Happy Wednesday! In this week's Big I Buzz, we discuss the FTC's special open commission meeting on a rule to ban noncompete agreements, and how companies are adopting drone technology to assess property risks.

FTC Announces Special Open Commission Meeting on Rule to Ban Noncompetes

The Federal Trade Commission has announced a special open commission meeting to discuss a potential rule banning noncompete agreements, which restrict employees from working for a competitor after leaving a job. The move aims to promote competition in worker mobility within the labor market. The FTC's initiative follows growing concerns that noncompete agreements stifle innovation and limit job opportunities for workers. Conversely, the rule could significantly harm businesses in their attempt to protect trade secrets, intellectual property and relationships that impact their profitability. The special Open Commission Meeting will be held virtually on Tuesday, April 23, 2024 at 2 pm ET. Read more here.

Home Insurance Companies Increasingly Dropping Customers Based on Images from Drones

Home insurance companies are adopting drone technology to assess property risks, with some using images captured by drones to drop customers. These images provide detailed insights into property conditions, enabling insurers to make more informed decisions. However, this practice has raised concerns about privacy and discrimination. As insurers rely more on drone imagery, there's a growing debate about the fairness and accuracy of these assessments. Critics argue that such practices may disproportionately affect certain demographics or regions, highlighting the need for transparency and accountability in the use of the technology in the insurance industry. 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.

Happy Wednesday! In this week's Big I Buzz, we are exploring if AI is a cyber or tech E&O risk and a closer look at the volatile and growing market of personal umbrella insurance.

Underwriters’ Dilemma: Is AI a Cyber or Tech E&O Risk?

Take a look at the challenges and uncertainties faced by underwriters regarding the inclusion of artificial intelligence (AI) in cyber and technology errors and omissions (E&O) insurance policies. Panelists at a symposium highlighted the historical presence of AI but emphasized the lack of industry adaptation to its evolving risks. The difficulty lies in categorizing AI-related risks under cyber or tech E&O policies, compounded by subtle distinctions between technology usage and provision of technological services. Underwriters are urged to delve into clients' operational models to assess potential losses accurately. There are emerging concerns such as liability for AI-generated code leading to data breaches and the use of AI in manipulating audio and video streams for fraudulent activities. Despite uncertainties, there's a consensus that insurers need to adapt to AI-related risks swiftly to support emerging technologies' safe development. Read more here.

Personal Umbrella: A Look at the Volatile and Growing Market

The "2024 Property & Casualty Market Outlook" by Alera Group paints a discouraging picture for the personal insurance market, citing unprecedented losses and unprofitability in homeowners and auto insurance. This situation is affecting pricing and availability, especially in catastrophe-prone areas and states with regulatory constraints on rate adequacy. The personal umbrella market is also feeling the impact, as it follows trends in underlying insurance losses. Despite challenges, there's growing awareness of the necessity of personal umbrella coverage, leading to increased demand. However, the industrywide hard market is putting pressure on this segment, with carriers seeking rate increases due to severe losses from auto accidents and litigation. Agents play a crucial role in detailing the benefits of personal umbrella policies to clients, emphasizing the protection they provide against unexpected events and potential financial liabilities. As rates increase, consumers may consider removing products to offset costs, underscoring the importance of delivering value through personal umbrella coverage. 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.

Happy Wednesday! In this week's Big I Buzz, we are discussing things agencies should keep in mind as Tax Day approaches and IIHS' ratings for assisted-driving systems from major automakers.

It's Time for Your Agency's 2024 Tax Check-Up

As Tax Day 2024 looms, independent agency owners are advised to consult their tax experts regarding their current tax structure and potential implications of a future sale. The Tax Cuts and Jobs Act of 2018 brought significant changes, favoring both C-Corps and pass-through entities. However, with the upcoming election cycle and potential changes in the tax code, understanding the implications is crucial. Moreover, the choice between stock and asset sales has significant tax ramifications, with asset sales generally preferred by buyers. Data suggests a significant number of agencies are still structured as C-Corporations, but considering conversion to other structures might be advantageous, particularly as there's a five-year waiting period to realize tax benefits in a sale. Consulting with professionals is recommended to navigate these complexities effectively. Read more from PropertyCasualty360 here.

Tesla, Rivals Get Low Marks for Automated-Driving Technology

The U.S. Insurance Institute for Highway Safety (IIHS) has given poor ratings to Tesla's Autopilot and Full Self Driving technology, along with nine other assisted-driving systems from major automakers, citing a lack of evidence for real-world safety benefits based on crash data. The study contrasts these findings with evidence showing that automatic emergency braking systems significantly reduce rear-end collisions and incidents involving pedestrians. Tesla, despite claiming its technology makes vehicles safer, is under scrutiny by federal regulators investigating nearly 1,000 accidents involving Autopilot. The IIHS emphasizes the absence of federal regulations governing advanced-driver assistance systems and highlights the need for standardized safeguards. Of the systems tested, only Lexus Teammate with Advanced Drive received an acceptable rating. Automakers could enhance safety ratings by adopting existing technology for functions such as driver monitoring or attention warnings. Tesla and other manufacturers are working on improving their systems, but concerns remain regarding their effectiveness and safety. Read more from insurancejournal.com 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.

Happy Wednesday! In this week's Big I Buzz, we are sharing the personal lines shopping activity outlook for 2024, how to fix your content marketing and a look into this week's InsurCon2024 Feature of the Week. 

Personal Line Shopping to See Robust Activity Throughout 2024, TransUnion Reports

In the latest report from TransUnion, it is predicted that the insurance shopping landscape will experience a resurgence in the coming year after a slight decline at the end of 2023. As vehicle supply chain challenges ease and mortgage rates decrease, the anticipation is that consumers will engage in robust shopping activities for home and auto coverages. Positive sentiments about household finances from 56% of consumers may further drive purchasing decisions. Notably, 17% of surveyed individuals plan to buy a new vehicle in 2024, compared to 11% in 2023. Lower mortgage rates are expected to boost the housing market, increasing the demand for home insurance. While carriers approach rate adequacy and anticipate slower premium growth, marketing strategies are advised to be efficient and targeted, focusing on cleaning up consumer data and segmenting high-value and active shoppers, including Gen Z, millennials, and those with high credit scores. Read more here. 

Why Your Content Marketing is Failing (and How to Fix It)

In the world of content marketing, it's not just about creating content; it's about creating content that works. Rick Ramos, a former CMO who played a pivotal role in generating millions in sales through content marketing, shares insights into the power of effective content and the stumbling blocks many businesses face. The key takeaway? Content marketing is a long game that demands a strategic approach, and success requires overcoming common challenges.

1. Lack of Strategy:
Content without a purpose is like a ship without a sail. Define your audience, understand their needs, and set specific goals. Whether it's brand awareness, lead generation, or increased website traffic, a well-defined strategy guides your content creation process.

2. Keyword Neglect:
People need to find your content, and keyword research ensures it ranks well in search engine results. Identify relevant keywords with tools like SEMrush or Ahrefs and integrate them naturally into your content to enhance visibility without compromising quality.

3. Inconsistent Content Creation:
Consistency is key in building an audience and establishing thought leadership. Develop a content calendar and stick to a regular publishing schedule, be it weekly, bi-weekly, or monthly.

4. Unengaging Content:
Content that fails to capture attention is destined to be ignored. Focus on creating valuable, informative, and engaging content that resonates with your target audience. Incorporate visuals like images and videos to enhance understanding.

5. Neglecting SEO:
On-page SEO optimization is crucial for improved visibility in search results. Optimize title tags, meta descriptions, header tags, and image alt text with relevant keywords. It may take time, but the impact on search traffic is significant.

6. Ignoring Lead Magnets:
Content can be a powerful lead generation tool. Offer valuable lead magnets like eBooks or checklists in exchange for contact information. These resources should address your audience’s needs and provide actionable insights.

7. Underestimating Webinars:
Webinars offer a fantastic opportunity to engage your audience in real time and generate leads. While they may be labor-intensive, their impact on the sales pipeline is substantial. A well-executed webinar can provide insights and showcase expertise, making it a valuable addition to your content strategy.

Remember, content marketing is a marathon, not a sprint. By addressing these potential pitfalls and implementing a strategic approach, you can transform your content from a neglected asset into a powerful engine for driving brand awareness, lead generation, and, ultimately, business growth. Discover the transformative potential of your content with these proven strategies from Rick Ramos, author of 'Transform Your Marketing,' and lead your brand to new heights. Read the article here. 

InsurCon2024 Feature of the Week: Earn 3 CE Credits (Ethics)

Last but certainly not least in this week's Big I Buzz, we are highlighting one portion of our annual convention that you won't want to miss! This year's convention is bigger and better than ever as we celebrate the IIAW's 125th anniversary. InsurCon2024 attendees will have the opportunity to earn 3 CE credits! Earn 3 Ethics CE credits during INsurCon2024 with Mallory Cornell's Less Risk. More Reward. E&O Risk Management course, happening from 1 to 4 p.m. on Wednesday, May 15th. This course will be full of storytelling statistics and E&O risk management tips. Plus, it is premium credit approved by Swiss Re. Register now for InsurCon2024, and don't miss out on all that this year's convention has to offer: iiaw.com/insurcon. 

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.

Happy Wednesday! In this week's Big I Buzz, we are sharing an upcoming opportunity to highlight the cool aspects of your career in the insurance industry and a reminder of the upcoming FREE CE opportunities for IIAW members. 

#DayInTheLife - February 28, 2024

Join insurance pros around the country of February 28th as we share the cool aspects of your career. This event is meant to promote awareness for careers in the insurance industry, by highlighting how a single day in the life can be so drastically different from person to person. There is a great diversity within our industry, and we want to show that off. Not sure what to share? If it in any way pertains to your work day on February 28th - almost anything goes. Still stuck? Here are a few ideas to start: 

• Your current office: (Example: Working from home? Have a hybrid workforce? Do you set your own schedule? Share the ways your career offers flexibility.)
• Milestones: (Example: Did you or someone you know get a recent promotion? Has your book of business grown? Share a part of your day that reflects job security and income potential.)
• Giving Back: (Example: Did you recently handle a claim that helped someone get back on their feet? Did your office give back to the community? The ways in which you help others is always a fabulous thing to share.)
• A Routine: (Example: You start every morning by walking the dog before work, or maybe you grab a cup of coffee from a customer you insure. Share a piece of your day you never go without.)
• Work Culture (Example: Ability to work from anywhere? Having virtual happy hours? Share the things you love about your work culture!)
• Your Growth: (Example: What do you do to ensure you grow professionally? Share a pic of yourself attending a virtual conference or maybe earning CE through a webinar on your laptop.)

Your insurance career is more than meets the eye. Learn more here. 

Upcoming Free CE Opportunities for IIAW Members

Business Income Basics & Trends in the Post-COVID World

Join us for an insightful journey into the world of Business Income Basics & Trends in the Post-COVID World! Gain valuable knowledge on income calculations, document reviews and the impact of the post-COVID economy on business income claims. This is happening next week from 9 to 10 a.m. on February 27, 2024 (1 WI CE Approved). Don't miss out - this webinar is free for IIAW members! Register here. 

An Introduction to AM Best, the Credit Rating Process and the 2024 Market Outlook

Dawn Walker, Associate Director at AM Best, will introduce AM Best ratings, cover the rating process, and discuss their market applications for stakeholders, regulators, and carriers. This webinar is taking place at 11 a.m. on March 6, 2024.The session will focus on the Best’s Credit Rating Methodology, exploring rating determinants and potential drivers for changes. Dawn will conclude with AM Best’s 2024 Outlook. Click here to register. This webinar is also 1 WI CE approved.

Managing Policyholder Communications

This course, happening at 10 a.m. on March 12, will raise awareness on the importance of: communicating significant changes in policy language, communicating if a client's current limit/coverage is inadequate, communicating and upcoming renewal and requesting any changes in the client's exposures. Register here. This webinar is also 1 WI CE approved.

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.