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.

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.

Happy Wednesday! In this week's Big I Buzz, we are sharing the change in renewal rate for commercial lines from last quarter and 10 insurtechs to watch in 2024. 

Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans

Ivans Index reported that the average premium renewal rates increased year-over-year for all major commercial lines except workers' compensation in the last quarter of 2023. Business owner's policy (BOP), general liability, commercial property, and umbrella insurance reached year-end highs in renewal rates during this period. Commercial property led with a 10.34% increase in Q4, reaching 10.67% in December—the highest monthly average renewal movement of the year. BOP and general liability also saw significant monthly rate increases in December, up 9.72% and 6.16%, respectively. Workers' compensation, which reached its highest rate in November, experienced positive average premium renewals for the first time all year at 0.15%. The data suggests an overall trend of rate increases, and industry experts are closely monitoring market trends and macroeconomic factors in 2024.

10 Insurtechs to Watch in 2024

The InsureTech Connect Forward50 Americas Report outlined the top ten insurtech companies highlighted for their leadership and potential. Here are those findings listed on PropertyCasualty360:

10. Armilla - The Toronto-based software development company has developed an assurance platform enabling them to comprehensively verify the quality and reliability of AI-powered products in an efficient and cost-effective manner. 

9. Converge - U.S.-based Converge is a cyber insurance, security and technology MGA focused on the SME sector. Their holistic approach enables them to understand each business' security vulnerabilities, identify threats and take steps to mitigate them.

8. Voxel - Voxel is a US-based B2B startup that has developed an AIpowered risk monitoring and analysis solution for commercial properties. It uses security camera feeds to identify potential hazards and high-risk activities in real-time and encourage safer behavior. 

7. Propeller - Propeller is a US-based insurtech that operates as a virtual agent or MGA focused on the surety bond market. Their platform automates the entire bond trading process, enabling instant underwriting and issuance of surety bonds directly to customers.

6. Elpha Secure - Elpha Secure is a US-based cyber insurance provider, focused on the SME market. Their comprehensive insurance offering comes with the added support of their cybersecurity software to assess, monitor and mitigate the risk of an attack. In the event that a business is affected, they also work with a panel of cyber incident providers to minimize its impact.

5. GloveBox - GloveBox simplifies insurance policy access for consumers by aggregating policy documents, regardless of carrier, in one centralized location. Consumers are also able to compare policies, pay bills, initiate claims and get updates on policy changes. This enables them to enhance customer experience for insurance clients. 

4. Founded in 2018, Roots Automation has created Digital Coworkers that leverage advanced AI to augment human staff in the insurance industry. Digital Coworkers are able to read, think and intuit like a human. They are domain experts, pre-trained to understand and interact with documents, applications and processes commonly found in insurance. 

3. Cover Whale - Cover Whale is a commercial trucking insurance startup for individual vehicles and small fleets. Their solution is powered by vehicle telematics and dash cameras to provide real-time analysis of driver behavior and proactive coaching. 

2. Instride Health - InStrde Health is a virtual pediatric behavioral health startup providing outpatient care for kids, teens and young adults living with anxiety and obsessive compulsive disorder (OCD). Their individualized treatment plans are managed by a coordinated care team, which can include both individual and family therapy, medication management, group therapy and on-demand coaching. 

1. Comp Science - CompScience's safety analytics platform aims to reduce the 2.6 million on-the-job injuries suffered by US workers each year, which cost more than $167 billion in compensation payouts. The company's flagship product is the Intelligent Safety Platform, which analyzes the security video to continuously identify risks, provide mitigating guidance and offer competitive workers' comp insurance. 

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 sharing an upcoming webinar you won't want to miss and what J.D. Power says is changing the insurance industry.

J.D. Power: The Factors Changing Insurance

The P&C insurance sector is undergoing a significant transformation driven by economic forces beyond insurers' control. J.D. Power's Senior Director of Insurance Business Intelligence, Stephen Crewdson, emphasizes this in the report 'The Five Forces Influencing P&C Insurance Shopping.' Crewdson notes the industry's departure from tradition, attributing the shift to socio-political and economic factors. Here are the five forces J.D. Power Insurance Intelligence says is reshaping the landscape of P&C insurance: 

5. Less satisfying claims experiences are beginning to influence more consumers to shop. 

4. Insurers are pulling back as more consumers are shopping.

3. Insurers are increasingly targeting more profitable consumers.

2. UBI is taking a larger role in shopping and may break the 'bundling mold.'

1. Inflation is driving rates, and rates are driving consumers to shop. 

Read more from this article here. 

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

11 a.m. on March 6, 2024

1 WI CE Pending - Free to IIAW Members

Presented by the IIAW

Dawn Walker, Associate Director at AM Best, will provide an introduction to AM Best ratings and walk through rating process. Dawn will discuss how ratings are used in the market by varying stakeholders and regulators, as well as how a carrier might use their AM Best rating. The session will highlight the Best’s Credit Rating Methodology building blocks, which are used to determine a carriers rating, and potential drivers for ratings changes. In conclusion, Dawn will present AM Best’s 2024 Outlooks. 

Register for this webinar 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 a few takeaways from our 2023-Q3 Quarterly P&C Marketplace Summary and the top causes of travel insurance claims in 2023. 

Takeaways from the 2023-Q3 Quarterly P & C Marketplace Summary: 

Paul A. Buse from Real Insurance Solutions Consulting has pulled some of the takeaways from this quarter's report, "

• The data shows market conditions are firm, but "increases to the increases" have paused in some states. At an average of over 10.2% premium change across the United States, it certainly was a Q3 accurately described as "hard". 

• Lines of business that were the most "hard" are generally property related, and again include Fire and Homeowners. And this quarter, Automobile lines premium growth rates increased. Two lines of business of note shrank in premiums, compared to the same quarter as last year. One is Other Liability Claims-Made. The other is Commercial Multiple Peril. Other Liability Claims-Made premiums continue to decrease after past years of premium increases. Commercial Multiple Peril may be a one-time event, but only time will tell. 

• Consistent with last quarter, Surety premium growth continues to be strong."

Check out the full marketplace report here. IIAW members can access this report for free. 

Top Causes of Travel Insurance Claims in 2023

According to Property Casualty 360, increased travel comes the increased likelihood of travel insurance claims. Here's the list of top causes of travel insurance claims in 2023, "

No. 7: Lost possession while in insured's care: percentage of claimants is 16%

No. 6: Costs incurred because of travel company (travel agent, tour company, etc.): Percentage of claimants is 17%

No. 5: Damaged possessions: percentage of claimants is 18%

No. 4: Lost possessions during transport: percentage of claimants is 21%

No. 3: Transport delays: percentage of claimants is 25%

No. 2: Cancellation: percentage of claimants is 27%

No. 1: Medical costs: percentage of claimants is 28%

Read the full article 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.