I USUALLY USE THIS SPACE TO talk about the great things we are doing and what is happening in the industry, however, this time I am going to talk about something that I know resonates with everyone.
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Latest Blogs
7 Issues Agents Will Address at the 2022 Big ‘I’ Legislative Conference
The annual Big “I” Legislative Conference will take place April 27-29 at the Renaissance Washington, D.C. Downtown Hotel. During the conference, independent insurance agents and brokers from across the country will share their perspectives with legislators on issues important to the independent agency system.
READ MORECannabis Legislation Heads to the Senate
[On February 4, 2022], cannabis-related legislation passed the U.S. House of Representatives as part of the “America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022″ or the “America COMPETES Act of 2022.” The Big “I”-supported cannabis legislation, titled H.R. 1996, the “Secure and Fair Enforcement (SAFE) Banking Act,” was added to the broader legislation as an amendment the night before.
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What Multiple Can I expect for my Agency?
It is no secret that merger and acquisition (M&A) activity in the independent agency space is at an all-time high. While it took a brief pause in the first quarter of 2020, it has been going strong through the end of 2020 and continues at a record pace in 2021.
READ MOREHiring Resources
Looking for new hires has become a major topic of discussion not only in the insurance industry but really everywhere. The service industry is the one we all probably notice the most – going out to dinner has been …. different! When it comes to hiring the right people, it goes without saying that it is much easier, cost-effective, and simply smoother to find and keep good help. What makes the retention of employees easier is making sure you have the right fit for the job.
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The Great Resignation: Turning Exodus into Opportunity
In the last two years, workers across the country have walked away from their jobs at an alarming rate. A record-setting 4 million people in the US quit their jobs in April 2021 as vaccination rates increased and employers called workers back into the office, according to a recent Forbes article. By November 2021, that number had risen to 4.5 million for the month.
READ MOREBig ‘I’ Urges Agents to Take Action Ahead of Risk Rating 2.0 Implementation for all Renewal Policies
Risk Rating 2.0, FEMA’s new pricing methodology for the NFIP has been in place since Oct. 1, 2021. However, there is a significant change in agent responsibilities beginning with policies renewing on or after April 1, 2022.
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Top 6 Things to do when Buying an Agency
For many agencies, their growth strategy includes an acquisition component, and the current conditions in the insurance marketplace make growth by acquisition strategy very achievable. It is no secret that over half of the current agency owners are approaching retirement age. When you couple that with low-interest rates, the anticipated changes in taxes, and the presence of private equity driving the multiples for agencies up, for many agency owners there may never be a better time to sell their agency.
READ MORETrusted Choice Disaster Relief Fund donates to the Marshall fire relief efforts in Colorado
Denver, CO: The Trusted Choice Disaster Relief Fund donated $5,000 to support the victims of the Marshall Fire that destroyed 1,000 in Colorado on December 27, 2021. The funds were distributed to community members who lost their homes because of the fire.
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Key Components of a Perpetuation Plan
It is no secret that over half of the agency owners today are at or nearing retirement age. Current agency owners are facing a transition in their agency within the next 5-10 years.
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How to build community in the work-from-home world
It seems like just yesterday that highly visible companies like Twitter and Google announced they were moving to a fully remote work environment. What began as an experiment quickly transformed work as we knew it, as many companies moved to a remote model and discovered that employees completed more work in the same – or less – time.
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Help Your Agency Thrive With The Catalyit Success Journey™
Technology is no longer just a backroom activity that keeps the computers running. Tech is a profit center! What software you use, what tools, integrations, processes, and data you harness are all critical in driving profit.
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The Power of Knowing Your Agency’s Value NOW
It is no secret in the insurance industry that we face a significant transition of ownership in the next 5-10 years as over half of the agency owners are nearing retirement. Historically, there has been a belief that agency owners do not need to know their value until they are ready to make that transition. In addition, many agency owners have assumed a value of 1.5x-2x revenue for their agencies without actually knowing their fair market value. This type of thinking is dangerous.
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Catalyit Q&A: Top Questions
Catalyit Q&A: Top Questions
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The Professional Independent Insurance Agents of Colorado (PIIAC) Donates to the Marshall Fire Relief Efforts
The Professional Independent Insurance Agents of Colorado (PIIAC), representing nearly 500 independent insurance agents across the state of Colorado, has donated to The Colorado Emergency Preparedness Partnership/A Precious Child. PIIAC donated 24 rolling bins to the relief center in Superior, CO. The bins will allow volunteers to easily move donations around the center and allow those impacted by the fires to collect the items they need from the donation center.
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