Happy New Year! 2024 isn't just a new chapter; it's a celebration of the IIAW's 125 years of excellence. This year make it a resolution to discover the game-changing support the IIAW offers. Here are three things we recommend adding to your 2024 resolutions: 

• Register for InsurCon2024
• Join our Task Forces & Councils
• See all of the amazing benefits included with your IIAW membership. 

It's Time to Review Your Employee Handbook

There are regulatory changes that you should be aware of when it comes to your employee handbook! A recent article from iamagazine.com outlines the importance of having an up-to-date employee handbook that reflects current regulations and company practices. A well-drafted handbook serves to communicate company expectations, employee rights and benefits while providing guidance for consistent decision-making. It also offers legal protection for the company. 

Recent legal developments impacting handbooks include the NLRB's Stericycle Inc. decision that broadens employee rights protections, federal laws like the PUMP Act for nursing mothers, the expected changes due to the PWFA, updates in EEOC language and proposed harassment guidance. 

Handbooks also need to cover state-specific laws, which vary widely. Some states have specific criteria for policies regarding various aspects such as protected groups, leave policies and other employee rights. 

Court rulings impact policies. Recent decisions suggested changes in confidentiality language, employer monitoring rights and incorporation of certain acts into handbooks. 

This is where the IIAW can help! Whether it's providing a policy update in your handbook or creating a handbook for the first time, we will work with you to craft and brand your employee handbook for your agency. Click here for more information about customizing your employee handbook for your agency.

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 diving into AM Best's outlooks for both US Personal lines segment and the  P/C  commercial lines segment. 

AM Best Maintains Negative Outlook on U.S. Personal Lines Insurance Segment

AM Best maintains a negative outlook on the U.S. personal lines insurance segment for 2024 due to worsening results in personal auto and homeowners' lines, driven by escalating loss costs amid inflationary pressures. The report, "Market Segment Outlook: U.S. Personal Lines," acknowledges challenges in maintaining rate adequacy and notes elevated reinsurance costs due to increased catastrophe loss volatility. Despite solid capitalization levels and improved investment yields, insurers face erosion in their capital cushion, making a return to underwriting profitability unlikely in the near term. Factors like higher fatality rates, increased repair costs for newer vehicles, and ongoing inflation contribute to the escalating severity of losses. Catastrophe-related losses from events like Hurricane Idalia, wildfires, floods, and severe storms have further strained the segment, hinting at continued challenges ahead. Read more here. 

AM Best Maintains Stable Outlook for U.S. Property/Casualty Commercial Lines

AM Best maintains a "stable" outlook for the US property/casualty commercial lines segment owing to robust underwriting performance despite economic volatility, driven by consistent rate increases in major commercial lines until 2023. While most classes of business exhibit positive pricing momentum, workers' compensation and specific management liability classes experience rate decreases due to stringent regulation and strong multi-year underwriting performance. Strong underwriting results through 2023, fueled by prior rate hikes and economic expansion, are expected to persist, facilitated by disciplined risk selection and improved loss control strategies, reducing claims frequency and severity. Operating profitability benefits from higher reinvestment rates, particularly in longer-tailed casualty lines, though reserve development from prior periods might vary across different lines of business. Concerns linger over economic inflation, geopolitical risks, and rising social inflation impacting casualty lines. The report also highlights emerging markets such as evolving liabilities related to substances, technological advancements, climate exposures, and litigation financing. Insurers are leveraging technology for enhanced underwriting decisions amid a diverse landscape. The complete market segment report is available through AM Best's website, along with a video featuring Associate Director Alan Murray discussing the US commercial lines market segment outlook. 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.

Happy Wednesday! In this week's Big I Buzz we are discussing InsurCon2024, a celebration of 125 years of the IIAW, and how to thrive in this historically hard insurance market.

InsurCon2024 - Celebrating 125 Years of the IIAW
Join us on May 15th & 16th, 2024 as we celebrate our 125-year anniversary at our annual convention, InsurCon, a once-in-a-lifetime event set against the breathtaking backdrop of Lambeau Field. As Lambeau Field opens its doors exclusively for our 125th anniversary, you’ll experience its legendary aura like never before. With cheers of the past, the energy of the present and the promise of the future - all converge in this unforgettable celebration. An extraordinary year like this means you’ll receive more than ever with your event registration! 

VIEW INSURCON BROCHURE

Prepare for an unforgettable evening of celebration and inspiration, as we commence with an esteemed awards ceremony and a presentation from Charles Symington, IIABA CEO. We'll enjoy a delicious dinner and journey through the rich history of the IIAW over the last 125 years. Charles Woodson will lead a keynote presentation that promises to leave a lasting impact. Cap off the night with an exclusive Meet & Greet session, offering the chance to connect with Woodson up close and personal.

Registration is now open! Register Here Reserve your spot today and take advantage of our early bird pricing, ending at the end of the month! If you're an exhibitor, visit iiaw.com/insurconexhibitor to reserve your booth. Don't wait as booth space is limited.

How to Thrive in this Historically Hard Insurance Market
The current hard market, which arguably began in 2019 and was exacerbated by the COVID-19 pandemic, supply chain issues, low investment income, rising inflation, and various natural disasters, has led to a significant decrease in industry policyholder surplus and limited underwriting capacity. The impact is evident across different insurance lines:

• Auto Insurance: Some carriers are experiencing combined ratios exceeding 100%, leading to rate increases. Uninsured motorist costs have escalated.
• Homeowners Insurance: Carriers are facing challenges from windstorms and wildfires, with some condo owners experiencing substantial premium increases.
• Commercial Lines: Affordability issues are noted in the habitational marketplace, with significant underwriting losses reported.

A hard market brings challenges and opportunities. Smart agents can address issues like retaining customers, avoiding E&O claims, and dealing with unethical behavior. On the positive side, there are opportunities to gain new business, increase revenue, and invest in improved services for future challenges. Policyholders face unpredictable budgeting accuracy and escalating, sometimes unaffordable, insurance costs. Insurance professionals can respond by adopting risk management and financing strategies beyond traditional approaches. Read the full article here

Give Back During the Holidays - IIAW Emerging Leaders Volunteer Event at Hunger Task Force in Milwaukee.
This year we are organizing a group volunteer outing at Hunger Task Force in West Milwaukee. We will be packing stockboxes which are boxes of healthy non-perishable foods for low-income seniors. This takes place at their warehouse at 5000 W. Electric Ave., in West Milwaukee. Must be able to lift 30 lbs.

Register to Volunteer Here

Happy Wednesday! In this week's Big I Buzz, we are discussing how natural disasters can affect health insurance enrollment and the inherent risks to owning a hot tub.

Natural Disasters Make People More Likely to Get Health Insurance, Study Finds

A recent study conducted by researchers from the University of Louisiana at Lafayette and Louisiana State University explored the connection between natural disasters and health insurance enrollment. Examining a decade of health care data from the Louisiana Health Insurance Survey and disaster data from FEMA, the study found a slight increase in health insurance enrollment among those who had experienced losses from hurricanes and floods between 2005 and 2017. This surge in enrollment can be attributed to survivors' heightened sensitivity to risk after a traumatic event, increased workforce needs during recovery, and the availability of health insurance in temporary positions related to disaster response. The study suggests that public policy could benefit from a better understanding of how disasters affect people's lives and that improving post-disaster health outcomes is essential. While specific policy recommendations are not provided, the findings could guide future research and influence government agencies and public officials in addressing health care needs after disasters.

Matthew Perry and Hot Tub Risk, Insurance Concerns

The recent death of actor Matthew Perry in his hot tub on October 28, 2023, has highlighted the risks associated with owning hot tubs and raised concerns about liability and insurance. More than 300 people annually suffer hot tub-related accidents, with children being particularly vulnerable. When combined with home swimming pools and spas, the annual injury count exceeds 6,000. Common causes of hot tub injuries include slips and falls, suction mishaps, overheating, and chemical imbalances, which can lead to accidental drownings. Homeowners with hot tubs, swimming pools, or spas require insurance coverage for potential accidents and damage to these amenities, resulting in higher homeowners' insurance costs. The complexity of hot tub insurance claims has led to questions about their equivalence to swimming pool claims, coverage for mechanical equipment, and the nature of damage claims. Some insurance providers may refuse to cover hot tubs due to their inherent risks or require added endorsements for coverage.

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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 the odds of hitting a deer in WI and phrases to avoid in client conversations. Plus, a reminder for agency members to register for InsurCon2024 before our early bird pricing ends. 

Here Are the Odds of Hitting a Deer in WI: How to Avoid it This Season

Wisconsin's roads become more perilous during November, October, and December, with a heightened risk of animal collisions, primarily involving deer, rodents, dogs, raccoons, and coyotes, according to State Farm. The insurer reports that the odds of hitting an animal are 60 to 1 in Wisconsin. This risk varies from state to state, with West Virginia, Montana, Pennsylvania, Michigan, Wisconsin, and others having the highest odds. To minimize your risk of animal collisions, it's essential to stay vigilant, obey animal crossing signs, reduce distractions, and refrain from swerving if a collision is imminent. Following these precautions will help you safely navigate the roads and protect both yourself and the local wildlife. You can read the full article here.

Phrases to Avoid in Client Discussions (and What to Say Instead)

Zendesk has put together a list of words and phrases you should eliminate from your client conversations. Here's what they say you should cut out: 

"I don't know." Replace it with "Great question! I'll find the answer for you."

"That's not my job." Replace it with "I'd love to help you with that but our [specialist] has incredible success resolving this specific issue. Would you mind if I connect you?"

"You misheard me." Replace it with "My apologies! May I rephrase that for clarity?"

"No, I can't." Replace it with "While I'm unable to do that, here's something else we can do."

"Actually" - Zendesk says that Actually is a filler word, so it's best to just eliminate it from client conversations altogether. 

"I'm sorry you feel that way." Replace it with "I understand how frustrated you must be feeling."

"What else do you need?" Replace it with, "Please let us know if there is anything else we can help with."

"We've never had this issue before." Replace it with "Would you mind if I look into this further and follow up?"

"Unfortunately". Instead replace it with "Although [x] isn't available, we can offer [y]."

We believe this one is a given but Zendesk also lists "Calm down." as a phrase to remove. Replace it with, "That would upset me, too. Here's how I can help."

Read more here. 

Register Now for InsurCon2024

Secure your spot and join us at InsurCon as we celebrate our 125-year anniversary, happening on May 15-16, 2024, at Lambeau Field! Don't want to register, attendee registration price increase on November 1st. Click here to register now.

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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.