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January 24, 2008

      

A bi-weekly electronic publication exclusively for members of 
Independent Insurance Agents & Brokers of New York Inc. 

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Security of Proactive Identity Theft Protection has its Advantages
Identity theft is one of the fastest growing crimes in America. A victim can sacrifice thousands of dollars in losses, not to mention putting up with the time and frustration of trying to clear up the mess identity theft leaves behind. So, it pays to guarantee your good name before an incident occurs.

IIABNY and IAAC Inc., the association’s membership services division, have recently endorsed LifeLock, a leader in proactive identity theft protection. For just $9 a month or $99/year (the IIABNY member discounted rate), you can avoid becoming another identity theft statistic. It’s easy to sign up, and it’s even easier to relax knowing LifeLock is looking out for you.

LifeLock:

  • requests credit fraud alerts on your behalf
  • requests free annual credit reports on your behalf
  • reduces junk mail and trims the number of pre-approved credit card offers
  • stands behind its service with a $1 million service guarantee

Visit www.lifelock.com to learn more and register for the peace of mind LifeLock offers. Be sure to use promo code — IIABNY — to receive your 10 percent discount.

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ACT Article: Technology Can Overcome Workflow Issues Caused by Technology
Of course, IIABNY member agencies and brokerages are frustrated at times by duplicate data entry forced on them by proprietary automation systems, as well as multiple user IDs and passwords required at company Web sites. Agency consultant Patricia Alexander labeled them “time wasters” in the latest article distributed by Agents Council for Technology. In “Enhance Your Bottom Line with Technology,” Alexander writes that anything that gets in the way of an agency immediately answering or responding to client questions and concerns puts that agency at an competitive disadvantage.

To learn what tools agencies can use to tame the “time wasters,” go to the IIABNY Web site.

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Virtual University Has Some Agency Valuation Clues
A water bottler prices each bottle at $1. But what if the water is transported to the middle of a desert in which there is NO other source of water...is the bottle still worth only $1? If the water comes from a spring that is readily accessible for free to the locals, will they pay $1 a bottle? Agencies are like water and here's why an agency is worth different amounts in different valuation scenarios, says Big “I” Virtual University’s Al Diamond.

In his article, “What’s My Agency Worth” posted on the VU Web site, Diamond explains that the value of a business, including an insurance agency, depends on the conditions and needs of the buyer, not just the needs of the seller.

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