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AGENCY MANAGEMENT
Agency Valuation and Divorce
Insurance agencies sometimes become a part of marital assets considered within a divorce. The separation of “professional goodwill” from “enterprise goodwill” has significantly altered the permitted agency value in divorce situations in some areas. Agency valuation in divorce situations differs from those for estate planning, partner acquisition and loan substantiation.
SALES
Pitch Properly
What salesperson has not been disappointed to hear he has lost a deal as the result of selling to the wrong person? Despite asking, many salespeople, without knowing it, find themselves pitching to someone other than the decision maker.
CUSTOMER SERVICE
Judy and the Jerk
Judy has noticed that her mood is profoundly contagious. If she allows herself the luxury of slipping into the office in a bad mood, the day goes downhill from there. After years of running a successful firm, she’s learned a few things about making sure the office runs well so the clients have a smooth ride. Her attitude, she’s discovered, is pivotal.
TECHNOLOGY
Electronic Delivery of Policies
It is inarguable that independent agencies own the customer account. But, do they own the declarations pages and other policy documents stored on the insurance company Web-based systems? What kind of access should agents have to account information (documents and data) on a carrier’s automation system? How about terminated agencies?
COVERAGES
Purely Accidental?
An insured was injured in a collision between her vehicle and one driven by another party who intentionally collided with her vehicle. The other party’s insurer denied the claim because it was not accidental. When the insured turned to her carrier for payment for her injuries under UM coverage, the insurer denied the claim on the same basis.
Video
Cover Story
A Full Plate
In recent health insurance renewal cycles, agents have had a full plate of challenges. Independent insurance agents may have felt like they are battling Goliath during the past two renewals, between reduced commissions and lower revenues.
Chairman's Voice
Filtering the Truth
Spring is a perfect time to reflect. Cleaning out your house helps to get rid of the old while also looking to the future. We do the same thing in our professional lives. As independent insurance agents, we wonder what our Big “I” membership will look like and what we will need from the association in order to be successful going forward.
Forms & Substance
Pools and Contents Coverage
Swimming Pools and the Homeowners Policy; Swimming Pools and the CGL Policy; When Residents Have No Contents Coverage (and Worse)
On Branding
Time to Reinvent Your Branding
Call it what you want, but few pop stars and fewer businesses have understood the intricacies of Madonna’s genius of reinvention and the inevitable end of the business cycle. Learn from the branding expert. While Madonna soars, everyone else seems to stumble, bumble and disappear down a deep, dark hole.
On the Hill
Supreme Court Deliberates on Health Care Law
As early as next month, the U.S. Supreme Court may announce its decision regarding several challenges to the Patient Protection and Affordable Care Act (PPACA). Timed just as the presidential election campaign season heats up, it may cause a bigger splash than when President Barack Obama first signed the controversial reform package into law.
Ace Insura
The Case of the Motorcycle Madness
Ace meets an insurance agent at a help group for people with trust issues. Ace is there to cope with his own matter (he still believes in a certain holiday gift-giver), but he helps the agent come to terms with a bad assumption that led him to insure a motorcycle school with mobile equipment coverage.
Insurance Views
The Power to Fail
Why is it that in a lot of agencies across America, the younger generation of producers, brokers, and CSRs are frustrated? Nationwide, agencies do a good job of attracting talent. It’s the challenge of retaining that talent that keeps most principals scratching their heads.
Online Extras
Divorce, Sales Pitches and Electronic Policies
Agency Valuation and Divorce; Pitch Properly; Judy and the Jerk; Electronic Delivery of Policies; Purely Accidental?
State News
Industry News
Association News
Education
Future One Launches 2012 Agency Universe Study
The Big “I” asks for member help in an important research project, the 2012 Agency Universe Study. Conducted every two years, the results of this comprehensive survey will provide critical information for the independent agency system, for the association and for the insurance carriers represented by member agencies.
Big I Advantage®
Disaster Preparedness Webinar Set for May 24
As an insurance professional, you understand risk, but have you considered your own ability to perform to the expectations of your clients during and after an unforeseen interruption? Join IIABA and Agility Recovery for a webinar on May 24 to learn the most important steps an agency can take to plan and prepare for the unexpected.
Trusted Choice®
Make Trusted Choice® Content Yours
Social platforms like LinkedIn, Facebook and Twitter are great tools for delivering content, but they aren’t much help unless they deliver the right content to the right audience. Trusted Choice® creates content for agents and brokers to use, but here are a few ways to maximize content that can be found in Trusted Choice social spaces.
Young Agents
Young Agents Raise Record-Breaking Scholarship Dollars
The national Young Agents Committee and NetVU Young Professionals Chapter both held successful fundraisers last month for InVEST student scholarships. Collectively, they raised more than $65,000 from the events, which included a casino night fundraiser, auction and hula hoop contest.
Best Practices
Apply Best Practices Research
The annual Best Practices Study can provide several types of benchmarking information for agencies, including revenue per employee, revenue by account size, net unvalidated producer payroll amounts and more. Read on to learn more about this valuable data.
Big “I” Markets
Habitational Carrier Accurately Insures to Value
Obtaining an accurate insurance-to-value seems to be the bane of many property insurers—but not so with Big "I" Markets provider MiddleOak®. MiddleOak recently randomly selected 35 total losses for deeper examination. Read on for the results.
P-C Trends
Joplin Revisited
A year later, if you walk the seven-mile path taken by the May 22, 2011, tornado that ravaged Joplin, Mo., you can still find evidence of that night’s devastation everywhere. An emptiness instead of a house, a sense of loneliness on a concrete slab and a set of stairs that leads to nowhere.
On the Hill
Big “I” Agent Defends Crop Insurance Program at Hearing
The Big “I” testified before a House committee today regarding the importance of the Federal Crop Insurance Program for America’s farmers and ranchers. Brian McSherry, an independent agent from Illinois and Big “I” Crop Insurance Task Force chairman, represented the association.
On the Hill
HHS Releases New Guidance on Health Insurance Exchanges
Yesterday, the Department of Health and Human Services released new guidance on health insurance exchanges under the Patient Protection and Affordable Care Act. One document provides guidance to states setting up their own exchanges, and another document sheds some light on federally facilitated exchanges for states that do not establish an exchange by Jan. 1, 2013.
Insurance Views
Debate Continues Over Long-Term Care Insurance
For as long as long-term care insurance policies have been around, there has been debate over whether most people should purchase a policy. It is long from being resolved and, in fact, sharp price increases for existing policyholders and the exodus of several insurance companies from the market have only added to naysayers’ ammunition.
On the Hill
House Passes Short-Term Extension for NFIP
Today, the U.S. House of Representatives overwhelmingly passed H.R. 5740, which would extend the National Flood Insurance Program for 30 days, or until June 30. The legislation, introduced by House Subcommittee on Insurance Chairman Judy Biggert (R-Ill.), would also make two small policy changes to the NFIP.
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Joplin Revisited
“I am a better agent today than I was a year ago,” says Shelly Kraft, whose agency was hit by the tornado.
A Full Plate
While other revenue opportunities might be rife with challenges, life insurance offers a viable alternative.
Follow the Big "I" on Twitter
We've found our wings...now follow us on Twitter!
The Power to Fail
Why is it that in a lot of agencies across America, the younger generation of producers, brokers, and CSRs are frustrated? Nationwide, agencies do a good job of attracting talent. It’s the challenge of retaining that talent that keeps most principals scratching their heads.
Plumeri Position Morphs for Money
After several years of decline, new studies show contingency compensation is again on the rise. And it seems, so are the groups of agents and brokers who accept them.
In a shocking reversal of position, it appears that Willis will accept “traditional contingent commissions and bonus payments” again on the company’s employee benefits business—beginning on April 1.
Shining a Spotlight on Fiduciary Liability
When it comes to fiduciary liability exposures, it appears that clients could be in the dark. A recent survey by Travelers took a critical look at agent perceptions about their clients’ fiduciary liability knowledge. More than 250 agency professionals weighed in, painting a drab picture of fiduciary liability awareness among clients.
Popular Stories
Workers Comp Premiums Likely to Rise
Big “I” offers guidance on NCCI experience rating change that would affect premiums.
Sometime between now and the end of next year, agents are likely to begin hearing from customers about changes in their workers compensation premiums. Tens of thousands of employers can expect potentially significant increases in their premiums based solely on a change the National Council on Compensation Insurance is making to its experience rating plan.
Agents Guide Clients through Health Care Changes
Despite court’s review, one agent says “we have to move forward as if the law is going to continue.”
Senior account manager Becky Parker began preparing for the federal overhaul of the health insurance system even before it became law in March 2010. As lawmakers debated reform in 2009, Parker’s agency anticipated the talks would result in inevitable change and tapped her to lead its new Health Reform Task Team.
Make Personal Lines Primary
Auto and home are these agents' bread and butter. Will it work for you?
Bo Govea makes a science of selling personal lines. Since starting Leawood, Kansas-based Community Insurance Consultants from scratch just three years ago, Govea has captured the home and auto business of many of Kansas City’s wealthiest residents.
Most Recent Stories
Chairman's Voice
Filtering the Truth
Spring is a perfect time to reflect. Cleaning out your house helps to get rid of the old while also looking to the future. We do the same thing in our professional lives. As independent insurance agents, we wonder what our Big “I” membership will look like and what we will need from the association in order to be successful going forward.
On Branding
Time to Reinvent Your Branding
Call it what you want, but few pop stars and fewer businesses have understood the intricacies of Madonna’s genius of reinvention and the inevitable end of the business cycle. Learn from the branding expert. While Madonna soars, everyone else seems to stumble, bumble and disappear down a deep, dark hole.
ACE Insura
The Case of the Motorcycle Madness
Ace meets an insurance agent at a help group for people with trust issues. Ace is there to cope with his own matter (he still believes in a certain holiday gift-giver), but he helps the agent come to terms with a bad assumption that led him to insure a motorcycle school with mobile equipment coverage.
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