THURSDAY, JULY 15, 2010 

                                                Big “I” National News


Big “I” Virtual University
What Is Your Agency Worth?
Learn how to calculate fair market value during Aug. 5 webinar.

An agency valuation estimates the fair market value of your business at a point in time. The same agency may have a variety of values depending on the circumstances. An agency that experienced the unexpected death of its principal would certainly have a different value than the same agency with a healthy owner intent on continuing his career. If you think that when you retire or die you or your family will get some magical multiple of revenues, think again. That philosophy will either cheat you out of the just value of your agency or serve as a shock when you are offered a price far different than you expected. How much is your agency worth?

In the simplest terms, the value of an agency is its sustainable future earnings power under the specific circumstances that generate the valuation. Whether the agency maintains its current owners, perpetuates internally or perpetuates externally, its value can only be determined by a pro forma estimate of its continued earning power under each circumstance.

To learn more about agency valuation, register to attend a new webinar, “De-Mystifying Agency Valuation,” on Aug. 5 from 1:30 to 3 p.m. ET.  The webinar will be presented by Al Diamond, president of Agency Consulting Group, Inc., a Virtual University expert and well-known, hands-on consultant to the insurance industry.

For more information, e-mail BestPractices@iiaba.net. For more information on valuation from the VU Research Library, click here (login and password required).


Big “I” Markets
Tap In to Real Estate Agents E&O Market 
Niches can create a great source of homeowners’ referrals.

Could you use an extra $88,000 in written premium over the next six months? If so, follow the example of a Big “I” Markets agent who recently launched a marketing campaign to reach real estate agents and then landed a huge account. Keep in mind that this market segment can also develop into a great source of homeowner insurance referrals.

Here is a letter of introduction you can use to send to real estate agents. Feel free to edit it, add your agency logo and contact information and turn it into a flyer. Before you start your campaign, learn more about the Travelers First Choice+SM product for real estate agents by watching an educational webinar conducted by a Travelers underwriter. Learn more about this market at www.bigimarkets.com.


Young Agents
Young Agents Get the Carrier Perspective at the Big “I” Leadership Institute
Presidents’ Panel will tackle technology, the economy and industry trends.

Join the Young Agents for the Big “I” Leadership Institute and come away with the carrier perspective on issues that are top-of-mind for young agents and the industry leaders. Panelists include Darryl Page, president of personal insurance, Fireman’s Fund; Andrew Robinson, president, specialty casualty businesses and senior vice president, corporate development and strategy, The Hanover; Paul Lonnemann, senior vice president, MetLife Auto & Home Sales Distribution; Karen Barone, agency distribution leader, Progressive Insurance; and David Daniel, Big “I” chairman. They will talk technology, the economy, industry perpetuation, growing market share and more. Jason Cass, national Young Agent Committee member and owner of JDC Insurance Group, will moderate the session. Get your finger on the pulse of industry trends during at the Big “I” Young Agents Leadership Institute, Sept. 24-25 in San Francisco. The line-up also includes keynote speaker Bodine Balasco, who will help agents tap the power of the creative process to generate real results; a special session with young agent social media gurus Ryan Hanley and Chris Jordan; the Magnificent Panel featuring Young Agents award winners; an ACT technology session; and much, much more! Visit www.independentagent.com/events to learn more or register today!


InVEST
InVEST Builds Presence at Teacher Conventions 
With shrinking budgets and new financial literacy requirements, teachers look to InVEST for help.

Last week, InVEST hosted exhibit booths at both the National Academy Foundation (NAF) Convention in Philadelphia and Future Business Leaders of America (FBLA) Convention in Nashville, Tenn. Both events provided great exposure for the program.

Hundreds of personal finance and business teachers looking for professional development and resources to strengthen their classroom instruction attended the event. InVEST staff met hundreds of teachers from schools across the nation interested in InVEST’s free resources to spice up their classroom instruction.

“Teachers who stopped by the InVEST booth were ecstatic to hear that InVEST’s resources were free, as most school budgets are being reduced dramatically due to economic conditions,” says Jennifer Robinson, InVEST program manager. “Many teachers also mentioned they are required to teach personal finance for the first time this year and are looking to scoop up as many resources as they can get their hands on. The fact that states are beginning to recognize the need for insurance education in the classrooms is a big win for the industry.”

InVEST will be attending more teacher conventions in the coming months, including:

• The Council for Economic Education/National Association of Economic Educators/Global Association of Teachers of Economics Annual Conference—Oct. 6-9,, Miami.
• National Association of Black School Educators—Nov. 17-21, Fort Worth, Texas.
• Jump$tart—Nov. 5-7, Washington, D.C.

For more information on InVEST, contact national staff at 800-221-7917 or info@investprogram.org.


Big “I” News
Post Your Agency Internship on the Career Center 
Job site offers new capabilities, including “featured employer” status.

The Insurance Career Center, www.insurancecareercenter.org, will continue to be a resource to post openings for experienced insurance professionals. However, InVEST is now starting to promote the Insurance Career Center to high schools and colleges with insurance programs. The Insurance Career Center fits in perfectly with InVEST’s mission to attract new talent to the insurance industry. If you have a current opening or are looking for an intern, post your agency’s position on this site to show students across the U.S. that there is a place for them in the insurance industry. To learn more about InVEST, visit www.investprogram.org.

Career Center features include:

• NEW. 60-day posting for $100; 90-day posting for $150.
• FREE. Internship Posting: If you have an established internship program in place, contact Diane Mattis (diane.mattis@iiaba.net). InVEST is working to help other agencies start internship programs.
• NEW. Featured Employer capability: Create a custom ad including your agency’s logo and an online profile that links to your agency’s website and/or job board, all for an annual fee of $500.  If you already have an internal job board, this tool is a great way to gain exposure without having to repost on multiple sites.
• FREE. Job seekers can post their resumes at no charge.
• FREE. Employers who post a position can search the resume database at no charge.