NAPSLO to promote value of wholesaler

Over the years one of the hallmarks of our industry has been the added value we add to a transaction. People seek out our help with difficult or unusual insurance risks. Without the insurance we provide it is difficult to imagine how many businesses would operate.

Marketing Programs

However there have been some questions as to whether everyone in the insurance transaction understands the value we bring to a transaction. 

To try to determine how retailers view the wholesale brokerage system, the NAPSLO Communications & Technology Committee is working with a marketing & advertising firm to conduct a survey of retail agents regarding our industry.

The survey is the first step in developing a marketing and advertising campaign to explain and promote our industry. Using the results of the survey the agency will develop the marketing materials to be used in the campaign. We anticipate using both advertising and public relations efforts to get our message out.

The need for the campaign came about following changes in the industry where an increase in consolidations and mergers are changing the way people do business and having people question the role and value of our industry.

By examining the viewpoints people have and then trying to change any incorrect perceptions, we hope to promote the industry and encourage people to view our industry as an important part of the insurance value chain.

This is not the first time the industry has faced the need to change or alter the perceptions people have.  In the early 1990s, there were questions about the financial viability of our industry. In response, the Derek Hughes/NAPSLO Educational Foundation worked with the A.M. Best Co. to develop a financial review of the industry. 

The report, first issued in 1994, showed the industry was financially secure as the overall industry as the overall industry. The report has been issued annually since then and continues to showcase the financial strength of the industry. Today the industry no longer faces the financial solvency questions, and people inside and outside the industry acknowledge that strength.

Legislative Goals

Changes are a constant and we have to be able to adjust to those changes. In addition to perceptions to the industry, we continue to face possible legislative changes. Last year the House of Representatives passed the Non-Admitted and Reinsurance Act, and it remains before the Senate.

NAPSLO’s major legislative goal for 2008 is to get the bill passed by the Senate and signed into law. We continue to work with senators on the bill and expect to promote it during NAPSLO’s second annual Legislative Day on the Hill in April.

Other areas of emphasis this year for NAPSLO include continuing our efforts to bring new people into the industry. The newly created Career Awareness Committee is working on several projects, including looking at setting up a job portal where members could post job openings and prospective employees can search the openings.  The Committee is also working to develop materials any NAPSLO member could use in visiting local colleges to tell students more about the industry. We hope all of our members will take part in encouraging young professionals to consider our industry.

In addition to working to bring new people into the industry, the Education Committee is investigating expanding NAPSLO’s current educational opportunities to include an executive level school for mid to upper level executives. The school would take place at a college setting and be taught by university business professors. Initial potential topics include marketing and management. 

The Committee is currently investigating a number of college locations and reviewing potential topics. It is my hope that we will have the program in place in 2009.

Mid-Year Workshop

The 2008 Mid-Year Workshop is approaching and we expect to see another excellent meeting. In addition to the numerous networking opportunities, two excellent programs are scheduled. The first will examine the impact of private equity on the insurance industry. The second program will feature the publisher of Campaigns & Elections Magazine reviewing all of the upcoming 2008 elections and potential impact on the industry.

The meeting gets underway with the Opening Reception on Thursday, February 21, and the programs are set for Friday and Saturday morning. The Foundation will have its annual golf tournament on Friday and a closing reception is set for Saturday night. If you haven’t registered for the meeting I urge you to do so.