Certainty in Uncertain Times

Since my last column a number of important issues have surfaced that affect each of us as agents and brokers. With all the news from Wall Street, Washington and the collapse of several financial institutions, we again find ourselves answering many questions that our customers are concerned about. Questions such as: Will my insurance company be there to assist me in times of crisis? What happens to my protection if my insurance company becomes insolvent? How is the current financial crisis going to affect my insurance premiums? Do I need to change insurance companies? How do the bank failures affect the insurance markets? No doubt you could add a number of additional questions to this list.

We are fortunate that our association has the talent, skill and resources to assist us addressing these problems and in answering the questions that face us. Please feel assured your association is doing all it can to keep each of you informed and up to date on the issues facing both you and your customers. This resource is at your fingertips and enables you to fulfill your promise of being a Trusted Choice^® agent, one who pledges to provide clients with information they need to make informed decisions; to assist them in times of crisis and to be available to answer questions about their insurance coverage and concerns. We acknowledge all of you who fulfill the duties of Trusted Choice^® independent agents as we proudly protect the businesses and families of America!

I also know some of you have concerns about your own financial issues and lending institutions. Most of you are aware that a number of years ago the Big “I” was asked by the Board of Directors to look into setting up a financial institution that would assist our members—an institution that would be educated on the needs of insurance agencies, and one that understands why we need loans and how our businesses provide security for those loans. Over the course of a few years, we were able to establish the financial institution InsurBanc. It’s a bank set up to do business for insurance agents and brokers. InsurBanc continues along its profitable course making loans to agents for operating purposes, mergers and acquisitions, agency perpetuation, technology resources, expansion and many other areas. Unlike many banks, InsurBanc knows what an expiration is, InsurBanc employees know how to value an agency and they know how you do business. InsurBanc is also serving the needs of your employees and colleagues in the agency with personal loans, home refinancing, credit cards, auto loans, checking accounts, certificates of deposit, money market accounts and much more. We are proud to say that InsurBanc continues to hold one of the highest financial ratings and has not had one default loan on its books. It is safe and sound, and InsurBanc is still lending money to agencies and agency employees. If you haven’t considered this as an option for your needs, think about contacting InsurBanc (www.insurbanc.com) to see how it could help you in these times of financial uncertainty.

As a member of the Big “I” you have access to many tools to assist you in running your business and educating your staff and your customers. If you haven’t done so, log on to www.independentagent.com. As a member, you can get your own login and password. If you don’t have one, send an e-mail to info@iiaba.net and you will be able to access all the tools you need to become even a better agent and broker.

Thank you again for your membership and for protecting the lives and assets of American families and businesses! Best wishes to each of you in the coming month and from our Executive Committee and Board of Directors we wish you an enjoyable Thanksgiving holiday!

—Brett Nilsson, Chairman