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!

Happy Wednesday! In this week's Big I Buzz, we are discussing a member benefit that you should be taking advantage of in 2023 and states with the biggest auto insurance rate changes. Plus, as a bonus, we are sharing two upcoming opportunities to earn CE. 

HR Solutions for Your Agency

Planning to hire in 2023? Selecting the right team member is critical to. your agency's success and the IIAW is here to help! Through your IIAW membership, you can access many staffing solutions to help you ensure that you're finding the perfect candidate for your agency. We know that hiring can feel like a daunting task, so we have options to help whether you prefer to do it yourself, need a little help or just want to outsource the entire process. 

Additionally, the IIAW offers the following HR solutions:

• Agency Hiring - The partnership with CareerPlug, gives our members the opportunity to create their own careers page and the opportunity to post available job opportunities on a site that enables them to get better candidates to fill any vacancies. Members have the option to upgrade their subscriptions with CareerPlug at an annual, deeply discounted rate that will allow them to cross-list their open job position on popular job sites like Indeed, ZipRecruiter, etc. 

• Employee Handbook and Other Templates - There's no better time to update your Employee Handbook than the start of the new year. Establishing policies and procedures is one of the best ways to improve workplace communication, set employee expectations and promote fairness, leading to a more productive workplace. Whether it's providing policy updates or creating a handbook for the first time, the IIAW will work with you to craft and brand your employee handbook to your agency. 

• New Hire Training - Start your new hires off right with our classroom and self-study prelicensing courses and online training in insurance essentials, coverages, business skills and more. 

• Remote Staffing with WAHVE - Hire an experienced and qualified remote employee for full-time, part-time or project-based work through our partnership with WAHVE. WAHVE bridges the gap between an employer's need for highly skilled professional talent and seasoned professionals desiring to extend their career working from home. From screening to placement, WAHVE is a comprehensive solution to qualifying, hiring and managing experienced remote talent. 

• Internships & Talent Pipeline - Promote internship and job opportunities with your agency at college RMI Career Fairs with the help of the IIAW. 

Learn more about the IIAW's HR Solutions here. 

States with the Biggest Auto Insurance Rate Changes

ValuePenguin.com has narrowed down the the states that are expected to see the biggest year-over-year rate increase for car insurance. Here's what their study found: 

10. Virginia - year-on-year increase is 12.6% with an average annual cost of $1,416

9. Kansas & New Mexico (Tied) - year -on-year rate increase is 12.9%. The average cost for Kansas is $1,656 and for New Mexico is $1,668. 

8. Delaware - year-on-year rate increase is 13.3% with an average annual cost of $2,052. 

7. Utah - year-on-year increase: 13.4% with an average annual cost of $1,656.

6. South Carolina - year-on-year rate increase is 13.5% with an average annual cost of $1,632. 

5. New Hampshire - year-on-year rate increase is 13.6% with an average annual cost of $1,560.

4. Georgia - year-on-year rate increase is 13.8% with an average annual cost of $1,500. 

3. Pennsylvania - year-on-year rate increase is 14.4% with an average annual cost of $1,488. 

2. Arizona - year-on-year rate increase is 15.6% with an average annual cost of $1,920. 

1. Illinois - year-on-year rate increase is 17.1% with an average annual cost of $1,720. 

You can read more about this study and its findings here. 

Two Upcoming CE Opportunities 

1. E&O Risk Management and Ethics: Less Risk. More Reward.

1 to 4 p.m. (Happy Hour: 4 to 5 p.m.)

February 28th

SECURA Insurance in Neenah, WI

Cost: $24

3 WI Ethics CE Credits

Join us on February 28th at SECURA Insurance in Neenah, WI for this interactive seminar that looks at the risks of E&O claims for an independent insurance agency. This course serves as an educational opportunity for insurance professionals to consider their ethical obligations from both a legal perspective and how it can affect their exposure to E&O claims and allegations. 

This course has been approved for E&O risk management premium credits for Swiss Re policyholders and approved for 3 Ethics CE. 

2. Claims Handling: 2023 The Year of the Customer

9 a.m. on March 2 - 1 WI CE Approved

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. 

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!

Happy New Year! We hope everyone had a great holiday season. In this week's Big I Buzz, we are sharing the cyber insurance themes to look out for in 2023 and details about this month's Spotlight Member Benefit of the Month. 

Continuing Education Options through Big "I" University

We know you have plenty of options for continuing education - some good, some bad and some truly ugly. To get you to the good (superior, really) Big "I" Virtual University's CE content is now available through ABEN, the exclusive provider for all VU continuing education webinars. The IIAW is part of ABEN which was created to offer professional training via live webcast technology. When tuning in, you have real-time interactivity with ABEN's expert instructors, useful PowerPoint presentations and supporting materials and live, streaming video of the virtual classroom! Plus, with ABEN CE, no test is required. 

They are offering webinars in the following categories: 

• Essential Commercial Lines

• Advanced Commercial Lines

• Essential Personal Lines

• Advanced Personal Lines

• Certificates of Insurance

• Workers' Compensation

Learn more about CE through ABEN here. 

Cyber Insurance Themes to Look Out For In 2023

Oliver Brew, Lockton Re, shared his list of cyber insurance themes to look out for in the new year. Here are the key themes to look out for - some are already underway and will accelerate while others are completely new. 

1. Rates stabilize and underwriting discipline continues

2. Regulators sharpen their focus on systemic risk

"The challenge is that there are few, if any  (depending on loss/definition thresholds), historic examples to act as benchmarks or guides of how severe these events could be. Given the speed of change to the threat landscape, any systemic event of the last few years is unlikely to be indicative of events which could happen in the coming year or beyond."

3. The trend away from quota share reinsurance will continue

4. Analytics will become increasingly integrated into all aspects of the cyber insurance value chain

5. ILS investors will (finally) meet their match with (re)insurers

Read Oliver's explanations for each trends 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!

Happy Wednesday - we are back from Thanksgiving break to bring you all another week of Big I Buzz.

IIAW Emerging Leaders Annual Fundraiser

Yesterday was Giving Tuesday, and we saw great support for this year's Emerging Leaders Fundraiser! Last year the IIAW Emerging Leaders surpassed their initial fundraising goal of $500, donating an incredible $5,725 to the American Family Children's Hospital. This year, our fundraising goal is $1,500 and we hope you'll help us reach our fundraising goals by donating today!

We are also accepting physical donations, and you can find a list of what items each humane society is looking for here. You can bring physical donations to the IIAW office by contacting evan@iiaw.com to setup a drop off time or attend this year's Emerging Leaders Holiday Party and bring your physical donations with! 

We will accept physical and monetary donations through December 15th. 

Have you taken advantage of your free Catalyit Full Access Subscription?

Go into the New Year with your agency tech resolutions already accomplished with Catalyit.com. The number of ways independent insurance agencies can leverage tech to increase profit and serve customers is nearly unlimited. But time, know-how and fear of risk are getting in the way. Catalyit solves it for you. As an added IIAW member benefit, all IIAW agency members receive a free Full Access Subscription to Catalyit.

Here's what you gain when you activate your FREE subscription: 

Tools: An in-depth tech assessment with a custom roadmap report for your agency awaits. Get a free consult with an expert and guidance on the best approach for your tech stack. If you have questions, not to worry - call the Catalyit Help Line.

Guides & Reviews: Selection guides for each area of your tech with side-by-side comparison charts of solution provider features and reviews. 

Training: Cybersecurity, budgeting for tech workshop, insurtech trends, q&as and so much more - you'll get an entire library of on-demand learning for your team. 

Consulting: One-on-one expert support to help you implement solutions. 

Insights: You don't have to hunt for the latest tips and tech news. We send the tips and terms you need to know in your inbox each week. 

So no matter where you are on the technology spectrum - from early adopter to experienced implementer - rest assured, with Catalyit, you're in the right place. Empower your agency with Catalyit today.

The Biggest Factors Impacting Home Insurance Heading Into 2023

PropertyCasualty360 is anticipating insurance shoppers to seek more options in 2023 because of three significant market conditions. 

These are: 

• Inflation - this likely comes as no surprise, as we've been covering how inflation is affecting auto insurance over the last two weeks. The same goes for home insurance. PropertyCasualty reports, "For consumers who are already feeling their budgets squeezed by rising prices just about everywhere, higher insurance rates can be crippling... Companies can leverage bundles while lowering overhead by keeping staffing and internal costs down are able to pass more savings on to the buyer."

• Natural disasters are increasing - luckily, we don't have to worry about hurricanes in Wisconsin, but that doesn't mean we're protected from all natural disasters. "Many property owners are not properly insured against catastrophic events like floods. According to FEMA, floods are the most common and costly natural disasters in the United States. Too many homeowners discover after a flood that their policy doesn't actually include flood insurance.... It's important for consumers to understand what their policies do and do not cover when it comes to natural disasters. This type of coverage is also a big differentiator when comparing insurance companies."

• Relocations, general anxiety and rate increases trigger shopping. "According to a Consumer Pulse Survey conducted by Transunion in Q2 of 2022, topping the concerns of most Americans are inflation, the possibility of a recession and increased housing costs. As people reduce their spending in response to anxiety, they also take a closer look at their current expenses, including what they pay for home insurance. More consumers are likely to visit digital insurance aggregators in times of uncertainty."

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. 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!

Happy Wednesday! In this week's Big I Buzz, we are sharing the Thanksgiving travel predictions you need to know and how to give back this holiday season.

AAA: Thanksgiving Travel in Wisconsin Could Reach Pre-Pandemic Levels

Are you planning to travel for Thanksgiving? If so, you're not alone. AAA predicts around 54.6 million Americans will travel 50 miles or more from their homes this year for Thanksgiving. According to AAA, "Despite higher gas prices this year, 89% of all Thanksgiving travelers will drive." While there will be more people on the road next weekend, Spectrum News has released a list of the best and worst times to travel: 

Wednesday, Nov. 23

Best Time: Before 8 a.m. and after 8 p.m.

Worst Time: Between 11 a.m. to 8 p.m.

Thursday, Nov. 24

Best Time: Before 11 a.m. and after 6 p.m.

Worst Time: Between 11 a.m. and 3 p.m.

Friday, Nov. 25

Best Time: Before 11 a.m. and after 6 p.m. 

Worst Time: Between 4 p.m. to 8 p.m. 

Saturday, Nov. 26

Best Time: Before 2 p.m. and after 8 p.m.

Worst Time: Between 4 p.m. and 8 p.m.

Sunday, Nov. 27

Best Time: Before 11 a.m. and after 8 p.m.

Worst Time: Between 4 p.m. to 8 p.m.

Read more here. 

2022 Emerging Leaders Fundraiser

The IIAW Emerging Leaders annual fundraiser is back, and this year we are supporting three humane societies across Wisconsin; Dane County Humane Society, Humane Society of Southern Wisconsin and Fox Valley Humane Society. 

Last year, we surpassed our initial fundraising goal of $500, donating an incredible total of $5,725 to the American Family Children's Hospital! This year, our fundraising goal is $1,500, and we are accepting both monetary and physical donations to the chosen humane societies. 

How to Donate: 

Credit Card: Go to IIAW's Fundraising Page

Check: Mail a check made out to the IIAW, 725 John Nolen Dr., Madison, WI 53704

Physical Item Donations: Each humane society has its own list of physical donations they are accepting such as specific pet foods, cleaning supplies, pet toys, treats and more. These physical donations can be dropped off at the IIAW office (Contact Evan, evan@iiaw.com, to let us know you're dropping items off) or you can bring them to the Emerging Leaders Holiday Party. The party is happening from 1 to 5:30 p.m. on December 15th at the IIAW office. RSVP for the holiday party at bit.ly/2022ELHolidayParty. You can see the donation list for each humane society 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!