The Big I Virginia, Winter 2017 by Blue Water Publishers, LLC

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Winter 2017 • THE BIG “I” VIRGINIA

WINTER 2017

BIG I The

Official Publication of the Independent Insurance Agents of Virginia

Virginia

The Big I Virginia is a publication of the Independent Insurance Agents of Virginia 8600 Mayland Drive, Richmond, VA 23294 Phone: 804.747.9300 / Toll-free: 800.288.IIAV (4428) Fax: 804.747.6557 E-mail: members@iiav.com / Website: www.iiav.com IIAV IS AN ORGANIZATION DEVOTED TO PROMOTING, ENHANCING, SERVING AND ASSISTING INDEPENDENT INSURANCE AGENTS.

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

Inside this issue 6

Message from the Chairman of the Board - Monty Dise

Message from the State National Director - Robert Yergey

Message from the President and CEO - Bob Bradshaw

Thank You Advertisers Agents Insurance Markets

Allstar Financial

Amalgamated Insurance Underwriters

Atlantic Specialty Lines

Berkshire Hathaway/GUARD Insurance Cos. 15 Builders Mutual Insurance Burns & Wilcox

12 Emerging Purchase Channels: Top Agent Concern in New Agency Universe Study

Contractor Connection

EMC

FCCI Insurance Group

Planning: “Plans are Nothing. Planning is Everything.”

Grange Insurance

Hybrid Employees: High Returns

Harford Mutual

Technical Difficulties: Use Tech Properly to Avoid E&O Claims

Hilb Group

Jackson Sumner & Associates

How to Turn an Opportunity Into Policy: A Recipe for Success

Millers Mutual Group

Insurance Day on the Hill

Penn National Insurance

Insurer Outlines Steps for Salvaging Condo Book With Growing Loss Ratio

Preferred Property Program

Risk Placement Services

IIAV insurEXPO17 Save-the-Date

SIAA 37 Southern Insurance Company of VA The Iroquois Group

IIAV Staff Bevin Anderson Communications/Media Director banderson@iiav.com Robert N. Bradshaw, Jr., MAM President & CEO rbradshaw@iiav.com cell (804) 929-4134 Teri Chester Executive Secretary/ Receptionist & Membership Coordinator tchester@iiav.com

THE BIG “I” VIRGINIA • Winter 2017

25 5

For information on advertising please contact: Jim Aitkins, Blue Water Publishers, LLC 22727 161st Ave SE, Monroe, WA 98272 phone: 360.805.6474 / fax: 360.805.6475 jima@bluewaterpublishers.com

Joe Hudgins, CPCU Technical Consultant jhudgins@iiav.com cell (804) 929-4138

Danny Mitchell, AAI, AAI-M Vice President Business Development dmitchell@iiav.com cell (804) 929-4135

Marie Toney Sales Associate mtoney@iiav.com cell (804) 929-4136

Bonnie Joyce Insurance Administrative Assistant bjoyce@iiav.com

Susan E. C. Perkins Membership/Education Coordinator sperkins@iiav.com

Linda Loving, CIC, AISM, AIAO IIAV Chief Operating Officer & VFSC Executive Vice President loving@iiav.com cell (804) 929-4133

Carter Lyons IIAV Director of Education & Professional Development & VAIA Executive Director clyons@iiav.com

Bonnie J. Warren, ACSR, CPIW, DAE, RPLU Insurance Account Executive bwarren@iiav.com Marianna Wilson CIC, CRM, CPCU, ARM, RPLU, AIC, CPRHM Insurance Account Executive mwilson@iiav.com

Winter 2017 • THE BIG “I” VIRGINIA

Chairman of the Board

MONTY DISE mdise@apgroupinc.com

Today’s Agency not like it used to be... ...and tomorrow’s agency could be even more radically different. Because our agency environment is changing so rapidly these days, many agency principals and owners faced with such changes are exploring many different options to grow, expand and perpetuate their business. Pressures to acquire more carriers; whet carrier production appetites; add crucial and talented staff and producers; comply with state and federal laws and regulations; make more efficient use of office space; and many other facets of agency operation are contributing to this management conundrum. Are we appropriately adapting to these changes? Independent agencies across the horizon are morphing daily. What used to be the standard model of an independent agency is changing so fast we struggle to keep up with it. Agencies are reaching out to more independent contractors; remote staffing is no longer a rarity; inter-agency partnerships are on the rise; mini-clusters are frequently forming; several hundred independent agencies in Virginia alone have recently evolved spinning off a well-known captive with the commercial lines being independent and the personal lines remaining captive. Some agencies are sharing staffing and/or office space.

THE BIG “I” VIRGINIA • Winter 2017

Are such moves really warranted? Are they even sound business decisions? Are you currently in the process of considering something similar to these suggested ideas? Here’s a word to consider: Caution. May I suggest you move forward slowly. Stop every now and then and take a deep breath. Don’t get too caught up in the excitement of creating something innovative and even a bit revolutionary without a great deal of selfexamination and perhaps the review of some qualified outside individuals. Even the most well-intended of us can begin seeking some new agency models by leaning on the advice of legal counsel. However, so many terrific attorneys are not overly familiar with the dynamics of operating an independent agency and, consequently, may not prepare you for the unexpected and unseen bumps, hurdles, and challenges yet to be tested. It is safe to say that our business continues to rapidly change. But it is safer to say that we must be thorough, thoughtful and diligent as we entertain new ways to run our business. I am a believer that the independent agency system has a bright future ahead and that agency values will continue to rise.

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State National Director

Robert Yergey ryergey@towneinsurance.com

he September IIABA Board Meeting was my first official meeting as your State National Director. I must say that I am looking more forward to working with this group than I was before! While having a board meeting with 51 different persons sitting around a big table can be daunting, it also provides the opportunity for your national board of directors to obtain a lot of input from every angle and every jurisdiction that this country has to offer. I will summarize the different things that the board worked on this fall leading up to this meeting. Please feel free to visit your IIABA and IIAV websites if you have additional questions or need additional information and don’t hesitate to contact me with any questions. September’s board meeting also resulted in adding a member to the executive committee at the national level. After several re-votes we did elect John Costello of New York as the new executive committee member. John is a veteran of both the national, state and local boards and has served on numerous committees at all levels. John will do a great job for all of us. Finances are eternally going to be one of our most important subjects. The IIABA has had a recent tightening of the belt and that effort has paid off this year. The organization met budget this year and has a great plan in place to meet the budget for next term. More work needs to be done but this is great news. Relations between the states and national board are better than ever. While all of us work hard to protect our state interests, the national organization has a lot to do with the products and

THE BIG “I” VIRGINIA • Winter 2017

services we offer as well as the programs that we have available. Communication with the states has improved significantly, and while agreement is not always prevalent, the fact that all are working together is a benefit for all members. As your director, I will continue to work toward making these relations better and also making sure our state has a voice that is heard. Trusted Choice and TrustedChoice.com continue to be at the forefront of the efforts at the national level. These organizations are working hard to ensure that members have the ability and availability to obtain referrals and leads through social networking and website presence. If you are not yet working with these organizations to see how they can help you enhance your web and social media presence it is time to do so. In addition to all these items, the conversation continues as to how to increase membership in and participation of members with the programs and offerings of the Big “I”. Mergers and acquisitions are continuing to reduce the number of member agencies. However, we have seen a jump in the amount of new small agencies that are opening their doors in Virginia and many other states. This is good news for our membership. If you would like additional information about any of these items or any other item not mentioned please don’t hesitate to contact me directly at ryergey@towneinsurance.com or 571-281-4425. Also, please mark your calendar for the IIABA national conference May 2-7, 2017 in Washington, DC. I would love to have as many members as possible join us at the conference and the visits to the Capitol!

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President and CEO

Robert N. Bradshaw, Jr., MAM rbradshaw@iiav.com

WHEN

is a bar of soap like an insurance agency

hen is a bar of soap like an insurance agency… or an association for that matter.

This year I went to the Big I national execs conference where professionals in my position from across the county get together and strategize on a wide range of issues related to the independent agents; the profession and the industry. That’s where I heard Chris Burand who will keynote the IIAV insurEXPO 2017 on April 24th. You won’t want to miss him. But I digress.

IIAV tries to constantly look at our core mission to the members:

Anyway….in the hotel room I noticed an odd looking bar of soap – a photo of which is provided with this article. On the box that the soap was in, it said:

IIAV is the unrelenting advocates of independent insurance agents in Virginia – Quality education, information resources, legislative advocacy and agency protection.

“This innovative ergonomically shaped waste-reducing soap has been designed to eliminate the unused center of traditional soap bars.”

Where’s our “unused center”? We have designation and education programs that members don’t respond to. We get rid of them. We have endorsed vendors that our members don’t respond to. We drop the endorsement. We constantly look at the value of membership. IIAV is an investment in your agency, practice and profession and we don’t take that lightly. We know that membership is an investment and as such, better show some return.

Oh if it were just this easy to apply this philosophy to our agency. Wouldn’t you just love to get rid of the “unused center” of agency business or clients that were not productive? Isn’t that management’s responsibility to look at what isn’t working or used and get rid of it? If it’s not productive or not making money, it’s simple….get rid of it. Yea, right! What about those company appointments where no matter what, they don’t have the appetite for the business that comes to your door? I guess to a great extent, we’re always looking for the “unused center” and trying to get rid of it. It’s an analogy that applies to our agency, profession, industry….and even country. Take a look at the regulatory process. Where’s the “unused center” and can we get rid of it? What are the 10

implications? I’ve heard talk about getting rid of the EPA for example but I also remember when Lake Erie used to catch on fire and am not inclined to go back to those days. And who remembers when Kepone was dumped in the James River affecting the crabs and everything else downstream? I guess then there’s the argument of when it is too much or too little? Where’s the “unused center”?

THE BIG “I” VIRGINIA • Winter 2017

Well one thing I can tell you is that we have invested in the most professional staff – bar none – in the association management community. Each of whom should be considered an extension of your office. You need help – call IIAV. You have a regulatory question – call IIAV. You have a need for a specific type of education in your agency – call IIAV. IIAV does NOT want to be the “unused center” of your membership. As I frequently remind our members, “keep us on your speed dial.”

Winter 2017 • THE BIG “I” VIRGINIA

Emerging Purchase Channels: Top Agent Concern in New Agency Universe Study

by Katie Butler

hile the number of independent agencies has remained relatively steady in favorable business conditions, agents cite emerging purchase channels as their top concern in the new 2016 Agency Universe Study (AUS).

Every two years, the Future One Coalition—a partnership between the Big “I” and 17 major insurance companies—conducts a study of the independent agency system. Released this week, the 2016 study findings provide insight into the overall health and prosperity of the channel. They address business conditions, agency perpetuation, marketing and social media use, as well as what agencies consider the biggest challenges to their business. The study segments the agency population by size and provides a glance at agency technology, market access provider use and staff diversity. Based on the study data and several outside business and government resources, the 2016 AUS makes estimates about the agency population and how it is geographically dispersed.

THE BIG “I” VIRGINIA • Winter 2017

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Here are the top findings: In 2016, the estimated total number of independent property-casualty agents and brokers in the U.S. stands at 38,000. This represents a small decrease relative to 2014 that presumably reflects the current M&A environment, as well as the relatively stable rates of exclusive agency conversions and new agency formation. Since 2004, the estimate has fluctuated between 37,500 and 39,000. Note: All estimates are rounded to the nearest 500.

Aging of the independent agency universe may be slowing. At the same time, more than three-fourths of agencies have no plans for a significant change in agency ownership within the next three years. 2016 represents the first AUS wave since 2010 in which the average age of agency principals has not increased. This year, the average age of principals with 20% or more ownership is 55, with 17% age 66 and older. In 2014, 18% were 66+ with an average age of 56. In both 2014 and 2016, however, few agencies anticipate an imminent change in agency ownership.

Small agencies make up 21% of the population and jumbo agencies almost 2%. After a major decrease in the proportion of small agencies last wave—to 15% in 2014 from 28% in 2012—this year marks a reversal of that pattern, with small agency representation approaching that seen in 2012. The increase in jumbo agencies mainly reflects M&A activity.

Although perceived challenges associated with retention of experienced producers and staff members has declined relative to 2014, agents consider lack of available talent for succession a key impediment to future ownership plans. In most size categories, nearly two in 10 agencies are concerned they do not have the necessary talent pool for future ownership.

Small agencies in particular are also gravitating towards large metro areas and away from small rural towns: 57% of small agencies are concentrated in large metro areas this year, compared to 50% in 2014.

For smaller agencies, questions about agency net worth are also a key impediment to agency ownership plans— in most cases, a reliable net worth figure is essential for succession planning. Roughly two in 10 agencies would like more information and support regarding perpetuation tools associated with buying out principals’ interest or having family take over.

Business conditions remain favorable, as they have for the past several AUS waves. The 74% of agencies that saw revenue increases between 2014 and 2015 report higher percentage increases than in 2014, averaging a 23% increase, compared to just 19% in 2014. Seventy-two percent of agencies continue to use market access providers, although usage has declined this wave, from 80% in 2014. The slightly lower use of market access providers may be due to a higher number of direct appointments with carriers reported in the 2016 survey. Agencies also seem to be spreading commercial lines business across a larger number of carriers, as evidenced by a decrease in percent of commercial lines premium placed with their top three carriers.

THE BIG “I” VIRGINIA • Winter 2017

Agencies, particularly smaller ones, are more immediately concerned about the impact of emerging purchase channels than the impact of technological advancements or the sharing economy. One-third of agencies believe direct purchase through carriers will significantly impact their agency. Concern is highest among small agencies at 43%, but two in 10 jumbo agencies are also concerned. One-fourth of small agencies also believe non-insurance websites and retail stores will significantly impact their agency within the next two years. By contrast, less than two in 10 agencies—regardless of size—feel the sharing economy, driverless cars or drones will impact them in the next two years.

Use of social media is on the rise, with lower reliance on print marketing strategies. Fifty-six percent of agencies included social media and digital marketing in their 2015 marketing activities, up from 48% in 2013. Facebook and LinkedIn are by far the social media channels used most frequently, although 9% of agencies use Google+ and 6% use Twitter “often,” respectively. Digital strategies appear to be particularly prominent among newer agencies, and include social media outreach, paperless communication and texting with clients.

Non-white agency principals continue to be underrepresented in the independent agency universe. Agencies with one or more minority principals are younger—but not necessarily smaller—than agencies with only non-Hispanic white principals. Notably, minorityled agencies indicate lower membership in insurance and financial organizations and lower awareness of Big “I” programs, suggesting additional outreach and programming may be necessary.

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At the same time, agencies continue to face challenges in marketing themselves effectively on the internet. Fifty-seven percent of agencies report that marketing their agency effectively online is among their top three technological challenges—a significant increase over the 46% of agencies that cited the same challenge in 2014. Sixty-three percent of small agencies feel particularly challenged, perhaps because they have fewer resources and receive less carrier support than larger agencies. The Management Summary of the 2016 AUS is now available for purchase. Katie Butler is IA editor in chief.

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Winter 2017 • THE BIG “I” VIRGINIA

By Richard F. Lund, J.D., Vice President, Senior Underwriter, Swiss Re Corporate Solutions*

“

Plans are nothing. Planning is everything.

Dwight Eisenhower; President, General of the Army

recently attended my daughter’s graduation from St. Louis University (Go Billikens!) and the commencement speaker was the United States Ambassador to Ireland, Kevin O’Malley. A double SLU graduate (Business, Law), he began his comments with a simple statement from former President Dwight D. Eisenhower: “Plans are nothing. Planning is everything.” The President’s statement referred to the United States’ battle plans during World War II. They were continually being revised to address changing circumstances. The Ambassador’s message to the graduates was while you may think you have a plan for your life, that plan will change as your circumstances change. The same is true for you as an insurance professional. While you may have a business plan in place, change in circumstances may cause you to modify your plans. As you plan for your agency’s future, your staff’s future, your own future, circumstances, mostly in the form of market forces, cause you to change your business plan to adapt to those forces. 16

THE BIG “I” VIRGINIA • Winter 2017

And the same is true about agency risk management. Over the last 25 years, think about some of the things that have changed the way you do business and helped you to change your risk management. One of the first was the change from agency billed policies to direct bill policies. Until the late 1980’s to early 1990’s, virtually all insurance agencies sold the carriers’ policies and also collected the premiums. Then, carriers began the process of “direct bill”, especially for renewals. From a risk management standpoint, this was one of the best improvements as it did two things:

took the agencies out of the money handling business, which was a significant cause of E&O loss due to discrepancies regarding payment of premiums, and

it removed the agency from the process of notifying the customer when the premium was due and cancellation of the policy for failure to pay, one of the largest areas of E&O loss at the time.

We look for the best independent agents and build relationships that last the duration. We are committed to the independent agency system as the only means to deliver our products. Because of that, we work hand-in-hand to help our agencies grow profitably.

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Unfortunately, we still see some claims involving the notification of insureds when their premium is due, even though the agent has no such duty to do so, but they’re due to the agencies not adapting to changes in the market which have removed them from this part of the transaction and continuing to insert themselves when they have no such duty. Numerous articles are available on the IIABA Virtual University and E&O Happens if you want more information about how to avoid this exposure. Another significant area that has just recently been on the rise is that insurance carriers are no longer requiring agents to submit signed applications for insurance policies they write for their customers. In fact, many carriers’ online systems may not even allow agents to submit applications or the applications they submit do not match the criteria used to underwrite or price the risk. While the carriers may believe this streamlines the process, it eliminates the ability to defend an E&O claim when a dispute arises as to the risk that was being insured. However, we have seen many agencies that have adapted and are planning their own internal systems to create appropriate documentation even when the carriers have not done so. Yet another area that is causing E&O exposures is that of technology in general. Agency websites, Facebook, smart phones, tablets and many other forms of technology

were unheard of as little as 15 years ago. Now, they are everywhere and makes planning for these technologies crucial to conducting business. You should especially take into account how your agency can protect its information and itself from E&O claims arising from new technology. As General Eisenhower said, “Plans are nothing. Planning is everything.” Protect your agency from potential E&O claims by planning continually to adapt as circumstances change in your business. This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article do not necessarily represent the views of the Swiss Re Group (“Swiss Re”) and/or its subsidiaries and/or management and/or shareholders. *Richard F. Lund, JD, is a Vice President and Senior Underwriter of Swiss Re Corporate Solutions, underwriting insurance agents errors and omissions coverage. He has also been an insurance agents E&O claims counsel and has written and presented numerous E&O risk management/ loss control seminars, mock trials and articles nationwide since 1992. Copyright 2016 Swiss Re

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THE BIG “I” VIRGINIA • Winter 2017

Winter 2017 • THE BIG “I” VIRGINIA

........... Hybrid Employees

THE BIG “I” VIRGINIA • Winter 2017

................................................................... by Susan Hodges

HIGH Returns

.................................................

llison Howington is the quintessential dualrole employee. The personal lines account manager at Hall & Clark Insurance Agency in Prestonsburg, Ky., has been cross-selling personal lines to walk-in commercial customers for about three years. But now that walk-ins are dropping off due to online bill pay, Howington is gearing up to sell by phone. She’s excited, and not only at the prospect of more income. “You’ve got to look at it as a convenience to the customers,” she says. “It’s easier for them to have all their insurance business in one place. And that way, we know what’s going on with them all the time.” This small agency nestled in the Appalachian Mountains has created a strategy that achieves a triple win. By crossselling, employees like Howington provide customers with full service. At the same time, these salaried workers augment their incomes with commissions and help the agency grow. Says Phil Hunt, agency vice president, “We think it’s the most effective way to use our people.” Amid a soft market, rocky economy and one of the poorest regions of the United States, Hall & Clark grew in 2007, and hybrid employees deserve part of the credit. Employees who both service and sell are emerging as one of the simplest and least expensive means of achieving organic growth, especially in personal lines.

THE RIGHT PERSON With continuing pressure from carriers to increase volume, more agency owners are asking their CSRs to sell—and rewarding them for doing so. But converting service workers to part-time producers can be tricky, because some CSRs are uncomfortable with selling. Fred Loffer, president of Wycoff Insurance in Mount Vernon, Wash., says it takes a special person to handle both jobs well. “I can’t emphasize enough that you should structure your organization

to the people you have, instead of the other way around,” he says. If you have no one who wants to play a dual role, instruct your service people to concentrate on retention. Then consider bringing on a new employee who is interested in doing both kinds of work. At this 12-person agency, four of five service employees cross-sell, and one, Pauline Black, also sells externally. While working at another agency, Black asked for more challenge and added selling to her personal lines responsibilities. When she hired on at Wycoff four years ago, Loffer suggested she work with the agency’s VIP commercial clients to develop their personal lines coverage. Now Black devotes between 60 and 70% of her time to service work, with the remaining hours spent prospecting for and quoting new business. She attends community and networking events and also is a member of the board for the Independent Insurance Agents & Brokers of Washington. “For me, there’s a real benefit [to doing both],” says Black. “You need to know what your customers are doing, and by servicing them, it keeps you in line with them. You know they went to Hawaii, you know they have kids… they’re more apt to see that you really care.” Would she prefer to spend half of her time selling? Maybe. But as she observes, the idea is unrealistic. “You can’t just split the time during the week, because you might have a snow storm,” she says. “Then you’d spend the next two weeks just handling claims.”

COMPENSATION QUESTIONS Hall & Clark’s Hunt says his agency’s service representatives can add up to 25% to their salaries by selling, even though these employees pool their commissions. Why this arrangement? It results in even better customer service. “If one person has gone to lunch, another CSR can step up to help,” he explains. “It encourages our people not to say, ‘She’ll have to call you back.’” Winter 2017 • THE BIG “I” VIRGINIA

Loffer knows this; that’s why he’s considering changing his compensation structure from salary plus commission to full salary plus a possible bonus. “If we have people who are absent on the service end, Pauline’s service time can increase to 80%,” he explains. With a higher salary, Black could earn the wage she desires while Loffer could more easily plan and budget. “She would still have production responsibilities and a certain production quota,” Loffer says, “but if she exceeded that, she could earn more at the end. It might be better for us both.”

Kentucky requires all insurance agency employees to be licensed, and Kinkade sees this as an advantage, since it enables every worker to sell as well as service. Would he recommend hybridization to other agencies? “I think so,” he says. “We’re growing in the high single digits, and in this day and age, we’re proud of that.” Will Burke, president of Burke Insurance Group in Las Cruces, N.M., structures his agency differently. This eightperson boutique firm specializes in insuring commercial contractors, but requires that customers place all of their business with Burke. “Previously we sold personal lines as an accommodation,” he says. “Now we have to write the whole business or we walk from it.”

Another option is making your employees agency owners. Wycoff is an S corporation with four lead employees who each bought 5% of Loffer’s stock in January 2007.Says Loffer, “It’s an added incentive for them to earn money on for PPPʼs Property Manager Program theGeneric back end.Ad I think it’s a win-win situation, and it’s also At one point, the agency employed a part-time person 7.25 x 4.625 part of our perpetuation plan.” to sell personal lines. But pressure from personal lines carriers to grow the business moved Burke to rethink the Job #3343 HEIGHTENED EFFICIENCY arrangement. Now producers provide personal lines leads Steve Kinkade, vice president of the five-person Kinkadeto one full-time CSR, who is expected to convert the lead Cornell Insurance in Leitchfield, Ky., suspects that small to a sale and then service that portion of the account. agencies depend on hybrid employees to the greatest The goal: to write one personal lines policy a day. This extent. “In these situations, people tend to be jacks of all approach seems to work; the agency has between 200 trades,” he says. “If someone comes in or calls and needs and 300 commercial clients and per-employee revenues of their account serviced, you do it, no matter who you are.” more than$200,000 annually.

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THE BIG “I” VIRGINIA • Winter 2017

HYBRID EMPLOYEES FOR EVERYONE? Despite the theory that small agencies are the ones that require hybrid employees, many larger agencies also charge their CSRs with a certain amount of selling. Marilyn Norman is senior vice president of IT and operations at Rutherfoord, a 295-employee,eight-branch agency based in Roanoke, Va. She says the firm’s roughly 40 CSRs contribute to agency growth by cross selling both personal and commercial lines. Personal lines CSRs are “more comfortable ”cross-selling personal lines products, and commercial lines CSRs find it easiest to cross-sell commercial, but there’s no rule against selling either type of coverage. “Account-rounding in this way is fairly new here,” says Norman. But already the agency is working to enhance its hybrid structure by creating dashboards that will identify by client all existing coverage, additional business that has been proposed and additional products yet to be proposed. Since CSRs will likely be asked to do this cross-selling, Norman says Rutherfoord is identifying non-production, value added tasks in an effort to move them off the desks of CSRs. Who will do this work instead? “Assistant CSRs,” says Norman.(See sidebar)

Rutherfoord is organized into three person teams consisting of one external producer, one CSR and one ACSR. External producers are charged with all new business selling, but other employees who bring in new business are paid a one-time finder’s fee. CSRs are responsible for rounding out the account, whether it involves umbrella, D&O or employment practices liability, and the ACSR, who is typically more comfortable with technical work than with selling, supports the CSR. Even so, upward transitions are possible and looked on favorably. Norman says several employees who began as ACSRs have become CSRs and then gone on to account executive (responsible for sales of less than $5,000) or producer positions. Concludes Norman, “CSRs are definitely responsible for part of our growth, and we’re changing [to take greater advantage of the fact].” The upshot: Delineation between agency functions is necessary for myriad reasons, such as HR management, accounting and operations. Yet, agencies that cross-train and thus, create hybrid employees, swear by the practice and plan only to do more of it. Susan Hodges (hodgeswrites@aol.com) is an IA senior writer.

Since 1965 Allstar has been a rock in the insurance marketplace. As a leading Managing General Agent and Wholesale Broker, we represent the strongest insurance carriers in the industry. Our underwriters have the tools to keep all your clients happy, no matter how big or small their business may be.

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General Liability Property Automobile Liability Workers’ Compensation Inland Marine Professional Liability (877) 950-3222 www.allstarund.com Winter 2017 • THE BIG “I” VIRGINIA

Technical Difficulties Use tech properly to

by Caryn Mahoney

avoid E&O claims

In most cases, technology in daily operations simplifies tasks and creates more efficient workflows. But it can also get your agency in trouble. Technological advances in applications alone present myriad exposures for agencies to keep in mind. Here are a few that can give rise to E&O situations—and how to approach them properly. CARRIER SYSTEMS

More and more, insurance carriers receive applications through web- based directentry programs. When using such systems, be familiar with how each carrier’s program works. For example, does a default setting complete certain items when you enter an application for a client? If so, ensure the default response is the correct one. Or, if the program pulls information from a prior application, has that information changed?

AUTOMATED DECLINATIONS

Sometimes, a carrier’s system automatically declines an application in response to particular answers. In this case, train your employees to not simply change “objectionable” answers just so the application goes through. More than $2 million was paid on one claim where, after the initial application was rejected, the agent simply changed an answer so it would be accepted instead.

THE BIG “I” VIRGINIA • Winter 2017

ost there when it matters most there when it matters m

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Southern Insurance Company of Virginia understands being responsive to our agents and customers is vital.

That’s why Southern assigns underwriters to specific agencies to help agents deliver the best value to customers. Southern also makes claims reporting easy and we make sure claims are handled fairly, efficiently, and timely. Being responsive in underwriting and claims service… another way Southern is “There When It Matters Most.”

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Winter 2017 • THE BIG “I” VIRGINIA

SUBMISSION CONFIRMATIONS

If a carrier’s system confirms full submission of an application, print out the application and make a notation of the confirmation. Many claims result from agents entering client information into the system, but apparently never completing the process. A related error: A broker is certain they submitted the application, but never followed up to confirm receipt. If a carrier’s system does not provide automatic confirmation of receipt, implement a follow-up system—or risk facing a situation where a client suffers a loss and has no policy in place to cover the claim.

HANDWRITTEN APPLICATIONS

If you enter information into a carrier’s system using answers from a handwritten, signed application, use a review process to ensure the electronic version matches. In the absence of a separate handwritten application, did the customer print out and sign the submitted application? If not, the client can—and often does—deny that the information the agent typed into the system tracks what the client told them. To avoid this issue, consider using password-protected e-signature software. Most programs forward information regarding the date, time, email address and IP address of the recipient to the agency once the client receives application documents. They share the same details once a client electronically signs an application and any attached forms—evidence that makes it difficult for a client to claim they did not sign or receive the documents. Caryn Mahoney is an assistant vice president, claims specialist with Swiss Re Corporate Solutions, and works out of the Chicago office.

800-226-3224 www.fcci-group.com

INDUSTRY EXPERTISE. PERSONAL SERVICE. “I have a sincere passion for helping FCCI policyholders manage risk and prevent loss. The best phone call I’ve gotten started with the words, ‘Brad, you saved my life.’ ” Brad Ross, ARM, AIS Loss Control Manager FCCI Southeast Region Duluth, Georgia Now, let’s talk about your business. General liability • Auto • Property • Crime • Workers’ compensation Umbrella • Inland marine • Agribusiness • Surety Coverage available in 18 states. © 2015 FCCI

BIV16_Ross_7.675x4.9.indd THE BIG “I” VIRGINIA1

• Winter 2017

1/11/16 10:38 AM

Meeting my customers where they work. Crafting each policy to meet different needs. Partnering with Builders Mutual insurance.

That’s how I get the job done right. BuildersMutual.com

Winter 2017 • THE BIG “I” VIRGINIA

How to Turn an Opportunity into a Policy:

A Recipe for Success

nsurance is designed to protect the hopes and dreams of hard-working business owners by providing the financial means to rebuild and restart after an unfortunate event. The process of getting the right policy begins with a business owner finding a professional and experienced agent to be their trusted partner. Coverages exist for many exposures. By working with the right underwriter, the experienced insurance advisor can ensure the business is properly protected without the owner overpaying for the coverage. An underwriter’s mission should be as simple as helping businesses stay in business by protecting them from financial misfortune. They do so by offering insurance agents personalized attention, creative and flexible underwriting solutions, expertise and by being proactive in helping insureds mitigate risk.

Personalized Attention and a Quick Decision Customers pay their premiums in exchange for a promise, and your underwriter should take this promise seriously. Conversations and relationships matter between underwriters and agents, so you should always get an attentive ear. The approach should be uniquely personal. “The most success that we’ve had with underwriters is when there is a good line of communication,” said Jim Enders, Enders Insurance Company. “Once a relationship is established between the underwriter and agent, trust comes into play resulting in a successful experience.”

Personalized Attention Creative/Flexible Underwriting Solutions Expertise in Select Niche Mitigate Risk

If the business doesn’t fit, an underwriter shouldn’t beat around the bush. They should be very clear on their underwriting appetite and be able to give you a quick decision. “I only need an underwriter when I need an underwriter,” said Enders. “We have a short window to turn an opportunity into a policy. A quick decision is crucial for a success story.” 28

THE BIG “I” VIRGINIA • Winter 2017

Winter 2017 • THE BIG “I” VIRGINIA

Creative and Flexible Underwriting Solutions Creative and flexible underwriting is not about being a low-cost provider. Instead, an insurance program should offer tiers of coverage to suit the individual needs of your client. An experienced underwriter will be able to develop a quote for your customer with the best possible protection by incorporating analytics and by listening to the customer’s story. While analytics are helpful in the insurance industry; however, not every customer will fit into a “box.” If an underwriter does their job correctly, they should listen to your customer’s entire story and determine what coverage makes the most sense for that particular customer. By offering this tiered-coverage approach, an agent is able to provide customers with the best possible coverage for their business at the most affordable price. The approach is simple: underwriters should work with you to find a creative insurance solution so you can tell the customer “yes, we’ve got you covered.”

Rely on Expertise of Seasoned Underwriters with Niche Focus Having a focused underwriting appetite allows underwriters to develop deep insights into the business and the expertise required to write a policy that works for your customer. A carrier focused on small to mid-sized commercial properties understands how small commercial property owners and property managers think, measure their business performance, and judge value. With this also comes a solid grasp of the market’s risk characteristics. According to the IA&B 2013 Commercial Carrier Satisfaction Survey, there was a slight decrease in the overall satisfaction with commercial lines carriers; however, the smallest regional carriers received the highest satisfaction rating.

“With all of the changes being made in larger commercial carriers over the past few years, it caused major disruption in day-to-day business which caused frustration on the agents’ end,” said Enders. This is where regional carriers have an edge over national carriers. Generalists cannot match the expertise and capabilities of a niche insurance company.

Go the Extra Mile. Help Mitigate Risk. Managing proper insurance coverage for your client’s business is important, but preventing a loss altogether is equally important. Your underwriter should not only provide practical information to help you make an informed decision regarding the insurance coverage options for your client, but he or she should also provide you with extra resources, such as helpful articles, loss-prevention checklists, security tips, and other information to help your customers both understand their insurance needs and minimize the risk of incurring a loss to their place of business. More often than not, it’s the small things like proper maintenance, frequent inspections, and simply knowing what to look for that help prevent losses from occurring. And let’s face it, not having a loss at all is the best possible outcome for all involved.

A Final Thought: How to Maximize Your Time A successful relationship between an underwriter and an agent starts by being familiar with your underwriter’s appetite. Call them. Ask questions ahead of time. Start the relationship off on great footing. When submitting a request for a quote, make certain to provide your underwriter with your customer’s whole story in order to capitalize on the creative and flexible underwriting solutions he or she should provide. Gather all of the details of the account and submit it all at once. After all, underwriters and agents need one another. By working together, we are able to turn an opportunity into a policy.

“A niche-focused company is not trying to be everything to everybody; they are trying to be something to somebody,” said Scott Orndorff, President & CEO of Millers Mutual. 30

THE BIG “I” VIRGINIA • Winter 2017

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Insurer Outlines Steps for Salvaging Condo Book with Growing Loss Ratio

hen Millers Mutual recently evaluated its condo results history and saw a loss ratio that seemed to be going south faster than snowbirds in winter, company officials were faced with a decision: either find ways to address the problem or abandon the book altogether. Rather than walk away, the property and casualty insurer, which is located in central Pennsylvania, decided to take action. Central to their thought process was a desire to be supportive of agents and the insured, while also making changes needed to reduce risk and losses. Their approach was three-fold: • Rather than trying to fix the problem with a broad-brush approach, treat each account and property individually based on its own characteristics; •

Gather information critical to assessing risk from the insured or potential client at key points and use that information to develop customized pricing and coverage strategies;

•

Communicate with agents to ensure all involved understood the issues, proposed solutions, and rationale.

Winter 2017 • THE BIG “I” VIRGINIA

Root Causes for Damage: Weather and Water First, however, came the root-cause analysis for the condomarket losses, and the numbers were somewhat daunting. Trend and benchmark data showed Millers Mutual’s condo results had steadily deteriorated to the point the loss ratio for the class of business was double that of the core book. In some states, the loss ratio had approached 200 percent.

The main culprits: • frigid winter weather and; • water damage.

In Millers Mutual’s Mid-Atlantic territory, water damage caused by frozen pipes was the primary driver for the deteriorating loss ratio. Insurers have been affected in other areas as well, in states like Texas, Illinois, Colorado, Missouri, Nebraska and the like, where hailstorms have caused condo claims to rise in a similar manner. According to Munich Re, one of the world’s leading reinsurers, winter storms and cold waves caused $3.5 billion in insured losses in the United States in 2015 alone, almost double the 10-year average of $1.8 billion. There were 5,411 major hailstorms in 2015, according to statistics culled from the National Oceanic and Atmospheric Administration’s severe storms database. Such storms impacted condo markets in other parts of the country much like extreme cold has impacted the Mid-Atlantic market. In Millers Mutual’s service area, many claims over the past five to seven years stemmed from condo owners who headed south for the winter, leaving behind unoccupied units. Similar problems occurred in vacant and bank-owned units. When condos are foreclosed, banks sometimes shut off all utilities, which leads to freezing. Improper insulation in exterior walls, exterior utility closets and attics were also contributing factors causing pipes and sprinklers to freeze and burst. Millers Mutual has seen a mix of claims on both new and older properties, with condos suffering losses 10 times worse than apartments. Claims also tend to occur more in suburban than metro areas in Millers’ experience. Part of the problem stems from the fact a property 34

THE BIG “I” VIRGINIA • Winter 2017

manager does not have access to owned condo units like a property manager would have in an apartment complex; therefore, problems inside a unit can’t be accessed and fixed quickly if the owner is not home. Also, in many states, Condominium Acts waive an insurer’s right to subrogation against negligent unit owners.

Millers Takes Creative Approach to Writing Policies to Salvage Condo Market Everyone knows Mother Nature is unpredictable. Since the weather can’t be controlled, and there’s no reason to think winter weather events will start to wane, Millers turned its energies to what could be controlled – terms and pricing. “We decided to make several changes to how we underwrite and price condo business, as well as the terms offered on our new and renewal business,” said Steve Fisher, Vice President of Sales and Marketing at Millers Mutual. “We have confidence that these changes will allow us to continue to provide coverage for this book moving forward.” Some of Millers Mutual’s changes to pricing and renewal policies include: • Using minimum deductibles based on property size and loss history. •

Using minimum net pricing based on construction type. Frame and joint masonry buildings have a worse loss record than buildings of different construction types.

•

Using a per-unit water damage deductible in Pennsylvania in addition to the building deductible, and implementing in other states as soon as filed and approved.

•

Not renewing policies for condos with exterior utility closets, depending on state statutes. Such buildings will be declined for new business.

•

Implementing additional requirements for properties identified as primarily seasonal, including requiring property owners in coastal areas to have a wind exclusion attached.

Information is Key for Writing Better Policies Millers Mutual has also begun asking for information at midterm or prior to renewal on all condo accounts, in

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Winter 2017 • THE BIG “I” VIRGINIA

order to better assess known risk factors associated with building construction and other drivers. Failure on the part of the property owner to provide the information will result in less favorable terms, less favorable pricing or possibly, nonrenewal. Surveys include asking for a copy of the respective condo association’s winterization plan and/or communications provided to unit owners about proper winterization guidelines, including instructions for maintaining minimum thermostat settings in occupied and unoccupied units and details on how that requirement is enforced. Education efforts such as providing checklists, tips sheets and articles on winterization can help manage risk effectively. Other questions concern the number of unoccupied units, bank-owned units, and the number occupied for greater than 30 days at any time of the year. Associations are also asked for details about plumbing equipment, sprinkler systems, inspection reports, and whether maintenance personnel are on duty or on call in the event of an emergency requiring water to be shut off.

Prevention is the Best Medicine From Millers Mutual’s perspective, a key to serving the market more effectively is ensuring building and individual condo unit owners are knowledgeable and are proactive at mitigating risk. In addition, problems need to be reported right away, even if the concern is in a common area. “Correcting the poor loss history with the residential condominium book of business is a joint effort of the insured, agents and insurance carrier,” said Jonah Mull, underwriting leader at Millers Mutual. “Loss prevention starts with increased awareness and a proactive approach by the insured.” That’s why Millers Mutual is now asking the insured whether water and sprinkler pipes are insulated, particularly in attics and exterior walls, and whether shutoff valves are marked and clearly visible. In some cases, an experienced property management organization working with a top-notch condominium association can make all the difference in mitigating risk. Sound damage-prevention procedures, solid bylaws, and good communication are all keys to better outcomes.

THE BIG “I” VIRGINIA • Winter 2017

Ongoing Monitoring and Evaluation Needed Millers Mutual has just begun implementing changes to pricing and underwriting, so no hard data exists yet regarding correction of the condo market loss ratio. To evaluate effectiveness, the insurer plans to review results this spring as well as next when the snowbirds return north from their seasonal job locations, RV touring, and retirement second homes. What is known is that most accounts either have or will see a premium increase, some small and some bigger depending on factors considered and results of fact gathering. In addition, there will be some loss of business no matter how creative the solutions. When decisions become tough, Millers believes communicating the need for changes to agents and maintaining open communications is central to ensuring better results. “A nonrenewal or no will be our last resort and not our first response,” explained Fisher. “We are committed to improving our condo results rather than simply abandoning this class of business, and believe that the changes noted will put us on the path to success.” Future plans include considering other potential factors that might drive changes to condo underwriting guidelines, such as: • Whether buildings exceed four stories; •

Whether buildings contains galvanized or polybutylene piping; and

•

Whether the developer is on the condo association’s board of directors.

By taking proactive steps like these, further refining pricing and policy writing, and working with agents and the insured to implement changes and improve communications, Millers Mutual hopes to break the loss cycle and make sure the Mid-Atlantic condo market remains viable.

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Why I Joined SIAA: “When it was time to expand our Benefit Agency by adding P&C, after looking at our options, PIN was the ideal solution for us. They allowed us to be an Independent Agent and we were able to get quick access to the top insurance carriers we needed to compete. As a member of SIAA, we have access to other markets as well as exclusive programs to meet almost every risk we run into.” -Carlos Ortega President of Progressive Management Associates, LLC. Fairfax, VA

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THE BIG “I” VIRGINIA • Winter 2017

Work with an insurance company that’s right in your own backyard — EMC Insurance Companies. With a fully staffed office in Charlotte, EMC offers more than 100 years of experience in commercial insurance, plus local people who understand you and your markets. Local responsive service is just one reason agents in your area Count on EMC ®. LONNIE SCHWAB, CPCU Resident Vice President EMC Charlotte Branch

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Winter 2017 • THE BIG “I” VIRGINIA

COME GROW WITH US WE’RE BUILDING EXCLUSIVE INDEPENDENT AGENT RELATIONSHIPS IN VIRGINIA. By evolving how we invest in our own business, we make it easier for you to continue to focus on client relationships and growing your business. • We’re dedicated to Ease of Doing Business®, including an efficient underwriting and quoting process. • When it comes to our home, auto, life and commercial insurance products, we’re looking at the entire customer lifecycle to meet their current and future needs. • Our experienced claims team is ready to help at the moment of truth.

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