Independent Insurance Agents of Illinois > Communications > e-Weekly July 13, 2017
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July 13, 2017
 
Rauner Staff Changes Could Signal a Sharper Tone
Republican Gov. Bruce Rauner continued a shakeup of his top staff, hiring two more people from the state's highest-profile conservative think tank and an alum of Wisconsin Gov. Scott Walker's administration.

The changes could further signal a new, more aggressive tone from the first-term governor in the days after lawmakers voted to raise taxes and pass a budget, overriding his vetoes. Rauner named Kristina Rasmussen, formerly president and chief operating officer of the Illinois Policy Institute, as his chief of staff. (
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Illinois Rep. Steven Andersson Deposed as House GOP Floor Leader
Illinois House Republican Leader Jim Durkin has requested state Rep. Steven Andersson, R-Geneva, resign from his post as GOP floor leader in the House.

“Following the conclusion of the spring and early summer legislative session, I decided that it would be in the best interest of the Republican Caucus to go in a new direction with the position of our Floor Leader,” Durkin wrote in a memo. (
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Join Us for a Day at the Races
The Illinois Young Agents Committee would like to show their appreciation to the many companies that have given support over the past few years. Join us for a day of horse racing, snacks, cocktails and fun - on us.
Friday, August 25
Arlington Park
2200 W. Euclid Ave. 
Arlington Heights
Event Time: 2:30 - 7:00 p.m
Post Time: 3:15 p.m.
Tickets are complimentary but limited, and include entrance ticket, daily racing guide, snacks, drink tickets and admission into the Miller Lite Party in the Park After Dark: 90's Night.

Click
here to sign up.
Making a Case for Enterprise-Driven Investing for Insurance
Weiss Multi-Strategy Advisers, a $1.7 billion New York-based hedge fund, wants insurers to consider a new type of portfolio customization. The firm calls it “enterprise-driven investing” (EDI), and recently authored a white paper making the case for why insurers need to change how they construct their portfolios in order to better address common allocation pitfalls.

According to Bill Poutsiaka, independent insurance consultant, author of the paper and developer of the EDI model, insurers have opted to stick with classical allocation models despite dwindling performance. “Managers need to catch up to customization when it comes to creating investment portfolios for insurance,” Poutsiaka contends. “The traditional mix isn’t always going to get you to your goal.”(
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Making an Insurance Claim? Expect to See a Drone
After a windstorm tore roof shingles off his house, Nick Ragone of Rochester, New York, figured it would be a routine claim process. But then his insurance company asked if it could use a new tool to inspect the damage.

Instead of a ladder, the claims adjuster brought a drone. The small quadcopter - a helicopter powered by four rotors - hummed like a swarm of bees as it took off from the sidewalk.
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NAIC Launches Usage-Based Insurance Tester
The National Association of Insurance Commissioners (NAIC) has introduced a new assessment tool to help consumers determine whether they should consider usage-based insurance (UBI).

For more than 30 years, the number of 16 to 44 year-olds with driver’s licenses has steadily dropped, while reliance on public transit has risen according to a report by Financial Regulation News. In 1983, almost 90% of 19-year-olds had a driver’s license. In 2014, that number had fallen to 69%.
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Insurers Say Legal Malpractice Claims Hold Steady but Defense Costs Rise
Most leading legal malpractice insurers saw their claims level off in 2016 although their cost to defend claims continued to escalate.

A study by insurance broker Ames & Gough finds that while the number of new malpractice claims brought against law firms is stabilizing it remains above historical experience in years preceding the 2007 – 2009 recession.
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Blockchain Could Make the Insurance Industry Much More Transparent
While Edward Lloyd is largely credited with commercializing the insurance industry, with the creation of his namesake firm, Lloyd’s, over 330 years ago, the original concept of spreading risk (or “mutualizing”) goes back even further. Hundreds of years before Lloyd’s was formed, Chinese merchants would spread their valuable cargo across multiple vessels, with each one carrying an equal share of another merchant’s goods. (Read More)
Illinois Young Agents Tell All in IA Magazine
In 2016, Neidra Crosby, vice president of The Insurance Exchange in South Holland, Illinois, faced a crisis: Her dad, president of the agency, had a heart attack that took him out of the office for the first half of the year.

“It was like a full-blown dress rehearsal,” recalls Crosby, 36. “We all just stepped up-between myself and my brother, we pretty much had to run the business.”
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Auto Insurance Market to Shrink by 70% by 2050: KPMG
Autonomous vehicle technology, a rise in on-demand transportation and a shifting of liability to manufacturers will shrink the auto insurance sector by more than 70 percent or $137 billion by 2050, according to updated research by KPMG.
 
In a 2015 report, KPMG said the market would shrink by as much as 60 percent by 2040. (Read More)
Lexington, TFIA Partner on Innovative Flood Insurance Product
Lexington Insurance and The Flood Insurance Agency (TFIA) have introduced a program to build resilience during the claims-resolution process after a catastrophe loss, company executives said at Insurance Business America’s Cat Risk 2017 Masterclass today.

The companies have partnered to offer Lexington FloodReady, an insurance product that allows customers to repair their flood-damaged homes with materials that are more resistant to flood damage. 
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More Families Considering College Tuition Insurance
More families have started considering buying insurance for college tuition. 

A lot of families struggle to make a decision about this.

Tuition, fees, and room and board can top $20,000/year at state schools, and $45,000/year at private universities. If you’re concerned about the cost, you could buy a tuition refund insurance policy. It will refund the payments you made for tuition, fees and on-campus housing if a student withdraws from school. 
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