Twitter is a great source for breaking news and links to smart thinking from industry leaders. We advocate that all agency principals and producers have accounts, but not just as a channel to post agency news and communicate with potential customers and prospects. It's also a great way to consume news from your industry and your community. If you cultivate and follow a diverse range of interesting accounts and news sources, you can start your day off with a great news feed - it's the new morning paper! Here are a few items that we found on Twitter this week that piqued our interest.
The MA Rating & Inspection Bureau (WCRIBMA) has raised the amount of an individual claim included in calculating the experience mod. Prior to July 2016, the cap on individual claims was $175,000. The cap is now $210,000, second highest in the New England region; only Connecticut has a higher cap, currently at $260,500. For policies beginning after July 1, 2016, the higher rating point will impact insureds with losses exceeding the old rating point, provided the losses occurred in policy years 2012, 2013 or 2014.
Kudos to our Renaissance Alliance team member Elena Bentley - we've just been notified that she has earned Safeco Insurance's prestigious Award of Excellence, the second consecutive year that she has been recognized with this distinction. The Safeco honor is awarded to the top one percent of trusted independent agent partners. Agents who qualify for this award meet strict criteria, which include superior underwriting skills, appointment tenure and loss ratio requirements.
It is with the greatest sense of personal and professional anguish that all of us at Renaissance Alliance have been mourning the very untimely passing of Paul Meagher, President of the Workers' Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA). Paul was on vacation with his family in Maine over the Fourth of July weekend when he died. He was 64 years young.
It can be daunting when every other ad on TV is competing against your business - that's often how it feels. When it comes to insurance, all the giant direct writers have a strong media footprint with clever, popular ads. The cost for a 30-second spot of a popular TV show can run $300,000 to $400,000 in prime time. During the NCAA 30-seconds can run over $1.5 million; during the Super Bowl, as much as $5 million. How can you compete with that?