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IA Magazine

March_08 Education

Online Extras
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AGENCY MANAGEMENT
‘Base and Growth’ for Producer Compensation

One of the most common questions that the VU regularly gets is, “How much should we pay producers?” The answer, of course, is, “It depends.” In this article, VU experts will take a look at what other agencies are doing and explore a compensation methodology called “base and growth.”

SALES
Low-Bid Syndrome

We know you’ve been taught that people buy based on value, not price. But, let’s face it, you don’t believe it, do you? In the real world, too often you experience losing an account because your bid was higher...or at least that’s what the prospect tells you. This article uses the contracting industry to explain how to overcome this obstacle.

CUSTOMER SERVICE
Selective Claims Service
Are you treating claims as problems to be processed, or opportunities to be explored? Are you defaulting your role to the company, or becoming an active participant in the delivery of your product?

COVERAGES
Relying on CGL—A Risky Business

Probably more than any other insurance policy, the CGL often is used to insure exposures that involve a multitude of parties.
In many instances, a party will only enter into a contract or job if named an additional insured on the CGL policy of one or more other parties. This article seeks to identify some pitfalls of overreliance on additional insured status under the CGL of another party.

Video

Cover Story
Be a Workflow Whiz

Jim Hull wants agency owners to give up their books of business. The president of J.R. Hull Co., a Valencia, Calif.-based consultancy, says principals who relinquish their client lists to non-owner producers have more time to manage their agencies—and boost productivity by leaps and bounds.

Chairman's Voice
Endless Resources in the Virtual University

Easter is upon us, and with it, time with family and friends is on our minds. Nanette and I have had a bit of a break and now are beginning the spring convention season with our own state convention in Norman, Okla., on April 3–5. We were excited to host vice-chair Dave Walker to a fun and education-filled conference.

Forms & Substance
BAP or CGL; College Students and Insurance
Is It BAP or CGL?; College Students and Auto Insurance; College Students and Homeowners Insurance

On the Hill
Fight Continues Against Federal Intrusion of Insurance Regulation

Opponents of the Big “I” on Capitol Hill have temporarily paused their direct attacks on state regulation of insurance through the Optional Federal Charter (OFC) proposal because of the impact of the legislative/regulatory response to the financial markets crisis of 2009 and the perceived lack of interest on Capitol Hill. However, the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), coupled with an Administration that has expressed an activist platform regarding the financial services industry, means that the threat of federal incursion into the insurance market is as real as ever.

Ace Insura
The Case of the Meteoric Meltdown

Ace's pal Barry fears a meteor will strike his house and that any damage to his house wouldn't be covered by his homeowners insurance. But Ace tells him that he probably has more coverage than he thinks.

Insurance Views
Transform Your Business to Survive and Thrive

Putting the right people at the helm has launched many high-profile, highly successful turnarounds, from Jack Welch in his early days at GE to Meg Whitman at eBay. But companies don’t have to fire the entire C-suite to put “new” leadership in place. It is possible to lead successful and sustainable change—if it’s led effectively. The problem has been that, so often, it’s not.

Online Extras
Producer Pay, Low-Bid Syndrome and CGL Risks
“Base and Growth” for Producer Compensation; Low-Bid Syndrome; Selective Claims Service; Relying on CGL—A Risky Business

State News

Industry News

Association News

Education
LearnCenters Offer E&O Classes

The Big “I” Virtual University offers significant benefits to all agency employees—from the principal to the receptionist—and it does so via any computer with Internet access. In addition, each Big “I” state association has its own individual LearnCenter with online courses.

Big “I” Employee Benefits
Crump Hosts Webinar on Field Underwriting
In the rush to take an application and get a case placed, field underwriting is often overlooked. But utilizing this process on the front end may lead to a smoother and faster result on the back end.
Trusted Choice®
New Trusted Choice® National TV Ad to Air
This week marks the beginning of a new commercial run for Trusted Choice®. This new ad will run on TNT, Fox News and the History Channel in March and on Fox News in April.

Communications
Brady Polansky Joins Project CAP

Independent agency system champion Brady Polansky has joined Project CAP as a new senior business leader. A 23-year veteran of the industry, Polansky’s initial focus will be to help ensure the effective building, appropriate functionality and timely launch of Project CAP’s forthcoming consumer website.

Big “I” Markets
Event Insurance Offered
Events of all kinds need to be insured. Whether they are weddings, antique shows, art festivals, garden shows or anything in between, all kinds of things can happen that put event organizers at risk.

Best Practices
Characteristics of a Best Practices Agency Explained

The Best Practices line of tools and seminars was developed out of the need to help Big “I” members maintain and improve the value of their most important asset: their agencies. Since 1993, a library of high quality materials has helped thousands of agencies contrast, evaluate and enhance their performance in areas critical to their continued success.

Big “I” Markets
Insure Insurers

Big “I” Markets has partnered with Travelers to provide insurance company clients with access to a comprehensive coverage offering. Regardless of size, Travelers can tailor a portfolio of protection to meet the needs of insurance company clients.

InVEST®
Washington InVEST® Class Packed with Guest Speakers, Field Trips

Students from Roosevelt High School in Washington, D.C., have a jam-packed InVEST® schedule full of talented and knowledgeable guest speakers and field trips. Last week, Big “I” staffer Gary Heiligman visited the school to discuss the vast career opportunities available in the insurance industry.

Meetings & Events
Speak Out on Issues Important to Agencies

When it comes to thinking about your business, what keeps you up at night? In addition to the usual concerns that all business owners have, many insurance agents and brokers think about insurance regulatory reform, agent licensing reform, health care issues, tax reform and other economic challenges.

Big “I” Markets
Read Two for Tuesday Online

Due to technical challenges with the association’s email distribution system, Two for Tuesday was posted online but not emailed to Big “I” Markets agents this week. The issue is posted online and includes items on insuring insurance companies, nurses professional liability and event liability coverage.

P-C Trends
Tornado Losses Could Top $1 Billion

In the aftermath of last week’s devastating tornadoes, independent agents and carriers are working to handle volumes of claims for those affected by the storms in the Midwest and South. While the amount of insured damage from the storms is still being tallied, catastrophe modeler EQECAT pegged its initial estimate at $1 billion to $2 billion.

On the Hill
Mr. Donohoe Goes to Washington

Big “I” Chairman Michael Donohoe was in Washington, D.C., last week meeting with members of Congress and advocating on behalf of the thousands of independent insurance agents and brokers across the country who count on his leadership.

Forms & Substance
Who’s Responsible for Damage to Rental Cars?

In the ISO personal auto policy (PAP), not only is physical damage coverage excess over any other collectible insurance, it is also excess over any other source of recovery. But that's just the beginning of potential problems with non-owned autos.

Technology
Real Time Supporters Encourage Use of Workflow Function

Several industry organizations came together last week to present the first ever Real Time Day, intended to encourage greater usage of real time by independent agencies and carriers. Held on Leap Day, the event included more than 25 live-streaming, customized webinars presented by and for agents, carriers, user groups and industry service providers.

Agency Management
Does the Time of Day Influence Decision Making?

For anyone who has attended or spoken at a conference, it’s typically best to avoid being the first speaker after lunch when the attendee energy level sinks, yawns are in full swing and the audience nods off. But is there any research to back up this conventional wisdom?

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Education

LearnCenters Offer E&O Classes

Online classes qualify for E&O loss control credit.

The Big “I” Virtual University offers significant benefits to all agency employees—from the principal to the receptionist—and it does so via any computer with Internet access. Each Big “I” state association has its own individual LearnCenter with courses available on topics including business interruption, commercial crime, ethics and training options for new employees.

Some of the more popular options include the three errors & omissions courses: A Practical Guide to Agency E&O Risk Management for Agency Managers; Producers; and CSRs. Choose from these three courses, which address whole account risk analysis and exposure identification, including client life cycle, claim causes, policy documentation, automation, markets and claims analysis. The courses also include information specific to agency managers to aid in claim avoidance.

These online courses qualify for the E&O loss control credit.

To view what is available, visit the Big “I” website, select the desired state and view the course catalog. If it is the first time taking an online course, a national association login and password are needed. If one does not have this information, it can be retrieved here.

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