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.

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