This month marks two years since the leader of the Independent Insurance Agents & Brokers of America, known as the Big “I,” took charge as president and CEO. Over this time, independent insurance agents have faced one of the toughest markets seen in years. They have dealt with rising premiums, scarce coverage options, major natural disasters, legal concerns, and a rapid rise in new technology like artificial intelligence (AI).
Despite the challenges, there are signs the difficult market may be easing. Agents have had to get creative, working closely with customers to explain high insurance costs or find new coverage where possible. To help its members grow, the Big “I” launched the Big “I” Alliance. This new group approach offers agents, especially smaller and newer ones, more access to insurance markets and better coverage options.
Legal problems have also added to the cost issues in insurance. Lawsuits funded by third parties and huge jury awards have made rates go up, affecting customers. The Big “I” is joining forces with insurance companies, regulators, trade organizations, and lawmakers to push for changes in the legal system. Some states, like Georgia and Florida, have made progress, and efforts are expanding to other states and lawmakers in Congress.
On the legislative front, independent agencies got a big boost this year. Thanks to successful lobbying by the Big “I,” a key tax break was made permanent. This 20% pass-through deduction helps many smaller agencies save money and plan for the future.
Technology is also shaking up the insurance world more than ever before. Insurance hasn’t always been quick to adopt new tools, but that’s changing fast. Independent agents now rely on digital and AI tools to improve their work, especially during these tough times. The Big “I,” through Trusted Choice, has created digital tools tailored to help agents stay ahead in the market.
Additionally, the association invested in Catalyit, a program that helps agencies pick and use the right technology. The Agents Council for Technology brings together various industry experts and gives agents a chance to influence how new technology, especially AI, is used.
To keep up with these changes, the Big “I” has revamped its digital platforms over the last year and a half, making their websites and member portals more user-friendly. AI was even a key topic at their recent conference and board meeting in Nashville, showing just how central it has become for agencies.
Through all these ups and downs, the Big “I” remains focused on working with others in the industry to find solutions that put agents and their customers first. Two years in, the association is proving it can adapt and help independent agents succeed as the insurance world evolves.