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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

Agents Council for Technology
New Group Looks to Simplify Agency Password Management

It is no secret that one of the greatest headaches for independent agencies is the need to deal with the ever-changing passwords for each of their carriers and other business partners. One large bank agency manager recently reported that she and her staff manage 5,500 different IDs and passwords for the bank’s agency employees.

Trusted Choice®
Encourage Clients to Download New Trusted Choice® Mobile App

The recent tornados in the Midwest have been an unfortunate reminder of what’s often missing when a client files a major homeowner’s claim: an accurate and up-to-date home inventory. The Trusted Choice® app includes a home inventory tool, so having a record of possessions is now at clients’ fingertips.

Big “I” Flood
Avoid E&O Exposure by Reviewing Client List

The National Flood Insurance Program (NFIP) has released another announcement regarding the property not covered clause, specifically regarding subpart two, Buildings Over Water. To avoid an agency E&O exposure, review the client list for possible structures protected by flood insurance that may now be over water due to erosion.

Education
March Is Ethics Awareness Month

March is Ethics Awareness Month in the insurance industry. The annual event is sponsored by the Insurance Institute for Applied Ethics and CPCU Society, and endorsed by several industry organizations.

Big “I” Flood
Flood Awareness Extends All Year

Although Flood Safety Awareness Week is coming to a close, Big “I” Flood wants to remind members to think about flood insurance year-round. Since the Big "I" Flood program’s inception in 2001, almost 6,000 members nationwide have placed their business and trust in Big “I” Flood and its company partners, Selective Insurance and Wells Fargo Special Risks.

Big “I” Business Resources
InsurBanc Offers Business Rewards Visa
Why pay an annual fee when the InsurBanc Rewards Visa credit card doesn’t have one? Sign up for this card today and experience the freedom of no annual fee.
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. Utilizing this process on the front end may lead to a smoother and faster result on the back end.

Meetings & Events
Educate Congress on Issues Important to Agents, Brokers

The Big “I” Legislative Conference & Convention marks the premier event for independent insurance agents and brokers: the annual pilgrimage to Capitol Hill. The more agents in attendance, the louder the message will be to federal policymakers.

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.

Big “I” Markets
Big "I" Markets Offers Event Insurance
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.

P-C Trends
Study Highlights Threat of Shrinking Commercial Market, Direct Writers

A shrinking commercial market and a continuing threat to personal auto market share from direct writers are the two major challenges facing independent agents today, according to the new Property-Casualty Insurance Market study just released by IIABA. The good news? The data also shows excellent growth potential for independent agents in the face of these challenges.

On the Hill
HHS Releases Health Insurance Exchange Regulations

This week, the U.S. Department of Health and Human Services released its long-awaited regulations on state health insurance exchanges. The exchanges are arguably the centerpiece of the Patient Protection and Affordable Care Act and are envisioned to be one-stop shopping insurance marketplaces where consumers and small businesses can purchase private health insurance, apply for subsidies and enroll in health care plans.

L-H Leads
Low Federal Funds Rate Creates Winners, Losers

This week the Federal Reserve, through the Federal Reserve Open Market Committee, said the federal funds rate will likely remain low through at least 2014. At first glance, this seems like great news for businesses and borrowers who benefit from low-interest rates. But not everyone is cheering.

P-C Trends
Loyalty to Independent Agents Remains Strong, Survey Says

Most auto and homeowners who buy insurance through an agent are loyal to their intermediary, who they view as an objective advocate to represent their interests, according to survey results released this week.

On the Hill
Agent Testifies on Risk Management, Commodities in 2012 Farm Bill

Today, Ruth Gerdes, the Auburn Agency Crop Insurance, Inc. president, from Auburn, Neb., testified before the U.S. Senate Committee on Agriculture, Nutrition and Forestry in a hearing titled, “Risk Management and Commodities in the 2012 Farm Bill.” Gerdes testified on behalf of the Big “I” and other crop agent groups.

Communications
Study Highlights Threat of Shrinking Commercial Market, Direct Writers

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Meetings & Events

Educate Congress on Issues Important to Agents, Brokers

Attend the Legislative Conference & Convention from April 25 to 27 in Washington.

A number of important legislative issues debated in Washington, D.C., affect the independent agency community, and the Big “I” is working to build and strengthen relationships with representatives, senators and candidates for federal office who have been advocates and supporters of the independent agency system.

An important part of any relationship is communication, and the Legislative Conference & Convention offers an annual opportunity for agents to head to Capitol Hill and speak to issues important to the success of their business and their livelihood. The Big “I” makes it easy by providing talking point cards, issues papers and an in-depth issues briefing presented by the Capitol Hill staff.

The 2012 Big “I” Legislative Conference & Convention will be held April 25 to 27 at the Grand Hyatt Washington in Washington, D.C. Check out the complete schedule here.

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