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T H U R S D A Y , A U G U S T 3 1 , 2 0 0 6 Industry News Hurricane Katrina
Cat Response Task Force Work Continues
The Catastrophe Response Task Force, formed in the spring of 2006, is focused on developing a list of improvements needed to avoid the problems encountered during recent disasters---particularly Hurricane Katrina. The task force examined substantial constructive feedback from Gulf State member agents to compile its list of recommendations.
The Task Force met with two major carrier trade associations to discuss the recommendations. Subsequently, the ongoing strategy of the task force is to engage a number of national and regional carriers in a dialogue to discuss how to adopt the recommendations in a realistic timeframe. The task force is in discussions with one major carrier, and it will continue to press for the adoption of meaningful changes.
Hurricane Relief Fund
Fund Distributed 215 Grants---and Counting It’s been a year since the Big “I” created the Hurricane Katrina Relief Fund to assist individuals and businesses devastated by the natural disaster. Nearly $500,000 was collected from more than 530 contributors including agents, brokers, and Big “I” staff and state associations. The Big “I” donated $100,000 to the fund and received generous contributions from several insurance carriers, including Safeco, Zurich, OneBeacon, Allstate and Encompass. To date, the fund has issued grants to 215 recipients. The Big “I” is working to process remaining applications that require additional information. All funds will be distributed to Hurricane Katrina victims. Virtual University
Seeking High-Quality CE Online?
With the lazy days of summer coming to an end, many agents are looking for a creative and fun way to access insurance education that won’t take them away from the office. The Big “I” Virtual University offers a wide variety of quality online classes to enhance and expand technical and business insurance skills. VU classes, which can be purchased by both members and non-members, include certification and designation programs, as well as beginner, intermediate and advanced classes. To can access the Big “I” Virtual University, click here. To view the online course catalog, click here. Here is a sampling of just some of the courses available online: New Employee Training Course
ACSR Module 1: Homeowners Insurance
ACSR Module 2: Personal Auto Insurance
ACSR Module 3: Personal Lines Related Coverages
ACSR Module 4: E&O Loss Control
ACSR Module 5: Professional Development & Account Management
ACSR Module 10 Understanding Life Insurance and Determining Client Needs
ACSR Module 11 Understanding Health Insurance and Determining Client Needs
ACSR Module 12 Understanding Government, Disability, and Long Term Care Insurance
SkillSoft: Introduction to Advanced Finance SkillSoft: Introduction to Advanced Finance
SkillSoft: Creating a Marketing Campaign
SkillSoft: Slide Layout and Design in PowerPoint 2003
SkillSoft: Writing a Marketing Plan: Phase 1 Building Your Service Into Gold
Business Interruption Insurance
Changing Attitudes: Creating Opportunities
Commercial Crime
Conflict Resolution
Design an Information Security Program
E and O Exposures for Trucking
Fair Access
Fair Credit Reporting Act and Insurance Scoring
Highlights of Homeowners 2000
Home-Based Business Coverage
Insuring E-Commerce Exposures
Mastering Time
National Flood Insurance Program Flood Insurance (Based on the new FEMA Requirement for agents)
New! How to Calculate Business Income in Five Minutes
New! The Ultimate Rental Car Course
Ordinance or Law Coverage Review
Personal Umbrella Policy Review
Why We Have Additional Insureds
Workers Compensation Experience Rating
Zoom In On Branding Best Practices
The 2006 Best Practices Study Update Complete
The annual Best Practices Study originated in 1993 to help Big “I” members build and maintain the value of their most important assets: their agencies. By studying the leading agencies and brokers in the country, the association hoped to provide member agents with meaningful performance benchmarks and business strategies that they could adopt or adapt for use in improving agency performance, thus enhancing agency value. Once every three years, the insurance companies participating in IIABA’s Council for Best Practices and the Big “I” state associations’ executive directors nominate for each of the studies’ revenue categories agencies that they believe to be among the better, more professional agencies in the industry. The nominated agencies are then invited to participate. They must be willing to share key business practices/philosophies and to complete an in-depth survey detailing their financial and operational year-end results. In 2004, the beginning of a new three-year study cycle, approximately 900 agencies from around the country were nominated in seven revenue categories ranging from “Under $500,000” to “Over $25,000,000.” The agencies submitting data were scored and ranked objectively for inclusion on the basis of account retention rates, revenue growth, productivity, profitability and financial stability. Only 195 agencies---the top 30 firms in the first six categories and 15 in the largest revenue category---were included in the study and earned the status of a “Best Practices Agency.” Their compiled year-end results and business practices were published in the comprehensive “2004 Best Practices Study.” Last year, their continued performance was reviewed and compiled in order to update the subset of financial and operational benchmarks which comprised the “2005 Best Practices Executive Update.” This 2006 update completes the study cycle for the 2004 Best Practices Agencies. A new study cycle will begin in March 2007 when new agency nominations are accepted for participation. To pre-order your copy of the 2006 Best Practices Study, click here. For more information about the Best Practices program, click on the Best Practices link at www.independentagent.com IIABA News
Payne Joins Communications Department
The Big “I” Communications Department recently welcomed Michelle Payne as its new staff writer/editor. In her new position, Payne will contribute to Insurance News & Views, IA magazine and other communications department projects. Payne comes to the Big “I” with great business reporting experience, including stints at Business First in Columbus, The Baltimore Sun and the Elyria Chronicle-Telegram in Elyria, Ohio. She holds a degree in public affairs journalism from The Ohio State University. Trusted Choice®
Print Campaigns Made Easy 1. Three new Trusted Choice® prints ads now are available online in the “Advertising” section of the “Agents/Brokers” area at www.TrustedChoice.com. You can preview and download these new ads from the Web site and then e-mail them to your local newspaper or magazine. Each new print ad is available in both magazine and newspaper formats. You also can choose between color or black-and-white versions. The ads provide generous space for your agency info—name, address, phone number(s), Web address and logo. To access the print ads page, click here. You will need your Trusted Choice® login information to access this password-protected area. (If you do not have this login info, e-mail Ines Hoyle at ines.hoyle@iiaba.net.) 2. Beginning next month, Trusted Choice® will embark on a new advertising strategy to benefit your agency. This new strategy calls for national cable television advertising for 12 consecutive months beginning next month and running through August 2007. Each month will feature numerous Trusted Choice® TV ads over a two-week period on a single national cable network. By running a local advertising campaign in conjunction with the national ad flights, your agency will get double exposure with area consumers who will think all the ads are about your Trusted Choice® agency. Agents who invest a little time and a small amount of their resources in advertising can significantly raise the profile of their Trusted Choice® agency with local consumers—including existing and prospective customers. 3. Trusted Choice® makes it as easy as 1, 2, 3 to plan your next print ad campaign. We consulted some advertising experts, and this was their advice:o Focus your target – ensure you have defined your target audience. o Gather your options – attain a recent example of any publication that caters to your target.
o Consider trade publications – these can boast several advantages for you.
o Buy regional – regional rates can be less expensive, and allow you to focus your target.
o Research – visit Web sites to find media kits/rate cards.
o Do a CPM (cost-per-thousand) – allows you to compare different rates and readership numbers.
o Go with frequency – the more your target sees your ad, the better.
o Location, location, location – decide where you want your ad to appear within the publication.
o Design a great ad – Trusted Choice® has done this for you! Click here to see.
o Negotiate – it never hurts to ask for more frequency, better positioning or even a lower rate.
o Measure your results – customer and target audience feedback will ensure your advertising was effective.
To access the detailed guide on how purchase print media, click here. For additional information, contact Jenner Gohr at jenner.gohr@iiaba.net or (800) 221-7197.
Diversity Task Force
Diversity Task Force Gaining Recognition The Diversity Task Force will meet Friday, Sept. 15, in Atlanta, Ga. during the National African-American Insurance Association Convention. The task force continues to gain industry recognition. In July, Chairman Tim Manaka spoke on diversity at the Latin American Association of Insurance Agencies national convention. The task force also recently welcomed its 10th partner, Encompass. The other Diversity program company partners are: Aetna, AIG Agency Auto, Chubb Group of Insurance Companies, CNA Insurance, The Hartford, MetLife Auto and Home, Safeco Insurance, Selective Insurance and Travelers.
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