Trade Winds SUMMER 2022 NEWS & INFORMATION FOR PERSONAL LINES AGENTS Today’s Market Drives the Need to Revisit Insurance to Value Growing with Condos Local Giving, Big Impact Investing in Our Industry’s Future And More!
Arbella has just the right business model to tackle these challenges head-on: We put people first in everything we do— whether it’s our customers, employees, or you, our valued partners. We focus on proactive conversations so we can help you save your customers from surprises at the time of a claim or inspection. Read more about strategies we’re using to get ahead of our changing market on page 3. We have rolled out a number of new products and services in response to our customers’ changing needs. We hope our new Home Systems Protection for Condos, enhanced umbrella program, and increased appetite for higher-value homes make it even easier to do business with Arbella. You’ll find details about these new packages and more on page 5. Our Connecticut Personal Lines expansion continues to go extremely well. We are now working with almost 40 agents writing business with us in Connecticut. We are thrilled with this progress and are on track to become a major player in the state within the next five years. Thank you for so diligently, honestly, and openly sharing your feedback about your experiences thus far. At a time when relationships matter more than ever, I am honored and grateful to work with you. As always, if you have any comments, questions, or suggestions, I’d love to hear from you. Thank you for your partnership.
MESSAGE FROM JIM HYATT
Vice President & Chief Underwriting Officer Arbella Insurance Group (617) 689-2337 Jim Hyatt Thank you to all of you who participated in the Arbella Insurance Foundation’s matching gift program for Ukrainian relief efforts. Agents, Arbella employees, and the Foundation teamed up to send more than $103,000 to refugees in need. We continue to be humbled by your compassion and generosity.
JimSincerely,HyattExecutive
A NOTE FROM THE ARBELLA INSURANCE
FOUNDATION 2 ARBELLA INSURANCE GROUP
Putting People First Between the ongoing pandemic, inflation, supply chain issues, and an uncertain economy, we are all working through a unique set of challenges. Customers need their independent agents more than ever to navigate all this and make good decisions to best protect themselves. In this issue of Trade Winds, we focus on some of these challenges and how together, we bring value when it is needed most.
Supply chain disruptions and rising labor costs have made many agents and customers aware that previous coverages are not robust enough in today’s environment. We asked Matt Cote, CPCU, assistant vice president of Personal Lines Underwriting, for some insider advice on addressing the situation.
“We all know it’s far better for a customer to hear about a necessary coverage increase from an agent before a claim or inspection,” Matt said. “Having a direct and open line to your underwriter is invaluable. Underwriters know what to look for and which materials have been hit hardest by inflation and the pandemic. Today we are seeing three general areas misquoted.”
ARCHITECTURAL STYLE
INTERIOR DETAILS
Homes are rarely just four walls. In New England, we insure Victorians, Colonials, Capes, ranches, and contemporaries, many with “extras” such as cathedral ceilings and sunrooms. It’s never been more important to be as detailed as possible when quoting—stay away from default answers. Arbella’s materials and estimators have been tailored to help identify what details are the most important, so don’t shy away from oversharing! Adding as much detail as possible when completing the estimator prevents surprises later on.
Don’t skip the “little” things. Interior features like crown molding, ornate woodwork, various types of trim, built-ins, skylights, and more should all be captured when working through the estimator. Features such as 10-foot ceilings all around and large windows are costly to Takereplace.theextra time to add these details. Due diligence early on will have a significant impact on the accuracy of the home replacement value. In the event of a claim, your customer will appreciate this extra effort.
Here’s what you can do to ensure your new business quotes are as accurate as possible.
MATERIAL GRADE
It’s one thing to replace a kitchen or bath at builder’s grade. Semi-custom or custom design brings a whole different complexity to getting the coverage right. The quality of countertops, cabinets, flooring materials, sinks, and more can differ by thousands of dollars, especially in higher-value homes or with materials that have been hit hardest by inflation. Be sure to note which materials were used in the home’s construction so our underwriters can determine what it may cost the customer to replace the materials now and in the future. If you have any questions about insurance to value, we urge you to contact your underwriter any time. We are here for you! “With the rapid rise in costs in nearly every facet of our daily lives, I cannot stress enough the importance of accurately determining the value of a customer’s most valuable asset: their home. Having the appropriate coverage is crucial in order to receive the necessary funds to rebuild if need be.”
L-R: Matt Cote and Tom Ponte Market Is Driving the Need to Revisit Insurance to Value
STRATEGY TALK Today’s
Tom ArbellaSeniorPonteUnderwriterInsuranceGroup
3TRADE WINDS SUMMER 2022
AGENTS POLICYHOLDERS ARBELLA
With many customer relationships spanning multiple generations, Garrett-Lynch’s track record speaks for itself.
SPOTLIGHT ON EXCELLENCE
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Jay and his team often drive by properties they are quoting to see which carrier partner would be the best fit. “We are all very familiar with our community,” said Jay, who has been active with the local community service organization, Kiwanis, for more than 35 years.
TOOLS FOR SUCCESS
Jay Lynch, president of Garrett-Lynch Insurance, brought valuable, unique experience with him when he joined his father’s insurance agency in 1986. He’d just worked eight years as an underwriter at Kemper Insurance and was building a wealth of knowledge and relationships that still serve him today. We recently spoke with Jay about how the agency makes sure its risks are insured to value.
As customers continue to feel the effects of inflation and supply chain issues, strong carrier relationships and the right tools are critical to staying informed on fast-changing industry developments. “At the time of a loss, no one wants to hear that a property isn’t insured to value. We’re selling service and expertise. It’s our job to be the customer’s advocate and to be there to counsel them.”
Garrett-Lynch Insurance—
“These tools and our Arbella partners help us be proactive and accurate. When you do this kind of work up front, it pays off,” Jay said.
Jay Lynch, President of Garret-Lynch Insurance BUILDING RELATIONSHIPS A note Jay’s wife wrote during a dinnertime conversation.
Jay and the team are avid users of Arbella’s quoting tools to ensure proper coverage. Found on Arbella Connect, these tools help agents communicate proactively with customers about coverage and pricing changes. Using MSB Cost Estimators and monthly renewal reports, Jay explains, helps facilitate a quality experience for agency employees and their insureds.
“I believe a large part of my role as an independent agent is being an effective front-line underwriter,” Jay said. Garrett-Lynch employees, including Jay’s sister, Linda, treasurer, and brother, David, vice president, work to develop strong customer relationships based on their deep knowledge and experience. As a result, the agency has built an excellent reputation for providing the kind of personalized experiences people expect from a successful independent insurance agency. “We’ve built our business through referrals, more than advertising. Many of our customers have been with us for 40 to 50 years. That’s not easy to do. You’ve got to work at it, offer fair pricing, and real value. Our industry is about relationships, and part of that means being able to have effective, proactive communication with the carriers we represent,” he said.
Where Insuring to Value Has Built Trust and Retention
CONDOS ARE OUR FASTEST-GROWING LINE OF BUSINESS! Arbella’s condo products just got better: We now offer Home Systems Protection (HSP) for condo policies. You can read more about HSP on our “Insights” blog at Arbella.com or rewatch our live webinar on Arbella Connect! HIGHER NUMBERS OF HIGHER-VALUE HOMES Our recently expanded home appetite includes homes valued at up to $3 million! We’re pleased to report fantastic early results from this initiative. We’ve also eased our guidelines around appraisals for higher-value jewelry items and made it easier to ensure that these homes have appropriate replacement costs. MASS GOLF DISCOUNT REMINDER Your customers who are Massachusetts Golf Association members can save 5% off both home and auto insurance with Arbella! Members who switch to Arbella can save up to 20% or more when they combine home and auto. PRODUCT NEWS AND UPDATES New and Expanded Products for Your Customers Got CON DO? We’ve got you covered. Check out our new condo billboards! WE’RE GROWING IN CONNECTICUT Our CT auto new business quote proposal has a new look! You’ll find it on E-App in the summary screen of your new business quotes. The new template includes: • Agency name and Arbella logo on every quote • Paid-in-full premium amount • Driver names and their discounts • And more We’ve refreshed our CT Enhanced Coverage (formerly Special Coverage Endorsement) with some exciting new additions: • Refrigerated Property Coverage • Water Backup and Sump Overflow • $10,000 Business Property on Residence Premises Our most comprehensive CT package, Premier Plus Coverage (formerly High-Value Home Endorsement), now includes: • Refrigerated Property Coverage • Water Backup and Sump Overflow • $15,000 (increased from $10,000) Business Property on Residence Premises Founders Bridge over the Connecticut River In-Person Fall Breakfast Meetings are Back! Save the date for the meeting nearest you. 10/25 Plymouth 10/26 Wakefield 10/27 Northampton 11/1 Quincy 5TRADE WINDS SUMMER 2022
PEOPLE TO KNOW WHY WE LOVE ARBELLA
• Smart devices for risk management
Jason Marin “What brought me to Arbella was its reputation for taking care of its employees, and it does not PL Underwriting Technician disappoint. Leaders and employees alike have always been so kind and welcoming—something I strive to show others as well.”
• Insurtechs and AI-driven customer experiences
Laurie Vario “I was excited to join Arbella for many reasons: outstanding reputation, inclusivity, and Territory Manager commitment to excellence in doing the right thing. What hit it out of the park for me is the positive culture inspired from the top down Arbella’s immeasurable dedication to their agent partners, and its charitable contributions in local communities.”
• The next generation of talent
PL Underwriting Associate The incredible people and culture have lived up to that in every way!”
• Fault and liability ethics for autonomous vehicles
Alex Sepe “I was drawn to Arbella because of its local flavor and reputation for being a great place to work.
In the spring, all one thousand Isenberg freshmen competed in a brand-new insurance project challenge. The students worked in 196 teams to research and report on future-focused questions related to industry disruptors, such as:
June, representatives from Arbella and other leading carriers met with Isenberg administration to discuss the skills students need for successful insurance careers. Together, we are developing a unique “Insurance Academy,” including experiences, speakers, activities, and curricula for all four undergraduate levels.
Investing in Our Industry’s Future The insurance industry provided U.S. workers with more than 2.8 million jobs last year, yet so few college institutions offer majors in the field. That’s why Arbella partnered with the Isenberg School of Management at the University of Massachusetts Amherst to launch a first-of-its-kind insurance Startingcurriculum.last
The top four teams received cash prizes, including a grand prize of $3,000. These experiences equip graduates with industryrelevant knowledge and inspire them to pursue an insurance career tackling our next generation of challenges.
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Danielle Stenberg “Arbella is truly the best place to work. I love being a part of the culture. The people at Arbella
Mark Teller “The people and the culture are what drew me back to Arbella. The people have been so PL Product Manager welcoming and the work-life balance is second to none. I am proud to be part of such an amazing organization.”
PL Underwriting Technician are amazing and are one of the biggest perks of working here.”
L-R: Danielle Stenberg, Alex Sepe, Laurie Vario, Mark Teller, Jason Marin
Bob and Jim Stewart were raised knowing the importance of giving back. They described their parents as “very giving and receptive to new ideas.” Now, these brothers are living those values through their charitable work, partnerships, and leadership at the successful and growing Chase, Clarke, Stewart, and Fontana Insurance Agency. Both Bob and Jim support a variety of causes that help their local communities and serve the
COVID-19 heightened many communities’ needs for these services. Mental health crises skyrocketed, and food insecurity as much as doubled or more in some areas. The Stewarts focus on local organizations, and in addition to their own giving, are active participants in the Arbella Insurance Foundation’s Matching Gift program and the “Let’s Drive Out Hunger” program. These programs help them double or even triple their impacts. “We’re very fortunate to have the Arbella Insurance Foundation in our court,” Bob said, “We really appreciate the help they’ve given over the years.”
MAKING EVERY PENNY COUNT
IN THE COMMUNITY
Jim Stewart
One of the organizations the Stewarts support is the Springfield-based Behavioral Health Network, Inc., one of the region’s most comprehensive mental health and social service providers. Bob Stewart was inspired to get involved through the influence of a retired agency partner—one of BHN’s original founders. In this way, supporting the community is “embedded into the agency’s DNA,” Bob said.
underserved.BobStewart
7TRADE WINDS SUMMER 2022
Local Giving, Big Impact MENTAL HEALTH RESOURCES AND FIGHTING FOOD INSECURITY
Another organization close to the Stewarts’ hearts is Rachel’s Table. Rachel’s Table is a Massachusetts-based food redistribution agency that works to reduce food waste and food insecurity. Volunteering there is a family affair—Jim’s wife is one of the organization’s driver coordinators and serves on the board of directors. She connects more than 200 volunteer drivers with the restaurants, grocery stores, farms, and bakeries that have excess food so that they can bring it to the food pantries and shelters that need it most. Last year, Jim and his wife helped Rachel’s Table rescue and repurpose 3/4 million pounds of food. The Stewarts were instrumental in introducing the Arbella Insurance Foundation to these organizations as well. “The Stewarts helped spark long-term, impactful relationships between the Arbella Insurance Foundation and the organizations they support,” said Foundation President, Beverly Tangvik. The Foundation has made multi-year commitments to each organization in support of new, innovative programs. “We are grateful for Bob and Jim’s partnership,” said Beverly.
Talk to the editor Susan Glynn (617) Susan.Glynn@arbella.com328–2463 Writer Bethany Bethany.Bourgault@arbella.comBourgault Designer Susan Haskins When our agents talk, we listen. 1100 CROWN COLONY DRIVE, QUINCY, MA 02169 | ARBELLA.COM