T H U R S D A Y ,   D E C E M B E R  4 ,   2 0 0 8

Industry News

IIABA News
New Survey Finds Holiday Travelers Don’t Know Travel Insurance Needs or Coverage

An alarming percentage of Americans hitting the roads and logging flight miles over the holidays don’t fully understand key aspects of their insurance coverage, according to a new national survey on travel insurance issued by Trusted Choice^® and the Independent Insurance Agents & Brokers of America.

Survey respondents were asked if they thought their personal auto insurance policy covered any damage caused to a personal rental vehicle. They were also asked whether their insurance policies would cover lost luggage containing gifts and whether they are always covered in the event of an illness of injury during holiday travel. An alarming percentage of respondents, ranging from 30 to 75%, either didn’t think they were covered by their current policies in these situations or admitted they didn’t know.

“With so many people traveling for the holidays, it is imperative that (insurance customers) understand their insurance needs and rights before leaving home,” says Big “I” President & CEO Robert Rusbuldt. “We advise they consult with their Trusted Choice^® independent insurance agent to discuss their current policies and what do to in the event that they need to file a claim while on vacation.”

“As our research shows so frequently, many consumers don’t fully understand their insurance policies,” says Madelyn Flannagan, Big “I” vice president for education and research. “Many consumers do not know when they may already be covered or where they might have gaps while on vacation.”

In response to the survey findings, the Big “I” and Trusted Choice^® have compiled a list of tips for holiday travelers that agents can pass on to their customers. Click here to access the list.

For more information on the survey results, contact Margarita Tapia, IIABA director of public affairs, at 703-706-5473; margarita.tapia@iiaba.net.


Trusted Choice^®
Connecticut Firm Awarded Trusted Choice^® Agency of the Month

V.F. McNeil Insurance has been named the Trusted Choice^® Agency of the Month by Trusted Choice^®.

“The outstanding team at V.F. McNeil Insurance has demonstrated their commitment to serving the needs of their clients and treating them like people, not just a policy or number,” says Robert Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America.  “They exemplify the Trusted Choice^® Pledge of Performance.”

The V.F. McNeil Insurance agency, headquartered in Branford, Conn., was established in 1886 by Virgil F. McNeil. The 122 year old firm has grown to serve individuals, families and businesses primarily in the state, but also throughout the world.

“We are extremely honored to receive this recognition from Trusted Choice^®,” says agency president Paul Sturgess. “It is very satisfying that this highly respected, national organization has touted V.F. McNeil Insurance as a top performer in bringing consumers the value that only an independent agent can.”

The Trusted Choice^® Agency of the Month program recognizes those Trusted Choice^® agencies that are going above and beyond in living the tenets of the Trusted Choice^® Pledge of Performance and in communicating the benefits of their services to consumers. Trusted Choice^® agencies agree to adhere to a written pledge that states they will work with their customers to identify the insurance and financial services that are right for them, their families or their business and use their access to multiple companies to deliver those products. It also states that they will guide consumers through the claims process and help them solve problems related to their coverage or account, among other things.

Trusted Choice^® educates consumers about the benefits of using independent agents and brokers for their insurance needs: choice of companies, customized policies and advocacy support. Trusted Choice^® is the consumer marketing identity for over 10,400 independent insurance agencies and brokerage firms and 54 leading insurance companies. Go to www.TrustedChoice.com and click on “Find a Trusted Choice^® Agent” on the homepage to locate the right agency for your needs.


Legislative Conference & Convention
Event Serves as International Catalyst for Agents

Big “I” Legislative Conference & Convention attendees quickly learn that the impact of the event reaches well beyond the borders of the U.S. The following is an excerpt from “If it happens in the (202) it happens to you,” a blog from Big “I” staff about the premier event for independent agents:

"In 2005, a man seeking to improve his agency and secure the future of his industry found himself traveling halfway across the globe from New Zealand to New York. Nick Baker landed in the Big Apple to attend the Big “I” National Convention and found he could grow the Australian and New Zealand Institute of Insurance & Finance (ANZIIF) by taking what he learned from the Big “I” and making it his own.

Baker was impressed by the dynamic Big “I” Young Agents program and sought to unify the next generation of ANZIIF by leveraging his experience at the Big “I” LC&C. Upon returning to New Zealand, Baker launched Generation i, a network of agents 35 and under within ANZIIF.” 

Don’t miss the opportunity to attend The Big “I” Legislative Conference & Convention in Washington, D.C. April 29-May 2. In addition to uniting the independent agency system, this event provides inspiration for international independent agents. Read the entire LC&C blog or visit the event Web site for specifics. Registration will begin soon!


ACT
How Do You Use Social Media?

Wiki, blog, social networking—social media is taking over the Web, and its uses have evolved dramatically. Some may dabble on Facebook.com to check out vacation pictures of friends and family; others have social media marketing plans in place and are reaping the rewards of a fresh and affordable approach to branding. The ACT Web 2.0 workgroup wants to assist independent agents, carriers and other industry organizations in their understanding of Web 2.0 culture by providing guidance on the benefits of new technology-enabled strategies. The workgroup’s first goal is to take the temperature of the independent agency system. Please take this survey and share your thoughts on social media. The results of this survey will be used to create tools and informative articles to help members learn how to effectively and safely use Web 2.0 in their agencies.


Big "I" Markets
Agent Achieves Success with Restaurant Market

Thanksgiving came a little early this year for agent Raul Engwald of Bars Insurance, LLC in Miami. He recently wrote a restaurant policy for $19,000 in premium for an eatery in Miami. Engwald’s path to the insurance industry is an interesting one. He worked in finance for a firm in Argentina and was serving as a consultant to an agency in the U.S. when he thought, “I can do this.” He pursued his goal and was hired by an Argentinean insurance company to run the Bars agency, purchased by the Argentinean firm in 2004.

Engwald says, “Big ‘I’ Markets has been excellent for us. It helps us reach some markets we otherwise couldn’t without compromising volume commitments.” 

To access this market through Big "I" Markets, visit www.bigimarkets.com.


Big "I" Markets
Eagle Agency FAQs

The response to the announcement of the Travelers commercial markets available through the Eagle Agency has been tremendous. Big “I” Markets has received almost 2,000 inquiries about the market in the past week! The following are some frequently asked questions to help determine whether Eagle is for you.

How much premium does Travelers Commercial expect me to write? There are no premium requirements. You only need to agree to submit two applications a month.

How can I determine if a specific risk will qualify? Big “I” Markets cannot answer those questions because it does not underwrite the business. The best thing to do is go through the registration process and submit a quote. Remember, registration is free. Participants have nothing to lose and will gain access to one of the best commercial markets in the industry. Also, 74% of submissions are rated and approved instantly. In most cases there is no wait for an underwriter to get back to you.

How flexible is the requirement that my agency must have been in business for three years? If your agency is less than three years old you may still qualify if you have been in the industry for three years either as an underwriter, CSR or producer for another agency or if you have a CSR or producer in the agency who has been licensed for more than three years.

To request consideration for access, go to the offline products menu on Big “I” Markets and click on Eagle Travelers Commercial. Note that requests are only complete when the license, E&O decs. and production reports are attached.


Big "I" Markets
Webinar to Highlight Big “I” Habitational Market Scheduled

The third article in the Nov. 4 edition of Two for Tuesday discussed the Individual Risk Management program with the Big “I” habitational market. On Dec. 11 at 1 p.m. EST the Big “I” will host a webinar featuring MiddleOak Vice President of Loss Control Billy Boguski and MiddleOak Alternative Distribution Manager Rob Keller. Click here to register for the session.