Happy Wednesday! In this week's Big I Buzz we are discussing predicted telehealth risks for the year, how to get an at-home over-the-counter COVID test and cryptocurrency crimes. 

Viewpoint: Telehealth Risks and Predicted Impacts for 2022

COVID-19 has changed the way we do a lot of things and healthcare is at the top of the list. Many doctors' offices adopted telehealth. Claims Journal defines telehealth as, "The delivery and facilitation of health-related services via telecommunications and digital communication technologies." Despite the conveniences of telehealth, there are some risks involved. According to Claims Journal, "Legal experts predict that the volume of virtual care lawsuits will increase as telemedicine becomes and increasingly common way for patients to access healthcare... For example, a report from Quest Diagnostics said that 67% of the primary care physicians they surveyed were concerned that they missed signs of patient drug abuse during the pandemic. Only 50% of survey respondents were confident they could recognize signs of drug misuse during telehealth visits, compared to the 91% that said the same of in-person patient interactions." Claims Journal checked in  with malpractice experts' to get their prediction of telehealth impacts for the year: their prediction was that as telehealth becomes more prominent, we will see an increase in claims resulting from lack of clarity around provider accountability, missed and delayed diagnosis and missteps in care transitions. Read more about the risks and predictions for 2022 here. 

How to Get Your At-Home Over-the-Counter COVID-19 Test for Free

As the omicron variant causes COVID spikes across the country many people are looking to get tested. Testing facilities are facing longer lines than usual, which can make the wait for a COVID test and results longer than hoped for.

So, how can you get your at-home over-the-counter COVID-19 test for free? Starting January 15, mots people with a health plan can go online, or to a pharmacy or store to purchase an at-home over-the-counter COVID-19 diagnostic test authorized by the FDA at no cost, either through reimbursement or free of charge through insurance. 

Do you have to submit your test for reimbursement or can you walk in and pick up at-home OTC tests for free? It depends on your plan. If you are charged for an at-home OTC test after January 15, you can keep your receipt and submit a claim to your insurance company for reimbursement. According to CMS.gov, "If  your plan has not set up a network of preferred stores, pharmacies and online retailers at which you can obtain a test with no out-of-pocket expense, you will be reimbursed the amount of the cost of the test. For example, if you buy a two-pack of tests for $34, the plan or insurer would reimburse $34. If your plan has set up a network of preferred stores, pharmacies and online retailers at which you can obtain a test with no out-of-pocket expense, you can still obtain tests from other retailers if you buy them outside of that network. Your plan is required to reimburse you at a rate of up to $12 per individual test (or the cost of the test, if less than $12). Save your receipt(s) to submit to your plan for reimbursement at a rate of at least $12 per individual test (or the cost of the test, if less than $12). 

You can read more about getting an at-home over-the-counter COVID test here. 

Cryptocurrency Crime Hit Record $14 Billion in 2021: Research

Blockchain researcher Chainalysis said that crime involving cryptocurrencies hit an all-time high of $14 billion in 2021. According to their report, Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier. The activity represented just 0.15% of total crypto transaction volumes, its lowest ever. Overall volumes soared to $15.8 trillion in 2021, up over five-fold from a year earlier. Insurance Journal reported that, "Driving the increase in crime was an explosion of scams and theft at decentralized finance - DeFi - platforms, Chainalysis said. DeFi sites - which offer lending, insurance and other financial services while bypassing traditional gatekeepers such as banks - have been plagued by problems that include flaws in underlying code and opaque governance." Read more about cryptocurrency crime in 2021 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.

Happy Holidays! This is the final Big I Buzz for the year, and we are covering a LOT! 

First, as a reminder, we will be closed on December 24, December 27, December 30 and December 31 for the holidays. If you have any questions arise during this time, feel free to send an email to our general inbox, info@iiaw.com. 

Sign up for Catalyit Now Before the Subscription Window Ends! 

Access to Catalyit's Full Access Subscription is only available 4 times a year, and their subscription window closes THIS FRIDAY and won't open again until next year. Sign up now at catalyit.com. IIAW members get a free basic subscription. What's Catalyit? Catalyit.com is a website created by Steve Anderson and several Big I state associations that bring all the agency tech guidance you need... in one place. Behind the login button, you'll enter a world crafted to help you discover, evaluate, select and implement tech. This includes: 

• Tools - The Catalyit Success Journey™, and our in-depth tech assessment, provide you with a custom roadmap for success.

• Guides & Reviews: Our topic guides share insights, help you compare solutions in minutes, and include reviews. 

• Training: From live coaching and Q&A sessions to our on-demand video vault, you'll be able to get the most out of your tools. 

• Community: Discuss trends, best practices and challenges with peers, experts and providers. 

• Consulting: Need custom, one-on-one support? Our team of experts can work directly with your agency. 

Your new basic subscription grants you access to a lot of this great content. once you're ready, upgrade to Full Access to unlock everything! But don't wait too long - the option to subscribe to Full Access closes on Friday, December 17th. Learn more at catalyit.com. 

Holiday Social Media Posts: 

As you're preparing for time off, we've put together a few social media graphics that you can share on your own pages to make your holiday marketing a little easier! How to save: right-click and save image as to save it to your desktop. 

Suggested Copy: Merry Christmas from the _____ team!

Suggested Copy: The New Year is the perfect time to review your insurance policies to make sure you have the coverage you need. Need help? Contact us at ___________. 

Suggested Copy: Will you be traveling for the holidays? 109.5 million Americans are planning to travel to their holiday destination. We are wishing everyone safe travels as they celebrate the holiday season. 

In addition to these graphics, you can also use any of the Trusted Choice graphics to help spruce up your social media posts! They have holiday and winter focused graphics that you can download to use on your pages.  Head over to the IIAW Facebook page, and feel free to share any of our posts onto your own page too!

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 our December Member Benefit Spotlight, the changes to A.M. Best commercial property market outlook and where employers stand on the 'new normal'. 

This Month's Spotlight on Member Benefits

December is here, and we are highlighting a new member benefit for the month, Catalyit.You told us harnessing tech in your agency isn't easy. We listened, and did something about it. The solution is here today! Introducing Catalyit: All the agency tech guidance you need... in one place. 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. The IIAW partnered with six state associations and industry tech leader, Steve Anderson, to create Catalyit. 

To super-serve Catalyit subscribers, access to catalyit.com is limited to four windows a year. So, for now, access to Catalyit opened October 14, 2021, and will close December 15, 2021. With a brand new year right around the corner, you won't want to wait. Take advantage of the current sign up window. Your IIAW membership grants you free access to a Basic subscription. You can get a full-access pass (all tools, guides and learning unlocked) for your entire agency with an exclusive IIAW discount. Learn more here. 

A.M. Best Revises Commercial Property Market Outlook

According to Business Insurance, "On Tuesday, A.M. Best updated its outlook for the U.S. commercial property insurance market from negative to stable, citing ongoing rate increases by insurers and a decline in business interruption claims." The report stated that inflationary cost pressures may push rates upward throughout 2022. "Appropriate rate and pricing actions by commercial property insurers as well as ongoing efforts to ensure the adequacy of property valuations will mitigate the effect over time," Best said. Read more here. 

Where Employers Stand on Vaccines, 'New Normal' Workplace, Remote Work, Travel 

A recent survey from Willis Towers Watson found that more than half of US employers require or plan to require COVID-19 vaccinations of employees, but their support depends on whether the courts approve the Biden Administration emergency workplace safety rule requiring vaccinations or weekly testing. Originally, the deadline for comments was set for December 6, however as of this morning, it was pushed back to January 19th. Insurance Journal reported that, "About three in 10 respondents (29%) [to the survey] say their organizations have already reached their "new normal" in terms of returning to the workplace and ending pandemic-related policies. Roughly the same amount (28%) say they don't expect their organizations to reach the new normal until the third quarter of 2022 or later. Additionally respondents report that 34% of employees are now working remotely. This is expected to drop to 27% in the first quarter of 2022. Employers that have returned remote workers to the workplace report that public health recommendations (79%), state regulations and recommendations (74%) and business needs (71%) were considerations in their decisions." Read more on the survey findings about business travel, vaccination rates and federal contractors 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.

Happy Wednesday! In this week's Big I Buzz we are discussing Thanksgiving safety tips, the states with the worst drivers and the rise in U.S. retail sales. 

Thanksgiving Safety Tips

With Thanksgiving a week away, it's the perfect time to review some basic Thanksgiving safety tips. Be sure to share these with your clients. 

According to the National Fire Prevention Association, "Thanksgiving is the peak day for home cooking fires with more than three times the daily average for such incidents. Christmas Day and Christmas Eve ranked second and third, with both having nearly twice the daily average."

Unattended cooking is the number one reason for cooking fires and fire deaths on Thanksgiving so make sure to follow these Thanksgiving safety tips: 

• Keep an eye on the food and the stove throughout the day. 

• Keep kids away from the stove, hot food and liquids. 

• Keep electric cords from an electric knife, coffee maker, plate warmer or mixer from dangling off the counter where a child could reach them. 

• Make sure that your smoke alarms are working and test the prior to Thanksgiving. 

• If you choose to deep fry a turkey, the location is important. You should fry a turkey outside of the house in an open area away from buildings and other nearby items. 

The Worst Drivers in the U.S. Live in These 10 States

QuoteWizard has studied more than 2 million insurance quotes from all 50 states to determine which states in the U.S. have the worst drivers. Surprisingly, Illinois evaded the top 10 list from QuoteWizard. Here's what they found: 

10. Wisconsin

9. Tennessee

8. New Jersey

7. Idaho

6. Utah

5. Alaska

4. California

3. Virginia

2. North Dakota

1. Iowa

The National Highway Traffic Safety Administration states that, "Roughly three out of five drivers in the U.S. completed some type of driver's education before securing their license." Read more about the QuoteWizard study here. 

Retail Sales Rose by 1.7% in October Despite High Inflation

Consumers have accelerated their level of spending in October, even with high inflation. The measure of how much consumers spent on goods ranging across categories from autos to sporting goods and food and gas, increased 1.7% for October, compared with 0.8% the previous month, according to the Commerce Department. They reported that the price hike on goods jumped at their fastest pace since the 1990s. 

According to CNBC, "Online shopping posted the biggest relative gain for the month, rising 4% and good for a 10.2% gain from a year ago. Soaring prices at the pump pushed gasoline sales up 3.9% in October. Year over year, sales increases at stations have surged 46.8%." 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. We hope that everyone has a great rest of their week!

Happy Wednesday! In this week's Big I Buzz, we are discussing this month's featured member benefit, new insurance technology you should know about and the future of the construction industry. 

Spotlight on Member Benefits: WI P&C Marketplace Report

We're jumping into a new month, which means we are spotlighting a new member benefit. This month's benefit is our WI P&C Marketplace Report. In addition to the annual report we send out highlighting the top lines of business, agent penetrations, loss ratios, percentage of surplus lines and the biggest writing insurers, we will be sharing quarterly updates as well. This data is a deep-dive into the insurer industry data for the state of WI from an independent agent's point-of-view. The goal is to provide a baseline of our state's marketplace that can be very useful in your agency for planning purposes. Agents can see the large writers overall, those insurers using agents and writing as surplus lines, and premium & loss ratio trends. Information from this report is compiled by Paul A. Buse from Real Insurance Solutions Consulting. This report is free for IIAW members. Nonmembers can access this report for $99. Head to our website here to see the data from Q2. 

Insurance Technology: Catalyit; CyberCube; Tremor; TransUnion and e2Value

Insurance Journal recently released a list of new technology solutions that you should know about. First named, Catalyit. Catalyit is a new technology resource for independent insurance agents. The Catalyit platform brings consulting, training, tools, reviews and community all in one place. In addition to the wide catalogue of resources, there's live coaching, product demos, on-demand classes and a video vault. Don't just take it from us, head to Catalyit.com to learn more. Catalyit is accepting new agency subscribers through December 15, 2021, when the open enrollment period expires until 2022. 

Other tech companies Insurance Journal named include CyberCube, TransUnion and e2Value and Tremor. Read more about these companies here. 

Construction Industry Set for Huge Growth But Labor Challenges Remain

According to a new report from Marsh, Guy Carpenter and Oxford Economics, the global construction industry is set to be a global engine for economic growth and recovery following COVID-19. Insurance Business Mag wrote, "The report, entitled 'Future of Construction: A Global Forecast for Construction to 2030,' predicts that global construction output will grow by 42%, or $4.5 trillion, between 2020 and 2030, driven largely by government stimuli and the demand for residential construction. In 2020, the output was 410.7 trillion, and the report's authors expect output to grow approximately $13.3 trillion by 2025 and $15.2 trillion by 2030. Average growth in construction output is predicted to hit 3.6% per annum over the decade to 2030, which is faster than either the manufacturing or services sectors." However, there are some worries in this growth as labor and supply chains challenges continue to arise.  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. We hope that everyone has a great rest of their week!