NAIC adopts corporate governance models

The National Association of Insurance Commissioners adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, which provides a means for insurance regulators to receive additional information on the corporate governance practices of U.S. insurers on an annual basis. Under the requirements of the Model Act, U.S. insurers will be required to provide a detailed narrative describing governance practices to their lead state or domestic regulator by June 1 of each year. More …  

NCCI gauges the economy

The National Council on Compensation Insurance released the August edition of its Gauging the Economy Newsletter. Highlights include the following sections: Premium—the projected moderate pace in employment and wage growth as labor market conditions improve should result in increases in workers' compensation exposure and upward pressure on written premium; Frequency—preliminary results presented at NCCI’s 2014 Annual Issues Symposium showed that frequency decreased 2 percent in 2013; Indemnity Severity—benefit levels should increase, but the impact on financial performance will be muted by offsetting increases in premium; and Medical Severity—as usual, medical severity is likely to be the major factor contributing to changes in loss costs over the next couple of years.   

Trends in insurance agency hiring

According to a report by McKinsey & Co., insurance agents in the United States are about 59 years old, which means, that by 2018, one-fourth of the industry’s workforce is expected to retire. Additionally, a study conducted by MarshBerry tracked 440 producers hired in 2002. From this group of producers only 138 of them remained as of 2012. What this means for agents: An agency will need to hire three producers for every producer currently employed to have the same number of producers at the end of the decade. More …  

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PIA members get discount on GradStaff hiring

PIA-member agencies now receive a special discount if they work with GradStaff, an outsourced college recruiting firm that makes hiring more efficient for both employers and job seekers. GradStaff offers an efficient and cost-effective way for agencies to find bright young industry newcomers, using an Evaluation-To-Hire staffing model, which includes a Cost-Neutral Bill Rate program. Compared to internal recruiting and hiring strategies, GradStaff offers an efficient and reliable hiring process that significantly reduces the risk and cost of hiring new employees. Make sure you mention your PIA membership to obtain your member discount, at gradstaff.com. For more information, please contact Eric Stephenson at (612) 339-5332, ext. 31, or email estephenson@gradstaff.com.   

October NFIP manual changes

The revisions to the National Flood Insurance Program Flood Insurance Manual that will become effective on Oct. 1, 2014, are posted to the Federal Emergency Management Agency website. These changes include the revised rate tables (RATE, CONDO and PRP sections).  

Is your business protected from catastrophe?

During a catastrophe, insurance producers need to assist their customers and keep their agencies running efficiently. Often, agency owners think, "This will never happen to me." However, it does not take a widespread catastrophe (e.g., Superstorm Sandy), for an agency to experience a loss. It could be a localized flood, local civil authorities denying access to your business due to another off-premises loss; a tornado; or lightning. Would you be prepared if a disaster happened to you? PIA’s Agency Preparedness and Recovery Plan can assist you. This informative manual outlines the benefits of preparing a written pre-catastrophe plan; offers suggestions for you if you are faced with these types of losses; and gives guidance on how to handle the media, if necessary. Sample forms also are included to assist you.  

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PIA, Floodbroker.com offer tools to help agents sell more flood insurance

PIACT and Floodbroker.com offer PIA-member agencies a unique sales tool to facilitate the sale of flood coverage and provide critical documentation of the agency’s efforts to do so. This agreement provides PIA-member agencies with a customized link installed on their own agency’s website to encourage current and prospective clients to consider and purchase flood coverage. The web portal leads consumers to flood insurance information, and with a simple application it will generate a quote for the customer, as well as a qualified lead for the agency to engage. More …  

Upcoming PIACT Webinars

PIACT will offer the following Webinars in the next few months: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Sept. 4, from 10 a.m.-1 p.m., CTCE: 3 PC); Agency Underwriting Profitability and Contingency Bonus Maximization (Thursday, Sept. 18, 10-11:45 a.m., CTCE: 1 PC); Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., CTCE: N/A); E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Oct. 16, from 10 a.m.-1 p.m., CTCE: 3 PC); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., CTCE: 1 PC); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., CTCE: 3 LRE); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., CTCE: 1 PC). ^{^FF^UM}—This course has been approved for E&O loss-prevention credit by Fireman’s Fund and Utica Mutual. Call the PIA E&O Department for details at (800) 424-4244. For more information or to register, click here.  

Motor vehicle vendors

PIACT’s Industry Resource Center often receives member inquiries on motor vehicle vendors and how to contact them. To answer members’ requests, PIA has created a comprehensive listing, including their contact information, which states’ reports are available, turnaround time and applicable costs. For a copy, access QS90382 in PIA’s QuickSource library.  

PIACT-YIP’s Golden Gala Awards Night: The event of the season

Mark your calendar now: Thursday, Sept. 25, 2014, from 5:30-8:30 p.m., at Race Brook Country Club, Orange, will be the PIACT-YIP’s Inaugural Golden Gala Awards Night. Come walk the red carpet as CTYIP honors individuals and companies with a passion for insurance excellence. This industry-wide awards gala will recognize extraordinary contributions, including technological advancement, innovation, lifetime achievement and more. Event sponsor: Renaissance Alliance. For more details and to register, click here. To nominate a deserving candidate for an award, click here. For information about more sponsorship opportunities, click here.  

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