easy and affordable self-assessment program, completed at your own pace, and designed to reduce E&O exposure, improve client service and build sustainable, profitable processes. It is exclusively available to members who purchase their agency’s E&O coverage through Swiss Re, one of three endorsed carriers of the Big “I” Professional Liability Program. Policyholders receive a 10% premium credit for completing the program. A recording of the webinar, along with information on purchasing ASP^TM can be found at:  www.independentagent.com/EO. Coverage is distributed through your local Big “I” state association is affordable, and the results for those who complete ASP^TM on a voluntary basis are not shared with Swiss Re underwriters. For more information, contact David Hulcher at david.hulcher@iiaba.net.


Big “I” Markets
Two for Tuesday Archives Available

Two for Tuesday is a weekly e-mail newsletter highlighting Big “I” Markets product news that is delivered to all Big “I” members registered for BIM. However, you don’t have to be a registered agent to receive this publication. Visit the Two for Tuesday archive page to browse recent articles, read sales tips and marketing tips and see what BIM agents are up to. To sign up to receive this fun and informative newsletter, visit www.bigimarkets.com.