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February
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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
What’s Keeping LTCi from Achieving its Full Potential?
If you ask most people heading out the door if they would grab an umbrella with a 40% chance of rain, the answer would probably be yes. So when it comes to Long-Term Care insurance (LTCi), why might many independent insurance agents tell you that getting their customers to purchase it is a difficult sale?
Chairman's Voice
Making Best Practices Work for You
Have you had your fill of platitudes and magic bullet solutions to your agency’s problems? Do you wish there was a source of accurate and credible information on what the top agencies are really doing that makes them successful?
Forms & Substance
Self-repairs, Insurable Interest, Domestic Employees
Profit and Overhead When Insureds Repair Their Own Damage; Insurable Interest in Personal Property; Covering Claims by Domestic Employees
On Branding
The Power of Personal Websites
Like The Who said: “Who are you…who who…who who?” So, how do people know you, and more importantly, how do you get known? How do you become “the insurance pro”? It’s called branding, and it starts with what you do when you meet someone.
On the Hill
Flood Insurance Battle Rages On
In late December 2011, President Barack Obama signed H.R. 2055, the “Consolidated Appropriations Act” (known as the mini-bus) into law, extending the National Flood Insurance Program (NFIP) until May 31, 2012. The NFIP would have otherwise expired a few hours later at midnight on Dec. 23.
Ace Insura
The Case of the Fragmented Figurine
Humpty Dumpty took a fall...and broke. The woman who dropped the figurine—owned by her boss—asks Ace if her homeowners policy would cover the cost to replace the antique, which she was bringing to an antique show for an appraisal. The answer to her question, Ace says, depends on whether or not her boss required her to do the task.
Insurance Views
Put Some Stories in Your Playbook
When a football coach positions his defense, he spreads players over a wide area. Some line up to the left of the ball, and others line up to the right. Some take stances near the line of scrimmage, and others position themselves away from it. Many cluster near where plays most often come but a few scatter to areas of less action and more risk. Why is that?
Online Extras
Incentives, Filesharing, PAP vs. HO
Incentive Compensation for Non-Producers; Strategic Planning for Salespeople; Fixing $12 Haircuts; Filesharing; Loading and Unloading…PAP or HO?
State News
Industry News
Association News
InVEST
Unclaimed Auction Items Up for Grabs
The InVEST Silent Auction held during YAC Gives Back two weeks ago was a huge success, but there are still a few unclaimed items. They can now be acquired by just the click of a mouse—all while providing scholarship dollars to InVEST graduates. Read on to view the remaining auction items.
Big “I” Markets
N.Y. Agent Achieves Success with Mobile Food Vendors Market
The rapid growth of mobile food vendors is providing people with an increasing number of options that transcend the typical fast-food establishments. Just ask agent Rose Aiello of the William & Williams agency in Smithtown, N.Y.
IA Magazine
Read the May Issue of Independent Agent Magazine
The May issue of Independent Agent magazine is now available. This month’s cover story (“A Full Plate”) makes the case for why agencies can look to life insurance for recouping revenue lost to the economic downturn and reduced commissions under the Patient Protection and Affordable Care Act.
Education
Understand 27 Major Changes to the New ISO HO 2011
In 2010, ISO filed its first major revision to its homeowners program in a decade with 27 major changes to the HO forms and endorsements. Agents can learn what they need to know about the updated form during a webinar on July 31, hosted by Big “I” Virtual University experts Bill Wilson of IIABA and David Thompson of the Florida Association of Insurance Agents.
Big “I” Markets
Dig into the Excavation Market
Big “I” Markets recently announced the availability of an excavation market via The Hartford. This program is targeted at accounts with $75,000 or less in premium. With average premiums of about $30,000, this can be a good money-maker for an agency.
Best Practices
Learn How to Create Producer Contracts
As an agency formulates a plan for the competitive future, increasing sales through effective marketing is crucial. Hiring a new producer provides an avenue by which the agency can market its products and services.
Big “I” Employee Benefits
Crump Presents Life Solutions Webinar
Please join Crump’s Anne Rockwell, supervisor of sales support, and Lisa Robinson, life solutions production coordinator, on May 17 at 2 p.m. EST for an online demonstration of Life Solutions, a quick, online submission processing solution for term business. Life Solutions is easy: Submit basic information about a client using an online form and Crump will take it from there.
On the Hill
Big “I” Testifies Before Congress on National Flood Insurance Program
The Big “I” testified yesterday in a U.S. Senate hearing on the National Flood Insurance Program, which, without congressional action, will expire May 31. The association continues to fight for a long-term extension and reforms to the program.
Insurance Views
What Plays in Peoria Doesn’t Shine in Hollywood
My husband and I recently saw the new movie “Thin Ice” with Greg Kinnear (the “unwilling accomplice”), Billy Crudup (the “paranoid ex-con”) and Alan Arkin (the “unsuspecting target”). Entering the theater, we knew the movie was a comedy and that the main character was an insurance agent. I thought: “Maybe, finally, a movie that will show some of the true, humorous stories that happen in the offices and lives of agents.”
L-H Leads
Retirement Options Emerge with New IRS Rules
Increasing life expectancies, the downturn and increasing volatility of the stock market and low-interest rates have all presented unique challenges for Americans planning for retirement. Due to these and other concerns, many people are so cautious regarding their retirement withdrawals that they reduce their standard of living—especially in their 60s and 70s—so they have adequate funds should they live beyond their life expectancy.
On the Hill
Proposed Tax Increase on Small Business Voted Down in Senate
This week the U.S. Senate put the brakes on a bill containing a provision that would have raised taxes on small businesses by $9 billion. In a procedural vote on Tuesday, senators concerned about this provision voted against moving forward with the underlying student loan bill, S. 2343 by Sen. Harry Reid (D-Nev.), sending Senate Democrats back to the drawing board in search of a method to offset the cost of the legislation.
Forms & Substance
When Residents Have No Contents Coverage—and Worse
An agency insures a couple who has two HO-3 policies in Maryland. One property is occupied by the couple’s daughter as her primary residence, but she is not a named insured. The daughter filed a claim for loss of her personal property because the residence was burglarized, but the insurance company denied the claim. Is this correct?
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AGENCY MANAGEMENT
Incentive Compensation for Non-Producers
Should employees who are not producers participate in some sort of profit-sharing or incentive compensation plans (ICPs)? Yes! An ICP can provide a powerful incentive to motivate performance if properly constructed.
SALES
Strategic Planning for Salespeople
“Ready, shoot, aim.” That’s the all-too-common description of the producer’s modus operandi. In a misguided attempt to stay busy and see as many people as possible, too many salespeople subscribe to the theory that any activity is good activity. Times have changed and the job of the salesperson has become much more complex.
CUSTOMER SERVICE
Fixing $12 Haircuts
The owner of a beauty salon was worried. He had a large and happy clientele who willingly paid his $30 per haircut fee, but noticed an obvious decline in customers when another shop opened less than a block away offering $12 haircuts. Then he came up with a brilliant idea…
TECHNOLOGY
Filesharing
All the kids are doing it. And depending on which news reports you read, it’s either the inevitable wave of the future or another sign of the collapse of our society—or both. But what is filesharing really and why should you be wary of it?
COVERAGES
Loading and Unloading…PAP or HO?
A woman who was in a wheelchair was attempting to get into her vehicle. As she turned in her chair, she accidentally hit another vehicle causing damage to the auto. The woman reported the incident to her auto and homeowners carriers.
Each has denied the claim, saying the other policy should respond. Who’s right?
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Incentives, Filesharing, PAP vs. HO
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