Agents First! - May 2015

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“What You Don’t Know Can’t Help You!” … Eddie K. Emmett, Editor / Publisher

Auto Insurance and Uber Drivers In This Edition AUTO INSURANCE AND UBER DRIVERS ........................................ 1 THEFTOF TIME OR WASTE - IS IT ANY DIFFERENT? ........................... 2 M AY IS MOTORCYCLE SAFETY AWARENESS MONTH .................... 15 HOW TO SET UP A FACEBOOK PAGE FOR BUSINESS ............................. 15 HOMEOWNERS VALUATIONS – ARE YOU RELYING ON YOUR COMPANIES?

................................................... 20 PRACTICE BUILDING WITH ANNUAL INSURANCE REVIEWS ................... 22 THE FREE AND EASY W AY TO M AKE YOUR INSURANCE AGENCY FACEBOOK PAGE COOL AND ENGAGING. .................................. 27

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THEFT OF TIME OR WASTE - IS IT ANY DIFFERENT? Al Diamond, President, Agency Consulting Group, Inc. and Will Decuzzi, Security Analyst, Agency Consulting Group, Inc. HOW TO RESOLVE THE LOSS OF PRODUCTIVE TIME IN INSURANCE AGENCIES

It is a metaphor of the impact of tech on our lives and businesses.

Last night I was perusing some old photos a friend sent me in my email. There were several of the venerable TV news icon; Walter Cronkite. There he was in all of his highly structured, professionalism conveying the "news".

Think of this newscast, a limited block of time, for which the viewer’s give up valuable time in the start of their day to hear important news related to the area where they live and work. Were the commentators stealing time from their employer or the viewers? How about the producer and the editors who failed to fill the time with important information in such a finite time allotment? Does this scenario sound familiar? Are you people sitting in the office saying, "hey let's steal some time from our employer by wasting a fifth of the time they pay us for on Twitter or Facebook? No, but is the loss in productivity the same as if they out rightly decided to rip you off? Unfortunately, the answer is a troubling YES. So here is the article.

I began my busy day with my normal coffee and a quick look at the local morning TV news channel before heading off to the office. As I watched there were four commentators sitting around the news desk squinting into their smartphones, live on the air! They spent 4.5 minutes reading tweets and Facebook postings regarding a "story" about a sports trade. I thought to myself, “is this the most important news of the day?”

Suddenly I found the image of Walter Cronkite flashing back in my mind.

I was struck by this point; I was watching a 30 minute morning news show. The show was abbreviated by three, two minute commercial breaks, leaving only 24 minutes of actual news; subtract two three minute traffic and weather reports, leaving 18 minutes of "news" time.

At that moment I realized that this article was leading the Pipeline this month. I am not a technophobe; on the contrary, I embrace the value of what properly implemented and exercised tech does for me and my business. The stark contrast of the two images; Walter Cronkite and these four commentators squinting and giggling as they read their social media feeds.

Agents First!

Have you ever noticed that no matter how many people you have, there always seems to be a backlog and projects never seem to be completed? What if you could make yourself and your employees more productive? How would you like to gain 25% more efficiency in your agency without adding a single new staff member?

Those numbers themselves are alarming. If you consider that the normal fulltime staff member generally works 1920 hrs. /yr. (52 wks. @ 5 days @ 8 hrs. reduced by 10 days’ vacation and 10 holidays) that means that you are losing over 20% of your agency’s productive time (and your money) to waste.

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Continued on page 4 May 2015

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Theft or Waste … Is it any different?

As productivity rises, the stress on staff to "catch up" subsides and that should become the theme of the ongoing discussion about this topic. Over time you will adjust the culture in your business to be much more positive and productive without creating an air of oppositional management versus staff attitudes.

Continued from page 2 Not happening in your little agency? Are you sure?

Even the most honest, dependable people will take advantage. Trust through verification-- people are less likely to misbehave when they know someone is watching.

Procedural changes in your agency

Employees don’t waste their time out of malice.

Whether bored or stressed, both are common excuses for that phone call, text, or internet view.

According to studies the Millennials (born between 1982 and 2004) consider their technology as extensions of themselves. When polled; 53% say they would rather give up their sense of smell than their technology (The Blaze, 5/26/11). Phones and the Internet are a part of their lives. They will even interrupt high priority activities for a social media response or other technological distractions.

WHAT TO DO? The process of correcting this problem requires a delicate and incremental adjustment of culture in your business. An abrupt implementation of seemingly draconian measures to control the staff would result in extreme responses.

When not carefully implemented we have seen staff members’ morale drop along with already suffering productivity and in some cases they outright quit.

Beginning a discussion with staff about the facts previously discussed is the first step.

The discussion should continue over a period of time to accentuate the positive results of the throttled use of such technology and its increase in office productivity.

Agents First!

Cell Phone Use 1. For generations we have discouraged using Company phones for personal business. That has become a norm in industry. It’s time adjust that rule.

Company rules must limit the use of cell phones during business hours. i. Tell your employees to leave their cell phones in their cars. They are available during lunch, breaks, and after work and to give everyone the office phone number in case of emergencies. We want to be more productive, not less human. ii. Most time wasted on the cell phone is not due to handling “emergencies.”, that is just a convenient excuse. Most wasted time is due to casual calls and incessant texting, the normal activity on a personal cell phone. BUSINESS HOURS ARE FOR BUSINESS USE. WE PAY FOR X HRS/DAY. WE WOULD LIKE THE EMPLOYEES TO DEVOTE THEIR TIME TO COMPANY BUSINESS. iii. Most employees will demand that their cell phones must remain within reach. A simple exercise designed to expose the impact they have on productivity is to implement a temporary cell phone "purgatory"; ALL CELL PHONES ARE PLACED IN A SECURE AREA (at the manager’s/owner’s desk) for the day.

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Continued on page 5 May 2015

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Theft or Waste ‌ Is it any different?

Some of the most effective this year (based on Wells Research Reviews) are:

Continued from page 4 If an emergency call comes in (the only reason that a cell phone call should be made or received) the manager will answer it and relay the message or give the call to the employee. Most agencies find that it will only take a few days of this procedure to eliminate 99% of all cell phone call, texts and social media interruptions.

While we applaud agencies like McLean Insurance Protection Team of Ontario, Canada who has implemented their own telephone security protocols and has forbidden employee use of cell phones in the agency during business hours, such stringent measures may not be realistic in all cases. McLean may have a culture that accepts strong rules like this while many agencies operate under somewhat lax and friendly, family-oriented guidelines that would consider this rule too onerous.

Computer Use Unlike the use of private cell phones, computer use on the company network is very clear cut. Although not directly targeting our industry, SOX 404 (SarbanesOxley Act 2002 section 404) specifically outlines Federal mandates regarding data handling, access and security procedures on company networks. Every company should have a clear set of published computer activity and security procedures embedded in their employee rules that each employee signs.

1. Computer use at work MUST BE limited to Company business. Both e-mail use and website access are culprits to a myriad of problems that plague agencies (and most other businesses) and cost thousands of dollars each year to resolve. A procedure, alone, is insufficient to accomplish this standard expectation. Key Logging software is available that, once installed, permits reports and audits of web use at any computer in your agency.

Agents First!

WebWatcher SpectorPro Content Protect SpyAgent iv. Create a procedure in your agency telling all employees that, because of the threat of viruses and Trojans, web access should be limited to only sites needed for agency business. In the event of any system problem sourcing from websites, software has been installed to monitor email, IM/Chat, and general web usage to determine which sites were the most likely sources of any infestation that may affect the network.

Change the way you measure productivity For generations insurance agencies have worked by the clock – acting like an assembly line for processing transactions. We pay hourly or we pay a salary based on working a minimum number of hours. The days of processing transactions are drawing to a close. Before many PIPELINE readers retire normal transactions for an insurance policy will be handled by the client, him or herself, via home computers or smartphones. The agent will continue to know about the transactions on the back end but, unless advice is needed, simple processing isn’t worth what the carriers are paying us and they often delay, rather than speed, delivery of end product to the customer.

Our new focus will be on the generation of new business and the retention of clients, functions that should be of optimal concern for carriers. Our focus as agents will be all about building and maintaining strong customer relationships; well worth the commissions paid to us.

Continued on page 6

Page 5 of 27

May 2015

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Theft or Waste … Is it any different?

Continued from page 5 If we become relationship managers instead of transaction processors, we should measure ourselves (and our employees) based on their cross-selling efforts (for expansion of business for existing clients), referral achievements (to use the current client base for growing new clients) and the retention of clients (the heartbeat of the agency). Premiums rise and fall with the economy and rating structures, but clients are forever (we hope).

If we were to shift our paradigm to evaluating our staff members based upon these bench marks; cross selling, referrals and retention, we would see a rapid and abrupt paring of 'dead wood'. You would be able to retain performers and recruit new ones who are aligned with the new paradigm.

The procedures for telephone use and internet use can be implemented in most agencies. They simply make sense even though they appear to restrict the employees. You’re doing this for the sake of enhanced productivity in your workplace. The change from timebased productivity and compensation to Incentive-based Compensation is harder and requires more ‘engineering’ within your agency. We would be happy to help you build this structure. Just call us at 800 779 2430.

A Final Option

Wrangling back control of your business and employee productivity is not a simple task. You are literally changing your business culture. Such actions are not simple. There may be ‘flash-back’ from employees who are used to the liberal attitudes that pay them for time used personally. The employees who may choose to leave you are those who will abuse their next employer and feel it their right to use Company time for personal business. Only agents who ‘stand tall’ and live by their principles will be able to implement recommendations like these. We can help you implement these changes in a smooth, courteous but firm way. Many will not have the fortitude to implement such procedures and rules. Unfortunately their failure to do so will soon cost them their profitability and likely their business. Business today is difficult; allowing such wasteful behaviors to continue can be catastrophic. If you are ready to regain control of your own business and rebuild it into a viable, professional and growing organization, implement ideas like these and call us to discuss your particular situation.

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THE PIPELINE | THEFT OF TIME OR WASTE - IS IT ANY DIFFERENT? | Copyright © 2015 Agency Consulting Group, Inc. Agency Consulting Group, Inc. | 800-779-2430 | Visit The Pipeline | Subscribe to The Pipeline Page 6 of 27 May 2015

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More Information about Agents First! Membership at www.AgentsFirst.org How many times are we faced with decisions where “the right thing to do” may be a tough decision? Trust me; the right thing to do is always the right decision.

This is even more important in business, as your reputation with your customers is based on some level of trust. The trust comes from doing what you promised.

The customer assumes they will get what they pay for.

They also assume you will stand behind whatever it is you sell them.

ETHICS IN BUSINESS: WOULD YOU DO THE RIGHT THING?

A couple years ago, during the height of the holiday season, Delta Airlines featured some amazing deals on their website. For a short time, travelers could find airfare for certain domestic flights for less than $5. A round-trip ticket between New York and Seattle could be found for $25. Talk about a bargain!

But there was a problem. The outrageously low prices were the result of a computer glitch. Delta quickly fixed the issue and then restored their website – this time with the correct pricing.

Delta acknowledged their mistake and issued a statement on the situation.

“For a portion of the morning today, some prices on Delta.com and other booking channels were incorrectly displayed, resulting in lower than usual fares for customers. The situation has been resolved and the correct prices are being displayed. Delta will honor any fares purchased at the incorrect price.”

I typically don’t like sports analogies in business, but sometimes they make such good sense. So, here is the story: My friend and colleague Jim Tunney, an inspiring speaker and the Dean of NFL referees, writes a weekly article about sports stories that always make a point. Recently he wrote about the 2015 Australian Open tennis tournament in Melbourne, which for the fifth time was won by Novak Djokovic. According to Jim, the real story of the tournament wasn't Djokovic’s fifth win, but came in the match between third ranked Rafael Nadal and 103rd ranked Tim Smyczek from Wisconsin.

Just as Nadal was about to serve, one of the fans in the gallery shouted some indiscernible remark, startling Nadal and causing him to deliver a bad serve. Smyczek approached the umpire at center court and suggested that Nadal get a second chance because of the disruptive fan. Nadal was granted permission to repeat his first serve and went on to win the point, the set and the match. Afterward Smyczek was interviewed and his comment was, “It was just the right thing to do.”

Instead of frustrating customers by demanding they pay full price for airfare, Delta took responsibility. Yes, it was a pricey decision. But they valued the goodwill of their customers over the financial implications.

You can’t go wrong by doing the right thing. In business, this might cost you a little more or take extra time up front. But the extra effort will pay dividends many times over. The best companies, and the people in those companies, have standards that can’t be compromised.

This positively impacts both the customers and employees.

Copyright ©MMXV, Shep Hyken – www.Hyken.com Shep Hyken is a customer service expert, keynote speaker and New York Times bestselling business author. For information contact (314)692-2200 or www.hyken.com. For information on The Customer Focus™ customer service training programs go to www.thecustomerfocus.com. Follow on Twitter: @Hyken

I love that: “It was just the right thing to do.”

Agents First!

www.AgentsFirst.org Page 8 of 27

May 2015

More Information about Agents First! Membership at www.AgentsFirst.org 7 Lies Employers Use To Trick You into Working for Them Why do employers lie to get you to take the job? The last two companies I've worked for have done the same thing. They promise me things, but once I'm in the job, they don't deliver. I'm tired of getting taken advantage of and don't know how to make it stop. What am I doing wrong?

This happens a lot. And frankly, it's going to get even worse as the talent shortage increases and companies play dirty to get candidates to take their jobs. Here's an article which explains this growing trend...

In order to avoid being taken advantage of, the secret is to learn to master the very same technique recruiters have been taught to spot a fake in an interview.

Use "Reverse Behavioral Interviewing" To Reveal Employer's True Self Behavioral interviewing is a technique recruiters use to help determine the personality, aptitude, and true experience level of a candidate. They're historically open-ended questions designed to force candidates to provide more detailed answers to questions that address things like their: ability to work in teams

Why Some Employers Have Rose-Colored Recruiting Glasses

work style

While some employers are starting to properly reveal their Employment Brands, it could take a while for others to recognize the need to accurately convey what it's like to work for their company - and that will hurt their ability to hire effectively.

For example...

Companies that pull the bait-n-switch (like what the poor professional experienced above), are usually desperate to improve their troubled company - and assume hiring new talent will fix their problem. They make promises to themselves, "If we can just get the best talent in here and turn things around, we can actually make good on all these promises we're making while recruiting them." In their minds, hiring you will give them the results they need to make those promises a reality. Unfortunately, hiring alone can't fix a failing company or a broken corporate culture. Before you know it, the company is making excuses why they won't deliver on those promises - and may even try to make you feel bad for asking. As if it was your fault!? Sound familiar?

7 Potential Lies Told In the Hiring Process Any time a company makes the following claims; you should push back and try to get more information before assuming it's the truth. While some can deliver, others can't - and it's up to you to figure out which ones are sincere. The potential lies are: 1.

There's a lot of opportunity for advancement.

2.

The bonus structure will double your income.

3.

Your territory is protected and we won't change

it.

4.

You'll get extensive training.

We'll hire you some help when it gets busy.

7. Once you fix this problem/department/project, etc., you'll get to work on something new and exciting.

Agents First!

ability to overcome adversity capacity to cope with change Recruiters use behavioral interviewing to explore candidates' depth of knowledge and ability to answer the questions in a way that matches the goals, values, and needs of the organization. [A free tool with some of the most common behavioral interview questions can be found here.]

They're also trying to identify and eliminate any liars, under-performers, or high-maintenance candidates.

Hiring is expensive. Behavioral interviewing is meant to help minimize bad hires.

What If You Could Do The Same?

You can!

When your turn comes to ask questions in the interview (usually, at the end of the conversation), you can prepare a list of open-ended behavioral questions that will force the employer to articulate more clearly how they deliver on the promises they're making. For example, check these seven questions as they relate to the potential lies above: 1. Can you give me an example of someone who was hired in the last two years to a similar role who has already advanced in their career here? In particular, can you explain what they did to make that happen?

2. Can I meet someone in the company who has doubled their income with the bonus structure? I'd like to learn more about how they accomplished that.

3. I know territories can change as the business changes, what do you put into place to ensure this never happens? Is there a written legal contract of some sort?

5. You'll have scheduling flexibility and can work from home on occasion.

6.

track record of success

4. Can you break down the formal training versus the informal training I will receive? And, may I speak to someone who has been in this role a year to see how they best used the training to their advantage?

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Continued on page 16 May 2015

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Difference Between Working "For" An Employer & Working "With" Them

7 Lies Continued from page 14 5. What is the procedure for requesting to work from home? Can I speak to someone who uses this scheduling flexibility so I can learn what he/she is doing to make sure she is meeting the company's goals when working remotely?

6. Can you share with me a recent example of someone who was hired on to help due to growth? What is the company's process for identifying and funding additional headcount?

7. Can you share with me a recent example of someone who was hired on to fix a problem and has now gone on to a new project? What did they do to ensure they were given the opportunity to move on?

Each of the questions above is positively framed to show your sincere interest in the company's approach to delivering on these promises. It's up to them to give you an answer that sounds accurate and compelling. If they start to dance around the subject, or don't have a clear cut answer, you know they aren't telling the truth.

Agents First!

Learning how to reverse behavioral interview a potential employer is a very important step in becoming a more sophisticated and successful job seeker. When you realize you want to work "with" employers and not "for" them, you can begin to approach the job search with your eyes wide open. You deserve the best opportunities, and that means improving your interview skills so you can spot the less-than-ideal employers. Use the technique above to help you get better at finding the right fit for you!

One last thought on being a better job seeker... If you really want to become a more sophisticated job seeker, I strongly suggest you take control of your search by creating an "Interview Bucket List" of employers you'd like to work with. You can read how to do that in this LinkedIn article.

Page 11 of 27

May 2015

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More Information about Agents First! Membership at www.AgentsFirst.org

The text message to end all texting and driving.

At Textswreck.com, we wanted to stop texting and driving. So we created the world’s first "Don't Text and Drive" animated emoji and started sending it to our friends. Please visit Textswreck.com on your phone and help spread the message yourself.

Check it out at https://vimeo.com/80344713 Did Google slap your agency last month?

If your agency website is not "mobile-friendly", Google will be giving you less recognition and more recognition to your competitors whose websites are "mobile-friendly".

It's easy to check: go to https://www.google.com/webmasters/tools/mobilefriendly, enter your website address and click "analyze".

If it’s not “mobile-friendly”, please plan to attend Insurance Expo 2015.

12 tips for improving producer performance Top producers have an entrepreneurial attitude and a vision for the future. They have a career plan and know how to achieve their goals. Here are some producer tips and suggestions for improving performance. http://www.propertycasualty360.com/2015/04/30/12tips-for-improving-producer-performance

Agents First!

Page 13 of 27

May 2015

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More Information about Agents First! Membership at www.AgentsFirst.org

May is Motorcycle Safety Awareness Month Download info to share on your website & social media at http://www.nhtsa.gov/Safety/Motorcycles

How to Set Up a Facebook Page for Business Facebook advertising is the most laser-targeted medium in today’s insurance industry.

To prove the point I created a sample ad program with very specific demographics: Ages 18 – 65+ Living in a 10 mile radius of Conroe, TX Interested in Motorcycles Did you realize there are 34,000 folks with Facebook pages fitting that demographic?

Are you interested in setting up a Facebook page for your agency? Not sure where to start? Maybe you’ve thought about it but didn’t get past choosing a category or creating a cover photo. If you’re considering setting up a Facebook page, or have started the process but never finished, this article is for you. In this... Read the rest of this article...

How to Get Your Contact Info in Your Client’s Phone Instantly Getting your contact information into a client’s cell phone is a huge marketing opportunity for insurance agents.

Clients with your contact info in their phone: Refer you more since they always have your contact info handy.

Have a better customer experience since they’ll call you before a small problem becomes a big problem.

Buy more lines of insurance because they’ll call you about another coverage before it slips their mind.

Have smoother claims because they’ll be able to reach you throughout the claim process if there’s a concern. (especially right after it happens) And they renew more because they feel a closer bond with your agency The customer’s connection with your agency strengthens each time they see your name in their address book right next to the friends and family!

My ad would appear on their pages for free (impressions) and only cost 64 cents every time someone clicked on the ad.

I’m going to help you build a cool tool for importing all your agency contact information to your client’s phone instantly. http://www.insurancesplash.com/blog/insuranceagent-qr-code

My last FB ad cost $196.00, netted $2,000 in profit and was seen 19,800 times in 3 months.

Agents First!

Page 15 of 27

May 2015

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Protecting the bottom line: The 10 business income coverages most people miss Do You Know the Lifetime Value of Your Customer?

Are your business clients covered in case of income interruption? Probably not....Read more at http://www.propertycasualty360.com/2014/12/11/protecti ng-the-bottom-line-the-10-business-income

Probably not.

Not only did 40% of the leadership surveyed not know the financial value of their customers, over half of them don’t plan to. In other words, they don’t care or see the merit in this important number.

This absolutely surprises me. If the leaders of these organizations don’t know, then you can expect that the employees don’t know either. Yet when employees know and have clarity about the lifetime value of the customer, they can make better customer-focused decisions.

7 proven ways to reduce your clients' auto insurance rates You clients keep asking for better auto rates. Here's what to tell them....Read all about it at http://www.propertycasualty360.com/2014/09/23/7proven-ways-to-reduce-your-clients-auto-insuranc

Read the rest at http://www.hyken.com/customerexperience-2/know-lifetime-value-customer

Arm Your Smartphone In the event of an emergency, your smartphone will often be your first source of critical information and updates.

But with so many options for information out there, how do you know where to start?

Tips for what to do before, during and after a natural disaster Tornadoes in Texas … Hurricane Season begins st June 1 … Is your agency ready?

Read all about preparation and reaction at http://www.ready.gov/natural-disasters

To help you narrow it down, we have come up with a list of our top three favorite apps available to both iPhone and Android users. Download them, check them out and get prepared.

7 Ways to Build Online Customer Trust It's easy to build trust when you have the opportunity to connect with customers in person. You can look into their eyes, read their expressions, and interact at a more personal level. Even on the phone you can listen to a customer's tone of voice and react accordingly.

NOAA Now App – The latest information on severe weather in your area including quick status updates about tropical systems or weather watches. From hurricanes to tornadoes, this app covers it all.

But, building trust online is a different story; not necessarily more difficult. Just different. Read more at http://www.hyken.com/customer-confidence/7-waysbuild-online-customer-trust

Red Cross First Aid App – Lifesaving information on how to handle the most common first aid situations.

With videos, interactive quizzes and simple step-by-step advice it’s never been easier to know first aid.

May is Motorcycle Awareness Month Enjoy watching this Evasive Girl on a motorcycle wage her own war against litter bugs

FEMA App – Preparedness information for different types of disasters, an interactive checklist for emergency kits, a section to plan emergency meeting locations and information on how to stay safe and recover after a disaster.

Click here for a list of additional mobile resources and applications available for download.

https://www.youtube.com/watch?v=Xbs6eMxa5ds

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Advise on when to report a claim

But we filed the claim as soon as we realized we had coverage!!!

Reporting claims early is vital if an insured wants coverage for a loss. However, some insureds are not sure exactly what to report and when to report it. The Rough Notes magazine archive is an important part of your subscription.

PAJ received a cease-and-desist order plus notice of a lawsuit from Yurman Design because of an advertisement for jewelry. During an insurance coverage discussion with its agent 15 months after it received the notice, PAJ realized its insurance policy might cover the lawsuit. It immediately filed a claim with its insurance company and requested coverage.

It provides an excellent article that may help you guide your clients in their responsibilities.

Spreading the news

The insurance company denied coverage because of the late notice.

Click here to see how the courts reacted to the denial.

Policy Conditions Every Insurance Services Office (ISO) Commercial Lines policy has two different types of conditions. The first group is in mandatory endorsement IL 00 17Common Policy Conditions. The second group is in the policy coverage form. These conditions explain the actions the named insured is required to take in order for coverage to apply. If those actions aren't taken, coverage may be, and often is, denied.

Many of your clients may never read their insurance policies! Because of this, they may not know about the conditions section and that could lead to coverage being void. Consider posting the following e-marketing article to alert them of not only the need to notify but also how to notify the insurance company.

Click here to review the PF&M analysis of IL 00 17Common Policy Conditions.

Click here to review the PF&M analysis of CG 00 01Commercial General Liability Conditions Section

Understanding Commercial Lines, Certificates of Insurance & Acord Forms Agents First!

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For 135 years Rough Notes has been dedicated to making you a better agent.

Become the coverage expert with the Producer Online-Plus Producer Online-Plus Includes Commercial Lines Risk Evaluation Survey Personal Lines Risk Evaluation Survey Policy Form & Manual Analysis Coverages Applicable The Insurance Marketplace Marketplace Cybercast

ACORD Forms Library Business Building Letters Insurance Words & Their Meanings E-marketing for Agencies Rough Notes Magazine In Action Monthly Newsletter Videos for your Website

Producer Online Plus is designed with the powerful technology and technical insurance content you’ve come to expect from Rough Notes. Narrative overviews of operations and exposures for more than 650 classes of business are just a small part of what is included in this product.

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Homeowners valuations – are you relying on your companies?

Posted on May 4, 2015 by Curt Pearsall

It is interesting to note that the homeowners’ line of business generates a significant number of E&O claims. In fact, in some years, it has been as high as 1 in every 5 E&O claims. In the vast majority of those E&O claims, valuation (or actually incorrect valuation) has been at the core of the E&O issue.

On the surface, this may be somewhat of a surprise to many. After all, the industry has some great tools to assist agents in calculating the proper ITV number on a replacement cost basis. In dissecting the E&O claims data, one of the root causes of problems at claim time is that the agent had not entered the correct “inputs” into the estimator system. As the adage goes, “garbage in, garbage out”. Without the correct square footage, construction type, quality of construction, etc., there is not an estimator system in existence that will be able to provide a quality output. So agents need to take the time to secure those correct inputs.

One of the other flaws is that when carriers do perform an inspection, the inspection is basically a loss control inspection to determine the quality / condition of the premises and whether there are any hazards that raise the potential for a loss to occur.

Oftentimes, they are not measuring the house, simply inspecting it. There are certainly some homeowners’ carriers that do both.

The key issue is that when the agency writes a homeowners risk and they are aware that the carrier will be “inspecting the risk”; the agent needs to clearly understand exactly what services the carrier will be performing. As the agent, if you are not sure (this certainly varies from carrier to carrier), then you need to ask.

Bottom line, the agency should make every effort to get the correct information at the time of the completion of the application and if the carrier is going to be inspecting, the agency should clearly know what that inspection” involves. Don’t assume because when one assumes, the potential for a problem to develop just got bigger.

More E&O Tips at http://www.agentseotips.com

However, there is another issue. That other issue centers on the reliance, by the agents, on the carriers to determine / provide the correct information to perform a quality approximator. More than once, I have been asked “isn’t it the carriers responsibility when they perform an inspection to provide the correct information?” Maybe yes, maybe no. There are a number of flaws to this line of thinking.

One of the key flaws is that it is rare to find carriers that perform an inspection on every homeowner’s risk they write. While they have the right to have an inspection done, economics makes this position unrealistic. It is just not feasible or cost effective for a carrier to do an inspection on every risk. I would have to believe that part of that logic centers on the premise that the agent has seen the risk (not simply a “drive by”) and knows the condition of the risk and the necessary valuation data. Like it or not but essentially many carriers are saying that this is the agents job.

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Go to www.EandOQuote.com for more information

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Practice Building with Annual Insurance Reviews

by John W. Herrick and Matthew A. Treskovich Guaranteed UL sales are in a multi-year downtrend, and term sales are growing very slowly, if at all. Many advisors are feeling the pinch of much lower insurance commission revenues in a world where many affluent clients no longer have the potential estate tax liability that led to easy guaranteed universal life insurance sales in years past.

While some advisors have turned to new product lines like term insurance and chronic illness riders in an effort to maintain the insurance side of their revenue base, the easiest source for new life insurance premium is still largely overlooked.

Regular policy reviews are also critical for maintaining a client base. Advisors who fail to regularly meet with clients to review needs and coverage risk losing business to other advisors who approach clients offering this service. The key to successfully using policy reviews as a practice building tool is to approach reviews as an ongoing process, not an event. The initial review for a new client, or an old client who doesn’t have a complete insurance file, can take some effort. However, this up-front work pays off in subsequent years with a much easier review process.

The fact-finding process should start with qualitative questions to determine why the client believes they initially purchased the coverage, and then to assess the extent of that need today and looking forward.

Leverage Life Changes and Neglected Policies The annual policy review process is just the beginning! Life changes happen in their own time. Some events that should trigger a policy review are marriage, divorce, pregnancy, the birth of a child or grandchild, purchasing a new home, or changing jobs. The chronic illness of a parent or relative can be a trigger point for a policy review and the discussion of additional needs like long term care insurance or linked benefit products.

Social media is one way advisors can be alerted to these events, but old fashioned communication skills and attentive listening still works wonders for practice building.

Studies have shown that the majority of trust owned life insurance policies have been effectively orphaned by the trustee. Trust-owned life insurance policies need regular periodic reviews just as much as individually owned policies.

Simple Changes Make a Big Difference

Policy Review Process The first step in the policy review process is gathering documents and conducting some basic fact-finding.

Documents that should be collected and placed into the client's permanent file include: Most recent annual statement Copy of the declarations page, or if possible entire contract Original sales illustrations, if available, and any inforce illustrations previously supplied by the insurance company Any correspondence, endorsements, or amendments received from the insurance company since the policy was issued Most recent written confirmation of the owner and beneficiaries The advisor should also request a current “policy summary� from the insurance company. If the confirmation of ownership and beneficiaries is more than three years old, an updated written confirmation should be obtained.

Premium Payment Mode Clients can often save 5% or more by making one simple change to their life insurance policies. Paying premiums annually can be significantly less expensive over the course of a year compared semi-annual, quarterly, or monthly premium payments. Advisors who find clients paying more frequently than annually should explain the potential savings.

Health Improvements If the client has made significant positive improvements to their health, for example by quitting smoking, dieting and exercising, or simply taking better care of themselves, they may qualify for better rates in a new policy than what they are paying in an existing policy.

For term life insurance policies, potentially beneficial changes that can be identified during the review process include

For permanent policies, an inforce illustration should be requested.

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End of the level term period Continued on page 23

May 2015

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Annual Insurance Reviews Continued from page 22 End of the conversion period, or changes in the conversion privilege: term policies are often convertible to “any product� that the insurer offers for the first few years, and later changed to convert to a moreexpensive, less-favorable, conversion product.

Free underwriting upgrades: In some cases, misalignment of the insurer's term and and permanent underwriting classes may allow the insured to receive a favorable underwriting upgrade with no evidence of insurability during as part of a term conversion.

Permanent policies have their own particular key points that should be assessed during the policy review process.

Policy performance should be compared to the original sales illustration, and adjustments made to planned premium payments if interest crediting inside the policy is less than projected. If the policy has outstanding loans, the tax impact of a lapse or surrender should be estimated, and inforce illustrations should be requested to evaluate the potential out of pocket cost required to prevent a tax event.

If the conclusion of the review process is that the current policies are performing well and fit the clients objectives, it is not wasted time for the advisor! Clients will appreciate having a financial advisor who takes the time to thoroughly evaluate their insurance needs and coverages. This demonstration of commitment is a surefire way to gain clients' confidence and referrals. The annual insurance review process is an excellent tool for advisors who desire a client book built on long-term relationships.

Creekmore Insurance Group is a full-service wholesale insurance brokerage specializing in life, individual disability, and long term care insurance.

Creekmore serves independent agents, agencies, and financial advisors across the United States.

John is the VP of Business Development, and Matt is the CFO. They have decades of combined experience in advanced case design and underwriting. He can be reached via email Matt@LifeAgents.com or at 800-936-0339. For more information, visit www.LifeAgents.com

No-lapse guarantee policies, also known as secondary guarantee products, require special attention.

The no-lapse guarantee provisions is often contingent on specific timing of premium payments. Paying a premium during the grace period may reduce or eliminate the nolapse guarantee. In some cases, making a premium payment too early can compromise the death benefit guarantee. Advisors should request annual confirmation of the guarantee status of policies sold with no-lapse guarantee features, if the guarantees are not explicitly described on the annual statement.

It's no secret that today Americans live longer than they ever have. While increasing longevity can be a challenge in retirement planning, it can actually benefit clients during insurance policy reviews. Because people now generally live longer, many older life insurance policies were more expensive than current versions of the products. Annual costs of insurance have decreased, making newer policies less expensive. Clients who own these older policies can benefit from swapping into newer policies with lower costs and expenses.

Conclusion Ultimately the goal of most financial advisors is to strategically grow a practice while serving clients well and earning a good living. Annual insurance reviews do offer the possibility to turn up immediate revenue generation opportunities, but more importantly the review process gives advisors a tool for building long term client loyalty.

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Annual Membership only $99.00 Agents First!

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Daily Facebook Post Ideas The Free and Easy Way to Make Your Insurance Agency Facebook Page Cool and Engaging.

Too busy selling insurance, running a business, and making money to waste time finding interesting content to post to your agency Facebook page?

We hope so! That's why we added the FB Content for Insurance Agents link to our Member Benefits. Just take a minute a few times a week to find great content to copy and paste or upload to your Facebook page.

It's updated daily so bookmark it in your browser and visit the page anytime you want to update Facebook!

Join AGENTS FIRST! for only $99.00 per year at www.AgentsFirst.org

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