Happy Wednesday! In this week's Big I Buzz, we are discussing the world's first "ketchup insurance policy" and how tech problems are affecting insurance agents.

Heinz Debuts Insurance Coverage for Ketchup-Related Perils

Heinz Arabia is rolling out what it claims to be the world's first "ketchup insurance policy," aiming to compensate policyholders for damages caused by ketchup splatters and splotches on clothing, pets, furniture, and other belongings. Partnering with MyBenefits, an employee benefits app, Heinz offers coverage for 57 types of ketchup-related mishaps, including incidents like unintentional ketchup explosions and using ketchup spills as an excuse to leave undesirable meal settings. However, exclusions apply, such as coverage limited to damages caused by Heinz Ketchup only. While the campaign is tongue-in-cheek, claimants may receive real-life rewards such as spa treatments or home cleanings through the MyBenefits app. Passant El Ghannam, head of marketing at Kraft Heinz MEA, noted that the initiative caters to consumers who frequently encounter ketchup accidents, emphasizing their love for Heinz products. Read more here. 

Tech Problems Continue to Vex Today's Insurance Agents

Artificial intelligence (AI) has made its mark in the insurance industry, albeit quietly, until recently gaining widespread recognition for its impact. The convergence of advanced language processing software and increased awareness of generative AI tools has transformed insurance workflows across the board. The 2024 Independent Insurance Agent Survey, conducted by PropertyCasualty360 in collaboration with the National Association of Independent Insurance Agents, reflects a growing acceptance of new technologies among respondents. While data management, marketing communication, and report compilation stand out as areas benefitting most from AI, concerns about potential risks linger. Many agents worry that incorporating AI into client-facing functions may compromise the personalized service aspect traditionally associated with independent agencies. Despite the availability of technological tools, insurance agents express frustration with their ability to navigate the challenges of today's tough market conditions. Staffing shortages, carrier delays, and technology glitches contribute to inefficiencies, prompting calls for a balance between technology and human oversight in the industry's ongoing digital transformation. 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 how different generations approach retirement and what's expected with P&C rates in the future.

P&C Rate Hikes Expected to Continue; What's Driving Costs Up?

The United States is witnessing a significant surge in insurance rates, driven by various factors like high inflation, increased claims costs, climate change impacts, and the emergence of fraud rings. Premiums for property and casualty insurance have risen by over 20% on average for most Americans, with the trend expected to continue into the first half of 2024. States such as California, Florida, Illinois, New Jersey, New Mexico, Nevada, Rhode Island, and Texas are experiencing substantial increases. Inflation, supply chain issues affecting claims processes, and heightened climate risks are contributing to the escalation. Changes in consumer behavior, more accidents on the road post-COVID measures, and fraudulent activities are also impacting insurance costs. Despite the challenging start to the year, there are indications that economic conditions may stabilize, leading to a potential slowdown in insurance rate increases in the latter part of 2024.

How 4 Different Generations Approach Retirement - and Where They're Failing

Retirement savings across generations, including baby boomers, Generation X, millennials, and Generation Z, exhibit notable differences. Gen Z and millennials, benefiting from features like auto-enrollment and auto-escalation in their 401(k) plans, tend to make better investment decisions and engage more actively due to social media and financial education resources. In contrast, Gen X faced challenges during the transition from pensions to 401(k)s, missing out on default features. Baby boomers, contending with the Great Recession during their peak earning years, have unique hurdles. The distinct approaches of these generations toward retirement savings highlight the impact of historical and technological factors.

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.

The IIAW is excited to share our newest strategic partnership with the State Bar of Wisconsin, a professional organization of more than 25,000 members committed to legal excellence. This collaboration brings you an exclusive opportunity to access a critical insurance law resource, Anderson on Wisconsin Insurance Law, at a special discounted rate for IIAW members. 

This book is the "go-to" resource for the insurance industry, insurance lawyers and the courts. It focuses on Wisconsin insurance law, explanations of insurance cases and court decisions that affect. how insurance policies are written, interpreted and applied in Wisconsin. This two-volume set is updated annually, providing users with the latest insurance law issues, concepts and court decisions. 

The IIAW has worked with the State Bar of Wisconsin to get this book in our members' hands. Why? 

• Because an informed agency is a successful agency with a competitive advantage. 
• Our members want to know that we are up-to-date and well-informed
• Knowledge is power and being able to demonstrate an understanding of the law helps us show value to our members. 
• This is a resource that expands our understanding of the industry we work in, provides confidence and a sense of personal pride. 

Anderson on Wisconsin Insurance Law makes the complexity of the law understandable. It is an up-to-date ool that fosters professiona understanding of changing insurance coverage issues. 

The books will help you understand and explain the rationale behind a comprehensive array of topics, including but not limited to: 

• Interpretation of insurance contracts
• Automobile liability insurance
• Uninsured and underinsured motorist insurance
• General liability policies
• Fire and property insurance
• An insurer's duty to defend
• An insurer's investigation and handling of third-party claims
• First-party claims against insurers
• Subrogation

These books do not replace the guidance of an attorney or corporate counsel. But they do serve as a resource for us to learn, focus our questions and better understanding the constantly evolving Wisconsin insurance laws and how they are changing in the legislature and the courts. 

Because of our new relationship with the State Bar of Wisconsin, from March 15 through May 15, IIAW members can receive the Anderson on Insurance books at State Bar of Wisconsin member prices. This is a savings of nearly $100 for the two-volume set. 

You will be able to choose to have the book in print format, or in a searchable electronic format called Books Unbound, available 24/7 on all your electronic devices. 

The price - and your special savings - on Anderson on Insurance are as follows: 

Print: Our IIAW special price is $380

Versus the normal non-member price of $475

Electronic: Our IIAW special price is $372

Versus the normal non-member price of $464

These books are updated annually, and you can sign up for this automatic supplementation service at the time of purchase. This ensures your book is always up to date, and you have the most current information at your fingertips. 

To purchase, visit the Anderson on Wisconsin Insurance law product page on the State Bar of Wisconsin's Marketplace. Click the add to cart button and proceed to checkout. You will need to create an account at that time to complete the purchase. To receive the $95 discount, enter the discount code IIAW20 when prompted, then complete your purchase. 

If you and your team are looking for a way to enhance your understanding of insurance law, and stand out as experts to your customers, I urge you to take advantage of this limited time opportunity to purchase Anderson on Wisconsin Insurance Law. 

On behalf of the IIAW, we want to thank the State Bar of Wisconsin for their willingness to partner with us and provide us access to this incredible resource. 

Happy Wednesday! In this week's Big I Buzz, we are sharing details on a new addition to Trusted Choice's Social Media Content Calendar, expanded data for IIAW members in 2024 and upcoming Catalyit webinars that you can register for now. 

Trusted Choice Content Calendar

Use Trusted Choice's monthly social media calendar to plan your social posts with their ready-to-use content. New calendars are released 30 days before the start of the new month. Trusted Choice now includes the content they make as templates that you can edit to fit your own brand. When visiting their website to access the new content, you can click "Canva Templates" and you will be taken to the template on Canva. Once there, you should be able to make a copy of the templates where you can begin to make edits. All templates without customization are available for free download on the Trusted Choice member site. To get the most out of the templates on Canva, Trusted Choice recommends investing in Canva Pro for $150/year for up to 5 users.  Visit https://trustedchoice.independentagent.com/content-calendar/ for details.

Upcoming Catalyit Demos - Free for IIAW Members

In the dynamic landscape of technology, staying ahead isn't just an advantage, it's a necessity. For you, the insurance agents, keeping up with this landscape can be challenging. Between wondering what technological trends in the industry you should be aware of to where you should start with technology as a new agency, Catalyit is a great resource for IIAW members! 

Catalyit is an insurance technology consulting firm that can help you answer these questions and so many more. When it comes to the how and why of insurance technology, Catalyit is your 'go-to' resource for all things insurance and technology. 

IIAW members receive a free Full-Access Subscription to Catalyit, which gives you the chance to attend their technology demos. The demos range in categories from cyber security to agency management systems.

Sign up for your Full-Access Subscription here. Then, you can register for the webinars of your choice here. 

Expanded Data for IIAW Members in 2024: New Wisconsin All Insurer Listing

This year the IIAW is expanding your member-only access to state-specific P&C industry data! You may recall the 2021, 2022 and 2023 Wisconsin Annual P&C Marketplace Summaries, and then the addition in 2022 of the Wisconsin Quarterly P&C Marketplace Summaries. Now, in 2024, we will be adding a number of Insurance Company Lists for your use. We are starting with a Wisconsin All P&C Insurer List that you can access here. 

This list will let you have speedy access to information on any P&C insurer you might encounter in Wisconsin. You can quickly search the list by name for any P&C insurer you may be wondering about. The list gives you the below information for each policy-issuing insurer active in Wisconsin:

1. The policy-issuing insurer's Full Name. This is sorted alphabetically to make finding a specific insurer easiest. 
   
   
2. The Insurer Group the insurer belongs to (if any). For example, Acadia Insurance Company is a W.R. Berkley Insurance Group insurer. 
   
   
3. The insurer's "Marketing Type". This is the insurer's approach to the marketplace. For example, Acadia is a well-known independent insurance agency company and it lists "Independent Agency" as its Marketing Type. 
   
   
4. The insurer’s Wisconsin premium from the most recent completed calendar year.  For the current All P&C Insurer List, this data is the 2022 calendar year direct written premium.  As the 2023 data becomes available, it will used.  For example, Acadia’s 2022 direct written premium in Wisconsin is $1,724,000.  We do not yet know their 2023 direct written premium in Wisconsin.
   
   
5. The percentage that Wisconsin premium is to the United States Premium. This answers the question, “how big is Wisconsin for this insurer compared to other states?”  For example, Acadia’s Wisconsin premiums are .44% of all Acadia United States premiums. Note, this means the Acadia’s United States premium is $390,238,095 ($1,724,000 ÷ .0044).
   
   
6. The percentage the insurer’s United States premium is to the group’s United States premium. This answers the question for insurers in groups or fleets of “how big is this insurer to its group?” For example, there are over 20 insurers in the W.R. Berkely Group and Acadia’s United States premium is 4.4% of all the premiums for all those 20+ insurers.  Note, this means W. R. Berkley’s United States direct written premium of $8.7 Billion  ($390,238,095 ÷ .0444)
   
   
7. The policy-issuing insurer’s largest line of business in Wisconsin.  For example, in Wisconsin, Acadia’s largest line of business in Wisconsin is Commercial Multiple Peril. 
   
   
8. The insurer Group’s largest line of business in the United States (if any).  For example, W. R. Berkley’s largest line of business in the United States with all group members combined is Other Liability (Occurrence).

So, what else is planned for distribution to you as IIAW members in 2024?  Our plan is to provide you regular installments of useful industry data.  This Insurance Agents of Wisconsin All P&C Insurer List is the first installment.  The remainder of the year will have you receiving, as a member-exclusive benefit, the 2024 Wisconsin Annual P&C Marketplace Summary in May, the three (3) Wisconsin Quarterly P&C Marketplace Summaries in June, September and December, and useful All Insurer lists by Line of Business provided in the other months.  Next we will plan to provide you the Wisconsin Private Passenger Auto All Insurer List.  Watch XXX, IIAW newsletters, and IIAW’s website for other industry data available to you, including your access to specific insurer Wisconsin P&C Insurer SnapShots, and Wisconsin data-focused webinars.

No one else but IIAW is providing you this industry data and we hope you find it helpful in interacting with prospects and insureds and setting strategic direction.  We hope you find it useful.  If you have any questions, thoughts or suggestions on this industry data, please contact IIAW staff to share your thoughts.

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 upcoming prelicensing schedule and learn how to use AI in your agency by attending an upcoming webinar from Catalyit!

The IIAW offers in-person and online prelicensing classes, designed to help you pass your Wisconsin licensing exam by the quickest method of meeting the required prelicensing education hours. The IIAW licensing school has some of the highest passing ratios in the state for the last 25+ years. 

Our upcoming class schedule:

February 5-8, 2024 Life & Health

March 18-21, 2024 Property & Casualty

April 8-11, 2024 Life & Health

May 20-23, 2024 Property & Casualty

June 17-20, 2024 Life & Health

Register here. 

Hot Topic: Harness AI - Practical Ways to Use AI in Your Agency Today

February 6, 2024 at 11 a.m. EST

Discover how Artificial Intelligence (AI) is impacting the insurance industry. Panelists will explore practical AI tools and technologies that can improve various aspects of your work, including marketing, lead generation, cybersecurity and more. Learn how AI is currently being used in insurance agencies and the real benefits it brings to everyday tasks. The session will also address the crucial question: Is AI a threat or an opportunity for insurance agents? Join Catalyit for an insightful discussion on the future of AI in insurance and how to leverage these technologies for your agency's success. 

If you are already a Full Access Catalyit subscriber, click here to log in and register: https://catalyit.com/event/hot-topic-ai-and-your-agency/

If you're not a Full Access Catalyit subscriber, good news! IIAW members receive free full access. Take advantage of this member benefit by signing up to be a Full Access subscriber here. Then, you can go to the above link to register for this webinar. 

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.