10 Reasons Why an Insurance Career is Great for Millennials

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The following article originally appeared on benefitspro.com

The insurance industry is a great place to start — and grow — your career.

From underwriter to data scientist to claims adjuster, there are jobs for a variety of different skills, and these jobs need to be filled ASAP.

Due to the retirement of baby boomers and industry development, the insurance industry will be hiring 400,000 positions within the next three years, according to The Institutes, a risk and insurance professional development group.

Millennials are the future of insurance, and possess many of the qualities that industry recruiters are looking for, such as an affinity for teamwork, an entrepreneurial spirit and love for solving problems.

Now is an exciting time to work in insurance. If you don’t believe us, trust your peers: According to a 2016 study from insurance technology provider Vertafore, which polled 4,000 insurance professionals between the ages of 19 and 35, more than 80 percent of respondents say they plan to remain in the insurance industry for as long as possible.

Still not convinced? Discover 10 reasons why millennials love working for the insurance industry:

1. There’s a job for your skills.

The scope of the industry goes far beyond the roles of insurance agent and broker. For example, if you have a degree in social science or a background in nursing, you could make an ideal claims professional. Working as an adjuster, appraiser, examiner or investigator taps into these learned skills of communication, empathy and deductive reasoning.

Are you in engineering? You could transfer your creativity, problem-solving, design and scheduling proficiencies to work in loss control or as a risk manager in outside industries such as the public sector, retail, hospitality or gaming. There’s a place for a variety of skills and interests.

2. Insurance careers are sustainable.

Like death and taxes, insurance has a long history — dating all the way back to 1347 in Genoa, Italy — and its need is a sure thing. According to The Institutes, the insurance industry employs more than 2.3 million individuals in America — that’s 115 times the number of jobs provided by Google, Facebook, Apple, Twitter and Yahoo combined.

The industry also has a positive effect on the economy, contributing $450.3 billion to the nation’s GDP in 2014, according to the Insurance Information Institute. Just as someone can’t purchase a home without proof of insurance, business owners cannot build or obtain financing for a commercial building without it. And without financing, businesses can’t develop, create jobs or contribute to their communities.

3. Career advancement provides opportunities to learn.

Millennials can exercise their entrepreneurial attitudes in the insurance industry, especially in jobs that require creative thinking, problem-solving and a desire to help others.

At CNA, for example, there’s a commitment to ensuring your professional development, whether it’s through on-the-job learning, defined courses, self-study or educational reimbursement. We also believe that millennials can further professional growth by volunteering or sitting on the board of a favorite charity, because those learned leadership and communication skills carry over to your career advancement.

4. Diversity is welcome.

At 87 million strong, millennials are the largest generational group in America, and also the most diverse. Insurance roles entail communicating and collaborating with people from all different backgrounds, and this experience will prove invaluable as the insurance industry expands to writing policies in emerging markets.

5. Teamwork is unavoidable.

Millennials recognize that working together is more efficient than struggling alone. In the insurance industry, successful collaboration identifies business opportunities and solves problems. No matter your role, you will work closely with a range of professionals — inside and outside of your own company.

See the remaining 5  Reasons why an insurance career is great for millennials

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Be a More Aggressive and Productive Producer

chuckIf you want to be a more aggressive and productive producer you should hire a sales coach. IIAT has partnered with Chuck Bauer to make investing in a sales coach affordable. Chuck has helped well over 50 C-Level executives, hundreds of business owners, and thousands of individual salespeople work smarter, close sales, and make more money.

The IIAT Charlie Team Mastermind Group will give 16 participants a direct connection to 18 sessions for 900 minutes of collaborative sales training where you and your peers will learn to work smarter, close sales, and make more money. All you need to do is bring your tenacity, discipline, and desire to implement advanced sales strategies. Your MasterMind group will become your accountability team and help you navigate through turbulent sales times.

This Group is Strictly Limited to 16 Participants and starts the first week of April so reserve a spot today.

Topics Cover a Variety of Sales Solutions Including:

  • How To Create & Maintain a Systematized Marketing Campaign
  • Utilizing the Latest Technology to Gain a Competitive Sales Edge
  • Developing High-Level Negotiation & Sales Closing Skills
  • Increasing Conversion Rates From Presentation to Close
  • Building a Referral-Based Business
  • Imposing Deadlines on Quotes
  • Plus 100s of Other Revenue-Producing Topics!

Check out this challenge from Chuck: Achieving 100% efficiency

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Are You Using the New I-9 Form?

Beginning Jan. 22, 2017, employers must use the 11/14/2016 N version of Form I-9 Employment Eligibility Verification, to verify the identity and work eligibility of every new employee hired after Nov. 6, 1986, or for the re-verification of expiring employment authorization of current employees (if applicable). This date is found on the lower left-hand corner of the form. Prior versions of the form will no longer be valid for use.

Employers who fail to use Form I-9 (11/14/2016 N) on or after Jan. 22, 2017 may be subject to all applicable penalties under section 274A of the Immigration and Nationality Act, 8 U.S.C. 1324a, as enforced by U.S. Immigration and Customs Enforcement (ICE).

Employers should continue to follow existing storage and retention rules for each previously completed Form I-9. For more information visit I-9 Central. Read the USCIS News Alert: Employers Must Use Form I-9 Dated 11/14/2016.

The recent changes to the form were intended to help Human Resources and employers complete the form online and to decrease technical errors.

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Business Is Business: Reality Checks for Family-Owned Companies

Owning and running a business is hard. When you add working with family to the mix,book_cover it’s even more daunting! How do you survive? Amy Bruske and Kathy Kolbe know all about running a family-owned company, and they’ve written a new book that tackles the hard stuff like: how do you fire a family member or how do you decide whether a family member is right to join the business in the first place. If you’re thinking about working with family, this book is for you.

Amy and Kathy are offering a 48-hour special where you’ll get a free Kolbe A(tm) Index if you purchase the book on Tuesday or Wednesday ($49.95 value).

Learn more and get your copy here:   http://bit.ly/BusinessIsBusinessBook

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Ask Regina

Q. Our insured co-signed a loan for his daughter to purchase a car and the lender titled the car in both the dad and daughter’s name. The daughter lives at home so she is a family member. Can we just add the car to dad’s policy?

A. In this particular scenario, yes. The Texas auto manual has a rule to specifically address this scenario as well as other different situations, for example adding a vehicle titled in a child’s name only to the parent’s policy.

Texas Auto Manual Rule 72 permits that the Personal Auto Policy “may be used to afford coverage to joint named insureds who are residents of the same household”, whether the automobile is jointly owned by the joint named insureds or not. If the joint named insureds do not jointly own the auto, the PAP “may still be used to afford coverage to joint named insureds who are related by blood, marriage or adoption, including a ward or foster child; and who are not residents of the same household” so long as both conditions below are met:

  1. the auto is owned by one or more of the joint named insureds who are residents of the household address shown in the policy, and
  2. the joint named insured who is a resident of a different household is the primary operator of the auto.

Note: The name of each named insured must be shown in the policy Declarations. The address of the first named insured shall be address shown in the policy and shall be the address used by the insurer for notice purposes.”

The ISO PAP also had an endorsement PP 23 27 Joint Ownership Coverage – Texas.  If the vehicle is in the child’s name only and not jointly owned, both the parents and the child would need to be named on the declarations.

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Joe Vincent Management Seminar Wrap-Up: Recordings Now Available

Thanks to everyone who attended the 54th Annual Joe Vincent Management Seminar and helped make it a wonderful event! The success of the event would not have been possible without the support of our sponsors.

Special thanks to IIAT’s Lead Underwriters: Capstone Associated, United Fire Group, Allied Trust, VIP Insurance, Liberty Mutual Insurance, Mercury Brokerage Group, Texas Mutual Insurance Co., Republic Group-an AmTrust Financial Co., Service Lloyds, State Auto, Travelers, Union Standard, AmTrust North America, Safeco Insurance and Central Insurance Companies.These companies have committed substantial resources to IIAT meetings throughout the year.

Other sponsors were: F.W. (Bill) Purmort Jr. Memorial Fund, UPC Insurance, LevelFirst, IIAT Advantage, Myron Steves, Cypress Texas, Applied Systems, BKD LLP and Texas Surplus Lines Association.

Recordings and .pdfs of most of the presentations are now available online to download.

Thanks to our lead underwriters for making the Joe Vincent Management Seminar possible!

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Ask Regina

Q. We have an insurance carrier canceling a business auto policy, mid-term because of loss control. Can they cancel mid-term?regina

A. If the carrier is admitted, cancellation is statutory for most policies. If the carrier is surplus lines statutory, statutory cancellation provisions do not apply and cancellation is whatever is written in the policy.

Statutory cancellation provisions apply to Homeowners, Dwelling Fire/Farm, Commercial Auto/Garage, Commercial Liability (GL, Professional, and Umbrella), BOP and Commercial Package, Personal Auto and Workers’ Compensation.  The statutory provisions can be either included in the policy or amended by endorsement so it’s important to look for any endorsement that may change the cancellation wording in the actual policy.

Midterm cancellation of a BAP written with an admitted carrier, can only be canceled for 5 reasons:  (i) fraud in obtaining coverage, (ii) nonpayment, (iii) increase in hazard within insured’s control which produce an increase in rate, (iv) loss of reinsurance, (v) approved by TDI for company solvency.

View more information on cancellation and non-renewal provisions.

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IIABA’s Big “I” Legislative Conference Coming in May

17lc_homepagesliderAfter you attend IIAT’s Big “I Legislative Day, Jan. 31 at the Joe Vincent Management Seminar, you’ll want to make plans to attend the national Big “I” Legislative Conference, May 3-5 in Washington, D.C.

No doubt, there is a sea change taking place in the nation’s capital. There are many positive and some negative implications for independent agents. The National Flood Insurance Program is under assault, while health insurance — both group and individual —  is undergoing major overhaul, with implications for both agents and virtually every consumer. Overtime rules, fiduciary rules for agents, crop insurance, insurance licensing reform (NARAB implementation), and much more are all being considered in Washington.

The Big “I” Legislative Conference gives agents an opportunity to shape the future of the industry as major decisions are being made. The Legislative Conference is a great and memorable experience for first timers, young agents, and agent veterans.

Get more details here. If you have questions about the Big “I” Legislative Conference, please contact Janis Mann at Janis.mann@iiaba.net

 

 

 

 

 

 

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Navigating Overtime Rules and Other Department of Labor “Gotchas”

jev17header_bannerWhile the Nov. 22nd federal judge ruling blocked the DOL’s controversial new federal overtime rule, properly navigating the old rule can still be tricky. Perhaps in anticipation of expected adoption, the DOL has added hundreds of new investigators and auditors over the past few years. Targets of audits include wage and hour violations, FMLA compliance, independent contractor status and benefit plan compliance.

IIAT’s upcoming Joe Vincent Management Seminar, Jan. 29-31 in Austin, features three important sessions to help you stay out of trouble with the DOL.

Labor Attorney Ann Price’s session, “Could You Pass a Labor Audit,” will address wage and hour issues, independent contractor status and other HR landmines. Former DOL auditor and current benefits compliance specialist for National Financial Partners Elizabeth Allen, will provide an update on ACA compliance issues. Last but not least, Senior Vice President & Publisher of IA Magazine and Trusted Choice Executive Director Dave Evans will outline how to navigate the heightened regulations related to the DOL Fiduciary Rule.

Get more details and register for the 54th Annual Joe Vincent Management Seminar. Also, don’t forget to register to attend the Big “I” Legislative Day happening on the last day of the Joe Vincent Management Seminar, Jan. 31. It’s free to attend, but you must register.

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Participate in MarshBerry’s Organic Growth Study to Receive Complimentary Trends Report

MarshBerry is conducting a new Organic Growth Trends study and agents in leadership positions are invited to participate. The goal of the study is to identify organic growth trends, as well as provide insight into recruiting and sales management practices.

Participants who complete the study by  January 27, 2017, will receive one complimentary download of the report in early Summer 2017. Study responses should come from one of the following: CEO/President, CFO, Sales Executive/Manager, or Head of Sales.

The questions, which should take less than 30 minutes to complete, compile general agency information, as well as employee and production data. Data from the study will be anonymized, aggregated, analyzed, and distilled into the MarshBerry Organic Growth Trends Report.

The final report will provide an overview of quantitative and qualitative organic growth metrics and highlight key trends in organic growth strategies for insurance agencies.

According to MarshBerry, only fully completed responses from participants who provide their e-mail address are eligible for one complimentary PDF copy of the 2017 MarshBerry Organic Growth Trends Report. Partial completes are not guaranteed to receive a complimentary report.

Participate in the Study

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