American Association Of Insurance Services
- Assets
- $23.0m
- Revenue
- $21.8m
- Investments
- $0.0
- Employees
- 108
- Location
- Lisle, IL
- Founding
- 05/1975
- Data as of
- 06/2021
- EIN
- 36-2021360
Organization Overview
American Association Of Insurance Services is located in Lisle, IL. The organization was established in 1975. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2021, American Association Of Insurance Services employed 108 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Association Of Insurance Services is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2021, American Association Of Insurance Services generated $21.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $20.5m during the year ending 06/2021. While expenses have increased by 5.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE INTERESTS OF AFFILIATED AND ORGANIZED GROUPS OF INSURANCE COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AAIS IS AN ADVISORY ORGANIZATION AND A STATISTICAL AGENT WORKING ON BEHALF OF 615 PROPERTY AND CASUALTY INSURANCE COMPANIES. AAIS DEVELOPS, MAINTAINS AND UPDATES MANUALS OF RULES AND RATING PROCEDURES FOR APPROXIMATELY 37 INSURANCE PROGRAM LINES AND FILES THOSE PROGRAMS WITH ALL STATE INSURANCE DEPARTMENTS ON BEHALF OF OUR MEMBER COMPANIES. FOR THE FISCAL YEAR ENDED JUNE 30, 2021, AAIS MADE OVER 950 FILINGS WITH INSURANCE DEPARTMENTS TO ADDRESS PRODUCT UPDATES AND REVISIONS, AS WELL AS EVOLVING REGULATORY COMPLIANCE ISSUES.
AAIS COLLECTS COMPANY INSURANCE DATA ON BEHALF OF STATE REGULATORS AND REPORTS SUCH DATA TO THE REGULATORS IN ORDER TO SATISFY MEMBER COMPANIES I STATUTORY REPORTING REQUIREMENTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2021, AAIS PROCESSED APPROXIMATELY 2,630,000 CLAIMS RECORDS WITH TOTAL LOSS ESTIMATES OF APPROXIMATELY $117.3 BILLION. AAIS ALSO COLLECTS THIRD PARTY DATA FROM A VARIETY OF PUBLIC AND PROPRIETARY DATA SOURCES TO REFINE RISK MANAGEMENT ADVISORY SERVICES. THIS INCLUDES DATA ON ECONOMIC ACTIVITY, FIRE INCIDENTS, REGIONAL EXPOSURE ATTRIBUTES, WEATHER, CRIME, CENSUS INFORMATION, MARKET SHARE INFORMATION, FIRE STATION AND FIRE HYDRANT LOCATION INFORMATION. OVER 227 MLLION RECORDS OF RELATED THIRD PARTY DATA WERE UTILIZED FOR VARIOUS ADVISORY SUPPORT ACTIVITIES DURING FISCAL YEAR ENDED JUNE 30, 2021.
AAIS DISTRIBUTES INFORMATION TO MEMBER COMPANIES VIA BULLETINS WHICH INCLUDE INSTRUCTIONS ON ADOPTING NEWLY-FILED RULES AND FORMS AND MANDATORY ENDORSEMENTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2021, AAIS DISTRIBUTED ALMOST 600 RELATED BULLETINS TO MEMBER COMPANIES.
DURING THE FISCAL YEAR ENDED JUNE 30, 2021, AAIS CONTINUED DEVELOPMENT OF THE OPENIDL (OPEN INSURNACE DATA LINK) PLATFORM. OPENIDL IS AN OPEN BLOCKCHAIN NETWORK BUILT ON THE IBM BLOCKCHAIN PLATFORM ON THE OPEN SOURCE HYPERLEDGER FABRIC AND IS DESIGNED TO STREAMLINE REGULATORY REPORTING AND PROVIDE NEW INSIGHTS FOR INSURERS, WHILE ENHANCING TIMELINESS, ACCURACY AND VALUE FOR REGULATORS. OPENIDL HELPS ENABLE THE EFFICIENT, SECURED AND PERMISSION-BASED COLLECTION AND SHARING OF STATISTICAL DATA. OPENIDL ALSO UTILIZES MULTICLOUD CAPABILITIES GIVING MEMBERS THE FLEXIBILITY TO DEPLY THE BLOCKCHAIN NETWORK ON THE COULD INTRASTRUCTURE OF THEIR CHOOSING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edmund Kelly President And CEO | OfficerTrustee | 40 | $1,012,778 |
Joan Zerkovich SVP | Officer | 40 | $580,220 |
Teresa Westcott Vp-Legal & Compliance | Officer | 40 | $370,421 |
Truman Esmond Vp-Customer Engage | Officer | 40 | $356,344 |
John Kadous Vp-Personal Lines | Officer | 40 | $315,395 |
John Greene Director Communications | 40 | $294,704 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $52,201 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,784,346 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,308,785 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,240,866 |
| Pension plan accruals and contributions | $48,976 |
| Other employee benefits | $2,791,698 |
| Payroll taxes | $760,124 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $121,000 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $882,347 |
| Advertising and promotion | $78,508 |
| Office expenses | $282,114 |
| Information technology | $3,021,450 |
| Royalties | $0 |
| Occupancy | $413,712 |
| Travel | $22,668 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $199,437 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $688,673 |
| Insurance | $97,203 |
| All other expenses | $0 |
| Total functional expenses | $20,459,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,301,086 |
| Savings and temporary cash investments | $3,065,934 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $465,644 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,774,776 |
| Investments—publicly traded securities | $584,776 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,041,835 |
| Accounts payable and accrued expenses | $3,833,032 |
| Grants payable | $0 |
| Deferred revenue | $9,167,584 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $901,667 |
| Total liabilities | $13,902,283 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $9,139,552 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Association Of Insurance Services Lisle, IL | $23,041,835 | $21,784,346 |
Directemployers Association Inc Indianapolis, IN | $10,667,744 | $15,212,519 |
Society Of Actuaries Schaumburg, IL | $66,013,531 | $3,256,481 |
National Conference Of Insurance Indianapolis, IN | $4,600,811 | $4,069,292 |
Missouri Association Of Insurance Agents Jefferson City, MO | $5,920,618 | $1,409,542 |
Professional Insurance Marketing Association Inc Chicago, IL | $872,807 | $772,491 |
National Equipment Finance Association Inc Northbrook, IL | $1,993,686 | $820,325 |
Soy Aquaculture Alliance Inc Ankeny, IA | $540,903 | $433,856 |
Mutual Insurance Association Of Iowa Janesville, IA | $697,921 | $349,100 |
Chicago Chapter Of China General Chamber Of Commerce - Usa Chicago, IL | $491,758 | $373,411 |
National Association Of Insurance And Financial Advisors-Ohio Cedar Falls, IA | $137,390 | $0 |
Rheumatology Association Of Minnesota And The Dakotas Schaumburg, IL | $222,797 | $0 |