Thank you to everyone that joined us for IACON19 last week!
We hope you all had an amazing time and that you were able to go back to your agency and implement the tools and tactics that you learned! Check out the video above for a quick wrap up on IACON19, and stay tuned for next year!
Did you miss out on IACON19? Click below for the details on what you missed...
There is still time to help your Ohio commercial clients receive a quote for group rated workers’ compensation insurance. From now through the end of October, our trusted partner, CompManagement, is accepting AC-3s for review.
Although workers’ compensation insurance in Ohio is provided through the state, you still have the opportunity to help your clients receive substantial discounts on their workers’ comp premiums through CompManagement’s group rating program, available exclusively through your OIA membership.
In addition to helping your clients save money on their premiums, your agency is eligible to receive a quote as well. Simply download this form and return it to CompManagement by the end of October in order to be considered for the 2020 plan year.
Interested in learning more about OIA’s program? Find out why more than 700 Ohio insurance agencies trust OIA and CompManagement to help with their agencies’ and their clients’ workers compensation insurance needs.
Why OIA's program is the best
Since 1897, OIA has been the champion advocate and trusted advisor for independent agents in Ohio. To advance the independent agency system, OIA has made strategic partnerships over the years in several areas. Through our partnership with Utica, Westport and Fireman’s Fund we provide excellent E&O coverage to our agents. Our partnership with CompManagement allows us to provide a worker’s compensation solution for our agent’s and their commercial clients in Ohio.
As a trusted advisor we continually explore ways to help our agents grow and succeed in an ever-changing marketplace. In the coming months, you will learn of many partnerships the OIA is vetting and entering into to continue to foster the growth for the independent agency system. At OIA’s upcoming annual conference, IACON19, you will interact with several financial partners, insurance companies, wholesalers, brokers, networks, alliances and tech vendors all who support OIA’s mission of helping the independent agent.
The core of an independent agent is providing options to your clients. Similarly, OIA believes success of the independent agent depends on their ability to have access to options. We want the IA channel to be open and inclusive. Our partnerships over the years have been with this core idea in mind and that philosophy has not changed with any partnership we have entered in the past or in the future.
In our efforts to provide options for agents to grow their businesses, we are willing and interested in exploring partnerships with all entities that support the growth of independent agencies. We want agents to have options for market access and OIA is fortunate to work with some of Ohio’s strongest market access providers, wholesalers, brokers, networks, aggregators and alliances to educate our members on a solution that is the right fit for their agency.
With that in mind, the recent announcement of the Indium-Secured Advantage relationship is not meant to exclude the possibility of exploring and entering into similar arrangements with other entities that provide agents with options and will ultimately help independent agents grow. Quite the contrary, it is a sign that OIA is at the heart of the IA community and we are open to partnerships that support the growth of the independent agency system. We look forward to seeing you at IACON19 on September 20!
The Ohio BWC is continuing their trend of lowering workers’ compensation costs for Ohio’s private employers. In July, a 20 percent cut for private employers took effect and this will be followed by another $1.5 billion of the agency’s revenues being given back to Ohio employers covered by the BWC system.
The latest rate cut, which will save Ohio’s private employers more than $200 million, is the largest rate cut in nearly 60 years.
The $1.5 billion dividend equals 88 percent of the premiums employers paid for the policy year that ended June 30, 2018 (calendar year 2017 for public employers). While the bulk would go to private companies, an estimated $114 million would go to counties, cities, townships and other local government entities. Nearly $50 million would go to public school districts.
BWC will begin sending dividend checks to employers in late September.
This dividend marks the fifth time since 2013 the agency has returned at least $1 billion to employers following strong investment returns, falling injury claims and other operational efficiencies.
Employers are free to spend the funds as they wish, but BWC Administrator/CEO Stephanie McCloud urges businesses to invest in workplace safety.
In total, BWC has saved employers nearly $10 billion in workers’ comp costs through dividends, credits, rate reductions and greater efficiencies since 2011.
Overall, the average rate levels for the 242,000 Ohio employers in the BWC system are at their lowest in at least 40 years.
OIA's Judy Sivy, Chief Revenue Officer, answers questions regarding the disaffiliation from PIA, and how it affects your E&O coverage.
Want to learn more about OIA's E&O coverage?