Happy Wednesday! In this week's Big I Buzz we are sharing the findings from the JD 2023 U.S. Small Commercial Insurance Study and the newest deepfake scams.

Small Businesses Give Record-High Ratings to Commercial Insurers: JD Power

The 11th annual JD Power 2023 U.S. Small Commercial Insurance Study reveals a notable surge in satisfaction among small businesses across the United States regarding their interactions with commercial insurance providers. Customer contentment has achieved an unprecedented peak of 847 points on a 1,000-point scale, showing a 5-point rise from the previous year and a substantial 70-point increase over the last decade. The study, which involved 2,472 small commercial insurance customers with 50 or fewer employees, examined aspects such as billing and payment, claims, interaction, policy offerings, and price. This upward trend in satisfaction, despite increasing premiums, is particularly pronounced in businesses with 5 to 50 employees. Nationwide claims the highest satisfaction score (883), followed by State Farm (877) and Cincinnati Insurance (870). Among the study's key findings, micro-sized businesses exhibit lower satisfaction, proactive communication from insurers regarding price changes enhances satisfaction, and social media engagement positively impacts customer contentment. Read the article here.

Deepfake Imposter Scams Are Driving a New Wave of Fraud

The rise of sophisticated scam technology, including AI-generated voices and deepfake masks created from social media photos, has raised alarms among regulators, law enforcement, and financial industry leaders. Criminals are leveraging advanced techniques to exploit consumers, with AI-powered fraud becoming a significant concern. Despite substantial investments in detection and prevention, financial fraud surged by 44% in the US in the past year, totaling nearly $8.8 billion in losses. The rapid adoption of online banking during the COVID-19 pandemic, coupled with the evolution of scam tech, has given rise to more elaborate and customized attacks that even tech-savvy individuals can fall victim to. As cybercrime costs are projected to reach $8 trillion this year globally, the financial industry faces an uphill battle to combat increasingly sophisticated and diversified fraudulent activities.

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 what's included in the Trusted Choice Hard Market Toolkit and how multifamily insurance rates have changed. 

Trusted Choice Hard Market Toolkit

When insurance premiums increase and coverage is more difficult to place -- we are in a hard market. Now, more than ever, your clients want an experienced and trusted advisor by their side. 

This comprehensive guide has been crafted by independent insurance agents who have successfully navigated through challenging markets. Find resources to help you streamline a plan, communicate effectively, handle tough questions, and ultimately, retain clients. 

Best of all, the guide is free to Big "I" member agencies and their staff members, courtesy of Trusted Choice, the national brand for independent insurance agents. 

Here's what's inside: 

• Explanation of Market Conditions

• Expert advice from independent agents on surviving a hard market

• Communication timeline to keep your agency on track

• Customizable remarketing strategy (fillable PDF)

• Expertly crafted renewal process outlines for personal and commercial lines

• Talking points and email templates for client communications

• FAQ from insurance consumers

• Creative to help your agency standout (customizable videos and graphics)

Access the Hard Market Toolkit here. 

New Study Reveals Generational Differences in Workplace Benefits Priorities

A recent report by LIMRA and Ernst & Young LLP highlights the significance of tailoring benefits strategies to accommodate the preferences of the diverse multi-generational workforce. With 61% of employers acknowledging the need for a broader range of benefit choices to cater to distinct generational expectations, nonmedical benefits such as paid family leave, emergency savings, and financial wellness programs are anticipated to gain traction. This shift is a response to the evolving dynamics of hybrid and remote work post-pandemic. While core employer-paid offerings like medical insurance remain central, holistic benefits are gaining traction, especially among younger workers who value mental, physical, and financial health programs. Notably, digital communication is seen as a key tool to educate employees about these benefits, with over 90% of all generations receptive to digital channels, particularly mobile apps for Gen Z and Millennials. Consequently, employers are increasingly inclined to embrace third-party technology solutions for benefits administration and insurance platforms that seamlessly integrate with other vendors to meet the preferences of their workforce and remain competitive in the evolving landscape.

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! We're talking about the newest travel that you may want to start packing for trips and insurance concerns that come along with the summer's most popular activities. 

Travel Essentials: Passport, Money, Bluetooth Luggage Trackers? 

In the aftermath of last year's travel chaos and luggage pileups, airlines are still struggling to keep up with the demands of air travel. A recent incident involving Harley Hendrix, a traveler returning to New York from Oslo in late May, highlights the ongoing challenges faced by airlines in handling baggage. Hendrix discovered her suitcase, containing a cherished Alexander McQueen dress and packs of cheese, had been diverted to Copenhagen. Despite using an AirTag to track her bag, it took a week for Delta and KLM to locate and forward her suitcase, by which time the cheese had spoiled and the McQueen dress had to be discarded. The incident reflects the broader issues within the industry, including outdated baggage systems and the lack of interoperability between airlines and device manufacturers. While airlines are working on incorporating trackers into their existing systems, the pressure is on to improve the bag-handling system to meet customers' expectations. In the meantime, it may be wise to pick up a few AirTags before you travel. 

Summer Fun: Make Sure These Insurance Policies Are Up-to-Date

According to a recent study from the Outdoor Industry Association, roughly 55% of people in the U.S., ages 6 and up enjoy alfresco recreations. As temperatures continue to soar and vacation calendars are swelling with planned summer activities, it's a great time to follow-up with your clients. Here are some of the most popular summer activities along with the insurance concerns that come along with them, according to the consumer education and comparison-shopping website VIU by Hub.

• Boating - "If you own a boat, you may want to consider purchasing boater's insurance. Perhaps surprisingly, most states do not require this coverage. Check your state regulations to find out if you need it, but consider purchasing it even if they don't. It typically covers damage to your boat, liability for injuries or damages caused by your boat. It may also include coverage for personal property on board the boat. "
• Swimming pools - "If you have a backyard pool, your insurance company will need to know. You may want to consider adding liability coverage to your home insurance policy, or an umbrella policy, in case someone is injured in or around your pool."
• Cycling - "Your bicycle is likely covered by your homeowners or renters insurance policy in case of theft or damage, as well as liability coverage if you cause an accident while riding your bike."
• Backyard parties - "Grills, fireworks and swing sets are common sources of injuries in the backyard. You may want to check your liability coverage to be sure that you have enough sufficient financial protection if someone is hurt."
• Vacations - "Keeping your vacated home safe while you are away is important for any homeowner. If you're going to be away from your home for an extended period of time, have someone check in on the property and let you know if there are any possible claims that need to be made. For example, if a window is broken in a storm or by a baseball from the neighbors playing."
• Road trips - "Auto insurance is a must to cover any damage or injuries that occur while you're driving. If you're planning to cross borders during your road trip, check to make sure that you'll be covered in those countries as well. It's also a good idea to consider travel insurance to cover any unexpected expenses or emergencies that arise during your trip."
• ATVs - "Unlike a boat, an ATV does need insurance. ATV insurance typically covers damage to your ATV and liability for injuries or damages caused by it. Your homeowners or umbrella policies may offer some additional protection."
  

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.

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. 

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.