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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
Diversity
How to Market to People Not Like You
You want to grow your business, and with changing demographics in the United States, it’s important to craft your agency’s marketing strategies for different audiences. The Big “I” Diversity Task Force and Dallas-based consultant McDonald Marketing have created free resources to help you reach diverse markets.
Project CAP
Project CAP Selects Phoenix Agency as Agency 2020 Winner
Hester, Heitel & Associates, an independent insurance agency in Phoenix, has been selected as the spotlight agency chosen to represent the path to the future for independent agencies in the Agency 2020 program sponsored by Project CAP. Through early 2014, industry service and product providers will work with the agency to explore pathways to future growth.
Agents Council for Technology
Video: How Agents Can Succeed in the Future
Innovative agents are sharing many great ideas at Agents Council for Technology meetings on how they are adapting in a fast-changing environment and taking a fresh look at how they will be doing business in the future. ACT has captured many of these ideas in its new video, “Agency Perspectives on the Future.”
Trusted Choice®
Midlands Joins Trusted Choice®
Midlands is the newest member of the Trusted Choice® consumer branding program for independent insurance agents and brokers. Midlands, headquartered in Oklahoma City, joins 67 leading companies nationwide as a Trusted Choice company partner.
Big ‘I’ Markets
Goldleaf Short-Cut Bond Program Addresses Smaller Needs
Goldleaf's Short-Cut Bond Program, available through Big “I” Markets, is for companies with smaller contract bond needs. Goldleaf works with a variety of sureties, each of which has its own unique underwriting requirements. So, even if one surety is unable or unwilling to entertain a particular risk, Goldleaf has other options.
Big I Advantage®
Big ‘I’ Offers Members-Only Virtual Risk Consultant
The Big I Advantage® Virtual Risk Consultant, powered by Rough Notes, is an online insurance reference library. It provides the resources needed to understand customers' operations and exposures while identifying appropriate coverages.
Best Practices
Compare Your Agency to Others of Similar Size
Over the years, agents using the Best Practices program have found the key to improving their businesses is to concentrate on two or three Best Practices principles at a time. In many cases, the principles are integrated into agents’ strategic planning processes so the quest for continued excellence becomes an integral part of all agency activities.
Big I Advantage®
Big ‘I’ Members Can Save on Shipping with FedEx
Did you know Big “I” members can save up to 26% on select FedEx shipping services? This is one of those member benefits that can save you hundreds of dollars.
On the Hill
Labor Dept. Releases Model Employer Health Exchange Notices
The U.S. Department of Labor has released temporary guidance and model notices, which employers may use to comply with the Patient Protection and Affordable Care Act employee notice requirement. By law, employers subject to the Fair Labor Standards Act must provide a written notice with certain information to all employees.
On the Hill
Natural Disaster Bill Introduced in Senate, House
Last week, Sen. Bob Menendez (D-N.J.) and Rep. Mario Diaz-Balart (R-Fla.) introduced legislation in their respective chambers that would provide states with additional disaster relief funding if they enact modern building codes. The Big “I” supports the bill and has long advocated for federal incentives for states and localities to adopt strong building codes.
L-H Leads
Balancing Financial Needs
Eminent psychologist Abraham Maslow's hierarchy of needs theory suggests basic needs must be met before one will focus on secondary or higher level ones. It seems like common sense for a person to acquire food and shelter before focusing on education. But when people focus on financial goals, they need to balance both short-term and long-term objectives.
On the Hill
Senate, House Mark Up Five-Year Farm Bill
This week, there were major developments in both the Senate and House regarding the reauthorization of a long-term Farm Bill. Now that both bills have cleared their respective committees, Congress is gearing up for grueling floor debates.
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