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| September 2021 | ||||||||||||||||||||||||||||||
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Welcome
From the Desk of the President & CEO
I recall years ago going to buy furniture and the sales person that helped me — who was very young and new to the job — was simply exceptional. I remember thinking at the time that this person would make an excellent producer for an agency. I recalled that the president of a large agency had expressed in a meeting, “Give me someone dependable and personable any day of the week. I’ll teach them insurance.”
IIAV Member Resources
.png) Claims data consistently shows that "failure to offer" (and lack of documentation) is the leading cause of agency E&O claims. That's why the IIAV has partnered with leading carriers to ensure you have easy access to additional coverages at our fingertips. Are you offering small business cyber, flood, personal umbrella and in-home business? Doing so can protect your agency from E&O claims, and increase sales and client satisfaction.
IIAV Members benefit from increased commissions from RLI on Personal Umbrella and Home Business policies. Reach out to Bonnie Joyce for questions about how you can take advantage of this member benefit TODAY! bjoyce@iiav.com or (804) 747-9300
Susan Palé is a contributor for Affinity HR Group, Inc., IIAV’s affiliated human resources partner. Affinity HR Group specializes in providing human resources assistance to associations such as IIAV and their member companies.
COVID certainly knocked the rug out from under the economy, but many of the factors influencing current labor shortages existed before the pandemic. The working age population of the U.S. has been shrinking for a while now, and the lack of affordable, available child care and parental leave has kept many parents out of the workforce. Record stock market results and increased housing prices have influenced many older workers to re-assess their financial positions and decide to leave the workforce.
State & National News
The FIO, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, serves as an information-gathering body housed within the U.S. Treasury Department. The FIO has several roles, including supporting international insurance agreements, administering the Terrorism Risk Insurance Program, and conducting reports and studies on the insurance market.
Natural disasters can take a major toll on businesses and sidetrack the best laid plans and projections. Many businesses do not reopen following a natural disaster and some fail within one year after disaster strikes.
Despite the challenges of the past pandemic year, business boomed for many firms across the U.S., including the 78 insurance companies listed on this year’s Inc. 5000. The annual ranking of the nation’s fastest-growing private companies provides a snapshot of the most successful small-to-midsize companies operating in the U.S. today, by measuring companies’ growth from 2017 to 2020. The 2021 Inc. 5000 collectively achieved a three-year median growth rate of 167% and added more than 2.56 million jobs in the past three years.
Home insurance group Hippo has announced that it is expanding into commercial insurance. The company has announced that the first product to launch from Hippo’s commercial lines unit is a tailored homeowners’ association (HOA) product.
On May 6, 2021, a New York appellate court unanimously ruled that a troubling regulation governing the manner in which insurance producers offer annuities and life insurance is “unconstitutionally vague.” The legal challenge was spearheaded by Big I New York, with financial assistance from the national Big “I”, and is a major victory for independent insurance agents in the Empire State and across the country.
Many Americans would face financial hardship if a wage earner died unexpectedly. Life Insurance Awareness Month — celebrated each September — is a reminder that life insurance can help protect your loved ones financially, now and in the future.
The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) reminds Virginians that there are many factors to consider when determining if life insurance is right for you and your family.
IIAV News
2021 IIAV Convention Speaker, David Tralka, President & CEO InsurBanc shares the importance of a financial partner and how the partnership can help the agency prosper. After 20 years meeting the lending need of agencies across the county, Dave shares valuable insights and case study examples.
“All the moving pieces in your agency can contribute to building value, and you need a bank that understands this. A bank should know your business, your borrowing needs. A lender should be able to analyze and recommend growth opportunities. It should understand the strategic significance of acquiring new business, as well as the urgency often required in putting together a deal."
This award was established to recognize the outstanding contributions of a company person. Nominations may be made by any IIAV member on the basis of an individual’s industry contributions, association involvement, continued professional growth, agency achievements and community activities.
The “Golden Eagle Award” was established to recognize the outstanding contributions of an agency member. Nominations may be made by any IIAV member on the basis of an individual’s industry contributions, association involvement, continued professional growth, agency achievements or community activities.
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