The Massachusetts Rating & Inspection Bureau (WCRIBMA) has issued Circular Letter No. 2348 establishing an “audit noncompliance charge” which mirrors the approach already operating in NCCI states. Any comp policy holders who try to avoid the premium audit are in for a big shock. The Bureau seriously wants comp policy holders in the voluntary market to cooperate with auditors. If a policy holder refuses to allow auditors access to their books, onerous penalties come into play: they will be fined two times their estimated premium! Thus an account with $25K estimated premium will owe $50K in penalties, plus the original $25K premium. Ouch!
SSIIAA Members Discuss Strategies for Agency Growth: Aside from gaining access to markets and participating in profit sharing, aggregators, clusters and alliances should be helping member agencies grow, according to Renaissance Alliance's Heather Cochrane Russo, VP of public relations and development, and Michael Cooney, CIC, VP of agency recruitment. Cooney told members of the South Shore Independent Agents Association that "the purpose of an aggregator has to go beyond a financial consideration. It has to help agents grow."
Premier agency network enlarges footprint to offer its proprietary growth acceleration services to independent agencies in Florida
Renaissance Alliance Insurance Services, the premier membership alliance for independent insurance agencies, announces its expansion to Florida.CEO J. Bruce Cochrane says, “The Florida insurance market poses many growth challenges for agents, making the collaborative model that Renaissance Alliance offers a great fit.” Renaissance Alliance allows agencies to maintain complete independence while leveraging the power of large numbers achievable by membership. Cochrane adds, “This is an opportunity for forward-thinking Florida agencies to get in on the ground floor of the dynamic Renaissance Alliance growth engine’s expansion in the Southeast and help elevate and shape their own future and that of their industry.“
Workers comp is a line of insurance that requires proactive management by agents. With its volatile rating system and relentless focus on accidents in the workplace, comp can go bad in a hurry. Agents that fail to see the trouble ahead are at great risk for losing the business.
Memorial Day ushers in the summer season, but between now and then, there are many May events that provide opportunities to reach out to your customers via email and social media.For a commercial safety focus, think electrical safety, occupational safety and building safety. For personal safety, think, motorcycles, boating, tires and hurricane prep. And as the weather warms, people will spend more time outdoors, a perfect time for National Bike Month and Senior Health & Fitness Month. Here's a list of May events with links to give you a jump start in your communications.