Happy Wednesday! In this week's Big I Buzz, learn about the IIAW Task Forces & Councils and our upcoming State of the Insurance Industry kickoff event!

Join IIAW Task Forces and Councils

The IIAW is excited to continue building our Task Forces & Councils! Each Task Force or Council will hold three virtual meetings annually on important industry issues. Task Force and Council members will have the opportunity to engage with industry experts and participate in exclusive webinars and events.

Participation is open to all Agency Member employees and Supporting Company Members at the Silver level or higher. Learn more and join here.

2024 State of the Insurance Industry Kickoff Event

October 10, 2024

1:00 PM – 5:00 PM

IIAW Office* or Virtual

Open to members of our IIAW Task Forces & Councils, the 2024 State of the Insurance Industry Kickoff Event will feature a presentation on current marketshare data, NOAA weather trends, regulatory and legislative updates, Agency Universe Study, open Q&A forums, breakout planning sessions, and networking opportunities. Register for the in-person or virtual event here.

*Location subject to change based on event capacity.

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, Catalyit announced its acquisition of StakWise. Plus, take our survey on IIAW's upcoming Tech Summit!

Catalyit Announces Acquisition of StakWise

Catalyit has announced its strategic acquisition of StakWise, a company specializing in automation solutions and custom workflow integrations for the insurance industry. This acquisition supports Catalyit's mission to empower independent insurance agencies with advanced technological tools and expertise.

StakWise excels in developing automation solutions that seamlessly integrate with existing technology and data infrastructures. Their expertise in creating custom workflows and integrations helps organizations optimize their current tech stack, leading to increased efficiency and a higher return on investment. With the addition of StakWise, Catalyit is now even better equipped to assist agencies in discovering, evaluating, selecting, implementing, and maximizing technology solutions tailored to their unique needs. Read more here.

Looking for AMS Training? Provide Feedback for IIAW's Tech Summit!

The IIAW will be hosting an IA Tech Summit in November of 2024! The one-day conference will feature agency management system training sessions with HawkSoft, Applied Epic and Vertafore AMS360. As we form the agenda, we value your feedback and input on the topics and content you would like to see. Participate in this short survey in order to help shape the content and agenda!

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.

Judge Partially Blocks FTC Ban on Noncompetes

A federal judge in Texas has partially blocked the Federal Trade Commission (FTC)'s rule banning noncompete agreements, which prevent workers from joining rival companies or starting competing businesses. Judge Ada Brown's decision delays the implementation of the rule for the plaintiffs, which include Ryan LLC and several business groups such as the U.S. Chamber of Commerce. The judge argued that the FTC lacks the authority to enact such a broad ban and indicated that the plaintiffs are likely to succeed on the merits of their case. The ruling does not apply nationwide, and a final decision is expected by August 30, just before the rule was set to take effect. Read more here.

Workers Comp: The Most Profitable Major Line of Business

The workers' compensation insurance market remains highly profitable, with a 2023 combined ratio of 86, well below the break-even point of 100. Economic growth and inflation have contributed to premium growth, offsetting loss cost decreases. Despite facing headwinds from medical inflation and increased attorney involvement in claims, the market benefits from a positive economy, wage growth, and a stable job market. Agents face competition due to over-saturation, but the market remains favorable with declining rates and reasonable coverage terms. Long-term trends include improving claim frequency, increasing claim severity, and greater use of analytics and technology. 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.

Happy Wednesday! In this week's Big I Buzz, we are sharing details on a new addition to Trusted Choice's Social Media Content Calendar, expanded data for IIAW members in 2024 and upcoming Catalyit webinars that you can register for now. 

Trusted Choice Content Calendar

Use Trusted Choice's monthly social media calendar to plan your social posts with their ready-to-use content. New calendars are released 30 days before the start of the new month. Trusted Choice now includes the content they make as templates that you can edit to fit your own brand. When visiting their website to access the new content, you can click "Canva Templates" and you will be taken to the template on Canva. Once there, you should be able to make a copy of the templates where you can begin to make edits. All templates without customization are available for free download on the Trusted Choice member site. To get the most out of the templates on Canva, Trusted Choice recommends investing in Canva Pro for $150/year for up to 5 users.  Visit https://trustedchoice.independentagent.com/content-calendar/ for details.

Upcoming Catalyit Demos - Free for IIAW Members

In the dynamic landscape of technology, staying ahead isn't just an advantage, it's a necessity. For you, the insurance agents, keeping up with this landscape can be challenging. Between wondering what technological trends in the industry you should be aware of to where you should start with technology as a new agency, Catalyit is a great resource for IIAW members! 

Catalyit is an insurance technology consulting firm that can help you answer these questions and so many more. When it comes to the how and why of insurance technology, Catalyit is your 'go-to' resource for all things insurance and technology. 

IIAW members receive a free Full-Access Subscription to Catalyit, which gives you the chance to attend their technology demos. The demos range in categories from cyber security to agency management systems.

Sign up for your Full-Access Subscription here. Then, you can register for the webinars of your choice here. 

Expanded Data for IIAW Members in 2024: New Wisconsin All Insurer Listing

This year the IIAW is expanding your member-only access to state-specific P&C industry data! You may recall the 2021, 2022 and 2023 Wisconsin Annual P&C Marketplace Summaries, and then the addition in 2022 of the Wisconsin Quarterly P&C Marketplace Summaries. Now, in 2024, we will be adding a number of Insurance Company Lists for your use. We are starting with a Wisconsin All P&C Insurer List that you can access here. 

This list will let you have speedy access to information on any P&C insurer you might encounter in Wisconsin. You can quickly search the list by name for any P&C insurer you may be wondering about. The list gives you the below information for each policy-issuing insurer active in Wisconsin:

1. The policy-issuing insurer's Full Name. This is sorted alphabetically to make finding a specific insurer easiest. 
   
   
2. The Insurer Group the insurer belongs to (if any). For example, Acadia Insurance Company is a W.R. Berkley Insurance Group insurer. 
   
   
3. The insurer's "Marketing Type". This is the insurer's approach to the marketplace. For example, Acadia is a well-known independent insurance agency company and it lists "Independent Agency" as its Marketing Type. 
   
   
4. The insurer’s Wisconsin premium from the most recent completed calendar year.  For the current All P&C Insurer List, this data is the 2022 calendar year direct written premium.  As the 2023 data becomes available, it will used.  For example, Acadia’s 2022 direct written premium in Wisconsin is $1,724,000.  We do not yet know their 2023 direct written premium in Wisconsin.
   
   
5. The percentage that Wisconsin premium is to the United States Premium. This answers the question, “how big is Wisconsin for this insurer compared to other states?”  For example, Acadia’s Wisconsin premiums are .44% of all Acadia United States premiums. Note, this means the Acadia’s United States premium is $390,238,095 ($1,724,000 ÷ .0044).
   
   
6. The percentage the insurer’s United States premium is to the group’s United States premium. This answers the question for insurers in groups or fleets of “how big is this insurer to its group?” For example, there are over 20 insurers in the W.R. Berkely Group and Acadia’s United States premium is 4.4% of all the premiums for all those 20+ insurers.  Note, this means W. R. Berkley’s United States direct written premium of $8.7 Billion  ($390,238,095 ÷ .0444)
   
   
7. The policy-issuing insurer’s largest line of business in Wisconsin.  For example, in Wisconsin, Acadia’s largest line of business in Wisconsin is Commercial Multiple Peril. 
   
   
8. The insurer Group’s largest line of business in the United States (if any).  For example, W. R. Berkley’s largest line of business in the United States with all group members combined is Other Liability (Occurrence).

So, what else is planned for distribution to you as IIAW members in 2024?  Our plan is to provide you regular installments of useful industry data.  This Insurance Agents of Wisconsin All P&C Insurer List is the first installment.  The remainder of the year will have you receiving, as a member-exclusive benefit, the 2024 Wisconsin Annual P&C Marketplace Summary in May, the three (3) Wisconsin Quarterly P&C Marketplace Summaries in June, September and December, and useful All Insurer lists by Line of Business provided in the other months.  Next we will plan to provide you the Wisconsin Private Passenger Auto All Insurer List.  Watch XXX, IIAW newsletters, and IIAW’s website for other industry data available to you, including your access to specific insurer Wisconsin P&C Insurer SnapShots, and Wisconsin data-focused webinars.

No one else but IIAW is providing you this industry data and we hope you find it helpful in interacting with prospects and insureds and setting strategic direction.  We hope you find it useful.  If you have any questions, thoughts or suggestions on this industry data, please contact IIAW staff to share your thoughts.

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're sharing a platform that can help you increase your email open rates and the surging costs of car insurance.

An Easy, Quick Way for Small Business Owners to Keep in Touch With Clients

Levitate is a keep-in-touch platform designed to help small businesses create authentic relationships with their clients. Now, what makes Levitate different: 

• Plain text emails that look and feel personal, sent at-scale

• Average Open Rates of 50%+ and reply rates of 10%+

• Texting, meeting booking, surveys, automations and so much more!

Whether you want to schedule a short email check-in, a milestone birthday greeting or a current events alert, you're staying top-of-mind without the dizzying, impersonal email campaigns that so often land head first in clients' trash bins. And with Levitate emails averaging a 60%+ open rate, you'll see the results that you have been after!

If you're looking for a new approach that feels less like marketing and more like, well, a real back-and-forth relationship, take a look at Levitate. They'd be thrilled to show you around. Visit https://levitate.grsm.io/IIAW to learn more!

Auto Insurance Costs Soar By 20% in the US

US car owners continue to face escalating maintenance costs, with motor-vehicle insurance prices surging by 20.3% in December, the highest since 1976 and marking a 16th consecutive month of annual gains exceeding 10%. Bloomberg Intelligence analysts predict further increases in insurance rates due to rising replacement parts and repair costs. Despite a drop in 2023, used-vehicle prices remain 38% higher since the start of the pandemic. Meanwhile, new car and truck prices saw a more modest annual increase of 1% in December 2023. These trends contribute to ongoing challenges for car owners grappling with the financial burden of vehicle ownership. 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.