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| November 2022 | ||||||||||||||||||||||||||||||
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IIAV Member Resources
Trusted Choice has launched a brand new social media training program that provides tips for choosing and optimizing the best social channels for your agency.
The Big “I" Office of General Counsel (OGC) has published a general guide to agency-company appointment contracts that is available at no cost to Big “I" members. The guide covers a wide range of the most important provisions commonly found in appointment contracts and provides key considerations and sample language developed by the OGC over many years. A few of the most notable provisions addressed in the guide include ownership of expirations, data security and post-termination rights.
The number of independent insurance agencies has increased and business conditions for agencies remain favorable, according to the 2022 Agency Universe Study. While the majority of agencies experienced increased revenue, that percentage was lower than in the previous study in 2020.
Future One, a collaboration of the Big “I" and leading independent agency companies, has released key findings from the recently completed Agency Universe Study, hailed as the most comprehensive look at the independent agency system.
“The 2022 Agency Universe Study shows the resiliency of the independent agency system as it continues to grow and adapt through the challenges of the last couple years," says Bob Rusbuldt, Big “I" president & CEO. “It is amazing that during the pandemic the independent agency system added nearly 4,000 new agencies. The study also offers insights on how agencies can better prepare themselves for the future. Staffing and marketing are issues for agencies, and the Big 'I' continues its support of independent agencies through resources, programs and guidance to face these challenges head-on."
The Big “I" Professional Liability program prides itself on its robust risk management program, designed to educate policyholders and to provide key information and tools to reduce agency errors & omissions exposure. As a service to all Big “I" members, the Big “I" Professional Liability team created two new materials to assist Big “I" member agencies.
The “Commercial Producer Onboarding Guide," a self-paced learning resource, provides an overview and learning path through 13 core prerecorded “Lightning Learning" risk management webinars. These webinars are essential tools for both new and seasoned commercial producers. The guide highlights typical commercial lines exposures that can create agency E&O claims and provides learning tools to avoid or minimize risk.
The “Sample Agency Procedures Manual" is a template designed for both personal and commercial lines agency workflow. It is critical that if you implement this manual, you customize it to your agency's procedures—and that once customized and implemented, you follow it. Failure to follow your written procedures and to update the manual when procedures change can result in a client alleging an E&O claim against your agency.
Access to both of these resources requires logging in with Big “I" membership credentials to download.
State & National News
A new survey reveals some Virginians are downplaying the dangers of using cannabis behind the wheel, according to the state agency overseeing recreational marijuana legalization. In a recent press release, the Virginia Cannabis Control Authority (CCA) called the results “troubling” and said the data would be used to develop a safe driving campaign. The campaign, which is set to launch in January 2023, was mandated by the Virginia General Assembly when lawmakers legalized adult possession of small amounts of marijuana.
According to a recent article in Today's General Counsel, general counsel rank privacy liability at the top of their list of concerns, and rightly so. Privacy litigation presents a growing source of exposure for companies that handle biometric data, including customers’ and employees’ retina or iris scans, fingerprints, voiceprints, and scans of hand or face geometry. Many commercial insurance policies can provide coverage against these kinds of lawsuits. The article addresses the explosion in Illinois privacy litigation and the state of play in related insurance coverage disputes.
In 2008, Illinois enacted the Biometric Information Privacy Act (BIPA), the first in the nation. The Illinois legislature explained that “Biometrics are highly unique to the individual; therefore, once compromised, the individual has no recourse, is at heightened risk for identity theft, and is likely to withdraw from biometric-facilitated transactions.”
The viral quiet quitting trend is taking hold in finance — once the industry with the most engaged workers, according to a new study.
The share of workers who said they are “very likely” or “extremely likely” to try their hardest to do a good job for their company has waned overall since last year, according to a recent survey of more than 9,000 U.S. full-time or part-time employees by Qualtrics International Inc.
The finance and insurance sector had one of the biggest drops, with about 8% fewer employees reporting willingness to give it their all on the job, matched only by accommodations and food services. That’s a big change from 2021, when the finance and insurance industry claimed the highest share of engaged employees at 94%.
IIAV News
Why not make a contribution to the IIAV Building Fund?
Contributing to the IIAV Wall of Honor is a great way to recognize a special person, memorialize an associate or make a contribution in the name of your agency. Contributions to the IIAV Building Fund may be deductible as ordinary and necessary business expenses but are not deductible as charitable contributions for income tax purposes.
To make a contribution to the IIAV Wall of Honor is $1,000, which can be payable in five annual installments of $200. Send your intent to contribute, honoree name (In honor of, In memory of, etc.), first installment and future installment months to IIAV Wall of Honor, 8600 Mayland Drive, Richmond, VA 23294.
We are experiencing the greatest wealth transfer in the history of the independent agency system and traditional, privately held retail independent insurance agencies are getting crushed in the merger & acquisition game.
The independent agent system experienced a record 1,061 mergers and acquisitions transactions between independent agencies and brokers in 2021, with a record 427 M&A transactions reported in the first half of 2022, according to Optis Partners, an investment banking and financial consulting firm specializing in the insurance industry.
Much of the increase is driven by the highly anticipated retirements of the baby boomer generation with billions of dollars being transferred from one agency owner to another over the next five years, according to the report.
And while this sounds like great news for the independent agency system, there are concerns.
Press Releases
Harford Mutual Insurance Group announced Sandra Rich has been appointed to its Board of Directors. Rich has over 30 years of experience in C-suite leadership, complex mergers and acquisitions, real estate and investment transactions, regulatory compliance, corporate governance, and corporate legal. She is the former Senior Vice President, Chief Compliance Officer at Nationwide Insurance and Nationwide Financial, retiring in 2021. Rich previously held roles at international law firm Squire, Sanders & Dempsey and managed her own legal practice. Rich will serve on the Board’s Governance and Risk Committees.
JM Wilson is pleased to announce the addition of Jaime Fenimore as brokerage underwriter. Jaime is responsible for underwriting a wide variety of new and renewal professional and brokerage accounts, as well as maintaining relationships with carriers and independent insurance agents in all states that JM Wilson writes business.
Before joining JM Wilson, Jaime worked for a private health insurance company as a medicare sales representative. Prior to that, she was in general insurance sales for an agency. Jaime is a graduate of Penn State University where she earned a master of science degree. She has also earned a CPCU (Chartered Property Casualty Underwriter) designation.
JM Wilson is pleased to announce the addition of Ryan Streit as surety bond manager for the corporation. Ryan is responsible for overseeing all aspects of the surety department including the placement of risks, making informed and timely underwriting decisions, as well as helping to provide outstanding service and growing relationships with partner agents, their customers, and carriers in all states that JM Wilson writes.
Streit joins JM Wilson with 10 years of experience as an underwriting manager for a surety company. He earned a bachelor of science degree from the University of South Dakota, and an MBA in business administration from the University of Sioux Falls.
JM Wilson is pleased to announce the promotion of Heather Pifer to senior property & casualty technician in their Portage, Michigan, office. Heather has been with JM Wilson since 2018 when she joined as a property & casualty technician. With her promotion, Heather is responsible for processing commercial and personal lines policies and endorsements, assisting JM Wilson underwriters, training teammates, and serving independent insurance agents in all states.
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