NIIA's New Chairman Says Technology Efficiency Is Essential

NU Online News Service, Aug. 20, 3:36 p.m. EDT

Mike Menath, the new chairman of the Nevada Independent Insurance Agents, said improving agency efficiency will be the association's primary goal as members continue to battle against recessionary headwinds.

Mr. Menath, a 28 year veteran of the insurance business, is president and owner of Mike Menath Insurance, based in Incline Village and Reno, Nev. His firm, founded in 1981, provides auto, home, commercial and health insurance in Northern Nevada and Northern California.

Mr. Menath said in an interview that during his tenure with the association, NIIA will focus on three subjects: improving independent agent's use of technology, recruitment of new members to the association and bringing younger agents into the industry.

While all agents use technology to some degree, many agents are not taking full advantage of its capabilities, said Mr. Menath. A committee is being set-up to work with the Agents Council for Technology and identify agency inefficiencies. Working with ACT and carriers, the aim will be to drive efficiency in the future.

Mr. Menath pointed out that while NIIA has a healthy representation of independent agencies in the state, the association will be working to extend its reach and work to inform many of the smaller agencies in the state of the value of membership.

On the third subject, recruitment of young agents, he admitted, "All of us are getting older," and there is a growing need to bring new blood into the agency ranks.

Nevada's high rate of foreclosures and the standstill in the construction industry has also seriously affected the property and casualty revenues of many independent agents, he said.

Revenues at most agencies are off an average of 20 percent, he estimated, and some have faired worse. However, he noted that the state's agents are continuing to look for ways to grow despite the tough economy.

"Everyone is hanging in there until things get better," said Mr. Menath. "It will be lean for a lot of agencies until conditions improve."

Besides naming Mr. Menath chairman during its recent meeting in Lake Tahoe, Nev., the association named Paul Richied, owner and president of Richied & Associates Inc. in Reno, chairman-elect. Joe Hernandez, president and chief operating officer of Branch, Hernandez & Associates of Las Vegas, was named vice chairman.