T H U R S D A Y ,   O C T O B E R  3 0 ,   2 0 0 8

Industry News

IIABA News
Big “I” Endorses Swiss Re’s Commercial Insurance Agency Shield Program™

This week the Big “I”  endorsed  Swiss Re’s Commercial Insurance group’s new Agency Shield Program™ for their insurance agency errors and omissions (E&O) policyholders. The Agency Shield Program™ is a value-added loss control service and self-assessment program specifically designed for insurance agencies. The Agency Shield Program™ helps agencies reduce their E&O exposure, improve client service and build sustainable businesses. Agents can purchase this new program  through Big “I” state associations. It is available only to Swiss Re policyholders written through the Big I Professional Liability Program.

The Agency Shield Program™ is focused on reducing E&O claims costs by making it possible for an agency to do a comprehensive review and evaluation of the agencies processes, procedures and guidelines. The procedures analysis featured in the Agency Shield Program™ enables easy implementation of standardized processes to help avoid future E&O claims.

“The Agency Shield Program™ provides the comprehensive risk analysis techniques agencies need to follow to limit their E&O exposure and all the direct and indirect costs of being involved in an E&O claim. It is affordable, easy for the average agency to implement and there is a real incentive with the premium credit to complete it,” says Jack Sherrill, chairman of the Big "I" Loss Control Working Group. 

“We are excited to offer this value added service to our E&O customers through IIABA state associations,” said Sabrena Sally, senior vice president and underwriting leader for Swiss Re’s US Insurance Agency E&O. “The Agency Shield Program™ provides our policyholders with a more comprehensive understanding of risk management procedures and processes that they need to protect themselves and grow their business.”

The Agency Shield Program™ was reviewed by Big “I” volunteer agency leaders and state and national staff who concluded that it effectively reduces the factors driving increased E&O claims in agencies.


Best Practices
A Best Practices History Lesson

The Best Practices line of tools and seminars was developed to help Big “I” members maintain and improve the value of their most important asset – their agencies. Since the first products were released in 1993, a continuously growing library of high-quality materials has helped thousands of agencies contrast, evaluate and enhance their performance in areas critical to their continued success.

The need for such help became clear in the early 1990’s when a prolonged soft market and increased competition forced many agencies to merge, sell or simply go out of business. Agencies values, both economically and in the eyes of the consumer, were at an all time low. Industry analysts and pundits predicted the demise of the traditional independent agent. 

Unwilling to accept such a result, the Big “I”  set out to help its members reverse the trend. After all, a significant number of agencies were not only surviving in this harsh business environment, they were prospering. The association  wanted to know the secret to success. By documenting the strategies and business philosophies of the best agencies, the Big “I”  hoped that struggling agencies would adopt or adapt similar practices, and thus increase their profitability and stability, perpetuate their ownership and enhance their viability and value.   

The first step was establishing the Council for Best Practices and charging it to find the most successful agencies, study their procedures and then create tools that other agencies could utilize to implement Best Practices procedures,. Partnering with Reagan Consulting and the Westinghouse Productivity and Quality Center, the council sought out the “best of the best” agencies. Once identified, the agencies were requested to participate in a study to determine their “best practices.”

Fast forward 15 years, through multiple studies and industry cycles, and the Best Practices studies now, more than ever, are an important snapshot and insight into what the “best of the best” are doing right now to thrive. Don’t let this information go to waste --- click here to obtain your copy and view other Best Practices resources. Click here to view the 2008 Best Practices Agencies. For more information, e-mail BestPractices@iiaba.net.


Big “I” Legislative Conference & Convention
Tell Us Your Legislative Conference & Convention Story

Some of the most powerful institutions are located within Washington, D.C.’s 202 area code. You have to dial 202 to reach the White House, the U.S. Capitol building and even the Big “I” Capitol Hill office. For more than 30 years, Big “I” members have been visiting legislators in Washington, D.C. each spring to educate them on issues that affect the independent agency system. And now we’d like to hear about your experiences on the Hill. Do you remember your first visit? What was the most memorable moment? Is there a particular speaker you thought was the most memorable? Share your best stories about the event and you may be published on the Big “I” Web site.

The Big “I” Legislative Conference & Convention will be held April 29 to May 1, 2009 at the Marriott Wardman Park in Washington, D.C. Stay tuned for stories from the past and up-to-the-minute information about the next Big “I” LC&C. Click here to learn what Jeff Etzkin, Big “I” vice president, events & international membership, has to say about the event. Send your conference and convention tales to Susan Bonner at susan.bonner@iiaba.net.


Big “I” Markets
Admitted Special Event Liability Market Available

Big "I" members have access to Philadelphia’s A+ rated admitted event liability market through Big "I" Markets. Below is a partial list of the kinds of events members can write. To submit a quote, log in to www.bigimarkets.com.

Art festivals  
Auctions 
Band competitions 
Beauty pageants 
Parades
County fairs and festivals 
Graduation, birthdays, proms & luncheons
Craft fairs/garden shows 
Picnics and pig roasts
Dance and music recitals 
Religious meetings or church events
Dog and cat shows 
Reunions: class & family
Educational seminars 
Speaking engagements
Fashion shows 
Sports tournaments/exhibitions
Fundraising events/social gatherings
Theatrical events and musicals
Club events 


Young Agents
Young Agents Speakers Database

Calling all Young Agents Committees! If you’ve had success with a keynote speaker or session facilitator for one of your Young Agents meetings, we want to hear about it! The National Young Agents Committee is compiling a list of outstanding speakers and facilitators for a speaker database that will be available on the Young Agents Web site. This tool can be used by Young Agents staff liaisons, Young Agents committee chairs and committee members to plan upcoming events and conferences. Please submit the speaker or facilitator you would like to recommend to Katie Cosgrove, manager of the Big “I” National Young Agents program, at 800-221-7917; katie.cosgrove@iiaba.net.