Happy Wednesday! In this week's Big I Buzz, we are sharing session details for our November "How to Succeed in a Hard Market" event and a reminder to get involved with the IIAW. 

"How to Succeed in a Hard Market" Featuring MarshBerry & Networking

1 p.m. to 5 p.m. on November 2, 2023

5 to 6:30 p.m. for Happy Hour

Park Hotel - Top of the Park Room (8th Floor)

22 S Carroll Street

Madison, WI 53703

Starting at 1 p.m. at the Top of the Park Room in Park Hotel in Madison, WI, Eric Kuhen and Aaron Forbes from MarshBerry will guide us through a series of sessions to help improve our strategies and skills in a hard market. 

Here are the sessions you can look forward to: 

How to Communicate Your Value in a Hard Market
It's rarely easy to get prospects and customers to understand the immense value you bring to the table (until there's a claim). Add on carrier capacity and restrictions, rising premium costs and team members with less hard-market experience and the task becomes more challenging. Join MarshBerry Vice President, Eric Kuhen, as he shares the language and strategy you need to communicate and grow, how to understand the importance of an association or network partner to achieve growth goals, and creating a strategy and succession plan for your firm to move forward in the current market.

Strategy for Growing Organically
Take a deep dive into organic growth practices for insurance agencies and what you should be focusing on to remain viable and competitive in today’s marketplace. This session discusses the keys to creating a vision and setting goals that are challenging but attainable, how to develop strategies for objective achievement, and how innovation and competitive differentiation are the keys to profitable development.

Keys to Assessing Your Sales Culture
Yes. Sales culture can be assessed! In this session, learn how MarshBerry enables you to gain perspective on what's working and what needs to improve to help drive predictable, profitable organic growth in your organization. Specifically, you’ll understand how a sales culture assessment can provide perspective on the inner workings of your firm, the four focal points of a sales culture assessment and how to use results to drive change. Attendees will have access to a complimentary Sales Culture assessment for their agency.

Solidifying Your Carrier Partnerships
Are you working with the right carriers? Do you have the right partnerships in place? These relationships can help you fuel growth. During this session, MarshBerry helps you generate ideas on building a carrier strategy that can advance your growth

AND MORE!

Interested in registering for this event? Register here. Registration is $25 for IIAW members and $149 for non-members.

Volunteer to Serve: Get Involved with the IIAW

We're looking for volunteers to serve on the IIAW's councils and task forces. Your participation is invaluable, and your input and feedback will help drive the work we do in the coming year and beyond. 

Each council and task force will act as a sounding board for the IIAW and will only have four virtual meetings per year - two planning sessions and two webinars. Participation in the IIAW Task Forces and Councils give you access to industry experts, exclusive networking events and free CE opportunities during virtual meetings when content allows. 

Learn more about the opportunities available this year (including our newest Task Forces and Councils), and sign up to serve. Click here to sign up to serve and to receive communications regarding our task forces and councils.

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! We hope everyone had a great Labor Day weekend and enjoyed some much-deserved time off. In this week's email, we are outlining a member benefit that you should take advantage of today and the global variations in navigating the post-pandemic workplace.

Activate Your CareerPlug Account

Finding and hiring the right staff is crucial to your success, which is why the IIAW has partnered with CareerPlug to support your hiring operations. CareerPlug designed their hiring software for non-HR people so every owner, operator and hiring manager can make the right hires for their team. 

Every IIAW member receives a free CareerPlug account that comes with a branded careers page to showcase your jobs, pre-built job templates, a configured hiring process to help evaluate your applicants and access to a team of Hiring Experts. 

You also have the option to upgrade your free account to a paid Pro subscription at an exclusive partnership rate.  A Pro subscription includes unlimited job postings to top job boards (Indeed, ZipRecruiter, Google for Jobs, LinkedIn, etc.), 2-way applicant text messaging and the use of evaluation tools like personality assessments. You'll also have access to free one-on-one coaching within the first 30 days of upgrading. 

Click here to learn more and get started.

Return-to-Office is $1.3 Trillion Problem Few Have Figured Out

In the post-pandemic world, the landscape of work remains uncertain and diverse across continents and cultures. While Asian and European workers have largely returned to offices more quickly due to better pandemic control and flexible work laws, the situation in the Americas is more varied, with some companies pushing for three days in the office and others aiming for five. This ongoing debate on the role of offices, work-life balance, productivity, and pay carries significant economic consequences, including the potential erasure of up to $1.3 trillion in real estate value by 2030. Legislative efforts in Europe and elsewhere are promoting more flexible work arrangements, but the workplace is fundamentally different now, with the notion of work no longer tied to a specific location. As we move forward, the future of work remains uncertain, shaped by culture, legislation, and industry practices. 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 details about an upcoming IIAW Emerging Leaders event that you should register for now, how to make sure you're the first to receive InsurCon updates and the test facing private flood insurance. 

TAPCO Risk Management Tour (2 WI CE Credits)

Join the IIAW and Emerging Leaders Group on September 14th, 2023, for the TAPCO Risk Management Tour, an educational event approved for 2 WI CE Credits. Explore one of the nation's premier traffic safety and highway system solution providers, TAPCO, at their Brown Deer, WI corporate office. From 2:00 PM to 3:00 PM, embark on a guided tour of TAPCO's facility, delving into various stations that illustrate their hands-on safety and compliance approach. Stops include an examination of unique 24/7 work cell solutions, digital control of SDS and secondary labeling in the Sign Shop, the Metal Fabrication area's VLOC painting process, and warehouse techniques to prevent injuries. From 3:00 PM to 4:00 PM, engage in a Risk Management Discussion led by a panel of TAPCO's Legal and Compliance leaders. The event concludes with a Happy Hour and Networking session. TAPCO, dedicated to enhancing roadway safety through innovative solutions, invites you to this enriching event, and limited space is available. For inquiries, contact Evan@iiaw.com. Register today here. 

Get InsurCon2024 Updates

This year's annual convention is a special celebration as we're celebrating the IIAW's 125th anniversary at Lambeau Field!This is a once-in-a-lifetime extravaganza set against the breathtaking backdrop of Lambeau Field. As Lambeau Field opens its doors exclusiely for our anniversary celebration, 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. Want to be the first to receive all exciting InsurCon updates? Click here and add your email to our email list! You'll receive real-time updates as we release more information like our in-depth schedule, as registration opens and as we announce our special guests joining us for the event! Click here to add your email to our email ist. 

2023 to Test Recent Growth in Private Flood Insurance Market

The growth of the private flood insurance market faces a crucial test in 2023, triggered by events like Tropical Storm Hilary in California and potential upcoming storms in the Atlantic hurricane season. The adoption of new data and technology in the federal National Flood Insurance Program's (NFIP) Risk Rating 2.0 methodology has led to higher premiums reflecting true flood risk, propelling private insurers to greater competitiveness. The private flood insurance sector expanded from 47 to 198 providers between 2016 and 2022, with direct premiums written up 24% to approximately $1.2 billion in 2022. NFIP's financial troubles persist, while California's recent floods and the formation of Hurricane Idalia in the Gulf of Mexico pose significant challenges. The impact on the private flood insurance market remains uncertain, underlining the ongoing issue of low flood insurance uptake, even in disaster-prone regions like Vermont. The nascent nature of this sector is evident in AM Best's top 10 private flood insurers list, highlighting the ongoing evolution of this line of business.

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.

In this week's Big I Buzz, we are discussing which vehicles auto thieves most often target and how customer satisfaction with health insurance varies by generation. 

Auto Thieves' Favorite Vehicles to Swipe

The National Insurance Crime Bureau has analyzed the vehicles that were stolen most in 2022. Here are their findings: 

10. Honda CR-V

  Total Thefts in 2022: 13,832

  Model year stolen most often: 2001

9. GMC PIckup (full-size)

  Total Thefts in 2022: 16,622

  Model year stolen most often: 2005

8. Toyota Camry

  Total thefts in 2022: 17.094

  Model year stolen most often: 2021

7. Kia Optima

  Total thefts in 2022: 18,221

  Model year stolen most often: 2015

6. Hyundai Elantra

  Total thefts in 2022: 19.602

  Model year stolen most often: 2017

5. Hyundai Sonata

  Total thefts in 2022: 21,707

  Model year stolen most often: 2013

4. Honda Accord

  Total thefts in 2022: 27.089

  Model year stolen most often: 1997

3. Honda Civic

  Total thefts in 2022: 27,113

  Model year stolen most often: 2000

2. Ford Pickup (full-size)

  Total thefts in 2022: 48.175

  Model year stolen most often: 2006

1. Chevrolet Pickup (full-size)

  Total thefts in 2022: 49,903

  Model year stolen most often: 2004

Read the full article here. 

Customer Satisfaction with Health Insurance Varies By Generation

The impact of COVID-19 on customer satisfaction has extended to various sectors, including health insurance. A recent survey conducted by HealthEdge revealed that consumer expectations are influenced by their experiences with retailers. Amid the pandemic, only 45% of surveyed health insurance consumers expressed full satisfaction with their plans. However, those with care managers involved reported higher satisfaction rates. Key drivers of customer satisfaction included excellent customer service, effective self-service tools, personalized communication, and leveraging social determinants of health data. The survey emphasized the role of care managers in enhancing satisfaction and showcased the diverse communication preferences of customers. The findings also highlighted the importance of personalization, customer service, and empowerment for health plans to improve satisfaction levels. The survey demonstrated generational differences in priorities, with younger generations valuing low costs while older ones prioritized retaining their doctors. Moreover, opinions on the causes of high healthcare costs varied among age groups.

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.

In this week's Big I Buzz, we are discussing reasons why Gen Z isn't buying life insurance and auto insurance trends found by J.D. Power.

Five Reasons Why Gen Z Isn't Buying Life Insurance

The younger generation, comprising Gen Z and millennials, express a need for life insurance, but many have not taken the step to purchase a policy. Experts discussed five main reasons for this during a recent LIMRA LinkedIn Live event. Firstly, these young adults tend to join the workforce slowly and have accumulated less wealth, making them more likely to use buy now, pay later services. Secondly, they have faced economic challenges due to the financial crisis and the COVID-19 pandemic, leading to higher stress levels about their finances. Thirdly, social media amplifies negative news, contributing to their financial concerns. Despite record-breaking life insurance sales in recent years, there is still a growing gap between the number of young adults who acknowledge the need for life insurance and those who actually buy it. To address this, financial professionals should understand that the younger generation is diverse, digitally savvy, and expects personalized, convenient, and accessible services. Agents need to approach them through various online platforms as they spend a significant amount of time online. Advisors should focus on personalizing online experiences, exploring new ways to educate and market insurance products, and considering embedded life products, wellness programs, immediate smaller purchases, and bundling options to cater to the preferences of Gen Z and millennials.

Auto Insurance Deals Harder to Come By; More Dropping Policies

The latest study by J.D. Power on auto insurance shopping trends reveals a concerning pattern for consumers. With most carriers implementing auto insurance rate increases, finding bargains has become increasingly difficult. Consequently, a larger percentage of drivers are forgoing insurance altogether as premiums rise. The uninsured rate has risen from 11% to 15%, and nearly 30% of those without insurance cited inability to pay as the main reason. As costs rise, insurance falls down the priority list for many consumers, impacting their ability to maintain coverage. The survey also indicates that consumers are growing weary of searching for lower premiums, as the rate of shopping for new rates has decreased. The switch rate, which measures consumers changing insurers, has also flattened, indicating a lack of viable alternatives with lower premiums. Progressive seems to be the main beneficiary of those who do switch, while The Hanover, Amica, and USAA have the highest customer loyalty. The rising uninsured motorist rates are a growing concern, and J.D. Power plans to delve deeper into this issue in future reports.

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.