Agent Group Maps Minority Focus
NU Online News Service, May 21, 9:57 a.m. EST?The Independent Agents & Brokers of America said it has established a unit to build producers' impact within minority communities.
In announcing that it has formed a Diversity Task Force, the Alexandria, Va.-based association said the need for establishing a presence within minority communities by independent agents is growing in importance. The association noted predictions by the U.S. Census Bureau that by 2050 close to half of the country's population will be minorities.
"This expected prominence in the marketplace makes emerging and diverse markets critical to the future success of the independent agency system," said Joseph A. Hernandez Jr., chairman of the task force, and vice president and principal of Hamman, Miller, Beauchamp, Debble Inc., a Long Beach, Calif.-based independent agency.
"IIABA, its colleagues from the National African-American Insurance Association and the Latin American Association of Insurance Agencies, and its company partners are committed to promoting diversity within the agent community and the company ranks," said Mr. Hernandez.
He added that the effort will fill a need by "creating a strategic plan that will position urban and minority-owned agencies for company appointments and ultimate success, and insurance companies for greater business opportunities in emerging urban markets."
Besides being comprised of IIABA agents and members of groups representing Latin-American and African-American agents, the task force will also include seven insurance companies: CNA, Chubb Group of Insurance Companies, Encompass Insurance, MetLife Auto & Home, Prudential Property-Casualty, Safeco Insurance Company and Travelers Insurance.
Among the task force's chief goals are:
? Increase the penetration of the independent agency system in urban insurance markets by increasing the number of diverse-agent appointments.
? Foster the ability of diverse agents to grow their businesses successfully.
? Change the insurance industry's perception toward diverse insurance markets and provide recommendations on writing this insurance on a sound business basis.
? Work in coordination with other industry groups interested in multicultural insurance issues.
While the industry has made "considerable strides" in diversifying the producer workforce and opening business in urban markets, a better job of penetration must and can be done, remarked Mr. Hernandez.
IIABA said the task force will work to build strategic alliances with diverse organizations, build recognition of its efforts in the industry and the business community, and garner support from additional industry sources. The task force will also aim to boost support of its efforts among IIABA state associations, develop a database of diverse agents and agencies, and create a pilot professional development program for diverse agents.
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