| A few months ago the NYS legislature passed our bill to end mandatory CARCO inspections for the next four years. We are urging the Governor to sign the bill swiftly, it still has not been called to her desk.
Big I members have sent thousands of emails and petitions. Now we're going to get old-school: we're going to flood her office with letters. Why physical letters? It demonstrates a higher level of commitment, and gets attention (and they never get caught in the spam filter). Our goal is 250 letters mailed this week. I'm counting on you to pitch in. Copy and paste the below onto agency letterhead (or download the template here), fill in the highlighted section, sign it, and mail it to the address provided. Then respond to this email with "Sent" to let me know it's done. Need some inspiration? Read our talking points here.
AGENCY NAME AGENCY ADDRESS DATE The Honorable Kathy Hochul
Governor of New York State C/O Elizabeth Fine, Counsel to the Governor
NYS State Capitol Building
Albany, NY 12224 Dear Governor Hochul, I am writing to urge you to sign A.3172-1/S.5889 into law. This bill will benefit policyholders by allowing insurance companies to waive pre-insurance photo inspections when such inspections are not necessary to prevent insurance fraud. These inspections have far outlived their usefulness, and put customers at risk of losing coverage if they are not completed within a short time. Making them optional is a common-sense compromise. Write a few sentences about how photo inspections are frustrating for your customers. If you have a story of a customer losing coverage due to not completing a CARCO inspection, having to travel a long distance to complete an inspection, or having difficulty finding an inspection location, share it here. Write a few sentences about why photo inspections are no longer necessary I also want to thank you for your leadership. This bill is identical to a proposal you included in your executive budget this year. It is clear that you understand the need make the insurance buying process more convenient for your constituents. I hope you will sign this bill swiftly. Sincerely, SIGNATURE NAME
TITLE
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| We know that current market conditions are challenging and frustrating. You, your team, and your clients are stressed. We must "pull the curtain back" so you can see the multi-pronged approach we are taking to work with key stakeholders to stabilize the market. Supporting and advocating for our members and their clients is our highest priority. You are not alone- we have your back.
Below is just a glimpse of what we did in October…. Research:
- Engaged outside consultant to determine carrier profitability in New York, Connecticut, and the United States in 4 key lines of business
- Analyzed growth in New York Automobile Insurance Plan (NYAIP) business
- Met with Excess Line Association of New York (ELANY) leadership to discuss trends in New York excess and surplus lines (E&S) business
- Cataloging carrier compensation changes in New York
Regulatory:
Legislative:
- Met in person with Assemblyman David Weprin, Chair of the Assembly Insurance Committee, and his senior staff to discuss the market conditions and strategies to stabilize.
- Presented an Insurance Education class to Assembly members (46 in attendance), educating them on independent agents, the basics of insurance, and market conditions
- Meeting with Senator Neil Breslin, Chair of the Senate Insurance Committee, next week to discuss market conditions and strategies to address
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Advocating for the veto of legislation that would significantly expand wrongful death awards, further destabilizing the market
Administrative:
- Engaged the Governor's staff on market conditions and the need for support for the NYSDFS to implement new approaches
- Attended an event that Governor Hochul spoke at and chatted briefly with her about our membership
Carriers:
- Met with carriers that have made agency compensation reductions, expressing our concern and disappointment.
- Held a NY First meeting to discuss the market condition, progress with the NYSDFS, and reiterated the value of the independent agent channel
Member Education, Response, and Resources:
- Fielded over 200 emails and phone calls with members to provide guidance and resources
- Held a Town Hall Meeting on Market Conditions with over 400 live attendees
- Launched the IIABA Hard Market Toolkit
- Deployed a new section on our website dedicated to curating the Hard Market Resources
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| Written by: Lisa Lounsbury, President & CEO of Big I New York
At Big I New York, there is no higher priority than supporting and advocating for our members. It is often difficult for others to see the breadth and impact of the advocacy work that we do with regulators, legislators, and carriers. Today, there is an easy-to-share tangible result of our advocacy efforts that Utica National Insurance Group just communicated.
We met with Utica National Insurance Group this week immediately after they announced the commission changes to certain segments of their New York Private Passenger Auto business. While we do not agree with or support the commission reductions that any carriers make, the lead time of this change was troubling.
Utica National was receptive to our input on the timing of the change, and as a result of our advocacy for members, just announced that they are pushing these changes back to 1/1/24, giving agencies more time to prepare. We appreciate their thoughtful response and commitment to exclusively partnering with the independent agent channel.
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|  This week, Big I NY, along with dozens of groups representing a wide swath of New York's employers, issued a letter to Governor Hochul urging her to again veto legislation which would radically increase jury awards in wrongful death lawsuits. This legislation would impose major costs on policyholders, burden taxpayers, stifle economic growth, and destabilize the state's already faltering insurance market.
The bill, S.6636/A.6698, would allow for subjective “pain and suffering" damages, substantially expand who would be eligible to receive awards, and retroactive lengthen the statute of limitations for filing wrongful death lawsuits. This would make New York's wrongful death laws the most generous in the nation, and solidify our position as the national leader in tort costs and lawsuit abuse. Actuarial studies estimate the bill would increase premiums by $2.2 billion annually. This would be a major shock to the state's insurance market, which is already showing grave signs of instability. The impact on policyholders would be dramatic. Governor Hochul wisely vetoed substantially similar legislation last year, citing unacceptable costs to taxpayers and the economy. The legislature disregarded these concerns and passed the bill again with minimal changes and without the required fiscal impact analysis. We urge the Governor to stand her ground and veto this disastrous bill again.
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| Written by: Cindy Scharf, Agency Consultant & Corporate Project Manager
In today's rapidly evolving insurance industry, staying competitive and efficient is crucial for success. One way insurance agencies can achieve this is by hiring a consultant to assist with process and procedure implementation to help reduce exposure to Errors & Omissions claims. Here are four reasons you should consider working with a consultant.
1. Expertise and Industry Knowledge
Consultants specializing in insurance process and procedure implementation bring a wealth of expertise and industry knowledge to the table. They have a deep understanding of the best practices, regulations, and emerging trends within the insurance sector. By leveraging their experience, consultants can help insurance agencies identify areas for improvement and implement effective strategies to enhance operational efficiency.
2. Objective Assessment
An external consultant offers an unbiased perspective on an insurance agency's processes and procedures. They can objectively assess the current state of operations, identify bottlenecks, and recommend tailored solutions. This impartial viewpoint is invaluable in uncovering inefficiencies that may have gone unnoticed internally. Consultants can provide fresh insights and innovative ideas to optimize workflows and enhance overall performance which helps to reduce E&O claims.
3. Customized Solutions
Every insurance agency has unique challenges. A consultant understands this and tailors their approach to meet the specific needs of the agency. They work closely with the agency's management team to develop customized solutions that align with the agency's goals and objectives. Whether it's streamlining processing, improving customer service, or enhancing procedures, a consultant can design and implement processes that are efficient, effective, and aligned with industry standards. They can help create a culture of E&O awareness within the agency.
4. Cost Savings and ROI
While hiring a consultant may require an initial investment, the long-term benefits can far outweigh the costs. By optimizing processes and procedures, insurance agencies can reduce operational inefficiencies, minimize errors, and enhance productivity. This leads to cost savings in the long run. Additionally, a consultant can help identify opportunities for revenue growth and improved customer satisfaction, resulting in a positive return on investment.
In an increasingly competitive insurance industry, insurance agencies must continuously strive for operational excellence. Hiring a consultant for process and procedure implementation can provide the expertise, objectivity, and customized solutions needed to achieve this. By leveraging the knowledge and experience of a consultant, insurance agencies can streamline their operations, enhance efficiency, and position themselves for long-term success in a rapidly changing landscape.
Big I New York is ready to help.
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| Teamwork makes the dream work! We made an investment this week.Written by: Lisa Lounsbury, CEO & President of Big I New York
.png) We made a big investment this week. An investment that will pay dividends to help the success of our members in New York and Connecticut and strengthened our team. Big I New York and Connecticut staff came together in person this week at the DeWitt, New York (world!) headquarters. We learned, laughed, produced content (lot's of content!!), had fun and strengthened our team. And we ate. A lot!!
It was a really tiring, invigorating and fast paced week that required an investment of time, energy and money. We got behind on some of our routine work and our “to do" lists grew. People were nervous about this week- even apprehensive. I was too. So, why did we make this investment? At some point, you have to stop dreaming and talking about things and just do them. We made the decision to take some time this week to work on the organization and not just in it. The development of our team directly impacts how we can serve our members better. If we want to improve, we have to invest in systems training, professional development and making sure our team understands our customers - our members.
While remote and virtual work is generally effective, there is NOTHING that beats face to face interaction (in my opinion). I want my team to enjoy their work, enjoy each other, and feel fulfilled. I saw relationships grow, teams pull together, and people share and contribute with confidence. We were all so invested in maximizing our time together, that a few “pop-up" learning sessions also occurred as we identified additional areas/systems that the team wanted more training in.
Fall Fest 2023 was fabulous. I know that carving time out for staff development can be hard to do, but it is so worthwhile. The Big I New York and Connecticut team is the best and our commitment to our member's success is incredible.
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| Your IT staff is tired of pulling their hair out trying to convince you to use complex passwords!! Why MFA needs to be implemented!
 Written by: Kathy Glahn, VP of Operations & Information Systems at Big I New York
Passwords these days need to keep getting longer and more complex. The new standard is to have a password length of at least 13 characters comprised of letters, numbers and special characters. Passwords should never contain personal information, such as your address, phone number, date of birth, wedding/divorce anniversaries (yes, some of us do celebrate divorces!), family names or pet names. They should also never contain information you included on one of those Facebook surveys.... you know the ones.... What is your favorite food, travel destination, etc.
Did you know that passwords are now very easy to crack?
 Source: https://www.hivesystems.io/blog/are-your-passwords-in-the-green
Hive systems has published a chart that indicates that ChatGPT hardware can brute force a 12-character password with numbers, letters, and symbols in 8 months. An 8-character complex password takes less than 1 second to crack. How scary is that?
So how can you create a secure login without needing to implement a 25-character password? Also, don't forget that passwords need to be un!que (see what I did there?), complex, and you should never use the same password on multiple websites. The answer is MFA!
It is important for everyone to implement Multi-Factor Authentication (MFA) for personal and business purposes. MFA requires more than one way to authenticate who you are when logging into software or a website. It is extremely important to implement MFA on any website or software that contains personal information. MFA needs to be implemented on your agency management system, email, company website, banking sites (personal and business), benefits websites, etc. You can help your employees safeguard your business data and their own personal data by introducing MFA in your agency. MFA is not hard to implement. Each software is a little different on how to implement, but usually comes down to checking a box indicating that you want to implement MFA. The next step is usually downloading authenticator software on your phone or entering an email address of phone number.
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Today is my daughter's 5th birthday. Grace is a happy child who loves her big sister more than anyone and keeps her parents on their toes with her mischievous ways. Grace also has chronic kidney disease. I am sharing this because NextGen's Band-Aid Drive is personal.
Since 2022, Grace has undergone multiple procedures and surgeries, requiring IVs and bloodwork. No one likes needles, especially kids. We were lucky the hospital had fun, colorful band-aids for Grace to give her that extra boost of bravery to deal with yet another needle. My husband and I certainly used the promise of a fun band-aid to help her through the tears.
NextGen chapters across the state are collecting children's band-aids (latex-free please!) with bright colors, popular characters or a cheerful pattern now through November 10th. All bandages will be donated to area clinics and hospitals to make a child's time there a bit brighter.
You can order band-aids on NextGen's Amazon Wish List and have them shipped directly to Big I NY. You can also contact me at ajust@biginy.org to arrange a pickup or drop-off in the Syracuse area.
Thank you for your generosity with the NextGen Band-Aid Drive!
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| It's October, which means Halloween, which means people who enjoy being terrified are flocking to haunted houses and similar attractions. Have you ever thought of trying to write the insurance on one of these places? What coverages do they need? What are their loss exposures? In this chilling video, I discuss these topics in a way that is not at all melodramatic.
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| On Thursday, October 12th, Big I NY met with counsel to Governor Hochul and urged that she veto legislation that would ban the use of non-compete agreements. While we appreciate the intentions behind this bill, we firmly believe that a blanket ban on non-competes would have detrimental consequences for the independent insurance industry, particularly in the context of business sales and acquisitions. Big I NY believes this bill must be vetoed for the following reasons: Preserving Business Value: Insurance agencies invest time and resources in building and maintaining client relationships. A non-compete agreement prevents departing agents from taking clients and policy expirations with them to a competitor, preserving the value of the agency's book of business. Protecting Policyholders: Non-competes also serve to protect policyholders' interests. When policyholders have a longstanding relationship with their agent, they may prefer to continue doing business with the same agency, even if the agent changes employers. Non-competes help ensure continuity of service and protect policyholders from being aggressively solicited by departing agents. Encouraging Investment: Prospective buyers of insurance agencies are more likely to invest in the acquisition if they can reasonably expect to retain the policy expirations and clients associated with the agency. Non-competes provide this assurance and, in turn, stimulate the growth and development of the insurance industry. A thoughtful and tailored approach to addressing non-competes in the insurance industry is essential. Blanket prohibitions, as proposed in the current bill, risk undermining the integrity and value of insurance agencies and could have unintended negative consequences for policyholders. The governor must act on the bill by December 31st. Agents are encouraged to contact Governor Hochul and urge her veto the bill.
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