| Louisville, KY - October 2, 2024- Big I Kentucky (ie Independent Insurance Agents of Kentucky) is proud to announce that Chip Atkins, CEO of RH Clarkson Insurance Group in Louisville, Kentucky, has been elected to the Executive Committee of the Independent Insurance Agents and Brokers of America (IIABA). Chip becomes the 7th Kentuckian to hold this prestigious position in the 128-year history of the association.
Chip, a graduate of the University of Kentucky, joined RH Clarkson Insurance Group in February 1995 as a Producer. After nearly two decades of dedicated service, he was promoted to Chief Operating Officer in 2013 and subsequently became CEO in 2015. His leadership and industry expertise earned him recognition as one of the "People to Know in Insurance" by Louisville Business First in 2016. Chip has been a key figure within Big I Kentucky since joining the board in 2011. His extensive involvement includes serving as Chairman of Big I Kentucky (2016-2017) and contributing to several committees such as Membership Services, Health Benefits, Events, KAPAC, Government Affairs and more. His commitment to the industry is reflected in his role as National Director for Kentucky on the IIABA Board, where he also served on the Finance Committee, Steering Committee and Health Benefits Sub Committee. Beyond his work in the insurance sector, Chip is highly active in the Greater Louisville community supporting Kosair for Kids as an Advisory Board member, and a "Top Investor" with Greater Louisville Inc. Chip also works closely with the Kentucky Legislature on insurance-related matters, meeting regularly with Senate and House Leadership to advocate for the industry. Chip's election to the IIABA Executive Committee marks a historic moment, continuing a proud legacy of Kentucky leadership at the national level. He joins a distinguished group of past Kentuckians who have served, including: - 1896–97 A.G. Simrall, Covington, KY - 1904 A.H. Robinson, Louisville, KY - 1968 Charles B. Chrisman, Pikeville, KY - 1991 R.C. Riley, CPCU, AAI, Benton, KY - 1998 William B. Greenwood, Central City, KY - 2005 William G. Stiglitz, III, Louisville, KY Chip and his wife, Stephanie, reside in Louisville and have one daughter Riley and two sons, Spencer and Alex. Big I Kentucky is thrilled to see Chip's dedication to servant leadership recognized at the national level and thanks him for his continued commitment to the independent agency industry. About Big I Kentucky: Big I Kentucky, formerly the Independent Insurance Agents of Kentucky (IIAK), is the largest insurance trade association in the state, with more than 350 insurance agencies, employing more than 3,000 people as its members. Independent agents offer customers a choice of policies from a variety of insurance companies. These agents provide all lines of personal and business insurance, including – property, casualty, life and health, employee benefit plans and retirement products. The organization was founded in 1896. For more information, please contact: Big I Kentucky Phone: (502) 245-5432 Email: info@bigiky.org Website: www.bigiky.org
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| Recognize the leaders of the independent agency system in Kentucky through these BIg I Kentucky awards: E. Starling Holloway Award- Award is to honor an individual who has made a significant industry contribution, enhanced the ideals of reputation of our industry or made a significant impact in their community. CSR of the Year Award- Award is to honor a CSR or Account Manager in a Big I KY member agency that exemplifies customer service. Michael D. Hepp Emerging Leader of the Year Award- Award is to recognize an individual who has furthered the Emerging Leader program at Big I KY and shows a passion for perpetuating the industry in our state.
Company Person of the Year- This award recognizes a true partner to the independent agents in KY. Be Like Mike Award- This award is given in honor of Mike Johnson, a great man who gave his whole heart to serving the association. The recipient will display vitality both inside and outside of the industry.
Deserving nominations can be made via the link below. Winners will be announced at the Big I Kentucky Annual Convention November 20-22 at the Louisville Marriott East.
2024 Award Submissions (smartsheet.com)
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| Big I Kentucky received the 2024 Membership Champion Award from the Independent Insurance Agents & Brokers of America. This award recognizes a state association's exemplary membership recruitment and retention initiatives and successes. Big I Kentucky President and CEO, Tara Purvis, accepted the award on behalf of the association at the Fall Leadership Conference in Indianapolis earlier this month. "Serving our membership and recruiting non-members to join remain at the forefront of our association." If your agency is not currently a member of Big I Kentucky, please allow us the opportunity to share why it is a great investment for you, your employees and your agency.
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| Big I Kentucky, the state's largest and oldest trade association for independent insurance agencies, has released the schedule for the 2024 Annual Convention & Trade Show. The event will be held at the Louisville Marriott East, November 20-22, 2024. The event kicks off with the state's largest insurance trade show from 1-4pm on Wednesday and is followed by an evening at Top Golf Louisville. Thursday is packed with speakers, CE, social events and award presentations. Friday will wrap up with a legislative breakfast with Congressman Andy Barr (invited) and an afternoon at Churchill Downs (separate ticket required). For a full SCHEDULE OF EVENTS and details on FEATURED SPEAKERS, check out the event page.
BIG I KENTUCKY ANNUAL CONVENTION
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| Big I Kentucky is expanding the opportunity to serve on a committee within the association. The newly formed Technology Committee is looking for the next great group of tech enthusiasts in the insurance industry. If you’re passionate
and knowledgeable
about technology and innovation in the insurance industry,
we’d like to hear from you. Please contact
Erin Fosson at efosson@bigiky.org
or 502-245-5432.
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| The Trusted Choice independent insurance agents of Big I Kentucky continued their support of Make-A-Wish OH-KY-IN this week. On Tuesday, July 16, members and staff of Big I Kentucky were on hand to grant the wish of Elly Orr of Russell Springs, a 5-year-old suffering from Cystic Fibrosis. Her wish was a backyard playhouse, decorated with all her favorite things including mermaids and unicorns. Construction of the structure was completed before yesterday's reveal party. But Trusted Choice agents spent the day landscaping the play area, painting the interior, assembling the furniture and stocking it up with books, crafts and toys for Elly and her sister, Emmy. A big thanks to LEX18 and WBKO Bowling Green, both who were on hand to cover the event and share with their viewers on the evening news.
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| You now have a new service to help fill your company's talent gap. Big I Kentucky has added WAHVE's Talent Acquisition Outsourcing service for direct hires. You may know WAHVE from their Work At Home Vintage Expert service for contract staffing. [Big I Kentucky has offered this service to our members for many years. Now, we're expanding our longstanding partnership to include WAHVE's Talent Acquisition Outsourcing (TAO) service to assist members in sourcing and qualifying direct hires for open positions. Why are we adding this service now? We think this is exactly what our members have been waiting for. We know that staffing continues to be a challenge. The insurance labor market remains tight, and it's not projected to improve. The Bureau of Labor Statistics (BLS) estimates that by 2036, 50% of the current insurance workforce will retire, leaving more than 400,000 open positions unfilled. How does Talent Acquisition Outsourcing work? WAHVE's Talent Acquisition Outsourcing removes the burden of sorting through hundreds of resumes to find the ideal candidate for your open position. The process involves four simple steps: 1. Job Request: WAHVE's system guides you through the selection of skills that define your open position. WAHVE then creates a focused job ad that will attract the broadest pool of qualified candidates. You can place the ad and direct applicants to WAHVE for qualifying or, for a pass-through fee, WAHVE will post the ads on selected job boards for maximum visibility. 2. Application: An intuitive online application prompts candidates to enter their hard and soft skills, work experience, and other credentials relevant to the job requirements. 3. Matching: A machine learning model finds the intersections between the job requirements and the skills and experience of the applicants, creating a ranked list. 4. Qualifying: Insurance experts evaluate applicants' qualifications using validated skills assessments, reference checks, and blind interviews, providing you with a bias-free short list of best-fit candidates. What are the advantages of working with WAHVE? - Expertise: Insurance is all that WAHVE does. WAHVE's staff have an average of 25 years in the industry. And they apply a proven process that's screened over 130,000 applicants and placed over 4,000 perfectly matched professionals with agencies, brokers, and others.
- Quality: WAHVE's expert qualifying team knows the right questions to ask and how to listen for the right answers. They screen every candidate for knowledge, skills, and fit and send you a short list of only the most qualified candidates.
- Speed: WAHVE's blend of machine learning and live conversations quickly zeros in on your ideal candidate. And by lifting the burden of screening every applicant yourself, you spend minimal time upfront, so you can get back to the business of running your firm.
- Success Rate: Did you know that replacing an employee can cost as much as 50-200% of annual salary? WAHVE's success rate is over 90%. Contrast that with a 46% failure rate for new hires within the first 18 months.
- Special Member Pricing: There is no up-front fee for TAO. Members are charged only when a candidate is placed. While typical placement fees are 20-30% of the first year's salary, WAHVE's standard fee is 15%. And association members pay a special rate of only 12.5%.
How do I get started? Contact Big I KY Workforce Development Director Mary Pat Hartmann at mphartmann@bigiky.org.
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May is Military Appreciation Month, and we're proud to stand behind those who serve our country by supporting their transition from honorable service to a career in the independent agency channel.
The Big “I" Diversity Council has partnered with the U.S. Chamber of Commerce and the Hiring Our Heroes (HOH) program to create an insurance fellowship program to connect the military community with agencies, fostering economic opportunity and a robust, diverse workforce. The fellowship program will place service members who are transitioning out of the military into jobs in independent insurance agencies during the last three months of their service. The Big “I" Diversity Council is piloting the program with Big I North Carolina and Big I Kentucky. We're collaborating with state associations, education leaders, and InsurAcademy to develop a fellowship roadmap guide to help service members get licensed, as well as help agencies in creating a fulfilling career path for transitioning service members. With HOH providing thousands of qualified applicants to choose from, agencies can find the right fit for their teams.
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| Tick Tock
Following a change in the legislative calendar last week, the General Assembly was in recess until Thursday and Friday of this week when it convened for Days 53 and 54 of this 2024 sixty-day budget session. Our update this week is focused heavily on the budget bills and the conference committee, as the fate of most bills in the General Assembly is tied in some way to its progress. While the legislature was not in session the first part of the week, legislative committees continued to meet to move bills through the process.. By the time Chambers gaveled in on Thursday, many more bills–47 in the Senate and 17 in the House–had made their way through committee to the floor. When they convened for floor action on Thursday and Friday, both Chambers worked efficiently but did not log the number of hours that many expected, as there continues to be a limited number of bills being heard in the second chamber. In large part, this was due to House and Senate leadership and others needing to meet to negotiate differences in the budget. There remain many bills to pass and less and less floor time to get them passed. Bills that require concurrence were expedited, and bills were moved to the committee and back for floor readings to keep them viable to pass before this Thursday. These procedural steps anticipate the four-day week to come: The General Assembly will meet Monday through Thursday. The veto recess begins on March 29, and then the legislature will return for veto override days on April 12 and 15.
With four legislative days before the veto recess, it has all come down to this! With the GOP-controlled legislature wanting to maintain its ability to override any vetoes that may be issued by Democrat Governor Andy Beshear we expect a couple of hundred bills to be considered before Thursday at midnight. The insurance industry bills of interest to Big I members are all poised to hit the Governor's Desk this week. Top Priorities
HB 371 - Mine Subsidence Coverage Limit - Passed 38-0 with friendly Senate amendment and heads to House for floor vote to concur in amendment, which should happen on concurrence days (Wed/Thur). Big I Supports!
SR 235 - Insurance Commissioner Sharon Clark's confirmation resolution. The resolution must be approved by the full Senate before sine die adjournment on April 15, and we expect adoption will not occur before the veto recess. Big I Supports!
SB 188 - PBM Reforms - The bill mandates an increase in pharmacists dispensing fees, restricts mail order, and mandates changes to pharmacy networks. Could have a significant impact on self-insured health groups and ERISA plans. Awaits Senate Floor action with amendments…seems likely to pass this week. Big I Opposes…Contact Your Senator! Key Insurance Bills
HB 554 - Allow public universities to opt out of buying coverage from the state Tornado & Fire fund and allow them to access coverage in the private market. Passed from Senate B&I unanimously…awaits Senate floor action on Consent Calendar
HB 256 - Fortified Roof Incentives - Passed unanimously from Senate B&I last week…poised for Senate Consent floor action as early as Monday. No amendments so it would go straight to the Governor's Desk.
SB 29 - Glass Bill - Passed House 87-1 with friendly amendment…heads back to Senate for concurrence in House amendment, so it is a Senate floor vote away from the Governor's Desk. Likely to occur on concurrence days Wednesday/Thursday.
HB 280 - NCOIL Delivery Network Companies Insurance Model - Passed 38-0 and should be delivered to the Governor on Monday.
HB 498 - DOI Accreditation - The DOI's financial standards legislation needed to maintain their NAIC accreditation. Passed unanimously by Senate B&I last Wednesday and awaits Senate consent floor action that could occur as early as Monday.
SB 158 - Minor Settlements - Two Readings in House Rules. Could see House floor action this week.
HB 401 - Allows out-of-state physicians to review workers' compensation medical records. The bill is on the Senate Consent Calendar with friendly amendment and should receive a floor vote early this week and then will need House concurrence. Don't forget to review the Big I bill list!!!
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| As an insurance agent prepares to step into the spotlight as a guest on a podcast or for an interview in an article, navigating the discussion requires careful consideration of Errors & Omissions (E&O) risks. While the opportunity to share knowledge and insights can be invaluable for both the agent and the audience, it also presents potential pitfalls that could lead to an increase in an agency's required standard of care. From the nuances of policy interpretation to the communication of coverage details, being mindful of E&O risks is essential to ensure accuracy, transparency, and compliance throughout the exchange. Whether it's being a guest on a podcast, interviewed for an article or being part of a video to be posted on social media, keep certain words and phrases in mind that can increase an agent's standard of care beyond what is required.
Avoid Calling Yourself an “Expert", “Advisor" or “Consultant"
Establishing oneself as an “expert", “advisor" or “consultant in a particular area of coverage may seem like a great way to separate oneself from the competition, but overstating expertise or promoting oneself as an advisor can invite reliance by an insurance customer. This can create an easier path to a court finding that a greater duty to advise exists due to a special relationship being formed. Never Say “Best Coverage"
Clients may be looking for the “best coverage" at the “best price", but it can oftentimes be unattainable or difficult to know the policy language of each carrier agent represents, especially in a rapidly-changing environment. Remember, insurance agents procure coverage or may assist with submitting claims on behalf of their client, but they do not make underwriting decisions or investigate and determine if a claim is covered. Agents should avoid suggesting a customer's risk is covered or that coverage always exists for a loss when the underwriting and claims decisions are made by a separate company. It's Okay to Discuss Your Niche without saying“ We specialize in..."
Many agents or agencies have a niche or focus on a specific type of business. This gives the agent the ability to have a more detailed conversation with the client about their insurance needs. However, when talking about a niche business, an agent should avoid saying “we specialize in..." or “our specialists" as it creates an automatic increase in their duty to advise as well as a blanket statement that applies to all employees at the agency. Instead, an agent should talk about their niche along with their experience in that business category. Avoid Offering “Peace of Mind"
While agents want to offer “peace of mind" to clients, this phrase can be understood as creating an expectation that the insured will not experience an uncovered loss or have any coverage gaps as they should not have to worry about their insurance coverage. Instead of offering peace of mind to your clients, offer to help them find coverage that matches their described needs or offer greater financial security (including qualifiers in your wording can help!).
As an agent in your local community and beyond, any opportunity to get your name or brand is something to take advantage of. Who knows what that 30-minute podcast or short phone-call interview may lead to in terms of publicity and leads. By keeping “E&O friendly" language in mind and avoiding words that may give clients a path to establishing a special relationship (and therefore may require a greater standard of care), these marketing opportunities can remain advantageous. Just keep the E&O risks in mind. Looking for additional information about E&O risk management as it relates to an agent's duty to advise and ways to avoid creating a special relationship. Evan Leitch
Swiss Re Approved Auditor Virtual Agency Solutions/Independent Insurance Agents of Wisconsin
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