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 However, hurdles such as outdated technology, proprietary systems and disconnected data within departments hinder the effective utilization of this valuable resource.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.

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.

Happy Wednesday! In this week's Big I Buzz, we are discussing unusual insurance policies and how IMS can help any size agency. 

Do Your Clients Know About These Unusual Insurance Policies?

LendEDU recently identified a handful of insurance policies that most people are typically unfamiliar with. While you likely won't be selling these types of policies often, it's nice to have it in your back pocket in case you come across a client with an unusual coverage need. 

5. Moving Insurance - From poorly packed breakables to bouncy truck rides, moving from one home to another or one business location to another is rife with opportunities for property damage. This type of coverage is often purchased through a moving company and can help mitigate the cost of belongings lost to the relocation process. 

4. Lottery Insurance - Should an individual strike it right through a lottery and decide to walk off their job, lottery insurance provides coverage for their employer. The product is more common in the UK than in the U.S., according to LendEDU.

3. Multiple Birth Insurance - While it's unusual for parents to unaware that they're having more than one baby, for those that like the element of surprise may be interested in this coverage. Available predominantly in the UK, this coverage can help parents weather the unexpected expenses of birthing multiples.

2. Body Part Insurance - Anyone who relies on their body to make money, such as a surgeon or machinist who must have fit hands, can get those body parts covered in the event that an injury results in lost income. 

1. Alien Abduction Insurance - You may think that an alien abduction is unlikely - and you might be right - but that doesn't change the fact that in a 1991 study, when 6000 people were asked whether they've had an experience with an extraterrestrial lifeform, more than 100 of them "answered in an affirmative way," according to the pollster Elmo Burns Roper Jr. Should an individual with this type of coverage return from their long, strange trip with bumps and bruises, their medical bills will be covered. 

Surprisingly, we didn't come up with these on our own. Check out this list and learn more about LendEDU here. 

IMS Empowers Agents to Choose Their Path

One of the best perks of being an independent agent is freedom of choice. Having the ability to sell products fro. m a multitude of carriers can greatly benefit your clients and help you find solutions that meet their needs. As an IIAW member, you have access to IMS, which can help curate your menu of offerings by connecting your agency with quality insurance carriers. 

No matter the size of your agency, IMS empowers you to choose the markets and products that bring the most value to your agency. When agents gain an appointment through IMS, they maintain a direct working relationship with the insurance company, which allows the agency to build relationships with underwriters and other helpful company personnel. If the book becomes large enough and predetermined volume thresholds are met, IMS agents can earn a direct contract with the insurer at no additional cost. 

IMS recognizes that profitable growth is the key to success for any independent agency and pays its agents competitive commissions to maximize agency income. IMS agents also enjoy 100 percent ownership of expirations. Agents who gain appointments through IMS can also take home extra cash if they qualify for any earned contingencies. 

Whether you're a mid-to large-sized agency looking to write niche pieces business or a small agency seeking direct carrier appointments, IMS has the tools and flexibility you need to grow your agency. To get started with IMS, click 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 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.

Happy Wednesday! In this week's Big I Buzz, we are discussing how AI technology is complicating copyright law and Catalyit's State of Tech Report. 

Copyright Law Complicated by AI Technology

The US Copyright Office is grappling with the role of human authorship in art created by AI technology. George Thuronyi, deputy director of the Office of Public Information and Education, said the issue had raised "difficult questions" after an author submitted a comic book that included AI-generated artwork. While originally approved by the Copyright Office, the registration was later cancelled after the artist boasted on social media that she had "duped" the office. Thuronyi said there were "gray areas" where human authorship was unclear, such as when an artist altered their own work using an AI program. You can read more about the complications here. 

Catalyit The State of Tech Report is Now Available!

Catalyit's State of Tech in Independent Insurance Agencies Report is now available for you to download, and as an IIAW member, you can access the report for free here. 

Catalyit surveyed agencies around the country to learn about the technology they are using and how they feel about it. Agents also rated their top carrier partners on the technology support they provide. You have have taken the survey yourself, but even if you didn't, you can still access the results. 

The report shares findings from the survey and agency tech trends. Here are four key findings that we found interesting: 

• More agencies are using Marketing Automation platforms (with a 15%  increase year-over-year) for email and text marketing, prospecting, client retention, pre-renewal processes, cross-selling and up-selling. 

• Cybersecurity continues to be a weak point for agents and needs to be a priority. 

• Data Analytics tools are underutilized and with more strategic insights, agencies can make more informed business decisions that improve overall efficiency and performance. 

• Development and use of Commercial Lines Quoting/Rating platforms is growing, with 25% of respondents utilizing at least one of these solutions. 

We encourage you to download the full 36-page State of Tech Report to see all the results, explore the latest insights and learn what the data means for independent agents. 

Want to know more? Attend Catalyit's free webinar next Tuesday, 5/2, at 10 a.m. where Steve Anderson will take you through the report's findings and insights and shares how to enhance your agency's performance. Register here at cataylit.com/catalyit-live. 

You will need to log into your Catalyit.com account to access this webinar. Don't have an account? IIAW members receive free access to Catalyit.com. Visit iiaw.com/catalyit to gain full access. (You will need to log into the IIAW website to setup your free Catalyit.com account, if you haven't already.)

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.