in this issue >>>
-Annual Convention Recap
-New Security Diagnostic Tool
-5 hrs FREE CE
-NAIC Passes Pet Insurance Model Act
-In Memory of Edward Currie
and more. . .
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Agent Newsletter September 8, 2022 |
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Our Annual Convention was held on August 30th & 31st at Prairie Meadows Convention Center in Altoona. The event was kicked off with a golf tournament at Legacy Golf Course in Norwalk with over 100 golfers made up of agents from across the state as well as our company partners. We could not have ordered better weather for the event and everyone had a great time being together outdoors. For those who did not golf, Todd Davis provided a great option with his 3 hour CEC class on ethics. Day 1 was capped off with our always popular Trade Show & Expo. Agents visited with companies and vendors not only meeting great new connections but catching up on old times as well. Day 2 was highlighted by more great speakers and classes. Speakers Amie Haar, Sonyia Townsend, and Todd Davis filled the morning slots and tuned up the attendees for our keynote speaker, Frank Somma. Frank enlightened the audience with his excellent presentation titled “Business Development in Disruptive Times and Beyond”. Frank provided everyone with encouragement and optimism for the future of our industry.
During our annual event, an election of Board members and officers was held. The following agents were selected to lead your Association for the 2022-2023 year. They include:
Scott Wirtz, President, Emmetsburg
Luke Horak, President-Elect, Washington
Chris Gentry, Treasurer, Ollie
Dave Walters, 1st Vice-President, Emmetsburg
Steve Goodhue, 2nd Vice-President, Ames
Billy Blake, Oskaloosa
Katie Rosenboom, Somers
AJ Krist – West Des Moines
Derrick Parsons – Dyersville (new board member)
Dave Rowley – Past President, Estherville
Steve Madsen – National Director, Marshalltown
Presidential Citations were also presented to individuals who have contributed above and beyond to the association over the years. This year, awards were presented to:
Bill Pearson – Huisenga-Pearson Agency, Sibley
John Schmidt – MHCS – Accountant, West Des Moines
This year’s C. Daniel Fulwider Young Agent of the Year award went to Mandy Ferrante of the Bouslog Insurance Agency in Marion, IA. Mandy has been an active leader in our Young Agents Committee and has participated in events for several years. She is very active in her community both with Junior League of Cedar Rapids and Big Brothers/Big Sisters. Along with her husband, she also is busy raising their 2 children.
The H.H. “Red” Nelson Agent of the Year award was presented to Scott Morningstar from Lisbon. Scott became an independent insurance agent in 1986 and attended his first convention that same year. Scott moved through the ranks of the association as chairman of the Young Agents Committee, chairman of the Technical Affairs Committee, member of the IIAI Board of Directors and President of the Association in 2014. Scott also is very active in his community serving on many committees and boards. Scott is Iowa’s 3rd 4-time state wrestling champion while he attended Lisbon High School. Scott and his wife Jacque have 4 children and 3 grandchildren.
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Big I to Co-Host ACORD Connect Virtual Conference October 27 |
ACORD, the global standards-setting body for the insurance industry, announced that its annual ACORD Connect conference will be held in conjunction with the Big “I."
The virtual conference, to be held Oct. 27, will provide attendees with valuable training on ACORD standards and architecture, professional development opportunities, and insights on industry trends and issues. The conference will also show appreciation to the ACORD member community and acknowledge their achievements on behalf of the industry.
“Each year, ACORD Connect is hosted in partnership with one of our most active and long-standing member organizations," said Bill Pieroni, president & CEO, ACORD. “We are very pleased to present the event with the Big 'I' this year. The Big 'I' shares our commitment to helping agents and brokers leverage advances in technology, process, and organization to more effectively and efficiently collaborate with carriers, serve their customers, and improve their communities."
Key highlights of the conference will include:
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“People, Process, and Technology." Hosted by Chris Cline, executive director of the Big “I" Agents Council for Technology, a panel will discuss driving successful and meaningful industry change.
- ACORD data standards. Development updates will be provided across all lines of business, including the latest steps in London Market modernization.
- ACORD research. Results of ACORD research will be discussed, including the “2022 Digital Maturity Study" on the state of insurance industry digitalization initiatives worldwide.
- 2022 ACORD awards. Organizations and individuals will be recognized who have demonstrated outstanding achievement in ACORD implementation and advocacy.
“The Big 'I,' along with our Agents Council for Technology, is proud to team up with ACORD to offer this valuable event," said Bob Rusbuldt, Big “I" president & CEO. “ACORD has a long history of helping to move the independent agency channel and the insurance industry forward and providing programs such as ACORD Connect is just one example. Big 'I' members and others are fortunate to have this opportunity to hear from key thought leaders and industry influencers."
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New Security Diagnostic Tool for Big I Members |
In consultation with the Big “I" and ACT, Ensure Endpoint Technologies Inc. (“Ensure") has developed a security diagnostic tool that is being made available at no cost to Big “I" members. The simple-to-use, downloadable tool is designed to run a check that crucial security settings and protections are in place on a member's business computers. It will verify the status of the computer's operating system, firewall, hard drive encryption and anti-malware software and should only take a few minutes.
Ensure is a cybersecurity company with experience in the insurance sector and provides cloud-managed endpoint encryption-as-a-service. Cybersecurity is an increasingly important issue for agents and brokers. This tool may help agents and brokers who need to ensure internal plans and protocols are adequate and consistent with external security requirements, such as those of carrier partners or state regulators.
The company engaged with the Big “I" on a pilot program with a select group of member agencies. The agencies taking part in the pilot generally found the diagnostic tool useful and easy to use. A few agencies required some technical support to secure administrative rights to run the tool.
Learn more about Ensure Endpoint's security diagnostic tool for Big “I" agencies, access full instructions on how to use it, and download and run the tool at no cost.
If you have any further questions about this or related topics, contact Chris Cline or Scott Kneeland. Technical support questions on installation of the tool can be addressed by Ensure Endpoint. Admin rights issues should be directed to individual agencies' IT support teams.
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Intro Into Trusted Choice® Webinar September 14th |
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Trusted Choice® recently began holding quarterly half-hour webinars introducing members to the full suite of free programs and resources available to them as part of their membership.
The next webinar will be Sept. 14 at 2:30 p.m. ET. Members can register now to save their spot.
This opportunity is available for both new members, or those members who may benefit from using Trusted Choice resources.
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Workers Compensation Rates - Effective January 1, |
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This filing proposes an overall average change of –8.1% to the voluntary rate level and an overall average change of –8.1% to assigned risk rate level. The advisory prospective rates of the voluntary market are used as a basis for the rates in the assigned risk market.
Reported COVID‐19‐related claims have been excluded from the data on which this filing is based to better reflect the conditions likely to prevail during the proposed effective period. After an in‐depth review and analysis, NCCI has determined that the continued use of widely accepted general ratemaking methodologies (such as the use of the chain ladder development method, exponential trend fit model, etc.) remain appropriate for use in this year’s filing.
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How to Freeze Your Credit to Protect Your Identity |
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According to the Insurance Information Institute, over 20,000 Iowans reported being the victim of identity theft in 2021. Identity theft occurs when someone else steals your financial or personal information such as credit card information, social security, or insurance numbers. The information may be used to open or use credit, obtain medical services, or even steal your tax refund. Identity theft may occur during a data breach, by stealing your wallet or purse, or “phishing” by sending emails or “smishing” with text messages that appear to be from a legitimate organization to obtain your personal information. A credit freeze is a tool Iowans may use to protect themselves against identity theft.
Freezing your credit locks access to your credit report and new lines of credit. Anyone can freeze their credit for free, and you do not have to be the victim of identity theft.
To freeze your credit you must initiate the freeze separately with all three credit bureaus. It may be done online, on the phone, or by mail.
Equifax, P.O. Box 105788, Atlanta, GA 30348 or 800-685-1111
Experian, P.O. Box 9554, Allen, TX 75013 or 888-397-3742
TransUnion, P.O. Box 160, Woodlyn, PA 19094 or 888-909-8872
Each of the three may ask you different questions to verify your identity. The questions may include your address and financial history for the last two years.
If you need to use your credit to open a credit card or buy a car, unlock it with the bureau used by the lender. Once the request to temporarily “thaw” your credit has been received, the bureau has three days in which to unlock it or 15 minutes if received via a secure internet connection. Credit already established with companies will not be altered by this freeze, and will have no impact on your credit score. When making your credit accessible, ensure you freeze it again once the credit check is done.
Parents and legal guardians can also place a credit freeze on all individuals under the age of 16. Incapacitated adults and active duty members of the military may also have their credit frozen by an authorized individual.
Also, order a free credit report to ensure your credit history is correct and up to date. An annual free credit report may be done at annualcreditreport.com or 877-322-8228, and request the report be pulled from each of the three credit bureaus. Until the end of December 2022, you may request a free credit report weekly. Normally, you may request a free credit report annually from each of the three bureaus.
Credit: Sonya Sellmeyer, Consumer Advocacy Officer for the Iowa Insurance Division
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Mark your calendars - details coming soon! |
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NAIC Passes Pet Insurance Model Act |
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The National Association of Insurance Commissioners (NAIC) members pass a Pet Insurance Model Act to establish appropriate regulatory standards for the pet insurance industry, which has annual premiums of approximately $2.8 billion in total in-force premiums in 2021 (up over 30.5% from $2.175 billion in 2020) and over 4.41 million insured pets across North America, up 27.7% from over 3.45 million pets insured in 2020, according to the North American Pet Health Insurance Association.
"This model law establishes clear rules for the sale of pet insurance and provides important disclosures to pet owners interested in purchasing this product," said Beth Dwyer, Superintendent of Insurance for the Rhode Island Department of Business Regulation. "Now, it is up to the states to see if they would like to adopt or modify the model law for this regulatory framework to be in effect."
Key elements of the model include:
Consumer Protections: The model codifies several consumer protections related to policy renewals, required disclosures of waiting periods, policy limits, conditions, benefit schedules, and more. Robust disclosures allow consumers to affirmatively choose the policy that is best for them in a world with dozens of available options.
Preexisting Conditions: The model limits how insurers can deny pet insurance claims related to preexisting conditions of covered pets. And the onus is put on the insurer to prove those preexisting condition limitation applies.
Wellness Programs: The model explicitly requires insurers and their producers to clearly differentiate pet wellness programs from insurance policies to help eliminate consumer confusion between insurance policies and non-insurance wellness programs.
Training Requirements: The model codifies training for insurance producers to ensure that producers are appropriately prepared to present information to consumers.
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In Memory of Edward Currie |
Edward (Ed) Currie passed away on August 15, in Des Moines. Ed was a Past President of the Professional Insurance Agents of Iowa and was instrumental in the merger of our 2 organizations. Ed’s son Mark is a past board member of IIAI and served as President of the Association in 2010-11. Our condolences go out to all of Ed’s family and friends. |
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Independent Insurance Agents of Iowa
4000 Westown Parkway, Suite 200
West Des Moines, IA 50266
515.223.6060 | 800.272.9312
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