1.8 Million Sign Up

Covered California reported that enrollment in the exchange has already surpassed a record high 1.8 million Californians. Open enrollment continues until Jan 31.

AGENTS

Agents Still Rule

It’s been the scuttlebutt for years—tech will replace the need for insurance agents. According to a recent report from digital insurance network Agentero, however, it ain’t so.

The survey highlights the importance of specialists today, examining consumers’ views on working with realtors, insurance agents and financial advisors.  The study also explores how different generations view industry specialists. Key findings include:

  • Gen Z is the least likely to have worked with an insurance agent – only 43%. This is in sharp contrast to Baby Boomers – 84% of which have used an agent.
  • Once younger generations work with an agent, they are most likely to do so again. 84% of Millennials and 69% of Gen Z would use an agent again.
  • The youngest consumers, Gen Z, are more suspicious that agents have their best interests at heart. Overall, only 50% of Gen Zs said they always or usually trust their insurance agent. However, trust dramatically increases with Millennials. 74% said they always or usually trust their agent.

Want to know more? View the full report here.

FINANCIAL PLANNERS

Register for NAIFA-LA’s Will Farrell Award Event
Okay, not that Will Ferrell. You don’t have to be funny to attend! The Will Farrell in question here was actually Will G. Farrell, cofounder of the Life Insurance Committee of the L.A. Chamber  of Commerce. We had to look into that. Anyhow…NAIFA-Los Angeles & Financial Service Professionals-Pasadena are gearing up for the 69th Annual Will G. Farrell Awards event on February 24, 2022. The event will be via Zoom from 11:30 am – 1:30 pm PT.  Go here for more info.

ANNUITIES

NAFA Welcomes New Board Members

The general membership of NAFA, the National Association for Fixed Annuities, approved the slate of candidates presented for its 2022 board of directors at the association’s annual meeting held in October 2021 in Lake Las Vegas. Nominations were received from the membership at large, and candidates were vetted by the current board before being proposed during the association’s 13th annual Annuity Distribution Summit. Newly appointed board members include: Dan Acker of SILAC Insurance Company; Brendon Kelly of Ash Brokerage; Darcy Matz of Allianz; and Tiya Stanley of North American Company. Andrew Payne of CreativeOne will begin serving a second three-year term.

RETIREMENT PLANNING

Check out the The National Institute for Retirement Planning’s Better Bang for the Buck 3.0: Post-Retirement Experience Drives Pension Cost Advantage. This is an update to two previous NIRS reports released in 2008 and 2014. The research compares the relative costs of defined benefit (DB) and 401(k)-style defined contribution (DC) plans. It concludes that a typical DB plan has a 49 percent cost advantage compared to a typical individually directed DC plan.

DIGITAL TOKENS

Interested in Security Tokens?

Tokens are the topic of conversation lately, it seems. If you’re interested in discovering more about security tokens, check out Ric Edelman’s post here. Here’s some of what Ric writes:

Security tokens are a digital representation of a real, physical asset. You know that a deed represents ownership of a house and a stock certificate represents ownership of a company. Likewise for a security token: It represents ownership of an asset, and they can be used to raise capital and provide liquidity for anything — including assets that have, historically, been highly illiquid

SELF INSURANCE

Register Now for SIIA Spring Forum

A little nudge from SIIA:

The Self-Insurance Institute of America, Inc. (SIIA) would like to remind you that registration for its Spring Forum, scheduled for March 30-April 1, 2022 at the JW Marriott Orlando Grande Lakes Hotel, is open.

The early bird cutoff date for registration is February 3. Register to attend by by February 3 to take advantage of the discounted rate. Register here.

VACCINE NEWS

OSHA Rescinds Vaccine-or-Test Rule

The Occupational Safety and Health Administration announced recently that the Biden administration has withdrawn its COVID-19 vaccine-or-test requirement for private businesses with at least 100 workers. This happened after the Supreme Court blocked the rule. OSHA continues to strongly encourage the vaccination of workers against COVID-19, however.

INSURTECH

Fenris Achieves SOC2 Compliance
Fenris Digital, an insurance data and insights provider, announce the company recently achieved SOC 2 compliance. Held up as the gold standard of compliance reports, the American Institute of Certified Public Accountants (AICPA) SOC 2 certification assures Fenris’ customers the company has achieved the highest level of information security and data protection procedures. This certification ensures that all information stored on Fenris’ platform is secured to the design and structure of the proper controls, policies and procedures.

TO THE EDITOR

Pozniak’s Article Hits Home

You know how we love to hear from readers. So we were delighted when we received the following note recently from reader Kevin Carlin:

I just read [Naama O. Pozniak’s] article in the latest edition of CA Broker, where you discuss the various versions of the web (1.0, 2.0, 3.0) and also discuss how self-awareness is pivotal to building a healthier community.

I just thought you should know that what you wrote really resonated, and I think it deserves a salute from afar.   So congrats and props, and wishing you continued success in 2022.  Keep shining and sharing your light!

All my best,

Kevin Carlin

Director of Sales

California Dental Network, A DentaQuest Company

Thanks, Kevin! We invite all readers to share their thoughts. Reach out to us at editor@calbrokermag.com.

EVENTS

  • You Powered Benefits Symposium, in person, Feb 6-9, Phoenix. Info here.
  • NAAIA, National Black History Month Program, Feb 18, 8-10am PT. Info here.
  • NAIFA-LA & FSP-Pasadena Will G. Farrell Awards Event, online, Feb 24, Info here.
  • LIMRA’s 2022 Distribution Conference, in-person, March 1-3, Miami, FL, Info here.
  • CAHU Women’s Leadership Summit, in person, March 14-16, 2022, Green Valley Ranch, Las Vegas, Info and registration here.
  • LAAHU Annual Symposium, in person, April 26, Pasadena Convention Center. Info here.
  • BenefitsPro Broker Expo, in person, May 23-25, 2022, Austin, TX. Request more info here. Register here.