Happy Wednesday and last week of March! In this week's Big I Buzz, we are highlighting the three breakout sessions you can choose from when you attend InsurCon 2023, 6 ways to avoid burnout at work and states with the highest speed-related traffic deaths. 

Register Now and Select Your InsurCon2023 Flight Path

The IIAW's annual convention, InsurCon2023, has something for every attendee. You can choose the breakout session that aligns with your interests. Here are the options: 

1. Agency Planning: Mapping Future Flight Paths
   
   There has never been a better time to be an independent insurance agency owner. Multiples are at an all-time high, technology solutions are plentiful and 63% of all agencies are growing. In this session, a group of experts will help you prepare for your future. Whether you are looking to grow by acquisition or transition your agency's ownership planning ahead will position you to have the most opportunities possible. This path will walk you through practical topics like understanding and calculating your proforma EBITDA and why that is important to know the value of your agency. It will also cover industry benchmarks that you should know and cover the common risks inside your agency and provide you with strategies to minimize those risks. 
   
   The group of industry experts will help you define the criteria for your ideal acquisition targets and how synergies, time and mechanisms can all impact the price of an agency. You will leave this session knowing how you can leverage your banking relationships as a strategic partner and be well-prepared to map your agency's future flight plans! These highly respected and desired industry experts will lead you in this workshop which will help take your agency to new heights. 
   
   Speakers: Carey Wallace (AgencyFocus), Curt Van Auken (Security Financial Bank) and Josh Johanningmeier (IIAW General Counsel - Godfrey & Kahn)
   
   
2. Flight Path to Digital Marketing
   
   Enhance your digital presence, both personally and as a brand, during this hands-on digital marketing experience. The superstar pilots at Viral Solutions will lead this Flight Path to Digital Marketing, guiding you through developing a balanced and effective marketing strategy, creating compelling content for your website and enhancing your company's internal and external communication with tips for generating clear and simple messaging.
   
   Speakers: Meagan Van Ahn, Aaron Salata and Thomas Von Ahn from Viral Solutions
   
   
3. Top Gun Communication & Negotiation Skills
   
   Every insurance professional must be skilled to influence or negotiate on a regular basis, so this flight path is open to anyone looking to improve these areas. New Level Partners will lead the engaging & interactive Top Gun Communication & Negotiation Skills flight path. This interactive workshop will help attendees plan and communicate for maximum impact and influence, represent their best self, negotiate to gain positive outcomes, understand 'no' and adapt to challenges in the negotiation process. The content in this workshop draws from New Level's direct experience in the insurance industry and then reinforced by the expert research and authorship of many key contributors to the field of negotiation.
   
   Speakers; New Level Partners

Don't miss this year's convention. Register now and select your flight path here. 

6 Ways to Avoid Burnout at Work

Addressing burnout at work starts by addressing the symptoms. According to Property Casualty 360, some signs to watch out for are  frequently feeling overwhelmed or exhausted, becoming frustrated and cynical, suffering performance, work is always a top priority, lack of sleep and experiencing health issues."

However, Life Hacker Guy, a nutrition and health site, offers these ways to address the symptoms of burnout: 

1. Get enough sleep. 

2. Exercise regularly

3. Eat well

4. Take a break. 

5. Don't forget to treat yourself. 

6. Ask for help. 

You can read more about recognizing and addressing burnout here. 

These States See the Most Speed-Related Traffic Deaths

According to the National Highway Traffic Safety Administration (NHTSA), found that car crashes cost Americans $340 billion in 2019 when an estimated 36,000 people were killed in automobile accidents, 4.5 million were injured and some 23 million vehicles were damaged. 

These are 10 states that saw the most speed-related traffic deaths from 2010-2020, according to Forbes Advisor. 

10. Arizona - 33% of roadway fatalities were caused by speeding (353 speed related fatalities total)

9. New York - 36% of roadway fatalities were caused by speeding (378 total)

8. Georgia - 23% of roadway fatalities were caused by speeding (380 total)

7. Missouri - 43% of roadway fatalities were caused by speeding (421 total)

6. Pennsylvania - 41% of roadway fatalities were caused by speeding (459 total)

5. Illinois - 39% of roadway fatalities were caused by speeding (460 total)

4. North Carolina - 32% of roadway fatalities were caused by speeding (489 total)

3. South Carolina - 46% of roadway fatalities were caused by speeding (494 total)

2. California - 32% of roadway fatalities were caused by speeding (1,228 total)

1. Texas - 37% of roadway fatalities were caused by speeding (1,446 total)

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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 steps to take to avoid vehicle pothole damage, content to share for St. Patrick's Day and how social inflation is contributing to commercial rates. 

Drivers: Take these steps to avoid vehicle pothole damage

Thawing roads means headaches for drivers as craters and crevices make themselves known. According to Property Casualty 360, "Although pothole damage is covered by most collision policies, the expense may not exceed a policyholder's deductible, which means repair costs would have to be paid out-of-pocket. AAA and QuoteWizard say that drivers in the U.S. spend about $3 million a year fixing vehicle damage caused by potholes. 

Here are a few steps to avoid pothole damage: 

1. Keep tires properly inflated. If tires are underflated, which they often are after a bout of cold weather, the impact from hitting a pothole is much more likely to cause vehicle damage. 

2. Travel at a safe speed for the road conditions, and keep an eye on the road - always. This can all help drivers avoid hitting potholes in the first place. 

3. Avoid sudden swerving to avoid a pothole as this may result in loss of vehicle control or cause a dangerous distraction for other drivers.

4. Report fresh potholes to local authorities immediately so they can address this roadway hazard.

Read more from the article here. 

As you plan your social media content for the rest of the week, feel free to right-click and save this graphic! 

Suggested copy: Make sure luck is on your side this St. Patrick's Day. [insert your website here]

Social Inflation Contributed to $30B Increase in Commercial Auto Costs, Paper Finds

According to a report by the Insurance Information Institute (Triple-I) in collaboration with the Casualty Actuarial Society, commercial auto insurance liability claims have increased by $30bn between 2012 and 2021 due in part to social inflation. The report suggests that general inflation and social inflation caused by legal system abuse and third-party litigation funding are among the contributors to the upward movement in commercial auto liability insurance costs. The authors examined trends in the loss development patterns used by actuaries to estimate future insurer liabilities and found that loss development factors for commercial auto insurers have been increasing for more than a decade, with high levels of social inflation remaining present in industry results.

Read more here. 

We hope that you all have a happy and safe St. Patrick's Day. Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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 two webinars that you won't want to miss PLUS findings from ACORD polls on future of the industry. 

Don't forget to take advantage of your IIAW membership to receive FREE CE! We are offering two webinars with continuing education credits that you can sign up for right now. 

1. Claims Handling: 2023 The Year of the Customer

9 a.m. to 10 a.m. on March 2

This webinar will review claim handling do's and don'ts for an independent agency. The session reminds an agency of the E&O risks of providing too much guidance to customers on how to handle a claim and whether there is coverage. The presenter, Jim Redeker, will utilize case examples, storytelling and data from one of the largest E&O carriers in the United States, Swiss Re Corporate Solutions. Register now for this webinar here. 

2. E&O Risk Management and Ethics: Less Risk. More Reward. (3 Ethics CE in WI)

9 a.m. to noon on March 8

Do you need Ethics credits? E&O Risk Management and Ethics: Less Risk. More Reward. is a live, virtual course full of storytelling, statistics and E&O risk mitigation tips presented by IIAW's Vice President, Mallory Cornell! This course is open to everyone. Register now for this webinar here. 

ACORD Polls Insurance Pros on Future of Industry

ACORD polled insurance professionals about their perspectives on the outline of the insurance industry over the next 20 years, according to Insurance Business Mag. 

Here are some of the key findings, according to the article: 

• Nearly 50% of respondents anticipated that their greatest source of long-term competitive advantage would be the way in which they used technological capabilities. 
• Survey respondents said that familiarity and proficiency with technology, from the C-suite down, will be increasingly important. 
• Respondents anticipated a rise in the technology vs. people skew in their organizations' capability mix over the next 10 to 20 years, and 52% said technology would be the most critical competency for the C-suite by 2040.
• APIs were widely considered the most important priority for the near to medium term with 24% name it among their top three areas of focus. 
• AI and machine learning will be even higher priorities in 20 years than in 10 years, with quantum computing doubling in importance over the same period. 

Read more from this article here. 

For more news, check out the Actions News section of our weekly e-newsletter, Big I Buzz. Additionally, we send out monthly newsletters with content curated for you and your role. Make sure you're on the list to receive these monthly communications by heading to bit.ly/industrynewsforyou.

Happy Wednesday! We hope that everyone had a great Valentine's Day. In this week's Big I Buzz, we are sharing why you should participate in tomorrow's #DayintheLife Social Challenge, a reminder to register for the IIAW Emerging Leaders Luxe Golf Social and common wedding liabilities. 

#DayintheLife Social Challenge

Your insurance career is more than meets the eye. Join in on February 16, 2023, by sharing a photo or video on your social channels with the hashtags #DayintheLife and #InsureMyCareer. The goal of this social challenge is to promote awareness for careers in the insurance industry by highlighting how a single day in the life can be drastically different from person to person. There is 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 16th - 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 that 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 you 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 your 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.)

Read more here. 

Don't Forget to Register for the IIAW Emerging Leaders' Luxe Golf Social

Join the IIAW Emerging Leaders at Luxe Golf Bays in Franklin, WI on March 2nd for an hour of education and golf. Our guest speaker, Joel Katsma, General Manager - Sales at Acuity INsurance, will start his presentation "Hard Markets Create Opportunity and How Technology is Changing Insurance Distribution" at 1 p.m. Then, enjoy friendly competition while playing golf in Luxe's heated golf suites starting at 2:30 p.m. Register now - space is limited! Click here to sign up. 

A Dozen Common Wedding Liabilities and Risks

Weddings come with a lot of moving pieces from vendors to venues. Zola reports that the average wedding spend in 2023 is $29,000. Investopedia has put together a list of the 12 most common wedding liabilities and risks: 

• Issues with wedding vendors, including financial insolvency

• Injury or illness before the event

• Extreme weather

• Property damage during the event

• Lost and stolen gifts

• Damage to wedding attire

• Military deployment delays

• Liquor liability to protect against alcohol-related accidents and injuries

• Loss of deposits

• Food poisoning at the event

• Vendor no-shows

• Job loss

Read more here. 

For more news, check out the Actions News section of our weekly e-newsletter, Big I Buzz. Additionally, we send out monthly newsletters with content curated for you and your role. Make sure you're on the list to receive these monthly communications by heading to bit.ly/industrynewsforyou.

Happy February! In this week's Big I Buzz, we are discussing increases in auto insurance shopping & switching and how to use the Trusted Choice Marketing Reimbursement Program. 

Now that we're kicking off the second month of the year, it's the perfect time to restart those forgotten New Years' resolutions! If your resolutions were to start the new year by increasing your marketing, you're in luck! Trusted Choice offers Big I members a Marketing Reimbursement Program.  All agency are eligible for up to a $1000 reimbursement for co-branded marketing and certain digital improvements. This is a 50% match base on one allotment per member agency (limited to one location). 

Ways to qualify: 

Co-branding: Use of the Trusted Choice logo on consumer facing advertising. For access to be pre-produced advertising materials visit the Trusted Choice Marketing Campaigns that can be customized for your agency free of charge by Trusted Choice staff. There are print, digital, video and radio ads available. 

  Digital Co-branding: Use of any of the Trusted Choice customizable marketing materials or brand creative that includes the Trusted

Choice logo. This includes video production and advertising costs (display ads, social media ads, YouTube, etc.)

  Traditional Co-branding: Certain traditional advertising options are eligible for reimbursement (billboards, radio, print, client

incentives and some sponsorships), provided they are co-branded with the Trusted Choice logo.

Stationary, business cards and other office supplies are not eligible for reimbursement.

Digital Improvements: Reimbursement is available to make strategic digital improvements for your agency using one of the provides

designated as MRP eligible. You can utilize the funds with one or multiple vendors during the year up to $1,000 limit.

Auto Insurance Shopping - and Switching - Increases

A new quarterly report from J.D. Power and TransUnion, have found that the quote rate for auto insurance in the fourth quarter of 2022 was up 12.1% and the switch rate was 4.1%.

These findings mean that drivers are not only shopping around for auto insurance more than ever, they are switching carriers.

Along with this, J.D. Powers also noted that insurers have decreased spending in advertising.

The report also found that consumer loyalty was strongest for these insurers: USAA, MAPFRE and New Jersey Manufacturers.

Read more about the findings 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.

Additionally, we send out monthly newsletters with content curated just for you and your role.

Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!