Happy Wednesday! Christmas is only 16 days away - time to get that last-minute holiday shopping done. On this week's Big I Buzz, we are discussing the IRS announcement about retirement plan contributions, when to expect the first batch of COVID-19 vaccines in Wisconsin and a few ways how auto insurers can exceed customer expectations post-sale. 

IRS Announces 2021 Retirement Plan Contribution Limits for 401(k)s and More

The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2021. According to Forbes, "The basic salary deferral amount for 401(k) and similar workplace plans remains flat at $19,500; the $6,500 catch-up amount if you're 50 or older also remains the same; but the overall limit for these plans goes up from $57,000 to $58,000 in 2021. That helps workers whose employers allow special after-tax salary deferrals, and self-employed folks who can save to the limit in solo or individual 401(k)s or SEP retirement plans. Learn more here. 

Wisconsin Expects First Batch of COVID-19 Vaccines Soon, General Public May Not See it Until Mid-2021

Wisconsin health officials say the state could receive its first batch of almost 50,000 doses of COVID-19 vaccine yet this month, but cautioned that it may not be until next summer before the general public can begin to receive vaccinations. According to the Wisconsin State Journal, "During a media call Monday with reporters, Julie Williams Van Dijk, deputy secretary with the state Department of Health Services, said the state expects to receive the first round of Pfizer's vaccine - 49,725 doses have been allocated - in the coming weeks, once the U.S. Food and Drug Administration grants emergency approval. First priority would be given to Wisconsin's roughly 450,000 health care workers and long-term care facility workers. Next up the vaccines would be given to other population groups that could include essential workers or those with at-risk conditions before the general public will be able to be immunized. Learn more here. 

Three Ways Auto Insurers Can Exceed Customer Expectations After the Sale

A recent study from MDgo found that the price of auto insurance policies is what motivated a majority of consumers int heir purchasing decisions, with 52% of consumers choosing cost as the major driver when purchasing auto coverage. Auto insurers are challenged to focus on their on-going customer experience and the quality of their touchpoints after the quote to improve customer retention. According to NU Property Casualty 360 insurers can exceed customer expectations post-quote by, 

1. Be there to support policyholders when they need it most - consider how you can offer policyholders a sense of security and support in their purchasing decision

2. Show that data privacy matters - show how consumers data is being used. Property Casualty suggests, "to gain access to the detailed accident data that powers personalized customer engagement and experiences, auto insurers should not only focus on collecting user-based data on an on-going basis, but also offer to only collect data at the moment of an accident, when it's needed the most." 

3. Acknowledge customer expectations in real-time - Auto insurers can leverage their knowledge to provide policyholders with a tailored response to their immediate needs, be it a reference to a nearby repair shop that specializes in certain kinds of damages or a recommendation to immediately visit the hospital based on the severity of injuries, said Property Casualty 360. 

By going above and beyond the quote, auto insurers can go above and beyond the quality of their customer touch points and personalized experience overall. Read more here.

For more news, check out the Action News section of our weekly e-newsletter   Big I Buzz.    If you aren't subscribed, click   here   to add your email to our emailing list. We hope that everyone has a great rest of their week!