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| June 2020 | ||||||||||||||||||||||||||||||||
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Top 3 Articles
Welcome
From the Desk of the President & CEO
Agency Cyber Security – 7/1/20
Distracted Driving – 1/1/21 The other day someone told me that come July 1st they wouldn’t be able to hold their cell phone while driving, since that’s when the new laws take effect. They are of course partially right, as July 1 is generally when new legislation takes effect. But the distracted driving bill has a delayed effectiveness date of January 1, 2021. The delay is to allow for plenty of communication and education so people will be aware of the new legislation and NOT hold their cell phone while driving. That said, please don’t text and drive regardless.
IIAV Member Resources
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The survive stage is challenging enough for any agency. But next, you have to get to the thrive stage. Thriving agencies deliver revenue growth. First, preserve and defend your current revenue and customer relationships. Then, review your marketing strategy and adjust where needed. You have to work “on” the business. Are your target market, ideal client and service niche still valid? How have the needs and desires of your target market changed? Is your value proposition still compelling to customers and prospects right now? Is your messaging still appropriate? Next steps: Schedule time to review your marketing strategy. Be realistic and open about your new revenue risks and opportunities. Adjust where necessary so that you are positioned to thrive. David J. Dillon, Principal   
Monty Dise, President
ID Federation – Your Help Needed to Improve Agency Security
Managing User Passwords – also known as Credential Management – is the number one pain point for independent insurance agencies, as revealed by an ID Federation survey of 400 agents. It takes an agency 30–60-plus minutes to add or delete a user.
State & National News
Check out the video on Agency Cash Management Strategy, and hear InsurBanc’s Pattie Smith as she discusses the need for new and established insurance agencies to consider creating an effective cash management strategy to handle the collecting, management and investment of an agency’s cash.
Trusted Choice® has partnered with five industry-leading web service providers to give members a variety of options of vendors to utilize the Marketing Reimbursement Program (MRP).
Big “I" members are eligible for $500 to pay for web services with any of our preferred partners, which include: ITC, Forge 3, Advisor Evolved, Titan Web and Marketing 360. Collectively, these vendors offer websites that range from simple DIY options to full-service top-of-the-line products with advanced features and capabilities. Discounts and special pricing beyond the MRP are available for all members
Did you know that just an inch of floodwater can cause more than $25,000 in property damage? The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) encourages all Virginians to review their insurance policies now to ensure they are covered in the event of disaster.
Hurricane season runs from June 1 to November 30, which can bring high winds and torrential rains to areas even hundreds of miles from the coast.
New E-Book to Guide Independent Agents Through Rapid Digital Transformation
Liberty Mutual and Safeco released a new e-book titled "Digital, Accelerated: The Essential Guide for Independent Agents." Launching as the Elevate 2020 virtual conference kicked off last week, "Digital, Accelerated" was built to guide agents through rapid transformation as our new normal commands a more digital-forward approach. The e-book offers insights from industry leaders and advice from deeply digital agents, along with resources to help IAs understand where their agency stands in the transformation journey and to begin plotting a path toward a more digital future.
The e-book is available for download below.
Q: We have an employee whose daughter's daycare reopened last week. Our employee wants to continue on Emergency Paid Family Leave (she has 4 weeks remaining) because she is afraid to send her daughter back to daycare. Would she be allowed to do this under the EPFL program?
Following President Trump’s remarks on business interruption insurance several weeks ago, there has been a growing focus on business interruption insurance and whether it covers claims from COVID-19. In the days following the President’s comments, several congressional letters expressing concern about retroactive business interruption proposals and their potential impacts were sent to the administration. The letters detailed the counterproductive and dangerous nature of pursuing retroactive business interruption insurance. (Source: IIABA)
IIAV News
Membership renewal statements are in the mail and we hope that all agencies will continue their membership in IIAV. The true measure of an organization’s value is during a crisis, and we certainly have had one or two, or three or more, this year. IIAV has made sure that members receive the information they need, quickly, through the website and the COVID-19 Resource Center with information on coverages, adjusting to a work from home environment and reopening businesses. In addition, IIAV’s ever-relevant “IIAV Connects” has been overwhelmingly popular, with interviews including the Commissioner of Insurance, Scott White, and keynote speaker Kevin Brown.
Please renew your membership today and we continue to look forward to representing the independent insurance agency system.
While IIAV dues may be deductible as ordinary and necessary business expenses, they are not deductible as a charitable contribution. As a result of state and national lobbying activity, 14.55% of dues are not deductible for income tax purposes.
The IIAV Board of Directors has approved the recommendations of the Nomination Committee for the new leadership for IIAV for the 2020/21 year. The names will be submitted by electronic ballot to the membership in June. Click Learn More to see the slate of new officers and directors.
IIAV members are meeting with federal lawmakers to urge Congress for more help on business issues related to the coronavirus crisis, while also cautioning legislators to avoid “feel good” proposals which do nothing but disrupt the insurance industry. In the midst of the IIAV calls, Congress passed HR 7010, the “Paycheck Protection Program Flexibility Act” which should provide small businesses with additional flexibility in using their PPP loans. Both IIAV and IIABA now urge President Trump to sign this legislation into law as soon as possible.
COVID-19 has changed the agent’s errors and omissions (E&O) landscape for the next several months. While we can’t predict the number of agents who may have E&O claims at this point, the odds are high that if you don’t get sued, an agent you know will.
Proper actions and reactions when threatened or served with an E&O suit arising out of this pandemic are of utmost importance. Once a threat is made or a suit filed, the allegedly improper act or omission has already occurred — don't worsen the situation by making bad decisions. Remember these “do's and don’ts” if you find yourself in an E&O situation.
Below is a checklist for employers to consider when planning to reopen, or for those businesses who have remained open under an “essential business” classification. This checklist serves to provide some ideas, resources and reminders on how to improve the level of safety and protection in your workplace.
When last surveyed, 30% of IIAV member agents responding reported that they have had to help consumers who bought the wrong or inadequate insurance over the Internet. We would like to update this survey and ask that you take a couple minutes to respond to this short survey.
Click here to complete the three question survey.
Thank you for your time!
Upcoming Events
Our next conversation will take place on Wednesday, June 10, from 1:00 – 2:00 pm.
There are any number of legal questions and potential landmines that we, as insurance professionals, benefit from being aware of. As we move out of quarantine and Virginia reopens, the number of questions and issues for us to be aware of have increased significantly.
If ever there were a time to pose a question to a trusted legal mind, this is it.
Doug Palais, IIAV's general counsel will be taking your questions – so we hope you'll take full advantage. Whether it's an E&O question, an agency management question that has legal implications, a question about a client, something related to your website and being ADA compliant, questions resulting from our time in quarantine, these are just a few of the topics he can address. In our experience, there are very few questions he can't answer, so don't hesitate to pose some challenging ones! Doug will be taking questions in real time, so you do not need to submit them to our team in advance. However, if you would feel more comfortable sending your questions prior to the conversation or typing them in the chat section next Wednesday, please feel free to do so.
To catch up on weeks 1-9 of IIAV Connects, click learn more below.
Education
IIAV is committed to be Virginia's leading insurance CE provider, so we have moved a number of our classes to webinars and will continue to do so as needed. We will continue to provide courses for all agency staff, no matter your experience level.
Check out all that 2020 has to offer here! Click learn more to see what's coming up for the the month of June!
Effective June 1, 2020, Prometric will administer insurance and public adjuster licensing examinations. Pearson VUE will no longer administer exams after May 31, 2020.
Remotely proctored exams will be available. Prometric’s ProProctor gives candidates the ability to test at home or elsewhere.
Prometric will operate the following testing centers starting June 1, 2020 in the following Virginia cities: Chesapeake, Falls Church, Lynchburg, Richmond and Roanoke.
While new hire season 2020 may look very different from 2019, new employees are still joining agencies every day. We have connected with many hiring managers and new hires to learn what’s different about the onboarding process. A lot is different, especially when agencies’ employees are working from home or a smaller staff rotates in-office times.
Click Learn More for tips if you are hiring over the next 60 days.
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