Issue #243 - 10.24.2023

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October 25, 2023 from 8am-2pm

Beyond the Headlines

True Insurance Horror Stories

3 different courses. You may join 1, 2 or all 3!

An Insurance Horror Story - Hoarders (2 hrs)

A True Crime Story - Wrong Way Driver (1 hr)

The Many Faces of Insurance Fraud - Swindlers (2 hrs)

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Sample Agency Procedure Manual

IIABAZ Members have access to a Sample Agency Procedures Manual as a customizable template designed for both personal and commercial lines workflow.

Download the sample manual from E&O Guardian

Worker's Compensation Rates Decrease for the 10th Consecutive Year

The Arizona Department of Insurance and Financial Institutions (DIFI) has reviewed the annual National Council on Compensation Insurance (NCCI) rate filing for a 10.3% reduction in Workers' Compensation rates. The decrease, which takes effect January 1, 2024, continues a 10th consecutive year of rate decreases for Arizona employers.

There were approximately 110,000 Workers’ Compensation policies written in Arizona by 325 different insurers. These policies generated $865,450,416 in premiums. According to the NCCI, both Arizona’s lost-time claims relative to premium and medical average cost per lost-time claim declined in the latest year while the indemnity average cost per lost-time claim increased slightly. Read More from DIFI

2023 Best Practices Study Update

Key findings from the update include:

• Organic growth continues to increase (9.5%).
• Profitability remained at historically high levels. At 26.3%, Best Practices agency profitability remained steady.
• Sales velocity decreased in five of six revenue categories to reach an average of 14.7%, down from last year's 15.5%.
• Productivity levels continue to improve. One of the best metrics to assess overall agency health is revenue-per-employee, which improved in all but the over $25 million revenue category.
• Shareholder and producer ages increase. The weighted average shareholder age (WASA) was 54.3 years, compared to 53.2 in last year's study, and the weighted average producer age (WAPA) was 49.6 years, an increase from 48.6.

Order the full 2023 Best Practices Update

"The Phantom Hacker:" FBI Phoenix Warns Public of New Financial Scam

FBI Phoenix is warning the public of a new scam dubbed “The Phantom Hacker.” Scammers are impersonating technology, banking, and government officials in a complex ruse to convince a typically older victim that foreign hackers have infiltrated their financial account. The scammers then instruct the victim to immediately move their money to an alleged U.S. Government account to “protect” their assets. In reality, there was never any foreign hacker, and the money is now fully controlled by the scammers. Some victims are losing their entire life savings. Read More

Helpful Links

• Insurance License Search
• Continuing Education Transcript Search
• Arizona Insurance License Application
• DIFI Enforcement Actions, Hearings and Reports
• NCCI Arizona Work Comp State Advisory Resource Site
• FloodSmart for Agents
• FloodSmart for Consumers

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October is Cyber Security Awareness Month

Trusted Choice has free customizable marketing videos, print ads and social graphics available for IIABAZ members to showcase the benefits of cyber insurance to your clients. Check It Out