Big I Virginia E-News

 

Technology is changing the insurance industry. In 2021, InsurTech firms raised over $15.4 billion in funding, completed 566 deals, and 73% of those deals focused on P&C Insurance, according to CB Insights. There are no signs of InsurTech slowing down any time soon. In fact, it is expected to continue to accelerate.

We have seen many companies enter the insurance marketplace, some focused on disrupting, while others seek to build upon the infrastructure that exists and are focused on building integrations. We have watched and experienced the impact of those that have merged, evolved and failed. There is no question that as an agency owner you are faced with an incredible number of technology options making it difficult, confusing and sometimes even overwhelming. The agencies of today and tomorrow know that the adoption of technology is more than just a series of purchases — it is a necessary cultural change. This journey requires vision, patience and buy-in to be successful.

Fall is here, the time of year people gather around and tell each other scary stories. Unfortunately, the workplace has its fair share of these stories too. By bringing them to light, we hope they can become important lessons on what to do and what not do.

Contribute to Trusted Choice Disaster Relief Fund 
The Trusted Choice^® Relief Fund is accepting donations and grant applications to support those dealing with the aftermath of Hurricane Ian. The most damaging winds of this Category 4 hurricane hit a rapidly developing coastline (Florida) where the population has jumped sevenfold since 1970, according to the U.S. Census. At least 2.5 million people in Florida were ordered to evacuate while 2 million homes and businesses were without power. If you would like to help your fellow agents who may have been impacted by Hurricane Ian, you can make a donation to the Trusted Choice Relief Fund. Contributions are tax-deductible to the extent permitted by law. 

Recently IIAV sent the Executive Director for the Virginia Health Benefit Exchange a rather pointed request to revise the Health Benefit Exchange (HBE) automation RFP to include both Direct Enrollment (DE) and Enhanced Direct Enrollment (EDE) integration — systems that are in common use with most health insurance agencies across the Commonwealth. Despite ongoing efforts to include ED and EDE integrations, it has appeared that the Exchange will not move forward with the basic systems development and planning to solve agent interaction with the Exchange until a later date — possibly next year or beyond.

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 State Corporation Commission (SCC) awarded a contract to GetInsured of Mountain View, California, which also has an office in Richmond, for the technology platform and consumer assistance center that will support Virginia’s health insurance exchange (Exchange), an online consumer marketplace for private health insurance coverage.

 

Following a competitive procurement process that included evaluation committee members and subject matter experts from three state agencies, the SCC selected GetInsured for an eight-year contract. GetInsured has successfully transitioned three states to operate their own health insurance exchanges, and currently operates the technology for seven state-based exchanges.

 

 

Lisa has been in the insurance business for 40 years, serving on both the company and agency side. She has been an underwriter, production underwriter, producer and consultant, and served the last seven years as the Senior E&O Advisor for The PIA of VA/DC. Prior to PIA, she was the executive vice president of a regional agency for 15 years. Her specialty is professional liability and casualty insurance programs. In her role with IIAV and its insurance operations, Lisa will be responsible for new agency business development, marketing, training and overall operations of the organization.

Harford Mutual Insurance Group is proud to announce that President & CEO Steven D. Linkous has been named one of Maryland’s 2022 Most Admired CEOs by The Daily Record. This is the second time he has received this honor.

The Most Admired CEOs list honors talented business CEOs, higher education leaders and nonprofit executive directors throughout Maryland whose leadership and vision are admired by those around them. A panel of judges selects these winners based on professional accomplishments, community service and the letters of references submitted by co-workers, board members and community leaders showing the CEO's leadership and vision. Three-time winners are inducted into the Circle of Leadership. Linkous was also named to the Most Admired CEOs list in 2020.