There Goes the Neighborhood…NOT!

Those of you who have been reading my column for the past five years have witnessed an overall shift in my philosophy from the spring of 2008 when I “came out” and announced that I converted from being a NIMBY (that I have affectionately called so many of you over the years) and took the side of those in favor of empowering a Property and Casualty personal lines prospect to instantly receive a real time quote via an agency website, versus another school of thinking that prefers to simply collect the prospect/risk information on your website and then through the agent speaking directly with the potential insured delivering the quote either in person or over the telephone.

As a matter of fact, exhibiting an attitude similar to that of a disgruntled former smoker sitting in a cigar bar in Ybor City surrounded by a contingency of “aficionados fumadores”, I went so far as to challenge many of you to “cross over to the dark side” and join me in my mission to spread the word on the amount of “escarole” (a term we used for “money” back in my ole Bensonhurst neighborhood) left on the table by those who still do not want “that type of business” on their books.

Also, over the years, we have witnessed how this thing of ours has for the most part embraced change and this item in particular, recognizing that in order to compete with some of the direct writing carriers whose pockets run deep (one in particular that spent almost $1 billion in advertising in order to write about $16 billion in premium, while producing a gross profit of about 10% of written premium), the independent insurance agent must, as a segment of this industry, compete not necessarily on the same financial scale as these direct writers, but at least utilizing the same tools, so that you don’t end up “bringing a knife to a gun fight.” Industry leaders and trade associations have recognized this and are taking huge, bold initiatives to assist the independent agent in competing with the mega-carriers in their own arena to gain back some of the lost market-share that has occurred over the past decade.

One initiative in particular that is very soon to be implemented is by Trusted Choice, via their new www.trustedchoice.com website. The following is a press release recently distributed regarding Project CAP, a program that speaks directly to what we have been talking about in this column for years: “TrustedChoice.com Consumer Website Targets Multicarrier Quoting” Consumer Portal Selects EZLynx Rating Engine for Real Time Pricing

Project CAP has selected EZLynx to be the key real-time rating technology partner for Project CAP’s new TrustedChoice.com website, which is set to launch nationwide in 2013, announced Charles “Chip” Bacciocco, CEO of Project CAP, site developer of the new TrustedChoice.com. The EZLynx Rating Engine will be used to power the website’s ‘get a quote’ function and allow consumers shopping online to get accurate, real-time quotes for home and auto insurance from multiple insurance companies. From the day it launches in mid-2013, the new TrustedChoice.com website will give consumers in all 50 states the ability to research insurance topics, and find information on insurance companies and local independent agents. As the ‘get a quote’ functionality is introduced on a state by state basis throughout 2013, the website will also provide accurate real-time quoting from multiple insurance companies.

“Our past experience with our own lead generation service told us very clearly that consumers prefer to research insurance and get price quotes online,” said Nag Rao, President of EZLynx. “But then they prefer to buy from a local agent. Direct writers and captive agent companies simply cannot offer consumers the kind of choices our independent agents bring to bear. We are very excited to be part of this industry-changing initiative.”

“The new TrustedChoice.com is meant to complement the strengths of the independent agents and give consumers a way to readily access agents, insurance information and pricing on the web,” explained Chip Bacciocco, CEO of Project CAP. “Independent agents have always offered a highly attractive combination of local service, advocacy, and choice of carriers that distinguishes independent agents from the limited offerings of direct and captive agent channels.” EZLynx pioneered the concept of real-time quoting from multiple insurance companies and is the leading agency solution vendor for independent agents. We are really happy that their technology will power the new TrustedChoice.com,” Bacciocco said. “The new portal will launch in 2013 and transform the way consumers shop for and buy insurance.”

About TrustedChoice.com: Created through an industry alliance of the Independent Insurance Agents and Brokers of America and six insurance companies, the new TrustedChoice.com is a new web portal, under development, that will offer consumers a one-stop-shop to get multiple insurance quotes and to choose from multiple independent insurance agents all in one place. The new TrustedChoice.com is being developed by Project CAP, an initiative of Consumer Agent Portal, LLC, a Delaware limited liability company formed in 2011.

About EZLynx: EZLynx is the leading client lifecycle management solutions vendor for the agency market place. EZLynx pioneered the concept of real-time quoting and remains today the leading provider for independent agents. EZLynx processes more than four million auto, home and package transactions every month, offering a choice of rates from over 150 top insurance companies in 48 states. For more information please visit www.EZLynx.com Around town another one of our industry trade leaders, PIA of CT, held its annual conference at the MGM Grand Foxwoods Resort and Casino. In addition to a sold out trade show and very appropriate and in my opinion extremely interesting continuing education courses, eight Connecticut independent insurance agents were elected to serve on the board of directors of the Professional Insurance Agents of Connecticut Inc.

Augusto Russell, CIC, of Farmington, Conn., and a partner at May, Bonee & Walsh Inc. in Glastonbury, was elected president of PIACT. Also elected were President-elect: Peter Frascarelli, CPIA, of Cheshire. Vice president: Teri Walsh, of Fairfield. Vice president: Marissa Barbera of Westport. Treasurer: Loretta Lesko, CIC, of Shelton. Secretary: Mary Kay Andrews, CIC, of Prospect. Timothy Russell, CPCU, of Sandy Hook will serve as immediate past president.

In addition, the following individuals were re-elected to serve for a three-year term on the PIACT Board: Mary Kay Andrews, CIC, of Prospect, Conn. is vice president of operations for the Sutherland Insurance Group in Naugatuck, Conn. Marissa Barbera, of Westport Conn. is president of Charter Oak Agency in Darien, Conn. Mark Connelly, CIC, of Trumbull, Conn. is president of Connelly Agency Inc. in Fairfield, Conn. Loretta Lesko, CIC, of Shelton, Conn. is vice president of operations for the DiMatteo Group in Shelton, Conn. William F. Malloy, CIC, of Stamford, Conn. is president and owner of Wm. F. Malloy Agency Inc. in Stamford.

The following individuals were elected to serve for a threeyear term: Shannon Rabbett, CIC, of Windsor, Conn. principal of Rabbett Insurance Agency in Windsor. John McGuire, CIC, of Branford, Conn. is president of Ferguson & McGuire Inc. in Wallingford Conn, and Kevin McKiernan, CIC, CPIA, of Wilton, Conn., is executive vice president of Abercrombie, Burns, McKiernan Co. in Darien, Conn.

Keynote Speaker at the PIA of CT conference was Deputy Commissioner of Insurance Anne Melissa Dowling, CFA, who in her address expressed a note of appreciation for independent agents in Connecticut, lauding the work of sales and support that professional agents provide to the state’s insurance buying public. Reiterating the Governor’s message to PIA during his previous address at the conference, she reported the Insurance Department and Governor’s desire to continue the state’s reputation as “the insurance capital of the world.”

While I’m on a roll about leading insurance trade organizations, one more group that is also near and dear to my heart is the Council of Insurance Brokers of Greater New York. In a recent press release, CIBGNY commended the Department of Financial Services for their ongoing efforts in helping consumers navigate the difficult situations that were created by Superstorm Sandy. The new initiative for getting banks and homeowners together is one step in a series undertaken by DFS to try and expedite the claims process. Recently, five of New York’s largest banks and mortgage servicers had representatives available at the Department of Financial Services’ Disaster Assistance Centers in order to offer “one-on-one” assistance to help homeowners seeking the release of Superstorm Sandy insurance settlement funds. The program is designed to help homeowners complete steps needed to have their banks endorse their insurance settlement checks, which are often written jointly to homeowners and their banks or servicers. Bank representatives will also be able to help people who are struggling to make their mortgage payments. Thank you to all three of these wonderful organizations, in addition to all of the groups and folks who make this industry what it is, for all you do for all of us!

Well, that’s what happening around town, and until next time, “Ciao for now!”