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

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SUMMER 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) Bell-Anderson, Anacortes 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.

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B C E Consulting

Burns & Wilcox

Grange Insurance Group

Griffin Underwriting

Imperial PFS

Liberty Mutual

Mutual of Enumclaw

Pacific Coast E&S

Preferred Property/JGS

Quirk & Co.

R-T Specialty, Inc.

Risk Placement Services

Ron Rothert Insurance Services

Tapco Underwriters

Western National Insurance Group

Worldwide Facilities, Inc.

Table of Contents 6

A Message from Pat Otter, IIABW President

New Consumer Portal for Leads

Examinations by the Insurance Commissioners Office

Insurance Implications of Marijuana Legalization

Big “I” Lobbies Congress

Flood Bill Becomes Law

14 Using Technology to Drive Community-Based Marketing 24 Strategy 26 18 IIABW Young Agents Conference 27 20 IIABW Young Agents Bowling Event 29 4

Are “Mudslides” Covered by HO or Flood Policies? New IIABW Website IIABW 2014 State Legislative Session in Review Embracing Usage-Based Insurance: The Time is Now

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PAT OTTER

The Time to Fight is Now!

he 2015 legislative session will be one of the most important for insurance agents in years because the state legislature is expected to raise taxes. The state Supreme Court has determined that the state is not meeting its constitutional obligation to fully funded public education and needs to spend up to $7 billion more by 2018. This increase in spending is over 20% of the entire state budget for a two year period! Agents were successful fighting back the legislature’s attempt to triple our B & O tax rate in 2013. We won the first battle but the war is long from over. We are vulnerable because our B & O tax rate is one-third the rate of realtors, bankers, stock brokers and 50 other classes of professional services. When politicians talk about ‘tax fairness,’ ‘reducing tax loopholes,’ and ‘simplifying the tax code’ they are talking about insurance agents! The only way we are going to be successful defeating a major B & O tax increase proposal next year is to communicate with our elected officials. When we made our arguments last year, the legislature dropped insurance agents’ tax increases from the budget. We need to band together again to explain why these draconian tax increases would be particularly damaging to independent agents. The tax: • puts us at a competitive disadvantage against GEICO who doesn’t pay the B & O tax;

•

hits us harder than any other professional services because our prices are set by the insurer and we can’t pass on the tax to our customers; is multiplied within the our industry - the same premium dollars are taxed at the insurer level (the premium tax), at the wholesale level and then at the retail level.

Money is an important part of communicating with our state legislators. While contributions do not buy solutions to legislative debates, they do allow the Big I significant ‘face time’ with busy elected officials to give us an opportunity to educate them. IIABW has received $25,000 - $30,000 in contributions each year over the past decade while the overall money raised on campaigns has increased over 40%. If your agency can’t afford the tripling of your B & O tax, you need to act NOW by contributing to the Big I Pac to help IIABW stop it. The legislature will raise taxes next session and if the insurance industry doesn’t invest in a good defense we will be paying much more in the way of taxes every year. IIABW has an opportunity to impact some key races in the November elections so give today (personal and corporate contributions ): Big I Pac, 11911 NE 1st St., Suite B103, Bellevue, WA 98105.

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

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Examinations by the Insurance Commissioner’s Office By Mary Tunis, CPA, CFE, Financial Examiner Washington State Office of the Insurance Commissioner

ashington State has more than 36,000 licensed resident insurance producers and brokers, many affiliated with the 4,000-plus insurance agencies operating throughout our state. That’s quite an impressive number! Our state has consistently been on the forefront of insurance regulation and is one of the few states with a financial examination program to verify licensees are “playing by the rules” and following regulatory requirements for engaging in the business of insurance. RCW 48.03.020 grants us the authority to examine your records and we do. Here, we will demystify the process and let you know what to expect when you are selected for a financial exam. How you are selected for examination Licensees are generally selected for examination in accordance with the annual examination plan objectives. There are many criteria taken into consideration, including agency location, size, and time since the last examination. A randomizing factor may also be applied. There are also factors that increase your chance of a financial exam: • If the agency has been in operation for several years and has never been examined. • Substantial changes in ownership structure, business operations, or significant web or media advertising. • Regulatory change or interest in a business practice or particular aspect of the marketplace. • Consumer complaints to our office. • Cancellation of an appointment by an insurer for cause. That said, being selected for a financial exam does not mean we’ve identified a problem. What to expect during an exam Most examination assignments follow a five-phase process. 1. Notification. We will send you a letter stating that your agency has been selected for an exam. We include the examiner’s name and contact information, a fact sheet and a target date for the examiner to arrive. If the target date is not convenient, please let us know. We’ve been told that people have canceled vacations or missed important events in order to accommodate our target date. That is absolutely not necessary! Examiners may be working several assignments simultaneously, so we can be flexible on the timing. 8

2. Pre-exam research. The examiner will send an advance copy of our interview questionnaire and arrange a phone conference one to two weeks before the on-site work begins. The questionnaire helps us to become familiar with your agency’s business operation so we can better plan for the on-site work. The phone conference may take up to one hour. Some agencies find it helpful to include a member of the production team and the accounting manager or bookkeeper on the call to help answer some of the questions and discuss the records you can have compiled and prepared for the examiner. After the phone conference, we may contact some of your business partners to obtain documents pertinent to our review, such as: • Brokers for account current billings statements. • Insurers for sweep reports and production reports. • Premium finance companies for funding and payment activity transacted with your agency. 3. On-site fieldwork. Most examinations are targeted to areas of greatest concern and require two to three days onsite. Although the examiner reviews production records, bank statements, and other records, our process is limited to sampling some of the insurance transactions and performing some analytical review of the accounts. We understand these are very challenging economic times; many agencies are lean-staffed and face competing demands for your time. The examiner will work as rapidly and efficiently as possible to complete the assignment. If the records are organized and complete, the assignment often requires less time. If instances of noncompliance or concern are identified, we will: • Prepare an accounting review form for you to sign that itemizes the problems found and what you need to do to correct the problem. • Provide educational instruction to help you come into compliance. 4. Report preparation. Any open issues requiring more research or contact with other entities to acquire information are completed. The examiner prepares a draft report summarizing the work performed, documenting any noncompliance findings, and specifying any required action you need to implement. There should be no surprises in the report, because the accounting review form should have been provided to you before the report is issued. The summary section at the end of the report states whether the examination is considered to be an “acceptable” or “unacceptable” exam.

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5. Exam completion and report issuance. All examination reports are reviewed by the Insurance Commissioner’s management prior to issuance. Our goal is to issue the final report within two weeks of completing the assignment in order to provide timely feedback. If there are no serious findings, the examination process is terminated and the report is issued as an “Acceptable” exam. Most examinations do not result in serious findings. If there are serious findings, the exam report will be classified as “Unacceptable” and clearly state that a reexamination will be conducted in approximately 90 days. If you correct the noncompliance issues prior to the re-examination, then your agency will receive an “Acceptable” re-exam. If not, you may be referred for consideration of administrative action. Therefore, it is always in your best interest to promptly address the issues we identify during the first examination.

The examiner will generally apply one of two calculation methods to test the account. • Financial statement calculation: Balance sheet accounts directly related to insurance transactions are used to compare assets to the liabilities. The assets should equal or exceed the liabilities. The balance sheet accounts include the separate premium account(s), accounts receivable, carrier/interagency payables and premium taxes payable (surplus line). Adjustments are often made by the examiner to the calculation for noninsurance transactions identified in the accounts, noncollectible accounts receivable, and timing differences in the agency’s financial records. A bank deposit account must meet the requirements of WAC 28412-080(3) to be included as a “trust” asset. • “Cutoff” money flow test: Premium funds received are traced from point of receipt to deposit into the premium bank account and matched to payments from the account. Premium received and not yet paid is now identifiable as an “outstanding ” or “fiduciary funds owed to others.” The account balance on the bank statement is compared to the outstanding amounts owed. This comparison helps identify reserves maintained in the account or shortages. An illustration of this calculation is:

Records we may need RCW 48.17.470 and RCW 48.17.480 require you to maintain records of the insurance contracts procured and the monies received and paid, including return premiums, for a period of five years. The following are examples of records the examiner may ask to look at: • Commission statements • Account current billing statements • Check registers and cleared checks Estimate of separate premium account “in/out of trust” status @ 12/31/13: • Bank statements and bank reconciliations • Cash receipts and detailed (itemized) bank Premium account bank statement balance (includes receipts thru 12/30/13) deposits • Accounts receivable and accounts payable Less: (insurer) records Outstanding sweeps (client premium $ received not identified to a sweep or check pay out in December 2013) • General ledgers • Financial reports, such as balance sheets and Insurer sweep w/o corresponding customer receipt (premium advance) income statements • Policy files Premium financing deposits not paid out to the broker before 12/31/13 • Fee disclosure forms Outstanding checks to brokers and insureds • Loan agreements • Carrier agreements Net estimated Shortage in the account @ 12/31/13 – “Out of Trust” • Any other relevant information to verify that the consumer’s interests are protected.

$8,321.78

(5,315.22) (657.00) (5,892.75) (4,878.66) ($8,421.85)

As the calculation demonstrates, it is possible to have an unidentified shortage in the separate premium account even though there is a sizeable amount of money in the bank account and the account has never experience an overdraft.

Are you “in trust” and how that is determined There are several methods that we can use to test the account based upon your business operation and the records available. We test the separate premium account to determine compliance with regulatory requirements and verify monies actually received and due to be paid out were conserved and are available to pay the carrier to secure insurance for the consumer. Licensees we’ve examined run the gamut of true captive agencies with no separate premium account to large independent agencies writing primarily surplus line business. Some agencies may apply virtually all of the consumer funds received into the carriers’ account without the money passing through the agency’s bank account. 10

Issues of concern to the Insurance Commissioner In 2012, the Insurance Commissioner’s Office met with insurance industry representatives and further clarified separate premium account requirements through a rule change process to address premium handling concerns. As a financial examiner, the one that causes me the most concern is failure to maintain proper segregation of funds “comingling,” because that leads to misuse of client funds, shortages in accounts, and inability to pay insurers entitled to the premium. Examples of comingling include:

•

Premium money deposited into the operating account. Or depositing cancellation return premium funds received from brokers or insurers into the operating account. Significant bank fees coming out of the account and not being replenished from operating funds. Bank fees are an operating expense and the consumer’s money cannot be used to pay them. RCW 48.17.600(3) and WAC284-12-080(2)(a) permit maintaining additional funds in the account to pay bank charges and cover “contingencies.”

Some new reference tools will be on the Insurance Commissioner’s website on April 6, to help you comply with separate premium account requirements. We hope you will find these helpful to useful. Go to the “For Producers” tab and select the “Compliance” section and you will find an entire section with guidance under “Separate premium accounts.” Your financial examination can be a stress-free experience when you maintain the proper records. If you have questions, please email AskMike@oic.wa.gov or Mary Tunis at MaryT@oic. wa.gov or call Mary at (360) 725-7109. Consumer inquiries can be referred to either AskMike@oic.wa.gov or to the Office of Insurance Commissioner’s consumer hotline at (800) 562-6900.

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Strategic, succession and contingency planning Business growth and development Market feasibility studies Education, sales training and professional development Operational efficiency and process improvement For further information or details please see our website: www.bceconsulting.co or contact:

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The Big I Lobbies Congress

ach April, a group of IIABW members attend the Big I national legislative conference and meet with our state’s members of Congress to advocate on behalf of our state’s independent agents. This year, Pat Otter, IIABW President; Sue Knobeloch, IIABW National Director; Don McQuary, an IIABW Past President and Daniel Holst, IIABW Executive V.P. met with six members of Congress and staff from two additional offices. Guy Weismantel of Vertafore joined us this year as well. We discussed the following issues with our elected officials: TERRORISM INSURANCE We advocated for the reauthorization of the Terrorism Risk Insurance Act (TRIA). The law was originally enacted in November of 2002 in response to the September 11, 2001 attacks and the ensuing inability Don McQuary; Rep. Adam Smith;and Pat Otter of the commercial P & C insurance markets to underwrite terrorism risk. TRIA has been reauthorized in 2005 and 2007 and expires at the end of this year. TRIA is a federal reinsurance backstop which would be “triggered” if there were $100 million in aggregate industry insured losses. This limits the federal government’s involvement only to large scale attacks. If the $100 million threshold is crossed, each insurance company would then have a deductible equal to 20% of its commercial P & C premium written. Insurers are also responsible for a 15% copayment for relevant losses, with the government picking up the other 85% up to the program cap of $100 billion. AGENT LICENSING REFORM We advocated in favor of the “National Association of Registered and Brokers Reform Act (NARAB II),” which would streamline the nonresident licensing of agents. This bill would establish an entity which would authorize agents to sell in any state they choose and they would be exempt from the following requirements outside of their home state: • complying with additional CE requirements; • obtaining a nonresident business entity license; • complying with discriminatory laws and • regulations; • registering as a foreign company.

Don McQuary & Rep. Cathy McMorris Rodgers

TAXES IIABW encouraged our congressional delegation to fairly address individual rates along with corporate rates since many of our small business members file individually as pass-through entities. We shared how the Big I opposes any efforts to create an imbalanced tax regime between individuals, small businesses and corporate entities. We are concerned by the direction of Rep. Camp’s proposal to create Pat Otter; Sue Knobeloch; Guy Weismantel; a third tax bracket at 35% from some individuals and pass-through Senator Maria Cantwell; Don McQuary; and Daniel Holst entities, while lowering corporate rates to 25%. 12

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Using TECHNOLOGY to Drive a

By Claudia McClain McClain Insurance Services, Everett

COMMUNITY-BASED Marketing Strategy

t’s a great time be an independent insurance agent. Technology lets us reach, engage and retain customers in ways we couldn’t have imagined even a dozen years ago. It’s also a great time to live in the Seattle area. Last month, our Seahawks capped a stellar season by winning the Super Bowl. Recently, we were able to combine these two “greats” — our industry role and our local NFL franchise’s accomplishment — to engage the community and bolster our visibility. Here’s how: Several days after the Seahawks won the NFC championship, I was contacted by PEMCO, a Seattle-based mutual insurer that helped me get my start in the business. Our agency was chosen

to host what PEMCO was calling its “12th Fan” banner signing. PEMCO has promoted the 12th Fan — its take on the term, “12th man,” which refers to fans that support the 11 players on the field — throughout the season. It was leveraging that promotion by creating a 100-by-40-foot banner. Fans were invited to sign the banner, which would fly over North Jersey’s MetLife Field during Super Bowl weekend. With less than four days to promote the event, our sixperson agency went into high gear. We issued a press release that was picked up by our newspaper, two radio stations and a local blogger. We tapped social media to promote the event with photos and video. We created a Facebook event, invited fans to attend, and paid to promote the event, boosting our reach to nearly 20,000 Facebook users. We built a website landing page for the event and placed a button on the home page pointing to it. We created and distributed to local businesses 2,000 postcards they could share with employees and customers, and repurposed postcard artwork to build an online ad for a local independent blog. We reached nearly 1,900 clients with an email that pointed them to our website and a football-themed customer survey. The email enjoyed a 44.6% open rate. We picked up 20 great testimonials through the survey. And we earned an average grade of 4.95 out of five and a Net Promoter score of 95%, which means that more than 9 out of 10 clients are loyal enthusiasts who will keep buying and will refer others. We programmed the video sign in front of our office to announce the evening event and rented portable lighting to illuminate our parking lot. We ordered pizza, salad and Skittles — the favorite candy of Seahawks running back Marshawn Lynch — to feed McClain team members working the event. During the event, we gathered 1,632 banner signatures — including the 12,000th one. We took lots of photos, which we’ve shared with local media and posted on our site and social platforms. We raffled off a signed Seahawks jersey. We generated buzz that continues to this day. And then our entire team went home and crashed. As frantic and hectic as things were, we could pull this off very quickly because of what we’ve learned — through ACT and some wonderful friends and partners in the business — and what we already had in place to engage prospects and clients.

Industry Resources Some years ago, I was blessed to meet ACT’s Jeff Yates when I served on Progressive’s National Agency Council. Staying in touch with Jeff led to opportunities to help on various ACT projects addressing agencies of the future, the social web, business intelligence and, our latest endeavor, the customer experience. The white papers and articles these and other work groups generated have been especially useful to our agency. Frankly, I

wish more agents knew of and used them. It’s a living research center for things we encounter every day in our agencies. The exposure through ACT to future-facing visionaries — fellow agents, associations, consultants, carriers execs and vendors — has helped us immensely as we bolster our technology and marketing capacity. These individuals focus not just on what we’re doing today, but what we must do tomorrow. Being surrounded by innovative thinkers like that — people I would not have met otherwise — gets my imagination going faster and more deliberately. Particularly valuable are ACT discussions and resources on today’s — and tomorrow’s — insurance buyer. When we talk about how the new consumers will want to do business, my attention piques. As agents, we must stop doing transactional things consumers can do themselves. We must focus on building stronger relationships. Good technology frees up time to do this. I get especially inspired at ACT meetings by some younger agents in the group and by vendors who are helping to make us more accessible to clients. I just wish more agents were listening to the conversation.

Community-Based Approach The conversation has helped us grow organically. Today, we enjoy a 95-96% retention rate. By sustaining strong client relationships, we can grow much more effectively. Many agents say their biggest source of growth is referrals, but do they know why they are getting them? Do they have a strategy for increasing referrals beyond what just might normally trickle in? For me, community involvement and customer engagement are foundations of our growth strategy. I frequently ask my team, “What must we do to be worthy of referrals?” There has to be a reason clients feel so bonded with our agency that they want their close friends and relatives to do business with us, too. To be worthy of referrals, we need to continue to find ways to give back to the community. We need to show a concern for things outside of insurance — things more important to our clients than insurance. Community involvement has been part of our agency’s existence for some time. Years ago, we got involved with our local police department’s National Night Out activities. We evolved from that into sponsoring our parks department’s outdoor movie series. Before long, we were hosting our own events, including an e-cycle day — held just after Christmas — when folks come to our parking lot and safely dispose of televisions, computers and other electronics. As an agency, we aim to do a community event every six weeks or so, but because we’ve done many of them before, it’s not that difficult to manage. When agents say they couldn’t maintain such a schedule, I suggest they start small. Master one event, learn what it entails, and then add a new event down 15

the road. That’s how our community activities evolved. For example, each Flag Day, we do an American Flag exchange. I pull out last year’s press release, email, newsletter article and video sign, update them to promote it, and people show up.

Automating Activity Several years ago, we began to capitalize on technology to expand our reach, promote events and build stronger relationships in the community. Of course, we had been using our agency management system to handle policy- and accountbased relationships for years, and this still is the centerpiece of our business. In the mid-2000s, we ventured online to better reach an increasingly digital insurance-buying public. We brought on a high school student, who stayed on after graduation and through college, to launch our social media presence. We partnered with a digital marketing company that designed a new site and provided a marketing engine that operates behind the scenes. Now, when people click to “get a quote,” their information is sent to us by email, and they are subscribed to various marketing sequences we designate in that engine. Our agency management system talks to the marketing engine several times a day. This conversation eliminates rekeying. If someone requests an auto quote, they’re in our marketing engine database as a prospect. If they don’t convert right away, they become a warm lead. If we write them, they become active in the agency management system, and the marketing engine realizes they’re no longer a prospect. Once they sign on, we trigger a welcome sequence that begins with a video from me and involves a series of communications over the course of the year. It’s all done seamlessly. We rely heavily on social media and digital community engagement to drive website traffic. I have a part-time person, Nathalie, who has worked with me since 2006. Between the two of us, we pretty much handle all of the online and other marketing. She works on everything from social media and newsletters to graphic design and programming our electronic sign. Everyone else is encouraged to participate in social media, too. Often, employees or their spouses share items we can promote or take part in. And whenever we come up with a hairbrained idea like, “Wouldn’t it be fun if we got a 12th man flag signed?” or “We need help with a shredding event,” they give their time willingly. We’ve got a great team.

Lessons Learned Part of the reason we could pull off the 12 Fan event so well was experience gained — and processes in place — from earlier initiatives. We had done press releases for other events, so we had that down. We are active in social media, of course, th

so that was a natural. Our experience with landing pages and relationships with a printer and local media let us turn on all the faucets and get the word out quickly. We have a marketing calendar for the year, which we post in our break room, that helps keep us — all of us — in the know and on track. Technology, of course, helps manage it all. Use of the various platforms and tools helped us reinvent the agency. They give us a forward motion and a clear view of where we need to go. Knowing that automation delivers a thought-through outcome that will happen every time a situation occurs is very freeing. It has definitely made our agency life and marketing a lot better. It also has made customer and community lives better. Today, there are so many ways we can communicate with customers and prospect questions. Our speed of response is up; we can connect pretty much 24/7. Technology helps us communicate our agency brand and be raving fans of our community. We even leverage the tools to help local nonprofits.

Meeting the Challenge The biggest difficulty we’ve faced in our journey is sorting through which tools may not deliver as much value. It’s the typical agent bandwidth issue. Do we do as good a job on some platforms as others? Probably not. But as a personal lines agency, we focus on those we should and try to make the best possible use of them. When fellow agents say they could never manage such an active campaign, I say, “First, get over the idea you don’t need to do it. Consumers expect us to be in these places. If you don’t have the energy or bandwidth, bring somebody in who understands the platforms and emerging technologies and can manage them.” There are a lot more vendors now than before that can make life so simple. For example, we just launched a new iPhone app with a vendor I met at the ACT / AUGIE /AIMS Society meetings a few weeks ago. Our earlier app took us an amazing amount of time to get developed, approved and implemented. The new app has much more functionality and was launched in a matter of minutes. My closing advice is simple: It’s easy and affordable to be in the game. Follow the trade magazines and blogs and get involved with groups like ACT; that’s where we get some of our best ideas. If you’re feeling overwhelmed, choose something, master it, and go on to the next thing. And I think you’ll agree it’s a great time to be an independent agent, wherever you are. Claudia McClain is owner and principal of McClain Insurance Services, an Everett, Washington-based independent insurance agency she founded in 1977. She is an active member of IIABW’s Govt. Affairs Committee, the OIC Agent Advisory Committee and various ACT work groups.

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IIABW Young Agents Bowling Event

Over 60 insurance professionals attended the Young Agents Spring Networking Event at ACME Bowl in March. The IIABW’s Young Agents is a statewide network of insurance professionals striving for professional growth through educational achievement, leadership development, legislative involvement, and insurance career perpetuation. Working with other insurance professionals allows them to discuss industry concerns, sales, and other insurance related topics with colleagues who are having similar experiences.

New Consumer Portal for Leads

e all know the value of utilizing independent agents and why the independent distribution channel is superior to other methods. You offer choice, analysis, advice and service when it is needed most. However, we are often frustrated because consumers are not aware of these facts and succumb to advertising gimmicks pushing price ahead of coverage and value. So how do we get the message out? For the past few years, the Independent Insurance Agents and Brokers of America (IIABA) and Trusted Choice, in a collaborative effort with six independent carrier partners (including Safeco), have been working behind the scenes to develop an online marketing program to help independent agent members recapture market share from direct marketers and captive agency carriers. This effort has included expenditure of millions of dollars in research and development. Those collective efforts, known as Project CAP, have resulted in a redesigned consumer based website for TrustedChoice.com. Project CAP is an acronym for Consumer Agent Portal. With the redesigned Trustedchoice.com, consumers can obtain competitive quotes from multiple independent channel companies. Upon selecting a quote, their information is electronically transmitted to a local independent agency which will then bind coverage with any market he/she chooses. The Trusted Choice website also serves as a tool to help consumers research insurance questions and educate them about insurance choices. The projectcapmarketing.com website provides agencies information about marketing tools and experts available to assist member agencies enhance your websites, increase your visibility on the web, push your content higher in web search results, assess your brand image and evaluate your use of social media. The first phase of the project is focused on personal lines since that is where the captives and direct marketers have the biggest market share. It will eventually evolve to include commercial insurance options as well. How can you participate? Your agency’s basic listing on the agent locator is a free Big I member benefit. You have the option to complete an enhanced agency profile which gives you an expanded listing, enhanced search placement and the ability

to receive “get a quote” submissions completed by consumers. The cost of this service is $39 a month. Details can be found at projectcapmarketing.com. Why should you even worry about internet marketing or an online presence at all? We need to evolve with the insurance buying public. Statistics indicate that 75% of consumers conduct research on insurance coverage online before making a purchase. This statistic will probably not decrease as the Gen Y, Gen X and millennial generation get older and the number of baby boomers making purchasing decisions dwindles. Clearly, it is becoming increasingly important to consider how technology and an online presence have become incorporated into your11716 marketing strategy. 1 12/18/12 3:55 PM WA IIABA ad.pdf

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Insurance Implications of Marijuana Legalization By Bill Wilson, CPCU, ARM, AIM, AAM, Director, Big “I” Virtual University

: “Tommy Cheech is an insurance agent in Colorado who believes that he has a niche opportunity following passage of the legalized marijuana law and would like to insure retail stores, production facilities, shipping, etc. His carriers use ISO policy forms like the CP 00 10 Building and Personal Property Coverage Form and CP 10 30 Special Causes of Loss form. The first question is whether these forms would cover the theft or destruction of marijuana. What do you think?»

: Under Property Not Covered, the ISO CP 00 10 excludes “Contraband, or property in the course of illegal transportation or trade.” According to Wikipedia (and other sources), the word contraband denotes any item which, relating to its nature, is illegal to be possessed or sold. Well, we know that it is legal to sell or possess marijuana in Colorado under certain conditions and in certain amounts. However, we also know that marijuana, along with heroin, LSD and some other drugs, is classified as a Schedule 1 substance under the federal Controlled Substances Act. That means the drug is considered to have no accepted medical use and a high potential for abuse, so it is illegal under federal law to sell, transport or possess marijuana. So, even if it’s legal at the state level, it’s not at the federal level and the policy language says it’s not covered if it’s illegal without regard to what law makes it illegal. One of the best analyses we’ve seen on this issue is this article by Brenda Wells, Ph.D., AAI: “Marijuana Legalization: Implications for Property/Casualty insurance” http://www.insuranceissues.org/PDFs/371W.pdf This article cites Tracy v. USAA Casualty Insurance Company (2012) Civil No. 11-00487 LEK-KSC, 2012 WL 928186 (D. Hawaii Mar. 16, 2012) where the court agreed with USAA that: 22

•

“[B]ecause the plants were illegal under Federal law, to enforce the policy coverage for the marijuana would be against public policy;” and

•

There was a lack of insurable interest which “means any lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage.”

In the case, though, where marijuana sale and possession IS legal by state law, one would think that this constitutes “ANY lawful” economic interest and create an insurable interest, though we still have the “contraband” issue to deal with. Finally, Don Malecki, CPCU wrote about this issue in the June 2013 issue of Rough Notes magazine in an article entitled “Coverage for Marijuana Plants is a Little Hazy” and takes a different approach in reviewing Tracy v. USAA, especially in the context of a Homeowners policy. http://www.roughnotes. com/rnmagazine/2013/june/2013_06p064.htm So, is destruction or theft of marijuana covered by ISO homeowners and commercial property forms? The answer is the all-to-familiar “maybe, maybe not.” Reprinted with permission by the IIABA’s Virtual University

Bill Becomes Law

n Friday, March 21st, HR3370, also known as the Homeowner Flood Insurance Affordability Act of 2014 was signed into law. This bill introduces changes to the NFIP that would address some of the unintended consequences resulting from the implementation of the Biggert-Waters Reform Act of 2012 (BW12). Some of the major elements that Homeowner Flood Insurance Affordability Act of 2014 looks to address include: •

•

• •

Preventing FEMA from raising average rates above 15% for a class of properties and above 18% on individual policies per year. Rescinding provisions in BW12 requiring policyholders to pay the full-risk rate for Pre-FIRM properties at the time of purchase. Rescinding provisions in BW12 requiring Pre-FIRM property owners to pay the full-risk rate if they voluntarily purchase a new policy. Rescinding provisions in BW12 terminating grandfathering. Requiring FEMA to refund policyholders for ‘overpaid’ premiums.

At this time, FEMA and the NFIP are actively working to analyze the changes this new law brings and determine how each element will be implemented, however industry analysts believe it may take 12-18 months to implement those changes and to begin issuing any refund checks. The Big “I” strongly encourages agents and brokers to continue with any and all renewals before there is a lapse in coverage and to NOT wait on implementation of this new law before proceeding with renewals. Failure to renew a subsidized policy and to pay the full premium will result in a lapse of the policy, which under the new law continues to be a trigger for a total and permanent loss of the subsidy. While we understand some renewal premiums (those that have seen their subsidy removed) could be substantial, the new law will allow for a refund of such premiums. Selective, the Big I’s endorsed flood carrier, will continue to keep members informed of any developments and how your customers are impacted.

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

Are “Mudslides” Covered by HO or Flood Policies?

By Bill Wilson

e are all aware of the human tragedy involved in the landslide which buried homes in Darrington, Washington in March 2014. From the perspective of our industry, the first question is whether a “landslide” is covered by most homeowner policies. And, since this may have been more of a “mudslide” than a landslide, is it possible that coverage could be found under an NFIP flood policy? If the answer to both questions is “No,” then is this exposure insurable? Most homeowners policies exclude any type of earth movement. Here is the “ISO standard” exclusion: Earth Movement Earth Movement means: a. Earthquake, including land shock waves or tremors before, during or after a volcanic eruption; b. Landslide, mudslide or mudflow; c. Subsidence or sinkhole; or d. Any other earth movement including earth sinking, rising or shifting. This Exclusion A.2. applies regardless of whether any of the above, in A.2.a. through A.2.d., is caused by an act of nature or is otherwise caused. However, direct loss by fire, explosion or theft resulting from any of the above, in A.2.a. through A.2.d., is covered. An NFIP flood policy might cover such an event if it’s considered “mudflow.” From the NFIP Dwelling policy: 24

Photo: FEMA / Marybeth Oleary

Flood, as used in this flood insurance policy, means: 1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: a. Overflow of inland or tidal waters; b. Unusual and rapid accumulation or runoff of surface waters from any source; c. Mudflow. Rob Olson, CPCU, ARM, AAM, ARP, CRIS, MLIS at IRMI points out that, “’Mudflow’ is defined as ‘a river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water. Other earth movements, such as landslide, slope failure, or a saturated soil mass moving by liquidity down a slope, are not mudflows.’ On the FloodSmart Web site, it says ‘mudflows are covered by flood insurance; mudslides are not.’” So, if this event is not covered by either homeowners or flood policies, where might coverage be found? One source, typically found in the E&S marketplace, could be DIC-type policies. Tim O’Brien of the Amaden Gay Agencies of NY advises, “I have been advised that there are nonadmitted solution(s) for the risk of mudslide, which is excluded by NFIP. Of course, they are carefully underwritten. The real issue for nonstandard coverages such as landslide or mudslide is underwriting. In the case of the Darrington, Washington event, the news media has claimed that the unstable condition of the area that collapsed was known prior to the loss. If so, it’s possible that underwriters for coverages of this type would not have issued policies due to the risk.

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Independent Insurance Agents & Brokers of Washington 2014 STATE LEGISLATIVE SESSION IN REVIEW By Bill Stauffacher, IIABW’s Lobbyist

he Washington State Legislature adjourned on March 13, the 60th and final day of the 2014 regular session. The legislature reached agreement on a modest supplemental operating budget and a supplement transportation budget, but did not pass a supplemental capital construction budget. During the 60-day session, lawmakers made modest steps toward complying with the most significant issue facing the legislature – meeting the financial obligations to comply with the state Supreme Court’s ruling mandating the full funding of public education by 2018. While legislators are moving into campaign mode, they are already anxious about the challenges awaiting them in 2015. That’s when the legislature must have a serious debate about $1-2.5 billion in new taxes to fund public schools. In anticipation of a 2015 legislative fight involving B&O tax increases on insurance producers’ commissions, IIABW will focus its 2014 governmental affairs activities on three key tasks: • educating legislators and candidates about the impact of increased B&O taxes on insurance producers; • raising money for the BIG I PAC; and • increasing grassroots activities that position IIABW to protect its current tax rate. LEGISLATION THAT PASSED: Review of OIC Health Care Rulemaking SB 6458 requires the OIC to provide notice of rule making on health care matters to legislative health care committees, the state Health Benefit Exchange, the Health Care Authority and the Governor. If any of these parties have concerns or object to the rule making, the health care committee chairs can request initiation of the formal review and objection process through the Joint Administrative Rules Review Committee. The bill is intended to improve coordination between the OIC and other state agencies when the OIC takes administrative action that impacts the Exchange or the state Health Care Authority. This bill as originally introduced proposed to eliminate the OIC as an elected office and to replace the position with a state insurance board. The bill passed the legislature and awaits signature by the Governor. LEGISLATION THAT DIED: Electronic Communication and Website Posting of Insurance Documents (E-Notice and E-Posting) HB 2662, legislation that proposed optional electronic communication of any insurance notice or document required under law and website posting of standard policy insurance documents, died in the House Business and Financial Institutions Committee. IIABW will participate in a workgroup throughout the next several months to develop a better proposal for the 2015

legislature to consider. IIABW testified with concerns about the bill due to the potential confusion that may occur when an insurer provides notice of cancellation or non-renewal to the customer and producer and risk of E & O exposure. Additionally, IIABW raised issues about the unintended impact the bill had on insurer communications with agencies that involve appointments and contracts. Third-Party “Bad Faith” Auto Claims HB 2600 proposed making insurers pay claims for third-party auto-related damages. The legislation died in the House Business and Financial Services Committee and was strongly opposed by P&C insurers. The tension point is driven by the bill sponsor’s belief that insurers have no pressure to timely settle third-party claims – especially when the claims are small and no lawyers are involved. Insurers strongly disagreed, clearly explaining they are not interested in becoming a deep pocket to pay for frivolous claims that result in higher insurance costs for consumers. OIC’s Holding Company Act Offered as OIC-request legislation, HB 2461 was based on two model laws created by the National Association of Insurance Commissioners (NAIC) and is linked to the OIC’s national accreditation requirements that are up for review in 2015. During the last two weeks of the session, HB 2461 morphed into a highly controversial fight between the OIC and Premera, with P&C insurance companies seeking passage of the bill caught in the political crossfire. At the center of the debate: to what extent a wide range of insurer documents are protected from public disclosure. The OIC says it will pursue the bill again in 2015. Retainage Bonds SB 6110, legislation clarifying that surety bonds which are executed, posted or given as security are covered by any state law as long as they have an A-minus or better rating, died. Sought by Liberty Mutual/Safeco, this bill was an effort to enable larger insurance company’s bonds to work for public entities involved in public works construction projects, most notably the Port of Bellingham. Navigator Background Checks SB 6474, legislation that required navigators to submit finger prints for background checks, died in the Senate Motorcycle Helmet Safety Standards HB 2495, legislation that removes the requirement that motorcycle helmets comply with federal safety standards, died in the House Transportation Committee. 27

Embracing

Usage-Based Insurance:

w o N s i The Time

By Bill Everett, Senior Product Development Manager Progressive Insurance ‘Pay as you drive.’ ‘ Usage-based insurance.’ ‘ Snapshot®.’ ‘Telematics.’ All of these are names for the innovative insurance programs that let drivers earn personalized rates when they choose to share information about how their car is driven. Historically, auto insurers set prices by grouping individuals into actuarial classes. These classes are based on observable and verifiable characteristics like age, vehicle year/make/model, ZIP code, claims record, etc. As good as the base science is, it lacks direct relationship to individual driving behavior. It’s only in recent years that the concept of pricing auto insurance based on actual driving behavior has become both technologically and economically feasible. Previously driving behavior was difficult or impossible to ascertain in a traditional insurance rating plan. Usage-based insurance (UBI) considers multiple dimensions of driving behavior. This driving data can be integrated with traditional auto insurance rating factors to provide a comprehensive individual profile for predicting the risk of accidents. For example, Progressive’s Snapshot device collects and transmits data to Progressive on the time of day the car is driven, hard brakes and total mileage. Progressive then factors the data into the customer’s rate calculation. Progressive Insurance® has emerged as the leader in UBI. Since the late 1990’s, the company has introduced a series of UBI

models—refining technologies and consumer approaches while collecting the critical mass of driving data needed. For more than 15 years now, Progressive has been collecting data on customer driving behavior and analyzing how that data relates to the likelihood an individual will have a claim. With over ten billion miles of UBI data collected, 2 million vehicles that have participated and over $2 billion in written premium in 2013 related to its Snapshot® product, Progressive has found that driving behavior is by far the most predictive rating variable. Other insights include: Driving behavior is the most predictive risk factor—more than twice as predictive of claims costs as any other factor. Drivers with the highest-risk driving behavior have loss costs that are approximately 2.5 times higher than drivers with the lowest-risk behavior. The majority of drivers with lower-risk driving behavior are subsidizing a smaller number of drivers with higher-risk behavior. Capitalizing on Market Disruption: UBI Tipping Point Currently, there are eight carriers in Washington with some kind of UBI program in place. This shows that Washington drivers have an appetite for UBI and options. With many carriers in the state offering a UBI product, it may be close to the tipping point when consumers start looking for UBI and those not offering it could be out-segmented. 29

A 2013 LexisNexis Insurance Telematics Survey, conducted by independent research firm Lynx Research Consulting, measured policyholder interest in allowing insurance companies to use data collected from telematics devices in their vehicles to help determine rates. The web-based survey polled 2,072 U.S. residents representing a sample of insured drivers, ages 21 to 74. According to the study, one in every three consumers is aware of UBI, or telematics, tripling its awareness in the last three years. The study found discounts are the number one driver for UBI enrollment – half of consumers are likely to sign up for a 10% discount while 36% would actually change carriers for a 10% discount. The study also found 61% are more likely to accept telematics if insurers offer a trial period for 3 months, while 72% percent of drivers are more likely to accept if an insurer offers an automatic discount of 10% for the first 6 months. UBI is gaining more popularity in the mainstream media as well: • •

‘Gizmos that track driving habits are changing the face of car insurance.’ – The Economist ‘Welcome to pay-as-you-drive car insurance. Available from several mainstream insurers in 44 states, it’s worth considering for anyone looking to rein in their household budget.’ – Autotrader.com

What’s In It For Agents? Most importantly, by identifying interested drivers, you can help customers earn the rate they deserve from their safe driving habits. The customers that enroll in UBI are preferred customers you want in your agency. For example, Progressive has found that users of its Snapshot program are ideal customers: • 41% are more likely to be preferred • 34% are more likely to buy full coverage • 33% are more likely to have multiple cars • 25% are more likely to own a home UBI is a powerful tool for customer satisfaction and retention. Progressive’s customer retention numbers are higher for discountearning Snapshot customers—over a 9% improvement. That means our agents earn more by having a unique competitive offering, more sales and referrals and better retention. Progressive’s Snapshot data supports the popular notion that there’s a better way to calculate an individual’s rate. The consumer was right all along— most drivers’ rates are higher than the risk they present, and they’re subsidizing higher risk behavior. What is surprising, perhaps, is the degree to which that notion is correct. Insurers and agents can now offer customers a far more personalized price—and lower-risk, preferred drivers, will benefit the most.

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