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.

Happy Wednesday! In this week's Big I Buzz, we are discussing a new marketing platform to explore and how Americans are committing "soft" insurance fraud.

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Most People Say They Don't Commit Fraud, But Survey Shows That's Not Quite the Case

A recent ValuePenguin survey revealed a significant disconnect between Americans' perception of insurance fraud and their actual behavior. When directly asked if they've committed insurance fraud, only a small percentage admitted to it (9% of auto policyholders and 15% of home policyholders). However, when inquired about tactics used to lower insurance costs, over 30% of both auto and home policyholders confessed to submitting claims for preexisting damage, while 31% of auto and 34% of home insureds said they would include preexisting damage in a future claim. This inconsistency arises from how the questions are framed. Many engage in what's known as "soft fraud," such as using fake addresses for better rates or omitting certain information about their property. Insurance companies are intensifying fraud detection efforts, making it harder for even minor instances of fraud to go unnoticed, potentially resulting in higher premiums and flagged files for those caught.

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 are sharing details about an upcoming IIAW Emerging Leaders event that you should register for now, how to make sure you're the first to receive InsurCon updates and the test facing private flood insurance. 

TAPCO Risk Management Tour (2 WI CE Credits)

Join the IIAW and Emerging Leaders Group on September 14th, 2023, for the TAPCO Risk Management Tour, an educational event approved for 2 WI CE Credits. Explore one of the nation's premier traffic safety and highway system solution providers, TAPCO, at their Brown Deer, WI corporate office. From 2:00 PM to 3:00 PM, embark on a guided tour of TAPCO's facility, delving into various stations that illustrate their hands-on safety and compliance approach. Stops include an examination of unique 24/7 work cell solutions, digital control of SDS and secondary labeling in the Sign Shop, the Metal Fabrication area's VLOC painting process, and warehouse techniques to prevent injuries. From 3:00 PM to 4:00 PM, engage in a Risk Management Discussion led by a panel of TAPCO's Legal and Compliance leaders. The event concludes with a Happy Hour and Networking session. TAPCO, dedicated to enhancing roadway safety through innovative solutions, invites you to this enriching event, and limited space is available. For inquiries, contact Evan@iiaw.com. Register today here. 

Get InsurCon2024 Updates

This year's annual convention is a special celebration as we're celebrating the IIAW's 125th anniversary at Lambeau Field!This is a once-in-a-lifetime extravaganza set against the breathtaking backdrop of Lambeau Field. As Lambeau Field opens its doors exclusiely for our anniversary celebration, 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. Want to be the first to receive all exciting InsurCon updates? Click here and add your email to our email list! You'll receive real-time updates as we release more information like our in-depth schedule, as registration opens and as we announce our special guests joining us for the event! Click here to add your email to our email ist. 

2023 to Test Recent Growth in Private Flood Insurance Market

The growth of the private flood insurance market faces a crucial test in 2023, triggered by events like Tropical Storm Hilary in California and potential upcoming storms in the Atlantic hurricane season. The adoption of new data and technology in the federal National Flood Insurance Program's (NFIP) Risk Rating 2.0 methodology has led to higher premiums reflecting true flood risk, propelling private insurers to greater competitiveness. The private flood insurance sector expanded from 47 to 198 providers between 2016 and 2022, with direct premiums written up 24% to approximately $1.2 billion in 2022. NFIP's financial troubles persist, while California's recent floods and the formation of Hurricane Idalia in the Gulf of Mexico pose significant challenges. The impact on the private flood insurance market remains uncertain, underlining the ongoing issue of low flood insurance uptake, even in disaster-prone regions like Vermont. The nascent nature of this sector is evident in AM Best's top 10 private flood insurers list, highlighting the ongoing evolution of this line of business.

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! We're talking about the newest travel that you may want to start packing for trips and insurance concerns that come along with the summer's most popular activities. 

Travel Essentials: Passport, Money, Bluetooth Luggage Trackers? 

In the aftermath of last year's travel chaos and luggage pileups, airlines are still struggling to keep up with the demands of air travel. A recent incident involving Harley Hendrix, a traveler returning to New York from Oslo in late May, highlights the ongoing challenges faced by airlines in handling baggage. Hendrix discovered her suitcase, containing a cherished Alexander McQueen dress and packs of cheese, had been diverted to Copenhagen. Despite using an AirTag to track her bag, it took a week for Delta and KLM to locate and forward her suitcase, by which time the cheese had spoiled and the McQueen dress had to be discarded. The incident reflects the broader issues within the industry, including outdated baggage systems and the lack of interoperability between airlines and device manufacturers. While airlines are working on incorporating trackers into their existing systems, the pressure is on to improve the bag-handling system to meet customers' expectations. In the meantime, it may be wise to pick up a few AirTags before you travel. 

Summer Fun: Make Sure These Insurance Policies Are Up-to-Date

According to a recent study from the Outdoor Industry Association, roughly 55% of people in the U.S., ages 6 and up enjoy alfresco recreations. As temperatures continue to soar and vacation calendars are swelling with planned summer activities, it's a great time to follow-up with your clients. Here are some of the most popular summer activities along with the insurance concerns that come along with them, according to the consumer education and comparison-shopping website VIU by Hub.

• Boating - "If you own a boat, you may want to consider purchasing boater's insurance. Perhaps surprisingly, most states do not require this coverage. Check your state regulations to find out if you need it, but consider purchasing it even if they don't. It typically covers damage to your boat, liability for injuries or damages caused by your boat. It may also include coverage for personal property on board the boat. "
• Swimming pools - "If you have a backyard pool, your insurance company will need to know. You may want to consider adding liability coverage to your home insurance policy, or an umbrella policy, in case someone is injured in or around your pool."
• Cycling - "Your bicycle is likely covered by your homeowners or renters insurance policy in case of theft or damage, as well as liability coverage if you cause an accident while riding your bike."
• Backyard parties - "Grills, fireworks and swing sets are common sources of injuries in the backyard. You may want to check your liability coverage to be sure that you have enough sufficient financial protection if someone is hurt."
• Vacations - "Keeping your vacated home safe while you are away is important for any homeowner. If you're going to be away from your home for an extended period of time, have someone check in on the property and let you know if there are any possible claims that need to be made. For example, if a window is broken in a storm or by a baseball from the neighbors playing."
• Road trips - "Auto insurance is a must to cover any damage or injuries that occur while you're driving. If you're planning to cross borders during your road trip, check to make sure that you'll be covered in those countries as well. It's also a good idea to consider travel insurance to cover any unexpected expenses or emergencies that arise during your trip."
• ATVs - "Unlike a boat, an ATV does need insurance. ATV insurance typically covers damage to your ATV and liability for injuries or damages caused by it. Your homeowners or umbrella policies may offer some additional protection."
  

Read more here. 

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.