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National Big "I" Board of Directors adopts Hard Market Policy

Statement emphasizes role of independent agents with concern over commission reductions and unfair agency terminations
The Big “I" Board of Directors has adopted a policy statement on agent compensation and appointments in the current hard insurance market. The statement is intended for all insurance industry stakeholders and emphasizes the critical and unique role that independent agents and brokers play in the insurance marketplace. It details the services they provide for both consumers and carriers and expresses concern about recent carrier reductions in agent commissions and inappropriate agency terminations.  (+ More...)

Doing business in New York - NY cyberliability regulations have changed
Visit Big I NY cybersecurity regulations resource page to find video outlining changes
For our members licensed to do business in New York state: The NYS Department of Financial Services (DFS) has cybersecurity rules that every agency and individual must follow. Failure to do so may result in fines. Those regulations were recently changed. Big I NY has a video posted to their cybersecurity regulations webpage that explains the changes to New York's Cybersecurity Regulation and what it means for your agency. It includes what has changed, what your agency will have to do to comply, and when you will have to do it by. Use the same login as IIABSC website for access.    (+ More...)

Spring Conference registration open to all attendees — agent discounts/hotel block ending soon!
March 20-21 at the Columbia Metropolitan Convention Center in Columbia, SC
Spring Conference returns to the Columbia Metro Convention Center in downtown Columbia March 20-21. Registration is open now for attendees with our exhibit hall filling up quickly. Our Spring Conference offers valuable opportunities for insurance professionals to multiply their visibility, increase their knowledge, enhance industry resources, and engage with exhibitors, new contacts and colleagues. CE sessions on coverage standards, agency perpetuation, legislative issues and business income. View updated agenda and session topics on our event webpage.    (+ More...)

FROM IA MAGAZINE: Deal Dynamics - Identifying an Acquisition to Add to the Most Value to Your Agency
By Will Jones
While an increase in the cost of borrowing has put the brakes on deal numbers and inflation has squeezed cash flows, many of the other circumstances that make the independent agency channel a sound and reachable investment remain. Due to an aging demographic of owners, four out of 10 agencies anticipate some ownership change in the next five years, with one-third planning changes in the next two years. Most importantly, the private equity (PE)-fueled agent and broker M&A gold rush appears to be over, leaving the door open for aspirational independent agency owners to make an acquisition that could change the trajectory of their business. Article features Insurbanc Division Dir. Scott Freiday and Liberty Mutual/Safeco Insurance Senior VP Gary Fischer.    (+ More...)

See also:   Challenges and Opportunities Owners Face When Selling an Agency (from IA Magazine)

MEMBER BENEFIT SPOTLIGHT: Big I Markets Standalone Jewelry coverage
Read up with VU's article "Jewelry and the Personal Articles Floater"
Just in time for Valentine's Day, our spotlight is the Big I Markets Standalone Jewelry coverage which offers comprehensive coverage for loss, theft, damage, and mysterious disappearance and includes worldwide travel. Replaces with the same kind and quality - flexibility for policyholder to choose their jeweler of choice. Policyholders enjoy up to 30 days of automatic coverage on any newly acquired jewelry up to $10,000.  (+ More...)

Read the latest edition of SC Agent & Broker magazine
Winter 2024 edition
The latest edition of SC Agent & Broker magazine is hitting mailboxes, but you can also read it online. Our winter edition spotlights a photo recap of last year's 125th annual convention as well as educational opportunities for the new year, Spring Conference preview and congrats to our newest designation conferees. Also features a 125 year timeline of state and industry history plus articles on the flood insurance history prior to the NFIP and avoiding E&O risks during client home construction projects.  (+ More...)

RLI PUP doesn't ask for details on underlying policies
Insureds can switch carriers with no effect on their policy
RLI is different from other umbrella carriers in many ways. One important way is the effort they put into the ease of doing business. They don't ask for the details on underlying policies so your insured can switch carriers without it impacting their umbrella coverage. They can have underlying coverage with multiple carriers. Their application is self underwriting so you know whether a submission qualifies before submitting it. Most property acquired mid-term is automatically covered until renewal as long as proper underlying limits are maintained. RLI offers esign and online payment options so the entire transaction can be done without mailing anything. There are no hidden fees beyond the quoted premium. Can your PUP carrier say the same?  (+ More...)

February is Insurance Careers Month
Learn how to help students realize insurance careers are stable, rewarding and limitless
Our world is rapidly changing with emerging risks, and our industry is facing a looming talent crisis as baby boomers retire and the new generation fails to express interest in our industry. Insurance Careers Month is phase one of a plan to meet that crisis. Our national association's InVEST program has teamed up on a cross-industry initiative to highlight career opportunities, and they want your support in spreading the word. View resources such as weekly themes and a social media calendar.   (+ More...)

IA-MBA: the MBA Made for Insurance Agents
Program starts March 27 | live sessions to be held on Wednesdays
We have partnered with GoalMakers to bring you a new virtual program starting March 27 that will empower participants with the business knowledge, skills and resources to grow an even more successful agency. Our new IA-MBA program is both an education and a networking program built for current and future independent agency leadership to learn skills needed to enhance their agency's profitability and success. These skills include building organizational alignment, enabling your team to better serve clients and applying financial fundamentals to build a more profitable agency. The program is 10 weeks long and combines self-paced learning with expert-led facilitated live sessions.   (+ More...)

Apply now for CIC Scholarship
Covers one full institute registration, deadline March 1, 2024
IIABSC is accepting member applications for a CIC Scholarship that covers the registration fee of one SC classroom or LIVE webinar institute held in 2024. Any licensed member agent or broker pursuing their CIC designation with a minimum of two years' full time experience in the industry is eligible. Application deadline March 1, 2024.    (+ More...)

Use ABEN discount code for 25 % off
Use code Winter25% before Feb. 29
Use discount code "Winter25%" at checkout for 25 percent off our entire ABEN catalog at iiabsc.aben.tv. Courses are available live or on-demand and can be browsed by category or by broadcast date. Expires Feb. 29.    (+ More...)