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Posted By IIAW Staff,
Wednesday, July 12, 2023
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Independent Market Solutions was created with the goal of providing Wisconsin agents with access to quality insurance markets. Whether you're looking to diversify your current book of business or just need a little head start securing company appointments, IMS can help. If you haven't signed up with IMS yet, here are five reasons to join: 1. It's free to join. There is no cost for IIAW members to join IMS, and agents own their book of business. The larger your strike zone, the easier it is to hit a home run, so we've made market access an integral part of your membership. 2. You can earn competitive commissions. Profitable growth is key to the success of an independent agency. That's why IMS offers agents competitive commissions as well as 100 percent ownership of expirations to help maximize agency income. 3. You can graduate to direct carrier appointments. IMS opens the door for agents to more easily qualify for appointments that can often lead to "graduation" - a direct appointment after minimum premium thresholds and performance standards are met. 4. You can earn contingency commissions. When agents consistently produce profitable business with certain IMS markets, they can qualify to participate in any earned program contingencies. IMS also shares 100 percent of any carrier production bonuses and incentives with agents, putting more money in the pockets of IIAW members. 5. The IMS menu is always evolving. Thanks to the partnership among several state associations, the IMS program creates greater volume, leverage and ultimately, better terms for member agents. If you'd like to apply for an appointment or learn more about the carriers IMS can get you connected with, click here.
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Posted By IIAW Staff,
Wednesday, July 12, 2023
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Happy Wednesday! In this week's Big I Buzz, we are discussing the newest social platform and how you can earn two free WI CE credits next week. The New Social Platform in Town With over 100 million people already signed up, the new social media platform, Threads, is becoming quite the rival for Twitter. In July of 2022 Twitter disclosed they had 237.8 million daily users before Elon Musk took over the company. So, what is Threads? Threads is a Twitter-like service released by Meta, that uses credentials from your Instagram account, if you have one. After only a week, Threads holds the record for the fastest platform to reach 100 million users, which surpasses ChatGPT! Catalyit, your go-to tech resource, says, "Your success relies on your ability to adapt and embrace new technologies. As early adopters of platforms like Threads, you demonstrate your willingness to evolve and connect with clients through various channels. You know as well as I do that the insurance industry is built on trust and relationships, and exploring new avenues for communication can only strengthen those bonds." Read more about the new social platform and how to leverage it for your agency here. We encourage you all to explore the new platform and embrace the new communication platform for connecting with your clients. You can find the IIAW on Threads under the username: iiaofwi. We shared our very first Thread this morning! State of the Insurance Industry in Wisconsin Webinar The "State of the Insurance Industry in Wisconsin" is happening at 9 a.m. on July 18th and will be an interactive seminar that will analyze and discuss the insurance market data, economic data, the InsurTech landscape and state & federal insurance legislative and regulatory proposals. The course is approved for 2 Wi Property & Casualty CE credits! This course is free for IIAW members and the topics that will be discussed are: 1. 2022 Wisconsin P&C Insurance Annual Marketshare Data Report 2. The latest P&C quarterly marketshare data report 3. Wisconsin economic data as provided by the Department of Revenue, Federal Bureau of Labor Statistics and the University of Wisconsin 4. CB Insights InsurTech report and data 5. Legislative and regulatory information from NAIC, IIABA, APCI and more. Register for the webinar 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.
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Posted By IIAW Staff,
Tuesday, July 4, 2023
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We hope everyone had a safe and happy 4th of July! In this week's Big I Buzz, we are discussing five reasons to join IMS and the most common homeowners claim. Five Reasons to Join Independent Market Solutions Independent Market Solutions was created with the goal of providing Wisconsin agents with access to quality insurance markets. Whether you're looking to diversify your current book of business or just need a little head start securing company appointments, IMS can help. If you haven't signed up with IMS yet, here are five reasons to join: 1. It's free to join. There is no cost for IIAW members to join IMS, and agents own their book of business. The larger your strike zone, the easier it is to hit a home run, so we've made market access an integral part of your membership. 2. You can earn competitive commissions. Profitable growth is key to the success of an independent agency. That's why IMS offers agents competitive commissions as well as 100 percent ownership of expirations to help maximize agency income. 3. You can graduate to direct carrier appointments. IMS opens the door for agents to more easily qualify for appointments that can often lead to "graduation" - a direct appointment after minimum premium thresholds and performance standards are met. 4. You can earn contingency commissions. When agents consistently produce profitable business with certain IMS markets, they can qualify to participate in any earned program contingencies. IMS also shares 100 percent of any carrier production bonuses and incentives with agents, putting more money in the pockets of IIAW members. 5. The IMS menu is always evolving. Thanks to the partnership among several state associations, the IMS program creates greater volume, leverage and ultimately, better terms for member agents. If you'd like to apply for an appointment or learn more about the carriers IMS can get you connected with, click here. Water Damage Most Common Homeowners Claim The importance of homeowners insurance and being adequately covered is emphasized in the wake of natural disasters that can cause devastating financial loss. In 2022, the US experienced 18 billion-dollar disaster events, resulting in $171.5 billion in damage. While large-scale catastrophes are not common, millions of homeowners face property loss each year and need to file insurance claims. The most frequent claims are related to water damage, which can occur at any time. Homeowners are advised to conduct routine maintenance, repair leaks promptly, and turn off the main water supply when away for an extended period. Implementing smart home technology, such as water pressure sensors, can provide added protection and often leads to insurance discounts. Flood damage caused by rising water or fires are other concerns for homeowners. Fire damage can be prevented by avoiding negligence and taking precautions like not leaving lit stoves, fireplaces, candles, or portable heat sources unattended. Mitigating wildfire risks involves yard maintenance and ensuring roofs and gutters are cleared. Theft, although not a threat to the physical structure, can still be costly. Homeowners can safeguard against theft by securing doors and windows, avoiding obvious spare key locations, and utilizing smart home devices for remote monitoring and security system activation. Ultimately, the goal of insurance companies like Mercury Insurance is to help homeowners recover after a loss and return their lives to normalcy as quickly as possible. 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.
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Posted By IIAW Staff,
Wednesday, June 28, 2023
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Happy Wednesday! In this week's Big I Buzz, we are talking about how pickleball is affecting health insurers and the likelihood of experiencing a severe flood in the US. Pickleball Injuries Cost Americans Nearly $400 Million This Year - And Seniors Are Hit the Hardest Pickleball, the mischievous sport beloved by seniors, is causing quite the pickle in the healthcare world. According to UBS analysts, it's not all fun and games on the pickleball court - this seemingly harmless pastime is responsible for a jaw-dropping $250 million to $500 million in medical costs this year. Who would have though that a sport involving paddles and balls could lead to such financial chaos? But UBS has the stats to back it up, revealing that seniors make up a significant portion of pickleball players, and their zest for the game combined with their high incomes has resulted in a surge of orthopedic procedures. The impact of pickleball on healthcare costs is no laughing matter, but perhaps we can chuckle at the unexpected havoc caused by this "pickleball pandemic." Stay safe out there and remember to watch your step on the court. Around 21% of the U.S. Can Expect '100-Year Flood' Events Every 25 Years In a new study by the First Street Foundation, it has been revealed that the United States is facing a soggy future as severe 1-in-100-year flood events are becoming more frequent, occurring every 25 years for about 21% of the country. This unfortunate forecast is based on an updated precipitation model that considers climate-driven changes in heavy rainfall events. Dr. Jeremy Porter, head of climate implications research at the First Street Foundation, humorously stated that heavy rainfall flooding is becoming the "new normal" for most of the U.S. population. To make matters worse, the study shows that 51% o Americans now live in areas that are twice as likely to experience severe floods compared to previous projections. It seems like our odds of staying dry are rapidly diminishing, and even regions with historically solid flood protections are at risk of being drenched due to outdated standards. It's time to grab an umbrella and rethink our flood prevention strategies. Read more from propertycasualty360.com 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.
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Posted By IIAW Staff,
Wednesday, June 21, 2023
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Happy Wednesday! In this week's Big I Buzz, we are discussing the growing challenge of "dark data" and a final reminder to RSVP for the IIAW Emerging Leaders Summerfest Meetup. 'Dark Data' Muddies Picture, Holds Promise for Insurance Industry According to InsuranceNewsNet.com, the insurance industry faces a growing challenge known as "dark data", referring to the data that is collected but left unused. This untapped information, whether obtained manually or electronically, has the potential to provide valuable insights and generate additional revenue for insurers. Estimates suggest that carriers only utilize around 12% of their collected data, leaving the majority inaccessible or unutilized. Dark data from sources like telematics can offer opportunities for incentivizing safer driving behaviors and even monitoring and pricing for climate change. However, hurdles such as outdated technology, proprietary systems and disconnected data within departments hinder the effective utilization of this valuable resource. By addressing these challenges, insurers can unlock the potential of dark data, enhancing efficiency, customer understanding and decision-making processes within the industry. Read more here. Meet with IIAW Emerging Leaders at Summerfest When: 1 p.m. Thursday, June 22nd Where: Miller Lite Oasis Who: This event is open to all industry professionals. Join the members of the IIAW Emerging Leaders and IIAW staff for Summerfest's Insurance Day on June 22nd. We will meet at the Miller Lite Oasis at 1 p.m. to listen to amazing music and have a great time. Questions? Contact Evan Leitch at evan@iiaw.com. RSVP here: https://s.pointerpro.com/elsummerfest 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.
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Posted By Kaylyn Staudt,
Wednesday, June 14, 2023
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Happy Wednesday! In this week's Big I Buzz, we are discussing a recent survey from the Insurance Information Institute and Munich Reinsurance America, Inc. regarding homeowners and weather damage. We'll also cover a great IIAW member benefit that you should consider taking advantage of! Most Homeowners That Had Weather Damage in the Past Expect it to Happen Again A survey conducted by the Insurance Information Institute (Triple-I) and Munich Reinsurance America reveals that 92% of homeowners who have experienced weather-related damages in the past five years anticipate further damages to their homes due to weather in the next decade. Even among homeowners who haven't experienced recent weather damage, 59% still expect to be impacted by weather risks in the coming decade, while only 2% believe they will never face weather-related damages again. Thunderstorms are the primary concern for more than half of homeowners and they are the most common and damaging natural catastrophe in the United States. Floods are not a major worry for64% of homeowners, but among those who perceive a flood risk, 78% have purchased flood insurance. Despite the prevalent risk, 60% of homeowners take no action to protect their homes from severe weather. The article emphasizes the need for collaboration between the insurance industry, communities and businesses to promote a resilience mindset focused on pre-emptive mitigation and rapid recovery to address increasing climate risks such as hurricanes and floods. You can read the full article here. Discover the comprehensive HR Solutions offered by the IIAW, your go-to Association for success. Take advantage of our partnership with CareerPlug to revolutionize and streamline your agency's hiring process, with a customized Careers page and more. Craft and brand your employee handbook with our expert guidance, promoting fairness and productivity. Set your new hires on the path to success with our extensive training programs and by utilizing our templates perfect for the onboarding process. Leverage our partnership with WAHVE to find experienced remote talent seamlessly. And don't forget to tap into our resources for promoting internships and job opportunities at college RMI Career Fairs. As an IIAW member, you can unlock unparalleled support and growth opportunities for your agency. 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.
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Posted By IIAW Staff,
Wednesday, June 7, 2023
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Happy Wednesday! In this week's Big I Buzz we are sharing how a single voicemail could violate Telephone Consumer Protection Act and an upcoming Emerging Leaders event you won't want to miss! Single Voicemail Enough to Violate Telephone Consumer Protection Act, 6th Circuit Rules A panel from the 6th Circuit Court of Appeals has ruled that a single unauthorized voicemail message on a cellphone is enough to proceed with a class-action lawsuit under the Telephone Consumer Protection Act of 1991. The ruling reversed a previous decision that found the plaintiff lacked standing because no concrete harm was suffered. The plaintiff, Matthew Dickson, seeks damages of $1.4 billion to $4.2 billion or Direct Energy's robocalling campaign, which allegedly violated the TCPA. The court's decision establishes that even on unsolicited voicemail can be considered an intrusion upon seclusion and a concrete injury, allowing the lawsuit to move forward on behalf of an estimated 2.5 million affected consumers. Read more here. Meet with IIAW Emerging Leaders at Summerfest When: 1 p.m. Thursday, June 22nd Where: Miller Lite Oasis Who: This event is open to all industry professionals. Join the members of the IIAW Emerging Leaders and IIAW staff for Summerfest's Insurance Day on June 22nd. We will meet at the Miller Lite Oasis at 1 p.m. to listen to amazing music and have a great time. Questions? Contact Evan Leitch at evan@iiaw.com. RSVP here: https://s.pointerpro.com/elsummerfest 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.
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Posted By IIAW Staff,
Wednesday, May 24, 2023
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Happy Wednesday and happy early Memorial Day! In this week's Big I Buzz, we are sharing some stats from AAA's Memorial Day Holiday Travel Forecast and Wisconsin's small business survival rate. AAA Memorial Day Holiday Travel Forecast According to AAA's report, the Memorial Day holiday weekend is expected to see a 7% increase in travelers compared to last year, with a total of 42.3 million people traveling. This indicates a growth of 2.7 million travelers from 2022. Despite recession concerns, consumers are willing to spend, resulting in travel volumes reaching 99% of pre-pandemic levels. Car travel is anticipated to rise by 6%, reaching 37.1 million travelers, while air travel is expected to grow by 11% with 3.39 million travelers. Overall, the report highlights a steady recovery in travel, nearing pre-pandemic levels. The IIAW has put together a graphic highlighting these stats and have shared it to our Facebook page. Feel free to share it with your clients to remind them about the importance of safe driving, especially during a busy holiday weekend. Wisconsin Had the Second-Best 10-Year Small Business Survival Rates Over the Last Decade Wisconsin ranks second in the nation for small business survival rates over the past decade, according to a recent analysis by The Southern Bank Company. Approximately 43% of private sector businesses that opened in Wisconsin in a 12-month period ending in March 2012 were still operating after ten years. These surviving businesses also experienced significant growth, with their average number of employees increasing from 4.5 to 10.7. The state's small business survival rate has remained relatively stable over time, with around 42.2% of businesses that opened in a 12-month period ending in March 1994 still open in 2004 and 19.7% still open in 2022. The decline in survival rates over time is attributed to financial limitations faced by small businesses. The CEO of the Wisconsin Economic Development Corp. attributes Wisconsin's high survival rate to the state's robust support system for small businesses, including small business development centers and local chambers of commerce. Read more 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.
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Posted By Kaylyn Staudt,
Wednesday, May 10, 2023
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Happy Wednesday! In this week's Big I Buzz, we are discussing a new scam on the rise, a new blood test to detect sleepiness and an update on next week's newsletter.
Virtual Kidnapping Ransom Scam
Virtual kidnapping ransom scams are on the rise, and they can occur via phone calls from an outside area code or even look like it's a local phone number. The caller will allege that a family member has been kidnapped or is injured and won't be allowed
to go to the hospital until damages are paid. To avoid becoming a victim of this extortion scheme, people should look for specific indicators, such as calls not coming from the alleged kidnapped victim's phone and callers going to great lengths to
keep the person on the phone. In addition, individuals can try to slow the situation down, request to speak to the victim directly, and attempt to call, text or contact the alleged victim via social media. People should not directly challenge or argue
with the caller and should notify the local police department at the earliest opportunity. Read more about these scams here.
Australian Researchers Develop Blood Test to Detect Sleepiness in Drivers
Researchers at Monash University in Australia have developed a blood test that can detect sleepiness in drivers. The test is based on identifying five biomarkers in the blood that can determine if an individual has been awake for 24 hours or more with
99% accuracy. The test's accuracy dropped to 90% when tested in closer to real-life situations. However, researches are currently working to improve the test so that it can quantify the number of hours an individual may have slept prior to taking
it. Portable tests that could determine sleepiness on the road could take another five years to arrive. The test could pave the way for the prosecution of drivers and their employers if a crash was a result of insufficient sleep. Read more here.
Next week - Wednesday, May 17th
The IIAW is very excited to be hosting our 124th InsurCon next Tuesday and Wednesday in Oshkosh, WI. Because of this, we will not be sending out a Big I Buzz newsletter next Wednesday. If you aren't attending InsurCon2023, you can see all of the exciting
things happening on our Facebook page. Plus, we post great things daily outside of convention time too!
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.
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Posted By Kaylyn Staudt,
Wednesday, May 3, 2023
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Happy May! In this week's Big I Buzz we are discussing three reasons why you should register for InsurCon2023 and free Trusted Choice resources that IIAW members can take advantage of today. Register Now for InsurCon2023 Don't miss out on the biggest insurance event of the year - InsurCon2023! With only a few days left until registration closes on May 8th, time is running out to secure your spot. Join industry leaders and experts from across the globe as they discuss the latest trends and strategies int he insurance world. This year's convention promises to be our best one yet, with engaging speakers, interactive workshops and networking opportunities that are sure to leave you inspired and informed. Remember, on-site registration is not allowed, so make sure you register now to secure your spot. Don't wait - register today and take your career to new heights at InsurCon2023. iiaw.com/insurcon Get ready to soar with the best of them as we welcome our keynote speaker, Lt. Col. Waldo Waldman, former TopGun and decorated fighter pilot. With is extensive experience in leadership and teamwork, he'll show you how to take your business to new heights and achieve success like never before. But that's not all - you'll have the opportunity to choose the Flight Path (breakout session) at registration that best fits your interests so you can take off at InsurCon2023. • Top Gun Communication & Negotiation Skills - Created for producers, CSRs and those looking to improve influence and negotiation skills • Flight Path to Digital Marketing - Perfect for marketing personnel, producers and others interested in improving their agency's marketing • Agency Planning: Mapping Future Flight Paths - Perfect for current or future agency owners, insurance leaders and managers Register today at iiaw.com/insurcon. Take Advantage of Trusted Choice's Free Benefits Trusted Choice is designed to amplify your local marketing efforts and highlight the value independent insurance agents bring to consumers -- all included with your Big "I" membership. Enhance Your Online Presence with Trusted Choice's free analysis of your agency website. You can learn how to improve your SEO and user experience. You can also upgrade your agency website, as Trusted Choice has partnered with several industry leading web service providers that offer a range of services. Align with a National Brand Name: Utilize Trusted Choice's professionally developed marketing materials. They can be customized to include your agency info. Print ads, Video, digital ads, direct mailers and more. Plus you can download the Trusted Choice logo to use on ads, signage, or giveaway items created by you! Get content: Access a full library of ready-to-use consumer targeted content like social media graphics, articles, infographics and videos. Reimbursement & Referrals: Trusted Choice has funds available to offset the cost of certain marketing activities: Co-branding with the Trusted Choice logo, creating a new website and more. Learn more at trustedchoice.independentagent.com. 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.
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