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 look at the ways severe wildfires are putting pressure on both insurers and policy holders. Plus, helping your multigenerational workforce thrive.

Are Homeowners Underinsured for Wildfire Disasters?

Wildfires have already ravaged more than two million acres across the U.S. in 2024. This increasing frequency, plus the rising costs of real estate and construction materials are causing concerns about the adequacy of wildfire insurance coverage amidst inflation. With inflation rates rising, it becomes challenging for insurers to accurately quantify damages, leading to prolonged and more expensive claims processes. Statistics show that two-thirds of American homeowners are underinsured for wildfires by up to 60%, leaving many financially vulnerable as inflation outpaces policy adjustments. Insurers are adapting by offering new products and higher deductibles, but this places additional financial pressure on policyholders who may struggle to cover out-of-pocket expenses. Read more here.

Helping Your Multigenerational Workforce Thrive

A Glassdoor report indicates that Gen Z will surpass baby boomers in the workforce by 2024, leading to potential intergenerational workplace dynamics. While fostering inclusive multigenerational workplaces will require intentional culture building and engagement strategies, the process doesn't need to be as difficult as organizational leaders may fear. Despite generational differences, both groups share common values, such as prioritizing work-life balance, especially influenced by the COVID-19 pandemic. Companies can support a multigenerational workforce by adopting flexible work environments, upgrading digital infrastructure, and authentically demonstrating company values. 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 the Wisconsin Annual P&C Marketplace Report for IIAW members and taking a look at how wedding insurance can protect couples from the unknown.

2023 Wisconsin P&C Marketplace Report Now Available

Our Wisconsin Property-Casualty Marketplace Report gives you a deep dive into the insurer industry data for the state of Wisconsin from an independent agent's point of view. IIAW members have access to this report at NO COST. Non-members can purchase the report for $999.

The 2023 report provides the following important information on the Wisconsin P&C marketplace:

• Premiums for All 32 P&C Lines of Business in Wisconsin
• The Top 10 Lines of Business for Independent Agents
• Premium Growth Rates
• Loss Ratios
• Distribution Style Penetration Rates and Trends
• Commission Rates
• Surplus Lines Utilization Rates
• Lists of the Largest Insurers for Each of the Top Lines of Business
• Largest/Highest and Smallest/Lowest State Specific Data

Access the report here.

How Wedding Insurance Helps Launch a Couple's Financial Life

In a recent webinar by the New Hampshire Insurance Department, LuAnne King and Jason Dexter discussed the importance of wedding insurance for protecting against various liabilities and potential financial losses. Wedding insurance needs vary based on the event's specifics and should be tailored accordingly. Consumers are advised to insure engagement rings through homeowner's or renter's policies and obtain venue insurance to cover potential injuries or property damage during the event. Additionally, they highlighted the necessity of travel insurance for honeymoons, particularly for international travel, to ensure adequate medical coverage. It is important to understand policy coverages, exclusions, and working closely with insurance professionals to select appropriate plans. 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 discuss the billions of dollars in losses U.S. insurers faced due to severe storms in May, and the reclassification of marijuana, including its use in treating workers' compensation and auto injury claimants.

US insurers' losses to reach billions from severe storms in May

Severe convective storms from May 16 to 22, including a derecho, struck Gulf states from Texas to Florida, causing extensive damage and potentially billions in insured losses. The storms, with winds up to 100 mph and hail, broke 2,500 skyscraper windows, tore roofs off homes, and caused major power outages. Additional severe weather impacted the Upper Midwest, with hail damage in Wisconsin on May 18 and strong thunderstorms across Kansas, Oklahoma, and Missouri on May 19, including two EF-2 tornadoes. A major outbreak followed on May 21, devastating Greenfield, Iowa, with an EF-4 tornado. AccuWeather estimated the total damage and economic losses could reach $5 billion to $7 billion. Read more here.

Reclassification of Marijuana is Underway, but Approval for Workers’ Comp and Auto Injuries Will Take Time

The Biden Administration is moving to reclassify marijuana from a Schedule I to a Schedule III drug, following a recommendation from the Department of Health and Human Services. This change would facilitate its medicinal use and help resolve conflicts for employers and insurers regarding workers' compensation and auto injury claims. Reclassification would also allow more rigorous clinical trials and FDA regulation. However, the process will take time, involving a public comment period and judicial review before final approval. 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.