ACT Agency Cyber Guide 3.0

The Big "I" Agents Council for Technology (ACT) has released an updated version of the free Agency Cyber Guide 3.0.

Handling sensitive information is now one of the most critical responsibilities faced by insurance agencies. Independent insurance agents and brokers must properly collect and protect sensitive client information every day. This means complying with state and federal regulations as well as adhering to customer service best practice standards, and compliance with Data Privacy Laws as mandated in all Agency/Company contracts.

The Gramm-Leach-Bliley Act ('GLBA') requires all “financial institutions” (including insurance agencies) to protect the personal information of customers. In addition, Louisiana recently passed the new National Association of Insurance Commissioners (NAIC) Model which is now known at the Louisiana Insurance Data Security Law (R.S. 22:2501-2511) which imposes significant data security requirements on all Louisiana licensees including independent insurance agents.

IIABL has distributed Technical Advisory TA 345 which provides a detailed summary of the Louisiana Insurance Data Security Law (R.S. 22:2501-2511). Download TA 345

It is important that all insurance licensees (including independent insurance agents) review their obligations under Louisiana Insurance Data Security Law (R.S. 22:2501- 2511), which can be found HERE. Please refer to this statute for details.

TheAgency Cyber Guide 3.0 includes streamlined navigation and provides an excellent user experience. Updated resources are available, including an expanded cybersecurity provider guide.

New Big ‘I’ Survey Reveals COVID-19 Pandemic’s Impact on Independent Agencies Agencies report decreased revenue and loss of commercial lines clients.

A national survey of Big “I” leadership agencies by the Independent Insurance Agents & Brokers of America (the Big “I”) shows that the COVID-19 pandemic continues to have a significant impact on the day-to-day operations of independent insurance agencies as the crisis lingers.

Top findings from the survey include:

Almost half of agencies transitioned all or most of their staff to remote work.

Nearly half of agencies report decreased revenue for 2020. 46% of agencies have experienced a loss of commercial lines clients.

The survey also found that about 70% of agencies have received a PPP loan (grant) or other grants or financial assistance during the pandemic. In more than 41% of responding agencies, the majority of staff is still working remotely, while 43% of respondents said most their staff is currently working in their offices.

“This research shows that, like the many small business clients they serve, independent insurance agents and brokers around the country have been significantly affected by the coronavirus pandemic and the difficult economic environment it has created,” says Bob Rusbuldt, Big “I” president &

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Covid-19 Pandemic’s Impact Continued from page 5 CEO. “Our members have had to show resilience in adapting and adjusting to a changed business landscape that may be our reality in the foreseeable future. The Big ‘I’ continues to help them in their time of need with financial assistance and an array of other resources to support them through the pandemic.”

Survey respondents identified areas they would find most beneficial during and after the pandemic in order to continue agency operations. Top responses were assistance with building or enhancing an online presence for marketing, guidance and talking points about the crisis and coverages for their clients, assistance with home-based technology for remote workers and assistance with online business tools.

“The Big ‘I’ has resources and expertise to help our members in these areas where their businesses need it most,” says Madelyn Flannagan, Big “I” vice president for agent development, education and research. “Despite their challenges, independent insurance agents are proving they’re strong and nimble during troubled times, working hard to sustain their own businesses while at the same time assisting many of their clients who are in crisis.”

In April, The Big “I” established the Trusted Choice® COVID-19 Disaster Relief Fund through generous donations of more than $2 million from carrier partners. To date, it has processed more than 2,000 applications from independent agency members needing assistance for operations during and following the pandemic. Through the Big “I” coronavirus resource page, members also have access to tools and other materials which provide guidance in navigating the effects of the COVID-19 crisis.

The survey of Big “I” state and national agent leaders was conducted electronically August 4-12, 2020. It received 356 agent/broker responses from all Big “I” state associations.