May/June 2018
Simple Steps to Combat Cyber Crime and Protect Your Agency Page 12
The time to invest in digital is yesterday Page 25
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What's
Inside
Page 18
Contents
9 5 Things Any Agency Owner Can Do To Grow Their Agency 12 Combat Cyber Crime and Protect Your Agency with Simple Security Steps 18 Staff Profile: Nikki Robins
Page 28
20 How a Bathroom Remodel Taught Me Content Marketing 23 How Will Artificial Intelligence Impact Insurance Staffing? 25 Cognitive Dissonance? The time to invest in digital is yesterday 28 The Need for Cyber Insurance, Revisited 31 6 Things You Need to Know About Insuring Cryptocurrency
Page 31 The Kentucky IA is the official magazine of the Independent Insurance Agents of Kentucky, and is published bi-monthly. Editorial offices are located at 13265 O’Bannon Station Way, Louisville, Kentucky 40223. Telephone:(502) 245-5432 Email: iiak@iiak.org Fax: (502) 245-5750 The Kentucky IA welcomes all advertising and editorial submissions. Inquiries for advertising, news releases and editorial contributions can be directed to Nikki Robins at the editorial office address or via email at nrobins@iiak.org
In Every Issue 4 From the Chair
15 Industry Partners
5 DOI News
34 Advertiser Index
6 Education Calendar
34 Classified Ads
15 Upcoming Events
34 Social Media Links
Mission Statement The mission of the Independent Insurance Agents of Kentucky is to be the preeminent advocate for Kentucky Independent Agents and support their business and professional development needs.
www.iiak.org | May/June 2018 | 3
Officers Michael G. Johnson, CIC Chair, Lexington 859.233.1461 Aaron LaRue Chair-Elect, Bardstown 502.348.0050 Ray A. Robertson, CIC Vice Chair, Mt. Sterling 859.498.3410 James D. England, AAI Treasurer, Pikeville 606.437.7361 Stephen R. Kinkade, CPCU, AAI National Director, Leitchfield 270.259.5465 George L. “Chip” Atkins, III Immediate Past Chair, Louisville 502.585.3600
Directors Allen J. Crawford, CIC, CSRM Somerset, 606.679.6311 Kevin T. Desmond Bellevue, 859.491.5100 Whitney L. Floyd, CISR Henderson, 270.827.3543 Barrett H. “Skip” McGaw, II, CIC Madisonville, 270.821.3122 Danny S. Neely, II Emerging Leader Chair, Winchester 859.744.3857 Chris J. Wiseman, CIC Bowling Green, 270.781.2020 Laura Yount, CIC, CISR London, 606.878.0100
Chair From the
Our agency purchased its first computer in 1977 just to do accounting. After too many upgrades to count, every desk now has its own computer and at least two monitors. We got our first fax machine in the early 80’s and now the often-forgotten fax machine resides within our copier/ printer/scanner. Gone are the days of using carbon paper to complete applications to be sent to multiple markets. Now with a simple click, the application can be delivered to any number of underwriters within moments. Rolodex, who needs that? I carry my Rolodex around in my pocket, it’s called a phone. If the contact info I need is not stored in my phone, the internet resides on the very same device, giving me access to anything I could possibly need. Technology has changed the way we communicate with clients and carriers the way information is obtained and maintained and even the way in which money changes hands. By its very nature, technology is always evolving and changing, and embrace it, we stand to become irrelevant. I often hear complaints that technology is just making it more difficult to do our job, and I won’t argue that there is a learning curve. However, when you remove that mental obstacle, the technology tends to make you more efficient. By becoming more efficient, more time is created to build relationships with your clients and companies, driving more business to your door. This creates more opportunities for you to demonstrate the value of an insurance professional. So let’s embrace the change! If you are interested in learning about technology tools for insurance agents, I encourage all members to attend the Leadership Conference on May 16 & 17 in Ownesboro. Each of the scheduled sessions are geared towards technology and how to use it in your daily business lives. To quote Matthew Broderick’s character in the movie Ferris Bueller’s Day Off, “Life moves pretty fast. If you don’t stop and look around once in a while, you might just miss it.” The same can be said about technology’s effect on the insurance industry. If you don’t take the time to learn about the technology available, you might miss out on your next opportunity.
Staff Tara T. Purvis President & CEO Katie M. Freshley Education & Events Director Amy Good Financial Services Director Cassie Powell Director of First Impressions Nikki S. Robins Communications Director Kristie Weyer, CISR Insurance Services Director
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Michael G. Johnson, CIC
News Department of Insurance
Technology advances quickly, making it hard to keep up with the latest devices, applications and software. At the Kentucky Department of Insurance (DOI), our information technology staff continues to adapt and evolve our resources and applications to accommodate the changing needs of our staff and licensees. DOI’s eServices portal is the central hub for our licensees. The ability to submit requests and information online enables DOI to handle information quickly, and allows Kentucky’s agents to do their job more efficiently. That is why I strongly encourage licensees to use our eServices available through our website. eServices can be used to accomplish the following: • Review your account information and profile. • Upload requested documents • Request license certificates, clearance/certification letters, voluntary surrenders, record corrections, etc. • License renewal • Print licenses and ID cards • Examination scheduling • Fee payment • Submit surplus line affidavits For a complete list of online services, visit insurance.ky.gov/eservices. When compared to paper forms, online submissions use less time and fewer resources. Paper submissions cost more to deliver, take longer to arrive and take longer to process. People can appreciate reduced mailing costs, even if they are not making a conscious effort to go green. It is important for everyone to remember not only the benefits, but also the risks associated with managing digital information. As an eServices customer, we must take cybersecurity seriously and assume a level of responsibility. For everyone, it should be a priority to protect the data of consumers. Ways to keep data secure can be as simple as choosing a secure password, not sharing workstations or being more specific on security question answers. Maintaining data security is key in a longlasting relationship with the company and policyholder.
Insurance fraud reporting is a great example of when data security and timeliness are critical. Our newest online service allows agents to report insurance fraud online through our secure portal. We encourage you to visit eServices to familiarize yourself with this new application. If you need any assistance with our online services or website, do not hesitate to call the department toll-free at 800-5956053. A few updates from the department: • DOI welcomes Claude Putnam to the role of Deputy Commissioner of Administration. • A recently issued consumer alert encouraged Kentuckians to review their homeowner’s policies to ensure that they have adequate coverage. The alert stressed the importance of preparedness during severe weather season. The alert advises consumers to contact their agents if they have questions about a policy. • In April, our Division of Insurance Fraud Investigation invited industry professionals and others related to insurance fraud investigations to meet and network with DOI’s fraud investigation team. The goal was to make connections and create dialogue between DOI and others involved in the investigation of insurance fraud in Kentucky. Photos from that event can be viewed on the Department’s Facebook page. www.iiak.org | May/June 2018 | 5
Continuing Education
IIAK has a range of classroom and webcast continuing education courses as well as valuable designation seminars. See below for our latest offerings.
ON-SITE COURSES:
E&O: Roadmap to Policy Analysis May 23 • IIAK Education Center October 3 • IIAK Education Center
ONLINE COURSES VIA ABEN: Date/Time
Seminar Name
May 21 @ 1 pm June 25 @ 1 pm
Agency Management Based E&O and Ethics
3
June 7 @ 3 pm
Annuity Basics and Where They Fit
1
May 23 @ 11 am June 27 @ 11 am
Business Auto Claims That Cause Problems
2
June 14 @ 11 am
Business Fraud Protection
1
June 28 @ 11 am
Certificates of Insurance – Emerging Issues and Other Stuff that May Scare You!
3
May 18 @ 10 am June 12 @ 2 pm
Commercial Lines Claims That Cause Problems
2
May 9 @ 2 pm
Commercial Property Endorsements That Can Make You Money!
2
May 23 @ 1 pm June 28 @ 1 pm
COPE – Property Underwriting and Effective Loss Control
2
May 18 @ 2 pm June 13 @ 2 pm
Data Privacy Insurance
2
June 6 @ 10 am
Directors and Officers Liability Insurance
2
May 14 @ 1 pm June 11 @ 1 pm
Double Trouble - Certificates of Insurance and Business Auto Endorsements
2
May 17 @ 11 am June 5 @ 9 am
E&O Risk Management – Meeting the Challenge of Change (6 hour course)
6
May 24 @ 10 am June 26 @ 10 am
E&O Risk Management – Meeting the Challenge of Change (Part 1)
3
May 24 @ 2 pm June 26 @ 2 pm
E&O Risk Management – Meeting the Challenge of Change (Part 2)
3
June 14 @ 3 pm
Estate Planning Basics
2
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CE Credits
Date/Time
Seminar Name
CE Credits
May 17 @ 11 am
Ethics and Business
3
June 28 @ 10 am
Home Based Business Exposures
2
June 7 @ 11 am
Hot Topics in Personal Lines
2
June 18 @ 2 pm
Liability Issues to Worry About – Indemnity Agreements and Additional Insureds
2
May 15 @ 10 am June 15 @ 10 am
Long Term Care Insurance
2
May 17 @ 11 am June 21 @ 11 am
National Flood Insurance Program Basic Course - 2016
3
May 25 @ 2 pm June 22 @ 2 pm
Personal Fraud Protection
1
June 13 @ 11 am
Personal Lines Claims That Cause Problems
2
May 25 @ 11 am June 22 @ 11 am
Professional Ethics in the Insurance Industry
3
June 14 @ 2 pm
Property & Liability Concepts - Comp. Cov. Series
2
May 22 @ 9 am June 26 @ 9 am
Rental Cars: More Than Meets the Eye
2
May 18 @ 10 am June 15 @ 10 am
Shake, Rattle, and Roll with it- Earthquake Basics
1
May 30 @ 11 am June 25 @ 11 am
Those Kids and Their Cars!
2
May 31 @ 2 pm June 25 @ 2 pm
Top 5 Life Insurance Uses
2
June 6 @ 3 pm
What you Need to Know about Employment Law & Coverage
2
May 16 @ 10 am June 21 @ 10 am
Workers Compensation Beyond the Basics
3
New Hire eLearning Training Available! Visit iiak.org/education for more information
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5 Things Any Agency Owner Can Do To Grow Their Agency By: Kelly Donahue-Piro As we travel across the country we find that every agency owner wants to grow. After all, what business owner doesn’t? What we also find is that agency owners have a wide variation in what they are willing to do to grow. We often use this example: “I’d love to lose 10 pounds but I’m not willing to do what it takes to be a bikini model. (I enjoy my red wine far too much!)” If you want to grow, you have to set a goal and pick your level of commitment towards that goal. Anything is possible with the right amount of effort but start by being honest with how much energy you are willing to put into it. We are blessed to work with agencies across this country and we have found five things that any agency can do today to start growing. When we say start today, we mean it. After you read this article, take the next few hours implementing and executing these strategies. When leadership is pulled together and has a clear plan, almost anything is possible. When there is a void of true passionate leadership, the agency will fail to grow. So let’s get started growing and amplifying our growth with these 5 simple steps!
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Step 1: Get Clear on Growth
Step 3: Pick One Thing
Far too often we see agencies focused on accounting rather than core agency metrics. You can see you’ve grown by the numbers on your P&L, but you have no idea how, or even if it’s accurate. You may have been paid for a big account or maybe not paid one month. Resist the urge to look at growth strictly from your bank account. Instead start pulling reports from your management system. We generally look at:
Ever go to an industry event, watch a webinar or listen to a podcast in the industry? Do you leave inspired, enthused and ready to come home and do it all? Instead you need to bucket your ideas into three categories: complete this quarter, consider for next quarter, and great idea but I have to wait to fit it in.
• Policy Count • Premium • Revenue In today’s world you have to look at all three. Carriers are cutting commissions, and workers’ compensation often pays less than other lines. You need to review all three to see a trend. Once you get a handle on the numbers you need to be honest with what growth looks like. Do you want to grow by 5% or 10%? You have to know and understand what real growth looks like. You can use our Growth Calculator so you can see what you need to do to grow a certain percentage. This takes into consideration rate increases, retention and even sales by team member. Visit www.agencyperformancepartners.com to access this helpful tool.
Step Two: Let Go of the Past Forget anything that didn’t work in the past immediately. Also forget any of your agency friends who said something didn’t work. Finally, forget the idea of how your team may feel or if they will adapt to new ways. Once you have a clean head you can create your plan of attack. Far too often we think about the ways things won’t work rather than the way they will. So stop thinking like your least favorite underwriter and start thinking like an awesome business owner.
If you feel overwhelmed with everything on your plate, consider taking a step back and being selective. All you need is to flawlessly execute two to three ideas per year to see results. So resist the urge to come out like a cowboy and dump a slew of new ideas that are partially pulled together. Instead, pick your one thing that you are committed to and detail it out. This includes how you will track it and incentivize the team.
Step Four: Hold a Launch Party Well you may not be able to do this today but you can pick your launch party date. Notice how it’s not a meeting, it’s a launch party. When you initiate anything new you want to make it fun. Showing the team it will be awesome is step one of getting your team’s buy-in. Whenever you launch something new, make sure you have all the details - scripts, tracking, reporting. Everything should be ready to go. Don’t bring your team into a half-baked idea.
Step Five: Focus
When you launch something new don’t expect everyone to do it immediately. You need to focus on it and make sure that people are adopting the new initiative. When you see people not adopting, it must be addressed. When you see success you must champion it. When you are asking your team to make the commitment you must also commit to your end of the bargain, which is being a great leader! Join Kelly for her breakfast session, “Designing & Tracking Your Customer Experience” on May 16, 2018 during Leadership Conference. Register today at www.iiak.org/Conference
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www.iiak.org | May/June 2018 | 11
What is Cybercrime?
Like traditional crime, cybercrime covers a broad scope of criminal activity and can occur anytime and anyplace. What makes it different is that the crime is committed using a computer and the Internet. You may recognize some of its most common forms such as ransomware, identity theft, computer viruses and phishing, and at a corporate level, computer hacking of customer databases. Most people are aware of these and protect themselves and their PCs with common anti-malware products such as: Trend Micro, McAfee and Symantec, etc. Programs against these intrusions are not enough, a multi-faceted, multi-vendor approach to malware is an industry best practice. As an agency owner, you should be alert to the fact that cybercrime is becoming more and more sophisticated and doesn’t only targets consumers and large corporations, but small to medium sized businesses as well. Single programs against these intrusions are not enough. Alarming and common cybercrime trends now affecting small to medium sized businesses is “corporate account take over (CATO)” and “ransomware”. CATO involves cyber criminals penetrating the computer network of a business and spreading malicious software, such as a “keylogger” which records the words typed, web browsing history, passwords and other private information. This in turn allows them access to programs using your login credentials. Ransomware is designed to make all of your data unusable unless you pay a ransom to the cybercriminal. A successful ransomware attack will render all of your data useless and inaccessible.
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If they steal your password and breach your online banking system, the cyber criminal can begin an online session to initiate funds transfers, by ACH or wire transfer, to their accomplices. The accomplices withdraw the money almost immediately. Take the first steps to prevent fraud at your agency – become aware of the latest cybercrimes and how they can access a business’s computer network. An agency should also employ the most up-to-date online security practices on a pro-active basis. Agencies can also take the opportunity to present these online security practices to their clients, as many are also instituting internet-based online programs at their businesses.
Online Security Practices
While no tools or automated software is 100% effective, the best solutions to protect your agency are to be well informed and use common sense. Using a multiple vendor, multi-layer approach to system design can significantly reduce your chances of being a victim of cybercrime. To assess the risks associated with a cyber intrusion of your agency’s online systems and critical client data, ask yourself the following questions: 1. Does your agency have a hardware based firewall at the network level? 2. Does the network firewall include anti-virus, antispyware and anti-spam services along with content filtering and intrusion prevention, detection and realtime reporting?
3. At the individual PC level, does each computer have centrally updated and monitored anti-virus, anti-spyware and anti-spam software loaded? 4. Are your computers set up to automatically update your operating system and applications for the latest available security and critical updates? 5. Do you consider your browser security setting to determine how much or how little information the browser can accept from, or transmit to, a website? 6. Does your agency have a security policy in place that includes such policies as disaster recovery, use/ storage of passwords, use of social media on work computers, etc.?
If Your Agency Becomes a Victim
If you discover, or even suspect, your agency has fallen victim to corporate identity theft, you should proceed as follows: • Immediately cease all online activity and contact your IT administrator. • Remove the affected computer from the network and any other computer stations involved. • Contact your financial institution to disable online access to the accounts and close affected accounts. You can then open new accounts and reset passwords.
7. Does your agency back-up critical files in case of an issue that disables your systems?
• Consult your counsel and your state’s data breach notification law and regulations to ascertain the process you need to follow.
8. Has your agency identified an individual to review security policies and practices on an ongoing basis?
• Notify other business partners that may have been affected, such as your insurance carriers.
9. Are you aware of the laws governing the protection of personal information in your state?
• File a report with the police department.
10. Do you have cybercrime insurance to protect your data and liability exposure in the event of an intrusion? 11. Does your agency have a training program to educate employees on best practices to avoid becoming a victim? 12. Does your online banking system provide multiple layers of security tools to prevent intrusions into the system such as token-based or multi-factor authentication? Agency principals should consider the types of transactions they conduct within online banking and check with their banking institution for available security enhancements. These are just some of the basic steps an agency can implement to assess and protect itself from cybercrime. Your agency should have a network security assessment and review conducted by a certified information technology firm that specializes in network security. This evaluation will help you to identify the “next steps” in securing your network and data from unauthorized access and distribution.
Common Online Fraud Definitions
• Malware refers to software programs designed to damage or do other unwanted actions on a computer system. Common examples of malware include: spyware, ransomware, key loggers, and viruses. • Ransomware is a type of malware that is gaining in both popularity and unfortunately in frequency and damage. It can affect and infect any type of computer including an alarming increase in mobile devices. Once this type of malware enters your system it encrypts all the data on your system. • Spyware is a type of malware installed on your computer without your knowledge. It collects small to large pieces of personal information including Internet surfing habits. It can redirect web browser activity and change computer settings. Spyware is typically hidden from the user, and can be difficult to detect once installed without proper antispyware tools. • Keyloggers, as with spyware, are installed on your computer without your knowledge. It is the action of
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tracking (or logging) the keys struck on a keyboard, typically in a hidden manner so that the person using the keyboard is unaware that their actions are being monitored. Keystroke logging can record the words typed, Web browsing history, passwords and other private information. This is extremely dangerous in all aspects of computer usage. • Drive-by downloads describes how malware can infect your system simply by you visiting a website that has been infected with malware and is running malicious code. In many cases, the owner of the website is unaware that their site has been compromised. Once discovered it can still have infected thousands of computers! • Viruses are an ever changing and constant threat to all systems. Based on their digital makeup they can deliver malicious content to your data and systems in an effort to either collect data, destroy data, or turn your systems into a machine that spreads the virus or other malware. • “Phishing” is the act of obtaining personal information or spreading malware using emails, calls, text messages or pop-up messages from what appear to be friends or legitimate banks, retailers, government agencies or other organizations.
Danielle Johnson is the VP, Director of Information Technology at InsurBanc a division of Connecticut Community Bank, which IIABA and the W.R. Berkley Corporation established to assist independent agencies, businesses and consumers with their specific banking needs. Danielle prepared this article for ACT and she can be reached at onlinesupport@insurbanc.com. This article reflects the views of the author and should not be construed as an official statement by ACT.
Your business. Our promise. FCCI Insurance Group has been insuring businesses and doing what we say we’ll do for nearly 60 years. We partner with our agents to provide expertise in underwriting, risk management and claims handling that helps businesses thrive and face the future with confidence. Rob Smith Senior Business Development Specialist Midwest Region FCCI Insurance Group 317-571-3184
This information is intended to provide guidance on this important topic. Specific questions regarding the safeguards of your organization’s computer networks should be directed to your IT Manager/Director.
General liability • Auto • Property • Crime Workers’ compensation • Umbrella Inland marine • Agribusiness • Surety Coverage available in 18 states and D.C. © 2018 FCCI
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Save These Dates Leadership Conference
Thank You 2018 Industry Partners (as of 04/26/18) Platinum
May 16 & 17
Owensboro Convention Center • Owensboro
Road Show May 22
Republic Bank, Brownsboro Rd • Louisville
E&O: Roadmap to Policy Analysis
Gold
May 23
IIAK Education Center • Louisville
Road Show May 24
London Community Center • London
E&O: Roadmap to Policy Analysis October 3
IIAK Education Center • Louisville
122nd Annual Convention & Trade Show November 14-16
Omni Hotel • Louisville
Silver
Want to be an Industry Partner? Contact Nikki Robins Communications Director nrobins@iiak.org
Amerisafe, Inc. KY Associated General Contractors Kentucky National Insurance Co Keystone Insurers Group Seneca Insurance State Auto Insurance Company Bronze Alexander J. Wayne & Associates Anthem Blue Cross Blue Shield Auto-Owners Insurance Company BITCO Insurance Companies Capital Premium Financing ClearPath Mutual Columbia Insurance Group Countryway Insurance Company EMC Insurance Company FCCI Insurance Group
FFVA Mutual Insurance Company Frankenmuth Insurance Imperial Premium Financing Specialists InsurBanc J.M. Wilson Market Finders Insurance Corp Motorists Insurance Group Prime Insurance Companies United Home Insurance Company Westfield Insurance
www.iiak.org | May/June 2018 | 15
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Communications Director Time at IIAK: I celebrated four years at IIAK on April 4, 2018 What does your job entail? I have condensed my job down to “if it’s pretty, I have touched it”. I am responsible for putting together THIS magazine, our weekly e-newsletter, website, as well as any sort of collateral material, like mailers and event signage. I am also the contact for TrustedChoice.com, Make-AWish and the Marketing Reimbursement Program. What do you like most about your job? I have always enjoyed being creative, so this being my profession is great. I enjoy my coworkers and the our members are the best out there! Before I got this job I had no reason to know about the Independent Insurance Agents of Kentucky. But now, I can’t imagine my life without it! Tell us about yourself I was born and raised in a little town in Alabama called Haleyville which is a solid hour from anything. As for how I wound up here, I always make the joke that the older I get, the further North I travel. I finished high school in Tennessee, graduated college in Bowling Green and now I’m in Louisville. But these winters are too much for this Southern girl so I’ve stopped my northern migration! Plus, I’ve become quite partial to my adopted hometown and the Bluegrass State. Education Background: Ever the overacheiver, I earned two Bachelor of Arts degrees (Public Relations and Interactive Advertising) from Western Kentucky University. Go TOPS! What was the first job you ever had? My first job was pretty legit - Event Staff at what is now the Bridgestone Arena and Nissan Stadium. Basically I got paid to see concerts and watch NHL hockey and NFL football. 18 | www.iiak.org | May/June 2018
What are you most proud of, personally or professionally? Personally, I am thankful for my inability to meet a stranger and my sense of humor. Professionally, I take pride in everything I produce. I love the creative process and seeing the finished product gives me a great sense of accomplishment. Name one thing on your bucket list Cruise the Mediterranean If you could have any other career other than this, what would it be? Advice columnist - little tough love and a lot of sass! Favorites Team: Alabama, Roll Tide! Food: Does “anything covered in cheese” count? Movie: Labyrinth or Sweet Home Alabama TV Show: The Magicians, Speechless, and most of the HGTV lineup Band: I’m not sure I have one. If it’s good music, I’m all in.
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How a Bathroom Remodel Taught Me By: Sydney Roe Content Marketing Last summer, I installed a new tile floor in my bathroom. It was quite a feat considering I’m not a contractor, I’ve never been in construction and the most “flooring” I’d done previously was installing click-lock laminate wood in a very small entry way. But I was still pretty confident I could do it. What I wasn’t confident I could do was remove the toilet (you have to remove it to properly re-tile). Ugh, that toilet was the one thing standing between me and my dreamy new tile floor. The 1920s cracking pink floor HAD to go. I needed to stop feeling like I was walking into Pepto-Bismol World every time I brushed my teeth. I had to figure out how to get rid of that toilet. So, I searched “how to replace toilet”and Google delivered. I found an incredible article on Lowes.com with a step-by-step video, written instructions, tools needed and even a phone number to their plumbing department. That article was my saving grace; it gave me the confidence and knowledge to accomplish my partial bathroom re-model. Lowes.com empowered me to make my life better. Where do you think I went to buy my bathroom supplies for that project? Where do you think I’ve bought materials for other home projects? (Hint: Not Home Depot.) When I asked a question, Lowe’s was there in the right place at the right time. Could I have gone to the hardware store down the street and talked with them? Sure, I could have. But I didn’t. I sat on my couch after business hours at 10pm drinking my mint tea googling. Luckily, Lowe’s was ready and waiting for me there. Who am I kidding? That wasn’t luck at all. That was planned intentionality. That was Lowe’s understanding where their customers were. That was content marketing.
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Do What You’re Already Doing…Online
See if I had started this article with the phrase “content marketing” – I might have lost a few of you. That’s because “content marketing” sounds so official, so mysterious, so abstract….so much work. So let me re-phrase it: do what you’re already doing…just do it online. In my bathroom example, the only difference between the hardware store down the street and Lowe’s was that the hardware store down the street silently demanded that I actually physically walk into their building or wait until business hours to call and get my questions answered. Lowe’s didn’t put those requirements on me. They answered my question online at 10pm. I truly believe the local hardware store could have answered my question just as well as Lowe’s did. I believe they could have empowered me as a consumer and helped me solve my toilet problem. I just happened to be in the ‘wrong’ space at the ‘wrong’ time when I needed their help (aka online at 10pm, instead of in their store at 3pm). Ok, so clearly amateur bathroom re-modelers google; but do insurance consumers? According to the J.D. Power 2016 U.S. Insurance Shopping Study, “74% of insurance consumers are shopping online.”
Here’s another way of saying that: 74% of insurance consumers want you to help them while they’re online. Clearly, there’s a need to be in that space, but how? Put up a website? Make sure your website says what kind of insurance you sell?
3. Before you publish your article online, make sure the URL includes your question. For example, if your article answers the question “what is gap insurance,” your URL should be www.roeinsurance.com/what-is-gapinsurance.
Yes to both, but more importantly…empower and add value to people’s lives. If there’s one thing that’s more confusing than removing a toilet, it’s insurance. People google insurance questions All. Day. Long. Everything from “what are good homeowners insurance limits” to “what is worker’s comp insurance.” Eliminating confusion, answering questions empowers and adds value. That’s where you come in.
4. Publish. A Pennsylvania insurance agent named Nate Bunty recently tried his hand at content marketing. He wrote an article answering the question “does my home policy include sinkhole insurance?”
Independent insurance agents are insurance experts. My dad is an agent in Florida and he could practically recite some of his carrier policies from memory when his clients asked him a question. He knew his field so well that he could make a complex topic incredibly simple and even personal (often through story-telling). He also knew exactly what his client’s questions were (and how they asked them) because he talked with them so often. That is gold in the online world. All you have to do is be there. Do what you’re already doing…just do it online.
It now ranks on the first page of Google and he gets phone calls every week about homeowners insurance quotes. Give it a google yourself or check it out here: https://newheritageinsurance.com/homeownersinsurance-cover-sinkholes/. Best of luck in your content marketing journey! Syd P.S. I no longer live in Pepto-Bismol World and I love it. Sydney Roe is the Digital Content Manager for TrustedChoice.com. She’s also a licensed Florida insurance agent who’s currently trying to survive the 20 degree Minnesota tundra. As a passionate advocate for the agency channel, she’s constantly working to help agencies learn how to make the internet work for them.
How To Get Your Content On Google
Ok, so let’s talk nuts and bolts. Here’s the quick start guide for getting your business involved in content marketing. 1. Make a list of the 25 most popular insurance questions your clients or prospects ask. These could be about all different LOBs. However, if you specialize in a certain niche, try to write down questions about that niche. That will help establish you as an online insurance authority in that specific field. 2. As you write out answers to these questions, google each of them first and see what other content is ranking really well. Reading how other people/companies have answered the question will help you write out a more comprehensive article. It will also help you understand what answers Google really likes so you can tailor your article to their search engine. At TrustedChoice.com, we call this The Skyscraper Approach (other articles are the skyscraper’s foundation, but you build on top of them and add something new to reach bigger heights). www.iiak.org | May/June 2018 | 21
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How Will Artificial Intelligence Impact By: Eric Baker Insurance Staffing? Depending on your level of paranoia, you either think robots are definitely going to overthrow humanity— “Terminator” style—or they’re maybe going to overthrow humanity, but it’s too early to tell— “Westworld” style. OK, maybe you’re not thinking about robots at all. But if you’re involved in hiring and developing your company’s next generation of leaders and top performers, it’s time to start integrating these considerations into your recruiting strategy. Just as the last generation of robots largely replaced assembly-line workers, and the current one is on the cusp of overtaking the service sector, tomorrow’s robots—armed with artificial intelligence—will perform at least some of the white-collar work humans are currently responsible for. AI technologies currently in development will replace human workers in industries from health care and product engineering to the corporate world. We’re talking about a potential paradigm shift on the level of the industrial revolution. What kind of human employee will be most valuable to your agency in this near future? According to many experts, the focus for hiring will shift dramatically toward “soft skills” such as teamwork and interdisciplinary problem solving. “Soft skills” is really just a label for a certain group of behavioral competencies related to leadership, teamwork and cross-functional problem solving.
Based on extensive research, here are some of the key behavioral competencies to look for in candidates who could become part of your organization’s long-term talent development plan: • Leading change: Candidate has a forward vision. They are capable of gaining buy-in from others and guiding the change process. • Team building: Candidate displays the facilitation skills necessary to bring people together and guide them toward using their individual strengths to achieve shared goals. • Conflict management: Change generates friction. Candidate is capable of managing challenges and steering disagreements toward constructive results. • Active listening: Candidate listens to understand instead of listening to respond, leading to higher levels of collaboration, empowerment and engagement. • Learning agility: Candidate is an agile thinker who recognizes market and industry changes and develops strategic responses—increasingly valuable as more robots replace task work. • Information seeking: Candidate is driven by an underlying curiosity and desire to know more about things, people and issues. Of course, soft skills shouldn’t replace other skills, training and expertise. But when you’re hiring for key positions in the AI era and your applicants are equal in other respects, they could be the differentiator in maximizing human performance. Eric Baker is a writer and editor at Caliper.
www.iiak.org | May/June 2018 | 23
Cognitive Dissonance? The time to invest in digital is yesterday By: Jacquelyn Connelly
The majority of independent agents—60%—believe consumer demand for online services will have a major effect on their agency by 2020, according to a new survey from Safeco. Yet not even half say they’re comfortable embracing online account management—and nearly a quarter are either not comfortable or don’t want to offer it at all. “Historically, agents have really excelled at providing great customer service. But that customer service has always been done one way,” says Tyler Asher, president of Safeco. “Agents are at a disadvantage if they’re not willing to think about how they should offer service differently over time.” Safeco’s “Agent for the Future Survey” asked 600 independent agents to share how their roles will evolve in response to changing customer demands and technology. It found that over the next few years, most agents want to reduce the time they spend retaining clients and responding to service needs, while shifting their focus to quoting new business and prospecting. But that shift won’t be possible without embracing digital capabilities like online quoting, mobile and chat. Consider simple transactions like paying a bill or printing an ID card—“customers actually prefer to do that kind of thing on their own,” Asher says. “Not every transaction is one where you’re going to add value.” Rather than removing the agent from the picture, embracing self-service technology enables you to “focus on those interactions where you really are building loyalty,” Asher explains. Digital, then, enables the customer to choose how they want their simple problems solved, “but it still keeps the human side of the agent as a trusted adviser very much in play,” Asher says.
And many agents are already making efforts to strike that balance. According to the survey, 67% of agents are very comfortable with e-signing documents, 61% currently provide quotes online and 60% text message with clients. “Certainly, there’s work to do,” Asher says. “Agents should think long and hard about meeting customer expectations in terms of online functionality, and be willing to take a strategic view of which touches really matter for adding value over time.” Jacquelyn Connelly is an IA senior editor and can be reached at jacquelyn.connelly@iiaba.net.
The Wrong Question Safeco’s survey reports that only 26% of agents believe InsurTech startup disruption will have a major effect on their agency by 2020. But make no mistake—InsurTech is a trend that deserves your “careful attention,” Asher says. Just don’t get distracted by the bells and whistles. “Don’t focus on the individual companies,” Asher suggests. “Focus on the customer problem they’re trying to solve. What are those pain points they believe the channel has left unresolved? We need to leverage all the strengths we have collectively to close those gaps ourselves.” —J.C. www.iiak.org | May/June 2018 | 25
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Businesses must protect confidential data, and that protection need has only increased. Phrases like “ransomware,” and “keyloggers” and “phishing” are becoming part of our everyday lives. While those phrases may still sound exotic to us as risk management personnel and not IT people, this won’t: a few years back, the federal Department of Health and Human Services levied a $1,000,000 fine on Mass General Hospital for having lost documents containing names and medical record numbers of 192 patients. Think this is all due to the pervasiveness of electronic commerce? It is, but every business should understand the “low tech” risks as well in the realm of privacy issues. After all, the Mass General documents were left on a subway train. For all businesses, the risks in connection with a data breach translate to staggering financial costs. The Ponemon Report for the Cost of a Data Breach in 2017 showed the cost per record of a data breach reached $225. This, in turn, means that the average cost of a breach reached $7,350,000. A data breach event could threaten the financial core or stability of a business. Privacy and data security related issues should be a fundamental concern for business risk management. Insurance should be part of the solution.
The good news is …
So, what’s in it for your agency? The good news is, first, as the business risks have emerged over the past dozen years, the insurance industry has responded with policy forms effectively addressing the risk. Second, the independent agent has the opportunity to seize the day and educate their insureds about the risks privacy laws present. Because policies to cover these risks are largely marketed through the excess and surplus lines mechanism, your broker can both educate you and present the insurance solutions they have to offer. What do you need to know to provide your customers with effective protection in this growing area of risk?
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The Need for Cyber Insurance, Revisited By: Rick Pitts
Privacy Law is Multi-Sourced and Complicated
jurisdiction now has a data breach notification statute, requiring businesses to notify customers when they have suffered a data breach that could result in identity theft (these laws vary in their applicability). State law interfaces with federal law, the federal Driver Privacy Protection Act, to restrict use of MVRs. Additionally, most states recognize some form of tort for invasion of privacy.
The primary – and accurate – basis for overcoming this resistance is in privacy law itself. There are multiple laws, both state and federal, having an impact on privacy concerns. Some of the things those laws do are complicated, and not necessarily commonsensical.
This isn’t close to a comprehensive list. It is a conversation starter for agents to have with their clients.
When presented with the need for a privacy policy, an insured’s typical responses to a producer will likely include, “That’s not applicable to me” or “We always comply with the law anyway, so I don’t need it.” The relatively recent and widely publicized Target data breach has created a more willing audience.
A classic illustration (and also the foundation for what followed in privacy law) is HIPAA – the “The Health Insurance Portability and Accountability Act” from the mid-1990s. This law requires covered entities to do things such as: • Develop and implement written privacy policies and procedures • Designate a privacy official • Train all workforce members on its privacy policies and procedures • Maintain reasonable and appropriate administrative, technical, and physical safeguards • Prevent intentional or unintentional use or disclosure of protected health information • Covered entities include health care providers, health insurers and billing clearinghouses. By regulation and by contractual obligation, it also includes the “business associates” of those covered entities. A consumer and finance example is the FCRA – the Fair Credit Reporting Act. Administered by the Federal Trade Commission, the FCRA has, in its 40-plus year history, morphed into a major privacy law. Most recently, and controversially, it has become the basis for the “Red Flags” rules on detecting and preventing identity theft. Another major federal law having an impact on privacy concerns is the Gramm-Leach-Bliley Act. The examples go on and on: OSHA mandates that certain records are kept regarding employees; the U.S. Department of Labor and the Equal Employment Opportunity Commission have rules or guides on keeping employee information confidential. That’s about half the privacy story. The other half is the multitude of privacy laws on the state level. Virtually every
A Standard CGL Probably Just Won’t Do
Once the conversation is started with the insured, that conversation should move toward what we’ve come to accept from an insurance point of view: a standard commercial general liability policy will not suffice to address – and probably won’t respond to – privacyrelated claims. Definitions preclude coverage, as a general proposition. The standard Insurance Services Offices Commercial General Liability policy’s liability coverage is triggered by a claim of “bodily injury” or “property damage.” Neither invasions of privacy nor violation of federal privacy statutes likely result in “bodily injury” or “property damage.” It may not even be an “occurrence” because a data breach may not be as a result of an accident. Even if these definitional hurdles were overcome, Exclusion (p), added to the standard CGL form in 2004, carves out: “Damages arising out of the loss of, loss of use of, damage to, corruption of, inability to access, or inability to manipulate electronic data.” Some solace and some coverage are found in the “personal and advertising injury” provisions of the CGL policy. “Advertising Injury” is defined as including “invasion of privacy.” However, there are significant exclusions, some dating from as little as five years ago, reflecting the view that e-commerce, Internet and Web businesses have specific and peculiar risks that should be referred to a specialty coverage.
The Privacy / Data Breach Insurance Marketplace
This is where the sales opportunity really presents itself. With the CGL providing spotty or no coverage, depending on the nature of the privacy claim, the insurance products (largely offered through the E&S market) come to the fore. www.iiak.org | May/June 2018 | 29
The marketplace for insurance coverage for data breach or privacy is broad, not only as to price or rate, but also as to form. Many carriers have drafted their own policy forms. Even if “standard” or conventional forms are used, there still is a good deal of variation in the available coverages. Many carriers have adopted a “menu” type approach, offering various levels or forms of coverage through differing insuring agreements. Insureds have to sort through the various coverages and pricing to determine which menu items – insuring agreements – they will select. Even ISO’s “standard” Information Security Protection Cyber Policy (CY 00 10 01 18) has eight different insuring agreements for: • Web Site Publishing Liability • Security Breach Liability • Programming Errors And Omissions Liability • Replacement Or Restoration Of Electronic Data • Extortion Threats • Business Income And Extra Expense • Public Relations Expense • Security Breach Expense.
with ideas like this on privacy risk management and present a knowledgeable resource for privacy coverages, the insured’s interests are best served and the sales opportunity presents itself. Richard S. Pitts, IIAK’s General Counsel is also part of a member benefit, First Call Free Legal. Members receive up to a 30-minute phone consultation on an insurance or agency-related matter once a year at no charge. Contact IIAK for more information.
A Little Common Sense Goes a Long Way
Consistent with the philosophical underpinnings of expense reimbursement, many carriers take an approach to privacy coverage and claims that is proactive and positive. Many will offer resources or forms for privacy policies, how to handle a data breach, and things such as how claims are handled. Privacy claims are often fluid, rather than static. Simply put, “what happened?” may not be as important as, “How are we going to react to what happened?” In the realm of privacy concerns, a little common sense does indeed go a long way. Retail agents and insureds both need to know this. An example: a few years back, Experian Corporation’s Chief Information Security Officer James Christiansen suggested that companies have a response team ready to go before disaster strikes, and that the team have in place appropriate ways to control internal and external communication. When agents prompt their clients 30 | www.iiak.org | May/June 2018
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6 Things You Need to Know About Insuring Cryptocurrency By: Brian H. Mukherjee As an alternate method of payment, investment or means of raising corporate capital, cryptocurrencies like bitcoin appear here to stay. In essence, cryptocurrencies are digital money—and they’re associated with significant risks. A quick scan of today’s headlines reveals that cryptocurrency owners have already lost significant amounts of their assets as a result of cyberattacks, negligence and outright fraud. This means insurance coverage for exposures associated with cryptocurrencies should be high on your list of discussion topics with commercial clients. Here are six practical tips for insuring cryptocurrency: 1) Understand underwriting considerations. As a condition of securing insurance coverage for their cryptocurrency exposures, your clients should be prepared to undergo a thorough underwriting process. Expect insurers to ask about security protocols, internal financial controls, use of banks and third-party service providers, the experience of the management team, and the overall financial health of the insured. As a result, the underwriting process can take much longer than for more traditional coverages. The insured should also expect to answer whether it holds its digital currencies in “warm storage”—connected to
the internet—or “cold storage”—not internet-connected. Cryptocurrencies held in cold storage are generally considered easier to insure because they are better protected from theft. 2) Assess crime coverage options. Like any asset, cryptocurrencies are at risk of theft—specifically, the theft of “keys” which unlock the digital “wallets” that hold the currency. Theft of these assets can occur in a number of ways, including through scams such as social engineering or “phishing” emails, employee theft, and wallet hacking. Given the unique nature of cryptocurrencies, typical crime policies may not specifically cover their loss, as these coverages are primarily intended to provide protection for a tangible physical property like cash and securities. But insurance markets are increasingly addressing this potential gap in coverage: At least one U.S. insurer now extends crime coverage to cover bitcoin accepted by insureds as a means of payment. But note that insurers may limit coverage in some cases by only agreeing to insure internal threats, such as theft by an employee, and not theft by outside parties. Valuation of loss can be another challenging issue. Given the volatility in the value of these digital assets, determining fair market value can be more complicated than with the theft of a more traditional asset.
www.iiak.org | May/June 2018 | 31
3) Consider D&O insurance for initial coin offerings. Some companies are issuing cryptocurrencies as an alternative to a public offering of equity, commonly referred to as an initial coin offering. But directors & officers insurance coverage for initial coin offering issuers is perhaps the most challenging type of coverage to obtain in the cryptocurrency space. In the current environment, insurers are concerned that disgruntled coin purchasers, the Securities and Exchange Commission or other regulators may scrutinize an initial coin offering as an unregistered offering of securities, which may expose the issuer to federal, state or foreign securities law liability. 4) Partner with the right insurer. This step is key to establishing a strong insurance program. Currently, the insurance market for cryptocurrency and initial coin offeringrelated coverage is limited. When considering potential insurers, premiums are an important factor, but you and your client should also be comfortable with the insurer’s specific experience with cryptocurrencies and its claims-handling reputation.
6) Consider retaining an experienced intermediary. Insuring cryptocurrency exposures is not an area to just dabble in. Until you develop an expertise and understanding in this rapidly evolving area of technology and risk, consider using an intermediary with a deep bench of experience, expertise and focus on cryptocurrency exposures. Brian H. Mukherjee is counsel for Goodwin Procter’s financial industry and business litigation practices. He concentrates on insurance and risk management matters for financial institutions, technology companies, private equity firms and other business clients.
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If limited market offerings necessitate placing insurance with an insurer that does not have a demonstrated track record, let your client know that up front. Don’t wait until the time of loss. 5) Reassess coverages. As with other types of coverages, you should reassess your clients’ coverages with respect to cryptocurrency exposures on an ongoing basis to make sure those coverages and limits continue to be appropriate. Coverage options in the cryptocurrency space will likely improve over time, so it pays to stay current on what coverage options become available.
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32 | www.iiak.org | May/June 2018
Skimping on your agency risk management efforts and ...hoping for the best?
A little risk management goes a long way in protecting your future. One false move can land your agency in court facing a professional liability lawsuit, costing you valuable time, energy and resources. But many common missteps can be easily avoided. Big “I” Professional Liability provides the E&O Happens Risk Management Website, featuring more than 700 pages of insurance agency risk management information, available exclusively, and at no cost, to Big “I” members. Features include:
Claim examples Risk management articles E&O Claims Advisor newsletters Sample disclaimers Sample customer letters Webinars and podcast archive
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Established Louisville agency interested in acquiring insurance agencies in Jefferson and surrounding counties. If you are interested in selling, merging, or need assistance with perpetuation, we would like to talk with you in confidence.
Independent with top best markets looking to expand presence in Jefferson, Oldham or Shelby counties. Wanting Personal lines, Producer or book of business to move or purchase. All arrangements possible, in strict confidence.
Call R. Alex Rankin, CPCU or Philip Anderton, CIC, at Sterling G. Thompson, Co. at 502-585-3277
Please send inquiries to Turner Insurance Agency, 2460 Shelbyville Road, Shelbyville, KY 40065 or call Kurt Turner, CPCU at 502-633-6060.
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For classified ads or to advertise in the Kentucky IA, contact: Nikki Robins, Communications Director at nrobins@iiak.org or call 502-245-5432.
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