Our occasional column featuring press releases and other insurance items of interest that we thought our readers would like to know about…
The MAIA is looking for a Few Good (Wo)Men…
The MAIA has announced that it is seeking several qualified independent agents to fill 3 seats on its board of directors for the 2019-2021 term. The following is their official announcement:
Directors help guide the Association to assure that it continues to meet the needs of its members through the myriad of challenges facing the independent agency system here in Massachusetts, as well as nationally. Directors must be a licensed insurance agent or broker in the Commonwealth of Massachusetts, agree to serve a 3-year term and attend regularly scheduled board meetings.
The explosion of M&A activity, increasing market share of direct writers, and the influx of direct to consumer insurtech products have accelerated the pace of change in the industry and the need for engaged participants and strong leaders to serve in this capacity.
“With three open seats in the upcoming term, we are beginning the nomination process earlier than past years. I hope agents see this an opportunity to engage and make a difference in their industry,” said Nick Fyntrilakis, MAIA’s President & CEO.
Directors have found Board service to be an excellent opportunity to give back to the industry, to cultivate a deeper understanding on a variety of industry issues and to extend their industry network.
Reflecting on his service to the Board, Glen Davis, MAIA’s Immediate Past Chairman offered his perspective and a note of encouragement to fellow agents: ‘I look back with pride at not only the great work we have done, but also with the great people I have worked with and the relationships I have made along the way. I will walk away with a great reservoir of talented people I can reach out to for advice and feedback. I would encourage anyone who has even had a passing interest in being on the Board, to reach out to learn more. You won’t regret it.’
Interested agents are encouraged learn more about the role and the nomination process by contacting Nick Fyntrilakis at firstname.lastname@example.org or 508-634-7352.
The Hanover Exploring “Strategic Alternatives” For Its International Specialty Business
On March 28, 2017, Worcester’s The Hanover Group issued the following announcement:
The Hanover Insurance Group, Inc. (NYSE:THG) today confirmed it is undertaking a review of strategic alternatives, including a possible sale, for London-based Chaucer, its international specialty insurance business. The company has retained Goldman Sachs & Co., LLC. to serve as its adviser through the process.
The Hanover declined to provide additional details.
Blue Cross/Blue Shield To Offer Workers’ Comp. Insurance
Last week, Agency Checklists’ published its list of the Top Workers’ Compensation Insurance Companies in the Commonwealth, but it looks like, come next year, this list will now have one more. Blue Cross/Blue Shield of Massachusetts has officially entered the workers’ compensation field with its Indigo Insurance Services. The company which introduced its new offering in a soft-launch in mid-2017, recently issued an official announcement to tout how this new product is adding value to small businesses across the Commonwealth.
Vice president of specialty benefits Rich Greenhalgh said small businesses that have added workers’ compensation are seeing even better results—both from an employee health and premium standpoint—when they combine the benefit with our innovative wellness program, Healthy Actions.
We know small businesses are looking for ways to keep their employees healthy and mitigate work-related injuries and illnesses,” he said. “Our workers’ compensation benefit and Healthy Actions program work hand in hand to improve the health of small business workforces and decrease their health care costs.”
According to Blue Cross/Blue Shield, Healthy Actions is the only program of its kind which allows employees to earn up to $300 for getting an annual physical and managing their health conditions. The program also allows employers the opportunity to earn a credit on their annual premium based on employee participation.
Finally, Blue Cross/Blue Shield’s workers’ compensation offering is available at a 7.5% discount to employers that offer the company’s medical coverage. In addition, employers that achieve a 50% participation rate in the insurer’s Healthy Actions program can earn an additional 5% off their workers’ compensation premium.