IASA Annual Report

 

 

 

 

2019-2020 ANNUAL REPORT

The IASA annual report provides financial statements for the association,
and a listing of IASA Board, Management Team, Nominating Committee and Staff

 

IASA State of the Organization Update TRANSFORMATION OF IASA

IASA has a long and proud reputation as a leader in education for the accounting and systems sectors of the insurance industry – having been in business for over 90 years. But we got comfortable.

We took our position and responsibility to the insurance industry for granted, and in so doing, took our eye off the ball. We knew that in order for us to not only survive, but also thrive, we had to start over.

We started from the ground up – building the foundation – asking ourselves, who are we, what is our purpose?  We had to redefine our Mission and articulate our Vision for IASA, so we’d have a clear path forward.

1) We now have new Mission and Vision statements:
a)   Our Mission – The IASA community accelerates professional growth to shape, influence, elevate and strengthen the insurance industry.
b)   Our Vision – To be the definitive source of trusted knowledge, credible collaboration, and common business interests, that drives future industry innovation through the practice and alliance of insurance professionals.

2) Then we had to identify our values – really understanding the connection between what we do and how it can, and will, impact the insurance industry. Not just how we view ourselves, but how we want the community to view us. So, we’ve identified our values as:
a) A Place for All
An inclusive community where insurance professionals can acquire knowledge and experience with dynamic results
b) Learning That Inspires
Constantly challenging, reproving, and adapting information and how we share it by leveraging the insurance communities’ expertise and vision for the future
c) Purposed Value
A premier cornerstone community, committed to delivering unparalleled education and opportunities that value authenticity, accountability, and passion

3) The next block in the foundation was to develop a Strategic Plan that aligned with our Mission, Vision, and Values. With the help of some of our most forward-thinking volunteers, we settled on three stages.

• Constituent-Focused Engagement
• Connecting, Educating, and Innovating
• Organizational Stability

4) The final piece was the development of a new Business Plan that aligns with our strategic plan and will carry us well into the future. While there are many important components of the plan, only a few have been highlighted here as they have already been initiated.

a) We’ll expand our audience to all sectors of the insurance industry beyond just accounting and IT systems.
b) We’ll deliver a 365 educational presence through:
• Quarterly IASA Xchange lite (2-day educational event)
• Revamped IASA Xchange conference
• Multiple Monthly Webinars
• Expanded Executive education via quarterly OnPOINT (in conjunction with IASA Xchange lite) and webinars
• eLearning Center
• SoundBytes
• Virtual Vendor Connect ToursAll of these are designed to provide a consistent presence and broader educational topics beyond accounting and IT that can assist with drawing in new constituents at both the National and Chapter level.5) We’re committed to supporting our Chapters and building a more collaborative relationship
a)     We’ll share educational content to help relieve some of the burden at the local level
b)     We’ve integrated the event CPE certificates into our eLearning Center for enduring access
c)      We’ve enhanced the Volunteer experience
• We’re looking to better utilize our volunteers at a strategic level as content and industry experts, and for peer-to-peer engagement on behalf of IASA. In addition, we want to ensure that we are respectful of the commitment our volunteers make and that we use their time and talents in the most efficient and effective manner.
• To that end, we’ve expanded and increased flexibility in our volunteer opportunities
d) We’ve restructured our committees and volunteer titles.
• The nomenclature has changed for Committee leaders from Vice President to Committee Chairs and we no longer have a ‘Management Team’.
• We still have Committees which are a 12-month commitment, but we’ve introduced Micro-volunteering opportunities;  these are project-based with varying time commitments.
• We’ve eliminated some committees as their function was no longer necessary or was absorbed into other committees:
o Business Show
o Marketing
o Membership
o 8 Phases
o Site Advisory
o Advisory
o Policy Committee
o Compensation
• We’ve also introduced 2 new committees that speak to our values as an organization.
o Diversity and Inclusion – Wesley McLeod, Chair
–    Mission: The mission of the IASA Diversity and Inclusion Committee would be to cultivate and foster a culture that promotes the goals of accepting, respecting and valuing differences of individuals of diverse race, color, ethnicity, culture, gender, sexual orientation, gender identity and expression, religion, nationality, and ability so they feel accepted and supported and can succeed professionally and personally.
o Women in Leadership Subcommittee (falls under D&I) – Kristine Weber, Chair
–    Mission: The mission of the IASA Women in Leadership (WIL) Committee would be to educate, encourage, and mentor females in the insurance industry to become leaders within IASA and in the industry.
Both of these committees will have a strong and positive impact for IASA and our community and we’re looking forward to the contributions they will make.

PROGRESS TO DATE ON STRATEGIC INITIATIVES 

So, what else have we done lately?  Since the pandemic gave us a bit more time at our desks, we thought we’d put it to good use. Staying true to our mission and following our strategic plan, we rolled out a few new initiatives.

1) Aligning with our Constituent-Focused Engagement strategy:

a) We’ve clearly identified, defined, and valued membership benefits across all member types
b) We’ve refreshed our website for a more user-friendly, streamlined, and engaging experience
c) We launched our Individual Membership initiative November 2, 2020 so those who no longer work for a member company can still have access to all IASA has to offer
d) We introduced our new Career Center November 30, 2020 which allows companies to access potential prospects easier and allows job seekers access to a variety of career appropriate opportunities
e) We initiated our Vendor Partner Advisory Council so we can promote the interests of our solution providers, and to keep IASA informed on the latest industry trends so we can better understand    the challenges faced by today’s industry professionals
f) We’re hosting a virtual Career Fair in June 2021 to allow our members who are seeking employment opportunities the chance to connect with hiring companies

2) For our Connecting, Educating, and Innovating strategy…

a) We completed our Virtual Leadership Series which now reside in our eLearning Center (11 episodes)
b) We successfully hosted our first quarterly IASA Xchange lite March 25 – 26, 2021
c) We’ve set future IASA Xchange lite dates for 2021
• December 14 – 15, 2021 (Tuesday, Wednesday)
d) We launched SoundBytes; 5 minute ‘interviews’ with industry leaders where they share one major point on a specific topic
e) We launched our eLearning Center in August 2020 and are continuing to build our library of educational content
f)  We successfully hosted a week-long series of Virtual Vendor Connect Tours to connect our Solution Providers with clients seeking their products and services
g) And as previously noted, we introduced our Diversity & Inclusion and Women in Leadership Committees to provide expanded opportunities for all

3) Finally, in alignment with our Organizational Stability strategy:

a) We developed a 365 Partnership Program which allows for increased visibility for our sponsoring partners throughout the year and across all our products and services
b) We collaborated with Plante Moran on a COVID-19 industry survey and subsequent webinar which was held October 28. (Benchmarking insights: How insurance companies have adapted to COVID-19 and are emerging stronger) We’re working on similar collaborations that will bring needed research results to our community.
c) We’re in talks with like-minded Associations/Organizations for collaboration opportunities
d) We’re investing in a new CRM marketing platform and association database which will go live in Q2 2021 and allow us to engage our audience on areas that are of interest to them.
e) We’re launching our new website in Q2 2021
f) We’re also working with leadership to shore up our policies around investments and reserves to ensure we have a solid financial foundation moving forward.

4) From an Operational standpoint, we realize this is a lot of work in a short period of time so we’re continually assessing opportunities for efficiency and growth while remaining lean.
a) We have an amazing and dynamic team with some familiar faces and a few new ones.
b) We’ve added:
• Parshy Phillips, Marketing/Communications Director
o Parshy has over 20 years’ experience in the marketing and communication arena in both the corporate and non-profit sectors
• Kelli Bohannon, Member Engagement Director
o Kelli has over 17 years’ experience in associations and specifically in the area of membership
• Emily Crespo, Member Engagement Coordinator
o Emily has over 10 years’ experience in associations and specifically in the area of membership
• Holly Dotson, Chapter Engagement Coordinator
o Holly has over 13 years’ experience in associations and specifically in the area of chapters
• We have realigned our existing staff to better support operations
• Many administrative functions have been brought in-house to the staff team to relieve many of our over-worked volunteers and allow them to function at a more strategic level
• Finally, we’re investing in new technology and systems that will increase our efficiency and allow us to better support our volunteers and organizational initiatives.

So, as I mentioned, it’s been a busy year for us, but even though we were busy, we recognize that we have much more to do. We’re committed to supporting our volunteers and the work they’re doing on behalf of IASA. We can’t stress enough how appreciative we are of their efforts, not just during this difficult year, but for all the many prior too.

Similar to many organizations in 2020, the IASA faced significant headwinds as a result of the COVID-19 pandemic.  Primarily, the association was required to cancel our premier in-person event, the IASA Annual Conference, which was scheduled in June 2020.  The association was able to pivot quickly, creating a digital conference format that provided important industry and economic updates to our membership.  The unfavorable impact of the in-person conference cancellation is reflected in the association’s financial statements for the period ended June 30, 2020.  To mitigate the financial impact of an event cancellation, the association maintained an event cancellation insurance policy on the 2020 annual conference.  A claim on this policy was filed during the 2020 fiscal year.  The $1,137,406 insurance settlement was paid in the third quarter 2020 and will be reflected in the 2021 financial statements as other revenue.

Although the in-person conference cancellation caused a short term strain on resources, the association was able to effectively manage the cash flow position to continue to support our member companies, while strategically moving forward on initiatives to strengthen the association for the future.  Investments in the current year were made to expand our current offerings through virtual live events, IASA Xchange, and to enhance our digital catalog of on-demand content.  The new content and delivery capabilities have created additional value for our member companies and continued to diversify the revenue streams of the association.  These investments will assist in mitigating the risk of the loss due to cancellation in the future, as we anticipate comprehensive event insurance to be unavailable for future conferences.

The association continues to be well positioned to support our member company needs and the insurance industry into the future. 

Thank you, volunteers!

IASA would like to thank all of our national and local chapter volunteers for their continued service and dedication to the association.