By: Mallory Cornell, IIAW Vice President

This article was originally published in the May 2022 Wisconsin Independent Agent

Many of you have been participants in my E&O Risk Management courses and have heard me discuss the importance of a Social Media Policy. Perhaps you’ve even requested a sample template from me. Whether it’s a reminder or an introduction, giving employees guidance for how you want them to represent the agency when they’re online is crucial.

What is the purpose of a Social Media Policy?

The primary functions of a Social Media Policy are to: guarantee a constructive relationship between the organization and its employees, manage risk and preserve the agency’s reputation, discourage the use of company time for personal social media activities, and promote awareness among employees of how their personal information can be accessed and interpreted online.

Why do we need one?

It is important to provide guidance on several aspects of utilizing social media. From everything to defining what “social media” includes to how the individual should represent (or not represent) the agency and the agency brand. As an example, the agency would identify topics such as: do not impersonate the agency or its employees, make statements on behalf of the agency without authorization, or make statements that can be construed as establishing the agency’s official position or policy on any particular issue.

How do I get one?

Just ask! Your friends at the IIAW can provide a sample Social Media Policy for you to tailor to your agency needs and implement within your organization. The sample document outlines the basic needs of the agency. It also includes a place for an employee to acknowledge they’ve received and reviewed the Social Media Policy. This document should be a part of every employee’s personnel file and reviewed on an annual basis.

Reach out today for your complimentary copy of an agency Social Media Policy or any other template you may need to create or update.

Happy Wednesday! In this week's Big I Buzz we are discussing the last chance for online registration for InsurCon2022, Fidelity's new option for 401(k) plans and the biggest price shock in 50 years according to World Bank. 

Online Registration Closes on Monday May 2 for InsurCon2022

Have you registered for InsurCon2022 yet? If not, now is the time! Online registration closes on Monday, May 2nd. This year's convention format will feature a strong lineup of fantastic speakers. This year's speaker topics include: agency technology, cybersecurity & recovery, state of the economy, election polling data, agency sales and consumer research & insights. We will have TWO exhibitor showcases, one at lunch time and one later in the afternoon, where will we announce the Blackout Bingo prize winners! You won't want to miss our elevated evening entertainment. Dinner will be served at 6:15 and so will great entertainment. We'll start the night off with cocktails and a delicious plated dinner while we recognize this year's award recipients. Mike Ansay will lead a walk down memory lane alongside industry legend, Dave Gross, as we honor Dave on his retirement as SECURA CEO. Last but certainly not least, evening entertainment will be provided by Bill Walton, NBA and College Basketball Hall of Fame. As entertaining as he is insightful, Bill is widely considered on of the best speakers from the world of sports. You can dress business casual throughout the day on Tuesday, May 10th and our evening entertainment portion of Tuesday will be business attire. Your registration for InsurCon2022 includes lunch, dinner and drinks!

Don't forget to also register for our Networking & Bowling Event. This will be a fun night of networking and bowling in the Kalahari's extensive 24-lane bowling alley and lounge, Volcano Lanes. If you're not a bowler, no worries! We have a registration option for you too. Instead of bowling, you can spend time networking with industry friends or play one of the other games throughout the Volcano Lanes Lounge. Both bowling and non-bowling registration options include beer & pizza. Limited space is available for this event, and we are getting close to sold out. Make sure you register today at iiaw.com/insurcon.

Fidelity Adds a Crypto Option to their 401(k) Plans

Fidelity's workplace retirement plans are adding another option into the mix. According to BenefitNews.com, "The firm announced Tuesday it will have a product ready in coming months to allow 401(k) plan participants to direct a portion of their savings into bitcoin. Employers that decide to offer the option will choose what percentage of an employee's account can be directed into crypto, up to a cap of 20%." You can read more about this new option here. 

Ukraine War to Cause Biggest Price Shock in 50 Years - World Bank

World Bank has released a new forecast and has warned that the Ukraine war will cause the "largest commodity shock since the 1970s.  According to BBC, "Energy prices are set to increase more than 50%, pushing up bills for households and businesses, the World Bank says. The biggest rise will be the price of natural gas in Europe, which is set to more than double in cost. Prices are forecast to fall next year and in 2024, but even then will remain 15% higher than they were last year. The World Bank said this means that from the lows of April 20220 until the highs of March this year we have seen "the largest 23-month increase in energy prices since the 1973 oil price hike", when tensions in the Middle East sent prices soaring." Read more about the prospective increase in gas and oil, wheat and 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.

Relationship building is vital to the success of any insurance agency. As agents, you build relationships with clients, and, equally important, you build relationships with carriers. When starting or operating your agency, obtaining access to carriers and building those key relationships can be challenging.

The good news is your association can help through Independent Market Solutions (IMS). This program is designed exclusively for Wisconsin agents to assist with market access and establish a clear pathway to direct appointments with many carriers.

The IMS program affords agencies of all sizes the opportunity to add carrier appointments as IMS subproducers. That means your agency can have a direct working relationship with insurance companies, improving efficiency and allowing you to grow your relationships with company staff. And, as you write more policies as a subagent, certain insurance markets feature the opportunity to “graduate” to a direct appointment once the carrier’s minimum premium threshold and performance standards are met—all at no additional cost to you.

Your association is a proud investor in IMS, a program that favors independent agents by providing 100 percent ownership of expirations, competitive commissions, and a path to direct appointments. IMS helps your agency earn more revenue and build a sustainable business.

Click here to learn how to connect with our carrier partners.  

Happy Wednesday! In this week's Big I Buzz we are discussing the InsurCon2022 kickoff event, March U.S. tornado activity and this month's spotlight on member benefits. 

InsurCon2022 Kickoff Event: Be There or Be Spare

Join us at 8 p.m. on Monday, May 9th for a fun night of networking & bowling in the Kalahari's expansive bowling alley and lounge, Volcano Lanes. Registration for this event is $40 and includes pizza, beer and bowling for the event. Not interested in bowling? We have a reservation option for non-bowlers too! Non-bowling registration is $25 and includes beer and pizza. The bowling alley has plenty of room for networking with industry friends, axe throwing, golf simulator games and so much more! Registration is on a first-come, first-serve basis. Save your spot here: iiaw.com/insurcon.

March U.S. Tornado Activity Likely to Set Record

The National Oceanic and Atmospheric Administration's National Weather Service Storm Prediction Center reported that there were more than 250 tornados throughout March in the U.S. Most of these tornados happened in Mississippi, Texas, Iowa, Alabama, Florida with Louisiana experiencing some strong tornados too. The previous record for most tornadoes was set in March of 2017 with a total of 192 tornadoes. The preliminary tornado total from March 2021 was 191, but that may be higher than anticipated. According to Aon, "Severe convective storms caused $26.7 billion in losses in 2021." Preliminary data from NOAA states, "There were 1,376 tornadoes in the U.S. in 1021 compared with 1,075 in 2020. You can learn more here. 

IIAW's Spotlight on Member Benefits for April:

This month's featured benefit is WAHVE, Work at Home Vintage Experts. Finding the right talent is a time-consuming, often frustrating process. Fortunately, WAHVE has pretiring experts with decades fo experience who are ready to fill your resource needs for less than you'd expect. With WAHVE you can fill staffing needs when you can't find the talent, whether part-time or full-time. You can save on hiring, training, managing, overhead and turnover costs and you can generate operational efficiencies and drive growth. Learn more about WAHVE 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 covering 3 reasons why you should register for InsurCon2022, NFT insurance and whether corporate culture can survive remote work. 

3 Reasons to Register for InsurCon2022

If you haven't registered for InsurCon2022 yet, now's the time! Here are three reasons why you should register for this year's must-see event: 1. New Convention Format for 2022 - Our new format is inspired by TED Talks and will feature a variety of engaging speakers! Our speakers will focus on topics like agency technology, cybersecurity, COVID economic impacts and more! Your registration will give you access to all events (bowling on May 9th is a separate registration), lunch, dinner, two drink tickets and access to BOTH Exhibitor Showcases. 

2. Evening Entertainment - We're elevating our Evening Entertainment for 2022! This year, our evening will start with Networking & Cocktails in the Convention Foyer for complimentary drinks and time to network with industry friends. Then, dinner will be served and so will great entertainment! Matt Banaszynski, IIAW CEO, will sit down with Garth Wicinsky to talk about his vision for the future as he takes over the helm as SECURA CEO. Then, Mike Ansay will lead a walk down memory lane alongside industry legend, Dave Gross, as we honor Dave on his retirement as SECURA CEO. Last but certainly not least, evening entertainment will be provided by Bill Walton, NBA and College Basketball Hall of Famer. As entertaining as he is insightful, Bill is widely considered one of the best speakers from the world of sports. 

3. Exhibitor Showcases - Back by popular demand, InsurCon2022 will feature Blackout Bingo! This year, we'll have two showcase opportunities to fill in your bingo card, which means more time to network! First, during our Exhibitor Networking Luncheon, you can grab lunch from one of the available food carts and sip on a drink from the bar (lunch & two drink tickets included with your registration) while you mark off your Blackout Bingo cards and network with exhibitors. We'll have a second Exhibitor Showcase opportunity later in the day that will conclude with awarding the winners of Blackout Bingo and all the Super Door Prize winners!

Bonus! Join us for our InsurCon2022 kickoff event of Networking & Bowling at the Kalahari's Volcano Lanes! Registration for this event includes pizza, beer & bowling for the evening. Not interested in bowling? Not a problem! We have a registration option for you as well, which includes pizza & beer. The bowling alley has plenty of room for networking with industry friends, axe throwing, golf simulator games and so much more!

Secure your spot and don't miss out on the fun of InsurCon2022! Register today at iiaw.com/insurcon.

NFT Insurance: Understanding the Challenges and Solutions

Do you know what an NFT is? You should, NFTs (non-fungible tokens) hit the mainstream in 2021 and owners are looking for ways to protect their investments. To quickly summarize how NFT's work, Independent Agent wrote, "Prior to NFTs, a copy of the digital file was identical to the original. Because NFTs are built on blockchain technology, they care connected to a decentralized historical record that allows for the provenance of a digital file to be established. Ownership of an NFT is established and authenticated by immutable blocks of data on the blockchain. As a result, the original is non-fungible, or not interchangeable with any copies that might be made. By allowing for authentication and ownership of digital assets, NFTs also allow digital assets to be valued and sold, which creates the need for NFT insurance."  There have been challenges to insuring NFTs because there's confusion as to whether they can be covered as fine art. However, for the most part cyber insurance policies would address the marketplace's liability, rather than covering losses that might be experienced by individuals with marketplace accounts, according to Independent Agent. You can read more about the challenges and solutions for insuring NFTs here. 

Leadership Conundrum: Can Corporate Culture Survive Remote Work Models? 

The insurance industry is expected to maintain a hybrid work model as the pandemic begins to dwindle. But, that's left a lot of companies questioning how they can continue their corporate work culture. While companies saw an increase in productivity as employees spend less time commuting, eating longer lunches and stopping to grab a coffee, there has been a negative impact on innovation for everything that requires teamwork and brainstorming. So, how do companies keep a strong corporate culture when they're faced with a hybrid workplace? Charles Cooper, chief executive of Reinsurance, AXA XL, says that spending time to get to know employees remotely is a great way to do that. You can read more about maintaining corporate culture while offering remote or hybrid workplace settings 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.