FYI Express - September 2015 by FYI Express

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

In This Edition Customer Service is Just Foreplay ...................................... 2 Chapter 1 ..................................... 2 Seeing What the Travel Agent Never Saw ................................... 2 Chapter 2 ................................... 10 The Ground Rules .................... 10 Chapter 3 ................................... 16 Customer Service Experience 16 " AIN'T NOBODY'S FAULT BUT MINE" ......................................... 21 Unfair Advantage Marketing ... 24 Do CSRs need to be licensed?32

Just the Fax, M’am A couple of days ago someone asked me to send a fax. Now, I don't know about you, but I haven't owned a fax machine for about eleven years. I threw it out with my Filofax. Still, it was fax or nothing, so thanks to Google I found a nifty little website called FaxZero: https://faxzero.com It allows you to send a fax simply by uploading the document and entering the number. It's really simple, it works well, and it's free.

Enjoy the first 3 chapters beginning on page 2 FYI Express

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September 2015

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It’s not a question of if but when the industry will change.

Customer Service is Just Foreplay

If you’ve been an agent for more than a decade, did you ever think what has happened to personal lines was possible 15 years ago?

Chapter 1 Seeing What the Travel Agent Never Saw Imagine you’re a child in the 1950s who just attended their first big circus with mom and dad. Huge, exotic animals from all over the world are doing amazing stunts right in front of you. The smells, sounds, and pageantry are beyond anything you’ve ever witnessed. As you watch, a wide-eyed child full of wonderment, your dad puts his arm around your shoulders and says, “Isn’t this show amazing?” You nod your head in agreement. He then leans in and says something that leaves you questioning everything you just saw. “Forty years from now, the circus will be nothing like this. There will be no animals -- only people, music, and acrobats. This new circus will be the most popular and expensive one on the planet, and the act you saw today will struggle to survive. Can you imagine?” One of our greatest human limitations is our inability to see things for other than how they are. In 1983, there was no concept of a circus without animals. A year later, two gentlemen by the name of Guy Lalibertéand and Gilles Ste-Croix created one -- Cirque du Soleil. In the insurance industry, the competition is inventing circus without any animals. Don’t be the Ringling Brothers; standing around thinking you have the best show on earth. FYI Express

There are four major challenges facing the industry right now. New Competition with Better Tools - A gluttony of competition has entered the marketplace. Household names like Amazon, Google and Wal-Mart are now offering insurance solutions. Mark Cuban just invested over a million dollars in a comparative rater startup any consumer can use. Zenefits, a startup that simplifies that complexity of health benefits, became one of the quickest companies to ever raise $100 million in venture capital. The key to our longevity is owning, and maintaining, a robust percentage of the industry’s market share. If you’re not working for it, there’s a great deal of business out there for anyone to grab, and I mean anyone. Your competition knows this well, and they’re swarming like sharks who see blood. New and Emerging Technology - Technology has completely shifted how consumers buy and perceive value. The Internet is now the main hub to get information on insurance. The problem is that not enough agents are embracing online platforms, or they’re using them incorrectly. Continued on page 4

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More Tips & “How-To” videos at www.FYIExpress.com Customer Service is Just Foreplay Continued from page 2 Becoming the Disposable Middle-Man - Insurance companies are looking for ways to dodge agents and go directly to customers. Many have started reducing commissions while others are being forced out altogether.

It’s one of the most eye-opening pieces the industry has received in the last 20 years. The report goes extensively into how our industry is changing and what agents need to do to stay ahead of the curve. Here is a glimpse at what’s mentioned:

Technology has made your job disposable unless you use it to your advantage. If we don’t give insurance companies a good reason to keep us around, they may decide not to one day. Losing 50 Percent of the Industry - Many agents ask me, “Why should I care if 50 percent of the insurance industry is retiring or leaving in the next five years? That means more business for me.” Insurance agencies need to work together, not against each other. If we don’t seek out new talent and capabilities necessary to create a sustainable future for this industry, our buying power as a whole is going to severely diminish. To elaborate on the points above, there is a report by McKinsey & Company titled, “Agent of The Future: The Evolution of Property and Casualty Insurance Distribution.”

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Most personal lines and small commercial consumers will interact with carriers and agents through multiple channels -- such as in-person, on mobile devices, by phone, Internet and videoconferencing. Agents will only be compensated for the unique value they deliver to the customer and the carrier. Successful agents will deliver tailored customer expertise and excel at multi-channel marketing while widening their scale and operational efficiency. Carriers will continue to use technology to increase direct interaction with the customer at a lower cost. Customers no longer recognize their agent as the source of their insurance. Brand names with big advertising budgets are more recognizable. Continued on page 6

September 2015

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More Tips & “How-To” videos at www.FYIExpress.com Customer Service is Just Foreplay Continued from page 4

Continued on page 6 FYI Express

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September 2015

Introduces New Mobile App

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Customer Service is Just Foreplay Continued from page 6 In short, McKinsey & Company offers an analytical and objective view of what’s ahead. One thing that stood out to me was the author’s comparison of travel agents and insurance agents. For those too young to remember, there was a time when most travel plans were made through a travel agent. Now with online services like Expedia and Orbitz, agents have dropped off like flies. Those who survived had to transform. Similarly, successful insurance agents will be those who choose to evolve.

J.D. Power and Associates named Geico as having the best customer service among millennials. An appropriate honor given the company’s success in reaching this group of early technology adopters whose attention spans are considerably shorter than their Baby Boomer predecessors. With customer expectations increasingly centered on saving time and money, online companies that deliver these coveted attributes will continue to thrive. Despite the challenges ahead, this book is not meant to deter you, but to help you progress. The forthcoming information will adequately prepare you to transform how you do business in order to keep pace with advancements that will continue to be common place with your customers. Continued on page 10

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September 2015

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More Tips & “How-To” videos at www.FYIExpress.com If you fall into this group, it’s time to pull yourself up or else you’ll be on your way down.

Customer Service is Just Foreplay Chapter 2 The Ground Rules The enemy of being the best is not being the worst. It’s being mediocre. Motivational speaker, Zig Ziglar, once said it like this, “If you put a pot on the stove and bring it to a boil, and then put a frog in the pot, the frog will instantly jump out knowing the water is way too hot to survive.” In contrast, if you put a pot of cold water on the stove and put the frog in while slowly turning up the heat, something much different happens. The frog will swim around obliviously until it meets its cruel fate. You are that frog, and consumers are turning up the heat. I’ve been an insurance agent for more than 14 years, interacting with everyone from the top to the bottom of this industry. I know how you operate, think, and react when you’re told something you don’t want to hear. Many mean well, but few actually have what it takes to keep steady with the industry’s shifting landscape.

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Implementing every idea in this book is a lot to digest, no matter the size or profitability of your business. That shouldn’t be your goal. Your goal is to read this book with an open mind and then decide which strategies work best. You don’t have to do it alone either. I’ll show you how to recruit others to be a part of your customer experience team. You worked hard to build what you have, right? This won’t be nearly as hard as when you first started out, but it will take work. Embracing and applying new ideas is exciting but also uncomfortable and a little scary. The best thing you can do for your professional self is step out of your comfort zone and ignite growth. This book is meant to serve as a study guide for understanding and reaching today’s customer. Read it thoroughly to effectively implement the information in the pages that follow.

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Continued on page 12

September 2015

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Rocket Referrals Outsourced Referral Programs Marble Box Agency Operations Outsourcing Services Agency Multiplied Commercial Quoting Program Tom H. Wetzel and Associates Social Media Content Roadmap

Customer Service is Just Foreplay Continued from page 10 One size does not fit all. Customer Service Is Just Foreplay was written so any agent or agency, regardless of the business’ size, experience, or geographical location, could internalize its contents and put it to use. I’ve provided a framework of best practices that will help you identify areas for improvement within your marketing process. Every organization has a different set of needs and priorities. You decide what is best for you. The tools mentioned here were strategically picked for the Modern Customer Experience. Over the last few years, I’ve had the opportunity to speak at associations, vendor events and insurance companies across the country. On nearly every occasion, agents want to know what tools and services I use. In order to help you personalize your customer experience, I reached out to several companies whose products I’ve found to be invaluable. In return, they agreed to offer discounted prices, reduced and/or waived sign-up fees, and program bonuses available exclusively to readers. While the products mentioned below aren’t the only ones on the market, numerous agents (myself included) have had great results.

You can access a complete list of partner products by visiting www.insuranceforeplay.com/tools and entering your email address. I encourage you to bookmark the website and refer back to it, even after you’ve finished the book, as industry tools are added. There are step-by-step strategies on creating a better customer experience not mentioned in this book. I’ve put together a wealth of additional information for you outside of the pages of this book as well. Visit the Resource Library by going to www.insuranceforeplay.com/resources and entering your email address. There are valuable strategies available now, and in the months to come, that any agent can apply to creating a Modern Customer Experience. Here are just some of the content pieces in motion:

Agency Management System QQCatalyst® from QQSolutions Insurance Agent Mobile Application Simply Easier Payments Payment Processing Program Simply Easier ACORD Forms’ Self Service Certificates Program FYI Express

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How creating relationships with local real estate agents can help you generate 3-5 leads a month with an 80 percent closing ratio. The first three chapters of Ryan Hanley’s book, “Content Warfare - How to Tell Your Story, Build Your Audience, and Win the Battle for Attention,” absolutely free. Continued on page 14 September 2015

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More Tips & “How-To” videos at www.FYIExpress.com Customer Service is Just Foreplay We’ll get started by going over things like your agency management system, website, customer self-service, mobile applications and payments.

Continued from page 12

How to run a 12 day Facebook contest that creates$40,000 in revenue. I actually did this for an agency in Arkansas, and I’ll tell you exactly how I made it happen. How to create your own state-of-the-art video studio for as little as $250 dollars. Fillable forms I built and use that follow and simplify the ACORD forms. Excellent referral process any agent can apply to their business. Rocket Referrals eBook on referrals titled, “The Agents’ Guide to Referrals: How to Implement a Profitable Referral Strategy for Your Insurance Agency,” absolutely free. No one expects you to recreate your business tomorrow. Some things take time and practice. You didn’t write all of your big accounts on the very first day. There was a lot you had to learn and try before you found what worked.

The second section focuses on the sales funnel, marketing and lead generation. We’ll also discuss building conversion machines and the technology platforms you can use to create more efficiencies for your business. In addition, I’ll assist you with establishing an automated process as well as improving customer retention, satisfaction and cross selling. You’ll learn how to increase profits by streamlining these elements into a seamless, internal process. The infographic in section two (shown below) will guide you through my entire approach along with the color coded chapters that allow you to easily track where you left off. Before we get started; take a deep breath and relax! I know this seems like a lot, but we’ll take it one step at a time. Continued on page 16

By the time you’re done reading this book, you should have identified one or two things you can implement now. Store the rest for when you’re ready to take the next step. This book is divided into two parts. The first discusses the foundation for building the Modern Customer Experience. Before you can focus on sales, marketing, and quoting, you have to have the right strategies and tools in place. FYI Express

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September 2015

More Tips & “How-To” videos at www.FYIExpress.com There was no way in hell Geico offered better customer service than me. I asked her why she felt that way, and her response made me see things in a whole new light.

Customer Service is Just Foreplay Chapter 3 Customer Service Experience I’ll never forget the moment I realized the insurance industry would never be the same. I was on the phone with a potential customer doing my usual discovery process when she said, “You local agents don’t provide the same customer service Geico does.” I immediately felt defensive. I couldn’t believe she thought such a thing, let alone said it to me. I had all the markets she could ever want, and I was right down the street. I had the best coverages and always faxed or emailed customers certificates as soon as they were requested. I always answered customer calls. I did everything a customer could want.

“I can do everything online with Geico. They have a chat feature and a mobile app. I can access my insurance card and make payments online any time I want to.” Although this woman initially used the words “customer service,” what she really meant was that Geico was giving her a customer experience. Customer needs and desires had changed right in front of me, and I was no longer in a position to dictate how people should do business with me. Do you know how often coverage comes into play for the customer? CarInsurance.com cited that a customer will have a car accident about once every 18 years. According to Zack’s Investment Research, it’s about once every 10 years for homeowner’s insurance. Depending on the industry, some commercial lines customers may file claims more frequently, but it’s highly sporadic and volatile. Do you want the only real interactions you have with your client to be when something bad happens to them? Though a claim lets you show your true value, what happens if someone goes a year with no claims? How do you show your value? The truth is there are plenty of other times to make meaningful connections with your customers throughout the year. It is so ingrained in us to master coverages, limits, and service that we think it’s all people care about, but it’s not. When I speak at state associations or industry events I ask, “What makes you better than your competition?” Eighty percent of the room would say it was their customer service. The other 20 percent would say it’s their marketing (which really means their insurance markets). Here is the problem with our idea of customer service. What you perceive to be a competitive advantage is what customers now think of as a standard level of service. It’s what they expect as a part of their premium. It doesn’t separate you from other agents. Providing a customer experience is about how the consumer of today perceives value and makes buying decisions. It’s about the interactions a customer has with you and/or your agency throughout the life of your business relationship.

Continued on page 18 FYI Express

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September 2015

More Tips & “How-To” videos at www.FYIExpress.com Evolutionist Charles Darwin said, “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”

Customer Service is Just Foreplay Continued from page 16 A customer experience is about convenience and integrating digital and social platforms into your marketing plan. It’s about being online and staying connected to the consumer at all times; communicating in ways they prefer, not the way you prefer. Everything comes together in the marketing, prospecting, communication, selling, servicing, retention and crossselling process. The Modern Customer Experience means offering tangible products, like an agency mobile app, esignatures, self-service, online quoting and online payments that goes through you instead of the insurance company. As agents, we like to say the hardest thing about selling insurance is that it’s intangible. That isn’t true anymore. Everything I just mentioned is tangible. Digital platforms are common place. We need to stop talking about good customer service and start talking about a great customer experience. Providing customers with tangible technology solutions helps bridge this gap, but there is still more to explore. People crave experiences. The best companies go beyond their product or service to give people an experience that identifies with their lifestyle. At McDonald’s, for instance, I know almost everything on their menu is bad for me, but I still buy fast food from time to time.

We are going through a new form a Darwinism -- Digital Darwinism. Brian Solis, award winning author and speaker, described Digital Darwinism as “the phenomenon when technology and society evolve faster than an organization can adapt. Every fabric of a company is strained due to internal and external influences. The challenge lies amongst the very leaders running the show. Their mission, and the processes and systems they support, may already be working against them.” Think about the last part for a second. The things you’re doing now may actually be working against you. Is what you’re doing today giving you the same results you got five or ten years ago? If your business is growing with a dying demographic, aren’t you just speeding up the death of your business too? The truth is that customer service, as many agents know it, is just foreplay. It doesn’t do much to satisfy or keep people around for the long-haul anymore. The agents who come out on top will be those who are most responsive to new ideas. Click here to order the full book for 99 cents this week

Why? Consistency. No matter where I go to get a Big Mac, it’ll be the same Big Mac I could get at any other McDonald’s. There is no variance. I always know what I’m in for. Some agents struggle with offering too much variance. What happens if a customer needs to access a certificate over the weekend? Can they get it from an app? What if they need to make a payment? Can they do it through you, or are you forcing them to pay through the insurance company? Aren’t you giving the insurance company one more reason to cut you out of the equation? Aren’t you putting the consumer in a situation where they question why they need you at all? Our value as agents has shifted. Before you’re successful building a customer experience, you have to stop dwelling on what used to work. If you don’t understand the consumer of today, and five years from now, you’ll never be as effective or successful as the agent who does.

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Monday Morning: Customer Service is Just Foreplay By Dan Horne AUG 28TH, 2015 I'm George Nordhaus, Chairman of AgenciesOnline. In today’s Monday Morning, I interview the most exciting young agent I have met in many years, Jason Cass, owner of JDC Insurance Group and GrowProgram.com. You won’t believe all he is doing for our industry (and his family, of course) but you will understand what a fresh mind means when he (and other forward-thinkers) explains how they plan to deal with change. http://www.agenciesonline.biz/blog/mondaymorning-customer-service-is-just-foreplay

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Contents

Chapter 14: Cross Selling and Referrals - Automated

Introduction

Growth .......................................................................106

Foreword ........................................................................1

Closing

Chapter 1: Seeing What the Travel Agent Never Saw ...2

Chapter 15: The Modern Customer Experience - Make it

Chapter 2: The Ground Rules ........................................9

Your Own .................................................................121

Chapter 3: Customer Service Experience ....................15

About The Author & Writer .......................................130

Section 1

Tools.........................................................................135

Chapter 4: Agency Management Systems that Foster the Customer Experience .............................................21 Chapter 5: Curb Appeal in the Virtual World ................27 Chapter 6: Technology When Your Customers Want ..35 Chapter 7: Go Mobile or Get Gone ............................40 Chapter 8: Payments Keep Your Customers ...............45

Section 2 Chapter 9: Qualifying - Transforming the Traditional Sales Funnel ................................................................54 Chapter 10: Lead Generation - With Little Time and Resources ...................................................................65 Chapter 11: Converting Leads - Flipping the Switch ...75 Chapter 12: Quoting and Closing the Sale - More Sales, Less Time ...................................................................86 Chapter 13: Onboarding and Servicing - Simple and Profitable .....................................................................98

Buy the book this week only for 99 cents at Amazon “Thank you for buying this book and entrusting me with your money, time and energy, I am grateful you made that investment with me today. My highest purpose is to insure that you are successful. In keeping with that purpose I have put together additional resources and tools only available to the readers of this book. Please visit www.insuranceforeplay.com/resources and www.insuranceforeplay.com/tools and enter your email to get free access to these special programs. Here you will learn about the online tools and strategies that myself and other agents use. Also, I would be very grateful if you would be so kind as to leave a review for this book on Amazon once you are done reading. Here is where I would say good luck, but you won’t need luck now that you have this book! Enjoy and God Bless.” Jason D. Cass

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More Tips & “How-To” videos at www.FYIExpress.com “This is my big goal for the rest of the year—build the processes and hopefully automate workflows to show our value! Jason Cass's book, Customer Service is Just Foreplay, was helpful in wrapping my mind around things as well. :)”

Creating Proactive Client Experiences Is this your perfect client? They always renewed, paid their bills, never had claims, rarely had endorsements — and we never talked to them. I have been spending quite a bit of time lately talking about how any agency should and can create proactive client experiences. A few weeks ago I received an email from an agent in Michigan that illustrates the need for being proactive with your current customers. Here is what she said: “I hope all is well! You showed us a program at the CIC Dynamics of Personal Insurance, and I am TRYING to remember the name of it but drawing a complete blank. I believe it's what you use to set up email marketing campaigns—if someone subscribes to your newsletter send them this email, then move them to this funnel kind of thing... “Any idea what the name is? “The reason I'm asking—we are at a point in our agency where reactive touches happen far more often than proactive touches. If we have conversations with insureds, we're great at building the relationship and retaining the business, but if they don't call us for some reason, we're not doing a good job of reaching out to them. “It's one of those ‘they're my best customer ever because they never call and just renew year after year.’ Unfortunately, they don't realize our value (and we're not providing value) as an agency when that happens.

I consider this agency to be well run and proactive in their use of technology to enhance the client experience. They do not have a process for proactively reaching out to those “perfect clients.” What can your agency do to build processes and automate workflows to show your value? Here are a few thoughts: Determine how many “perfect clients” you have that have not been touched in the last year. Reach out and touch—in some way. A quick email and/or phone call thanking them for their business is a great first step. Explore the options available in your agency management system for creating a process of keeping in touch (campaign management). Explore other marketing automation systems that you might use. You can find a list on the Agency User Review site. Let me know what other systems you find that I can add to this list. Read Jason Cass’s book, Customer Service is Just Foreplay, to give you some ideas on what you can do. To get you started, you can download a sample of the first three chapters. The Kindle version of the book is available on Amazon.com for only $0.99 this week only. Agents tell me all the time they provide value to their clients. How many “perfect clients” do you have that have not experienced your value? Let me know what you think by leaving a comment on the site. http://techtips.steveanderson.com/

“I was reviewing our cancel logs for the last two months and was surprised at a couple accounts we lost to other companies that we had insured since the early 90's. And not only did we lose them, but they never called us until after they had rewritten their coverage elsewhere. “When I looked at their accounts, they always renewed, paid their bills, never had claims, rarely had endorsements... we just never talked to them. How would they have any idea what we do on our end, and the value we provide to them, when we don’t show it? FYI Express Page 20 of 33

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September 2015

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More Tips & “How-To” videos at www.FYIExpress.com and for its failures. Are there exceptions? Of course, but the exceptions are rare.

"AIN'T NOBODY'S FAULT BUT MINE" By Al Diamond In 1927 a gospel jazz singer, Blind Willy Johnson, got it right. He changed the words of an old gospel song and turned it into ‘Ain’t Nobody’s Fault But Mine.’ Yes, it’s the same title (but different words) as the Led Zeppelin song over 50 years later. But the point is that he was singing about taking responsibility for all the things that happened to him, good and bad. Last week we visited yet another new client agency whose mantra seemed to be, “It’s everyone’s fault ----but mine.” The agency was seeking the ‘Silver Bullet,’ a single, quick and easy solution to several difficult and complex problems. Of course, the Silver Bullet only exists in the Lone Ranger’s belt and in vampire adventure tails --- it exists nowhere in real life. Most readers know that Agency Consulting Group, Inc. has evolved many innovative programs designed to advance the growth and profitability of insurance agencies. We employ them as parts of our recommendations for the improvement of our client agencies after our agency analysis, the GPP Analysis (Growth, Productivity and Profitability Analysis) that leads in all of our consulting with our clients. When we design a Producer Compensation Program, an Incentive Compensation Program, an agency marketing program, or even our Strategic Planning process, we pull down one or more of our programs and then we tear it apart and reconstruct it to fit the agency in question. So when agents call and ask to purchase one of our programs, they are surprised when we respectfully decline because it would be like selling a custom sports car shell designed for a 250 lb 6 foot 5 inch football player to a 5 foot, 98 pound ballerina. It may be exactly what they asked for, but it simply won’t fit. Similarly, calling us with ill-defined problems, erroneous assumptions of causes and responsibility, and predetermined expectations of solutions will neither solve the problems nor satisfy the agency owner. Many agents could use a fresh, third-party view of the issues surrounding their agencies. Most agencies have issues that plague them and keep them from attaining their potential. Agents go to our seminars trying to match their problems with our solutions. But if they don’t see the right problem, they can’t possibly identify the correct solutions. The primary problem associated with agencies almost always lies in the ego of the owner. High ego, successful agents often can’t accept that they bear most or all of the responsibility for both the agency’s success FYI Express

Many agents feel that assuming responsibility is akin to accepting blame. It never is. Blame is the single characteristic that is universally destructive, while assumption of responsibility clears the air and permits the acceptance of change to yield different business results. We need not stretch our imaginations to understand how many wars have begun and how many millions of people have been killed because of the laying of blame. And if ignorance blamed some poor soul for diseases during the Middle Ages, the tendency was to kill the person blamed. It did nothing for curing the disease. However, during the Enlightenment and beyond, every disease that has been stopped and cured began with the identification of the basis of responsibility for the disease in order to reach common ground in its solution. If we can get an agent out of the ‘blame game’ and into the reasons and responsibility for the agency’s problems and woes, we have taken our first step toward finding solutions. In Transactional Analysis terms, we have brought the owners into their ‘adult’ stage from their ‘child’ state. In the ‘adult’ state, they seek to understand the source of the problem and to identify it properly instead of seeking retribution against someone for the issues that plague the business. The process begins with the problem as viewed by the owner and then continues to drill down to the source of the problems. Every time a ‘blame’ is made, it must be reworded to further drill down to the problem. At some point there will be an “Aha!” moment when the owner realizes that he has identified the real issue to be addressed. Once the problem is properly identified, you must answer the question, “Whose responsibility is this issue?” This may take some time, but the owner will eventually realize that the responsibility belongs squarely on the shoulders of the principal decisionmaker. She or he could have made different decisions somewhere down the road. Taking responsibility for the problem is the first step to its solution. Until this happens, all efforts toward solution are only actions, not the solution itself. During the problem identification and the responsibility assignment stages, you MUST joust with and defeat every blame created – they are all diversions from the real issues. At this point we are finally ready to identify causes, potential solutions, costs and priorities - the mechanics of CHANGE.

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Continued on page 24

September 2015

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More Tips & “How-To” videos at www.FYIExpress.com Here is the list of how to address the problems in your agency, with or without our help.

"AIN'T NOBODY'S FAULT BUT MINE" Continued from page 22 Remember you are only concerned with WHAT caused the problem, never WHO caused it. A WHAT can be changed and monitored to different results. A WHO can only be terminated and replaced and most likely, it will not solve the problem at hand. Once you identify the causes, list all potential solutions, regardless of the scope and cost. You are trying to determine the range of solutions. Once you have the solutions lists, you will begin to eliminate one after another because of the human or financial cost associated with that method. Even when you limit your list of solutions to those for whom you have sufficient people and for whose cost is manageable, the real solution is still limited to what the owner is willing to do. There may be a potential of an owner returning to active production or client relationship management, but if the owner is near retirement and enjoying his free time, that solution may not be acceptable. Most agents will realize that there is not a single problem in evidence, but a series of connected issues that require different solutions. Once the solutions are identified they must be prioritized and only the top priority should be done until it is successful. Then, one after another, lower priority solutions must be implemented. Each of the solutions must be monitored carefully to make sure it is practiced consistently and that they continue to address the problems to their solution.

Identify the REAL problem.

2. Take responsibility for the results of your business. 3. Clear the air of all blame. It is a useless exercise and cannot be a part of the solution. 4. Determine the causes of the problems in your agency and address the potential solutions for each one. 5. Ascertain the human and financial cost of the solutions and determine whether you have the human assets, are willing to spend your valuable time in the solution and can afford the financial cost to solving the problems. 6. Prioritize the highest impact solution first and don’t pursue a secondary solution until the first is working as expected. 7. Monitor the results of each of the solutions implemented for a long enough period to assure you that they have worked to the degree you expected. 8. Create a Strategic Plan around the solutions to permit you to exercise your new strengths in the progression of your business.

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We strongly recommend the creation of a Strategic Plan to surround and encompass the solutions that you are implementing to strengthen your business. That business plan will allow you and your successors to continue your progress and to avoid similar crises in the future.

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FYI Express

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September 2015

More Tips & “How-To” videos at www.FYIExpress.com Try Eastern Underwriting Today! Eastern Underwriting Managers is an MGA located in Knoxville, TN. Eastern Underwriting Managers was founded by insurance veteran Garland Byrd with many years of experience in the wholesale arena providing products to Independent agents in the Southeast. Product offerings include, but are not limited to, workers' compensation, small package, general liability for artisan and general contractors. Markets include coverage for new venture accounts including artisan’s contractors for both Workers compensation and General Liability for contractors that have operations that are 100% subcontracted. Additional, preferred pricing for restaurants, auto service repair for workers compensation and package business is also offered. Lastly, we can provide Workers' Compensation coverage for healthcare and local trucking.

FOR A QUOTE, PLEASE SEND THE ACORD APPS TO WCNEWBUSINESS@EASTERNUNDERWRITING.COM OR SPECIALTYLINES@EASTERNUNDERWRITING.COM OR FAX TO (865) 312-9610 FOR MORE INFORMATION, EMAIL US AT INFO@EASTERNUNDERWRITING.COM OR CONTACT: Marketing Garland Byrd, garland@easternunderwriting.com, (865) 312-9454 Heather Butts, heather@easternunderwriting.com, (865) 312-9484

FYI Express

Page 25 of 33

Underwriting James Swing, james@easternunderwriting.com, (865) 312-9465

September 2015

More Tips & “How-To” videos at www.FYIExpress.com

Are there any E&O issues with the sale / service of Life Insurance? The short answer is a most definite “yes”. While there does not seem to be a high frequency of E&O claims involving life insurance, they do happen and as one can imagine, they can involve significant dollars. A key issue involves the completion of the application.

Many life carriers require that life policies be personally delivered and signed for. - Know the product. There are a wide variety of products and each one seems to have a defined purpose. As with P&C, customers may not understand the product so helping the customers to understand how they perform is suggested. Issues such as payment options, the accrual of cash value, interest rates, and coverage lapses should be explained. More E&O Tips at http://www.agentseotips.com

One of the more prevalent issues occurs when a pre-existing condition is not disclosed on the application. A common allegation is that the plaintiff will contend that they advised the life insurance agent of the issue and that the agent was negligent in not including the information on the application. There are some defenses to this allegation especially if the applicant needs to submit to some type of medical examination. Chances are the medical professional is going to ask a wide host of questions and if the applicant withholds the information from the medical professional, the agent’s chances of prevailing are increased.

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The Independent Insurance Agent.

- Take the necessary steps to ensure that the application information is secured directly from the applicant. This may sound like common sense but there have been life applications taken based on input from relatives. - Make sure that each question on the application is asked exactly as it appears on the app. There should be no counseling of the applicant on what information should not be included. - After the completion of the application, the applicant should be required to review the responses to all questions on the application and then required to sign the completed document.

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FYI Express

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Questions? Contact Eddie K. Emmett at eddie@fyiexpress.com or (770) 312-2342. HU

September 2015

Go to www.EandOQuote.com for more information

Since 1986, Assurance Systems, Inc. has offered a variety of software products for independent insurance agencies, in addition to custom solutions and analytical products for insurance carriers. Our leading, long-standing, and awardwinning product is AccuAuto, a comparison rater for personal automobile insurance. Together with AccuTrac, a versatile client management program, AccuAuto is a valuable tool used by independent agents for many years. Our newest web - based AccuAgency system integrates agency management and document storage in one easy-touse program. AccuAgency is also fully integrated with our AccuAuto web-based comparative rater, where available, and is loaded with features to help organize, manage and run your agency. In addition to AccuAgency and AccuAuto, we offer agency websites, 24/7 Consumer Rating and partner products to help increase your agency’s revenue.

ACORD forms - All ACORD forms are available in

Letters - AccuAgency provides you with many letter templates with built-in macros. You may edit the templates, add additional information or create your own letters using the “New Letter” feature. Utilize the letter templates and/or create your own letters. Create letters by client or easily send batch letters using the “Print Letters” feature within the Reporting tool. User Messaging - Send messages to other AccuAgency users with the “Messages” feature.

Client Follow-Up Reminders - Create reminders and set notifications with the “Reminders” feature. You may select the exact date and time you would like to be reminded. A record of the reminder will be saved in the client history. Client Notes - Create notes within the client level information, policy level or quote level. Keep a running history of all client conversations. Payments, Receipts & End of the Day Report Track premium payments with the “Post Payment” feature.

AccuAgency. Access ACORD forms from within a client’s policy or quote and many fields will pre-fill with the client information. Fields may also be edited. Print or store each form with our document storage feature. A record will be kept for each form you create.

Print and issue customer receipts once they are posted. Track day-to-day monetary transactions with the “End of the Day” Report. Email Capabilities - Email individual clients and prospects from within the client page or use the batch email feature from within the Reporting tools.

Reports - AccuAgency provides you with numerous reports. Track production, monitor and track marketing campaigns, prospects, employee production, insurance company level production, quotes, policies, renewals, etc. With AccuAgency’s reporting tools you can easily track your agency’s performance and obtain the information necessary to determine profitability and areas for improvement. All reports may be exported to Microsoft Excel.

Customizable Lines of Business, Management of Companies & Coverages - AccuAgency provides you

Document & Image Storage (Attachments) Eliminate all paper with document storage. Store any type of document including Adobe Acrobat files or PDFs, Microsoft Word documents or digital photographs. All documents are stored on AccuAgency’s secure servers. Attach images and documents by client, policy or quote or use the file storage feature for additional storage needs.

with a list of default lines of business. You can add custom lines of business, setup and manage your companies by line of business and add specialty or custom coverages for each.

Commissions - Track and reconcile commission payments.

http://www.accuauto.net/AccuAgency.aspx

File Storage - Eliminate the need for a server with AccuAgency’s file storage feature. File storage includes an agency level storage file and an agent level storage file. Share and store agency level files with all users in the “Agency File” or use the “My Files” feature to store files which are only accessible by individual user. Rolodex - Manage your contacts using the Rolodex feature. Quickly look up contacts including insurance company contacts, lienholders or employees.

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More Tips & “How-To” videos at www.FYIExpress.com The insuring agreement dilemma

If you have the knowledge to see the problem, you will also have the ability to discover the solution. The Producer Online IN ACTION is a monthly reminder of how you can turn the knowledge gained from The Producer Online into powerful sales opportunities. The umbrella concept is relatively simple: umbrella policies pay when the underlying policy’s limits are exhausted. However, when millions of dollars are at stake, very simple concepts can become very complicated.

Commercial liability umbrella policies vary significantly

See how the courts responded when the umbrella carrier thought the underlying policy’s limits had not yet been exhausted.

Click here to review the PF&M analysis of the Insurance

from one carrier to another. Key areas of difference are the insuring agreement, duty and right to defend, and when the excess coverage responds.

Services Office (ISO) Commercial Liability Umbrella Coverage Form and consider it as a guide to review other companies' commercial liability umbrella policies.

Was it really used up?

Which is better: An excess policy or an umbrella policy? This court case refers to an "excess" policy. However, that policy could just as easily be an umbrella because the terms excess and umbrella are often used interchangeably. Interchanging these terms can lead to misunderstandings and cause significant gaps in Gasoline at Wagner's station leaked. The loss was

coverage. Excess policies and umbrella policies are not

substantial and Titeflex, the manufacturer of flexible

the same, even though both are used to provide coverage in excess of underlying coverage.

piping, was one of many defendants. Titeflex's underlying commercial general liability policy paid $1 million and its commercial liability umbrella policy paid $9 million. However the umbrella carrier thought the underlying policy should pay more because of multiple claims, multiple plaintiffs, and multiple time periods.

Click here for a PF&M article that briefly describes the differences between the excess and the umbrella policies. Starting the conversation A commercial liability excess or umbrella policy is a very

Click here to see how the courts reacted to the umbrella carrier's demands.

important part of many commercial accounts. Although

Click here for an emarketing article you may want to put

provided could mean the difference between it surviving

on your website or send in a newsletter to highlight the

or going out of business when the claim amount is substantial.

differences between excess and umbrella policies in order to start a conversation with your clients.

FYI Express

the insured may never have to use it, the coverage

Page 30 of 33

September 2015

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