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April 22, 2009
| | | | In this Issue
• Technology Contract Addendums Now Available
• IIABNY Encourages Companies to Offer Wrap Policies
• Free E&O Webinar Series Starts May 15th
• A New Look at Classic Insurance Sales Methods
• ACT Webinar on Securing Email to Protect Client Information
• InsurBanc Participates in A.M. Best Webinar on Agency Valuation | Hot Links Local Events | Education Calendar | E&O Reports |Capitol Reports | The Situation Room | Technology
Word on the Street Podcast | Ask Tim Podcast
| Technology Contract Addendums Now Available
The proliferation of separate technology contracts for independent agencies and brokerages has created quite a problem. In many cases we find contradictory provisions between the technology contract and the agency contract. More troubling is the "click through" agreements that are frequently required to access carrier web sites or data bases. We also find that many agencies and brokerages are inadvertently altering their ownership of expirations and work product agreements and in some cases opening themselves up to not being able to defend against E&O claims. The IAAC/IIABNY Technology Committee has worked hard with our attorneys to create an addendum for agents and brokers to tender to their carriers to make it clear that the agency agreement controls the relationship. We have prepared the addendum for use in two ways by agents and brokers. The preferred use would be to tender the addendum to your carrier with your signature and a place for the carrier's signature and return to you. The other way we have prepared it is for you to simply provide the addendum without signatures for addition to your agency contract. You can access the agreements and prepare one for each of your carriers on our Web site. We suggest you send the agreement to your carrier using the sample letter provided or some similar letter. | | | Top of page | | | IIABNY Encourages Companies to Offer Wrap Policies
Recently a letter was sent to 16 carriers encouraging them to take advantage of the current change allowing NYPUIA to issue a broad form policy effective April 1, 2009. The letter urged carriers to provide agents with wrap policies that could be used in conjunction with the NYPIUA broad form policy. It also advised the carriers that the recent law change directed NYPIUA to develop and implement an incentive program for carriers that voluntarily write a wrap policy including windstorm coverage in coastal areas. Should you represent any of the 16 carriers and be speaking to their marketing and/or management team please bring the need for wrap policy availability to their attention and ask them to provide a wrap for your use. | | Top of page | | | Free E&O Webinar Series Starts May 15th
Swiss Re and the Big "I" have a series of free risk management webinars planned for 2009. The first will be held on May 15 at 2 p.m. EST and will address the E&O pitfalls of placing E&S business. This webinar is available to all IIABNY members. Panelists on the call will be E&S broker Alex Wayne, Jay Williams from FAIA, attorney Jim Kiedel of Keidel, Weldon & Cunningham, Swiss Re underwriter Stewart Brettingen and Swiss Re claims attorneys Charles Phillips and David Holt. The webinar will address where E&S-related E&O claims occur, why and when to use an E&S market, laws affecting E&S markets and duties of the producing agents and brokers. Click here to register for the free webinar. | | Top of page | | A New Look at Classic Insurance Sales Methods
For virtually any business the ability to successfully sell is paramount to success. The insurance sales industry is no different; having the ability to prospect, overcome objections and close the sale is of the upmost importance. IIABA is offering a new Sales Webinar Series - A New Look at Classic Insurance Sales Methods starting May 13 with the following 90-minute sessions: Purchase a "seat" for your agency to participate for $89 per session. Pick one session, or all three! A "seat" includes one login and allows "conference style" viewing in your office. | | | Top of page | | ACT Webinar on Securing Email to Protect Client Information
ACT recommends independent agents and carriers implement TLS email encryption wherever possible to protect the sensitive client information being emailed between agents and carriers and even agents and major clients, such as commercial lines applications. Many carriers are already enabled with TLS. Unsecured email and attachments are like sending an open postcard through the mail. State privacy, security, and data breach laws are increasingly requiring that email transmissions including sensitive consumer information be encrypted. Once implemented, TLS is transparent to the user and the only cost is for the security certificate. It provides a better agent workflow than proprietary email solutions imposed by the carrier. TLS is available on most up-to-date in-house email servers (such as Microsoft Exchange and Lotus Notes). It is not currently available on hosted email through hotmail, gmail, and yahoo. The first 30 minutes of this Webinar is designed for agency business leaders and the second 30 minutes will get into a more technical discussion regarding implementation of TLS on Microsoft Exchange servers. Jim Rogers, Director of Distribution Technology, The Hartford and Tim Woodcock, President, Courtesy Computers will present this Webinar assisted by Jeff Yates, ACT's Executive Director. You can register for the Free May 13th Webinar (1:30-2:30 PM EST) at this link: https://www1.gotomeeting.com/register/810821305 | | Top of page | | | InsurBanc Participates in A.M. Best Webinar on Agency Valuation
InsurBanc is participating in the upcoming Best Review Magazine's webinar "Agency Financing and Valuation 2009: What's My Agency Worth?" Industry experts, including InsurBanc's Robert Pettinicchi, will be discussing agency selling, buying and succession. The Webinar is scheduled for Wednesday, May 13 at 2 p.m. ET and will run 60 minutes with questions to follow. Registration for the Webinar is free but limited to 1,000 attendees. Register at: http://www.bestreview.com/financewebinar.html Speakers include for this event include: Robert Pettinicchi, executive vice president and chief lending officer at InsurBanc, a lender that helps finance insurance agency activity, including mergers, acquisitions and succession-related activities. Tim Cunningham, Principal at OPTIS Partners, an investment banking and consulting firm that works with insurance retail and wholesale agents-brokers and related firms, with an emphasis on valuation and M&A, representing buyers and sellers. Madelyn Flannagan, vice president of education and research at Independent Insurance Agents and Brokers of America. The IIABA tracks best practices in agency succession and related issues. Skip Hagerty of Philo Smith & Co., an insurance investment banking firm that provides M&A advisory to managing general agents, managing general underwriters, retail agents, as well as insurance carriers. Presentations and discussion will cover: The current climate for insurance agency mergers and acquisitions, including trends in pricing, terms and financing Developing economic, regulatory and taxation issues that could affect agency M&A activity How transactions are proceeding, including what types of agencies are considered more or less desirable How agency principals can better position themselves to take advantage of tomorrow's M&A environment
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