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by Jon Spaugy, BIG’s Chief Executive Officer
Social media and other smartphone- or computer-based interactions can be a gift and a curse. We all hear about (or are) people who waste valuable work time checking their Facebook page or Twitter feed. Emails and texts have largely replaced speaking as a primary form of communication. Now we have the phenomenon called Pokémon Go. Multiple player online games attract every demographic from Baby Boomers to whatever they are calling the preteen set these days. It seems that everyone is staring at a screen of some type. You are right doing it now. As business people, in order to take advantage of this phenomenon, there are a few things we need to understand first. First, the generation most connected with their electronic communication devices are millennials. At the most recent BIG convention in Riverside, our keynote speaker, John Micheli, gave an excellent discussion on this this elusive, yet well covered, demographic. If you missed his presentation, Micheli is featured in this issue’s BIG Q&A. We also need to understand how different aspects of social media or other electronic communications fit into our business model and what online networking can bring to the table. Social media isn’t just for cat videos and commenting on Facebook posts. Read the article on Business and Social Media to see what strategies can work for you and which are probably just wasting your time. Speaking of networking, be sure to mark your calendars for September 7th and join us at our 4th annual Northern California Minivention. After all is said and done, a handshake is far
4 Big Times Magazine | July/August 2016
better than a “poke.” Our Bay Area event has consistently attracted top producers, companies and vendors who look forward to a quick one-day meet and greet. Those who also want to meet in a more casual atmosphere can join us for The A’s vs. Angels game the evening of the 6th.. There have been volumes written on how to use electronic communication to benefit your business. It is true that we are in a new environment when it comes to marketing and sales, but let’s not discount the tried and true methods that have made us successful. It’s true today’s insurance business barely resembles agencies in the past. There is nothing wrong with progress, but do yourself a favor and come down to the Minivention, talk to some people and do some business “old school.” Maybe you’ll even find Pokémon.
Get Active. Get Involved. Get BIG!
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Sidebar with
Harper &
Heim
Lawyers
California’s broker fee regulations have been in effect for over 15 years. In my view, the regulations are simple, fair, and beneficial to insurance producers and clients alike. (Full disclosure: I had a hand in negotiating and drafting them.) Still, our law firm sees problems with broker fees and broker fee agreements every week, some isolated and minor, others repeated and significant. In general, the broker fee regulations require fee refunds for consequential broker errors, so if your insurance brokerage’s fee agreements and practices do not fully and consistently comply with the fee regulations, you could be required to made multiple refunds, perhaps hundreds of them. You could also face license discipline and unfair insurance practice charges from the California Department of Insurance. Some of these sanctions are rare, but compelled fee refunds are all too frequent. The fee regulations, California Code of Regulations title 10, section 2189.1 through 2189.8, specify the requirements of fee agreements and written disclosures of them. Two appendices to the regulations are fee agreement and disclosure forms. Those forms are minimums, not maximums. They may not be omitted or contradicted. They can be supplemented, but as we’ll see that may be less wise than common.
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Because the regulations and forms themselves are indeed simple, you don’t need me to describe them. Rather I recommend that you read them, or at least the summary of them, on the CDI’s website. Here I’ll review the broker fee issues, and frankly some of the errors, reaching my office time and again. 1. Additional Provisions. The minimum required broker fee agreement, known as the Standard Broker Fee Agreement and published as Appendix B to the fee regulations, is above all concise and straightforward. Properly completed, it covers all the material terms of the broker fee transaction. It has been approved by CDI. It’s all most brokers need to confirm and charge fees. Many brokers add provisions to this standard agreement. Additions that do not contradict the standard agreement, the fee regulations, or any other applicable law are permissible. However the additions we see vary widely in necessity, advisability, relevance to fees, and even validity. Our law firm does not recommend additions to broker fee agreements that are not directly relevant to fees. Among the several reasons for this general policy are the risk of tying the broker’s performance of the additional provisions to broker’s basic fee rights, and the effect of complicating a contract that above all is supposed to be simple, clear, and legible to consumers. And, as all brokers usually need are the provisions in the minimum agreement, we usually advise against additions. Many of the supplemental provisions we see are unwise, impractical or inadvisable. One example is powers of attorney. In some commercial or specialized production contexts, these may be justified – that’s very maybe. But in, say, personal lines auto, the risks exceed the benefits. Powers
of attorney cannot be exercised without limitation or discretion. Rather they must be used in accordance with the choices, desires and interests of the principal, your insurance client. If you exercise a power, your exercise had better be justified by circumstances and had better accord with the client’s legitimate desires. Otherwise you are just exposing your own neck to your client. Better to get the client’s informed consent and own signature whenever needed, or to effect cancellation in accordance with statutes, if cancellation is the task may be bound by words that objectively mean “I at hand.
2. Signatures. All too often, a broker fee agreement or fee disclosure is not signed or initialed by a client. Without the client’s signature or initials, the agreement cannot be enforced and the fee can be neither charged nor retained.
Nothing in the broker fee regulations addresses the manner of signing a broker fee agreement, perhaps because the regulations were written ago.before The title the LOI will never be banished from modern proliferation of electronic sigdo” even when the party privately thought “well, the commercial lexicon; yet the nature of an LOI natures and business practices. In the relatively will never be standardized. We’ll all keep using maybe -- if everything still looks good.” even though mostCDI do either too little or too asserted that every past, occasionally Finally, validity is a question with some house- LOIs,distant Obviously, whenever you are entering into a much, and even if we aren’t sure what any particbroker fee agreement must bear the client’s origimade fee agreement provisions. Return check legally binding contract, you need to know it. ular one really does. nal signature. That notion is undermined now. charges, for example, may run California’s Just remember you afoul can’t tellof from a title alone. You must read the entire contract for binding or Call Jon Stanley Heim at (510) 725-7593, or public policy against contractually imposed pendisclaiming words. In some cases you may also e-mail him at jshinslaw@gmail.com or harpAn original signature is always best, and should be alties. have to consider what actions taken pursuant to erandheim@gmail.com. an LOI may suggest that you thus mean or don’t obtained if the sale is made in person. A specific mean to be bound. signature image by fax or scan is next best. Other Keep the fee agreement as simple as you can. Use As aifmatter ofcan. professional preference and style, electronic signature forms can be legally binding the minimum one you Before you add or I dislike the title LOI and prefer to avoid it. For and are widely used in many other contexts. In keep anything more, askorfirst really my money, morewhether properly for you my esteemed clients’ money, a writing of commercial terms theory they can be used for broker fees too. But need the addition, and second whether you need is either a binding contract or preliminary nethey do not yet seem common. The more specifit in that same, simple fee gotiation, andagreement. it should be called only what it really is. Nothing in between and nothing with ic the signature is, the clearer the client’s consent an encouraging title is useful. Indeed anything is. Above all it is that consent that CDI rightly dehybrid can be confusing to all and disappointing to one side. But my cause here was lost long mands.
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3. “IS/IS NOT Refundable (Circle One)”.
5. Fee Amounts.
The fee regulations allow an agreed broker fee to be refundable or non-refundable. The standard agreement (Appendix B) so provides in the following language: “The broker fee IS/IS NOT refundable (circle one).”
The fee regulations do not limit the amount of agreed broker fees that may be charged. CDI and my firm respectfully disagree on whether any other law limits broker fees. I have written at great length about that issue, and can supply my article on it upon request.
Some insurance brokers print fee agreement forms without the not-refundable option. This is impermissible. The option must appear on the form. Some, perhaps more brokers print the form with the option, but with a printed circle around “IS NOT’. Whether that is lawful, CDI and my firm have long disputed. CDI has not accepted this printed-circle practice as complaint with the regulations. My firm’s clients have not thought the issue weighty enough to press. As a practical matter, it seems easier to circle the appropriate option manually than tussle with CDI whether you must do so. 4. Additional Services. The fee regulations allow brokers to charge fees for services other than an original policy sale, although it calls those fees too broker fees. However, all such additional fees, and the specific services for which they’ll be charged, must be written in Section 6 of the broker fee agreement. This includes renewals: if you charge a new broker fee for a renewal, you must so state in Section 6. If renewals or other additional services are not specified and priced in the fee agreement, fees can’t be charged for them.
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One fundamental if elementary recommendation is to be reasonable under all the circumstances. Another is to answer every challenge to a broker fee amount, preferably through counsel if the challenge comes from CDI. Remember, if CDI sees something wrong with one transaction, it may imagine and investigate many more. Amount limits aside, clearly the broker fee is negotiable and must be specified in the fee agreement. Obviously too, the amount actually charged must be correct according to the agreement. That a fee is negotiable does not mean that a broker must reduce it or make concessions on it. That is up to the parties. The same fee need not be charged to each client, in part because clients present different risks and different placement and servicing burdens. But if a fee is not specified – the space for the amount is accidentally left blank, for example – no fee can be charged or defended. Sometimes, especially on renewal, a higher fee is charged than is set in the agreement. In those circumstances the entire fee, not just the excess, usually must be refunded.
Call Jon Stanley Heim These broker fee issues are the ones we see that otherwise could have been avoided. There at (510) 725-7593, most.areThere a widewho variety others. Some some are companies haveof just fell on hard e-mail him at regulators dislike broker fees or even indepentimes and are really well managed. Left alone and ABOUTor THE AUTHOR jshinslaw@gmail.com or to work through theas problems, they will dent allowed insurance production a business, perSantoro is a former senior executive officer be fine and will become great again. This ar- Stephenharperandheim@gmail.com. ceiving that consumers mayfirms be better served from TWO Fortune 200 Insurance Holding Companies. ticle is NOT targeted at them. by insurance agents whose every word, act,Both firms were/are traded on the NYSE. His background focused on reinsurance in both USA and tax haven venerror You and omission decide folks! may be imputed to a fi-ues. Stephen has worked in the insurance business and nancially sound (or at least fund-guaranteed)related businesses since 1981. Stephen also has owned Thank you to Jon Spaugy and the Board of BIG controlling interests in 3 managing general agencies in insurer. If you face challenges or see problems for allowing my viewpoints. I’ll be back next time! CA and GA. Contact him at (310) 305-0459 or ssantoro@ with your broker fee agreement or practices,stephensantoro.com. address and resolve them in quick course. You do not want problems to recur and expand, leaving you vulnerable to consumer complaint and regulatory intrusion on any subject, fair or foul.
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9 | Big Times Magazine
Q&A: John Micheli by Don Lukenbill
Business Consultant, Kansas City Life
In sale and marketing, there arguably hasn’t been a demographic quite as enigmatic as what is called “millennials.” Maybe it’s because they are the upand-coming generation and the “Gen X’ers” and “Baby Boomers” don’t have enough data quite yet. One thing for sure is if you want to create steady customers out of the millennials you are targeting, you need to understand their uniqueness. If you attended the last BIG Annual Convention in Riverside, you were treated to an expert presentation about millennials by John Micheli. Among other positions, John has worked as an agent, in a general agency, and is currently a business consultant with Kansas City Life. There, his primary focus is the growth and development of Kansas City Life Insurance Company’s top agencies. John helps general agents build individualized programs for their agency supporting the recruiting of new agents, building basic and advanced training programs. He also travels around the country as an expert speaker in sales and marketing. For those of you unable to attend the last convention, we thought we would offer you a second chance to learn about John and learn a little about selling marketing to millennials. BIG Times Magazine: Let’s start with a little biographical info. Tell us how you came to the insurance industry. John Micheli: Great story. My family owned bakeries -- my grandfather in Italy and my dad in California. I was working in a bakery from the time I was born until I came into the insurance business. One day, a Saturday, I was at home when the phone rang. The person said who he was, and that he was in the insurance business, and I did what every other 23 year old would do: I hung up.
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He called back about a minute later and said “wait, don’t hang up, your mom referred you to me!’ Well, I’m Italian and if my mom referred me to him I had to listen. Turns out he was direct mailing (yup, I was hired from direct mail) Real Estate Agents in San Diego asking if they knew anyone who was overworked and underpaid. That was 1979, and my mom wrote my name down on the reply card and sent it in. I started my career with NYL and worked for them and Berkshire/Guardian for over 30 years. The last six I’ve been with Kansas City Life as their Business Consultant. BTM: Now you have parlayed your insurance experience into giving motivational presentations on sales and marketing. What motivated (pun intended) you to share your experiences and expertise with others? JM: My dad died when I was 16. My brother and I found him dead, ne morning as we got ready to work another 12 hour day in the Bakery. He had life insurance. That insurance made it possible for us to have a full time mom, for all of us to finish college and choose the professions we wanted to enter. We didn’t have to worry about where the next dollar was going to come from, as the insurance took care of us. For your group, I still can’t figure out why they sell so much Auto and Home, when the biggest and most important asset someone has to insure is themselves and the future money they would earn-had they been around. While my dad had business insurance and homeowners and car insurance, NONE of them were as important to us, his family, as the life insurance -- and every single agent in your group is licensed to sell Life insurance.
Five years ago, my oldest son came to me. He had graduated from college and had a bunch of odd jobs. He said he realized at age 28 that he could never have a full time mom for his kids like he had, or the standard of living he had growing up if he worked for someone else. He asked how to get into this business. Since I came in selling life insurance only, I brought him into the business selling Auto Home and Life. Last year was his 4th year and he made 230K. He bought a home, got married, and is now talking about having a full time mom for his children. Two years ago, my youngest son got into the business and is doing great. To answer your question: I’m now motivated to continue to teach and help agents, because both of my children have decided to come into the business. I have a “second wind” if you wereto help my kids, and the sons and daughters of other agents who bring their children into the “family” business! I have a renewed appreciation for what we do, and I am energized by the new millennial agent and the possibilities. BTM: BIG was founded on the philosophy that sharing information with colleagues ends up making everyone a better business person. Obviously, there is competition amongst insurance producers as well as insurance companies. But there are also commonalties that make the industry stronger as a whole. What’s your take on that? JM: I don’t agree with you. There is NO competition for a service orientated professional. None. There is competition among some of your members who reduce the insurance professional relationship to shopping for a price-meaning-a vast majority of your members marginalize themselves to “price” so when the next “better” price comes along, they are in competition. My son sells his clients Life Insurance, so he has a 100% retention rate. He has full time staff who contact
his client’s 60 days before they are due to renew. He calls them his “retention experts.” My son has no competition – as he builds loyalty with his clients, and they stay loyal to him. The best way to do that is for your people to stop selling based on price, and offer products like life insurance (they are already licensed to sell the stuff) and work on the “relationship”, not the “price” Also, your people need to become better at asking for referrals, instead of trying to build a business on direct mailing areas for homeowners. Again, this isn’t an opinion, this is an assessment based on this fact: How can NYL, Guardian, NWML, Mass Mutual and hundreds of Life companies recruit and develop agents to sell life insurance? Every single person I ever sold Life Insurance to already had Auto and Homeowners. Why is every agent with a life company able to build career and wealth? Why was I able to build a career and wealth? It’s because the auto and homeowners agent didn’t sell life –NOT because they weren’t licensed, but because they didn’t take the time to learn and become confident in the products. In the agencies I work in, and on my watch, the P and C agents I work with SELL LIFE INSURANCE! BTM: Your keynote presentation at the recent BIG convention was about that enigmatic demographic known as Millennials. Before we tackle that particular group, what are Boomers, Gen X’ers, etc.? JM: Like I state in my presentation, the greatest generation, my parents, fought in wars and simply wanted a better life for their boomer children. Us boomers however, had a different plan. We basically opened up a can of whoop ass on our parents, didn’t want to wait 20 years for security, and entered the workplace during the biggest decades of prosperity in the history of this planet. We simply did better than expected.
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BTM: You characterized Gen X’ers as a lost generation. Why? JM: They aren’t “lost”, we lost them. Because the Baby Boomer generation was consumed with consumption and building wealth, we forget to recruit, train and develop that entire generation. We skipped over them saying “look how good we are doing.” Now, we have a gap and lost that entire generation, not able to find common ground to hire them. We must NOT make the same mistake with Millennials. BTM: Even though you were talking about Millennials, you characterized them as “GYPSYs.” What does that mean and why do you combine the two groups (Gen Y’ers and Millennials)? JM: Gen Y and Millennials are the same group. GYPSY stands for Generation Y, Protagonist’s and Special Yuppies! A protagonist is a person who is the main character of their own story. BTM: Millennials have been characterized -- mainly by older generations -- as being entitled and the “participation trophy” generation. What do you say to that? JM: We raised an entire generation of kids who got participation ribbons, and somehow think those trophies matter in the real world. The world has the nerve to consider “merit” and “actual experience” important – we didn’t teach our Millennial children that. We taught them to go out and find the PERFECT career, and you’ll love what you do every day, and the world will reward you…and pay you millions….Ugh… BTM: Would you say the rise of social media is the product of this supposed self-centered, I’m-important-too group of young people, or is it the other way around? JM: The rise of Facebook Image crafting and other social media is a function of that generation needing information NOW, and they realize that communication is faster and simpler when you do it electronically.
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It isn’t any more complicated than that. They also taught their baby boomer parents (us) how to use it. We all had our kids fix and install stuff on our computers…right? BTM: In your presentation, you talked about Gen Y’ers/Millennials valuing idealism and personal fulfillment over a “pull yourself up by your own bootstraps” type of rugged individualism. You say this is not a bad thing. Tell us why JM: The entire generation values relationships over “getting ahead.” We have the perfect career for the Millennials who want to work hard, have a fulfilling life, and build and maintain relationships. They can help people, and as a by-product make money. They can personally fulfil their ambitions all while helping others and helping themselves. BTM: How can insurance agents, as well as companies, leverage the uniqueness of Gen Y’ers/Millennials to their advantage? In other words, what does this group bring to the table and how does it fit into today’s business model? JM: Companies have to understand one of the basic tenants of any business and especially a sales business (where a product is sold rather than bought) is that you have to sell to people they way they want to be sold-and the way they want to buy. My sons can sell a 30 year old way easier than I can. That entire generation is unique – so why are we (baby boomers) trying to sell them, when they value a relationship built with their own more? BTM: Shifting gears, you have spoken to numerous trade associations like BIG in your career. Some believe these groups have outlived their usefulness, others think they still have a lot to offer their members. What do you think? JM: WOW. I could go for days on this one. I am a member of the Society of Financial Services Professionals and National Association of Insurance and Financial Advisors. When I first entered the business in 1979, I joined. At the monthly meetings, monthly, there were some 600 people. I go
to the same meeting today, and there are four Associations that have combined, and there are 17 people at a meeting. So rather than give you an opinion, here’s my assessment based on evidence (not what I think). The organizations that were around and still are for my business were fueled with recruits from the NYL, PRU, Mass Mutual, Northwestern Mutual etc. Since those carriers have drastically reduced their recruiting efforts, the only people left to attend are 70 year old dudes with corduroy coats, who have nothing else to do but attended a meeting, eat lunch, and reminisce about “the old days.” The value the meetings projected in the 80s and 90s was of learning – and todays Millennial agents do NOT want to miss a half or full day of selling, when they can get what they need via email, text, tweet, phone, and from their mentors. They want fewer meetings. Period. If you’re going to keep putting them on, have them at a location that will be a reward. But understand that if there is no perceived value, your attendance will continue to decline. In addition, younger people can get information via NOT having to attend a daylong meeting. BTM: We opened with some personal information, now let’s close with some. If you could go back 10 years and talk to the 2006 version of John Micheli, what would you say to him? JM: I’d tell him to calm down and everything will work if you work. I’ve always worked hard and over achieved. I would also tell myself to stop eating so much bread (son of a baker) BTM: When you finally decide to call it a career and take that “Endless Summer” tour of the world’s greatest surf breaks, what do you want your legacy to be? JM: I simply want my sons to say that I practiced what I preached and that I cared for people and as a by-product people paid me well. I believe now that everyone who knows me knows I care for the industry, and the people who sell and offer insurance products to consumers, anytime, anyplace, if I can help, I’ll be there (unless it is off shore and 4-5 foot peaks).
BTM: If you could sum up your personal philosophy for success in a few sentences, what would you say? JM: My Philosophy? Hold people in care. BTM: Any final comments? JM: Thank you for this opportunity to give back
FOUR REASONS YOUR BUSINESS SHOULD BE ON SOCIAL MEDIA
By Doug Vermeeren, CEO of Business Networker
When they need to make personal connections with the rest of humanity, more and more Americans are doing so via the Internet. A 2014 study by the Pew Research Center showed that 74 percent of adults who go online use a social networking site, whether it’s Facebook, Twitter, Instagram or something else. It’s clear that nearly everyone makes an effort to connect some way through social media. A lot of that time is spent sharing vacation photos, debating politics or chatting about everyday events in their lives. But businesses are missing out if they don’t understand how powerful online networking is, and how it can help them connect with potential customers and other businesses they could form partnerships with. There are several reasons business professionals are making a mistake when they fail to take advantage of online-networking opportunities. • If you are not networking, you are not working. Networking itself is nothing new. Business people have always found ways to connect with potential customers and clients, whether by joining organizations, playing a round of golf or working the tables at a Chamber of Commerce breakfast, These days, social media is replacing real-world relationships. That can have the downside of removing the personal touch, but it doesn’t have to be that way. A good business-networking site can help you keep that personal touch in both your online and live networking. • The customer and you. No matter how good the idea behind your business is, all business transactions still require two essentials: you and a customer. Networking in general helps you identify some of those customers, but online networking
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can do so even more quickly and efficiently, helping you cast a wider net than you could by dropping in on a local business-networking function. • An extra problem solver. The better networked an individual is, the more solutions they have access to in order to solve challenges that affect their businesses. It’s the old “two heads are better than one” concept extrapolated many times over. Someone probably has already dealt with a problem similar to one you are facing now. Being able to draw on their experience could save you a lot of time, trouble and money. • Social media is more than social. In the past, much of the networking through social media was designed for connecting on an entertainment or personal level. Some businesses have come to realize what a powerful tool social media can be for them, he says, but they had to try to adapt to sites that weren’t necessarily designed with their goals in mind.
It’s important to understand that not all sites are created equal or serve the same purposes. Some are great for connecting socially. Others might be good for job recruiting. But businesses also need to be able to build professional relationships online, and have those relationships evolve and eventually turn into mutually beneficial transactions. Yes, online networking is important, but you also don’t want to waste your time. You need to make sure your online-networking experience is allowing you to build strong relationships with other business owners to help make your business grow.
ABOUT THE AUTHOR Doug Vermeeren is an internationally renowned public speaker, author, movie producer and director. His life coaching strategies help those from all walks of life, with clients including business executives, celebrities, professional athletes and more. He has written three titles contributing to Guerilla Marketing, the best-selling business book series. His most recent venture is the launch of Business Networker (www.businessnetworker.com), a social networking site for small and independent business owners that helps people make professional connections and provides a simple solution for online retail.​
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INVEST IN TECHNOLOGY TO KEEP YOUR AGENCY RELEVANT AND COMPETITIVE By Mark Malis, President of QQSolutions Insurance agencies are no strangers to competition. Whether large or small, there has always been another agency around the corner competing for a book of business. Today’s technology landscape, however, has brought to life a new set of competitors – located not just around the corner, but virtually anywhere. In fact, these new competitors are not insurance agents at all. According to Accenture, nearly 70 percent of insurance customers would consider purchasing from non-insurance organizations, including technology companies such as Amazon and Google. Couple that with the influx of $2.65 billion in funding for InsurTech startups in 2015 (CB Insights) and the industry is in the midst of unprecedented disruption, driven by tech players, that will shape the state of insurance for the foreseeable future. Whether agents will be able to remain ahead of this disruption, however, will depend on their ability to transform alongside – and sometimes together with – these new entrants. Here are the key technologies and tactics that agents need to adopt now, in order to stay competitive in the coming years: Optimize for Mobile According to Boston Consulting Group, nearly 15 percent of all U.S. Internet traffic now comes from smartphone users. It therefore shouldn’t come as a surprise when customers say they want the ability to access everything directly from their smartphone. When it comes to insurance, each step of the lifecycle from visiting a website, comparing quotes and even submitting a claim should be optimized for the small screen.
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Agencies that are investing in these mobile capabilities can expect to see an influx of new customers who made their purchase decision based on the availability of mobile. Build Self-Service Portals Web self-service is a type of electronic support that allows both customers and employees to quickly access information and perform routine tasks online. Nearly half of all agencies that reported rapid customer and revenue growth in 2015 have deployed advanced customer self-service capabilities such as document-sharing, chat and video conferencing on their websites. Similar to the mobile investments, agencies that implement chat and other website technologies will stand above the crowd for serving customers faster. Go Social In 2018, it is estimated there will be around 2.55 billion social network users around the globe, up from 1.87 billion in 2014 (Statista). With nearly two-thirds of sales professionals reportedly closing at least one deal as a direct result of using social media, according to a survey from KiteDesk – it’s safe to infer that social networking has become the new word-of-mouth referral. Today’s agencies need to not only invest time and resources into online networking, but also encourage engagement with customers to truly capitalize on this social wave. Leverage an Agency Management System Implementing an agency management system is an obvious way to make your agency more efficient. Finding the right AMS solution for the size of your agency and technology needs is critical to successfully integrating an AMS into day-to-day workflow. Today’s advanced AMS offerings will help you run your office in a variety of ways, from maintaining customer files to financial reporting to improving E&O documentation. Review the breadth of capabilities that your AMS offers to make sure that you are taking advantage of the services you need to stay competitive.
There is no doubt that technology is at the cusp of transforming the $7 trillion insurance market, but only those who actively work to usher in this disruption will remain viable in the eyes of current and future customers. Agencies need to continually survey the landscape to ensure they remain competitive in this evolving time. And as tech behemoths and well-funded startups begin to use their expansive resources to attempt to wedge out insurance agencies – just remember that while technology may appear to be the enemy, it also has the ability to even the playing field. ABOUT THE AUTHOR Mark Malis is the co-founder of QQSolutions as well as the original developer of the company’s first Rating and Agency Management System (AMS) products. Mark has more than 25 years of experience in the insurance and software industries, including working as an agent for an insurance agency. Currently he is president of QQSolutions, which is now a division of Vertafore.​
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MILLENNIALS: MOST LIKELY TO RENT; LEAST LIKELY TO HAVE RENTERS INSURANCE A new survey released by insuranceQuotes finds that millennials are most likely to rent homes, but very few are covered by renters insurance. And while coverage is not expensive, not having it could cause a huge financial hardship. Sixty-six percent of 18- to 29-year-olds rent their homes, compared to just 37 percent of consumers overall. However, less than one-third of millennial renters have renters insurance, according to the survey by insuranceQuotes in partnership with Princeton Survey Research Associates International.
Adams, senior insurance analyst for insuranceQuotes. Other report highlights include: Renters who don’t have renters insurance because they don’t understand the product increased from 27 percent in 2015 to 33 percent this year. Renters who don’t have insurance because they don’t know where to get it also increased from 20 percent in 2015 to 26 percent this year.
When asked why they don’t have a renters policy, 59 percent of renters in the 18 to 29 age group said that cost isn’t the primary reason. Instead, they believe it’s unnecessary because their property is secure (61 percent) or they don’t own enough personal belongings to insure (43 percent). And surprisingly, 41 percent said they’re avoiding renters insurance because they don’t understand the product.
College graduates are more likely to have renters insurance compared to high school graduates or those with a lesser education – 64 percent to 24 percent respectively.
“A big takeaway from the survey is that many consumers underestimate the benefits of renters insurance and overestimate its cost. The average annual premium is $188; however, 25 percent of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. We need to educate a new generation of renters who don’t fully understand its benefits because it’s an affordable financial safety net that every renter should have,” says Laura
The full report is available at http://www. insurancequotes.com/home/millennials-and-renters-insurance-051916.
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Thirty-five percent of respondents mistakenly said a renters policy does not cover personal property damaged in a natural disaster or property stolen from you outside of your rental home (60 percent).
Methodology: The survey was conducted by Princeton Survey Research Associates International (PSRAI). PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States.
ABOUT THE AUTHOR
About insuranceQuotes insuranceQuotes provides consumers with a free, easy way to shop for and compare insurance quotes online for auto, home, health, life and business policies. Follow insuranceQuotes on Facebook, Twitter, YouTube, Instagram and Google Plus.
Rob-Jan de Jong, author of “Anticipate: The Art of Leading By Looking Ahead” (www. robjandejong.com), is an international speaker, writer and consultant on strategy and leadership themes. He serves as an expert lecturer at various leading business schools such as the Wharton Business School (USA), Thunderbird School of Global Management (USA), Nyenrode Business University (The Netherlands), and Sabanci Business University (Turkey). As a behavioral strategist, he speaks, teaches and consults on executive subjects such as visionary leadership, influence, strategic decision-making, and innovation.
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WHY COME TO THE MINIVENTION (OR ANY CONVENTION)? By Jon Spaugy, CEO, BIG These days, it seems like conventions hosted by various trade associations, insurance and other industries have been dropping by the wayside. What used to be weeklong affairs combining fun, networking and education are now on the industry endangered species list. Some people can’t (or won’t) take time away from the office and see the whole institution as unnecessary; something their dads did. Same with most industry get-togethers – meetings, dinners, etc. Maybe I am biased, but I’m here to tell you that’s nonsense. Recenty, BIG had a “Day at the Ballpark” to watch the Padres and Giants at Petco Park. I was joined by 60 insurance professionals. It was a great event with everyone networking and sharing. Sometimes a good, solid ten minute conversation about business (notice I am not saying “doing business”) can impart more wisdom that a 60-minute seminar. I have been in the insurance business for 26 years and I can tell you exactly why I attend no less than two conventions each year. We are independent agency owners, which means we represent numerous companies to give our customers several insurance options. It does not mean we have to
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stand alone in this industry. Of course, BIG welcomes captive agents as well. Whether you represent one company or fifty companies, it is important to stay on top of trends, learn from each other, and connect with old friends and meet new ones in person. Face-to-face with a handshake and/or hug and not a “poke.” Conventions are opportunities to get beyond the faux communication of Facebook, Twitter, etc. and actually have an out-loud conversation. Actually have a spontaneous exchange of ideas. Talk to people that may have an idea of what might be missing from your business plan or life plan. Learn in a classroom environment and not a computer screen. Talk to company reps and vendors outside of your office. Our 4th annual Northern California Minivention is coming up next month, September 7th to be exact. We at BIG feel that Northern California had been ignored for many years, and most agents/brokers, company reps, and vendors have had to come down to Southern California to take advantage of the opportunities afforded by a convention experience. Besides the education and seeing the carriers and vendors, the reason I love planning, executing, and especially attending conventions is because at the end of the day we are all in the business to be successful. What better way to learn and grow your agency or company than being in one place to learn from each other once, twice, even three times a year?
Check out BIG’s website to see how much we have packed into one day (two if you include the A’s vs. Angels game on September 6th). Even if you are swamped at the office, you need to figure out a way to come. It may just help you learn how to run your business more smoothly and effectively so you won’t be as overwhelmed. There is a full morning of seminars (one in Spanish) and an afternoon Trade Show with over 50 exhibitors. We’ll close out the day with the 2016 Northern California BIGGIE Awards. For just $30, you get it all. Register on the BIG website at www.biginsusa.com. I have never attended a convention where I did not learn something new. As my good friend Adam Meyerson always says, we are a BIG industry but a small community. Join us.
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GETTING CLICKS AND LIKES By Andree Ochoa, CEO, Domain Cart For some companies and businesses, getting clicks and likes on their profiles and fan pages isn´t really important. Simply because their sales channels are different, most companies that aren´t interested in online leads. They have their offline sales channels well figured out. But for the majority (at least those who I talk to), how to get clicks and likes on fan pages is one of the most frequent asked questions I get. I remember back in 2001 when I was starting my computer consulting company, being online was important, but I wasn’t really interested in what the internet had to offer. Back then I was basically a computer geek offering onsite computer support and I was doing pretty well. I didn’t start my first successful online business until 2006. I started conducting business online via chat rooms and online classifieds, post on different pages, blogs, forums and other networking sites that existed. This was the social media of the time and my name was well known in the IT community because I was Microsoft IT TechNet community director in Tijuana. I was barely nineteen years old, our communication in the TechNet community was only by email and forum posts. Some social media existed but weren´t as popular as they are right now. Getting clicks and likes has always been and always will be about engaging with people, creating conversations and getting people to trust you, your fan page, and your website. Content such as pictures, thoughts, video, sound, and sharing moments of your life either personal or work will make you popular and trustworthy. These actions in turn will create conversations and gossip in your community, social media profiles, and fan pages no matter what social media site you use.
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Becoming trustworthy in your community will make you the go to person for whatever your business may be and this will translate in to consultations, maybe presentations and speeches, and off course more sales and money. As always, thank you for reading my articles and feel free to drop me a comment on my blog or at my social media profiles. I´ll try to answer you as soon as possible. Blog: http://www.andreeochoa.com FB: http://facebook.com/MCSEAndreeOchoa Twitter: http://twitter.com/andreeochoa Google+: http://google.com/+AndreeOchoa
TERROR INSURANCE COVERAGE MUST BECOME PERMANENT By Stephen S. Santoro Every day threats of terrorism arise. Last month it became more acute as a result of a two-page summary intelligence report suggesting Al Qaeda and ISIS would like to attack us again. Homeland Security asserts that their “gut instinct” indicated a possible attack might be in progress. Whether such indicators are reliable forecasts, the timing was interesting as Congress was debating as to whether or not to renew the “temporary terrorism insurance program” started after 9.11.2001. In Congressional slang “temporary programs” are defined as on their way to becoming permanent. Former Chairman of House Financial Services Committee, Barney Frank, had been moving along a bill to extend the federal terrorism coverage for 15 years in 2011, wanting to expand it to cover unconventional weapons and increase the government’s share of the total payout (essentially reinsurance) after an attack. Fifteen years after the 9.11 attack, along with the collective resources of the insurance and reinsurance profession, who are working long and hard to evaluate, understand and price the threat, Mr. Frank proposed increasing the federal government’s role. My good friends at SWISS RE, the world’s second largest reinsurer (by premiums written globally), and the reinsurer who insured and reinsured the bulk of the 9.11 losses issued a careful report 6 months after the attacks predicting it would be 3-5 years before the insurance and reinsurance profession could stand on its own feet in covering terrorism risks. SWISS RE, in concert with the entire insurance and reinsurance profession called
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for a permanent federal program. I agree 100%. The US Government should always be the reinsurer or insurer of last resort in any terrorist catastrophe, of any kind. US Senator Charles Schumann, from New York, claimed that uncertainty over the program’s fate is disrupted real-estate deals and construction projects in the Empire State. While the program is set to “sunset” this year, it should be renewed and renewed properly. Even though these buildings are assets with useful lives measured in decades and even though project managers and developers factor in the buildings depreciation and ultimate demise, actuarially, again this program should be renewed and renewed correctly. The urge to extend this program is NOT traditional Congressional “pork-barreling” due to lobbyists and campaign donors who grow up in “pork”. The federal role is now one that applies to every other catastrophic market: The strength and the financial statements of the USA taxpayer are the only entity strong enough to support virtual unlimited and unconditional risk. Risk that is unparalleled in ANY other risk sector or insurance or reinsurance. Stated another way, how do you price this risk? Or, better stated, can you price this risk? My argument is two-fold: Without a federal backstop, private insurers and reinsurers faced with an “off-the-charts mega-attack” which bankrupt not only the individual carriers, but the entire insurance and reinsurance profession (there is finite capital in the insurance and reinsurance market; it is not unlimited or infinite), the private insurers and reinsurers
cannot set their rates high enough for property owners to afford it. Again, how do you price it? The second factor is the need for the USA Government to aid the markets after this type of an tragic attack, and the subsequent tragic events. Again, there is finite capital in the insurance and reinsurance market; it is not unlimited or infinite. Rand Corp.’s “think tanks” have labored and tried to quantify this issue. Rand concludes that with the USA as the “market backstop and the market of last resort” taxpayers actually save money in the mist likely terrorist scenario (e.g., a modest truck bomb that does a few billion dollars of damage). “If the USA government assumes more risk, private insurers and reinsurers sell more policies covering conventional attacks, which means the USA government covers fewer losses. What if the coverage is extended to “nonconventional” attacks-nuclear, biological, chemical and radiological - all of which private insurers now exclude from policies? Rand says that doing so would be desirable, but such a stand would also raise prices, causing many property owners NOT to buy coverage. From both a public policy perspective and a personal perspective, that is akin to all drivers in the USA not having liability auto insurance on the grandest of all scales! And it is foolish! Taxpayers can be at risk for more severe losses after a more likely “ordinary attack” (if there is such a thing), which insurers and reinsurers have concluded that a mega catastrophe is much less likely now, due to heightened international surveillance. Rand’s advice: Cover the unconventional terrorism by the US Government, make adjustments to reduce
the risk to private insurers and reinsurers and thereby optimize (from the taxpayer’s point of view) the take-up of insurance by property owners. Mr. Frank’s bill mandated coverage of unconventional attack, cutting in half-to $50 million-the damage trigger before federal money (reinsurance) kicks in. Mr. Frank also tried imposed a low deductible, allowing private insurers and reinsurers reinsure the bulk of losses to the federal government. I think this makes sense, as it insures the “solvency of global financial, insurance, reinsurance and risk-assumption markets. Many of you, myself included, view other natural disasters such as hurricanes, earthquakes, floods, tsunami’s as the same type of problem. Again, the insurer and reinsurer of last resort must be the US Government. While smart insurers and reinsurers limit their risk by setting rates high enough to guarantee their survival even if hit with a modeled 250 year catastrophe, there are some risks you just can price high enough. 9.11.2001 was one such risk. It changed “modeling of risk assumption” forever. Higher prices mean less terrorism insurance (in theory) is bought by building owners, however, good public policy requires our government to protect us against “unconventional attacks”. Many lobbyists insist terrorism is uninsurable. I agree. I can see no pricing mechanism that takes into account all variables and cost issues and creates an algorithm that can be relied upon and then “stress tested” in all kinds of events. If it could, no money managers would EVER lose money. They do, they have and they will continue to.
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I am not suggesting that we bailout property owners who buy NO insurance. That is socializing risk and I am an advocate against it. However, Rand’s rational arguments for permanent federal insurance and reinsurance are also rational arguments for a greater and more sophisticated federal insurance and reinsurance role in insuring against all natural disasters. I agree with Rand. Look no farther than Hurricane Katrina and 9.11.2001 as proof. We must always keep the insurance and reinsurance markets solvent. One more time: There is finite capital in the insurance and reinsurance market; it is not unlimited or infinite. You decide folks! Thank you to Jon Spaugy and the Board of BIG for allowing my viewpoints. I’ll be back next time!
ABOUT THE AUTHOR Stephen Samuel Santoro is a former senior executive officer from 2 Fortune 200 Insurance Holding Companies. Both firms were/are traded on the NYSE. Stephen’s background focused on reinsurance in both USA and tax haven venues. He attended the University of UT from 1975/1980 and has worked in the insurance business and related businesses since 1981. Stephen also has owned controlling interests in 3 managing general agencies in CA and GA. Contact Stephen at (310) 305-0459 or ssantoro@stephensantoro.com. You can also follow him on Twitter: http://twitter.com/stephenssantoro, Facebook at Stephen Samuel Santoro (5000 Friends), Instagram at Stephen Samuel Santoro, and LinkedIn at www.linkedin.com/stephensamuelsantoro.
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f fa un ct s
Next month – Monday, September 5th to be exact – we will observe Labor Day. The summer season bookend with Memorial Day, Labor Day symbolizes the end of bathing suit season and we all get our barbecues out for one last char-broiled fling. Never mind that the start of autumn (September 22nd) is over two weeks later and SoCal grilling season never really ends, it is the last official day (in some circles) to wear white. In honor of Labor Day, here are some fun facts about the king of Monday holidays: President Grover Cleveland declared Labor Day to be the first Monday of September. Labor Day was first observed on September 5th, 1882 (which was actually a Tuesday). There are two different beliefs concerning who founded Labor Day: Some state Peter McGuire, the general secretary of the Brotherhood of Carpenters and Joiners, while others contend that it was in fact Matthew McGuire, a machinist, who founded Labor Day in the United States. The first Labor Day was celebrated in New York City. 10,000 workers took an unpaid holiday to march in the first Labor Day parade. Labor Day was founded when many in America worked 16 hour days in harsh work environments. It was considered a day to recognize the challenges and the rights of workers. The first Labor Day was really a rally for the adoption of eight hour work days and other more suitable working conditions. In 1887, Oregon was the first state to make Labor Day a holiday, seven years before the President declared the celebration a national holiday. While the United States is the birth place of this annual holiday, similar worker’s days are also celebrated in other countries such as Australia, Canada, Jamaica, New Zealand, Trinidad and Tobago in association with each country’s labor movement. According to the latest Census figures, there are 155.7 million people age 16 years and older in the country’s labor force. While the United States Department of Labor states that rules vary depending upon state, job type and age of the minor, on average a person must be 14 years or older to enter the workforce. The farm owner and tenant industry accounted for the largest number of employees in 1910, but these days retail salespeople are the prime employee base with with more than 4 million Americans employed in retail (per the US Census). Thank you to KidsKonnect and SheKnows for the fun facts.
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CAN YOUR STAFF SOLVE CHALLENGES WHEN FACED WITH OBSTACLES? By Dana Borowka, MA, CEO of Lighthouse Consulting Services, LLC
Today is the day to look beyond… to look at the many opportunities and the open horizons that can be in store for you and your organization. This is the time to rally the people that you work with and begin to collaborate and gather ideas in the following areas: • Improving efficiency • Raising the customer service bar • Explore opportunities • Operational processes • Cost efficient ways to do things differently • Identify specific traits in people that you’d like to add to your team • How to better mentor staff members Those are just a few areas to explore. Looking out into the future, you’ll want to take advantage of some of the fresh talent that will be available. However, you’ll need to be very selective as to who you’ll want on your team. Managing down just doesn’t work any longer. Understanding the strengths of an individual will help to promote a positive environment where people will want to share ideas that might not have been considered in the past. This is the time to build a positive reputation so your company is a magnet for attracting top talent. Thinking Outside of the Box
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I was at a restaurant recently and asked to see if an item that I didn’t see on the menu was available or if I had overlooked it on the menu. They didn’t have the item, but the staff response set me back. The server stated, “Our goal is to think out of the box. To do what we can to please the customer so that positive word of mouth is shared and that will result in more business for us!” Isn’t that what we all want: team members that will think out of the box, positive word of mouth about our business, to increase revenue? What we all need are people like that on our team. So the million-dollar question is: how do we get staff members to think along those lines and how can we attract people like that? What Is Driving Your Top People? Learn what is driving your top talent people. If you help them to succeed you’ll create a high level of retention and become a magnet for recruiting. Here are some action items for you to consider: Use an in-depth work style and personality assessment during the hiring process and for current staff. Use the data to manage, which in turn will reduce the learning curve for new hires and help to better understand current staff members. Place individuals in positions that they can succeed in based on their strengths. Take the time to constantly mentor and create plans to help individuals grow. Identify traits of individuals that you want in
your organization and target those individuals through specific messages in ads, on the web, through networking, and association gatherings. For your A players (your major contributors), play to their strengths and help them grow. Don’t ignore them just because they are doing well. These are the individuals that if they don’t feel engaged in helping the organization to continue to grow and improve, they’ll leave. For your B players, nurture them through mentoring so they can become A players down the road. For your C players, measure and possibly remove them if they are eating up your time. Never spend 80 percent of your time and energy on the people who are producing 20 percent of your results. Peel the Onion But don’t write those C players off too fast. A small hotel chain had reservation reps that were not meeting the volume level that was being required. The manager thought they were just C players and was a very unhappy camper with his team. That person was placed in a different department and a new manager came in who sat down with each individual and then with the group. She discovered that 24 hours before a guest was going to arrive at the hotel property that a high percentage were calling in to verify the reservation and to get directions. This used up valuable call time, so as a team they brainstormed together and came up with a brilliant idea. Since the reps were asking for email addresses why not send an email confirmation 24-48 hours prior with a fun page welcoming the individuals and include links for weather and directions. Guess what happened? Calls were reduced
and the reps were able to take more calls for new reservations with less hold time. All because the manager took the time to ask questions to peel the onion back to identify the underlying issue. When the reps were asked why this topic hadn’t been addressed in the past they simply responded, “No one asked and we never thought of it.” Set Your Sights on the Future Make the most out of this environment by helping others in your team to be successful, build a positive reputation, ask your team for ideas and contribute to the well-being of the entire organization, train staff to mentor others, and be on the lookout for adding fresh talent to your team. Remember, it is important to be precise in what you are looking for and do a thorough job interview by asking probing questions, doing reference and background checks, and utilizing an in-depth work style and personality assessment. This is the time to set your sights on the future, deal with the present by supporting your team, and ask for input. Set your organization on a course for long-term success by using proactive and collaborative mentoring, management, and vision. We’d love to hear about your successes. ABOUT THE AUTHOR Dana Borowka, MA, CEO of Lighthouse Consulting Services, LLC and his organization constantly remain focused on their mission statement – “To bring effective insight to your organization”. They do this through the use of in-depth work style assessments to raise the hiring bar so companies select the right people to reduce hiring and management errors. Dana has over 25 years of business consulting experience and is a nationally renowned
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speaker, radio and TV personality on many topics. He provides workshops on hiring, managing for the future, and techniques to improve interpersonal communications that have a proven ROI. He is the co-author of the books, “Cracking the Personality Code” and “Cracking the Business Code”. To contact Dana, email him at dana@lighthouseconsulting.com.
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