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| July 2020 | ||||||||||||||||||||||||||||
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Top 3 Articles
Welcome
From the Desk of the President & CEO
If we didn’t discuss the events of recent weeks throughout the state, we could almost be accused of being color blind — pun intended. While not specifically addressing diversity, IIAV’s efforts at outreach have been long standing and on-going. Right or wrong, we have not conducted ourselves under a banner of “look what we’re doing” and it’s likely because I have felt that our efforts are targeted to supporting independent insurance agents regardless no matter who, what, when or where. That said, although I’ve called out and been vocal when I saw actions that I thought were just wrong, it would not be appropriate or relevant to outline those examples.
IIAV Member Resources
.jpg) As we continue to move from the survive stage to the thrive stage, close attention to marketing strategy is essential. The marketing strategy review begins with a confirmation of your target market. The concept of a target market is often misunderstood. Since most of us have limited resources, focus is essential for results. Through this focus, we can better understand the needs and desires of our target market. We can then apply this understanding to provide more value to prospects and clients. While some may think target market discipline limits their much-needed opportunity, when done correctly, the target market strategy can maximize your revenue and position you to thrive. Next steps: Discuss and debate the target market for your agency. Where can you provide the most value? How well do you know the needs and desires of the players right now? What necessary changes will ensure that your agency is positioned to thrive? David J. Dillon, Principal   
How to Use Email Signatures as a Marketing Tool
Your organization sends out hundreds – if not thousands – of emails every week to clients and prospects. Every one of these emails is a branding and sales opportunity.
But it would help if you were intentional about using this communication channel.
While email newsletters are a great way to engage with your clients, the regular emails you send out could provide a gentle reminder of all of the other products and services you have available.
State & National News
Q: My employee is planning a vacation to a beach destination that has had growing COVID-19 infections. Is it okay if I ask the employee to self-quarantine upon her return?
The NYS Department of Financial Services (DFS) issued a new emergency regulation, which is a slightly revised version of the March 30th emergency insurance regulation imposing a moratorium on policy cancellations and proving a 12-month grace period for repayment. The previous emergency regulation expired on June 28, 2020, and the replacement emergency regulation is in effect until the expiration of Executive Order 202.13, currently July 6, 2020.
Below is a short video on Agency Cash Management Strategy that may be of interest. You will hear InsurBanc Business Development Officer Patricia Smith discuss the need for new and established insurance agencies to consider creating an effective cash management strategy to handle the collecting, management and investment of an agency’s cash.
In June, MassMutual will launch CareChoice Select, a level-premium, 12-pay whole life insurance policy with long-term care (LTC) riders. The product offers clients an attractive option to address their LTC protection needs and can be an important part of their overall life insurance and retirement strategies.
Jehmal T. Hudson took the oath of office as the 36th commissioner of the State Corporation Commission (SCC) on Monday, July 6. Hudson was appointed by Governor Ralph S. Northam on June 9th to a vacant Commission term that began on February 1.
The SCC will video webcast the 10 a.m. Commission courtroom proceeding. Virginia Supreme Court Justice Cleo E. Powell will administer the oath. The Commission remains under its current order to restrict public access to the SCC’s Tyler Building during the COVID-19 public health emergency. A webcast stream link will become active prior to the ceremony at: https://scc.virginia.gov/pages/Webcasting
“WFH” (Working From Home) is a new acronym that we are all just learning. There’s no doubt about it. The pandemic has super-charged the remote working trend. Despite barking dogs, romping kids and the constant temptation of the refrigerator (or a nap) just a few steps away, many of us are finding out that we can, in fact, do much of our work quite effectively without commuting to the office every day.
According to a new MIT report, 34% of working Americans have jobs that lend themselves to working from home. For independent agents, that’s probably closer to 75% or 80% of us.
IIAV News
During the 2020 session of the Virginia General Assembly Senator Stephen D. Newman introduced SB735 for the purpose of regulating the “Peer To Peer” automobile rental industry in Virginia. For those of you who are not aware of the “Peer To Peer” auto rental industry, it is the personal auto equivalent of AirBnb short term home rentals. The bill was originally introduced in the 2019 Virginia General Assembly session but was sent to DMV for study and recommendation. The study process took many months, involved a diverse group of “interested parties” (IIAV was part of the study group), and resulted in SB735. The bill was passed and became law July 1, 2020. The following is a brief description of how it relates to and deals with the Virginia personal auto policy:
The National Big I announced this week for agent appointments to committees for the national association. IIAV members have been placed on three-key committees: We’re happy to announce that IIAV has partnered with Podium to help our members utilize modern communication techniques to enhance their overall customer experience. Podium helps over
55,000 businesses increase their local visibility and manage their customer interactions.In a contact free world, customers prefer to use messaging, chat, and text to interact with local businesses. Podium allows you to capitalize on this new trend while helping you efficiently manage these channels.Through Podium, you can drive online reviews and collect inbound leads for your agency. Watch the demo to learn more: https://try.podium.com/iiav/
Education
While we are excited to have guests back in our classroom, safety is our priority over all else. We have carefully and thoughtfully created procedures to increase the safety of our course attendees, instructors, and the IIAV team. We will continue to monitor the situation closely and will adapt when and where it is necessary to do so. We are also offering hybrid option in the event that you are not comfortable or it is not convenient for you to participate in person.
Check out all that 2020 has to offer here! Click learn more to see what's coming up for the rest of the year!
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