Happy February! In this week's Big I Buzz, we are discussing increases in auto insurance shopping & switching and how to use the Trusted Choice Marketing Reimbursement Program. 

Now that we're kicking off the second month of the year, it's the perfect time to restart those forgotten New Years' resolutions! If your resolutions were to start the new year by increasing your marketing, you're in luck! Trusted Choice offers Big I members a Marketing Reimbursement Program.  All agency are eligible for up to a $1000 reimbursement for co-branded marketing and certain digital improvements. This is a 50% match base on one allotment per member agency (limited to one location). 

Ways to qualify: 

Co-branding: Use of the Trusted Choice logo on consumer facing advertising. For access to be pre-produced advertising materials visit the Trusted Choice Marketing Campaigns that can be customized for your agency free of charge by Trusted Choice staff. There are print, digital, video and radio ads available. 

  Digital Co-branding: Use of any of the Trusted Choice customizable marketing materials or brand creative that includes the Trusted

Choice logo. This includes video production and advertising costs (display ads, social media ads, YouTube, etc.)

  Traditional Co-branding: Certain traditional advertising options are eligible for reimbursement (billboards, radio, print, client

incentives and some sponsorships), provided they are co-branded with the Trusted Choice logo.

Stationary, business cards and other office supplies are not eligible for reimbursement.

Digital Improvements: Reimbursement is available to make strategic digital improvements for your agency using one of the provides

designated as MRP eligible. You can utilize the funds with one or multiple vendors during the year up to $1,000 limit.

Auto Insurance Shopping - and Switching - Increases

A new quarterly report from J.D. Power and TransUnion, have found that the quote rate for auto insurance in the fourth quarter of 2022 was up 12.1% and the switch rate was 4.1%.

These findings mean that drivers are not only shopping around for auto insurance more than ever, they are switching carriers.

Along with this, J.D. Powers also noted that insurers have decreased spending in advertising.

The report also found that consumer loyalty was strongest for these insurers: USAA, MAPFRE and New Jersey Manufacturers.

Read more about the findings 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 discussing a member benefit that you should be taking advantage of in 2023 and states with the biggest auto insurance rate changes. Plus, as a bonus, we are sharing two upcoming opportunities to earn CE. 

HR Solutions for Your Agency

Planning to hire in 2023? Selecting the right team member is critical to. your agency's success and the IIAW is here to help! Through your IIAW membership, you can access many staffing solutions to help you ensure that you're finding the perfect candidate for your agency. We know that hiring can feel like a daunting task, so we have options to help whether you prefer to do it yourself, need a little help or just want to outsource the entire process. 

Additionally, the IIAW offers the following HR solutions:

• Agency Hiring - The partnership with CareerPlug, gives our members the opportunity to create their own careers page and the opportunity to post available job opportunities on a site that enables them to get better candidates to fill any vacancies. Members have the option to upgrade their subscriptions with CareerPlug at an annual, deeply discounted rate that will allow them to cross-list their open job position on popular job sites like Indeed, ZipRecruiter, etc. 

• Employee Handbook and Other Templates - There's no better time to update your Employee Handbook than the start of the new year. Establishing policies and procedures is one of the best ways to improve workplace communication, set employee expectations and promote fairness, leading to a more productive workplace. Whether it's providing policy updates or creating a handbook for the first time, the IIAW will work with you to craft and brand your employee handbook to your agency. 

• New Hire Training - Start your new hires off right with our classroom and self-study prelicensing courses and online training in insurance essentials, coverages, business skills and more. 

• Remote Staffing with WAHVE - Hire an experienced and qualified remote employee for full-time, part-time or project-based work through our partnership with WAHVE. WAHVE bridges the gap between an employer's need for highly skilled professional talent and seasoned professionals desiring to extend their career working from home. From screening to placement, WAHVE is a comprehensive solution to qualifying, hiring and managing experienced remote talent. 

• Internships & Talent Pipeline - Promote internship and job opportunities with your agency at college RMI Career Fairs with the help of the IIAW. 

Learn more about the IIAW's HR Solutions here. 

States with the Biggest Auto Insurance Rate Changes

ValuePenguin.com has narrowed down the the states that are expected to see the biggest year-over-year rate increase for car insurance. Here's what their study found: 

10. Virginia - year-on-year increase is 12.6% with an average annual cost of $1,416

9. Kansas & New Mexico (Tied) - year -on-year rate increase is 12.9%. The average cost for Kansas is $1,656 and for New Mexico is $1,668. 

8. Delaware - year-on-year rate increase is 13.3% with an average annual cost of $2,052. 

7. Utah - year-on-year increase: 13.4% with an average annual cost of $1,656.

6. South Carolina - year-on-year rate increase is 13.5% with an average annual cost of $1,632. 

5. New Hampshire - year-on-year rate increase is 13.6% with an average annual cost of $1,560.

4. Georgia - year-on-year rate increase is 13.8% with an average annual cost of $1,500. 

3. Pennsylvania - year-on-year rate increase is 14.4% with an average annual cost of $1,488. 

2. Arizona - year-on-year rate increase is 15.6% with an average annual cost of $1,920. 

1. Illinois - year-on-year rate increase is 17.1% with an average annual cost of $1,720. 

You can read more about this study and its findings here. 

Two Upcoming CE Opportunities 

1. E&O Risk Management and Ethics: Less Risk. More Reward.

1 to 4 p.m. (Happy Hour: 4 to 5 p.m.)

February 28th

SECURA Insurance in Neenah, WI

Cost: $24

3 WI Ethics CE Credits

Join us on February 28th at SECURA Insurance in Neenah, WI for this interactive seminar that looks at the risks of E&O claims for an independent insurance agency. This course serves as an educational opportunity for insurance professionals to consider their ethical obligations from both a legal perspective and how it can affect their exposure to E&O claims and allegations. 

This course has been approved for E&O risk management premium credits for Swiss Re policyholders and approved for 3 Ethics CE. 

2. Claims Handling: 2023 The Year of the Customer

9 a.m. on March 2 - 1 WI CE Approved

This webinar will review claim handling do's and don'ts for an independent agency. The session reminds an agency of the E&O risks of providing too much guidance to customers on how to handle a claim and whether there is coverage. The presenter, Jim Redeker, will utilize case examples, storytelling and data from one of the largest E&O carriers in the United States, Swiss Re Corporate Solutions. 

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 discussing yesterday's Issues Briefing, surprising events covered by homeowners insurance and the 2023 prediction for commercial property insurance.

Issues Briefing: FTC's Proposed Rule on National Ban of Noncompete Agreements

Yesterday, the IIAW hosted a 30-minute issue briefing on the FTC's proposed rule banning noncompete agreements. During this briefing, IIAW's CEO, Matt Banaszynski, walked through the proposed rule, the FTC's rulemaking process and key takeaways. If you missed the briefing, you can watch it here. For a copy of Matt's presentation, click here.  We have opened access to these materials to all independent agencies, regardless of membership, due to the importance of this issue.

The IIAW and IIABA will continue to monitor and work closely with the FTC to make sure our members' voices are heard as this rule makes it way through the FTC rulemaking process. The IIAW and IIABA will be engaging with the FTC and will provide comments to the FTC on our stance regarding this proposed rule. We will continue to review the proposed rule and we'll be providing updates as they come in. 

If you have any questions, please reach out to Matt at matt@iiaw.com. 

A Dozen Surprising Events Covered By Homeowners Insurance

Research from insurance.com and bankrate.com has listed a dozen unusual losses that homeowners may be surprised to learn are covered by their property insurance: 

1. Lawsuits - "A homeowner's personal liability insurance clause would cover litigation related to an event at the home such as a child's trampoline accident or an icy-sidewalk fall."

2. Things that fall from the sky - "Damage from meteors, airplane parts and other things that may drop onto an insured residence is covered."

3. Meteorites - "Just like the destruction from other objects that may fall from the sky, damage from 'space junk' is covered."

4. Hot Lava - While homeowners need separate policies for flooding or earthquakes, damage from a volcanic eruption is often covered. However, this coverage may be limited to the immediate residence and its contents."

5. Robbery - "Possessions stolen from the home are covered."

6. Rotten Food - "Homeowners have a valid claim should vittles in the "fridge go bad due to an unforeseen event such as a power outage."

7. Headstones - "These are considered a personal possession and are therefore covered should they crack, become crushed or defaced by an act of vandalism. 

8. Violent Crime - "Few events have the potential to make an unprecedented mess inside a home like a murder, suicide or unattended death. The cost of correcting the damage from such violence is often covered."

9. Identity Theft - "This is often provided through an optional homeowners-insurance rider. That coverage could come in handy as correcting identity theft can take house and cost thousands of dollars. "

10. Damage Outbuildings - "Homeowners who take advantage of "other structure coverages" as part of their insurance will find they have a claim when fences, guest houses, detached garages, mailboxes or sheds are damaged."

11. Pet Bites or Attacks - "Personal liability coverage as part of a homeowner's policy comes into play should an animal owned by the homeowner get out of line."

12. Hotel Expenses After a Covered Loss - "Should a policyholder need to relocate during repairs following a house fire or other covered loss, that expense would be covered." 

Read more here. 

Property Insurance Rates to Keep Surging in 2023

According to market experts, "Commercial property insurance buyers can expect further rate hikes this year due to a confluence of factors, with catastrophe-exposed and loss-hit accounts bearing the brunt of tightening capacity and increases of 25% or higher. 

Last week, Gallagher Re released a report that stated property catastrophe reinsurance rates for loss-hit U.S. accounts jumped between 45% and 100% at Jan. 1 renewals and that the effect from this is unclear at this time. Read more from Business Insurance 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! Today's Big I Buzz is the last for 2022, so we have a lot of information to share. 

First, the IIAW office will be closed from December 26th to December 30th. We will resume normal business hours on January 2nd. Our team will be monitoring emails while we are out of the office. We hope that everyone has a wonderful Christmas and New Year. 

AAA Holiday Travel Forecast

AAA is predicting 113M people will travel 50+ miles from home over the holiday weekend, which is 3.6M than 2021 travel levels. In Wisconsin, they're estimating 2.2 million Wisconsinites will hit the road between Dec. 23 and Jan. 2, just in time for the incoming storm. 27 WKOW is recommending travelers from the south central part of the state don't travel at all on Friday, as heavy winds will cause whiteout conditions, making it difficult to safely travel. Read more about the holiday travel forecast here.

IIAW Emerging Leaders Holiday Party

A new date for the Emerging Leaders Holiday Party has been selected! Join the IIAW Emerging Leaders at 1 p.m. on January 26th at the Great Dane on the east side of Madison. Donations for the humane societies will remain open until the party, so don't forget to support the Emerging Leaders Annual Fundraiser by either making a monetary donation or bringing in physical donations to the holiday party on Jan. 26th. RSVP for the Emerging Leaders Holiday Party 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!

Since its inception in 2007, Independent Market Solutions (IMS) has expanded its partnership to include 13 state associations across the United States. The IIAW has invested in IMS with the goal of bringing scale and efficiency that provide for the development of better products and terms for producing agencies.

Through your membership in the association, IMS provides independent agents with a viable option for market access while also affording 100 percent ownership of expirations. Many IMS programs are established to allow subagents to reach a predetermined premium volume and qualify for direct appointment at no additional cost to the agent. While incubating with IMS, subagents are paid competitive commissions and can also participate in any earned contingencies.

IMS market availability in Wisconsin includes 13 participating carriers that offer personal, commercial, and various specialty lines. See the full list of carriers IMS can get you connected with here.