The Oregon Agent, Summer 2016

Official Publication of the Independent Insurance Agents and Brokers of Oregon

Summer 2016

IIABO 88th Annual Convention AUGUST 21-23, 2016 eagle crest resort Redmond, OR

Build Your Agency with Referrals Is the Future Positive for Small, Traditional Agencies?

Reducing Your Insurance CostsDistinguishing Bad Advice from Good Advice

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The Oregon Agent • Summer 2016

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Summer 2016 • The Oregon Agent

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OREGON

Agent

CONTENTS

SUMMER 2016

Page 20

Page 8 Page 25

Page 18 IIABO Office 5550 SW Macadam Ste 305 Portland, OR 97239 Phone: 503-274-4000 Fax: 503-274-0062 Toll Free: 866-774-4226

Page 12

IIABO Staff Directory

Sr. Vice President Marketing & Communications Barb Demings barbd@insureoregon.org Vice President Education & Finance Tyra Dressel tyra@insureoregon.org Asst. Vice President Agency Products & Services Abby Kahl abbyk@insureoregon.org IIABO Lobbyist Roger Beyer roger@rwbeyer.com

The Oregon Agent is a publication of the Independent Insurance Agents and Brokers of Oregon and is published quarterly by Blue Water Publishers, LLC. IIABO reserves the right in its sole discretion to reject advertising that does not meet IIABO qualiďŹ cations or which may detract from its business, professional or ethical standards. IIABO and Blue Water Publishers, LLC do not necessarily endorse any of the companies advertising in the publication or the views of its writers. The publisher cannot assume responsibility for claims made by advertisers, content provided by the editor, or for the opinions expressed by contributing authors.

For more information on advertising, contact : Jim Aitkins Blue Water Publishers 22727 161st Avenue SE Monroe, WA 98272 360-805-6474 fax: 360-805-6475 jima@bluewaterpublishers.com

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The Oregon Agent • Summer 2016

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Letter from the President, Trish Fulwiler

8

2016 Legislative Conference Photos

10 IIABO 2015 - 2016 Leadership 12 What Salespeople Can Learn From the Presidential Race 15 IIABO 88th Annual Convention Information

16 Convention Schedule

17 Convention Registration 18 IIABO Convention Preview: Building Your Agency One Relationship at a Time 20 Build Your Agency With Referrals 22 Is the Future Positive for Small, Traditional Agencies?

25 Reducing Your Insurance Costs

ADVERTISER INDEX

Executive Vice President Jim Perucca jimp@insureoregon.org

AmTrust 13 Anchor Bay 29 Anderson and Murison 23 Burns & Wilcox 9 Contractor Connection 27 EMC Insurance 3 Grange Insurance Association 5 Griffin Underwriting 2

Imperial PFS Liberty Mutual Mutual of Enumclaw Preferred Property Program RT Specialty Risk Placement Services Ron Rothert Ins Services Western National Ins Group

14 32 19 29 30 31 24 7

Summer 2016 • The Oregon Agent

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FROM THE IIABO PRESIDENT

Trish Fulwiler J.D. Fulwiler & Company

I

It is remarkable that I’ve already passed the mid-point in my term as president of the IIABO. Besides being a great honor, this position has enabled me to see up close how membership in the Independent Insurance Agents and Brokers of Oregon provides a vast array of benefits. Most of these benefits are included in your dues, and others are available at a very modest cost. I think it’s important to step back on occasion and see just what membership brings to you and your agency.

The IIABO provides a very strong voice, both in Salem and Washington D.C. This is vital to agents, not just as producers, but as business owners. Agents are represented in Salem by our lobbyist, Roger Beyer. Roger spent eleven years in the state legislature, both as representative and senator. He served one term as Senate Republican leader.

On the national level, my responsibilities took me back to Washington D.C. for the annual IIABA Legislative Conference in April and I was able to witness firsthand the incredible lobby that represents us on Capitol Hill. The Legislative Conference brings over 1,200 agents from across the country for a day of legislative visits on the “hill”. This year we had personal meetings with Senator Merkley, Representatives Walden, Bonamici and Schrader. Other meetings were held with senior staff. (See page 8 for our photo spread from this year’s Conference.)

fingertips including policy forms, coverage interpretations, business practices, check lists and white papers. You can even “ask an expert” by simply posting a question and receive answers from the panel of insurance experts.

Finally, member agents are eligible to access the Westport/Swiss Re E & O program. This is a member’s only risk purchasing group jointly managed by the IIABA and Westport. This program provides the finest in claims service, broad coverage and very competitive rates. Local service is provided by our E & O specialist Abby Kahl and she can provide a rate indication using an application from your current carrier. Call her 503-274-4000 or email abbyk@ insureoregon.org Set aside August 21-23 and plan on attending our 88th annual convention, “Make it Happen” at the Eagle Crest Resort, Redmond, Oregon. The convention is a great blend of education, recreation and family fun. Great for networking and learning what is new when visiting the sold out exhibit hall. More information and registration can be found in this issue of the Oregon Agent, or on line at www.iiabo.org.

If you are not a member and would like more information, call Jim Perucca at 503-274-0583. Look forward to seeing you this summer at the convention.

Trish Fulwiler President, IIABO 503.293.8325

Another benefit I’ve come to appreciate is the IIABA “Virtual University”. The “VU” brings a wealth of information to your

Your association staff: Executive VP

Jim Perucca

503-274-0583

jimp@insureoregon.org

Sr. Vice President

Barb Demings

503-274-4000 ext. 26

barbd@insureoregon.org

Vice President

Tyra Dressel

503-274-4000 ext. 31

tyra@insureoregon.org

Asst. Vice President

Abby Kahl

503-274-4000 ext. 23

abbyk@insureoregon.org

Toll Free Numbers:

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The Oregon Agent • Summer 2016

1-866-77-IIABO or 1-866-774-4226

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2016 Legislative Conference

Jim Perucca, Representative Suzanne Bonamici, JP Donkin, John & Ann Timm

JP Donkin, Jim Perucca, Representative Kurt Schrader, John & Ann Timm

Jim Perucca, Brandie Chastain, Ed Davis at Liberty Mutual reception

Ed Fugo, Trish Fulwiler, Representative Peter Defazio, Brigitt Whitescarver, Ed Davis

JP Donkin, Jim Perucca, Representative Greg Walden, Ed Davis, John & Ann Timm

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The Oregon Agent • Summer 2016

BURNS &

PARTNER, NOT COMPETITOR

WILCOX WHOLESALE IS OUR MIDDLE NAME. Free of retail divisions, ownership or even affiliations, we never cross the line between wholesaler and competitor. Your best interests always come first, keeping the focus on growing your business. Don’t compromise. Partner with the leader who works with you instead of against you — Burns & Wilcox.

San Francisco, California | 415.421.4244 toll free 800.759.4855 | fax 415.421.0620 sanfrancisco.burnsandwilcox.com Salt Lake City, Utah | 801.432.5422 toll free 800.523.1409 | fax 801.944.4893 saltlakecity.burnsandwilcox.com Commercial | Professional | Personal | Brokerage Binding | Risk Management Services Summer 2016 • The Oregon Agent

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2015 - 2016 IIABO LEADERSHIP The IIABO Board of Directors is a diverse group of insurance professionals representing the varied interests of agents throughout the State of Oregon. We would like you to learn more about these volunteer leaders and the years of experience they bring to the association.

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Trish Fulwiler President, IIABO President, J.D. Fulwiler & Co. Portland, Oregon - 24 years

Kay Hunkapillar President Elect, IIABO President, Wheatland Ins. Ctr., Inc. Pendleton, Oregon - 46 years

Brett Slater Vice President Chief Operating Officer, Slater & Assoc. Insurance, Inc. Tualatin, Oregon - 26 years

Ed Davis Past President & National Director, IIABO Maps Insurance Services Salem, Oregon - 49 years

TJ Sullivan Legislative Chair, IIABO Huggins Insurance Services Salem, Oregon - 18 years

Keith Blackerby Finance Chair, IIABO Chief Operating Officer, Bisnett Insurance Offices throughout Oregon - 28 years

Mark Atkinson Board Member President, Atkinson Insurance Group Portland, Oregon - 25 years

Steve Fitzwalter Board Member President, Rogers, Fitzwalter & Powell Portland, Oregon - 40 years

Debbie Flores Board Member KPD Insurance, Inc. Springfield, OR - 29 years

The Oregon Agent • Summer 2016

Gary Githens Board Member Data Breach Specialist Brown & Brown NW Bend/Portland, Oregon - 35 years

Brian Wilbur Board Member Owner, Pacific Insurance Partners Forest Grove, Oregon - 21 years

Greg Horner Board Member Commercial Lines Producer, Insurance Partners, LLC Portland, Oregon - 20 years

Joe Hubbard Board Member Managing Partner, The Protectors Insurance Medford, Oregon - 31 years

Marty Kantola Board Member Owner, Chet Hill Insurance Portland, Oregon - 30 years

Debbie Krambeal Board Member President, CAL/OR Insurance Specialists, Inc. Brookings, Oregon - 32 years

Matthew Pidcock Board Member Co-Owner, Valley Insurance LaGrande, Oregon - 17 years

Steve Smelley Board Member Chief Operations Officer, PayneWest Insurance Beaverton, Oregon - 25 years

John Timm Board Member President, Timmco Insurance, Inc. Portland, Oregon - 39 years

Insurance carriers and service providers do not serve on the IIABO board of directors, but support the association as Associate Members, Sponsors and Exhibitors. If you want to learn more about the IIABO, or if you would like to get involved, please contact any of these individuals. If you are not a member, please email Jim Perucca, jimp@insureoregon.org for information on membership.

Summer 2016 • The Oregon Agent

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What Salespeople Can Learn From the

Presidential Race

off them or roll off their back. They aren’t afraid to speak their minds and they have confidence, conviction, and a healthy impression of themselves. They know that regardless of what others say and think, if they are going to be successful, they have to get out into the world and be seen and heard by as many people as possible.

By John Chapin

W

While the Presidential Race is showing us many qualities of politicians that we don’t want to emulate such as: bad-mouthing the competition, vacillating on the issues, and bending truths, there are several other qualities that we can emulate to make ourselves super-successful as salespeople. Here they are…

Four qualities of politicians you do want to emulate PUT YOURSELF OUT THERE The successful politicians who get their name out and are heard through the noise, are great at putting themselves out there and letting everyone know they are there. They seem to have mastered the primary fear that stops most salespeople: the fear of rejection. The successful politicians don’t take things personally and they have thick skin. Insults and other slings and arrows seem to bounce

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The Oregon Agent • Summer 2016

If you are going to be successful in sales you must demonstrate these same qualities. You must force yourself out into the marketplace each and every day and you must be heard.

You must let go of the fear of rejection, embarrassment, or whatever other fears you have by acting in spite of them. You must develop a thick skin and realize that if success in sales and the resulting rewards were easy, everyone would be doing it. Ultimately, if you are going to be successful, you’ve got to put yourself out there and let as many people as possible know about you and what you have to offer.

MEET LOTS OF PEOPLE When a politician is out on the campaign trail he or she is laser focused on meeting and talking to as many people as possible. They are not focused on the people they already know and whose vote they have, they are looking to meet strangers and win them over. While they don’t snub the people they already know and have in their camp, they spend as little time as possible talking to these people.

Their number one objective is meet new people and sell those people on why they should get their vote.

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The biggest reason salespeople fail is due to a lack of activity.

More specifically, they don’t talk to enough people. Yes, sales is a numbers game. While relationships are extremely important, in order to have the number of relationships you need, you have to be talking to tons of people. You need a daily goal for the number of new contacts you’re going to make and then, like the politician, you need to be laser focused on hitting that number no matter what.

A friend often reminds me of an extremely successful insurance agent he met once who told him, “What’s made me so successful is that every day, Monday through Sunday, I make sure at least three new people know what I do.”

DIFFERENTIATE YOURSELF Politicians know that if they are going to lay claim to the most powerful office on the planet, they must differentiate themselves from the rest of the crowd. They work on their value statement. They study their competition. They are scripted and they are usually pretty good at knowing how they differ from everyone else in the field. They prepare for the debates by reviewing what questions they are likely to get asked, studying who they are up against, and role-playing comments, answers, and responses.

Similarly as a salesperson you have to know why you, your product, and your company are the better choice. How are you unique? You are the one thing the competition does not have and you have to be able to articulate why it’s extremely important that the prospect ends up with you versus the competition. You have to know all the differences between you, your product, and your company versus what the competition has to offer. Once you have all the above, you must then script everything and practice it so it comes out of your mouth clearly and confidently.

COMMIT I doubt many people would question the commitment of a politician out on the campaign trail. Their rigorous schedule has them visiting many cities, and usually several states, each and every day. They are sleep deprived, void of most luxuries, and endure all the displeasures that come with constant travel. Their pursuit also requires that they place the rest of their lives on hold including family and friends. In or14

The Oregon Agent • Summer 2016

der to stay sane and keep up the pace they need to keep up, politicians must be passionate about what they’re doing. They must be completely committed and they must be willing to sacrifice all other areas of life in the short-term.

Especially if you are new to sales, an industry, or a company, your life is going to be out of balance in the beginning. There may also be times when the economy, market, or industry take a hit and you have to work extra hours. Sales never has been a 9 to 5 job and it isn’t for the faint of heart. You’re going to have to commit by making some sacrifices. You also need to know why you’re doing what you’re doing and why you’re passionate about the struggle and eventual reward ahead.

Also, if you have a family, you need to make sure everyone is on board. By the way, it’s a good idea to get this cleared before you accept the job.

John Chapin is a sales and motivational speaker and trainer.

For his free newsletter, or if you would like him to speak at your next event, go to: www.completeselling.com John has over 28 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). For permission to reprint, e-mail: johnchapin@completeselling.com.

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The Independent Insurance Agents & Brokers of Oregon 88th Annual Convention

Make It Happen

August 21 -23, 2016 Eagle Crest Resort Redmond, OR

IIABO 5550 SW Macadam Ave, Ste 305 Portland, Oregon 97239 503.274.4000 Toll Free 866.774.4226 Fax 503.274.0062 ww www.iiabo.org Summer 2016 • The Oregon Agent

15

The Independent Insurance Agents & Brokers of Oregon

88th Annual Convention IIABO 88th Annual Convention & Trade Show Eagle Crest Resort, Redmond, OR August 21 – August 23, 2016

Make It Happen Saturday, August 20

1:00p - 4:00p Board Meeting River Run 5:30p - 6:30p Board Reception

River Run 6:30p - 9:00p Board & Past Presidents Dinner (by invitation only)

River Run

Sunday, August 21 1:00p

4:00p

6:00p

Golf Tournament Golf Course, Shotgun Scramble Registration Open Convention Center / Foyer “Mountains & Meatballs” (Mangia! Mangia!)

Convention Center / Golden Eagle Ballroom Buffet Dinner / Golf Awards / Entertainment

IIABO 5550 SW Macadam Ave, Ste Portland, Oregon 97239 503.274.4000 Toll Free 866.774.4226 Fax 503.274.0062 ww www.iiabo.org

August 21 -23, 2016 IIABO Eagle Crest Resort Monday, August 22 5550 SW Macadam Ave, Ste 305 7:30a – 8:45a Registration Open / Breakfast August 21 -23, 2016 Redmond, OR Portland, Oregon 97239

Convention Center / Foyer & Golden Eagle Ballroom 503.274.4000 Eagle Crest Resort 9:00a - 12:00a Workshop “Building Your Agency One Relationship at a Time” — Patrick Galvin Toll Free 866.774.4226

Convention Center / Golden Eagle Ballroom Redmond, OR Fax 503.274.0062 12noon – 1:30p

1:45p – 4:45p

4:30p – 6:30p

6:15p 6:45p

www.iiabo.org Lunch with Exhibitorsww / Raffle Convention Center / Foyer & Juniper Hall Ethics Convention Center / Golden Eagle Ballroom Cocktail Reception with Exhibitors / Raffle Convention Center / Juniper Hall Raffle Drawings Banquet Convention Center / Golden Eagle Ballroom Exhibitor Drawings / Grand Prize Drawing

Tuesday, August 23 7:30a – 9:00a

9:15a – 12:15a

Champagne Breakfast Convention Center / Golden Eagle Ballroom Law Convention Center / Golden Eagle Ballroom

Adjourned! Have a safe trip home!

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Summer 2016 • The Oregon Agent

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CONVENTION WORKSHOP >>

By Patrick Galvin

Building Your Agency One Relationship at a Time

L

Large insurance carriers spend billions of advertising dollars promoting fast quotes and low prices. Yet many people still prefer to buy insurance from agents they know, like and trust. In a highly interactive session, Patrick Galvin will share relationship building secrets from independent insurance agents inside and outside of Oregon. Specifically, he’ll lead a discussion on topics that the IIABO selects which might include: 1. Why low-cost relationship building activities trump expensive advertising campaigns 2. Finding employees who are natural relationship builders 3. Motivating employees to build lasting relationships with prospects and clients

In 2002, Patrick Galvin co-founded The Galvanizing Group, a relationship marketing company in Portland, to help companies connect with customers and build word of mouth to increase loyalty, referrals and sales without advertising. As the firm’s “chief galvanizer,” he has galvanized the growth of hundreds of businesses from sole proprietorships to publicly-traded companies. He has spoken at three previous IIABO conventions as well as at Big “I” state conventions in Washington, Michigan, Oklahoma, and Texas. Patrick is also past president of the Oregon Chapter of the National Speakers Association. He has received enthusiastic testimonials for his presentations to associations and companies throughout the United States, Canada, Latin America, and Europe. In January 2016, Patrick’s new book “The Connector’s Way: A Story About Building Business One Relationship at a Time” will be published.

4. Developing face-to-face networking strategies that strengthen existing relationships and create new ones 5. Providing service that inspires positive word of mouth 6. Monitoring the strength of business relationships 7. Increasing client loyalty and referrals with annual reviews 8. Asking for referrals while building goodwill with existing clients 9. Recognizing referrals in meaningful ways 10. Doing well by doing good in the community 11. Creating winning referral programs 12. Leveraging LinkedIn to build credibility, visibility, social capital, and business opportunities 13. Creating social media content that engages both clients and prospects 14. Maximizing the value and minimizing the time spent on social media 15. Creating a newsletter campaign that resonates with clients and prospects 16. Turning dissatisfied clients into your biggest fans 18

The Oregon Agent • Summer 2016

Insurance Industry Testimonials for Patrick Galvin “For me, working with an amazing talent is the most rewarding experience. Not only do you end up with a great product, you also learn along the way. Patrick brings skill, useful knowledge and most importantly an unassuming gracious manner to the table. I had the pleasure to work with Patrick on our 16-segment “Build Your Agency” project. I was particularly impressed with his ability to knock out segment after segment in just one take! He is polished and professional and knows his stuff! I look forward to the opportunity to work with Patrick and The Galvanizing Group again in the future.”

Shelley Mesenko-Mahan, Media Services Specialist Grange Insurance Association (Seattle, WA) “Patrick clearly enjoys what he does—and he does it with a smile. Conference attendees left his keynote presentation feeling energized and motivated to use the word of mouth marketing techniques that Patrick presented to grow their insurance agencies. If you seek a speaker who can educate and entertain, I highly recommend Patrick.”

Kim Legato, Director of Meeting Planning PIA Western Alliance

Summer 2016 • The Oregon Agent

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SPECIAL TO THE OREGON AGENT >>

By Patrick Galvin

Build Your Agency With Referrals

F

For many insurance professionals, one of the biggest sources of new business in 2015 came from referrals from their clients and professional connections. Yet surprisingly, many insurance agencies don’t have systems in place to help generate a continuous flow of referrals.

According to the National Association of Insurance Commissioners, 79% of insurance shoppers ask family and friends for referrals and 65% turn to colleagues and social acquaintances. These referrals are powerful: a Nielsen survey found that 84% of people trust referrals from people they know—a credibility level significantly higher than any form of paid marketing.

There are also far fewer sales hurdles to overcome when you present your agency to someone who has been referred to you. According to expert sales trainer Tom Hopkins, the closing ratio for non-qualified leads is 10 percent versus a 60 percent close ratio for referred leads.

Since referrals are so valuable, it makes little sense to leave them to chance. Here are five ways to build your agency with referrals: 1. EXCEED EXPECTATIONS. Agencies that generate multiple referrals generally share a common trait: they go beyond customer expectations.

When agencies deliver quality insurance products with great service, they build customer loyalty which is the surest path to increased referrals.

One way to gauge customer satisfaction is with an online

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The Oregon Agent • Summer 2016

survey using services like SurveyMonkey (www.surveymonkey.com) or Delighted (www.delighted.com). The best questionnaires are brief (no longer than ten questions) and include “How likely would you recommend our agency to others?” Allow people to score your agency from a one (not likely) to a ten (very likely) and share with your team why they’ve given you a low or high score. It’s important to know why you get nines and tens and to praise your staff for what they’re doing right. It’s equally important to dig into low scores (one to six) to understand where your agency can improve.

2. FIND A FEW GREAT NETWORKING GROUPS AND ATTEND THEM REGULARLY. There are many excellent networking groups for insurance professionals including chambers of commerce, Business Networking International, and service clubs like Rotary.

Trade associations that your customers belong can also be useful groups to join. However, the objective is not to rack up memberships but rather to engage in the organizations that you join.

It takes time and effort to build relationships of trust that result in referrals. Regular attendance, active participation in leadership, and a friendly attitude towards others are essential for developing strong connections. Meet with group members outside of regular gatherings to develop rapport and understand ways that you can help them grow their businesses. The best way to get referrals from the people you meet while networking is to help them achieve their goals.

3. KEEP MEETING NEW PEOPLE. It’s easy to stick close to friends or colleagues in new groups and at networking events. Nonetheless, make it a point to have conversations with at least a few people you don’t know at every event. To make it easier, ask questions – nearly everyone enjoys speaking about themselves and you’ll learn interesting information in the process. Also, don’t rule out a conversation because someone doesn’t look like your “typical” customer. Everyone matters, and you never know where your next great customer or referral will come from.

4. ASK FOR REFERRALS. According to a Texas Tech survey, 83% of satisfied customers are willing to refer a product or service but only 29% actually do so. From conversations with hundreds of business owners, I’ve found that there are two principal reasons for this gap. First, the product or service provider forgets to ask for a referral. Second, many professionals don’t want to be perceived as pushy—so they choose not to ask at all.

Yet it is important to understand that the key to getting more referrals is to ask for them. When I started asking for referrals, I received more in three months than I had in the previous year. Now, asking for referrals is an important part of my process of wrapping up a sale and following up with satisfied customers.

I’ve found the best way to ask for a referral is to let people know why I enjoy doing business with them in specific terms and how I would love to have more clients like them.

This sometimes triggers an immediate referral. But, more often, I’m planting a seed that will result in a referral at a later time (sometimes years later). The beauty of asking for referrals this way is that my clients know exactly why I appreciate doing business with them—which strengthens our relationship and their loyalty.

If you feel awkward about asking for referrals, keep in mind that most people want to help others. So, if you provide great service and excellent products, you’re giving your customers an opportunity to provide value for the important people in their lives by referring you.

5. EXPRESS GRATITUDE. I used to be a loyal customer of the men’s clothing department of a large department store. One salesman always provided wonderful personalized service and outstanding recommendations. He always followed up with a handwritten thank you card after I purchased an item, whether it was small or large. After he left the store, I stopped receiving thank you notes. And, without doing so inten-

tionally, I stopped buying from the store even though they continued to send me expensive catalogs.

To avoid losing customers or referral sources, it’s essential to have a methodology in place for expressing gratitude. When somebody refers business to me, my first choice is to thank the referrer face-to-face. There’s something about gratitude expressed personally that no form of electronic communication can beat.

However, when my referral source is far away or unavailable to meet, I like to pick up the phone to say “thank you.”

Recently, I reached an old friend who said, “So great hearing from you! You’re the first person I’ve spoken with today. I’ve been connected to my computer all day.”

Also, when you call somebody to say thank you, you can ask questions about the person being referred to you.

This can provide valuable insight that you would never discover elsewhere and which will allow you to prepare in advance—thereby increasing your chances of developing the rapport that leads to a sale.

Finally, while personal thank you cards are not common in the digital age, they are highly effective since they won’t get lost in crowded email inboxes or ignored like many paid marketing messages. Agents that send personal notes regularly keep doing so for one single reason: they work.

Referrals are too important to be left to chance. By developing and sticking with a methodology for cultivating referrals, you’ll be well on your way to building your agency one relationship at a time.

Patrick Galvin is the co-founder and chief galvanizer of The Galvanizing Group, a relationship marketing company in Portland. Patrick enjoys galvanizing companies to create connections that increase loyalty, referrals, and sales without advertising. Patrick will present a three-hour workshop on “Building Your Agency One Relationship at a Time” at the IIABO’s 88th Annual Convention in August 2016. Patrick recently published a new book The Connector’s Way: A Story About Building Business One Relationship at a Time, a parable about a struggling business owner who discovers simple yet effective ways to cultivate relationships in the real world and online and uses them to fuel his success. Patrick will sign and give away complimentary copies of the book to all convention registrants who visit the Grange Insurance Association booth.”

Summer 2016 • The Oregon Agent

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Is The Future Positive For Small, Traditional Agencies?

I

By Chris Burand

Is the future positive for small, traditional agencies? As with most broad looking-into-the-future answers, it depends.

It depends on knowledge, commitment, and recognizing reality.

KNOWLEDGE I find one reason many small, traditional agency owners are discouraged when looking into the future is partially caused by a lack of knowledge. Sometimes they read too much industry press written by inadequately knowledgeable people and sometimes they just don’t read. (As Mark Twain famously asked, “What is the difference between a man that doesn’t read and one that can’t read? Nothing.”)

The inaccurate information being written and causing consternation includes the aging industry, the inability to develop new people, and how a few heavy advertising direct writers are having all the success.

First, the industry is not really aging. Individuals are aging, as are their peers, making it seem like everyone around them is aging. The average agency owner age has not changed materially since I’ve been in this industry which has been 25 years. It was 56-58 years old then and its 57-59 years old now. Writers expressing concern the industry is nearing collapse because of aging agency principals are simply Chicken Littles.

Second, the ability to develop new people has never been better. The resources for testing, hiring, educating, and training new people are of far higher quality and abundance than any time in my career. The problem I see is that few agency owners know of the resources or they do not use the resources appropriately.

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The Oregon Agent • Summer 2016

Third, the heavy direct advertising is having an effect. It is successful.

However, it is a strategy that ONLY APPLIES IF the company/agency is big enough to spend enough AND if the client target is not primarily interested in more than a superficial transactional relationship. The independent insurance agency system WAS DESIGNED TO AVOID BOTH CONDITIONS. The carriers that originally distributed insurance through independent insurance agencies did not advertise to the general public because they relied on their agents to advertise. Those agents in turn advertised generally on a community platform and marketed on a social platform. The advertisements were at the Little League park, high school yearbooks, local newspapers, and so forth. The marketing was through relationships and true social networking versus electronic social networking. These methods worked because the client target was someone wanting a relationship. Going forward then the question becomes, who is your client target and if it is people wanting superficial transactional relationships, can you afford to advertise adequately?

lished sloppily. Sloppiness seems to abound because the members do not want to make a true commitment to an enterprise that ultimately requires a true commitment. These entities are partnerships and any partnership that truly succeeds requires a complete commitment.

Going forward, this industry has a great future for Thrivers, but maybe not Survivors.

COMMITMENT The question is not only can you afford to advertise adequately, but will you commit to advertise so significantly? Your advertising budget may have to quintuple. Historically agencies, especially smaller ones, have not had to make much of a commitment once established. This is because once established, agencies’ retention rates were adequate to generate safe cash cows and since a great many agency owners were satisfied with the cash generated, they could just ride along. I hear the concern in many agency owners’ voices these days because they see they have to make a commitment and they don’t want to do so. One reason they enjoy the business is the flexibility they have and a commitment can sorely limit that treasured flexibility. The emotion tied to committing oneself to building a future is what causes so many to wonder about their future.

Going forward then, the future is truly bright for those willing to make a true commitment to building their agencies every single day. This means selling every day. This means developing people using the great tools available.

ACCEPTING REALITY The reality is that owning and running an independent insurance agency is going to get tougher. More business operational knowledge will be required, more insurance technical knowledge will be required, and more leadership will be required. Instead of resting on one’s sales, reality is that no amount of volume will ever be enough. For example, historically in small towns many agencies would grow to some large percentage of the market and then plateau because the reality was that with their market1share, they 12:35 couldPMnot grow A&M Assoc Ad OR PRINT.pdf 10/20/15

On the other hand, approximately 5,000 new agencies have been created in the last five years. That is an amazing number and many of these agencies have made a commitment to the future. They haven’t yet experienced the cash cow and flexibility so they’re just busting their butts to pay the bills. They don’t really have the same concerns. They are playing offense to win and the traditional agents are playing to not lose.

Playing to not lose is rarely a winning strategy and insurance carriers recognize the difference when appointing agencies.

The solution many such agencies have latched onto is a cluster or aggregator. Done well, clusters and aggregators may be a solution, but the majority of these entities have been estabSummer 2016 • The Oregon Agent

23

much more. The new reality is that it is time to start selling insurance in the next town over.

The reality is that more structure is required to minimize E&O exposures, to appeal to younger employees, and to develop new employees more effectively. The reality is that your companies are no longer going to depend on just agencies to make their sales. They know some people only want superficial transactional relationships and they’re going to advertise to that audience. They know some agency owners are committed and they know some are not, they know some listen to too many tall tales about what is happening and they know some are quite well informed.

In sum, the reality is that in the past, to put in the terms of the wonderful book by David McNally, The Eagle’s Secret, Survivors could do just fine in this industry. Going forward, this industry has a great future for Thrivers, but maybe not Survivors. In fact, I don’t think I have seen more opportunity for Thrivers than ever before because historically, the ease with which Survivors survived was an important impediment to Thrivers thriving. Companies protected Survivors, customers would not leave Survivors easily, and the historic independent agency distribution model was designed to protect Survivors.

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The Oregon Agent • Summer 2016

The upheaval pressure Survivors are feeling, causing them to question the future of small traditional agencies, is directly correlated to their position as Survivors. Thrivers are not concerned about their futures because their futures are so bright, they have to wear shades.

Chris Burand is president of Burand & Associates, LLC, an insurance agency consulting firm. Readers may contact Chris at (719) 485-3868 or by e-mail at chris@burand-associates. com.

NOTE: None of the materials in this article should be construed as offering legal advice, and the specific advice of legal counsel is recommended before acting on any matter discussed in this article. Regulated individuals/entities should also ensure that they comply with all applicable laws, rules, and regulations.

Copyright 2013 by Chris Burand. Reprinted with Permission

Reducing Your Insurance Costs…

Distinguishing Bad Advice from Good Advice

M

Many Americans are struggling financially in the current economy, particularly those struck by layoffs, and are faced with tough decisions about how to reduce expenses. As a result, much has been written in recent months about how to reduce insurance premiums as one aspect of a belt-tightening strategy. Unfortunately, too much of this advice has been BAD and much of this bad advice comes from consumer web sites and publications that have little understanding of insurance and risk management. The purpose of this article is to identify some of the bad advice being bandied about and to reinforce some of the good advice. It concludes with 10 reasonable things you can do to reduce your insurance costs.

The first myth we want to dispel is that all policies are alike, the difference only being the price. Insurance policies are legal contracts and, aside from some industry standards, each insurer’s policy is unique. Some cover far more or less than others. For example, some auto policies do not cover non-owned autos. Do you ever drive someone else’s car? Some auto policies do not cover business use. Do you ever run by Office Depot, the post office, or the bank on behalf of your employer? Some auto policies exclude undisclosed household residents. Is it possible that a child might move back home for economic reasons and you forget to tell your insurance agent? Might you drive that resident child’s car after they move in? Did you know that some auto policies won’t cover you while driving a resident family member’s car? Has a family member taken on a second job delivering pizzas to make ends meet? Some auto policies cover this, some don’t.

Summer 2016 • The Oregon Agent

25

insured motorists coverage completely while reducing their liability coverage to the state minimum requirements. At a time when consumer assets are at their greatest peril, now is not the time to be reducing or eliminating critical coverages that protect you from catastrophic loss. The article shows that, by dropping your liability limits from 100/300/50 to 25/50/10 and eliminating the physical damage and uninsured motorists coverages on your auto, you can reduce your total premium by just over 50% on average.

These are all very real examples of coverage shortcomings that the “low cost” auto insurance advertisers don’t tell you about. In fact, if you ask to see their policies before buying, chances are you won’t get a copy. Consumers shop for most things based on value, not just price. The same should be true for insurance which is far too often portrayed as some sort of homogeneous commodity. So the next time you see a cute or clever sales pitch from a lizard, cave man, or giggling Walmartlike “pick your price” aisle clerk, ask what you’re buying. The amount of coverage you need depends on your exposure to loss and what assets and income you need to protect today and in the future, not what you’d like to pay.

A second myth is that you can rely on insurance advice from consumer web sites and publications. Sadly, consumers often accept insurance advice from attorneys, plumbers, roofers, cops, and accountants before they’ll listen to their own insurance agent. A major national publication included advice from a “consumer expert” that recommended dropping replacement cost coverage for “actual cash value” coverage, something that is likely to save the insured little in exchange for much in the way of lesser coverage. In the late 1980s and early 1990s, Charles Givens made a name for himself, in part, by recommending that consumers drop various kinds of insurance.

Lawsuits ensued when consumers who followed his advice suffered catastrophic uninsured losses.

One popular consumer insurance web site recommends that consumers consider dropping their physical damage and un26

The Oregon Agent • Summer 2016

What they don’t show is that the average values of the autos they used in the examples ranged from $12,000 to $22,000 according to Kelly’s Blue Book. How many economically depressed or out-of-work families can afford even a $12,000 loss, much less a 6- or 7-figure liability claim? Auto liability limits of 25/50/10 mean that each person you negligently injure in an auto accident gets no more than $25,000 ($50,000 total for all injuries) and any property damage you cause, such as damage to the other vehicle, is limited to $10,000. Is it possible that a hospital bill might exceed $25,000? Is it likely that the other vehicle you total is worth more than $10,000? Of course, particularly considering that all of the autos they used in their examples of how you can save money by dropping physical damage coverage were worth more than that!

According to the Insurance Research Council, 1 in 6 drivers may be driving uninsured by 2010. With the number of uninsured drivers already over 25% in some states, what happens when a family member is permanently disabled by an uninsured driver and the family has dropped its uninsured motorists coverage? A much better recommendation would be to begin cost-cutting measures by eliminating the purchase of pizza, cigarettes and beer instead of critical insurance coverages.

A third myth is that you can drop some coverages because others exist to pay in their absence. For example, so-called financial experts may recommend dropping uninsured motorists and medical payments coverage on an auto policy if you have health or workers compensation insurance. Uninsured motorists insurance covers much more than just medical expenses. Given the growing number of uninsured motorists, removing or reducing this coverage can expose you, your family members, and passengers to catastrophic loss.

In the case of business insurance, many business owners are looking, if the law permits, to drop workers compensation

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insurance or have officers with strong health insurance plans exempt themselves. Workers compensation typically pays UNLIMITED medical benefits, plus disability, rehabilitation and even burial benefits. In addition, some health insurance plans exclude work-related injuries or work injuries that could have been covered by workers compensation. Some businesses are considering eliminating business interruption insurance even though studies have shown that few businesses survive a major loss long enough to be able to reopen their doors.

A fourth myth is that you should insure the market value of your home or business building. Market value is based not only on the cost to rebuild but also on the value of the location and land value. It’s also a function of how much someone is willing or able to pay for your property based on their financial position and the ability to obtain a loan. Your insurance limit is based almost exclusively on the cost to repair or replace the building. The market value can be significantly higher or lower and, just because the market value of your home or business building has declined doesn’t mean you should reduce your insurance limit. In fact, while home prices countrywide have declined measurably in the past year, the cost to rebuild those homes has risen about 4%.

These are just a few examples of what consumers and business owners are doing to reduce their insurance costs, many of these approaches coming from extraordinarily bad advice from consumer writers and others who lack the knowledge to understand what they are suggesting. Attorneys, for example, often suggest that youthful drivers be placed on their own minimum-limits policies (and their vehicle titled in their name if possible) in order to insulate the parents’ assets from a lawsuit. Many, if not most, auto policies have an exclusion that would result in the parents having NO coverage under their own policy for some claims, an unintended consequence that arises from advice given by someone who lacks the intimate understanding of the insurance contract necessary to provide sound insurance advice.

So, what are some reasonable approaches that CAN be taken to reduce or control insurance costs?

10 THINGS YOU CAN DO TO CONTROL INSURANCE COSTS

1

Investigate coverage and product options with your independent insurance agent. One of the advantages of using an independent agent is that s/he represents a number of insurers with different products and can assist custom-

28

The Oregon Agent • Summer 2016

ers in fitting the right product at the right price for the unique exposures you present. Keep in mind that a lower price often means inferior service and lesser coverage, possibly lesser to a greater degree than the premium decrease. Also note that this tip deliberately avoids advising you to “shop around” because that implies price comparisons should drive the decision.

2

Carefully consider whether increasing deductibles NOW is appropriate. While increasing a deductible can save money, it’s important to do it at the right time. Don’t raise the property deductible well past the point of sensible premium reduction on the theory that “it will never happen to me”... insurance purchasing decisions are often made with little regard to post-loss consequences of our current buying decisions. A higher deductible could pay for itself in 3-5 years, but it could take 7-10 years and not be a good investment. The preferred approach is to increase deductibles during good economic times when you can afford a $1,000 - $2,500 loss while accumulating a deductible fund that can be used during hard times if a loss actually occurs then.

3

Consider multiple-policy discounts. This is common advice and generally good advice. Having homeowners, auto, and umbrella policies in the same company will likely save money and, perhaps even more important, will make it less likely that a coverage gap will show up when more than one insurance company is involved in a claim. Likewise, in business insurance, having general liability and auto coverage in the same insurer using “ISO-standard” or superior forms is often critical.

4

Ask for credits. Too often, consumers are entitled to credits for alarms, extinguishers, good student driving discounts, etc. but the agent is not aware of them. Ask your agent for a list of everything that could reasonably reduce your premium and see if you can meet those standards. A good example is how your auto is rated for use. If you’re laid off from work or you’ve found a job closer to home, you might very well be entitled to a lower premium. Unless you tell your agent about these kinds of changing circumstances, you won’t reap the benefits of reduced risk.

5

If you’re going to drop coverages, consider dropping noncritical coverages. Examples include towing and rental reimbursement, credit insurance, etc. Your independent agent can assist you in making these decisions. Consider discontinuing high-risk activities such as using ATVs, jet skis, etc. Catastrophic injuries are common with vehicles of these types.

6

CAREFULLY consider dropping physical damage coverage on your vehicles. As outlined above, this is

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not always a good idea unless you can absorb a significant 4- or even 5-figure loss. Keep in mind, too, that as an auto loses value, the physical damage premium generally declines as well. Do not be fooled by any simple formula that says you should drop coverage when the value of the vehicle drops below “X” times the premium. You should base your decision on what you can afford to lose and, if your car was destroyed and you could not replace it, how would that affect you financially.

7

Weigh risk management alternatives to insurance.

For example, you could place jewelry in a safety deposit box rather than scheduling it. Needless to say, this is probably more risky, but it’s a reasonable consideration. Also, do not cut back on maintenance and loss control procedures that yield long-term benefits like the reduction of frequent losses and those often excluded by insurance policies.

sions may be the difference between economic survival and bankruptcy. Carefully chose an insurance representative who can help assess risk with a degree of sophistication and business acumen.

Copyright 2009-2015 by the Independent Insurance Agents & Brokers of America. All rights reserved.

NOTE: Policy coverages and circumstances can change at any time, so the information above may not be accurate at the time of reprinting or subsequently to that time. IIABA does not assume and has no responsibility for liability or damage which may result from the use of any of this information. The most current, up to date version of this article can be found at IIABA’s Virtual University at www.bigivu.com.

8

If necessary, sell some possessions. Can you get by without certain autos, motorcycles, ATVs, jet skis and boats, homes, jewelry, guns, etc.? If so, you can drop the insurance on those items. However, it is generally a good idea to not drop insurance on property until your exposure to loss no longer exists. This is especially true of any possession that has a significant liability exposure.

9

Seek expert advice. Start with your independent insurance agent who is familiar with you and your circumstances, not a consumer web site or publication that presents generalized, sometimes suspect, advice, nor someone who lacks the training and experience to provide sound insurance advice.

Work with your agent to seek outside advice from other experts. If you are getting insurance advice from your attorney or accountant, run it by your insurance agent to see what impact it might have on your policy coverages.

10

Question any advice you get, even the advice in this article! It may not be right for YOU. Before you make decisions to reduce or eliminate insurance coverages, assess your risks of loss. What are your exposures?

What can you lose? What exposures represent losses you cannot afford? What exposures can you retain? The quality of your deci-

30

The Oregon Agent • Summer 2016

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