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T H U R S D A Y , M A Y 2 9 , 2 0 0 8
Industry News
IIABA NEWS
2008 Big “I” Fall Leadership Conference Hotel Link Available
Join us Sept. 10-14 at Las Vegas's Caesars Palace for the Big “I” Fall Leadership Conference. Programs offered at this event include the Education Convocation, Big “I” board and executive committee meetings, the Young Agents Leadership Institute and the InVEST board meeting. To register, visit www.independentagent.com click on “events” then click on the Fall Leadership Conference. The link for the hotel room has just been posted, so make your reservations soon! Reservations will be handled on a space-available basis until rooms at the special rate are sold out or until the reservation cut-off date of Aug. 1, whichever comes first.
InVEST
Don’t Delay, Register Today!
The InVEST State Champions Workshop is rapidly approaching, but there’s still time to register. To sign up for this three-day, comprehensive workshop click here. The workshop will take place June 30 to July 2 at the Westfield Companies. Join other insurance industry leaders in learning about InVEST and how the program promotes insurance industry workforce development by attracting and training the next generation of insurance professionals. The workshop will explore all the tools, resources and programs that comprise InVEST at the high school and community college levels. Learn how to address the overall challenges in attracting young people to this exciting industry.
In July 2007, InVEST held the conference at the Westfield Companies in Westfield Center, Ohio. Approximately 100 insurance company representatives, agents, educators and state and national trade association staff from 22 states attended the event. Attendees participated in a comprehensive program that explored all the myriad facets of the InVEST program and how it has been customized and successfully implemented throughout the country.
For more information about the InVEST State Champions Event, contact Bill Pierson, InVEST executive director, at 800-221-7917; bill.pierson@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 offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits.
BIG “I” MARKETSSM
Worlds Apart® Habitational Apartment Market on Big “I” Markets
Big “I” Market’s targets, whether they're located in an urban, rural or coastal location, are accounts that are well managed, well maintained and controlled by experienced owners and management personnel. It strives for the successful professional property owner who demonstrates the proactive management skills necessary to secure responsible tenants and maintain the properties in good condition. Good property maintenance is important in controlling losses and not only includes regular property visitations and upkeep, but also includes adequate updating of the roofs as well as the electrical, plumbing and heating systems. The depth of the landlord’s management skills, experience and proactive maintenance measures are reflected in the pricing of the overall risk
Keep in mind that the insured must own a minimum of five residential units.*
Typical building classes include rental dwelling schedules (one, two, three and four family dwellings), converted dwellings, apartment buildings, mixed apartment/office/mercantile lessors risk occupancies and rental condominiums. Acceptable occupancies include market rate apartments, affordable housing, student housing and independent senior housing.
* Illinois agents, please see specific state requirements on www.bigimarkets.com.
Highlights include:
* No year-built requirement as long as the properties have been updated in the last 30 years.
* BOP policy with no limitation on the size of the risk.
* Special perils includes equipment breakdown.
* Guaranteed unlimited functional replacement cost.
* Business income – actual loss sustained for 18 months.
* Comprehensive liability limits – including aggregate per location.
* Direct bill payment options – monthly, quarterly, eight-pay and annual.
Current state availability includes: Connecticut, Delaware, Iowa, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Tennessee, Virginia, Vermont and Wisconsin. States scheduled to be added within 90 days include: Arizona, Colorado, Georgia, Kentucky, Missouri, North Carolina, South Carolina, Washington and West Virginia.
To take advantage of this market today log on to www.bigimarkets.com. Send questions to bigimarkets@iiaba.net or call 800-221-7917 x5364.
BIG “I” MARKETSSM
CAPstone® Community Association Market on Big “I” Markets
MiddleOak Specialty has designed a coverage, pricing and underwriting approach that offers a very flexible and attractive insurance program for a broad spectrum of community association risks.
CAPstone®, a comprehensive, commercial insurance program, is designed for well managed community associations. It protects: condominium associations, homeowner associations, cooperatives, seasonal associations, secondary associations, rental associations, timeshares and planned unit developments.
The CAPstone® coverage difference:
* All-in coverage is automatic and provides building protection, including coverage for unit owners’ fixtures, improvements, alterations and major appliances.
* Guaranteed Unlimited Functional Replacement Cost is available.
Quality options include:
* Equipment breakdown coverage, included with the selection of “special perils.”
* Comprehensive liability including personal injury.
* Umbrella liability with limits up to $100 million.
* Earthquake and flood. (Flood is not available in zones A or V.)
* Water back-up and sump overflow.
* Hired and non-owned automobile liability.
There is no minimum or maximum number of units or buildings/property size*. The key to program eligibility is that the risk is well maintained, well managed and financially sound. In addition, there is no property age restriction as long as the properties have been updated within the last 30 years.
*Illinois agents, please see specific state requirements on www.bigimarkets.com.
Current state availability includes: Connecticut, Delaware, Iowa, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Tennessee, Virginia, Vermont and Wisconsin. States scheduled to be added within 90 days include: Arizona, Colorado, Georgia, Kentucky, Missouri, North Carolina, South Carolina, Washington and West Virginia.
To take advantage of this market today log on to www.bigimarkets.com. Send questions to bigimarkets@iiaba.net or call 800-221-7917 x5364.
IIABA NEWS
ACSR Program Celebrates 20 Years with Free Anniversary Webinar Series
The Accredited Customer Service Representative (ACSR) program is a national designation program developed by IIABA and enhanced by the partnership with AICPCU/IIA, a recognized leader in insurance training. The program is designed to support the professional development of insurance service staff and benefits customer service representatives, agents, employers and insurance companies. ACSRs gain increased product knowledge, improved selling and account rounding skills and higher levels of professionalism and customer service. Agencies and companies gain as well through increased customer retention, reduced E&O exposures and a lower turnover of staff. On the forefront of insurance education, the ACSR program offers three flexible study options: classroom, self-study and online via the Big “I” Virtual University, as well as a choice of course of study with designations in personal lines, commercial lines and life/health. Established in 1988, the ACSR program has 20 years of commitment to excellence in service to the industry and an agency’s clients.
In recognition of this anniversary, ACSRs across the United States are invited to participate in a free webinar series designed to help participants stay on top of the latest industry trends, and further demonstrate their commitment to the industry and their clients.
Series I: Certificates of Insurance: Issues & Answers takes place at 2 p.m. EST, June 18. The session will be led by Bill Wilson and will include a 45-minute presentation and 15-minute question and answer session.
Series II: The Realities of “Real Time” takes place at 2 p.m. EST, July 9. The session will be led by Angelyn Treutel and will include a 45-minute presentation and 15-minute question and answer session.
To download the webinar descriptions, information on session leaders and to confirm your participation, click here. For more information, e-mail ACSR@iiaba.net.
BIG “I” FLOOD PROGRAM
Hurricane Season Starts Soon --- Are Your Insureds Prepared?
The Atlantic hurricane season starts June 1 and lasts until Nov. 30 and the most active weeks are typically in late August and early September. Although the last two seasons have been low to moderate as far as storm activity, the 2008 Atlantic hurricane season has been forecasted to be above normal with a predicted 15 named storms.
Some might be saying, “yeah, we have heard that before and the forecasters were wrong.” But the question is: can your clients afford to let you take a gamble and hope the forecasters will be wrong again? Probably not.
Now is the time to offer flood insurance both primary and excess to clients, even if they’re not required to buy it and even if they are not coastal.
Flood insurance can help a homeowner or business owner recover from nature’s fury and help prevent financial ruin so it’s a good idea for insureds to consider such insurance before the storms begin.
Big “I” Flood or Wells Fargo Special Risks Flood Team can assist with flood risk analysis and flood insurance placement. To help better assist you, please click here to complete a questionnaire and you will receive a complimentary “Guide to Hurricane and Flood Preparation.”
BIG “I” FLOOD PROGRAM
NFIP Celebrates 40th Anniversary with Achievement Awards
The National Flood Insurance Program (NFIP) celebrated it 40th anniversary, in the presence of more than 800 program stakeholders, during the 25th annual National Flood Conference, earlier this month in Chicago. The conference was also held in recognition of the 25th anniversary of the Write Your Own (WYO) Program. During the event several Big “I” members were honored, as was the Big “I” Flood program company partner, Selective Insurance, for its accomplishments during the fiscal year 2007.
Agency-of-the-Year Awards and Special Recognition Award recipients were all IIABA members. Agency-of-the-Year Awards were granted to Neefus-Stype Agency of Aquebogue, N.y., Italiano Insurance Services of Tampa, Fla. and Williams Insurance Agency of Rehoboth Beach, Del.
The Agency-of-the-Year Awards is based on the agency’s efforts in: achieving superior flood insurance policy growth; implementing innovative marketing strategies; participating in flood awareness activities and adhering to established underwriting guidelines. The award committee honored the Barhorst Insurance Group of Houston with the Special Recognition Award since they were Agency-of-the-Year winners in 2005 and 2006, and were nominated again this year for their continued success in growing NFIP policies.
Bud Clark and his able staff at Williams Insurance Agency were nominated by Annette Winston, territory manager for Selective Insurance. Winston said she immediately thought of the agency for the nomination because of its 10% a year average growth over the last five years and the marketing campaign they initiated with Selective’s help after Katrina at the beginning of the 2006 hurricane season.
Williams Insurance Agency sent a special mailing to all their residential and small business customers stating that property policies do not cover flood and brought attention to the flood risks of their area as well as including the top 10 flood insurance facts every consumer needs to know. Later the same year, the agency sent a similar mailing along with its privacy notice. Both mailings resulted in policies written. The agency has always offered the service of review for anyone’s flood policy taking particular notice of properties that might be designated as a Coastal Barrier Resources Act (CBRA) property to see that they are properly insured in or out of the NFIP.
All customer service representatives and producers in the agency are involved in the sale and service of flood insurance. Coverage is offered to all clients and if refused a waiver of coverage form is signed and retained in the client’s permanent record. Williams Insurance Agency received IIABA’s Best Practices Award in 2004, 2005 and 2006. Clark says the agency’s position has always been that staff complete the required continuing education hours with encouragement for advanced training as well. He’s also made the decision to send an agency representative to the National Flood Conference every year.
According to Clark, the agency made the business decision to do stronger flood marketing for various reasons after Katrina. One reason being the agency’s coastal location; another was the added value to the agency since offering and writing flood coverage diminishes the chance of an E&O claims, as well as provides added revenue; and because flood is a line of coverage not counted against in the profit-share plan of insurance companies. Clark further states that “flood is good business to write.”
The Administrator’s Club Award recognizes the Write Your Own (WYO) companies’ contributions to the growth of the NFIP. Winners are chosen from five groups that represent policy base thresholds. Selective Insurance Company of America, the Big “I” Advantage-endorsed WYO, was awarded the Administrator’s Club Award for achieving the highest “new” policy percentage growth of 8.5% for the company class size with 75,000 or more policies. Selective was chosen over other companies in the group including State Farm, Fidelity National P&C, Travelers, Hartford, Allstate and Nationwide. Other company group winners include: American Strategic Insurance Corporation, AIG National Insurance Company, Franklin Homeowners Assurance Company and North Pointe Insurance Company.
The Administrator’s Cup Award goes to the WYO company that experienced the highest percentage of overall company growth. This year’s award was given to AIG National Insurance Company.
The final and equally impressive WYO company award, The Administrator’s Quill Award, was also awarded to Selective Insurance Company of America for the highest number of “new” policies written program-wide. Selective’s new policy count was more than 20,000. Selective Insurance earned the same awards at the conference in 2006.
The conference’s opening general session included videotaped interviews with Federal Insurance Administrators from George Bernstein, the first administrator to present, and Administrator David Maurstad. Edward Connor, deputy assistant administrator for insurance, FEMA mitigation directorate, discussed the program’s value to society, its near-term challenges and its commitment to the future citing the NFIP as the best example of public-private partnership in the federal government.
The NFIP-Further Downstream topics were addressed by Margaret Davison, director, Coastal Services Center at NOAA, and Robert Klein, director for risk management and insurance research, Georgia State University. Davison’s discussion focused on the impact of the changing environment with economy and NFIP implications; and worldwide climate changes that will cause damaging weather events to become more frequent and more severe in the future. Klein spoke on effective management of the flood risk and examining alternative methods of delivering the flood insurance product for a more fiscally sound program.
To take advantage of the opportunity to work with an award-winning Flood WYO company, like the Williams Insurance Agency has done, register to participate in the Big “I” Flood Program at www.bigimarkets.com. For more information, contact Linda Mackey at 800-221-7917 Ext. 5380 or Linda.Mackey@iiaba.net.
IIABA NEWS
2008 Insurance Educators Summit Planned
IIABA, in cooperation with its 51 state association education partners, is pleased to announce an opportunity for some of the most talented individuals and organizations in the fields of insurance agent education to meet and share their views on the state of agent education. Join other insurance education leaders for the Insurance Educators Summit. Attendees will share observations and analysis of agent education today and work to create a plan to improve and energize the delivery of skills and knowledge to the independent insurance agent community. Don’t miss this opportunity to influence the future and learn from the best practices of other education leaders. The open group discussion will develop an understanding changing education needs; discover the evolution of learning preferences; discuss the innovation of delivery methods; identify the market value of educational offerings; realize obstacles and opportunities; critique continuing education and more. This event will be held in conjunction with Big “I” Education Convocation on Sept 11 at Caesars Palace in Las Vegas. To register for the event, click here. For more information on the Education Convocation, click here or call 800-221-7917.
BEST PRACTICES
Interactive Agency Self-Diagnostic Tool – Spotlight on Agency Life Cycle
When was the last time you conducted an overall evaluation of your agency’s management operations and performance? What do you need to do to get your agency to flourish instead of just get by? You need to evaluate current agency performance, set attainable goals and develop a comprehensive action plan to help you achieve these objectives. The new Interactive Agency Self-Diagnostic Tool is full of useful management issues checklists, a performance comparison workbook, planning worksheets and several appendix’s designed to help agency owners and principals take a step-by-step, proactive approach to overall agency efficiency, profitability and management.
One of the appendixes addresses an agency life cycle. Which of the following best describes your agency life stage? From upstart (1-5 years) to established (5-15 years) to mature (15 + years), understanding where your agency is will help determine which actions are most important to take. The Interactive Agency Self-Diagnostic Tool will provide detailed agency life cycle descriptions and help determine your stage in the following areas: long-range strategic planning, agency management and leadership, financial management, compensation management, support staff, sales management, producer compensation, procedure, customer service, automation, agency risks, carriers, supplemental compensation (contingents/bonus/overrides), branches, human resources management and perpetuation.
With this Best Practices guide, learn how to conduct an overall evaluation of your agency’s management, operations and performance, and begin to develop a plan specific to your agency’s needs and expectations. Click here to download an order form. For more information on other Best Practices resources, click here.
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