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.

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!

By: Matt Banaszynski | CEO of IIAW

 

Congratulations! You made it to 2021. 2020 will almost surely be defined by the COVID-19 pandemic. Despite the challenges presented by the pandemic, I see 2020 as the year I gained new perspectives, discovered five years’ worth of innovation in one year, and came to appreciate the little things in life that in a normal year often get overlooked. Recently, I was sitting in my office and was reminded of an article I read back in April titled, “What Hard Times Teach Us: 5 Pandemic-Inspired Lessons That Will Make You Better For The Long Term” by Tracy Brower. I thought I would combine some of her advice with my own words of wisdom that came to mind when I introspectively examined what I learned from this past year. I thought I would share them with you before I file away 2020 in hopes of making 2021 the best year yet!

 

 

Patience: If you have children, you may have an abundance of patience or lack it entirely, but one thing is for sure, this pandemic pushed it to its limit. Whether it was/is navigating and balancing the complexities of virtual learning with working remotely, waiting for the quarantine to lift, or anticipating your favorite restaurants to reopen and spring back to life. One thing was for sure, we are never going back to “normal”.

 

Finding patience can yield a different perspective and even at times, new appreciations in life. As importance as patience is to your well-being, it is also important to understand and recognize the sign of impatience.

 

According to Mindtools.com, “Patience is a vital quality in the workplace. It can reduce stress and conflict, lead to better working relationships, and help you to achieve your long-term life and career goals. Many of us struggle with impatience. Learn to recognize the physical and emotional symptoms associated with it, and to identify the situations that trigger it. When you understand the causes of your impatience, you can develop strategies to prevent or overcome it. These could include attending to your physical well-being by using deep breathing and relaxation techniques and developing your empathy and emotional intelligence skills”.

 

Playing the long game: A term often used to describe how taking the necessary steps now will to set yourself up to long-term success. It means not sacrificing long-term gains for short-term wins. Tracy Bowers says, “With a narrow perspective, current reality can be even more challenging, but by taking a longer-term view, you can reassure yourself that current realities will shift, and good things will come—ultimately—from today’s experiences and lessons”. Warren Buffet once said, “Someone is sitting in the shade today because someone else planted a tree a long time ago.” Do not focus on the here and now, especially when the here and now are so tumultuous. Take solace in the fact that this too shall pass, you will get through it and you will be better because of it. The race is long, and in the end, it’s only with yourself!

 

 

Adaptability: A term that most certainly comes to mind when you look to define 2020. You cannot always control what happens, but you can control how you respond. Benjamin Franklin famously proclaimed, “Change is the only constant in life. One’s ability to adapt to those changes will determine your success in life”. This guiding principle is one that has propelled the American spirit forward for generations and will continue to do so. Some consider this soft skill the most important. As Bob Dylan famously sang, “The times, they are a changin’.” Being adaptable allows you to take control and chart your own course, instead of just letting things happen around you. Remember, change is constant, even without global pandemics, our industry is undergoing a significant amount of change. Be empowered in the face of change.

 

In his article in Forbes entitled, “14 Signs of an Adaptable Person,” Jeff Boss identifies the following traits of adaptable people: they experiment, they see opportunity where others see failures, they are resourceful, they think ahead, they don’t whine, they talk to themselves, and they don’t blame others. They also don’t claim fame, they are curious, they open their minds, they see systems, and they stay current.

 

If you do not possess these traits or would like to refine them, there are ways you can train yourself to be more adaptable. Consider reading, “How to Survive Change . . . You Didn’t Ask for: Bounce Back, Find Calm in Chaos, and Reinvent Yourself” by M.J. Ryan.

 

Resilience: Research shows that resilience is enhanced by having a clear view of reality, a sense of meaning and an ability to improvise. In addition, according to Professor de Weerd-Nederhof of the University of Twente, resilience is both a personality trait and a skill. Hard times may be easier if it is part of your character, but it’s also a competence you can develop through today’s challenging times. The American Psychological Association has a great short read on “Building your Resilience” that is worth checking out.

 

If you would like to become more resilient, consider these tips:

 

• Get connected. 

• Make every day meaningful. 

• Learn from experience. 

• Remain hopeful. 

• Take care of yourself. 

• Be proactive. 

 

Responsiveness: Reacting quickly and positively is an art and an interquel part of good customer service. Responsiveness is a must-have in your communication and customer service toolbox. You show responsiveness through prompt attentiveness when asked for something. This term likely took on new meaning during 2020. Perhaps you found it more important than ever to be responsive to the needs of your loved ones, co-workers, customers, and other business partners. Being responsive creates an opportunity to build trust and respect by acting quickly and proactively, thus eliminating concerns and anxiety during a time of uncertainty. Being responsive during these turbulent times meant the opportunity to create a deeper, more meaningful connection. Consider these 7 ways to be more responsive to your customers according to SmallBizDaily:

 

1. Ask your customers what they want.

2. Manage customer expectations.

3. Develop procedures.

4. Educate your employees.

5. Provide self-service options.

6. Use technology.

7. Stay human.

 

Gratitude: Being grateful for the people and things in your life that have a positive impact is critical to happiness. Whether you’re appreciating the companionship of friends, extended time with family, or the bond you’re building with coworkers through shared struggles, there is a lot to be thankful for. Be sure to share your gratitude to those that have contributed towards it and do not be afraid to

“pay it forward”.

 

Happiness: Happiness is a mindset that can be difficult to explain or define. Much like beauty is in the eye of the beholder, it’s different for everyone. Happiness is an important component to a meaningful life - it can provide a sense of purpose. It’s also something that doesn’t come easy and needs to be earned.   Regularly indulging in small pleasures, getting absorbed in challenging activities, setting and meeting goals, maintaining close social ties and finding purpose beyond oneself all increase life satisfaction. It isn’t happiness that promotes well-being, it’s the actual pursuit that’s crucial.

 

 If you want to learn how to boost your wellbeing with strategies from groundbreaking research, visit happify and read through the resources on The Science of Happiness and How to be Happy.

 

Self-discipline: Self-discipline is about controlling your feelings to overcome your weaknesses - something many of us may have found challenging in 2020. Sure, you can binge-watch your favorite tv show instead of working remotely from home, but as Tracy Bower puts it, “This is a great time to learn new approaches to managing your behavior and building new habits”.  Self-discipline is an essential quality, and it’s a key differentiator between people who are successful in life and those who struggle to be. Make sure that you take time to continually develop it!

According to MindTools.com: To develop self-discipline, follow these steps:

 

1. Choose a goal.

2. Find your motivation.

3. Identify obstacles.

4. Replace old habits.

5. Monitor your progress.

 

Instituting and refining self-discipline won’t always go according to plan. You will have ups and downs, successes and failures. The key is to keep moving forward. When you have a setback, acknowledge what caused it and move on. It is easy to get wrapped up in guilt, anger, or frustration, but these emotions will not help build or improve self-discipline. Instead, use the setbacks in your plan as learning experiences for the future. 

 

Self-care: Taking care of your physical, mental, and emotional health is more important than ever during these stressful times. Develop a process of purposeful engagement in strategies that promote healthy functioning and enhance your well-being. Physically speaking, be sure to get enough sleep, eat healthy and exercise. Social and mental self-care can be difficult in times of isolation. Find ways to get face-to-face (virtually and physically), nurture your relationships with friends and family, make time for activities that mentally stimulate you and find ways to proactively invigorate your life. Set goals to realize your ambitions or aspirations.  Develop methods and outlets to allow you to process and recognize your emotions. Incorporate activities that help you recharge. Assess which areas of your life need attention and as your situation changes your self-care should as well. Self-care is vital for building a resilience toward those stressors in life that you can’t eliminate or predict.

 

Enhancing Your Community: You have probably heard the phrase, “It takes a village…” The truth is that it takes a village to achieve just about any meaningful change in your life. This term took on much more meaning in 2020. You leaned on your various communities, tribes, networks, cliques, associations or whatever you want to call it for support, and you worked harder to provide help and assistance to those that need it in your community. Your community may have evolved to include more people or it may have shrunk to focus more of your efforts on those who needed it most. Building, supporting, and connecting with your community is as important as it has ever been.

 

Tracy Bowers perfectly concluded her article (far better than I can for this one) by saying, “You’ve pushed yourself beyond your limits—not by choice—but by necessity. The good news is these hard times can be the catalyst for new habits, behaviors and lessons. You’re finding perspective by learning to operate your patience button (or just find it) and taking the long view. You’re learning more about resilience and your response by expanding your adaptability and coming up with creative hacks. You’re reinforcing your appreciation for community by connecting with others and embracing gratitude. And you’re managing yourself in new ways with self-discipline and self-care. Perhaps best of all, you’re finding new paths toward happiness. All of these will pay off for you today, but also in the new normal of tomorrow.”

 

My concluding opinion: advice is a form of nostalgia, and dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it’s worth!  If I can offer you one tip for the future, it is this… Whatever you do, don’t congratulate yourself too much or berate yourself either. Your choices are half chance, so are everybody else’s!

Happy Wednesday! We are closing in on the holidays and that means it's time to finish up that last-minute shopping. In this week's Big I Buzz, we are covering a great platform to help you shop local Wisconsin businesses. In industry news, we are discussing the IoT Cybersecurity Improvement Act that President Trump signed into law this month and a new NAIC rule that would allow rebating. 

The 'Amazon' of Wisconsin mom & pop shops: Website allows users to search for, shop at 400+ small businesses

We are 9 days away from Christmas and what better way to finish off your shopping than by shopping small and local. MainStreetWi.com is a hub for more than 400 Wisconsin-based, independent businesses: selling everything from fine art and furniture to clothes, books and games. Shoppers using the site can narrow their searches using the toolbar on the side, and even allowing you search for stores geographically using the drop-down bar on the left side of the screen. Most business are offering both delivery and curbside pickup options, helping you to get your gifts on time. Learn more here. 

Trump Signs IoT Cybersecurity Improvement Act into Law

On December 4 2020, President Trump signed into law the bipartisan-backed Internet of Things Cybersecurity Improvement Act of 2020. This law applies solely to federal government agencies, but its downstream consequences are likely to recah further, impacting devices procured by the federal government and - likely, eventually - consumer devices. 

Internet of Things (IoT) devices are in widespread use, most visibly by consumers of new smart home devices. According to the new law, these devices: 1.) interact with the physical world. 2.) Have a network interface for transmitting or receiving information via the internet and 3.) Are not conventional information technology devices such as smartphones or laptops and cannot function as a component of another device such as a processor. Because these devices are generally viewed as being more vunerable to cyberattacks, the IoT Cybersecurity Act seeks to reduce those risks. To do so, the new law: 

1. Tasks the National Institute of Standards and Technology (NIST) with developing, publishing and updating security standards for IoT devices.

2. Requires the Office of Management and Budget (OMB) to review each federal agency's information security policies to ensure they comply with the standards NIST promulgates for IoT devices and; 

3. Prohibits federal agencies from procuring any devices that fail to comply with NIST's standards. 

Learn more about the new act here. 

New NAIC Rule Would Allow Rebating

According to Insurance News Net, "The Executive Committee of National Association of Insurance Commissioners adopted language today designed to allow for 'rebates' to be offered to consumers. The committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Act. Adopted language will permit insurers or producers to "offer or give non-cash gifts, items or services, including meals to or charitable donations on behalf of a customer in connection with marketing, sale, purchase or retention of contracts of insurance." Each state commissioner will decide the possibility of a cap on gift amounts. Learn more about the new NAIC rule 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! 

 

Sue Nester                                                                                                                                           LC-09-20

703-706-5448                                                                                                        www.independentagent.com

 

 

 

House Passes NDAA with Agent Exemption from Additional Federal Reporting Requirements

Big ‘I’ advocated to shield agents and brokers from new reporting requirements.

 

WASHINGTON, DC, December 8, 2020— The Independent Insurance Agents & Brokers of America (the Big “I") thanks the U.S. House of Representatives for exempting agents and brokers from new federal reporting requirements that were included in the National Defense Authorization Act (NDAA).

The Big ‘I’ argued to include a full exemption for agents and brokers in the House legislation by showing that insurance producers already provide beneficial ownership information to state regulators and that the additional burden of providing it to the federal government would be duplicative and unnecessary.

“The Big 'I' is grateful that the House of Representatives voted to pass a version of the NDAA which includes an exemption for insurance agents and brokers from new federal reporting requirements regarding small business beneficial ownership information," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “Throughout the legislative process, the Big ‘I’ was the only producer group that advocated on behalf of agents and brokers to ensure they would be excluded from this burdensome requirement.”

This provision within the NDAA would require nearly every small business with fewer than 20 employees to file new reports on its beneficial ownership with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Businesses 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' would especially like to thank Rep. Carolyn Maloney (D-NY) for her tireless work on this beneficial ownership provision," says Joseph Cortina, Big “I" director of federal government affairs. “Throughout the process, Rep. Maloney worked to make significant improvements to this legislation that helped insurance agents and brokers avoid unnecessary reporting burdens while still ensuring that bad actors are prevented from using anonymous shell companies to thwart law enforcement and hide their illicit activities."

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.

 

Sue Nester

Vice President, Communications

susan.nester@iiaba.net | (703) 706-5448 | (301) 606-1601 | www.independentagent.com