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T H U R S D A Y , A U G U S T 7 , 2 0 0 8 Industry News
IIABA News
We Need Your Feedback
In the next few weeks, you will receive an invitation via e-mail to participate in a survey evaluating the national Big “I.” This is the first time in more than a decade the national association has done a comprehensive member survey, and we need your input! Please take the time to tell us what Big “I” benefits you value most and what else the association can do to better serve your agency. The association has hired Vincent Mcabe, a third-party research firm, to ensure all results are confidential. For every survey response received, Trusted Choice® will donate $10 to the association’s Disaster Relief Fund, which provides assistance to those who have suffered losses due to natural or man-made disasters. If you have questions regarding the survey, contact Katie Butler at 800-221-7917; katie.butler@iiaba.net.
IIABA News
Big “I” Comments on Hartford Cat Proposal Last week, the Hartford released its natural disaster proposal, the Coastal Catastrophe Partnership. In response, Big “I” President & CEO Bob Rusbuldt made the following statement:
“The Big ‘I’ applauds the Hartford for their release last week of a plan to address the increasing threat to insurance consumers posed by natural disasters. Their proposal, the Coastal Catastrophe Partnership, is consistent with principles that the Big “I” has long supported, including making a federal reinsurance backstop available to private carriers, market based reforms, increased mitigation and building code standards and greater participation in the National Flood Insurance Program. We welcome the Hartford’s plan as a major positive development in the effort to solve the natural disaster insurance crisis. We look forward to working with the Hartford, other insurance companies, consumer groups and Congress as details of this plan and others emerge.”
Trusted Choice®
The Motorists Insurance Group Joins Trusted Choice® The Motorists Insurance Group, which includes Motorists Mutual Insurance Company, Wilson Mutual Insurance Company and Iowa Mutual Insurance Company, is the newest independent agency system insurance organization to join the Trusted Choice® brand movement.
“Motorists’ commitment to Trusted Choice® is a natural extension of the group of companies’ historical support of the independent agency system,”says John Bishop, chairman, president and CEO of The Motorists Insurance Group. “Our companies are proud to be part of this important branding effort.”
Headquartered in Columbus, Ohio, The Motorists Insurance Group markets personal, commercial and life insurance products. The companies in the group offer personal lines, commercial lines and life insurance products sold by a network of thousands of agents. The Motorists Insurance Group has an A rating with AM Best. For more information, go to www.motoristsgroup.com.
“We are very pleased and enthusiastic about having The Motorists Insurance Group join Trusted Choice® ,” says Scott Nein, chief executive officer of the Independent Insurance Agents of Ohio, Inc. “The companies of The Motorists Insurance Group have a long and storied commitment to independent insurance agents and the Trusted Choice® brand is an excellent avenue to continue that commitment.”
“The Motorists Insurance Group has a singular vision and purpose to be the best choice possible for policyholders, agents, sales representatives and associates, and it is clear that vision influenced their decision to support the Trusted Choice® brand program,” says Dave Evans, executive director of Trusted Choice®. “They clearly want to do what is best for their agents, customers and the independent agency system as a whole.”
Trusted Choice® educates consumers about the benefits of using independent agents and brokers for their insurance needs: choice of companies, customized policies and advocacy support. Trusted Choice® is the consumer marketing identity for more than 10,400 independent insurance agencies, brokerage firms, their branch locations and 54 leading insurance companies, including Motorists Insurance Group.
Virtual University
Sound Off on Certificates of Insurance The Big “I” Virtual University has a certificates of insurance resource center that is available to the general public by clicking here.
Included in this resource is the association’s position statement from the board of directors; the VU white paper on certificates; the IIA of Texas white paper on certificate best practices; a state by state listing of certificate laws and regulations; certificate case law and even an E&O audio podcast on certificates.
This information is part of a comprehensive educational and public relations initiative that the association initiated last year. In addition to articles published in industry, contractor and business magazines and newsletters, the VU has also prepared a three-hour seminar that state associations can present to members, along with a 30-45 minute presentation member agencies can present to trade and business groups. The latter presentation (handout and PowerPoint) is available online.
In an effort to reach out to other industries, association staff will be making presentations at conferences around the country. For example, in October the VU will be co-presenting a session at IRMI’s Annual Construction Conference (visit www.irmi.com/Conferences/Crc/ for more information). Bill Wilson from the national association will be presenting the insurance industry perspective on certificate issues and an attorney and risk manager from a large construction company will be presenting the construction industry side of the issues. This is where you come in.
Do you have examples of outrageous certificate requests? Have you ever been asked to provide a coverage summary or “agent affidavit” attesting that a certificate or insurance program complies with a contract that an insured has signed? Are demands made on you for coverages or services that you cannot comply with? Are any of your carriers providing notice of cancellation to certificate holders? Have you ever done any internal studies of certificates as to time and cost to issue? We’re interested in sharing your thoughts and experiences with this large group of construction industry professionals. If you have information or even war stories to share, please email Bill Wilson at bill.wilson@iiaba.net.
Best Practices
Wanted: Good Producers Through hard and soft markets, diversification and consolidation, commission shifts and other battles, the rise of technology and the fall of typewriters – the desperate refrain of “How can I find a really good new producer?” has remained a constant.
And it’s just the beginning. How much time and money will the hiring process cost? What’s the best way to recruit, screen and interview candidates? How do you avoid legal pitfalls in the interviewing and hiring process?
Independent agents are distinguished from the competition by their commitment to service and expertise. An effective producer can significantly enhance an agency’s ability to grow revenue, secure company relationships, perpetuate internally and increase overall agency value.
But all too often the hiring process is reactive, not proactive and is approached as a necessary evil rather than what it really is -- a substantial investment in your agency’s future. The key to finding the right producer is actually very simple --- always be on the lookout and make sure you’re properly armed to attract, recruit and train when they come along.
The Big “I” Best Practices Program has conducted intensive research to identify those practices that make independent agencies most successful, and then turn the findings into tools that are applicable to any agency.
One such study -- Best Practices of the Leading Sales Organizations of the United States – found that “successful sales organizations hire talented salespeople and recognize that it will be necessary for them to proactively recruit on an ongoing basis if they are to be in a position to effectively identify and attract such individuals.” Top Producers: Discover, Train, Reward, is the independent agency’s answer to finding, hiring, training and compensating excellent producers.
This comprehensive Best Practices manual lays out a complete roadmap for success, from finding a top producer, creating a career training path, to effectively managing and motivating the experienced producer. It provides step-by-step advice for each development phase, and numerous worksheets for goal setting, calculating related expenses and appropriate compensation, measuring sales potential, and tracking producer activities. Click here to obtain your copy.
Young Agents
Viva Young Agents! Have You Registered Yet? Join fellow Young Agents at the 2008 Young Agents Leadership Institute being held Sept.12-13 at Caesars Palace in Las Vegas. This exciting event features the following schedule:
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 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 on the event and for online registration. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.
Big “I” Markets
Habitational Market Expands Since its introduction three months ago, the habitational market has exceeded planned production in the states where it is available. Now more states have access to the market! Effective immediately, the habitational market has expanded into Colorado, Georgia, Kentucky, Missouri, North Carolina, South Carolina and Washington. To learn more about this program, click here or log in to Big “I” Markets and click on Habitational – Apartment Program or Habitational – Condominium Program.
Big “I” Markets
Eagle Agency Expands For more than eight years the Eagle Agency has been a successful part of the Big I AdvantageSM portfolio of markets. Eagle Agency was created primarily to assist newer and/or small agencies get their feet on the ground.
Eagle Agency is a general agency created exclusively for IIABA members. It gives Big “I” member agencies easy access to top-rated carriers for personal lines with low volume commitments and no fees. After achieving a pre-determined level of written premium with Eagle Agency, if the book of business is profitable, Eagle agents will have the opportunity to receive direct contracts with the partner carriers. Eagle Agency offers competitive commissions on new and renewal business. Commission is 66% of the commissions received. Gross commissions vary, depending on the line of coverage and the state. Eagle agents retain ownership of all the business placed through the Eagle Agency.
Until recently, Travelers has been the sole company Eagle has worked with in only a dozen states. That has changed and Eagle Agency is now operating in 40 states and it has added a new carrier!
Eagle has procured an agreement with MetLife Auto & Home® and will be expanding into every state except California, Delaware, District of Columbia, Indiana, Kansas, Michigan, Minnesota, New Jersey, Nebraska and Rhode Island. Expansion into California and New Jersey is planned for MetLife Auto & Home® in 2009. To learn how you can become part of Eagle Agency, click here.
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