|
|
 |
 |
T H U R S D A Y , O C T O B E R 2 5 , 2 0 0 7
Industry News
EDUCATION
Mattis Receives Spirit of Education Award
The Big “I” has honored Diane Mattis, CPCU, AIAM, AFIS, director of education and technical affairs for the Independent Insurance Agents (IIA) of Virginia, with the Sprit of Education award.
“On behalf of the Big ‘I,’ I congratulate Diane on receiving this award,” says Madelyn Flannagan, vice president for education and research. “Diane genuinely embodies the meaning and purpose of this award and I thank her for the important work she does in her state and for the national organization.”
The Spirit of Education Award was created by the Big “I” Education and Research Department to recognize a person or organization working closely with the national organization to deliver quality education to Big “I” members across a variety of platforms. The award was developed as a way to acknowledge the very generous contribution of time, energy, expertise and patience necessary to make an education program or offering successful.
Mattis was selected because of her dedication to helping fellow state association and education directors expand the programs in their state into ones like that IIA of Virginia provides. Mattis also takes the time to share her knowledge with other state associations and education directors and help new education directors understand their important role. Mattis has mentored education directors that are new to their role and shares freely her marketing materials, ideas, outlines, seminars with other state associations and education directors in order to educate independent agents and brokers.
IIABA NEWS
Participate in New Big “I” Survey
The Big “I” is conducting a random member survey. The association continually strives to serve its members as well as possible and, to that end, has commissioned a market research firm, Arnold & Bolingbroke USA, to conduct a survey on its behalf. The survey will cover various aspects of IIABA’s marketing efforts and represents a chance for members to provide feedback on how the Big “I” is doing.
In the next week, you may receive an email to take part in the survey, which will be conducted online for convenience. If you receive an invitation, please take the time (no more than 10 minutes) to provide your opinions and feedback.
Individual responses are entirely confidential and will be used for research purposes only. Participants will not be approached for any other reason—the Big “I” is only interested in opinions.
If you have any questions or concerns about the survey, contact Gene Bendow of Arnold & Bolingbroke USA at gene@bendow.com.
TRUSTED CHOICE®
Visit Online Store
The overhaul of the Trusted Choice® online store through API is complete. Along with a new look and feel—including much easier navigation—there is also a much broader range of products for agencies to choose from. API’s entire catalog of products is now available, all with the Trusted Choice® logo virtually imposed on the merchandise for easy preview. The entire selection can be co-branded with an agency’s name and logo as well. API is even working on a virtual sportswear tool, which will allow agencies to upload their logo so it will appear on the model instantly. The online Trusted Choice® store can be accessed from the Trusted Choice® Web site (on the left in the blue section) or at www.apisource.com/trustedchoice. For additional information, contact Jenner Gohr at jenner.gohr@iiaba.net.
BIG “I” FLOODSM
Agents Must Prepare Clients for Possible Floods
Even though many sections of the country are currently suffering a drought, flooding happens every day in all regions of the country. Consumers must prepare for flooding no matter where they live. The northeast can be affected by remnants of tropical disturbances in the summer, but are also threatened by winter flooding, nor’easters and the threat of rapid spring melts. The midwest experiences major river flooding, illustrated by the catastrophic floods of this past spring. The west coast’s intense flooding season typically spans November through March and results in millions of dollars in damage for residents each year.
Many consumers think that flooding related to hurricanes and other tropical disturbances are limited to coastal areas. However, some of the most damaging flooding can happen well inland and days after a storm makes its initial landfall. In 2004, Pennsylvania, which has no ocean coastline, received more than $175 million in flood insurance payments, second only to Florida.
Although huge storms like hurricanes or nor’easters cause many floods, more floods occur every day and can result from small, localized events, such as a typical afternoon thunderstorm. No matter where you live, it is important to remember that just a few inches of water in a home can cause thousands of dollars of damage.
Your job is to make sure all of your clients are aware of the flood risks they face. An effective marketing plan can help you do that. Visit www.agents.floodsmart.gov to get some helpful hints on how to build a marketing plan to protect your clients from flood and to protect yourself from potential E&O claims if a flood happens and your client asks you why they were not offered a policy.
BIG "I" RETIREMENT SERVICESSM
Compound Interest is Agent's Best Friend
Albert Einstein famously said, “The most powerful force in the universe is compound interest.” And the best way to explain compound interest is through an example:
If someone has $1,000 and puts it into an account that returns 5% compound interest, it means he not only gets interest on the original amount, but on the interest that is added to it each year. For example, if, at the end of the first year, the person has earned $50, bringing his account balance to $1,050, at the end of the second year, he earns interest on the entire balance of $1,050, not just the original $1,000 --- resulting in an additional $52.50 added to the account. This brings the total to $1,102.50 at the end of year two. Now during year three, he earns $55.13 in interest, bringing the balance to $1,157.63 and so on. While these numbers may seem small, take a look at what the account will look like in 25 years. At the end of that time period, the original investment of $1,000 will have grown to $3,386.35.
The concept is simple—the total amount of money grows each year and the amount that is added on each year grows right along with it.
Remember the example above assumes only an initial investment of $1,000; no additional money is being added to the pot. Take compound interest to the next level by factoring in a retirement plan. With a 401(k), deferrals are added to each month. In addition, most employers provide a matching allocation which also adds to the account. Pair the power of compound interest with systematic contributions and there is the potential for an incredible retirement account.
Everyone needs to save for retirement, and even the smallest amount of savings can add up to big dollars. Start saving early and make the money work for you.
The Big “I” Retirement program and Big “I” Employee Benefits program can help. These programs offer retirement plans, short and long term disability, life insurance and dental programs. Visit www.independentagent.com/Retirement or contact Christine Muñoz at christine.munoz@iiaba.net for more information.
IIABA News
Big “I” in the News
So far this fall the Big “I” has made a major splash with the national consumer press. In the past two months alone, independent agents and Big “I” CEO Bob Rusbuldt have lent their insurance expertise to articles that reached more than 50 million readers. Rusbuldt was quoted in an article on flood insurance in USA Today Weekend, an insert is used in Sunday and weekend papers across the United States. In addition, independent agents were featured in a Kiplinger’s Personal Finance article on homeowner’s insurance where they gave consumers advice on getting the right coverage. Finally, just in the last week, The New York Times referenced the Big “I” 2007 homeowner’s survey in an article titled, “Hurricane Fears Cost Homeowners Coverage,” which discussed post-Katrina problems with the homeowner’s market.
|
|
