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T H U R S D A Y , N O V E M B E R 2 , 2 0 0 6 Industry News VIRTUAL UNIVERSITY VU Adds Class on Environmental Exposures Independent agents and brokers can now earn their environmental strategist designation through the environmental strategist class offered online through the Big “I” Virtual University. The class will equip agents and brokers with the knowledge to produce and deliver better all around products to their clients by understanding and analyzing the risk involved in environmental issues. The class aims to demystify environmental insurance, a product long viewed as an extremely specialized coverage. Designees will be able to seamlessly incorporate environmental risk management and insurance into their everyday routine. Enrollees will receive certification by successfully completing the informational seminar and online course content. Participants also receive a variety of additional benefits for one year, including unlimited use of the reference library containing hundreds of published environmental risk related articles, a quarterly eStrategist™ newsletter and full access to the glossary of environmental acronyms and terms. “This is a very important aspect of commercial insurance that agents may be overlooking,” says Madelyn Flannagan, Big “I” vice president of education and research. “By partnering with the Big “I” Virtual University, Environmental Strategies, Inc. brings the issue of environmental coverage to the forefront.” To access information about this program and to review the complete listing of courses available on the Big “I” Virtual University, click here. For more information, contact Madelyn Flannagan at 800-221-7917; madelyn.flannagan@iiaba.net. EDUCATION Increased Knowledge Through the ACSR Program Prepare your agency's customer service representatives with the skills and technical knowledge required to successfully maneuver day-to-day business operations through IIABA and AICPCU/IIA's Accredited Customer Service Representative (ACSR) designation. The ACSR program is the only program to offer triple designation potential with the personal, commercial and life-health modules, as well as triple access options through classroom, self-study and online learning through the Big "I" Virtual University. ACSR is a national designation program promoting and recognizing the professionalism of customer service representatives in the insurance industry. By earning the ACSR designation, participants are eligible for waivers into other programs including AICPCU/IIA's Accredited Advisor in Insurance designation. For more information on the ACSR program, including the waivers, visit www.independentagent.com and select "education" then "ACSR" or contact Lisa Johnson Briggs at 800-221-7917; lisa.johnson-briggs@iiaba.net). To sign up for an online class, click here. BEST PRACTICES Preparing Agencies for Their Future In 1998, the Big “I” examined the exit strategies of a variety of businesses, both independent agencies and those outside the industry. The resulting report was the basis for the “Best Practices in Business Perpetuation and Management Succession.” That study found that the perpetuation of ownership and succession of management are two of the most challenging issues that agency owners face. In the simplest form, a plan begins by determining who will eventually buy the business and when and how the transaction will occur. The difficulty begins with the fact that the whole process is generally dealing with the owner’s career and the most valuable asset that he or she has created in a lifetime. Add to that the vast array of options as well as the legal and financial implications, and the process becomes a challenge that many agency owners choose to avoid. While that won’t necessarily spell disaster for every agency owner, it can certainly create more uncertainty for agency stakeholders including customers, insurance carriers, employees and financial partners. Many business owners, however, have established their business succession objectives as a priority and commit the necessary time and resources to the development, implementation and execution of their plan. They also consider the eight-step process, inherent in any perpetuation plan, to be the key to agency succession success. This process is detailed in the “Best Practices in Business Perpetuation and Management Succession.” Later this year, the Big “I” will be updating the study as it relates the to the perpetuation activities of independent agencies. In advance of that update, an electronic version of the original report is available for $10. To order your copy, click here. For more information about the program, click here or contact Madelyn Flannagan at 800-221-7917; madelyn.flannagan@iiaba.net. INSURBANC InsurBanc Web Site Improved InsurBanc has revamped www.insurbanc.com, a major initiative in its strategy to continue forward with its mission to serve independent insurance agents. Along with the new look, the site is also easier to navigate and full of all the information about the InsurBanc difference. The new site also allows visitors to check InsurBanc specials, view rates, learn about business and personal banking and log onto online banking. InsurBanc welcomes comments and suggestions and is happy to consider enhancements to the site that would make it more beneficial to customers. For more information call 866-467-2262 or visit www.insurbanc.com. Big "I" MarketsSM
Access Affluent Coverage Big "I" Markets agents can access affluent homeowners coverage online. One of the available products is the Chubb Masterpiece ® Affluent Homeowner Program featuring Chubb's Deluxe House Coverage, designed expressly for distinctive or custom homes and their owners. Chubb offers more choices and more control over the insurance process, industry-leading service and features not commonly found in other policies including a complimentary home appraisal, actual rebuilding costs*, rebuilding to code*, optional cash settlement, additional living expenses and full replacement costs for contents. Another feature is Chubb's Masterpiece® Valuable Articles coverage, designed to help protect clients' financial investment in jewelry, collectibles, china, crystal, silver, artworks, furs, antiques and virtually any type of valuable. It offers itemized coverage, 150% replacement cost, breakage protection, coverage for mysterious disappearances, worldwide coverage, hassle-free appraisal requirements, coverage for pairs and sets, cash settlements, coverage for newly acquired items and exceptional claim service. Learn more about this product by logging into www.bigimarkets.com today. *Coverage is capped in AL, CA, FL, HI, LA, MS, SC, UT, WA and WY. INVEST
InVest Announces 2007 Silent Auction Dates Participate in the InVEST silent auction and support the program’s annual scholarships awarded to graduates of InVEST who are pursuing higher education with an emphasis on insurance. The InVEST board of directors will hold the 2007 InVEST silent auction during the Big "I" National Legislative Conference & Convention. The convention will take place April 25 through 27 at the Marriott Wardman Park Hotel in Washington, D.C, with the silent auction opening on April 26 at 6 p.m. A 501(c)3 educational trust, InVEST introduces high school and community college students to insurance and the more than 350 diverse careers available within the industry, giving students a new outlook on the future. The program also offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits. Play an important roll in the future of InVEST’s brightest students by making a donation to the 2007 silent auction. Visit www.independentagent.com and click here to download a contribution form. For more information, contact Sandra Skipper at 703-706-5437; sandra.skipper@iiaba.net.
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