(ALEXANDRIA, VA - Feb. 18, 2009) — BancInsure recently made a number of positive enhancements to its Independent Insurance Agency Agreement based on its work with the Independent Insurance Agents & Brokers of America, Inc. (the Big “I” or IIABA), announced Rodney N. Sargent, President and CEO of BancInsure, Inc. The new contract will be introduced to agents this month.
“Independent agencies have strong relationships in their communities, which makes our partnership with them a cornerstone of the way we do business,” says Sargent. “IIABA helped us reinforce the importance of that partnership by working with us to develop an agreement that demonstrates our commitment to our sales force. By taking advantage of the expertise IIABA has on agency appointment contracts, we were able to include terms in our contract that make clear to our agents how much we value their work and the integrity of their businesses.”
“IIABA commends BancInsure for the changes it made to its contract with agents, and for its ongoing efforts to develop and nurture its independent agency relationships,” says Debra Perkins, IIABA executive vice president and general counsel. “By working with IIABA to make these changes, BancInsure has demonstrated its confidence in and continued commitment to the independent agency system.”
A few noteworthy changes to BancInsure’s agency appointment contract are that it includes enhanced protection for agents of their ownership of expirations, a renewal/run-off provision to enable them to continue to service insured’s needs after termination of the appointment agreement, additional time to try to collect audit premiums, a longer notice period before the contact can be terminated, and an arbitration clause like those found in many business agreements.
“IIABA is extremely pleased that BancInsure considered and adopted so many of its recommendations to enhance its agency contract,” says Robert A Rusbuldt, Big “I” president & CEO. “This joint effort in enhancing the company’s contract shows that agents and companies can work well together to reach mutually important goals.”
“In difficult economic times, each step a carrier can take to demonstrate its commitment to its distribution force is of great value,” says Perkins. “Enhancing the agency appointment contract is one such step that says volumes about the company’s dedication to independent insurance agents.”
“BancInsure was eager to work with the IIABA on the company’s new contract, and appreciates the opportunity to use the new enhanced contract to strengthen the relationship we have with our agents,” continued Sargent.
BancInsure is headquartered in Oklahoma City and holds a rating from A.M. Best of A- (Excellent) with a stable outlook. The company is a full-line independent insurer licensed to specific financial institutions, is endorsed by 18 banking organizations, and is licensed in 48 states.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.