A final look back at 2018

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Modified: December 12, 2018

Article

Author: FAIA Newsroom

At the end of each fiscal year, FAIA pulls together the highlights of both volunteer and staff work. As the calendar year comes to a close, it's worth another look back at FAIA's 2017–2018 Accomplishments:

Advocacy

  • Advocated for and passed legislation to clarify that a notice of change in policy terms must summarize the policy changes.
  • Advocated for and passed legislation to update Florida’s statutory reference to the Gramm-Leach-Bliley Act so that the recent amendments to this federal act, which create an exemption to the “annual” privacy notice requirement, can be incorporated into the rules adopted by the Florida Department of Financial Services.
  • Worked with others in the insurance industry to stop legislation which would repeal the Florida Motor Vehicle No-Fault Law (PIP) and instead require mandatory bodily injury coverage AND mandatory medical payments coverage.

Convention

  • Sold a record 324 Exhibit booths in 2018 (up from 304 in 2017) and had the largest FAIA tradeshow in history.
  • Generated a positive Convention budget variance of approximately $118,000.
  • Post-Convention survey revealed almost 90% of attendees rated their experience as very good or excellent and would recommend FAIA’s Convention to a friend.

Education

  • Performed in-house and web-based CE training for more than 6,300 agents and industry personnel.
  • Conducted thirteen first-to-market webinars/webcasts responding to current changes in the marketplace (BI&EE, UM, Condos, sexual harassment) providing members with timely information to be better advocates for their clients.
  • Florida students earned 44% percent of national InVEST scholarships, totaling $28,250.
  • Received the Big “I” National 2018 Excellence in Insurance Education (EIE) Diamond Award. (ninth year in a row).

FAIA Member Services

  • Rewarded 614 FAIA members with more than $162,000 through their participation in the FMS Utilization Bonus Program;
  • E&O sales team and underwriting staff maintained a $9,000,000 book of business and wrote approximately $425,000 in new business despite significantly increased merger and acquisition activity;
  • E&O Sales Team and Underwriters made contact with over 1,000 member agents;
  • Added a new underwriter to our E&O team;
  • Added a new preferred partner—StormPeace.

Membership

  • Added 165 new members for a total of 2,028 agency member locations.
  • Added 29 new associate members for a total of 308 associate members.
  • Retained 95 percent of members, maintaining a retention rate over 94 percent during the past five years.
  • Maintained the largest agency member count among all Big I state associations.

Workforce Development/Good Works Fund

  • Hosted RMI networking events at St Johns River, St Pete, Broward, Palm Beach and Sunshine State Colleges to connect the local insurance community with students.
  • Currently supporting RMI programs in eight states colleges with over 150 students enrolled.
  • Five more states colleges are in the development stages to add future programs; Daytona State, Florida Southwestern, Gulf Coast, Tallahassee Community and Hillsborough Community College.
  • Established Good Works Fund sustaining gift program with insurance carrier partners—$5,000 per year for five years. Eight companies executed gift agreements for a total pledge of $200,000 or $40,000 annually.

Young Agents Council

  • Awarded IIABA’s 2017 InsurPac YAC of the Year for the third consecutive year for raising $15,285 with 55 total donors.
  • Hosted the fourth YAC Sales & Leadership Conference in Tampa with over 165 attendees, 11 speakers, and 8 top-notch sales and leadership sessions.
  • Partnered once again with the Folds of Honor Foundation during FAIA’s 114th Anniversary Convention, raising more than $15,000, bringing YAC’s FOH fundraising total to over $135,000 since 2010.
  • Continued successful trend of YAC members ascending to FAIA volunteer leadership. Many former/current YAC members will serve on FAIA’s 2018–2019 Board of Directors, including in the role of chairman and chairman-elect.
  • Hosted a unique YAC Political Summit, which included a walking risk management tour of Cascades Park in Tallahassee with over 50 young agents in attendance.
  • The Young Agents Council also increased membership by 31 percent.