While reforms in workers”™ compensation legislation have given New York businesses and insurance agents some breathing room, “doing business in ”˜real time”™ will help us move forward,” said Martin Koles, president of the Professional Insurance Agents of New York.
Koles and 250 independent insurance agents ”“ www.piany.org ”“ Â met at Suffern”™s Holiday Inn on Oct. 11 for the agents”™ fifth annual Hudson Valley Regional Awareness Program. They had a chance to network, update information on what”™s new in flood insurance and to learn how to do business through Web-based technology.
Worker”™s comp legislation reduced costs for employers by 10 percent to 15 percent, while workers saw an increase in benefits for the first time in more than 10 years. The changes made to workers”™ comp won the praises of several, including Ken Adams, president of The Business Council of New York State, and Denis Hughes, president of the New York State AFL-CIO.
But to keep pace with direct insurers, independent agents must turn to technology to keep ahead of the flow. By doing business in “real time” ”“ using Web-based technology to find instantly the best prices for their clients ”“ they will have an extra tool to keep them competitive.
Keith Savino of Warwick Resource Group told agents that duplicate entries for insurance quotes ranked as the biggest waster of time ”“ crimping the workday for nearly 46 percent for independents. By utilizing real-time technology, “Thousands of minutes are being put back in customer service representatives”™ pockets,” said Savino, allowing reps to spend more time providing service and actively seeking out new business.
Progressive, Main Street America and The Hartford have committed to real-time technology and reminded agents that while many are using the technology to quote personal lines, the capabilities also exist for commercial lines.
According to panelists, the success of “real time” depends on the agent ”“ both in the implementation of the Web-based program and in the amount of usage.
Jason Metzger, senior manager for Progressive Insurance in Fishkill, said, “From our company”™s perspective, we want to make it as easy as possible for agents looking for the best possible price for their clients; and using Web-based technology is a trend more and more independent agents will utilize. It eliminates a great deal of data entry.”
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While independent agents welcomed the reforms in workers”™ comp, attention is riveted on what the state Senate will do about reforming the Wicks Law. New York state”™s Wicks Law dates to 1912 and requires state and local governments to issue multiple construction contracts for most public works projects of more than $50,000. The new legislation would up that benchmark substantially.
“Every single day the Senate fails to pass these vital reforms is costing taxpayers hundreds of thousands of dollars,” said Gov. Eliot Spitzer in a prepared statement. “The clock is ticking, and New Yorkers cannot afford to wait any longer.”
The state Assembly passed the bill in June; the state Senate has yet to take final action. Under the proposed legislation, the thresholds for triggering Wicks Law mandates would be increased to $3 million in the downstate area, $1.5 million in the suburbs and $500,000 upstate. It would be the first reforms made to the law in more than 40 years.
If the bill is passed, the changes will exempt more than 70 percent of public works projects from current requirements. Subcontractor protection would be strengthened to ensure workers on public works projects are treated fairly. Contracting entities would also be able to avoid Wicks Law requirements through the use of project labor agreements.
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