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!

Happy Wednesday! In this week's Big I Buzz, we are sharing how you can earn 6 CE credits and a must-attend webinar happening TODAY. 

Membership Upgrade - Full Access to Catalyit.com

IIAW members now have free Full Access to Catalyit (a $1500 value). Catalyit is the IIAW's hub for technology advice, tools, training and insights. We know that managing technology in an agency adds to your stress, and we recognize that as an organization one of the most important things we can do is help our members navigate, utilize and maximize technology.

We are thrilled to let you know that the IIAW and our Board of Directors has now made full Free Access to Catalyit available to all IIAW members. 

What is Catalyit, you may ask? 

Catalyit is an incredible resource that is available to independent agents to help them understand where they are at with technology and the steps they may want to consider in order to enhance their technology and empower their staff in a bigger and better way. 

Join us today for a members-only webinar where we will walk through the tools and resources Catalyit has to offer! Register now and join us today at 1 p.m.

Free CE Opportunity

PuroClean is hosting FREE Ce courses on Thursday, November 3rd at the Machine Shed in Appleton. Complimentary continental breakfast and lunch will be provided compliments of PuroClean Disaster Services. 

Earn 3 credits for their Errors & Omissions course from 9 a.m. to 12 p.m. hosted by Mallory Cornell, IIAW Vice President. This course has been approved for SwissRe premium credits. 

Earn 3 credits for their Understanding the Restoration Industry: Fire Damage course, hosted by Becky Edgren from PuroClean. Click here to fill out the registration form and email it to Abby Coffey by October 28th to attend. (Submission instructions at the bottom of the registration form.)

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 how to sign up to be a member of an IIAW Task Force or Council and 4 studies you need to read for Cybersecurity Awareness Month. 

Get Involved With IIAW's Task Forces & Councils

The IIAW recently announced the opportunity for our members to join our Task Forces & Councils. These Task Forces & Councils act as a sounding board for planning and IIAW education, events and other member benefits. You can join one (or multiple) of the following Task Forces & Councils: Personal Lines Task Force, Commercial Lines Task Force, Employee Benefits Task Force, Industry Relations & Operations Council, Government Affairs Council and Emerging Leaders. Joining a Task Force or Council is easy! Complete the short form here (on the bottom of this page) and you'll be on the contact list for that group to receive an invite for the next meeting. 

If you want to learn more about the Task Forces and Councils before signing up, mark your calendar down for Tuesday, October 18th! The IIAW and our Board of Directors is hosting a free kickoff event from 3 to 5 p.m. at Milford Hills in Johnson Creek. Everyone is welcome to join, and you don't have to be a part of the Task Forces & Councils to attend. Learn more here. 

Cybersecurity Awareness Month: 4 Studies you Need to Read

October is National Cybersecurity Awareness Month and it's a great time to make sure you're on top of the latest trends in every market to be a trusted advisor to your clients. IA Magazine has put together four major takeaways from studies to help you protect your clients and your agency: 

1. Cybersecurity recovery time and costs are much higher than businesses realize. If you receive our Commercial Lines monthly e-newsletter, you'll know that often small businesses tend to underestimate the cost of a cyberattack could be for their company. A recent survey from Nationwide Agency Forward about cybersecurity and business owners found that less than 3 in 10 small business owners report having cyber coverage, compared to 71% of the middle market business. Small business owners are significantly less likely to be taking important precautions with their employees. 

2. Cyber threats remain the top overall business concern. The 2022 Travelers Risk Index found that cyber threats were the leading concern, with 59% of survey respondents say that they worry some or a great deal about cyber threats, followed closely by broad economic uncertainty. 

3. Consumers are concerned about cyberattacks but haven't insured their digital fingerprints. The Nationwide Agency Forward survey about cybersecurity and business owners also found that consumer concerns about a cyberattack are on the rise. "As many as 58% admitted that they are concerned about falling victim to a cyberattack, which is an increase of nine points since June 2020. Consumers said increased frequency (61%) and sophistication of attacks (51%) in recent years are causes for concern.

4. Average claim cost rises but ransomware claims and waning. "During the first half of 2022, the average cost of a claim for a small business owner increased to $139,000 which is 58% higher than levels during the first half of 2021, according to the mid-year update to Coalition's 2022 Cyber Claims Report." Read more from iamagazine.com 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!