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Windbreak
| July, 2005 | Number 4 | 49th Year
2005
IMT REGIONAL MEETINGS WERE A SUCCESS!
We have finished
our 2005 regional meetings and believe they were a tremendous success.
The meetings were held in seven locations and were attended by 318 agents
representing 189 agencies, which is 39% of the total agencies contracted
with IMT. This group of agencies also had premium writings in 2004 of
$61,870,409 or 55% of our total premium. They were also a profitable
group as they had a loss ratio of 48% in 2004. We think the agency turnout
was fantastic and we would like to thank all of our agents for taking
time out of their busy schedules to attend.
Five main topics
were discussed at the meetings. They were the current and future plans
of IMT, Personal Lines, Bonds, Commercial Lines and the Internet. The
headline speaker was Richard Keith, President and CEO as he outlined
IMT’s future. Brad Buchanan, Vice President of Personal Lines,
discussed topics related to his area and Mark Vasey, Vice President
of Commercial Lines, told the attendees of the upcoming changes in that
department. Jodi Bybee, Senior Manager of Technical Services demonstrated
new IMT Online developments and Rich Nauman, Director of Marketing Services
discussed the new “Drive for 05” promotion for commercial
lines.
Again, we would
like to thank everybody for attending our meetings and if you have any
preferences as to future meeting locations or dates, please email Amy
Corbin.
Listed below are
the results of the survey completed at every meeting. We took the top
three answers of each question for you to review.
Question #1
Where does IMT rank when comparing premium volume with similar companies
in your office?
Response
1st 22.1%
2nd 30.5%
3rd 28.2%
Question #2
What personal lines business other than home or auto, would you like
to see IMT either write or become more competitive in?
Response
30.1% Motorcycle
21.5% Recreational Vehicles
16.0% Boatowners
(Questions 3-8 were
rated from 1-5 with 1 being superior, 2 good, 3 being average, 4 being
below average and 5 being poor)
Question #3
How would you rate the customer service provided by Personal Lines Underwriting?
Response
1.73
Question #4
How would you rate the customer service provided by Commercial Lines
Underwriting?
Response
1.99
Question #5
How would you rate the customer service provided by the Bond Department?
Response
1.70
Question #6
How would you rate the customer service provided by the Marketing Department?
Response
1.81
Question #7
How would you rate the customer service provided by the Claim Department?
Response
1.82
Question #8
How would rate IMT overall?
Response
1.82
Question #9
What determines the company you place your business with?
Response
1. Price
2. Ease of doing business
3. Service
4. Claim Service
5. Commissions
Question #10
What enhancements would you like IMT to incorporate in the Business
Owners Policy?
Response
1. Increased online ease of use
2. Expanded classes written
3. Employment Practices Liability
Question #11
Which enhancements would you most like to see on IMT’s web site?
Response
1. Dwelling Fire quotes and applications
2. Submit new claims
3. Motorcycle quotes and applications
DRIVE FOR
05
A new Commercial
promotion was introduced during our recent regional meetings. It is
called “Drive for 05”. We introduced three keys that will
put our agents on the fast track to writing commercial business with
IMT. The three are the BOP Internet piece, credits and debits, and 72-hour
quotes. The benefits of each will be described below. We know these
items will help this be a “Good Year” for our agents.
1.THE BOP INTERNET
PIECE
Both the quote and
application sections of the Internet were introduced to our agency force
in 2004 but we are now making a big push for their usage. The following
items tell how it will help our agency force.
a. It makes it easy
to do business with IMT.
b. Helps with quick and accurate quotes.
c. Allows business to be uploaded directly to IMT.
d. Gives 1-day turnaround time.
2.CREDITS AND
DEBITS
As of June 15, 2005,
the agencies have been allowed the ability to include debits and credits
on BOP business uploaded on the Internet. The maximum for any credit
or debit is 25% and must be documented during the application process
of the BOP upload. Remember the following 3 items.
a. Allows 25%.
b. For both credits and debits.
c. The business must be written on the Internet.
3. 72 HOUR QUOTES
We are now guaranteeing
72-hour turnaround time on quotes for small, low hazard type risks.
This is effective July 1, 2005 and provides the following advantages.
a. Provides a speedy
return on quotes.
b. Limited information is needed.
c. Uses either IMT or Acord applications.
d. Requires an attached Quik Quote Form.
We hope the “Drive
for 05” program will help you race to send your business to IMT.
If you have not received your Driving Packet or have any questions,
please contact your Territory Manager.
MORE IMT ONLINE
ENHANCEMENTS
If you didn’t
have a chance to make it to one of the seven Regional Meetings, listed
below is a summary of online enhancements from IMT.
• Homeowner
insurance scoring – Effective 7/15/05 for IA, IL, NE and SD
(8/15/05 for WI). Quotes, applications and renewals will be rated based
on the higher of the two scores for both listed named insureds. The
scores for new applicants can be ordered on a quote or application using
IMT Online. Refer to your Agent Manual or 6/9/05 Newsbreak for additional
details on insurance scoring changes.
• Homeowner and Personal Auto ACORD applications –
Effective 6/6/05 for Homeowner and 6/17/05 for Personal Auto, ACORD
applications are available for IMT Online applications.
• Castle Data Services – Effective 6/14/05 a new version
of the estimator is available. After the replacement cost has been calculated,
you are able to view and edit the assumptions by clicking on the ‘View/Edit
Components’ tab located on the Final Results screen. Detailed assumptions
include items such as the number of bathrooms, quality of workmanship,
types of materials used, etc. Modifying these assumptions will provide
you with an extremely accurate estimate of replacement cost.
• Personal Auto insurance scoring – Effective 6/15/05
the scores for quotes and applications on IMT Online will be rated based
on the higher of the two scores for both listed named insureds.
• Personal Auto integrated insurance scoring – Effective
6/15/05 for IA, IL and WI insurance scores may be ordered within the
MI Assistant comparative rater. IMT is now a carrier partner with MI
Assistant and the rates on the comparative rater are guaranteed.
• Businessowners IRPM (Scheduled Rating) Factors –
Effective 6/15/05 factors from .75 (25% credit) to 1.25 (25% debit)
are available to all agents uploading new Businessowner applications
on the Internet.
Future 2005 enhancements
include the following:
• Businessowner download to your
agency management system
• Workers’ Compensation application/issue
feature on IMT Online
• Commercial Auto application/issue
feature on IMT Online
• Homeowner integrated insurance
scoring with MI Assistant
• View/print billing notices on our
web site
DELETING YOUR
TEMPORARY INTERNET FILES
The Temporary Internet Files folder contains Web pages stored on your
hard disk for quick viewing. The files must be deleted in order to obtain
the most current version of the IMT's web site. Please delete Temporary
Internet Files on a weekly basis.
To delete the files
in the Temporary Internet Files folder, follow these steps at each computer.
1. Make sure you only have one browser (one Internet Explorer window)
open.
Close all other windows, don't shrink them. Keeping additional windows
open may not delete all temporary Internet files.
2. Type the URL
about:blank and press enter.
3. On the Tools
menu in Internet Explorer, click Internet Options, click the
General tab, under the Temporary Internet Files section,
and click Delete
Files. In the Delete Files dialog box, check "Delete all offline
content", click
OK, and then click OK again.
ATTENTION
LADIES!
Keep your calendars open for this year’s Career Day! The dates
have been set for Wednesday, October 26th and Thursday, October 27th.
Watch your mail in the near future for the registration forms!
2006 CALENDARS
The time has come to order calendars for 2006! Watch your mail for the
order forms starting mid July. There is a shipment guarantee this year
that assures our calendars will be delivered in a timely manner or they
will be free. The merger of the two companies that caused us so much
trouble last year has been completed and they are ready for our business.
WITH SYMPATHY
Donald E. Wehrman, 82, long-time agent, former secretary/manager of
Springdale Mutual Insurance Association and retired IMT board member
died Sunday, April 17, 2005, at the Iowa Masonic Home in Bettendorf,
Iowa following an extended illness.
Don co-owned and
operated Wehrman Insurance Agency, Inc., in West Branch, Iowa for many
years and was secretary/manager of Springdale Mutual Insurance Association
from 1958 until 1989. He was elected to IMT’s board of directors
in 1964, retiring March 18, 1991 after serving 27 years.
Surviving are his
wife, Byrdetta; two daughters, Rhonda Swanson and Romelle Wehrman; one
son, Randy Wehrman; four grandchildren and four great grandchildren.
ROBERT FULWIDER NAMED VICE PRESIDENT OF THE INDEPENDENT INSURANCE
AGENTS & BROKERS OF AMERICA’S NATIONAL BOARD
Mr. Fulwider is Principal and President of the Ray Wuestenberg Agency,
Inc. in West Liberty, IA and of the Fulwider Agency Inc. in West Branch,
IA. He is also President of Bob Fulwider and Associates, a life-and-health
financial-planning agency in eastern Iowa.
Bob will assume
his new position of Vice President at the September 2005 Big “I”
Convention that will be held in New York City.
Congratulations
on your recent achievement and the staff at IMT wish you the best in
your new position as Vice President!
CURRENT FINANCIALS
The first six months of 2005 continue profitable for IMT Insurance Company
(Mutual). We have a policyholders reserve of nearly $83 million dollars
and a six-month underwriting profit of over $8.5 million dollars. Our
loss ratio stands at 40.5% and our combined ratio is an excellent 81.4%.
As we continue through the storm season, we are grateful for this cushion
against additional summer property loss activity.
Below are several
key comparisons:
| |
06/30/05
|
06/30/04
|
Change
|
|
Policyholders’
Reserve
|
50,795,547
|
70,269,519
|
12,526,028
|
|
Direct
Written Premiums
|
56,907,894
|
56,341,452
|
566,442
|
|
Earned
Premiums
|
49,401,372
|
47,830,689
|
1,570,683
|
|
Losses
incurred
|
20,017,280
|
24,513,497
|
(4,496,217)
|
|
Underwriting
Gain (Loss)
|
8,528,815
|
3,375,382
|
5,153,433
|
|
Loss
Ratio
|
40.5%
|
51.3%
|
(10.8)
|
|
Combined
Ratio
|
81.4%
|
90.7%
|
(
9.3)
|
|