|
|
Posted By IIAW Staff,
Tuesday, January 26, 2021
|
It's hard to believe January is almost over - today marks the last Wednesday of the month! This week we are discussing IIABA's new Agency Guide to Getting Started With Social Media, a new report identifying and ranking the top risks of 2021 by likelihood
and how PPP loans could be taxed by state.
The Agency Guide to Getting Started with Social Media
IIABA has released their new guide to help agencies get started with social media, and while we won't give away everything in the report - there are a few key topics that we wanted to break down.
First, the guide outlines the demographics that mainly use each platform:
• Facebook - 46% of American users are age 65+, 75% of ages 18 to 45 use Facebook. Usage among those ages 20-30 and 30+ is similar to these stats.
• Instagram - 75% of Americans ages 18-24, 57% of Americans age 25-29, 47% of Americans age 30-49 and 23% of Americans age 50-60 use Instagram.
• Twitter - 44% of Americans age 18-24 use Twitter. 80% of people under 50 use Twitter globally and Twitter tends to skew mostly male for its users.
• LinkedIn - 27% of Americans age 26-35, 34% of Americans age 36-45 and 29% of Americans ages 56+ use LinkedIn.
This guide also breaks down the main content trends for 2021:
• Content value will beat production value
• Conversational marketing will change its tone
• Consumers will crave snackable content (content that is very short and memorable)
• Video will continue to take center stage
This is just a glimpse at the great content shared within this guide. If you want to dive deeper, check out the IIAW's Digital Marketing Playbook here.
Top 5 Risks of 2021, Ranked By Likelihood
The results for the Global Risks Perception Survey from Zurich have been released. The 2021 Global Risks Report includes an analysis of the growing social, economic and industrial divisions in the U.S. and abroad, their interconnections, and their implications
on society's ability to resolve major global risks. According to NU Property Casualty 360, "Researchers believe the factors of job losses, a widening digital divide, disrupted social interactions and and abrupt shifts in markets could lead to 'dire
consequences and lost opportunities' for large parts of the global population."
According to the report, "Short term threats (0-2 years) show concern with the immediate impact of the crisis on lives and livelihoods - among them are infectious diseases, livelihood crises, digital inequality and youth disillusionment.
In the medium-term (3-5 years), respondents believe the world will be threatened by knock-on economic and technological risks that may take some years to crystalize, such as asset bubble bursts, IT infrastructure breakdown, price instability and debt
crises. Existential risk - weapons of mass destruction, state collapse, biodiversity loss and adverse technological advances - dominate long-term concerns (5-10 years)." Read more here.
PPP Loans Could Be Taxed by State, Central Wisconsin Business Weighs In
Businesses who received PPP loans will have to pay Wisconsin state taxes on them. According to WAOW, "The federal government is allowing businesses to make deductions on those loans, but the Wisconsin Department of Revenue website says:
'A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductable expenses listed in section 1106 (b) of the CARES Act may not deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan on the basis of the expenses it paid or accrued during the covered period, even if the taxpayer has not submitted an application for forgiveness of the covered loan by the end of such taxable year.'
Co-owner of Wausau's Bull Falls Brewery, Michael Zamzow, hopes that something changes before Tax Day, as he the loan would be more impactful if the funds weren't taxed. 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. Don't forget you can stay up-to-date on other industry news and conversation by joining the IIAW's Online Community, exclusively for IIAW members.
You can join the Online Community here.
We hope that everyone has a great rest of their week!
Tags:
Big I Buzz
insuring Wisconsin
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Monday, January 25, 2021
Updated: Thursday, January 7, 2021
|
By: Mallory Cornell | IIAW Vice President & Director of Risk Management Reducing Exposures for Direct Commission Payments Can I get a ‘woohoo’ for talking about E&O exposures?
Hello?
Anyone out there?
Just me, huh?
That’s ok, I’m not offended. I know there are a couple of you out there because I’ve had some great E&O exposure questions come in the past few months. The scenario below came in more than once so that’s my cue to make sure I share it with the greater audience – just in case you don’t want to call and ask.
Scenario: A licensed agent is writing life insurance on behalf of the agency but receives 100% commission and the commission check is sent directly to the agent. If the commission is going directly to the agent, is there E&O coverage for that agent since its not funneling through the agency?
Sound familiar? It might and so should the term “insurable interest”. That is what your E&O carrier would need to show in order to cover any E&O issues that may arise between the agent and this customer.
E&O Coverage Tip: All company contracts should show the agency, not just the agent. Furthermore, business written between agents and costumers must be on behalf of the agency for that agent to be covered under the agency’s E&O policy.
If you have a question about E&O coverage feel free to give us a call. Its likely you’re not the only person who is wondering and E&O risk might be more fun to talk about than you think.
Tags:
insuring Wisconsin
Risky Business
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Wednesday, January 20, 2021
|
Happy Wednesday! This week we are discussing the new start to tax filing season, how COVID's effect on workers' comp claims has varied by state and the newest update to Wisconsin's mask mandate. IRS Delays Start of Tax Filing Season to Feb. 12 Typically, tax filing season starts in late January for those who want to get a head start on their taxes and receive their refunds a little earlier. This year, the tax filing season doesn't start until February 12th. Because of the COVID Relief Act that took effect in late December, the IRS will need more time to prepare for tax season. However, the filing deadline is still April 15th. How COVID Effect on Workers' Compensation Claims Has Varied by State, Industry According to new research and Insurance Journal, "The percentage of COVID-19 claims among all workers compensation paid claims has varied greatly among states and occupations, as has the decrease in non-COVID claims. The Workers Compensation Research Institute (WCRI) has found that there has been a substantial concentration of COVID-19 claims among workers employed in service industries (85 percent in 2020 second quarter), particularly in assisted living facilities, hospitals, and the offices of physicians and dentists." Read more about the study here. Gov. Evers Officially Extends Wisconsin Mask Mandate to March 20 On Tuesday January 19th, Gov. Tony Evers extended the statewide mask mandate requiring face coverings through March 20th. Alongside the extended mask mandate, he proclaimed a new public health emergency, designating the Wisconsin Department of Health Services as the lead agency in response to the COVID-19 pandemic, and authorizing the Adjutant General to activate the Wisconsin National Guard if needed. Read more about Executive Order #104 and Emergency Order #1 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. Don't forget you can stay up-to-date on other industry news and conversation by joining the IIAW's Online Community, exclusively for IIAW members. You can join the Online Community here. We hope that everyone has a great rest of their week!
Tags:
Big I Buzz
insuring Wisconsin
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Monday, January 18, 2021
Updated: Thursday, January 7, 2021
|
By: Connie George, CPCU, ARM, AU, AIM Wahve Placement Specialist
Remember when power-napping at work was a trend? Or when gym balance balls suddenly cropped up in workplaces to help improve posture? And who can forget when Stephen R. Covey’s The Seven Habits of Highly Effective People hit the shelves in 1989 and that’s
all everyone talked about? This year, an inconspicuous workplace trend has emerged, and it’s one you may take for granted: working from home with pets.
Dog adoptions and sales have skyrocketed this year. It began in March with a sudden surge in demand, and by mid-summer, many shelters, breeders, rescues and pet stores reported more demand than could be filled. As we continue to settle into our work-from-home
lives, many of us are now reaping the benefits of spending more time with our furry companions.
Pet lovers have long intuitively felt the benefits and joys that dogs and cats bring – and there’s science behind these benefits. Scientists believe that the source of humans’ positive reaction to pets stems from oxytocin, a hormone that stimulates bonding,
relaxation and trust – and eases stress.
Working from home with a pet can also reduce anxiety, loneliness and depression, which is especially important now, as more people suffer from mental health issues and businesses struggle to provide support.
Beyond mental benefits, studies also show that pet owners are more likely to stay physically active, and tend to have lower blood pressure and cholesterol levels.
Here’s another surprising benefit. According to The Health and Mood Busting Benefits of Pets, studies have shown that pet owners over 65 make 30 percent fewer visits to their doctors than those without pets. What company wouldn’t be in favor of better
health and fewer doctor visits for their employees?
The verdict is in: being at home with pets can make working from home more enjoyable and productive – and that’s the way it should be. Our pets wake us up in the morning, sit at our feet as we sip our morning coffee, and they settle into sun-soaked naps
as we join Zoom calls. They give us more unconditional love than we could ever deserve – and are right there with wagging tails through good days and bad.
So, the next time your dog barks during a conference call, you’ll have to forgive his minor transgression and remember all that he does for your health and well-being. Spending all day with your pet may
just be the most underrated benefit of working from home.
Tags:
insuring Wisconsin
remote work
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Wednesday, January 13, 2021
|
Happy Wednesday! In this week's Big I Buzz, we are discussing a new update to the Dane County COVID-19 restrictions, how social media ghosts can cause a risk management nightmare and how you can stay up-to-date on what's happening in politics and government. Dane County Issues New Public Health Order, Increases Outdoor Gathering Limits A new Emergency Health Order goes into effect on Wednesday, January 13th. The order allows for indoor gatherings of up to 10 people (mirroring the previous Emergency Health Order) and limits outdoor gatherings to 50 people (increased from the last Emergency Health Order's outdoor capacity limit of 25 people.) Schools are still allowed to continue in-person learning for all grade levels, and colleges, universities & other higher education centers can also remain open. Restaurants in Dane County can offer indoor seating capacity of 25%, while restrictions remain the same for bars and taverns. According to the City of Madison, violation of the emergency order could result in a $1,000 fine. Read more here. Social Media Ghosts Are Real In May, the United Way of Southeast Missouri faced a fake social media profile that claimed to be an employee of their business posting racist memes and causing an uproar online. While they worked to mitigate the damage from this fake profile, they are still needing to respond to comments about the fake profile months later. This 'ghost' caused reputational damage and they needed to use their workforce for the first week of this incident to respond to angry emails, comments and other communications about the fake profile. According to Property Casualty 360, "The organization did not have insurance coverage for the incident for this incident. And even if it had a cyber policy, it is unlikely it would have responded. Cyber insurance typically covers losses from computer-based attacks on a firm's information technology systems. Claims payments compensate for costs from the theft of data, loss of funds from online fraud, or lawsuits from privacy or regulatory violations... But the reputational damages from incidents like this are tricky to quantify. While there's no simple, easy-to-buy insurance protection from social media ghosts, you and your client organizations can take away a few important lessons from the United Way's ghostly experience: • Create a crisis plan. • Engage experts. • Stay on message. • Move fast. • Ask critics for viral help. • Strengthen your diversity and inclusion action plan." Learn more about the incident and how you can prepare for this harsh social media reality here. Stay Up-to-Date on What's Happening in Politics and Government The IIAW's Online Community offers 11 different Groups to join, one of those being our Government Affairs Group. This Group will keep you informed on all the state and federal changes happening politically and emerging issues. This Group monitors legislation on state and national levels, they help direct grassroots lobbying efforts to support legislative activities. If you're not already one of the over 180 members of our Online Community, click here to join. 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!
Tags:
Big I Buzz
insuring Wisconsin
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Monday, January 11, 2021
Updated: Thursday, January 7, 2021
|
By: Paul Rudersdorf | SFB CEO & President
Not every bank is equipped to finance the purchase of an insurance agency simply because they don’t understand the nuances of the industry. At Security Financial Bank (SFB), we’re different. When we say we get it – we really do. We understand that excellent
management leads to business stability and customer retention. We see your book of business as a predictable earnings stream.
But, it wasn’t always like that. Initially, our lenders and credit analysts were uninformed about what comprised the financial viability of an insurance agency. So, we decided to get educated.
First, we needed to have a basic understanding of the industry. A CPA firm with industry expertise met with our lending and credit teams over several sessions to educate us on how agencies are valued and how to analyze and dissect an agency’s “book
of business.” This was an invaluable exercise.
Subsequently, we had the opportunity to educate our Board of Directors so all areas of the bank had a strong understanding of what makes an insurance agency prosper.
And eventually, we even created a separate section in our loan policy to address this significant niche.
Over the years, we have learned that for a bank to partner in lending with an insurance agency, it requires much more than turning on a switch to enter this lending arena. There is work to do and knowledge to acquire. At SFB, our commitment
began with education and has taken years to refine by doing transactions that make sense.
If you would like to learn more about how we can use our industry expertise to help you with your next project, please contact us. We look forward to partnering with you.
Tags:
finance
insuring Wisconsin
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Thursday, January 7, 2021
|
Date: November 25, 2020 To: Insurance Licensees and Registrants From: Mark V. Afable, Commissioner of Insurance 
Beginning February 1, 2021,the Office of the Commissioner of Insurance (OCI) will send license renewal notifications only by email,rather than the current practice of sending renewal notifications via email and U.S. Mail. OCI currently sends renewal notifications to all licensees/registrants via U.S. Mail and email using the business email address on file within 60 days of a licensee’s expiration date. Beginning in February, OCI will only be sending notices to your business email address. How Does This Affect You? If your license/registration expires January 31, 2021 or February 28, 2021, you will still receive your renewal notification via email and U.S. Mail within 60 days of the expiration date. If your license/registration expires on or after March 31, 2021, you will only receive an electronic renewal notification at your business email address. What Should You Do? Check your licensing/registration information using the SBS portal at https://sbs.naic.org/solar-externallookup/license-manager to ensure that all your contact information including your business email is accurate and up to date. You can change your email information using one of the following methods: 1. Email OCI directly at ociagentlicensing@wisconsin.gov 2. Change your email with SBS through the SBS portal 3. Individual licensees/registrants can go to NIPR and submit email changes through the following link https://nipr.com/licensing-center/ change-contact-info Current Information is Required Section 6.61 (1) and 6.61(15), Adm. Code. states that each intermediary or intermediary firm shall, within 30 days, notify the commissioner of insurance in writing any change in the intermediary’s name, residence address, contact email address, business address, or mailing address. You may also refer to the following link for specific guidance on license/registration changes: https://oci.wi.gov/Pages/Agents/UpdateLicenseInformation.aspx#AgentAddress Please note: some emails may go into your spam or junk mail folder. Make sure you check those folders so you do not miss the email reminder and risk your license/registration becoming inactive. If you have any questions, please reach out to the OCI office at ociagentlicensing@wisconsin.gov or call their agency licensing team at 1-800-236-8517.
Tags:
insuring Wisconsin
OCI
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Wednesday, January 6, 2021
|
IIAW Education Opportunities from IIAW on Vimeo. The IIAW is your leader in insurance continuing education, prelicensing and employee training. Insurance Prelicensing in Wisconsin The IIAW licensing school is designed to help you pass your state licensing exam by the quickest method of meeting the WI education hours requirement. The IIAW offers both in-person and online licensing options for Wisconsin insurance professionals. The in-person and online insurance licensing class is lead by an experienced professional. We encourage you to pick the option that best fits your learning style and level of comfort. Additionally, we offer self-paced online prelicensing with ExamFX for when the traditional classroom setting is not an option for you. ExamFX's online program provides learners the opportunity to work at their own pace in a style that best fits their needs. ExamFX educational tools include simulated exams, interactive exercises and video. Online Wisconsin Continuing Education The Wisconsin OCI requires insurance agents in Wisconsin to complete 24 hours of continuing education credits with 3 of those credits being in ethics every two years. While there are many options online for Wisconsin continuing education classes, the IIIAW provides unique and attention-grabbing courses with its partnership with ABEN. ABEN offers high-quality CE and professional development webcasts via live streaming video. If you're new to ABEN, you can get 40% off your first purchase with code "1staben40". Enter this code at checkout to get this special offer! With ABEN CE, no test is required! The IIAW offers dozens of current, relevant topics via webcast/webinar format with new topics added on a regular basis. After completing a course, you will earn continuing education credits based on the number of hours that the course is. Employee Training New Level Partners has now created My Agency Campus, a new platform 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. Browse the course offerings and achieve your professional development goals.
This post has not been tagged.
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Wednesday, January 6, 2021
|
Happy New Year! We hope everyone had a happy holiday season. On this week's Big I Buzz, we are discussing what agencies can learn from Amazon's entry into auto insurance, six tips to start 2021 off the right way and our upcoming Agency Leadership Webinar Series. Amazon's Entry into Auto Insurance Holds Valuable Lessons for Agencies According to Insurance Business Magazine, "Last month, Amazon made its entrance into the Indian insurance market when it partnered with Acko General Insurance to sell auto insurance products for two- and four-wheeled vehicles in the country. The move reflected a broader trend of technology giants showing increased interest in the insurance industry." US insurance agents don't need to worry about Amazon's entrance just yet, as experts say that Amazon is far from taking over the auto insurance market in this part of the world. So what can this teach US agencies? "Insurance companies need to focus on meeting the needs of consumers who want a frictionless buying experience, like the one provided by Amazon. If they instead make customers go through a lot of hoops, such as long claims processing and lots of paperwork, they are bucking the trend of the easy, quick, and frictionless service that consumers are looking for. This is a critical misstep considering when it comes to selling insurance, agencies' competitive advantage lies in how they engage with the client." Read more here. Agency Leadership Webinar Series - Agency Technology Join us at 10 a.m. on Tuesday, January 19th for our next installment of our Agency Leadership Webinar Series. Our featured speaker is Steve Anderson, author of "The Bezos Letters - 14 Principles to Grow Your Business Like Amazon" and world-renowned agency technology expert.You won't want to miss this webinar - register here. 6 Tips to Start Your New Year the Right Way 2020 was a very long year, and now it's time to clean the slate and start anew. For 2021, here's a few tips that you can follow to start the year off right: 1. Do a self-review According to News12, "Despite 2020 being full of unexpected moments, hopefully, you were still able to find time to accomplish some goals that you had set for yourself at the beginning of the year. Ask yourself what personally went well and what you'd like to improve as the new year begins. What skills or relationships did you develop that were a bright point in your year? What caused you stress this year? A self-review like this can help you to better understand the highs and lows of the last year and set a precedent for a great year ahead." 2. Finish Tasks You may have ended 2020 with a to-do list of things that you didn't have time to finish. Start crossing them off now to free up your list for new things you want to accomplish in 2021. 3. Reach out to loved ones We may still be facing COVID-19 and its restrictions, but 2021 is the perfect time to reach out to your loved ones (virtually for the time being.) 4. Clean Up A tidy space can help you mentally prepare for the new year. Whether you choose to do a quick tidy or a deep clean, studies show that a clean space is associated with more positive emotions like happiness, satisfaction and calmness. 5. Set New Goals Create your 2021 goals but make sure these are SMART goals (specific, measurable, achievable, realistic and time-based). 6. Put Yourself at the Top of the List Make yourself a priority this year to help you reach your own goals! 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!
Tags:
Big I Buzz
insuring Wisconsin
wisconsin independent insurance association
wisconsin insurance agency help
wisconsin insurance blog
Permalink
| Comments (0)
|
|
|
Posted By IIAW Staff,
Tuesday, January 5, 2021
|
From: Big "I" Government Affairs Staff Date: Jan. 1, 2021 RE: Big "I" Secures Agent Exemption to New Small Business Reporting Requirement Earlier this afternoon, the U.S. Senate voted to override President Trump’s veto of the “National Defense Authorization Act" (NDAA). The House voted to do the same earlier in the week meaning that the NDAA is now set to become law. Pertinent to Big “I” members, the NDAA contains a provision that would create a burdensome new federal reporting requirement for most small businesses. This onerous new requirement was originally meant to cover nearly all small businesses including insurance agents. However, working with key legislators the Big “I" was successful in securing a full exemption for independent agents and brokers by showing that insurance producers already provide this beneficial ownership information to state regulators and that the additional burden of providing it to the federal government would be duplicative and unnecessary. Throughout the legislative process, the Big “I" was the only producer group that advocated on behalf of agents and brokers to exclude them from this new onerous requirement. For various reasons, the other producer groups did not engage. Without this exemption, the beneficial ownership provision would have required agencies with fewer than 20 employees to file new reports on their beneficial ownership with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Agencies would have to comply with the new requirement annually starting within two years of the law's enactment for existing businesses or upon the incorporation of a new business. The penalties for failure to comply with these reporting requirements are severe, with civil penalties of up to $10,000 and criminal penalties of up to two years in prison. The Big "I" is especially grateful to Sen. Mike Crapo (R-Idaho), chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Rep. Carolyn Maloney (D-New York) for their determined work on this provision. Throughout the NDAA negotiations, the Big “I” worked with both Chairman Crapo and Rep. Maloney to improve this legislation and make sure insurance agents and brokers remain free from these duplicative burdens while still ensuring that bad actors would be prevented from using anonymous shell companies to hide illicit activities. As many of you know, legislative victories come in various forms: sometimes it means passing legislation beneficial to the IA system, other times it means stopping legislation harmful to independent agents, and here it meant securing our exemption to protect independent agents from this new requirement that will apply to many other small businesses. Please read News & Views next week for more information. Happy New Year!
This post has not been tagged.
Permalink
| Comments (0)
|
|
Blog Home
All Blogs
RSS