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Industry News

BIG “I” MARKETS
BIM Announces New Non-standard Property Market

Finding markets for property owners who have difficulty getting insurance just got easier. Through Big “I” Markets (www.bigimarkets.com), available exclusively to members of the IIABA, agents have access to AI Risk Specialists Insurance, Inc^® (AI RISK^®), a member company of American International Group, Inc. They have access to Lexington Insurance Company’s complete portfolio of products designed to meet the unique needs of property owners who find themselves in the non-standard property market.

Twelve new, non-standard markets are offered through the ultra-flexible LexElite^® program which can now be accessed on Big “I” Markets. Click on each of the following to view a detailed description of each product. The products are listed on the Big “I” Markets personal lines menu as they appear below:

* Affluent Non-Standard Homeowner 
* Coastal Homeowner 
* Corporate/LLC Owned Homeowner
* Non-Standard Condominium 
* Non-Standard Homeowner
* Non-Standard Rental Dwellings 
* Non-Standard Renters 
* Personal Builders Risk
* Unprotected Homeowner
* Unsupported Secondary Homeowner
* Seasonal Homeowner
* Vacant Dwelling

Click here to see a list of minimum values by state. Members can submit a quote for risks that are $50,000 below the stated minimum value if the risk is in a non-cat area and is accompanied by front and rear photos.

The addition of these markets represents the fulfillment of a long-standing goal. Market need surveys of members have consistently shown the desire for a non-standard homeowner product and ever since Balboa discontinued their non-standard product, Big “I” Markets has been trying to find a replacement. Lexington was the primary target. From the perspective of Carla Eiring, national marketing manager for AI RISK^®, “The relationship with Big ‘I’ Markets gives us unprecedented access to agents in markets we would otherwise have a difficult time reaching. The marketing support the Big ‘I’ Markets team provides is extensive and unlike anything else we have seen.” Eiring adds “we are very excited about this opportunity and are devoting the necessary resources to make sure Big ‘I’ Markets agents get fast turn-around time on quotes and have an underwriter available to answer their questions.”

This in an E&S market and AI Risk^® takes care of the taxes and filings in all states except North Carolina, New Mexico and Washington. The only requirement is to sign and submit the diligent search affidavit when requesting issuance of coverage. Member agencies in North Carolina, New Mexico and Washington must possess a surplus lines license. Before this product is made quotable, Big “I” Markets must receive a copy of a member’s E&S license and a signed statement on agency letterhead that their agency will take responsibility for filing the tax in accordance with state regulation;and provide proof of the filing to AI Risk^®. Please fax the letter and a copy of the license to 703-995-4406, attn: Big “I” Markets.


YOUNG AGENTS
A Message from YAC Chair on the 2008 Young Agents Leadership Institute

It’s an exciting time for the National Young Agents Committee as they prepare for the upcoming 2008 Young Agents Leadership Institute, Sept. 12-13 at Caesars Palace in Las Vegas. This event is a packed program based on motivating Young Agents and providing them with the tools they need to be leaders.

“This is a conference built to develop eager Young Agents and strengthen their leadership skills,” says National Young Agents Committee Chair Joey O’Connor. “This has been a great event in the past and I am looking forward to a successful event and further building the future of our industry.”

Highlights of this year’s event include: a technology forum, YAC awards presentation, keynote speaker, Magnificent Seven panel featuring YAC award winners, staff liaison and state committee chairs roundtable discussion and much more.

Don’t let this opportunity pass you by – visit www.independentagent.com and click on Young Agents under the Member Resources drop-down menu for updates on the event and for online registration. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.


InVEST
Online Auction-Goers Raced to Win an Outstanding Weekend Package

The InVEST program congratulates Carolyn Ratliff of the Mahoney Group, Arizona’s largest independent insurance agency, for winning Central Insurance Companies silent auction prize of a VIP package to the NASCAR^® Sprint Cup Allstate 400 at the Brickyard^®.

Ratliff, who learned of her win after out bidding competitors online on May 30, will spend July 27 with a guest in the Gasoline Alley Suite at the Allstate^® 400 at the Brickyard®. Her package includes food and beverages, a hotel room from July 25 - 27 in downtown Indianapolis and roundtrip airfare for two.

The package was initially donated by Allstate/Encompass Insurance as the live auction item for the Big “I” Legislative Conference and Convention Large Agent Broker Dinner as a contribution to the InVEST program. Bill Purmont, president & CEO of Central Insurance Companies, won the package and then generously auctioned it off again to Central’s agents with all proceeds donated to InVEST. Between the two auctions, the weekend package raised $16,100 for InVEST.

InVEST is a 501 (c) 3 non-profit dedicated to improving insurance literacy of students and attracting new talent to the insurance industry. The school-to-work program annually prepares thousands of students for insurance-related careers through a hands-on curriculum taught in high schools and community colleges.


  BIG “I” MARKETS
Agent Achieves Success with BIM

Every day, member agents are accessing Big “I” Markets to write business, earn market rate commissions and in doing so, support their state associations, which receive overrides on all business written on Big “I” Markets. Take the example of agent Ben Zalafor in Red Bank, N.J.

Underwriters are not generally regarded as risk takers but Zalafor is an exception. Last year at this time Zalafor was a professional liability underwriter. Today he is an independent agent, having made the leap into the agency world when he started his own agency six months ago. Being a brand new agent in New Jersey, a state whose regulatory climate scares off a lot of carriers, Zalafor has had a difficult time getting carrier appointments. So when he attended a meeting of a local chapter of the Independent Insurance Agents & Brokers of New Jersey (IIABNJ) his attention was piqued when the conversation turned to Big “I” Markets.

“I decided to join the state association primarily so I could gain access to Big ‘I’ Markets as well as my agency E&O insurance,” Zalafor says.

The move paid off when he accessed the commercial package product to quote a local drycleaner. Zalafor belongs to the same club as the owner and his personal relationship gained him the opportunity to quote the business. And the result? He wrote the cleaners for $39,000 in premium and Big “I” Markets wrote workers compensation for another $9,000 in premium. Not bad for a rookie! With that sale Zalafor should make it into the top five agencies in contention for Agency of the Year when the May report is compiled (this article was written before May statistics were available).

And as a former underwriter what did he think of the underwriters he dealt with?

“They were great. Plus the quote I received from Zurich was almost $11,000 less than the current policy and I was offering better coverage. So more coverage for less price, how could I lose?” he says.

Want to follow in Zalafor’s footsteps? Check out the commercial package product on Big “I” Markets at www.bigimarkets.com to access hundreds of SIC code classes and several companies. 


VIRTUAL UNIVERSITY
A VU Guru for You

The quality of any school is measured by its faculty, and the Big “I” Virtual University excels in that area. Behind the vast resources of the VU is a highly-credentialed team of industry experts that rivals any bricks-and-mortar institution.

Each Big “I” VU faculty member is a working professional with years of experience in his or her field. These experts come from various careers in the insurance industry and include agency leaders, company executives, consultants and trainers, vendors and association professionals.

These individuals provide expertise on a wide range of subjects, such as technical coverage issues, technology, customer service practices, selling skills, branding and marketing, ethics, professional development skills and agency management. 

The VU faculty regularly imparts their knowledge through hundreds of online classes, a resource library of articles and the “Ask the Expert” service. Members see their names at industry workshops and conventions, and in national trade magazines—and now you have access to them at your desktop. 

So, if there is a vexing issue on your plate that you could really use some expert help on, now is the time to get your ID and password and “Ask the Expert.” Already have your login? Then use it today to access the VU at www.independentagent.com/vu and learn how you can take advantage of this expert faculty.