in this issue >>>

-Save the Date
-Jolly Holiday Lights
-Thank you Partners
-Big I Quarterly Overview
-In Memory of
and more. . .
Agent Newsletter November 08, 2022



Join us in the Wild West!

We are currently working on lining up a great group of speakers and as always, plan on visiting with your company representatives at the popular hospitality suites on Wednesday evening.  
In Memory of Don Peters
Please join us in remembering Don Peters who passed away in Rancho Bernardo, California. Don gave many years of service to the association and served as a board member becoming President of the association in 1969-70. Our thoughts are with Don’s family and friends at this time.

In Memory of Steven Stille
We offer our condolences to the family and friends of Steven Stille of Storm Lake.  Steve served as part-owner of Stille Pierce & Pertzborn for 46 years and was a dedicated member of the Big “I” throughout all of his years at the agency.
So excited for those that have already requested a free ticket to attend Jolly Holiday Lights held at Adventureland from November 25th – January 1st

Deadline to request a ticket is Friday, November 11th, 2022. This date will not be extended as we have a set deadline with Make-A-Wish to provide our ticket order. Please visit our website at www.iiaiowa.org for more information and to order tickets today.
Findings from the 2022 Agency Universe Study
The number of independent insurance agencies has increased and business conditions for agencies remain favorable, according to the 2022 Agency Universe Study. While the majority of agencies reported revenue increases, the percentage is lower than in the previous study released in 2020

Future One, a collaboration of the Big “I" and leading independent agency companies, has released key findings from the recently completed Agency Universe Study, hailed as the most comprehensive look at the independent agency system.  

“The 2022 Agency Universe Study shows the resiliency of the independent agency system as it continues to grow and adapt through the challenges of the last couple of years," says Bob Rusbuldt, Big “I" president & CEO. “It is amazing that during the pandemic the independent agency system added nearly 4,000 new agencies. The study also offers insights on how agencies can better prepare themselves for the future. Staffing and marketing are issues for agencies, and the Big 'I' continues its support of independent agencies through resources, programs and guidance to face these challenges head-on."  

The study looks at many statistics about independent agencies operating in the U.S., including their numbers, revenue base and sources, number of employees, ownership, mix of business, diversification of products, technology used, non-insurance income sources and marketing methods. 

“As the independent agency channel recovers from the coronavirus pandemic and weathers economic uncertainties, technology adoption continues to prove itself critical to continued success," says Chris Boggs, Big “I" vice president of agent development, education and research. “Agencies are demonstrating flexibility and progress in digitalization as the insurance industry works together to incorporate tech solutions that support agents' roles as trusted advisors." 

Key findings from the 2022 Agency Universe Study include:

1) The number of independent agencies has increased. In 2022, the estimated total number of independent property-casualty agents and brokers in the U.S. stands at 40,000, an increase from 36,000 in 2020. While mergers & acquisitions activity continues to impact the agency channel, the increase in the number of agencies is driven by small agencies, as agents continue to establish their own agencies or move from the captive to independent space.

2) Business conditions continue to be generally favorable. The majority of agencies—62%—report increases in total revenue between 2020 and 2021, but this proportion is lower than the 70% in 2020. Twenty-five percent report a decline in revenue, with an average decrease of 22%. In particular, fewer agencies report personal lines revenue increases in 2022, 60% compared to 67% in 2020. More than 1 in 5 say the pandemic has impacted their operations and revenue.

Insurance Day on the Hill
Unfortunately, the date for Insurance Day on the Hill next year will not work for us here at the Big “I”. 

The date selected for next year is January 26th which is the same day as our Rural Agents Conference. Not to worry however as I have spoken with our lobbyists and we will put together our own “Day on the Hill” for our members. 

We will still be able to meet with the leadership at the Capitol and discuss events which are important to our industry. The date will be sometime in mid-February after the first funnel has cleared. Although this is an unfortunate conflict that came about, I am confident we will be successful in organizing a very successful event for our own members. Please stay tuned on this and feel free to contact me with any question at 515-402-4032 or tom.omeara@iiaiowa.org.
How Much Does a Bad Hire Cost Your Agency?
Right off the bat, there are a few set costs you will not be able to recoup, including whatever you spent on the job ads; the time you or your office manager spent sourcing, finding and interviewing not only the lost employee, but also all other candidates you interviewed for the role; the salary you paid the employee while they worked for you; and the time you and your other employees spent training them. Of course, those line items represent only a fraction of what a bad hire could cost your agency. Some agencies, for example, hire recruiters that can cost over $10,000 for one hire. And those are just the losses you can quantify. What about costs that aren’t associated with a clean dollar amount? Lower morale, clients lost due to poor performance, productivity lost—a bad hire can even drive away your great employees, especially if you are slow to fire. And the worst part of all is that when an employee fails, you need to start the whole costly process over again. This issue has cost many agency owners more than just money—it’s cost them the joy of running their business.

If you want to succeed in hiring, you need to have a process you stick to every time.

That means:
• Taking your time.
• Recruiting on an ongoing basis.
• Using hiring assessments.
• Holding multiple interviews in a short time.
• Asking every recruit the same questions.
• Recording the interviews.
• Offering job shadows.
• Having a bench of solid candidates at the ready.
• Firing quickly once you realize the new employee isn’t working out.

If you employ these strategies, you’ll be ready and able to back-fill an underperformer or a superstar who suddenly leaves. When you’re slow to hire and quick to fire, you’re more likely to find—and retain— top performers.
Register for Quarterly Big I Overview
Join Susie Bonner, assistant vice president of marketing and communications; Ginny Pierson, assistant vice president of Big I Advantage®; and Joseph Cox, director of marketing for Trusted Choice®, for a review of Big “I" resources available to members through the national association.

Learn about agent development, Big I Advantage® and Trusted Choice programs and solutions, along with materials to promote them in state association communications.

While designed for new state association staff, seasoned veterans are welcome to attend and participate. 

This overview will be held quarterly. The first session will be held at 2 p.m. ET on Thursday, Nov. 10. Register now to attend.


Thank you to all the agents that participated in the free National ABEN Day on October 27th.

A big congratulations to Joan Heimerman with Schaben Insurance on winning the $500 Amazon gift card!

Independent Insurance Agents of Iowa
4000 Westown Parkway, Suite 200
West Des Moines, IA 50266
515.223.6060 | 800.272.9312