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Industry News

InVEST
InVEST Awards 52 Student Scholarships; Announces Teacher, Volunteer Honorees

InVEST, the insurance industry’s premier classroom to career education program, has awarded $60,000 in scholarships to 52 college-bound students pursuing insurance-related degrees. (For a list of scholarship recipients, click here.) The national educational program also honored a teacher and an industry volunteer for their outstanding contributions.

Each year, InVEST develops a diverse pool of industry professionals by educating high school and community college students about insurance, risk management and financial services.

“InVEST is leading the way in the independent agency system’s war for talent by educating young people on insurance and the extensive career possibilities in our industry,” says Patrick Moore, chair of the National InVEST Board of Directors and principal of Antalek & Moore, an independent agency in Beacon, N.Y. “InVEST graduates are given the knowledge to help them rise to the top of an agency, company or other insurance industry organization.”

Earlier this year, 156 scholarship hopefuls across the country submitted essays describing the influence and benefits InVEST had on their educational plans. The quality of the essay, combined with the applicant’s grade-point average and extracurricular activities were factors in selecting the recipients. Scholarship checks are mailed directly to the institute of higher learning that each student is attending and will be used exclusively for educational expenses.

Along with direct contributions, scholarships are funded through proceeds generated by the InVEST Silent and Live auctions held in conjunction with the Independent Insurance Agents & Broker’s (Big “I”) Legislative Conference & Convention. The auctions and direct contributions raised $60,000. Auction items were donated by insurance carriers, agents and brokers, Big “I” and its state affiliates and other industry organizations. The winning bidder of the live auction received two tickets and hospitality for the Allstate^® 400 at the Brickyard^®, a two-night stay at an Indianapolis hotel and roundtrip airfare for two.

InVEST also named its 2008 Teacher of the Year and Dach Award winners. The Teacher of the Year award is presented annually to an educator who has made substantial contributions to his or her InVEST students. This year’s honoree is Ralph Gray from East Hartford High School in East Hartford, Conn. He received $500 to use in his InVEST classroom, as well as $500 for personal use.

The Dach Award honors an insurance industry volunteer for fostering the growth and development of InVEST. The award is named in memory of the program’s founder, Stephen Dach, and the honoree receives a $1,000 cash prize to be used in his or her InVEST classroom. The runner-up receives $500. John Bailey of George B. Bailey Agency, Inc. in Dryden, N.Y. is the 2008 Dach Award honoree and Darren Scott of Wallace Welch & Wellingham Insurance in St. Pete, Fla. is the runner-up.

Founded in 1970 and based in Alexandria, Va., InVEST promotes insurance education in order to attract individuals to pursue a career in the insurance industry. The program annually prepares thousands of students for insurance-related careers with a hands-on curriculum taught in high schools, adult education centers and community colleges. To learn about starting a local program, visit InVESTprogram.org or contact Jennifer Robinson, InVEST program manager, at 703- 706-5437; jennifer.robinson@iiaba.net or Amber Williamson, InVEST program coordinator, at 703-706-5425; amber.williamson@iiaba.net.


IIABA NEWS
Second Annual IIAB of Japan Convention

The second annual IIABA of Japan Convention was held at the Tokyo International Forum in Tokyo on June 13. The event had a strong focus in Best Practices and speakers included Peter van Aartrijk of the van Aartrijk Group, LLC, Carl Sato of Business Insurance Services, Inc. in Honolulu and Sue Noda, the executive director of IIAB of Japan. Van Aartrijk highlighted examples of Best Practices agencies, while Sato spoke as a Best Practices agency and discussed his agency’s activities. Noda presented on the inception of Best Practices, the selection process, and examples of practices and figures of Class 3 revenue between $2,500,000 and $5,000,000. For the latest Big “I” International news, visit International Membership under the Member Resources section of www.independentagent.com.


InVEST
InVEST State Champions Workshop II a Huge Success

InVEST’s second annual State Champions Workshop concluded on July 2 with high marks. “A major league home run,” and “well-organized and very informative,” were just some of the comments heard by InVEST staff members after the workshop.

The mixed crowd of approximately 80 agents, educators and state and national staff enjoyed a one and a half day workshop that included an educators panel, a discussion on the war for talent, breakout groups dedicated to internships, an informative presentation on the millennial generation, a red carpet unveil of the new InVEST Web site, including the new upgrade tools for InVEST hopefuls, and lots more exciting information. Attendees also had several opportunities to network with each other and exchange tips and advice on their InVEST programs. For more information on InVEST, contact Jennifer Robinson at 703-706-5437; Jennifer.robinson@iiaba.net.


BEST PRACTICES
The Joint Planning Tool Quick Step --- Your Agency-Company Planning Resource

The Joint Planning Tool Quick Step was designed to facilitate effective joint agency-company planning efforts. This tool has proven to eliminate unproductive efforts, reduce costs and inefficiencies for both parties and greatly enhance the ongoing agency-company relationship. IIABA developed the tool to facilitate critical planning through a dynamic electronic approach. This fully automated desktop application was designed using Microsoft’s Excel program, and takes agents through establishing internal goals, preparing for joint discussions, developing a joint plan and implementing, adjusting and monitoring the plan. To purchase the tool and other agency-company management resources, click here. For more information, contact IIABA’s Education and Research Department at 800- 221-7917 or BestPractices@iiaba.net.


Insurbanc
A.M. Best Interviews InsurBanc’s Chief Lending Officer

Robert Pettinicchi was recently interviewed by Bonnie Cavanaugh of A.M. Best Review. With InsurBanc's expertise in the agency lending arena, Pettinicchi was able to provide insight specific to independent insurance agents and brokers on the current lending market. To see the interview, visit www.insurbanc.com.

InsurBanc has established itself as the bank of choice for insurance agents, demonstrating a deep understanding of the agency business and delivering the banking services required to help agencies expand and prosper. With a focus on the insurance industry, InsurBanc can more quickly and easily help agents or brokers solve unique business problems, identify financial efficiencies and offer creative options that a traditional bank wouldn’t consider. For more information on InsurBanc, call 1-866-467-226 or visit www.insurbanc.com. Member FDIC, Equal Housing Lender.


YOUNG AGENTS
2008 Young Agents Leadership Institute

Lights! Luck! Leadership! Join fellow Young Agents at the 2008 Young Agents Leadership Institute Sept. 12-13 at Caesars Palace in Las Vegas. This exciting event features the following agenda:

Sept. 12
- Staff Liaison and State Committee Chairs Roundtable Discussion
- Young Agents Opening Session - Technology Forum
- Young Agents Welcome Reception
- Young Agents Awards Reception with Big “I” Leadership
- Young Agents Evening Event

Sept. 13
- Young Agents Breakfast and Motivational Keynote Speaker
- Unprepared for a Critical Moment: Small Business and the Risks of Personal Data Breach
- Big “I” Installation of Officers Luncheon
- The Magnificent Seven
- Young Agents at Margaritaville

The feature segment of this year’s event is the Magnificent Seven – an interactive panel of the 2008 YAC award winners. Attendees will learn from Young Agents who will offer insight into how they achieved award winning results. Don’t let this opportunity pass you by – visit www.independentagent.com and click on Events for updates and for online registration. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net. 


VIRTUAL UNIVERSITY
VU Goes the Extra Mile for You

As an independent agent, you go the extra mile for your clients. So the Big “I” Virtual University goes the extra mile for you. An online gateway to insurance education and information that’s available 24/7, the VU is a free benefit to Big “I” members. By logging on to VU at www.iiaba.net/VU, members can access a comprehensive lineup of Research Library articles and continuing education courses; submit a question through our Ask an Expert service; and subscribe to The VUpoint, a biweekly e-newsletter tailored to independent agents. Dig a little deeper and find several bonus features offering expert analysis, practical advice and additional resources, including:

ISO Forms Index: Within the text of its insurance articles, the VU provides links to major ISO policy forms and endorsements, as well as forms from other vendors. By providing easy reference to forms or endorsements mentioned in articles, the VU strives to enhance your learning experience.  

Policy Form Annotations: The Research Library includes policy form annotations, where the VU’s faculty of subject matter experts from across the country provides coverage explanations and interpretations. These summaries include illustrative coverage or claims scenarios and applicable court case citations.

Tips: To help you apply technical information in real life, many of VU’s articles provide related tips pertaining to sales, E&O, service, underwriting, loss control and claims. These “how tos” have been created by industry professionals with expert knowledge in a wide variety of insurance topics.

Consumer Articles: The VU is compiling a growing library of insurance articles written for the consumer. You can use these in newsletters, mailings or on your Web site to educate clients on topics such as insuring a teenager’s vehicle or how divorce affects insurance. These articles are “cut and paste” ready allowing you to create a customized newsletter targeted to your agency’s client with just a few clicks of a mouse. 

The VU also provides the most complete Internet links section to help you easily navigate to other online resources. So why wait? Log on today at www.iiaba.net/VU. 


BIG “I” MARKETS
Non-standard Rental Dwellings Market Available

Last week, Big “I” Markets introduced the new products for insuring secondary and unsupported seasonal homes. This week the focus is on insuring homes rented to others and LLCs. Big “I” members now have access to products designed for both circumstances with the non-standard rental dwellings, a market for agents having difficulty finding coverage for homes rented either full time or short term. The homes can be owned individually or titled in an LLC or corporate name. For situations where coverage is needed for a home titled in a corporate name or LLC, Big “I” Markets may be able to help. Big “I” Markets can consider all classes including: owned by individual, but LLC-name for tax purposes; and owned by actual corporation for use by officers of the company. Learn more about by logging into www.bigimarkets.com.