Happy Wednesday! In this week's Big I Buzz, we are discussing 9 mistakes homeowners make when filing an insurance claim and a look at Q3 personal and commercial lines rates.

9 Mistakes Homeowners Commonly Make When Filing an Insurance Claim

According to the Insurance Information Institute's (Triple-I) review of claims date from 2017-2021 about 1 in 20 home policyholders will have a claim each year. Here is a list of nine common mistakes homeowners make when filing an insurance claim, according to Forbes Advisor: 

9. Filing too many claims - Insurance companies consider previous claims history when setting rates, and policyholders with a record of filing claims are likely to be considered a higher risk of generating more claims in the future. Forbes Advisor noted that sometimes it is wiser for a homeowner to pay for small repairs rather than filing a claim. 

8. Cleaning up too fast - While most people want to clean up after an accident as soon as possible, homeowners who have a loss such as a fire or flood should wait until all the damage is properly documented.

7. Not documenting damage - Forbes Advisors noted photos are a policyholder's friend when filing a claim and ideally they would have photos before and after the loss event. 

6. Waiting to file a claim - Policyholders shouldn't delay when filing a claim as this only prolongs the time it will take to get the property repaired. 

5. Not communicating clearly - Homeowners are often less than clear when describing property damage, and this poor communication can result in delays in the claims process. 

4. Not maintain a property - Insurance covers unexpected damage, not issues caused by failing to properly care for a home. Neglecting to correctly maintain a property can lead to a claim being denied, according to Forbes Advisor. 

3. Not having a home inventory - A complete list of a home's contents is a vital tool when dealing with an extensive loss. 

2. Having the wrong coverage - Along with not understanding what is covered, having the wrong type of coverage is a common mistake, according to Forbes Advisor, which gave the example of misunderstanding exclusions or confusing actual cash value with replacement cost. 

1. Not reading the policy - Not understanding what a policy covers can lead to disappointment when a homeowner goes to file a claim for an event that isn't covered, such as flooding. 

Read more here. 

Personal and Commercial Lines Rates Moderate in Q3

The third quarter of 2023 witnessed notable trends in the insurance industry, as reported by MarketScout. Personal lines in the United States held a composite rate of 4%, showing insurers' growing confidence in their results. However, concerns arise due to the record-breaking heat of the summer. For personal lines, home rates showed moderate increases, with homeowners under $1,000,000 value up by 3.7% and homeowners over $1,000,000 value up by 5.3%. In contrast, commercial insurance rates saw a more tempered rise, with business owners' policies (BOP) experiencing an increase from 3.2% to 5%. While reinsurers have been strict in the past, they are now showing signs of moderation, which is translating into better terms for insurers and customers. Increased interest rates are also contributing to the moderation in rates. The report suggests that some property underwriters anticipate ongoing rate hikes, potentially driven by the hottest summer on record in 2023. Furthermore, a report from the Consumer Federation of America highlights that CEOs of the top 10 personal insurance line businesses received substantial compensation as insurance prices continued to surge. Read the full article here. 

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 how consumers feel about AI insurance agents and we're giving you a closer look at the InsurCon2024 schedule. 

AI Insurance Agents? No Thanks, Consumers Say

A recent survey conducted by online insurance agency GetSure reveals that the majority of Americans are uncomfortable with the idea of interacting with AI insurance agents. The survey, which polled 1,000 respondents, found that only 9% of participants felt "very comfortable" with the concept of AI insurance agents, while a staggering 70% expressed discomfort. Even the prospect of discounted rates failed to sway opinions, with 55% still preferring human agents over computerized counterparts. The top concerns voiced by respondents regarding AI insurance agents were inaccurate recommendations (59%), potential job loss for human agents (53%), and the misuse of personal information (43%). However, despite their reservations, 68% of those surveyed believed that AI would dominate the insurance industry within the next two decades. GetSure emphasized the importance of maintaining an open dialogue with consumers to address their concerns and improve AI-based insurance offerings.

InsurCon2024 Schedule

Join us on May 15-16, 2024, as we celebrate our 125-year anniversary at our annual convention, InsurCon, a once-in-a-lifetime event set against the breathtaking backdrop of Lambeau Field. As Lambeau Field opens its doors exclusively for our 125th anniversary, you'll experience its legendary aura like never before. With cheers of the past, the energy of the present and the promise of the future - all converge in this unforgettable celebration. An extraordinary year like this means you'll receive more than ever with your event registration. Here's what you have to look forward to on our InsurCon2024 event schedule.

Day 1 (Wednesday, May 15th, 2024)

9 a.m. - Registration Opens

10:30 a.m. to 12:30 p.m. -  Agency Appreciation Luncheon *Open to agency personnel and those receiving a special invite.*

Celebrate the heart of our industry at the exclusive Agency Appreciation Luncheon, a gathering dedicated to recognizing our valued agency personnel and esteemed invitees. Hear how the Packers prepare for the 2025 draft, their marketing strategy and how they respond to negative events from Green Bay Packers Director of Public Affairs, Aaron Popkey. We'll also feature a fast-paced CEO Q&A.

1  to 4 p.m.  - E&O Risk Management Course (3 Ethics CE Credits)

Earn 3 Ethics CE credits during Mallory Cornell's Less Risk. More Reward. E&O Risk Management course. This course will be full of storytelling, statistics and E&O risk mitigation tips and it is premium credit approved by Swiss Re. 

4:30 to 9 p.m. - IIAW 125th Anniversary Tailgate Party [Meet Green Bay Packers Head Coach, Matt LaFleur]

Gear up for an exciting tailgate party, featuring an exclusive Meet and Greet with Packers Head Coach, Matt LaFleur, an exhilarating cornhole tournament, tailgate games and dinner.

Day 2 (Thursday, May 16th, 2024) 

8 to 9 a.m. - Continental Breakfast

Stop by registration outside of the Legends Club Room to pick up breakfast before the panels begin. 

9 to 9:45 a.m. - IIAW Past Presidents' Panel

We'll engage in insightful discussions with our four esteemed former presidents of the IIAW, delving into their experiences and perspectives on the industry's evolution. 

Past Presidents Include: Mary Hosmer, Paul Leitch, Darrel Zaleski and Marc Petersen

10 to 11:15 a.m. - Green Bay Packers Risk Management Panel

Join us as we listen to local leaders in risk management and crisis management and how they mitigate their exposures. Hear how professionals plan for Packer game day events and other potential hazards that face the city and events in Green Bay.

11:30 a.m. to 12:30 p.m. - CEO Panel

Gain valuable insights into the insurance industry's future trajectory from top CEOs in our CEO Panel, as they discuss emerging trends, challenges and innovative strategies shaping the landscape. Panels to be announced.

12 to 1:30 p.m. - Gourmet Lunch

12:30 to 3:30 p.m. - Exhibitor Showcase

Network and connect during our Exhibitor Showcase on the North Balcony, overlooking the Lambeau Field Atrium. Agency attendees can win great prizes during Blackout Bingo and exhibitor Super Door Prize giveaways. 

5 to 6 p.m. - Cocktail Reception Honoring IIAW Past Presidents

All attendees are invited to our special cocktail hour preceding the evening's celebration as we set the stage for a spectacular night with a photo opportunity overlooking Lambeau Field. 

6 to 9 p.m. -  Evening Celebration with Keynote Speaker Charles Woodson

Friday, May 17th, 2024

9 a.m. to 12 p.m. Lambeau Field Stadium & Hall of Fame Tours (Must Reserve Time Slot via Separate Registration)

Lambeau Classic Stadium Tour and Hall of Fame Combo is included with registration. 

Classic Stadium Tour Details: 1 hour guided tour visits the following locations: Lambeau Field Atrium, Player's Tunnel, Club Level Suite and Field Sideline

Hall of Fame Tour Details (Self-Guided): A tribute to the greatest story in sports, the facility uses technology, enhanced interactive displays and a treasure trove of artifacts to educate and inspire visitors about the rich history of the Packers, as well as the teams of today. Guests are able to see Packers legends describe historic games in their own words and can scroll through touch screens to click on audio segments and game video clips that tell the team's story. The Hall of Fame also displays trophies from the Packers' 13 world championships, including four Lombardi trophies. The hall's most popular exhibit is a replica of Vince Lombardi's office. 

Prepare for an unforgettable evening of celebration and inspiration, as we commence with an esteemed awards ceremony and a presentation from Charles Symington, IIABA CEO. We'll enjoy a delicious dinner and journey through the rich history of the IIAW over the last 125 years. Charles Woodson will lead a keynote presentation that promises to leave a lasting impact. Cap off the night with an exclusive Meet & Greet session, offering the chance to connect with Woodson up close and personal.

Registration is now open! Reserve your spot today and take advantage of our early bird pricing, ending at the end of the month! If you're an exhibitor, visit iiaw.com/insurconexhibitor to reserve your booth. Don't wait as booth space is limited.

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 details about InsurCon2024 and what generation to watch out for on the roads. 

Celebrating 125 Years of Excellence: Join Us at InsurCon2024

As we mark a momentous 125 years of serving the insurance community, the Independent Insurance Agents of Wisconsin (IIAW) is thrilled to invite you to join us at InsurCon2024, a celebration like no other. This extraordinary event will take place on May 15-16, 2024, against the iconic backdrop of Lambeau Field, offering a once-in-a-lifetime experience. Our featured guests, including NFL legend Charles Woodson and Green Bay Packers Head Coach Matt LaFleur, will be joining us for the celebration! Early bird registration is now open, so don't wait to take advantage of this limited time pricing. Join us as we honor our past, embrace the present and envision a promising future for the insurance industry. Be part of history and register today for InsurCon2024! Click here to register today. Plus, with a celebration like never before, you get more than ever with your registration - check out all that's included with your registration and the full event schedule at iiaw.com/insurcon.

Which Generation Has the Worst Drivers? 

Auto insurance rates are significantly influenced by age, as premiums can decrease by up to 9% once a driver reaches 20 years old, according to The Zebra. The National Safety Council (NSC) reveals that drivers aged 16-19, although comprising less than 4% of licensed drivers, are responsible for over 9% of all accidents and 6.3% of fatal incidents, emphasizing the impact of experience on driving behavior. Additionally, age plays a role in driving habits, with younger generations, like Gen Z and millennials, reporting higher frustration levels and a greater tendency towards aggressive driving and road rage. In contrast, Gen X and baby boomers exhibit more positive driving behaviors, such as using seatbelts, yielding to pedestrians, and avoiding distractions.

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 a new marketing platform to explore and how Americans are committing "soft" insurance fraud.

Partner With Levitate

Levitate is a keep-in-touch platform designed to help small businesses create authentic relationships with their clients. They're changing the definition of marketing - enabling our clients to grow their business. 

What makes Levitate different? 

• Plain text emails that look and feel personal, sent at-scale

• Average Open Rates of 50%+ and Reply Rates of 10%+

• Carefully curated content library

• Texting, meeting booking, surveys, automations and more!

If you're interested about learning more, click here. 

Most People Say They Don't Commit Fraud, But Survey Shows That's Not Quite the Case

A recent ValuePenguin survey revealed a significant disconnect between Americans' perception of insurance fraud and their actual behavior. When directly asked if they've committed insurance fraud, only a small percentage admitted to it (9% of auto policyholders and 15% of home policyholders). However, when inquired about tactics used to lower insurance costs, over 30% of both auto and home policyholders confessed to submitting claims for preexisting damage, while 31% of auto and 34% of home insureds said they would include preexisting damage in a future claim. This inconsistency arises from how the questions are framed. Many engage in what's known as "soft fraud," such as using fake addresses for better rates or omitting certain information about their property. Insurance companies are intensifying fraud detection efforts, making it harder for even minor instances of fraud to go unnoticed, potentially resulting in higher premiums and flagged files for those caught.

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.

Independent Market Solutions (IMS) is a market access solution that helps IIAW members expand their reach and offer clients more choices. With IMS, you can access a wide range of quality insurance company appointments with fair and flexible terms.

IMS works with more than two dozen carriers and 1,100 agencies in 17 states, producing over $100 million in direct written premium. IMS attracts carriers to the program through operational efficiencies that result in improved terms and reduced agent on-boarding costs. IMS agents earn competitive commissions and enjoy 100 percent ownership of policy expirations written through IMS while carriers gain access to high-quality producers at a lower cost.

Over the past five years, most carrier partnerships established with IMS have experienced growth in production and profitability. Last year, the program earned and shared contingencies from four IMS carriers that offer profit-sharing. Additionally, thanks to the relationship IMS has established with select carrier partners, the program has opened the door for agents to more easily qualify for appointments that can often lead to "graduation"—a direct appointment when minimum premium thresholds and performance standards are met.

As IMS continues to grow, the number of carriers available to members will also increase. So, if you're looking for a way to expand your market reach and offer your clients more choices, IMS is the perfect solution for you. To learn more, click here.