Today is National Coffee Day! It's always a good day when you start it off with a cup (or three) of coffee. 

In this week's Big I Buzz, we are discussing how a few changes in your office can support productivity, how Wisconsin bars and restaurants are bouncing back post-pandemic and why millennials are buying more life insurance than other generations. 

8 Ways to Redesign Your Office to Support Productivity - Independent Agent

Independent Agent has put together a list of do's and don'ts to creating a space that encourages a productive work mindset. These are 8 things to consider when designing (or redesigning) your workspace to optimize productivity as workers return to the office: 

1. Look for bottlenecks. Review the layout for your workplace to determine if the setup you currently have is best suited for your team. Do you have two departments that often work together? Consider moving them closer to each other to avoid the back and forth. 

2. Room acoustics - sounds that are within a 20-foot radius have the most impact on employee concentration levels. Consider adding acoustic panels to reduce the noise in an open office space and ultimately, decrease distractions. 

3. Eliminate distractions - Independent Agent suggests polling your staff as to what distracts them the most. There may be a lack of sunlight or too much space to congregate, keeping them from staying focused. 

4. Offer opportunities for movement - According to the Fellowes Workplace Wellness Trend Report, around 87% of employees say they'd like healthier workplace options, including wellness rooms and ergonomic chairs. Other options include allowing a space to pace while brainstorming or encouraging time to walk during the work day. 

5. Encourage breaks - The average person can work nonstop for about 20 minutes before losing focus. A good way to ramp up productivity is by encouraging frequent breaks. Add a calendar reminder every 20 minutes to either switch projects or just to get up and move around for a few minutes to encourage productivity. 

6. Declutter the space - Those who are more organized than others may find another person's mess distracting from their work. Try to remove any unused items from common areas, or even within offices. 

7. Prioritize workflows - Review your workplace workflow. Recognize the areas where tasks are taking longer and invest in any technology that may help to automate repetitive tasks. 

8. Reassess frequently - As your business scales up, review these items to see whether these changes are continuing to improve your processes or see where you can make changes. 

Read more here. 

Wisconsin Bars and Restaurants Are Bouncing Back, But Not To Pre-Pandemic Levels

Wisconsin Policy Forum has released a new report finding low employment is holding the industry back from a full recover to pre-pandemic levels. According to Wisconsin Public Radio, "Food service has been one of the hardest-hit industries during COVID-19, with employment at bars and restaurants plummeting by nearly 50% in April 2020. According to last week's report, employment was still down 8.8 percent in August compared to pre-pandemic levels in August 2019. 

What makes this situation even more difficult is that business is booming. As many customer flock back to restaurants and bars, the establishments are struggling to keep up with the influx of customers. "This boom in sales should help restaurants and bars recover from a difficult year and a half, but it's not. Owners must contend with supply chain shortages, and any increase in sales revenue has to cover much higher food costs and increased wages." 

The report found that 39.1 percent of Wisconsin workers in accommodations and food services industry filed initial unemployment claims between March 15 and July 5, 2020. Unfortunately, that hasn't led many restaurants to receive workers back as they reopen. Some restaurants interviewed for the WPR story, told reporters that they had to run on only half of the employees they had pre-pandemic, with many restaurants forced to be closed some days so they can give those employees a day or two off each week. 

Read more here. 

COVID-19 Driving More Millennials to Buy Life Insurance Than Gen X & Boomers, Study Finds

A recent study from the 2021 Insurance Barometer Study found that more Americans will purchase life insurance over the next year due to the pandemic. Millennials said they're now more likely to buy life insurance coverage because of the pandemics. Compared to the Baby Boomers and Gen X individuals surveyed, millennials far exceeded those who would do the same. 

According to Fox Business, "While the impact of the pandemic has been tragic, it has also taught younger generations the value of financial decisions like purchasing life insurance, the study showed.... Just 52% of the American adults reported having life insurance coverage in 2021, but 73 million Americans (59%) said they need life insurance. About 29 million policyholders say they need to increase their current life insurance coverage, according to the study." Read more about the study 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!

On this week's Big I Buzz, we are discussing Apple's new security update, how many Wisconsin workers will be affected by the new vaccine mandate and how Girl Scout cookies are now being delivered in Virginia. 

Do You Own an iPhone or iPad? Update Your Apple Devices Right Now.

Researchers have recently uncovered a security flaw in Apple devices, including those for iPads, Macs and Apple Watches. The flaw could allow hackers to secretly install spyware on your Apple devices, even if you do nothing, not even click on a link. The recent Apple update includes a patch aimed to fix the security flaw. Read more here. 

How Many Wisconsin Workers Could Be Impacted by Biden's New Vaccine Mandate?

According to the Biz Times, "In Wisconsin, the new federal vaccination rule could apply to roughly 1.2 million workers, including about 382,000 in metro Milwaukee. That's based on 2018 figures, the most recent available data, from the U.S. Equal Employment Opportunity Commission, which annually surveys private sector employers with at least 100 employees and federal contractors with at least 50 employees. That year 1,209.412 workers were included in that data in Wisconsin, including 381,584 in the Milwaukee metro." The Republican National Committee has announced its plans to file a lawsuit against the Biden administration over the mandates. Read more here. 

Girl Scout Cookies Take Flight in Virginia Drone Deliveries

It's raining cookies - it sounds like a dream, but for some in Virginia, it's a dream come true. Residents in a Virginia community are receiving their Girl Scout cookies via a Google affiliate drone. According to Claims Journal, "The town of Christianburg has been testing a ground for commercial delivery drones operated by Wing, a subsidiary of Google's corporate parent Alphabet." Those in Christianburg who have been surveyed are showing content with the drones. Lee Vinsel, an assistant professor of science, technology and society who conducted the survey said that suburban setup is easiest for drone delivery. It's unclear at this time if they're looking to expand this delivery system to other states (like Wisconsin), but one can hope that we'll soon be opening our front door in pajamas to grab our Girl Scout cookies. Read more about the flying cookies 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! It's hard to believe that we are already kicking off the month of September, but here we are! In this week's Big I Buzz, we are discussing how some millennials are changing careers, the new budget resolution passed last week and how bears are becoming a threat in fight against the Minnesota wildfire. 

These Millennials Are Dumping Their Jobs to Plot New Careers

According to The Wall Street Journal, some young professionals are choosing to quit the job post-pandemic without a Plan B. "U.S. workers are quitting their jobs at some of the highest rates in years, a sign of great appetite for change and confidence in better prospects down the line. The share of people leaving jobs reached 2.7% in June, according to the Labor Department, just shy of April's 2.8% rate, the highest level since the government began tracking quit rates two decades ago. 

Now is a great time to train the right employee who's looking for a switch into the insurance industry. The IIAW has options for employee training through New Level Partners platform, My Agency Campus. My Agency Campus is a great hub for employee training ranging from insurance basics, specific job roles ore even specific business skills. My Agency Campus is an easy-to-access learning tool with training bundles tailored by job role and experience. You can browse the course offerings and help new hires achieve their professional development goals here: https://www.iiaw.com/page/EmployeeTraining. 

House Democrats Pass $3.5 Trillion Budget Resolution

Last week, U.S. House of Representatives Democrats passed a $3.5 trillion budget resolution that unlocks the process known as "reconciliation". While previously passed in the Senate, it did not receive a single Republican vote in either chamber. According to Independent Agent Magazine, "Reconciliation allows the majority party in the Senate to use spending or revenue bills to expedite consideration of certain tax, budget and spending-related legislation. While limited in use, budget reconciliation measures in the Senate require a majority vote and not the normal 60-vote threshold to overcome a filibuster and pass legislations." 

The reconciliation outlined the spending priorities, it did not outline how it will pay for the spending. "Based on the contours of the budget resolution, the reconciliation package could include up to $1.7 trillion in tax increases... Importantly for agencies that file taxes as a C corporation, which is roughly one-third of Big "I" members, President Biden has suggested raising the corporate tax rate from 21% to 28%. For the two-thirds of Big "I" members organized as pass-through entities, President Biden's proposals earlier this year did not call for any changes to the 20% tax deduction for small businesses that was created in former President Donald Trump's Tax Cuts and Jobs Act. " Read more here. 

Bears Emerge as Threat in Fight Against Minnesota Wildfire

As officials are working to stop the spread of the wildfires in northeaster Minnesota, bears are creating a new threat. Generous donations of food and supplies have out-stripped the need and storage ability. Because the storage space has been filled with donations, extras are needing to be stored out in the open, making them an attractant to bears. While blackbears common in northern Minnesota rarely attack people, food can cause conflicts with the bears. So far, the fire has destroyed 14 "primary structures" - mostly homes and cabins - and 57 outbuildings in a major run last week. it stood at 14% contained as of August 30th with a projected containment date of September 10th. 

Despite the damage, Superior National Forest officials are appreciative of the donations, however, they do not need any more. For those that would like to continue to donate, officials suggest donations to local food banks and fire departments instead. According to Insurance Journal, "The Forest Service also reported no growth thanks to the rain on two other, smaller wildfires of concern, the John Ek and Whelp fires, which are inside the Boundary Waters Canoe Area Wilderness. Crews have just begun efforts to fight those fires on the ground because they're deep in the wilderness in hard-to-reach places. Fears that the two fires could expand while firefighting resources have already been stretched thin by the Greenwood Lake fire and severe drought conditions led the Forest Service Aug. 21 to entirely close the Boundary Waters through at least Sept. 4." Learn 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! This week's Big I Buzz features IIAW's Annual Business Meeting on August 26, 2021, insurtechs with multibillion dollar valuations and how the potential government spending of $1.2T on infrastructure would impact the insurance industry.

IIAW's Annual Business Meeting - August 26, 2021

Join us for an overview of the Association's past fiscal year as presented by members of the IIAW Executive Committee at 10 a.m. on Thursday, August 26th 2021. This meeting is reserved for IIAW members only. Go here to register to attend.

7 Insurtechs with Multibillion-Dollar Valuations

A number of insurtech startups are coming to market through blank-check companies. Here are valuations of several that have announced special purpose acquisition company (SPAC) plans.



Read more here. 

Construction Constrained: Market Dynamics Under U.S. Infrastructure Plan

Insurance for the construction sector is already in a tough position. Supply is shrinking, but demand is rising as the economy advances in the late-COVID environment. Insurance capacity for residential homebuilders risk and excess liability are constrained following some large surety losses, and prices are rising in line with almost all other classes of business insurance. If the current bipartisan White House proposal to spend $1.2 trillion on U.S. infrastructure goes ahead — or even a bill for substantially less — the dynamics of the market will have to change dramatically if we’re to get all these projects covered.

Carriers that have historically been dominant are still present, but they’ve scaled down the availability of their capacity, the Terms & Conditions they apply, or both. Various Lloyd’s syndicates have also participated in many major U.S. construction risks, but the market’s new “performance management” regime means it’s reasonable to presume appetite will be shrinking there too.

With no sign yet of these changes being reversed, finding adequate cover for a trillion dollars worth of projects will not be easy. That said, the market environment may be at least somewhat different when the projects actually come on line, which for most will take a few years at least. By then, some of the traditional players may be willing to release more capacity to construction, and new players may have joined their ranks.

Read the full article 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! This week we are discussing states with the highest flood insurance costs, coverage for future pandemics and Biden's executive order taking aim at noncompete agreements.

States With the Highest Flood Insurance Costs

Research from Valuepenguin.com reported the states with the highest flood insurance costs which are predominantly located in the Northeast and Midwest. The report also found that the national average cost of flood insurance is $734 annually. 

The top 10 states with the highest flood insurance costs are: 

• Vermont - $1512

• Connecticut - $1471

• Rhode Island - $1418

• Pennsylvania - $1305

• Massachusetts - $1294

• West Virginia - $1273

• New York - $1152

• Ohio - $1151

• Maine - $1119

Wisconsin narrowly missed the top 10, ranking #18 on the list. However, Wisconsin ranked #49 for one of the least insured states with a 0.7% ratio of active flood insurance. 

See the full report from Valuepenguin here: https://www.valuepenguin.com/average-cost-flood-insurance#high

 Is this the only way to cover future pandemics? 

High-profile members of the global P&C reinsurance industry are calling on government help in absorbing extreme losses from pandemic events, especially when it comes to business interruption. There has been increased contention around BI coverage after the mandatory closure of non-essential businesses. According to Insurance Business Mag, "Commercial insurance policies and traditional BI policies typically do not offer coverage for BI or supply chain disruption due to a pandemic such as COVID-19. Generally, BI insurance will only trigger if there is a direct physical loss to property - unless there is unique language written into the insurance contract that deems otherwise."

With evidence worldwide showing successful public-private partnerships to handle other potentially systemic exposures, like terrorism or flood, it's leaving some to wonder what the solutions could look like from a pandemic perspective that could address gaps in insurance policies like business interruption. Read more about the members who are interested in government-supported programs here. 

Biden Executive Order Takes Aim at Noncompete Agreements

A new executive order from Biden would "narrow the use of noncompete agreements to include only necessary instances of a dissolution of a partnership or the sale of a business. The legislation would also place the enforcement responsibility on the FTC and the Department of Labor, as well as create a private right of action. Notably, the legislation would require employers to make their employees aware of the limitations." Noncompete agreements are receiving scrutiny across the aisles and a number of states have enacted measures that restrict their use. Read more about the executive order 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!