The Independent Insurance Agents of America (IIAA) is endorsing Selective Insurance Group Inc.’s Write Your Own (WYO) National Flood Insurance Program (NFIP), according to Incoming IIAA President Thomas B. Ahart.
Under the new program, the insurance subsidiaries of Selective Insurance Group will provide IIAA member agents with new tools not previously available as part of its WYO program, including free rating software, online processing and inquiry, free flood-zone determinations and excess flood coverage.
In addition, Selective has a state-of-the-art processing system approved by the NFIP that makes the policy issuance process quick and seamless. Member agencies will also be able to take advantage of the new, tiered commission schedule that provides competitive commissions as agencies grow their book of flood business.
As part of the new arrangement with Selective Insurance Group, IIAA has established the Big “I” National Flood Office (NFO), complete with dedicated national staff to assist new or small-volume agencies. The NFO will assist agents in assessing flood insurance needs, providing flood-zone determinations, obtaining elevation certificates and helping agents use Federal Emergency Management Agency (FEMA) education, advertising and marketing resources. Also, the NFO will provide online resources and quick-quote access for agents positioned for e-commerce.
The new program design provides free, hands-on support and guidance for IIAA members not familiar with writing flood insurance. It also offers additional benefits to agencies that have mastered flood insurance and provides a tiered-commission structure ranging from 15 percent to 20.5 percent for agencies with smaller volumes as well as agencies with larger books of business.
“This is truly an advantage for agents who are tackling their first flood insurance policy or for those who might only write a few each year,” Ahart said. “The Big ‘I’ NFO will be here to educate members on writing flood insurance and help them place business.”
Once an agency reaches a higher level of written premium, it will have the option to graduate to the next level of the new endorsed program — a direct flood contract with Selective. In addition, agents will have access to www.Floodonline.com, Selective’s online processing software that provides instant quotes, online flood-zone determinations, policy inquiry and online application completion/submission — all at no cost to the agency.
The Big “I” National Flood Program with Selective is available nationally to all IIAA member agencies. Agents wishing to participate in this new flood program should contact the Big “I” NFO for details at 800-221-7917. Agents with an existing flood book of business not already with Selective also should contact the Big “I” NFO for details on the rollover process and incentives. For an agent kit, call IIAA’s fax-on-demand service at 800-296-0578 and request document number 2310 or visit www.independentagent.com For additional information, contact IIAA’s National Flood Program Coordinator Linda Mackey, CIC, CISR (lmackey@iiaa.net) or National Program Director Ryann C. Harris (rharris@iiaa.net) at 800-221-7917.
Selective Insurance Group Inc., headquartered in Branchville, N.J., is a holding company for five property/casualty insurance companies that offer primary and alternative market insurance for commercial and personal risks. Both A.M. Best and Standard & Poor’s Insurance Rating Services rate Selective’s insurance companies “A+.”
The company offers medical claim management services to insurance companies and other businesses through Alta Services LLC, a managed care organization, and through Consumer Health Network Plus, LLC, (CHN), a medical provider network; human resource administration services and risk management products and services through Selective HR Solutions, Inc.; flood insurance policy, administration and claim services through the National Flood Insurance Program, through FloodConnect, LLC; and software development and processing services through PDA Software Services, Inc. Selective maintains a website at www.selective.com.
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