Big I Washington, Fall 2014 by Blue Water Publishers, LLC

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FALL 2014

Official publication of Independent Insurance Agents & Brokers of Washington 11911 NE 1st St., Suite B103, Bellevue, WA 98005 Ph. (425) 649-0102 Fax: (425) 649-8573 Web: www.wainsurance.org

Advertiser Index

Officers of IIABW President: Pat Otter, Otter Insurance, Lynnwood President-elect: Mike Button, AIP, PayneWest, Richland Secretary: Kim Krogh, ARM, Fidelity Insurance, Spokane Treasurer: Lori Reed, Mitchell Reed & Schmitten Insurance, Inc., Wenatchee IIABA Director: Sue Knobeloch, CIC, CPIW, Lovsted Worthington, Bothell Executive VP: Daniel Holst, IIABW, Bellevue Board of Directors Pauline Black, ACSR (Exec Comm At Large), Rice Insurance, Bellingham Mike Button, AIP (Benton-Franklin), PayneWest, Richland Craig Field (Chelan/Douglas), Mitchell Reed & Schmitten Insurance, Inc., Cashmere Nancy Frost (At Large), Propel Insurance, Tacoma Duane Henson, LUTCF (Skagit/Island), First Insurance, Mt. Vernon Kim Krogh, ARM (At Large), Fidelity Insurance, Spokane Kevin Lane (King), The Partners Group, Bellevue Dave Merrill (At Large), Merrill & Merrill Insurance, Seattle Pat Otter (At Large), Otter Insurance, Lynnwood Melissa Power, ACSR, CIC (At Large), Homestreet Insurance, Spokane Lori Reed (At Large), Mitchell Reed & Schmitten Insurance, Inc., Wenatchee Nick Stay (Pierce) American Underwriters Insurance, Tacoma Dave Street (Grant), Martin-Morris Agency, Wenatchee Rob Tripple (Exec Comm At Large), Tripple Tripple & Tripple, Edmonds Chris White, CIC, CRIS (At Large) Blaine Insurance, Blaine Staff Daniel Holst, Executive V.P. - dholst@wainsurance.org Susan Scott, AAI, Sr. V.P. of Education - sscott@wainsurance.org Ashley Kuaea, Director of Member Programs - akuaea@wainsurance.org Bill Stauffacher, Stauffacher Communications, Contract Lobbyist - gocougs@billstauffacher.com Kimberly Ostling, Member Programs Assistant - kimberly.ostling@wainsurance.org Advertising For more information on advertising, contact Jim Aitkins, Blue Water Publishers, LLC 22727 - 161st Avenue SE, Monroe, Washington 98272 360-805-6474, fax: 360-805-6475, jima@bluewaterpublishers.com Big I Washington is the official magazine of the Independent Insurance Agents & Brokers of Washington and is published quarterly. News items from IIABW members are requested. IIABW does not necessarily endorse any of the companies advertising in this publication or the views of its writers.

Anderson & Murison

B C E Consulting

Burns & Wilcox

Grange Insurance Group

Griffin Underwriting

Imperial PFS

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Pacific Coast E&S

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Risk Placement Services

Ron Rothert Insurance Services

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Table of Contents

A Message from Pat Otter, IIABW President

Hiring Quality Producers

Make-A-Wish: Walk for WIshes

Walmart and Overstock.com in the Insurance Marketplace

Successful Young Agents Conference

Defense Cost Reimbursement

What Makes a Great Agency Website?

Upcoming IIABW Conferences

Tax Increases On the Horizon

What if Your Client Tells You Not to File His Liability Claim?

State Exchange Update

IIABW Associate Members

P&C Underwriting Assistant Gena Glasser

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IIABW President

PAT OTTER

his will be my last column I will write as IIABW’s President. It has been truly an honor and a privilege to serve as the elected leader of YOUR professional association this past year. I first want to say that your association is in very good hands. We have put together a strong volunteer leadership team and staff and have some exciting plans for the future. I encourage everyone to get more involved in IIABW. It may be serving on a committee/task force or Board of Directors. It may be sharing your thoughts and concerns with one of our Board members and staff. It may be attending the IIABW/ PIA Joint Annual Conference October 1-2, the All Industry Day at the Capitol on Feb. 24, 2015, or sending an employee to our Young Agents Conference next June. It may be getting more involved in our big tax fight starting in January by contributing to our state political action committee or contacting your legislator. There are truly many ways to get involved. Dominic Otter, who was my father and mentor, taught me the importance of giving back to the industry that had given him so much. He taught me when you volunteer you get back much more than you put in. I will be the first to say how busy I can be with my agency, my clients, my family, etc. We all are busy. But, I have still been able to find time to participate in IIABW throughout my career. As a

result, I have learned from many of my colleagues and developed life-long business relationships that have translated into a stronger, more profitable agency. Our association has proudly served independent agents for 105 years. We have accomplished so much over the last century for our industry by banding together to advocate for agencies and to provide services that make them more professional, competitive and profitable. We will continue our victories if we work together as a team. We have a wonderful industry that serves our clients and provides fulfilling careers. We have such a great story to tell the next generation of workers but we need to do a better job explaining the benefits of a career in insurance. According to a study by St. John’s University School of Risk Management, almost 50% of the insurance industry’s workforce will be retiring in the next 15 years. The time to replenish our workforce is now! IIABW has a successful program to provide resources and support to new insurance professions: The Young Agents. We are now developing a collaborative strategy to bring young people into our industry in the first place. We welcome your advice and assistance in this important project. We have a great industry with limitless possibilities. Thank you for working with IIABW to make our distribution system thrive and prosper.

WN-2013FallAd-(IIABWA-(WA)).pdf 1 10/25/2013 8:17:24 AM

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ver 65 agents, marketing reps, underwriters and others attended the Young Agents Conference in Leavenworth in June. The conference provided seminars on cyber liability, fiduciary liability, legislative issues, self leadership, completing applications, partnering with MGAs, claims resolution and marketing/ sales. Mark your calendar for next year’s conference which will be held on June 11-12 at Campbell’s Resort on Lake Chelan. IIABW’s Young Agents is an informal group of people fairly new to the industry (and young at heart) who focus on professional growth through educational achievement, leadership development, legislative involvement, consumer advocacy, and insurance career perpetuation. If you are interested in being added to the mailing list for future networking events, contact our committee chair Brian Fassburg at Pacific International Underwriters. brian@piuinc.com 800-562-8403

YOUNG AGENTS CONFERENCE SPONSORS

Title Sponsor: The Advantage Group/ Hartford Platinum: Safeco Gold: Capital Ins. Group/ RIC Encompass Insurance Liberty Mutual ServPro Silver: Allied American Modern Insurance AmWins Grange Mutual of Enumclaw Progressive Stauffacher Communications Superior Underwriters Travelers Western National Assurance Bronze: Cochrane & Company Pacific Coast E & S Pacific International Underwriters WSRB

What Makes a Great Agency Website? Marty Agather, CPCU, ARM

ne of the most common questions independent insurance agencies ask is “What makes a great agency website?” This question comes in various flavors. Sometimes, it focuses on a single facet of the site itself such as design. At other times, it is more general in nature such as “making my website perform better.” A 2014 report, Beyond Referrals: How Today’s Buyers Virginia, provides sobering data about the importance of websites. Hinge surveyed more than 1,000 business buyers of professional services. The average buyer reviewed more than three different sources to ‘”check out” a new provider of professional services. Reviewing the provider’s website was the primary method that buyers researched, with 81 percent of respondents using a website review as a way to determine the quality of the service provider. Although a discussion of insurance agency websites may be very broad, a great agency website does a few things very well. A great agency website has these characteristics: • Is professional in design • Generates visitors to the site • Gets clients and prospects to act If your website isn’t doing all three of these well, then you should have a to-do item of “review and improve our website” in your 2014 marketing plan. Great Websites Exhibit Professionalism Eighty plus percent of your prospects are reviewing your agency web site as part of their due diligence. Does your web site show your agency in the best possible light? If you were 14

going to have your neighbors and professional acquaintances over for a holiday gathering, wouldn’t you want your home to be clean, well decorated and welcoming? A professional website has a number of attributes: • Appealing visual design • Relevant content for the target audience • Lack of errors • Evidence of honesty and integrity • Prominently displays agency contact information • Reflects your agency’s brand and the differentiators that make your agency unique Reasonable people can disagree on what denotes style and taste. That is why some prefer Victorian, and others like Midcentury Modern. Thus, not all great websites need to look alike, but they should share some common traits. The site should appear up-to-date. Declutter your pages. Use images, preferably unique; not the stock photos that are on every other site. Your content should be original and focused on your target audience. If you have one or more specialties, consider developing a unique page on your website for each. A professional site is error-free. Edit your content; check the links. Make sure that visitors can contact you. If you don’t have contact information on every page, make sure the “Contact” link is obvious on each page. To demonstrate your integrity and trustworthiness, show your association memberships and accreditations on your home page. One of the most effective ways to gain consumers’ trust is to showcase testimonials from your clients. Online shoppers are

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looking for validation of their choice. Testimonials of how your agency helped other clients provide that validation. Finally, your agency’s brand and brand promise should be reflected in your website. If you promise excellent service, do you have a self-service capability available and is it easily found? Do you have “click to chat” available for clients to use for quick questions? Great Websites Attract Visitors The only way your website has any value to your clients and prospects is if they see it. The number one challenge for too many independent insurance agencies is that potential visitors cannot find their website. Therefore the number of visitors per month is only a few dozen. Analysis of many insurance agency websites reveals that the only search term that the website does well for is the name of the agency, which means that the only way buyers will find them is by using the agency name. Think about this in the context of that old-school favorite, the Yellow Pages print directory. It is the same as the Smith Agency placing its name in the alphabetical listing but not in the “Insurance Agency” section of the book. Recent comScore data indicates that 70 percent of insurance shoppers start their research on the Web. The primary way people research is by using a search engine like Google, Bing or Yahoo. In order for a customer to find your agency’s website, it is imperative that your agency display on Page 1 of a search result. An agency can get first-page web search ranking through various means. The easiest and most costly way is to purchase advertising. Another way is to carefully engineer your website using techniques such as Search Engine Optimization. Effective use of social media can both get your agency on the first page of search results and provide links for a customer or prospect to jump directly to your web page. Participation in local directories offers another way to have prospects and customer find your site. Rich media such as video is another avenue for getting on the first page of search results. While advertising on the Web is a quick way to get prospects to your website, it is also an easy way to spend big money without an appropriate return on investment. Internet advertising takes the form of many names and techniques, but the two most common are Pay Per Click (PPC) and Cost Per Thousand (CPM). With PPC, every time a customer clicks on your advertisement, you pay. With CPM, you pay every time a customer sees your ad. Common to all Internet advertising is the need to get the prospect to respond to your ad. For this reason, you should leave these advanced techniques to agencies that have optimized their websites and are using website analytics tools. Search engine optimization (SEO) is a complex science. Search engines are constantly changing how they determine 16

which 10 of the thousands or millions of webpages will be the most relevant to the searcher and, therefore, deserve a coveted spot on Page 1 of search results. If you want your agency to perform well in searches, you have to get a myriad of details right and be able to change as the search algorithms change. There are no easy fixes. Take claims of performance with a healthy dose of skepticism, and ask for proof. The Agents Council for Technology (ACT) has been on the forefront of helping agencies with their social media for the past four to five years. And while social media is a great way to connect with insurance buyers, it is also a strategy to get your agency to Page 1 of search results. It isn’t easy, but if your post gets ”liked” or ”Plus One” enough, it can bring attention and Page 1 rankings. Rich media is another way to help consumers find your agency. A picture is worth 10,000 words and possibly thousands of shares or likes. Ryan Hanley, an agent with The Murray Group in Albany, New York, says that the agency post on Facebook that got the most engagement was the one with members of the agency clustered around the filing cabinet with the “office dog” standing on top of the cabinet and getting ready to jump. Finally, don’t forget Mobile! In a recent IIABA Young Agent’s webinar titled “A Strategic Approach to Enhancing Your Agency’s Online Presence,” Matt Marko, Marketing Process Manager for Progressive Insurance, states, “Having a mobile optimized website isn’t a nice to have, it is something you have to have.” Matt points out that 50 percent of insurance shoppers now start their shopping on a mobile device and 64 percent of shoppers will leave your site if you have not optimized it for mobile use. Great Websites Encourage Action A common misconception regarding insurance websites is that as soon as a visitor arrives, that visitor is going to buy a policy. While this might happen once in a blue moon, most visitors arrive at a website and immediately do one thing: Hit the back button. Think about your own recent web browsing experience. Many of the links you clicked took you to a page that had little if anything to do with your interest, and you immediately hit the back button. But if you find a page or site that matches your interest, you scan, read a bit and perhaps click to another page on the site. The first action that you want visitors to take upon landing on one of your web pages is to NOT back away. Then, you’d like them to stick around a bit and find out if your agency can help them. A key way to encourage action is to talk specifics rather than generalities. Which of these two statements is more powerful?

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1. “The Doe Agency specializes in managing our clients’ risks. Ask us to help.” 2. “The Doe Agency’s long association with the Injection Molding Society of Illinois has taught us that many molders don’t have enough coverage for clients’ molds. Call today for an explanation of how the destruction of customers’ molds could cost you thousands of dollars.” The specificity in the second statement tells plastic injection molding accounts how they might have an exposure that isn’t adequately covered and shows the agency’s expertise. For this reason, we suggest having several pages on your site devoted to the niches of your agency’s specialties. Analytics is the process of measuring the performance of your site. Google provides a no-cost analytics package that can answer questions such as these: • Which of your pages attracts visitors, and where do prospects and customers spend their time? Do more visitors download the white paper when it is on the home page or when it is on the personal auto policy page? Start slowly with your analytics. Initially, the sheer capabilities can be overwhelming. The final way to encourage your visitors to take action is to remove the number of options they have. If you are going to provide online quoting, put the “Get a Quote” button on a page with a bit of supporting text but no other options. Don’t offer the prospect the option to “Join the Newsletter,” “Read Our Blog” or “Visit Our Facebook Page.” All of those are things you might want them to do, but when they are ready to get a quote, don’t let them get distracted and do something else. Place those options on different pages or in the footer where they won’t distract from the main call to action. •

Conclusion This brief overview addresses some of the more common areas where great websites stand apart from the far more common run-of-the-mill varieties. A great website is a marketing and sales resource for the agency that publishes it. It represents the agency 24 x 7 and can be a strong differentiator, explaining to customers and prospects alike why the agency is the right organization to manage the client’s risk. It presents your agency in detail, but allows customers and prospects the option to explore at their leisure, with no pressure. A great website is designed to be found by interested prospects. Attracting the kind of business that you want requires making choices about whom your agency specializes in and building your site to speak in detail to those customers and prospects. Search engine optimization techniques will move 18

your website up in the rankings, but don’t forget other methods of getting your agency to Page 1 of a search result. A great website gets your prospects to act. Building your site correctly, measuring the actions of your visitors and modifying as needed will get customers and prospects to take the actions that lead to account rounding and new business. Any agency can attain a great website at a cost competitive rate. To do an adequate job, the agency should budget a reasonable figure based upon agency goals and the competitive climate in which the agency operates. A rural agency can spend far less to attract visitors easily than a metro agency with lots of competition from other independent agencies and the captives. The investment of time, effort and capital to develop a great website will generate returns for your agency. If your existing website isn’t generating sales opportunities for your agency, you should begin the process of identifying the goals for a new site today. Marty Agather, CPCU, ARM, works for Consumer Agent Portal, LLC (CAP) as the Senior Vice President for Client Development. CAP builds and maintains TrustedChoice.com, a consumer facing website which connects insurance buyers with the independent insurance channel along with providing digital marketing services to independent insurance agencies and companies.

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On-Demand, Video Webcasts

A New Approach to Continuing Education

IIABW is excited to introduce a new opportunity to earn Continuing Education and enhance your professional development! We have partnered with ABEN, The Agents and Brokers Education Network, currently oﬀering high quality on-line CE to 36 states! ABEN’s catalog has courses from some of the best presenters in the insurance industry, covering a wide range of relevant topics. IIABW has selected 5 highly educational webcasts your firm can participate in within a group setting on an on-demand basis! With ABEN’s platform, you’ll be able to see the presentation via streaming video, follow along with the presenter’s powerpoint, take notes, and get full access to written materials.

Hear what other Viewers are saying! This was the best Webcast yet! Excellent Information. Very informative and useful. Very good! Will use again. Fabulous! Good Topic.

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5 Course Options Now Available: • Business Income – Beyond the Basics (3 hrs) • Certificates of Insurance (3 hrs) • Data Privacy Insurance (2 hrs) • Liability Issues to Worry About – Indemnity & •

Additional Insureds (2 hrs) Personal Lines Claims that Cause Problems (2 hrs)

Is your firm interested in bringing high quality engaging Continuing Education to your agents? mailto:sscott@wainsurance.org Susan Scott | 425.649.0102 ext. 224 | sscott@wainsurance.org | Find us on Facebook

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Tax Increases on the Horizon By Bill Stauffacher, IIABW’s Lobbyist

n politics, there are two ways to weather a political storm: run from the storm or run right at it. IIABW-member agencies and producers who are concerned about their B&O taxes increasing or the possibility of a new state capital gains tax (yes, you read that correctly) should run right at the looming political hurricane with all the collective force and fury we can marshal. This requires a renewed commitment to supporting the Big I PAC, timely grassroots participation and support of IIABW’s lobbying efforts. So what is the political storm of concern? At the eye of the storm is McCleary v. State of Washington, the lawsuit that says Washington state is not meeting its paramount constitutional duty to fully fund public education grades kindergarten through high school. The state Supreme Court sided with McCleary, and now the state legislature has until 2018 to comply with its ruling. The state’s High Court is keeping the pressure on the legislature by demanding that lawmakers appear before them in early September to provide an update on how they intend to appropriately fund K-12 education – which is expected to be up to $6 billion more in spending. During the 2015 state legislative session, the legislature must fund about $1.5 billion in new funding for K-12 schools (on top of an estimated $35 billion 2015 two-year state budget). Legislative discussions about how to fund McCleary will include discussions about tax increases. The tax discussion will cover a wide range of proposals - from creating new taxes to increasing existing tax rates or eliminating tax “preferences” (tax rate exemptions and reductions that are labeled politically as corporate welfare). IIABW has two tax fights emerging: maintaining our current B&O tax rate on producer commissions and stopping any proposal that creates a state capital gains tax. In 2013, IIABW led the charge against the proposal to triple producers’ B&O taxes. The current tax rate is 0.0484%. One legislative Democratic proposal and another offered by Governor Jay Inslee sought to triple your taxes by eliminating 20

the insurance producers’ tax preference (insurance producers do not pay the same 1.5% B&O services tax rate paid by CPAs, doctors, lawyers, engineers, architects, and advertising firms). The proposal died thanks to a tremendous effort on three fronts – impressive grassroots action, targeted contributions from our state’s political action committee (Big I PAC) and a lobbying presence in Olympia. Now some lawmakers are kicking around the idea of a state capital gains tax with various single-digit rates being discussed privately. Such a tax would devalue the sale of your book of business. A state capital gains tax will be the first step toward creating a state income state. IIABW and other small business organizations will be coordinating our activities to fight this proposal. As indicated, I believe it’s time to run at the storm. The first step in beating back increased B&O taxes or a state capital gains tax is to renew and increase your commitment to the Big I PAC. Since 2000, the Big I PAC has raised about $60,000 every two-year election cycle. Once among the leading small business PACs in the state, the Big I PAC has now fallen behind. Maximum contribution limits to candidates have increased by 50 percent. The number of legislators who serve on committees that oversee P&C issues has increased. IIABW is active before other committees including those that consider health care and tax policy. In my 25 years on the hill, I believe that the 2015 legislative session is the most critical one ever faced by IIABW. This is the time to have a well-funded political action committee. IIABW needs to support legislators in both parties who fought with us to stop the B&O tax hike and who will join us in the fight against creating a state capital gains tax. Your increased contribution to the Big I PAC is a wise investment in the economics of your agency. Please give ASAP and generously to the Big I PAC.

Update...

STATE EXCHANGE

ore than 1 million Washington residents have accessed health coverage through our state exchange, including 164,000 individuals in Qualified (private) Health Plans (QHPs). Here are some facts from their 26 page end-of-open-enrollment data report: • •

Brokers were involved in 71,000 enrollments - 59% of them were with Medicaid and 41% with QHPs. In-Person Assisters (i.e. Navigators) were involved in 274,000 enrollments - 89% through Medicaid and 11% through QHPs.

•

For the QHPs, brokers sold 59% of the plans and In-Person Assisters sold 41%. Only 43% of QHP customers received help from either.

•

79% of the customers who purchased a QHP received some type of subsidy. The average monthly cost of a QHPs with a tax credit was $100, while the average tax credit amount was $276 a month.

•

Young adults (18-34) made up 25% of QHPs enrollments.

According to new information reported to the OIC by health insurers in Washington State: • •

•

The individual health insurance market grew 30% this past year to more than 327,000 people; 52% of the people in the individual market are in plans outside the exchange and 48% are in plans within the exchange; Age breakdown of the individual market is as follows: 28% over age 55; 36% 35-54; 23% 18-34; 13% under age 18. 11716 WA IIABA ad.pdf

12/18/12

3:55 PM

Personal Umbrella endorsed by IIABA

Seventeen health insurers have filed with the Office of the Insurance Commissioner more than 230 individual health plans for 2015 for both inside and outside the Exchange. The average proposed rate change is 8%, which is the lowest requested average rate change in seven years. Within the Exchange, submitted rate changes range from a 7% decrease to an 11% increase. Twelve insurers filed 114 individual health plans for sale inside the Exchange. If approved by the OIC, the number of Exchange plans would increase from 46 to 114. 8 insurers currently have plans inside the Exchange. In addition, two health insurers have filed to sell in the small business exchange. Kaiser intends to continue selling plans in only Clark and Cowlitz and Moda intends to sell statewide. CM

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Hiring Quality Producers

By Chris Burand

simple and obvious solution to many, likely most, agencies’ growth issues is to hire a quality producer. As proven by the 70%-80% failure rate, the solution is much easier said than done. However, hiring quality producers is not as hard as it often seems if agencies follow these rules. By the way, these rules are based on my clients’ actual, repeatable success. These rules are not theory based. 1. Identify the dead wood. Quality producers do not want to work with a bunch of retired-in-place producers and owners clipping coupons. Just think about it from their perspective. Can you see a really good producer saying, “I can’t wait to get to work to sell lots of insurance while all my coworkers sit around not making any sales! What an invigorating place! The competition is energizing! Even better, I am making all the sales while the owners rest on their renewals. I just love making everyone else rich!” Good producers want to work in agencies where everyone is pulling their own weight, where other producers are good and generate competition. Good producers want to work in an agency that is growing. Agencies supporting dead wood don’t grow. 2. Create a real sales culture. To create a sales culture, first eliminate the dead wood. While hiring quality producers is easier said than done, firing dead wood or invigorating them is even more difficult to do for most agency owners. I do not know what else to write about this point. The agency owner has to make, one way or another, a decision to build the agency or employ a person that does not do their job. Firing people is rarely easy but for what it is worth, I have never seen a producer fired who did not benefit by the firing. To the best of my knowledge, they have all found a better 22

job that fits their personalities better thereby reducing stress and increasing happiness. I have even seen many return to the agency and thank the owner for firing them because they knew they needed to leave but they did not have the inner strength to leave. If an agency owner cannot fire deadwood, he or she cannot build a true sales culture. Building a sales culture with deadwood producers is like attempting to build a house with twigs as the foundation. A real sales culture is based on accountability. The producers not only have to make sales, but more importantly, they are held accountable for all the activities that eventually lead to sales. In this manner, the sales culture is built and managed daily rather than just measured once a month or more honestly as usually happens, annually. Try it! You’ll like it! 3. Test. The best test for producers is the SPQ Gold test from Behavioral Sciences. This test is good on many levels but what has been interesting to me is the fear and apprehension that flashes across the face of so many agency owners when I describe the test. They know they would “fail” the test. They are then caught in a bind, an important emotional bind. They have to hire someone that is better than they are at selling. One of the key secrets to why producers fail 70%-80% of the time is that a large proportion of agency owners are not good producers and if someone is not a good producer, they typically do not like to hire good producers. Good producers are intimidating and ego busting. Good producers can even be grating. My clients who climb this emotional mountain successfully always do so using the same technique. They separate their emotions from what is best for the agency. Again, easier said than done and likely

impossible to do on one’s own. A support system is likely required. Asking for help is actually key to successfully hiring producers. Asking for help is a sign of strength, not a weakness. 4. Owners are not involved in ANY initial interviews. When agencies advertise for producers, they list all the desired qualities. However, I have never seen an advertisement that lists the most important quality to owners. That quality is the agency owner must think the producer is a “good guy” or a “good girl.” That quality is a huge reason so many producers fail. Do you want a producer that is a “good guy” and can’t sell or a producer that may or may not be a “good guy” but can sell? Owners have a tendency to fall in love with every producer they interview so stay out of it. Let just about anyone else do the initial interviews. 5. Develop and manage. Notice that the first four steps do not involve planning or contracts or training or anything else? If you just follow the first four steps, your odds of successfully hiring a quality producer will increase dramatically. If you want to maximize your odds of success, do create clear producer development and management

plans. These are two different plans. Considerable detail is required. If you’ve never done this previously, these plans are nearly impossible to create on one’s own. Hire producer development and training specialists. Once these five steps are in place, the search can begin. Don’t begin the search first. These are not easy steps. Frankly, most agency owners are not capable of steps 1, 2, 4, or 5 combined. Many agency owners are simply not emotionally capable of taking these steps and many are not emotionally capable of delegating these steps either. The pain of delegating the hiring to people who are better equipped to hire successfully is often the most painful part of the solution. Delegation feels like abdication of personal responsibilities. Yet delegation is really leadership. Being a leader, and a leader is the decision maker who does what is right for the agency rather than making the emotionally easy answer for the owner, is what really makes the difference in finding and hiring quality producers. 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.

Walmart and Overstock.com in the Insurance Marketplace By Bill Wilson, Jr., CPCU, ARM, AIM, AAM Director of the IIABA Virtual University

was interviewed about the entry of Walmart and Overstock.com into the insurance marketplace with a particular focus on the alleged “commoditization” of personal lines. The following is the Q&A from that email exchange. Question: “Retailers like Walmart and Overstock.com have recently announced that they are entering the insurance market, treating insurance as if it were a commodity. What are your thoughts on the subject? Do you think that is how customers view insurance?” Answer: Insurance is NOT a commodity. Anyone who has ever compared two or more auto insurance policies knows that. The “ISO standard” personal auto policy is 13 pages long. I recently reviewed an auto policy from Florida that was 76 pages long. The only distinction between true commodity products is price. I’d say a 63-page differential between two complex legal contracts suggests that they are not the same product. After filling up two printed pages of differences between them before getting to the third page of the 76page product, it was pretty obvious I wasn’t examining commodity products. However, given the price-focused insurance advertising that dominates the media, it is certainly how most consumers view auto insurance. One insurer advertises “SAME COVERAGE, Better Value.” Having examined 24

their auto policies, I can tell you what they’re selling is NOT the same coverage as is available from other auto insurance products in the marketplace. Just because one product is cheaper than another doesn’t necessarily mean that the coverage provided is lesser, but it often is. To quote legendary salesman, Morty Seinfeld, “Cheap fabric and dim lighting, that’s how you move merchandise.” Need examples? • A Florida insured’s auto was in the shop so she rented a car and later loaned it to someone who loaned it to someone who had an at-fault accident that killed a child and seriously injured other children. The claim against the operator and named insured was denied by the insurance company on the premise that the vehicle was not a “temporary substitute” and the operator was not a “permissive” user, as defined in this insurer’s personal auto policy. •

The son of a friend of an agency owner was street racing when he crashed, seriously injuring himself and his passenger. The claim was denied by the insurance company based on their interpretation of their personal auto policy’s “racing” exclusion.

•

A “boomerang” child lost his job and moved back home with his parents. While driving his mother’s auto, he negligently struck another vehicle, fortunately causing “only” several thousand dollars in property damage. The insurer denied the claim on the basis that his residency was not reported to the carrier within 30 days of his return home.

1. Undisclosed household residents are excluded. How many of your insureds have “boomerang” kids living at home that you’re not aware of?

A North Dakota church allowed a member to park his car in their heated ‘bus barn.’ While exiting, he wrecked and caused structural damage to the building. The claim was denied by the insurer, citing the “care, custody or control” exclusion in their personal auto policy.

3. Business use of ANY auto is excluded. Do any agency employees ever run to Staples of the post office on agency business? What if they have one of these policies?

What do these four claims have in common, other than being denied by each insurance company? Every one of them would have been covered if the policyholder had purchased an “ISO standard” personal auto policy rather than the policy in question. Has a family member lost a job and is temporarily delivering pizzas? Some auto policies cover this, some don’t. Do you ever run to the office supply store or post office for your employer? Some auto policies exclude ANY business use of a vehicle. The TV and internet advertisers don’t tell you this. In fact, if you get an online auto insurance quote, tell them you’d like to read their policy before you buy it. They won’t let you. Question: “Do you think that customers are looking away from the traditional agency system and more toward the digital space?” Answer: They’re looking for information and some are looking for a bargain because they don’t understand that “saving 15%” today may cost you $15,000 (or more) tomorrow. Walmart is advertising locally since I live in one of their pilot states. They caution consumers to compare “apples to apples.” What they mean is to make sure you’re comparing the same limits and deductibles for liability, medical payments, uninsured motorist coverage, physical damage, etc. They mention NOTHING about examining the “fine print” in each policy, that is the specific coverage grants, exclusions, conditions, etc. There are DRAMATIC and potentially catastrophic differences between auto policies. I gave some examples above. For more information and many other examples, take a look at my «Price Check» article in the July issue of Independent Agent magazine. It includes a list of differences found among auto insurance policies, including this Dirty Dozen:

2. Business use of nonowned autos is excluded. Have you ever borrowed a neighbor’s car or had a dealer loaner auto and made a business stop?

4. Use of ANY nonowned auto is excluded. Better not drive anyone’s car but your own. 5. Vehicles over 10,000 GVW are excluded. Have you ever rented a U-Haul truck or an RV thinking your liability coverage extended to the rental? 6. Any type of delivery is excluded. Denied claims include pizza, newspapers, Mary Kay cosmetics, and, yes, even the delivery of insurance policies to customers by an agency producer. 7. Permissive users only get minimum limits. This can apply to those you loan your car to or even unlisted household drivers. 8. “Street racing” is excluded. Google “street racing” and see how often people are killed or critically injured while street racing. 9. Criminal acts are excluded or limits reduced. DUI or even speeding tickets may preclude coverage. 10. Medical payments only include licensed physician fees. One insured incurred a $25,000 “Life Flight” helicopter fee that would not be covered, even in part, by a policy with this exclusion. 11. Theft without evidence of forced entry is excluded. One insured had a four-figure vehicle theft loss denied because he left his keys in the car. 12. Sales tax is not covered under loss settlement. This cost one “same coverage” insured over $2,000 out of pocket for sales tax on a replacement auto. Question: “What are the benefits of having a customer having a relationship w/a local insurance agent versus a retail giant?” 25

Answer: One online auto insurance company says they can save you 15% in 15 minutes. Competing now on price AND time, another online insurer says they can give you a quote in 7 ½ minutes. If you had an abscessed tooth, would you base your choice in dentists on who can get you in and out the quickest? There’s no way someone can quote your insurance premium in 7 ½ (or 15) minutes and exercise due diligence in matching your exposures to loss and the proper policy coverages. A good agent will help you identify your exposures to loss and make sure you have the opportunity to purchase the proper types of coverages to meet YOUR individual needs. An independent agent represents multiple insurers. A good agent knows the products of each of these insurers and which ones best fit your individual needs. Your hometown agents can make sure you’re getting all the premium credits you can, but most importantly, he or she will do their best to make sure you have the best product. Perhaps most importantly, a good independent agent will advocate you at claim time. Not every insurance claim is 3285 Big Ifor Washington black and white. Even where policy wording between insurers 7.675X4.9 is identical, it can be interpreted differently. If a claim is denied Gen Umbrella in whole or in part, the agent can work on your behalf to get the claim paid.

I literally see this every day in our Virtual University “Ask an Expert” service. Last week an agent contacted us because he believed the adjuster was incorrectly interpreting a policy provision. We agreed and the adjuster reversed the denial, resulting in a payment of $27,000, a thrilled customer, and an appreciative agent. I can promise you that “Jake at State Farm in his khakis” can’t do that for you. Nor can lizards and box store clerks. Bill Wilson, Jr., CPCU, ARM, AIM, AAM is director of the Virtual University of the Independent Insurance Agents & Brokers of America (IIABA). He has served as a trainer and speaker for various organizations, including the Independent Insurance Agents of America (IIABA national conventions and state convention programs and seminars), the CPCU Society national convention, National Leadership Conference and chapter programs, the National Association of Insurance Women (NAIW), the Southern Agents Conference, and the Risk & Insurance Managers Society (RIMS). Reprinted with Permission from IIABA’s Virtual University

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Defense Cost Reimbursement

nsurance companies over the past few months have been adding endorsements to commercial policies in Washington dealing with reimbursement of defense costs. Under these endorsements, if a claim is found to be not covered, the insured will be required to pay the insurance company back for the defense costs provided. In March 2013, the Washington Supreme Court ruled an insurance company cannot recoup defense costs paid under a reservation of rights defense, even where a court

subsequently rules that the carrier does not have a duty to defend (National Surety Corp. v. Immunex Corporation). In November 2013, ISO responded to the ruling by publishing ISO IL0123 endorsement which states, “If we initially defend an insured or pay for the insured’s defense but later determine that none of the claims for which we provide a defense or defense costs, are covered under this insurance, we have the right to reimbursement for the defense costs we have incurred.” IIABW is concerned about the loss of coverage and, consequently, the increased E & O exposure for agents. We have shared our concerns with the Office of the Insurance Commissioner and are also researching how agents in other states have dealt with these endorsements.

UPCOMING IIABW Conferences

Joint IIABW/PIA Conference

October 2-3, 2014 Skamania Lodge on the Columbia River • • • •

Network at the large Tradeshow Golf at the resort in the tournament Enjoy the sunset paddleboat cruise on Columbia River Attend CE seminars

Young Agents Congerence All Industry Day at the Capitol February 24, 2015 Washington State Capitol, Olympia

June 11-12, 2015 Cambell’s Resort, Lake Chelan

What If Your Client Tells You Not to File His Liability Claim? By Bill Wilson, Jr., CPCU, ARM, AIM, AAM Director of the IIABA Virtual University

n agency’s insured is facing a liability claim against him. He calls the agency to tell them not to file the claim. Meanwhile, the claimant also calls, instructing the agency to do the opposite. Question: “By law, are we obligated to file without our insured’s permission?” Answer: “We can’t give you a legal opinion, but we can provide some guidance from a procedural and E&O standpoint. As an agent of the insurer, you are likely responsible to the principal (insurer) under the law of agency to report this information, since the principal is charged with the agent’s knowledge. More specifically, failure to do so might very well violate the agency/company contract. It is also foolish on the part of the insured to refuse to report a known claim. Most policies require claims and suits to be reported promptly—otherwise, the insurer is usually within its right to deny defense and indemnity under the policy. The Big ‘I’ Virtual University (VU) offers a couple of articles on this topic: ‘The Danger of Not Reporting Claims’ and ‘Reporting Underlying Claims to the Umbrella Carrier’ In sum, the insurer should be made aware of such claims by the insured and/or the agent. But that being said, I can tell you it is routine practice at many agencies to not report a claim if the insured requests it. A frequent example is fender benders where it doesn’t appear any real damage has occurred. But if something develops that results in a claim or suit and if the insurer has been prejudiced, the insured and agent can find themselves in serious trouble. If you’re aware of something that the insurer should or would want to be aware of, you should advise them accordingly.” Bill Wilson is director of the Big “I” Virtual University. This question was originally submitted by an agent through the VU’s Ask an Expert Service. Answers to other coverage questions are available on the VU website. If you need help accessing the website, email logon@iiaba.net to request login information.

Tough, high-hazard property, casualty, transportation and professional and management liability risks require detailed expertise and specific industry experience. At RT Specialty, our brokers draw on the most comprehensive resources worldwide to provide better, faster, smarter insurance solutions. We do whatever it takes to find the solution that meets your clients’ complex coverage needs. When it comes to tough risks, experience the difference a tough broker can make. Tough risks demand tough brokers. For more information, contact: Ed Bukovinsky | 206.708.2074 ed.bukovinsky@rtspecialty.com 1200 Fifth Avenue, Suite 1910 | Seattle, WA 98101 www.rtspecialty.com

R-T Specialty, LLC (RT) is a subsidiary of Ryan Specialty Group, LLC, specializing in wholesale brokerage, MGA/MGU underwriting facilities and other services to agents, brokers and carriers. In California: R-T Specialty Insurance Services, LLC License #0G97516 © 2013 Ryan Specialty Group, LLC

IIABW Associate Members The Independent Insurance Agents & Brokers of Washington would like to thank the following companies for their support of Your association. AFCO Premium Finance Steve Palmer 3400 188th St SW, #630 Lynnwood, WA 98037 spalmer@afco.com

Chubb Group of Ins. Cos. Greg Monroe 701 Fifth Avenue, Ste 3700 Seattle, WA 98104 gmonroe@chubb.com

Imperial PFS Joe Zimmer 22102 17th Ave SE, Ste 202 Bothell, WA 98021 joe.zimmer@IPFS.com

Pacific Internatâ&#x20AC;&#x2122;l Underwriters, Inc Randy Blanchard P.O. Box 2007 Edmonds, WA 98020 randy@piuinc.com

Surplus Line Assoc. of WA Robert Hope 600 University St, Ste 1710 Seattle, WA 98101 bob@surpluslines.org

Alaska National Insurance Co Tim Ross 1111 Third Avenue, #2600 Seattle, WA 98101 tross@alaskanational.com

Cochrane & Company Brian Carney P.O. Box 19150 Spokane, WA 99219 bcarney@cochraneco.com

Insurance Producersâ&#x20AC;&#x2122; Service Corp. Ashley Kuaea 11911 NE 1st St, Ste B103 Bellevue, WA 98005 akuaea@wainsurance.org

Pacific Interstate Ins Brokers, Inc Ashley Bernardi PO Box 4529 El Dorado Hills, CA 95762 ashley@piib.com

Swett & Crawford Mike Hamby 720 Olive Way, 18th Floor Seattle, WA 98101 mike_hamby@swett.com

All Risks Ltd Corky Weber 11911 NE 1st St, Ste B-205 Bellevue, WA 98005 CWEBER@allrisks.com

Combined Insurance Fred Prudhomme 1000 N Milwaukee Avenue Glenview, IL 60025 fred.prudhomme@combined.com

Kemper Preferred Tim Howard 80 Blue Ravine Rd, Ste 200 Folsom, CA 95630 thoward@kemper.com

Pemco Insurance Company Steve Milliren P O Box 778 Seattle, WA 98111-0778 steve.milliren@pemco.com

Tepco Premium Finance Andy Hansen PO Box 19127 Spokane, WA 99219 ahansen@cochraneco.com

Allied Insurance Erika Dufenhorst 7979 E Tufts Ave, Ste 1700 Denver, CO 80237 dufenhe@nationwide.com

Connexion Insurance Solutions Inc. Tim Kussie 7001 220th St SW, MS 320 Mountlake Terrace, WA 98043 tim.kussie@connexioninsurance.com

Liberty Mutual Business Ins, NW Reg Patricia Brown 1191 2nd Ave, Ste 900 Seattle, WA 98101 patriciaf.brown@libertymutual.com

Premier Marine Insurance Troy Moreira 625 Howe Street, Ste 300 Vancouver BC, V6C 2T6 CANADA moreira@premiermarine.com

Travelers Property Casualty Tamsen Hassel 1501 4th Avenue. Ste 1000 Seattle, WA 98101 thassel@travelers.com

AmWINS Brokerage of Washington Joe Constantine 600 University St, Ste 510 Seattle, WA 98101 joe.constantine@amwins.com

Countrywide Brokerage Services Anne Brennan P.O. Box 2011 Edmonds, WA 98020 abrennan@countrywidebrokerage.com

MetLife Auto & Home Chris Nachtsheim 20825 SR 410 E, #122 Bonney Lake, WA 98391 cnachtsheim@metlife.com

BALES RESTORATION DKI Bill Leak PO Box 446 Marysville, WA 98278

Encompass Insurance Rick Staten 18911 North Creek Pkwy, Ste 200 Bothell, WA 98011 rstaten@allstate.com

MULTICO Rating Systems, Inc Charlie Anderson 4200 Stone Way N Seattle, WA 98103 charlie@multico.com

Foremost Insurance Group Bob Hoogendam 23798 Copper River Court Mount Vernon, WA 98274 bob.hoogendam@farmersinsurance.com

Mutual of Enumclaw Ins. Co. Rich Hawkins 1460 Wells Street Enumclaw, WA 98022 rhawkins@mutualofenumclaw.com

Grange Insurance Group Steve Stogner PO Box 21089 Seattle, WA 98111 sstogner@grange.com

National General Insurance Co Robyn Christian PO Box 3199 Winston-Salem, NC 27102-3199 robyn.christian@ngic.com

Griffin Underwriting Services Van Griffin P.O. Box 3867 Bellevue, WA 98009 vgriffin@gogus.com

Northwest One, LLC Jason Saarm 18311 NE 21st St Redmond, WA 98052 jason@northwestone.net

HCIT/Trustco, Inc Eric Kingdon 2063 E 3900 South, Ste 100 Salt Lake City, UT 84124 erick@trustcoinc.com

NW Insurance Council Karl Newman 200 Cedar Street Seattle, WA 98121 karl.newman@nwinsurance.org

Hull & Co. Jenny Lupescu 5775 Soundview Dr, Ste 202B Gig Harbor, WA 98335 jlupescu@hullconw.com

Oregon Mutual Insurance Co. Mary Emerson 11700 Mukilteo Speedway #201, PMB #1239 Mukilteo, WA 98275 mary.emerson@ormutual.com

BCE Consulting LLC Jeff Bronaugh 12464 N Paseo Penuela Marana, AZ 85658 jeff@bceconsulting.co Berkley North Pacific Group Linda Carlson 660 E Watertower St Meridian, ID 83642 lscarlson@berkleynpac.com Brown & Riding/AMW Sam Alexander 901 5th Avenue, Ste 2300 Seattle, WA 98164 salexander@brcins.com Capital Insurance Group Bryan Stanwood 2300 Garden Road Monterey, CA 93940 bstanwood@ciginsurance.com Capital Premium Financing Garn Kemp 12235 South 800 East Draper, UT 84020 garn@capitalpremium.net

Premium Assignment Corp Joseph Schofield 151 Kalmus Drive, Ste C220 Costa Mesa, CA 92626 joseph.w.schofield@suntrust.com Progressive Insurance Shelley Rogers 19909 120th Ave NE, Suite 200 Bothell, WA 98011 SRogers@Progressive.com Red Shield Insurance Company Jim Brown 1411 SW Morrison St, Ste 400 Portland, OR 97205 jbrown@redshield.com Risk Placement Services, Inc. Doug Rutherford 8700 E Northsight Blvd, Ste 100 Scottsdale, AZ 85260 doug_rutherford@rpsins.com RT Specialty LLC Ed Bukovinsky 1200 5th Ave, Ste 1910 Seattle, WA 98101 ed.bukovinsky@rtspecialty.com Safeco Insurance Diane Mink 1001 4th Ave, Ste 1600 Seattle, WA 98154 diane.mink@SAFECO.com Superior Underwriters Joe Kelly P.O. Box 97024 Redmond, WA 98073-9724 jkelly@gsusuperior.com

WA Surveying & Rating Bureau Tracy Skinner 2101 4th Ave, Ste 300 Seattle, WA 98121 tracy.skinner@wsrb.com Western National Assurance Co. Dick Hobbs 9706 4th Avenue NE, Ste 200 Seattle, WA 98115-2162 Dick.Hobbs@wnins.com Worldwide Facilities, Inc. Mike Stutsman 601 Union St., Suite 1630 Seattle, WA 98101 mstutsman@wwfi.com

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