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1046 Louisville, KY

13265 O’Bannon Station Way Louisville, KY 40223

NOVEMBER

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DECEMBER 2013

Coverage for homes where the most important thing is not what’s there. But what isn’t.

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BOLTON & COMPANY

Funkhouser to Lead IIAK

Tracking down the right coverage for over 45 years. 2400 Waterfront Plaza · 325 West Main Street · Louisville, Kentucky 40202 Telephone 502.583.8361 · 800.292.6597 · Fax 502.584.6131 · www.boltonmga.com

Inside: Franz Named 2013 E. Starling Holloway Award Recipient

I N

N U M B E R S

Our 'Strength in Numbers' comes from our dedicated and highly-skilled employees

S T R E N G T H

along with over 33 years of our strong commitment to be a fiscally responsible fund. Everyday at KESA, we come to work with one goal in mind - to be the best. We want to provide the best service, underwrite accounts with precision, care for injured employees with clear and accurate communication, answer every question quickly and knowledgeably, and be the unequivocal first choice for workers' comp in Kentucky. Let’s make sure they’re safe at home.

Contact us about our SAFETY W.O.R.K.S program at www.kesa.org. 200 Executive Park, Louisville, KY 40207 502.894.8484 | 800.367.5372 | www.kesa.org

Covering all the bases since 1900 Commercial • Personal • Farm-Ag • Specialty

THE KENTUCKY INDEPENDENT AGENT is the official magazine of 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; E-mail IIAK@iiak.org; FAX (502) 245-5750.

Officers John A. Funkhouser, CIC, CWCA Chair; Danville (859) 236-5922 Michelle L. Love Chair-Elect; Owensboro (270) 926-2806 David M. Houk Vice Chair; Horse Cave (270) 786-2724 James D.England, AAI Treasurer; Pikeville (606) 437-7361 Stephen R. Kinkade, CPCU, AAI National Director; Leitchfield (270) 259-5465 William S. Latta Immediate Past Chair; Henderson (270) 827-3543

Directors

ON THE COVER The Independent Insurance Agents of Kentucky installed new officers at its recent 117th Annual Convention. Headed by John A. Funkhouser, CIC, CWCA, you can read more about the new executive officers on page 8.

Chip Atkins Louisville; (502) 585-3600 Jason D. Billington, CIC Muray; (270) 753-4751 Allen J. Crawford, CIC Somerset; (606) 679-6311 Diana G. Hunt, CIC Barbourville; (606) 546-4132 Michael G. Johnson, CIC Lexington; (859) 233-1461

FEATURES First Rule of Branding: Stop Saying You're Boring ....................................5 Cover Story: Funkhouser to Lead IIAK in 2013-2014...............................8

Aaron LaRue Bardstown; (502) 348-0050

2013 Best Practices Study: Agency Specialization on the Rise................15

Skip McGaw Madisonville; (270) 821-3122

Convention in Pictures.......................................................................17

Ross Richey Bowling Green; (270) 754-4881

Whatever Floats Your Boat ................................................................20

Ray A. Robertson, CIC Mt. Sterling; (859) 498-3410

What Would You Do If Your Agency Had A Data Breach? .......................24

Staff

Franz Named 2013 E. Starling Holloway Award Recipient.......................25

Peggy P. Porter President/CEO Kristie Weyer Insurance Services Manager Joy E. Holder Membership Manager

DEPARTMENTS

Arlene Adonis-Hawkins Director of Communications

From The Chair..................................................................................4

Tara Purvis Marketing Director Katie Freshley Education & Events Director The Kentucky Independent Agent welcomes all advertising and editorial submissions. Inquiries for advertising, news releases and editorial contributions can be directed to: Arlene Adonis-Hawkins 13265 O‘Bannon Station Way Louisville, Kentucky 40223 Ph: (502) 245-5432 Fax: (502) 245-5750 Email: aadonishawkins@iiak.org

Mission Statement

The mission of the Independent Insurance Agents of Kentucky, working in the public’s best interest, is to be the preeminent advocate for Kentucky Independent Insurance Agents and support their business and professional development needs.

Product Spotlight: Ring Them Bells - But Be Careful.................................7 Industry Partners .............................................................................12 Welcome New Members ...................................................................12 Trusted Choice: Consumers Are Looking - Be Found Now .......................14 Classified Ads ..................................................................................14 Education & Events Calendar..............................................................27 People In The News ..........................................................................30

This publication is intended to provide accurate and authoritative information on the subject matter covered and is distributed with the understanding that neither IIAK, nor any contributing author or publisher is rendering legal, accounting or other professional services and assume no liability whatsoever in connection with its use. The opinions expressed in the articles are those of the authors and does not necessarily reflect those of IIAK.

FROM THE Chair

Convention has come and gone and the

preeminent advocate for the Independent

holidays are upon us. Throw in Medicare

Insurance Agent and support their business

Open Enrollment and Obama Care and

and professional development needs.”

your new Chair is in high gear. First and

Three short years ago, IIAK created a

foremost, a big “Thank You” for allowing

partnership with The National Alliance to

me to serve as Chair of your association. It

bring the Certified Risk Managers (CRM)

is truly an honor and privilege.

program to Kentucky. Your clients are

As I stated at the Annual Convention, I want to keep both IIABA’s and IIAK’s

the CRM designation will help to give you

“mission statement” out in front of our

an advantage on your competitor. Also this

members this year. IIABA’s mission statement

year, we assisted The National Alliance in

is: “Provide members with a sustainable

marketing its Super Management program

competitive advantage.” There are two

held in Louisville.

things that come to my mind when I think

John A. Funkhouser, CIC, CWCA 2013 - 2014 Chair

Again, we are striving to bring you

about this statement. Trusted Choice® being

meaningful programs that you can help

the first. This past year IIABA and Trusted

elevate your career and put more money

Choice® launched a massive campaign to

in your pocket. We want to hear from you

help market you, the Independent Agent

on other programs that you would like to

through social media. This has been done

see us offer.

with the help of partnering with Orange County Choppers and our Trusted

Choice®

Our country’s third president, Thomas Jefferson stated, “I like the dreams of the

Chopper that has made appearances across

future better than the history of the past.”

the country. Coupled with the partnership

I encourage you to get involved in your

with the Make-A-Wish® Foundation and

association. Make sure that you are taking

we are making a huge splash.

advantage of the numerous benefits your

After the Annual Convention Project CAP went LIVE in Kentucky. Talk about

membership has to offer. Your membership does not cost you, it pays you to belong.

giving you a “COMPETITIVE” advantage.

We are in the best profession in the

Project CAP will help to drive the consumer

world in my opinion. I want to end with a

right to your agency. I started to say, right

quote from JFK. He said, “I can think of no

to your door step but in this day and age,

more effective agent in advancing our

your agency’s door step may well be the

freedom to live as we choose than the

cyber world. Project CAP is going to help

insurance salesman. This man knows the

us to regain market share in the personal

economic pulse of the country as few men

lines world. Tony from Project CAP makes

may, for he walks all streets of American

a comment, “We may not be able to

life and he sits down and talks to youth and

outspend the direct writers, but we can sure

to the mature and to the aged. He knows

out localize them.” If you have not signed

their wants. He helps them to help

up for CAP or completed your Agency

themselves in times of need. He builds, and

Profile, I strongly encourage you to do so.

helps others to build. He insures the future.

IIAK’s mission statement is, “Be the

demanding more and more of you. Having

He is respected. And he is a friend.”

SALES & Marketing

First Rule of Branding: Stop Saying You’re Boring A successful marketing strategy requires insurance agencies to shed old insecurities.

According to Tony Wessling, your agency’s biggest branding problem isn’t that insurance is boring. It’s that you’re a “status quo brand.” As managing principal of branding firm Chromium, Wessling has plenty of experience helping companies mold a successful marketing strategy out of topic areas that beg much from the imagination. And last week in Baltimore, he spoke to industry professionals at the fourth biennial Brand Camp about how his firm helped transform the lackluster identity of a plastics company into something much more vibrant. “Don’t be the people who say ’we’re just boring, who cares, nobody likes it when I talk about it at parties, everybody’s eyes glaze over,’” Wessling said at the three-day event hosted by Aartrijk, a branding and marketing communications firm dedicated to supporting professionals in insurance, financial services and association management. “We want you all to be innovative brands.” Lose the Acronyms When Wessling first started working with Strategic Polymer Sciences (SPS), the company had a new CEO with a vision for making the company “something.” And that meant the employees had to stop thinking of themselves as an engineering company that makes plastics. “We got SPS into a room, all the key stakeholders,” Wessling said. “And we beat them mercilessly with their own words until they came together and, in enthusiastic consensus, built a brand strategy and put it in a document for everyone to see.” For SPS, the most important part of the process was nailing down exactly what they wanted to embody: visionary, creative dreamers who push boundaries. By honing in on one special aspect of their plastics product-its ability to send and receive electrical signals-SPS branded itself as a company capable of taking its customers to a new place for sensory interactions. “They weren’t making plastics anymore,” Wessling said. “There’s a big difference between ‘making plastics’ and ‘expanding the sensory interactions of life.’” Armed with the new “brand vision” of ushering in a neo-sensory age, SPS started realizing its potential after releasing a video advertisement that projected multicolor electric waves over silhouettes performing a futuristic dance sequence. The final step was changing its name from “SPS” to the far

more appealing “Novasentis.” “Stop with the acronyms, people,” Wessling said. “It doesn’t have to be an acronym because it’s not that boring-even though what they do is plastics.” Find a Narrative Of course, achieving branding success does not require adopting a cool name or producing a state-of-the-art video commercial. Wessling challenged independent insurance agencies to follow the lead of Novasentis by taking a simple first step: nailing down a “brand essence.” “Put together a cohesive and codified brand strategy,” Wessling said. “We’re not just about selling insurance or actuarial tables or great service. What’s our story, what’s the narrative? Make sure you write it down. Make sure you stick to it.” Since brand strategy is at the root of brand innovation, it must be extraordinary to begin with-which requires agency employees to start thinking of their agencies in a whole new light. The perception problem, then, begins on the inside rather than the outside: By realizing the power of their identity, agencies can develop a cohesive and creative marketing platform that turns the daily grind of insurance into something that appeals more to the heart. “Don’t sell products, don’t give good service,” Wessling said. “Do something deeper. Appeal to the deep human needs. Once you’ve got a brand strategy, the product’s irrelevant.” That means that trying to explain what your agency does by simply using traditional methods-talking heads, a string of bullet pointswill inevitably send you right back into boring territory. “Words have consequences,” Wessling said. “And if you capture exciting words, energetic words, words that are going to propel your brand forward-then you will cease to be a quo brand and start to become an innovative brand.” So what about insurance lends itself to lively marketing and “deep human needs”? Wessling advised sticking to the basics: the beauty of people helping and caring for one another. “If you can find a way to tell the stories, to show people, to have the characters, to get behind great pieces of entertainmentif you can do this and this is your mission,” he said, “you will become an innovator brand even in the insurance space.” Jacquelyn Connelly is IA assistant editor.

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PRODUCT Spotlight

Ring Them Bells - But Be Careful

Churches across the country will be filled on Christmas Eve, and the last thing on people’s minds will be insurance. However churches present some unique risk management challenges. Travelers’ Religious PacSM is designed for small churches and other houses of worship not affiliated with operational educational institutions. Up to 2 locations, Up to $500,000 Total Insured Value per building, Up to $2million Total Annual Sales per policy and Up to $600,000 Total Annual Payroll. Eligible classes include: • Owner-Occupied Religious Institutions • Tenant-Occupied Religious Institutions Underwriting Guidelines: • Institutions should have adequate protective measures to detect fires, thefts and life safety, with no cited violations • Coverage is not available for Abuse/Molestation or Pastoral Professional Liability • If premises leased to others operating a day care service or school, certificates of insurance with limits at equal to the insured’s must be obtained from all tenants • The value of exterior stained glass

windows should be established separately and added to the building value. Limits in excess of $100,000 should have an outside company appraisal.

Ineligible operations: • Asylums • Camps (day or sleepover) • Convalescent homes • Day care services • Home for the aged • Hospitals • Infirmaries • Orphanages • Newspaper or web publishing (other than church bulletins) • Radio and TV broadcasting • Rehabilitation services (drug or alcohol) • Schools • Shelters or halfway houses • Special events as follows: athletic tournaments, fairs or carnivals with rides, fireworks displays, haunted houses, hayrides, rallies and tours. COVERAGE HIGHLIGHTS & AVAILABILITY Coverage Features/Benefits: • Master Pac BOP form • Building Owners Extra • Three liability options • Power PacSM Endorsement o

Accounts Receivable - Increased by $100,000 on and off premises

Brands or Labels - Up to $25,000

Business Income and Extra Expense from Dependent Property - Increased to $25,000

Business Income and Extra Expense - Newly Acquired Premises - Increased to $500,000

Claim Data Expense - Increased to $10,000

Computer Fraud - Up to $5,000

Get started with the Travelers’ Religious Pac now by logging on to www.bigimarkets.com. For questions, please contact Big “I” Markets by phone at (703) 647-7800 or email bigimarkets@iiaba.net.

COVER Story

Funkhouser to Lead IIAK in 2013-2014

Members of the Independent Insurance Agents of Kentucky came together and installed independent agent, John A. Funkhouser, CIC, CWCA as Chair, at the recent 117th Annual Convention on November 7th at The Brown Hotel in Louisville, Kentucky. Funkhouser is the vice president of Johnson & Pohlmann Insurance in Danville, and has been part of the agency since 1996. He first joined the IIAK Board of Directors in 2008 and is currently on the Education Committee and Health Benefits Committee of IIAK. Highly involved in the

IIAK’s new executive officers (l to r): Vice Chair, David Houk; Chair-Elect, and Chair, John Funkhouser.

industry, Funkhouser has taught insurance continuing education for a number of organizations. In his first remarks as Chair, Funkhouser identified two areas that he intends to focus on during the coming twelve months including Trusted Choice® and education. “We cannot out spend the direct writers, but we can out localize them,” said Funkhouser. “Trusted Choice® needs to be on the front burner of everything you do in promoting your agency. We need to stand unified to get our message out.” Speaking on the area of education,

Funkhouser identified IIAK’s diverse education programs including designations such as the CRM program, classroom seminars that provide E&O program discounts to those who qualify and webinar format education delivered through the Agents & Brokers Education Network (ABEN), as the association’s dedication to providing members with the programs, “...that you want and need to better your agency,” said Funkhouser. In addition to being active in the insurance industry, Funkhouser is also an active member of his local community. He is a past president of the Special Persons Advocacy Network (SPAN), serves as a community investment panel chair for Heart of KY United Way, is a member of the Danville Rotary Club and local Home Builders Association. He is also a passionate volunteer and passionate about the Wilderness Trace Child Development Center in Danville. Funkhouser attended the University of Kentucky. He obtained his Certified Insurance Counselor designation in 1997 and his Certified WorkComp Advisor designation in 2010. Currently he is working on his Certified Risk Management Michelle Love designation. John and his wife, Kendra, reside in Stanford, Ky. with their daughter Madeline. John has three other daughters: Elizabeth Eshelman, Ande Stamper, Holly Funkhouser. Installed alongside Funkhouser were Michelle L. Love as Chair-Elect and David M. Houk as Vice Chair. Love is a commercial agent with E.M. Ford & Company in Owensboro and has been with the company for over ten years. Her insurance specialties include municipalities, schools, healthcare and nonprofit organizations. She began her insurance career in 1994 with Gardner Insurance in Owensboro as

COVER Story

office manager and commercial agent. Highly involved in the industry, Love is a member of the Independent Insurance Agents of Owensboro local chapter. She has served in a number of capacities for the chapter, including president, vice president and secretary-treasurer. She first joined the IIAK Board of Directors in 2010

ENTHUSIASM IT’S CONTAGIOUS

“I love skiing, but I avoid dangers. As a Personal Lines Underwriter, I’m just as diligent in knowing ways to protect against risk. Your clients count on you—I appreciate the opportunity to help you maintain that trust.”

Nicole Bielat Personal Lines Underwriter—and bunny hill graduate Connect with Nicole on LinkedIn!

Managing General Agency Since 1920 Property/Casualty t Professional Liability t Surety Commercial Transportation t Personal Lines t Premium Finance

800.666.5692

jmwilson.com

and is currently chair of the Industry Partners Committee and vice-chair of the Convention Committee of IIAK. In her community, Love served for six years on the board of directors of Girls Incorporated, is a founding member of Impact 100, a member of the Junior League of Owensboro since 1999 serving in a number of board and organizational capacities. Love is also heavily involved with the International Bluegrass Music Museum and their international award winning ROMP Festival. She has also volunteered her time with many community organizations including OMHS Foundation for Health, Country Heights Elementary PTA and many others. In the past, she has served as vice chair of member services for the Greater Owensboro Chamber of Commerce from 2006-2009. In 2007, she was awarded the Greater Owensboro Chamber of Commerce Director of the Year. Love is a 1994 graduate of Brescia College with a Bachelor of Science in Accounting. In 2005 she completed the Leadership Owensboro program. She and her husband Chris have a 15 year-old daughter named Jessica and a 12 year-old son named Daniel. Houk is the owner of Houk Insurance Agency in Horse Cave, Kentucky. He has been with the agency since 1976. The agency’s origins date back to 1889 and is recognized by the Commonwealth of Kentucky as a Centennial business. Houk joined the IIAK Board of Directors in 2010. He is currently a member of the Convention, Industry Partners and Health Benefits Committees of IIAK. In his community, Houk is a member of the board of directors of the Caveland Environmental Authority, Hart County Library, Citizens First Bank and the Family Resources Young Council. Houk attended Western Kentucky University. He has three grown children: two daughters, Jaime Dennison and Lauren Huffman, and one son, Andrew. All three officers will serve a one-year term in their respective positions.

Relax...

You’ve offered each of your clients a personal umbrella policy.

Right? It might not be quite as relaxing as a day at the beach, but knowing you’ve done everything in your power to protect the customers who trust you to help them will go a long way towards easing your mind. Offering each and every client an umbrella not only protects those who choose to purchase the coverage. It protects your agency from liability. And it protects your book of business, since studies show that customers who have multiple policies are less likely to move their business elsewhere. As a Big “I” member, you have access to a stand alone personal umbrella program from A+ rated carrier RLI, featuring: Limits up to $5 million available Excess UM/UIM available in all states You can keep your current homeowner/auto insurer New drivers accepted - no age limit on drivers Up to one DWI/DUI per household allowed Auto limits as low as 100/300/50 in certain cases

Competitive, low premiums for increased limits of liability Simple, self-underwriting application that lets you know immediately if the insured is accepted E-signature and credit card payment options Immediate coverage available in all 50 states plus D.C.

So cover your clients... protect your agency... and profit from umbrella sales!

Contact Jennifer Hopper, your RLI Administrator at: Email: jhopper@arlingtonroe.com Tollf Free: (800) 878-9891, ext. 8639 Local Fax: (317) 554-8551 Toll Free Fax: (888) 552-9891

Have u heard the latest about ACUITY?

YES! Every1 is talking about them : )

See what theyâ&#x20AC;&#x2122;re saying at: www.acuity.com

For All That Matters

facebook.com/acuitywow

WELCOME WELCOME NEW NEW MEMBERS We welcome the following to membership in the Independent Insurance Agents of Kentucky since our last report: Agency Members Brightway Insurance, LLC. - Lexington Family Select Insurance - Louisville Associate Members Investors Heritage Life - Frankfort, KY The Independent Insurance Agents of Kentucky, its officers and staff look forward to serving these new members with the best membership benefits and related products and services available.

Thank you to the following companies that have supported IIAK through Industry Partners program for 2013. Their support helps to make possible many of our events and meetings such as Big â&#x20AC;&#x153;Iâ&#x20AC;? Day, the YAC Sales & Leadership Conference, YAC Day at Keeneland and the IIAK Annual Convention & Trade Show. The Industry Partners program is an opportunity for insurance companies, wholesalers and vendors to support the efforts of IIAK and bring to its members affordable, quality events geared towards enhancing the professionalism of members. Industry Partners as of November 22, 2013

Premier Level Liberty Mutual Insurance Safeco Insurance Seneca Insurance Company Platinum Level Encompass Insurance Gold Level Arlington Roe & Company Bolton & Company Grange Insurance Progressive Risk Placement Services, Inc.

Silver Level Acuity Amerisafe, Inc. KEMI Kentucky National Insurance Co. Keystone Insurers Group State Auto Insurance Company Travelers Bronze Level Anthem Auto-Owners Insurance Company Bailey Special Risks, Inc. Bituminous Insurance Companies Columbia Insurance Group Countryway Insurance Company InsurBanc Investors Heritage Life Company Kemper Preferred Kentucky Agents Finance Company KESA KY Associated General Contractors Midwestern Insurance Alliance, Inc. Secura Insurance Summit Consulting SwissRe Corporate Solutions Westfield Insurance If you are interested in becoming an IIAK Industry Partner or would like further information on this program, contact IIAK at (502) 245-5432 or email iiak@iiak.org.

NON-RENEWED

One homeowners claim and you’re out? What kind of policy is that? Are you Ànding more and more of your clients are being dropped after one claim? And you have to make the call to tell them they are no longer covered? You know what happens next. You lose a client. Once they start shopping, you stand a good chance of losing their auto coverage and everything else.

• HO3 Coverage available • Prior claims are OK • A Rated company • $150,000 to $10,000,000 in values Top rated products and service. It’s why we’ve been in business for over 47 years. Call or visit our website today. Then call your clients and tell them they’re covered.

Bolton & Company has a market that is perfect for those homeowners.

Tracking down the right coverage for over 47 years. 2400 Waterfront Plaza • 325 West Main Street • Louisville, Kentucky 40202 Telephone 502.583.8361 • 800.292.6597 • Fax 502.584.6131 • www.boltonmga.com

TRUSTED Choice®

Consumers Are Looking – Be Found Now!

On the new www.TrustedChoice.com, not only will consumers be able to find your agency, they’ll be able to receive live quotes. This is a great opportunity and one you don’t want to miss out on. Fill out your agency profiles today so consumers can start finding you on the new www.TrustedChoice.com.

work? When customers go through the search process and choose your agency, they can choose to click the contact button. After entering their information, a notification is sent to you. Then, this becomes a “qualified lead.” You get the first four leads for $1 when you first set up your agency profile!

What is “the new TrustedChoice.com”? The website for consumers to find and connect with an independent insurance agent in their area.

Now is the Time Enhanced profiles show up at the top. If your agency doesn’t complete its enhanced profile, agencies further away from your customer base are reaping the rewards and showing up first. Complete your enhanced profile today! Visit www.projectcapmarketing.com then click on “Subscribe Now” to get started.

Your Agency Profile As an IIAK member and Trusted Choice agency, you have been granted access to be listed on this site. But we need you to complete your enhanced profile. The enhanced profile allows you to be featured in the top results group for your area and provides the customer with photos and agency information. With this type of profile, you are more likely to be clicked on. Included in the enhanced profile is the referral program, where you can receive qualified leads directly from the site. How does it

Need help? Call Project CAP at (855) 372-0070 IIAK Help: Email ahawkins@iiak.org P.S. If you already completed your profile and are “showing up” high in the search results, congrats!

Classified Ads Acquisitions

Acquisitions & Producers

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. Call R. Alex Rankin, CPCU or Steve B. Thompson, CPCU, at Sterling G. Thompson, Co. at (502) 585-3277.

A well established regional agency is interested in individual producers and insurance agencies considering selling or merging. Commercial lines & personal lines wanted in Louisville, Lexington, NKY and BG. We represent the best and desired markets for growing an agency or book of business. Confidentiality provided to all interested parties. Call Scott Ferguson at The Underwriters Group (502) 244 – 1343.

Looking for Producers 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. Please send inquiries to Turner Insurance Agency, 2460 Shelbyville Road, Shelbyville, KY 40065 or call Kurt Turner, CPCU at (502) 633-6060.

Producer Wanted Louisville Insurance LLC has producer opportunities with flexible compensation plans while offering ownership in book of business produced. Confidentiality provided to all interested parties. Contact Glenn Pike at 502-473-5454 or glenn@louisvilleins.com. To place a classified ad please contact Arlene Adonis-Hawkins at aadonishawkins@iiak.org or (502) 245-5432.

BEST Practices

2013 Best Practices Study: Agency Specialization on the Rise

Latest study reveals new data on niche revenue, staff productivity and more. by Shirley Lukens

Since 2010, the percentage of agencies with a specialty or niche has increased significantly across all revenue categories, according to the 2013 Best Practices Study. The comprehensive 2013 Best Practices Study is the 21st edition of the annual benchmarks provided in a joint effort by the Big “I” and Reagan Consulting. This year’s iteration, which marks the beginning of a new three-year study cycle, provides an expanded look at the activities of top agencies across the country, and includes additional information not available in the annual updates. The expanded information

BPS Rev Category 2010 2013

<$1.25 million 25.0% 39.4%

$1.25-2.5 million 44.2% 55.9%

includes results related to specialty/niche revenue, employee productivity, technology issues, management practices, key challenges and more. The increase in specialization is not surprising given the potential efficiencies and growth advantages of the practice. Developing an expertise or proficiency in a certain industry or product facilitates targeted leads and referrals, improves retention and provides a competitive edge for an agency. Specialization has increased across agencies of all sizes:

$2.5-5 million

$5-10 million

$10-25 million

>$25 million

51.4% 64.4%

55.6% 72.1%

64.1% 72.7%

68.4% 80.0%

Another interesting result from the

typical Best Practices agency utilizes to

expanded study is the ranking of technology

service the revenue in its commercial,

investments planned for the coming year.

bonds, personal, group life-health and

The top investment choice for agencies

individual life-health books of business.

with revenue under $5 million will be in

The study also provides a salary range for

internet marketing and social media, while

each of the four service staff positions.

agencies with revenue over $5 million

As expected, organic growth has

ranked investments in agency management

continued to improve dramatically since

systems as the No. 1 choice. Internet

last year’s study. The average growth rate

marketing and social media investments

in total commission and fee revenue was

ranked fourth for the larger agencies,

9.4% (up from 2.1%) for agencies with net

perhaps because many of these firms have

revenue under $5 million, and 9.8% (up

already ventured into these fields. Across

from 4.5%) for agencies with net revenue

all revenue groups, the average number of

over $5 million. Although a significant

agency staff members that devote time to

portion of the growth can be attributed to

social media activities is 1.3 employees,

increasing premium rates and an improving

who spend about 10% of their time on

economy, that’s not the whole story.

these activities. This year’s study also takes a new

Between 2007 and 2010, when the soft market and an extremely weak economy

approach to measuring service staff

made positive growth nearly impossible,

productivity. Rather than identifying the

Best Practices agencies continued to invest

average book of business serviced per

in growth strategies that would allow them

account executive (AE) and customer service

to achieve organic growth and obtain a

representative (CSR), the study combines

competitive edge as conditions improved.

all service positions-AE, CSR, processor,

The results of those strategies-which include

marketer/placer and claims-by line of

hiring new producers and equipping them

business, and does not include

with new tools and resources, enforcing

administrative staff members like accountant

more producer accountability, focusing on

or receptionist. This change gives readers

specialty/niche areas and expanding

access to the total number of people the

marketing/advertising activities-has paid off.

BEST Practices

Strong revenue growth improved profitability as well. Although last year’s study

equation that provides a quick way to

results identified that growth was stronger

determine whether or not agency is creating

than it had been in years, profit margins

value for its shareholders, were the highest

remained stubbornly flat thanks to waning

they’ve been in several years. Small to mid-

contingent income growth. That trend has

sized agencies earned an average score of

now reversed. This year’s results show that

24.1, while agencies over $5 million earned

contingent income has grown an average of

20.8. Generally speaking, an outcome of 20

21.8% for agencies with revenue under $5

or higher-regardless of growth and

million, and an average of 10.7% for those

profitability-indicates that the agency’s

with revenue over $5 million. At the same

shareholders can expect to earn 15-17% per

time, agencies did a much better job of

year through stock price appreciation and/or

controlling expenses so that operating profits

shareholder distributions.

grew faster than contingent income. The

For more information about Best Practices

result? Smaller to mid-sized firms enjoyed an

resources and to obtain your copy of the full

average ProForma EBITDA margin of 29.3%,

report, visit independentagent.com.

while the larger firms averaged 22.7%.

Shirley Lukens is principal of Reagan Consulting and previously served as vice president of industry affairs at the Big “I.”

Finally, last year proved to be a solid year of value creation. The Rule of 20 scores,

a simple growth and profitability balancing

CONVENTION in Pictures

ERRORS & Omissions

Whatever Floats Your Boat By Alison VanDyke, Assistant Vice President, Claims and Liability Management with Swiss Re Corporate Solutions

“Call me Ishmael.” This well-known opening line from the Herman Melville classic Moby Dick is followed by the protagonist’s description of why he longs for the sea. Many boaters share this desire to take to the water in their personal watercraft. While most boat operators will not have the same epic struggle as Captain Ahab, boat operation can be fraught with peril. And procuring boat insurance for policyholders can also be tricky. Agents who do not normally secure such coverage are at an increased risk for malpractice claims-obtaining coverage for boats is much different than insuring an automobile. In fact, an uncovered boat claim can quickly become a costly nightmare for any insurance agency that does not do its homework when securing such coverage. Some policyholders fail to understand the importance of purchasing the appropriate coverages to insure the boat and fend off liability claims. As the agent, you may have to help educate your client,

who should understand that size, type and value of the watercraft and the water in which they use the boat all affect how much they will pay for insurance and what damages may be covered or excluded. For physical loss or damage, coverage normally includes the hull, machinery, fittings, furnishings and permanently attached equipment as well as some other items like oars, anchors and dinghies. Physical damage coverage can typically be either an actual cash value policy or on an agreed amount value basis. It is important that you understand and fully explain to a policyholder the difference between the two. An actual cash value policy may cost less, but will only pay for replacement costs less depreciation at the time of the loss. An agreed amount value basis policy indicates that the policyholder and the insurer have agreed on the value of the watercraft, and in the event of a total loss, the carrier will pay the agreed upon amount. Such policies also replace old items for new in the event

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ERRORS & Omissions

of a partial loss, without any deduction for depreciation. In order to determine the value of the boat, the carrier may require that older boats undergo a condition and value survey completed by a qualified surveyor. This will help determine not only the value, but also the seaworthiness of the watercraft. Make sure that the policy has a salvage component,

as the cost for rescuing a damaged boat can be high. Understanding how your client uses the watercraft is also important. For instance, if your client uses the boat for water skiing, make sure it is disclosed on the application. Likewise, if a carrier will only insure a vessel for a limited territory and for a particular

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

“Local presence is the key to FCCI’s claims resolution. I’m able to meet with our agents, policyholders and injured workers and help them through the claims process. Each claim is different, but in each one I listen to the customer’s or claimant’s issue and offer resolution that considers the entire scenario. FCCI empowers me with decision making authority, and that allows me to build trusting relationships and to resolve issues fairly.” Lisa Dalton, AIC Claim Specialist FCCI Insurance Group Midwest Region St. Louis, Missouri Now, let’s talk about your business. General liability t Auto t Property t Crime Workers’ compensation t Umbrella Inland marine t Agribusiness t Surety Coverage available in 18 states. © 2013 FCCI

ERRORS & Omissions Covering PWC Risk Personal Watercraft (PWC) is a growing subset of boats. Generally, PWCs are defined as motorboats less than a certain length and powered by jet pumps (not propellers), where people stand, kneel or sit on (rather than inside) the boat. PWCs tend to be operated by one person, but may have seats for multiple riders. While PWCs make up a small percentage of boats, they account for many boat accidents, often with severe consequences. Many people assume that PWCs (and sometimes even smaller boats) are covered under their homeowner’s policy. That might be true in some cases; however, the coverages available under the HO policy tend to be more limited-oftentimes including only liability, not medical coverage for the driver or passengers. If an agent is aware that a customer has a boat or a PWC, they might want to review those limitations with them and explore other options.

time of year, explain these restrictions to the client and document your file accordingly. Just because you are insuring your client located somewhere inland, don’t assume that they won’t be taking their boat to another territory (such as pulling their yacht to Florida for a regatta). Review the policy with your client, noting that an “all risk” policy does not cover every type of loss. The phrase “all risk” simply means that any risk not specifically excluded from the policy is covered. For example,

insurers do not typically insure for wear and tear, marring, denting, animal damage and manufacturer’s defects. Explain coverage options like liability, on-water assistance, medical payments and uninsured/underinsured watercraft bodily injury. Become familiar with any requirements your state may have for insuring such watercraft, and make sure your client understands these regulations. Followed correctly, these tips can help agents avoid putting themselves and their agencies at risk of an adverse exposure. As in any business, mistakes will happen. When they do, be prepared to demonstrate through documentation that you met the standard of care when servicing your client’s account. Alison VanDyke is an Assistant Vice President, Claims and Liability Management with Swiss Re Corporate Solutions, and handles claims against insurance professionals out of the Overland Park, Kan. office.

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DATA COMPROMISE COVERAGE

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An incident of data compromise can have a negative impact on your clients’ credibility and proﬁts. You can help protect them by adding EMC’s data compromise coverage to their insurance program. It’s just one of the many reasons policyholders Count on EMC ®.

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You’re an independent agent.

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Benefits

What Would You Do If Your Agency Had A Data Breach?

can be devastating to your agency. Independent Insurance Agents of Kentucky has partnered with Arlington/Roe & Co., Inc. to offer our members an exclusive program to help protect their agencies from information security breaches. This program is a holistic risk management process that will help train your staff on privacy compliance in addition to handling data breach notification and third party suits. This program offers the following benefits:

Eighty percent of businesses fail to recover from a breach because they do not know this answer. Responding to a breach is a complicated process that requires the assistance from many different professionals. Failure to notify the effected individuals "without unreasonable delayâ&#x20AC;? could cost your agency up to $1,500,000 in fines from government agencies. Add this to the $200,000 average cost to comply with notification laws, the legal liability and the reputational harm caused by the breach and you can quickly see how this exposure â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘ â&#x20AC;˘

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If you would like additional information or if you have questions, please contact one of the people below: RLI Program Administrator John Immordino Phone: 800.878.9891 Ext. 8732 jimmordino@arlingtonroe.com

IIAK Insurance Services Manager Kristie Weyer Phone: (502) 245-5432 kweyer@iiak.org

ANNUAL Convention

The Independent Insurance Agents of Kentucky (IIAK), has awarded the 2013 E. Starling Holloway Award to Paul G. Franz, CPCU, CIC of Louisville, KY. The award is the highest honor given by the association, and was presented at its 117th Annual Convention on November 7, 2013 at The Brown Hotel in Louisville, KY. The E. Starling Holloway Award is presented annually by IIAK, to an individual who has made a significant industry contribution, enhanced the ideals and reputation of the insurance industry, or has made a significant contribution to his or her community, state and country. The recipient does not have to be a member of IIAK. Paul G. Franz, CPCU, CIC is the chairman of the board of Louisville agency, Van Zandt, Emrich & Cary. His career in the insurance industry spans over 45 years, beginning as a company employee before joining the agency side at Van Zandt, Emrich & Cary as its office manager. He led Van Zandt, Emrich & Cary for nearly 25 years, before handing over the leadership reins at the beginning of 2013. However to this day, he still remains an active full-time employee in the agency. Throughout his career, Paul Franz accepting the E. Starling Franz has been highly Holloway Award during the 117th involved in the professional Annual Convention.

Franz Named 2013 E. Starling Holloway Award Recipient

development of fellow independent agents. He is a past educator of IIAK, having taught continuing education classes for many years, specializing in commercial liability courses and agents’ errors and omissions. Franz also served on the Commonwealth of Kentucky’s advisory committee for the property and casualty agent’s exam for the Department of Insurance. In addition to this, he has been active in a number of industry groups including IIAK, having served in the past as its Treasurer, and on the Board of Directors of what was formerly IIAK’s own workers’ compensation self-insurance fund, IIAKSAF. He is also a past president and past education chair of the Kentucky chapter of the CPCU Society. “Paul Franz has shown throughout his long and successful insurance career, a love for and dedication to the industry and the people in it,” said Debra Copeland, CPCU, CLU, CIC, vice president of Van Zandt, Emrich & Cary. “Paul has been generous in sharing his knowledge and talents to support the growth of peers, agency colleagues and those who choose a career in insurance. Whether giving time to serve on industry committees, boards and hold office in premier professional associations, or educating, advising and growing the skills of new generations of insurance professionals, Paul has consistently led by example to advance the professional standing of all who earn their living in the insurance industry.” His enthusiasm for involvement also extends to his local community where he has previously served on the Board of Directors of the Middletown Fire Department, and is active in his church, St. Margaret Mary. However, in presenting the award to Franz, friend and fellow Van Zandt, Emrich & Carey staff member and CEO, Rudy Schlich, CPCU, CIC stated that, “In addition to all his achievements, Franz would consider his greatest achievements to be his marriage to his wife, Mary Alice and his three adult children and his grandchildren.”

Paul Franz with members of his team and family (l to r): Mike Arnold, Rudy Schlich, Debra Copeland, Karen O’Hara, Paul Franz, Brian Franz and Christa Franz.

Your customers deserve a

Silver Lining.

When something happens to your customer’s home, car, or business, it may not be a disaster. But no matter what it is, your customers always deserve fast and fair service from their insurance company. West Bend provides a Silver Lining, no matter what the claim may be. When a child at Kristin’s day care center fell off the swing set and broke his arm, getting good care for him and taking care of the medical bills quickly and painlessly was important. So that’s just what we did. Sometimes little things mean a lot. And every day, when something bad happens to someone, West Bend makes sure your customers experience the Silver Lining. Because the worst brings out our best.®

EDUCATION & Events Calendar

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The KRF-SIFâ&#x20AC;&#x2122;s loss prevention and safety training has meant the world to our company. Prior to becoming members of the Fund, we spent quite a bit on annual safety training. Since the Fund provides this type of training at no charge to its members, we have been able to significantly decrease our training expenses. Jennifer Shaw, HR Manager, Kentucky Lake Oil Company â&#x20AC;Śthe main reason we went with the KRF-SIF workersâ&#x20AC;&#x2122; comp program is because of their reputation for handling claims management in a manner that is fair not only to the individual, but also to the company holding the policy. The Fund has proven to be able to reduce the cost per claim and overall claims costs. My advice is that if claims management counts, you can count on KRF-SIF. If not, you can go anywhere. Bruce Pieratt, President/CEO, Pierattâ&#x20AC;&#x2122;s

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PEOPLE In The News

Joy Holder

Long-time IIAK Staffer to Retire After over 21 years, Joy Holder, currently IIAK’s Database Manager will retire at the end of 2013. Holder, first joined the association in 1992 and started out as its Education Coordinator. Since then she has held varying roles including manager of of IIAK’s group health program with Anthem and membership dues processing. “It’s been a great experience working for this association,” Holder said. “I’ve enjoyed getting to know many member agents and working alongside many of you who have also become great friends. I could not have chosen a better industry to be in for my career.” Prior to coming to IIAK, Holder first worked at Travelers Insurance in the life and health area, as well as for an agency in Louisville, therefore experiencing different facets of the insurance industry. In her retirement, Holder says she is looking forward to spending more time and visiting with family, doing some painting and relaxing. A surprise recognition of her retirement and her work for the association was recently given at the Leadership Dinner of the 117th IIAK Annual Convention at The Brown Hotel in Louisville, Kentucky. IIAK Appoints New Board Members The association appointed three new members to its Board of Directors which was marked at the recent 117th Annual Convention on November 7th at The Brown Hotel in Louisville, Kentucky. They include:

Allen Crawford

Allen J. Crawford, CIC Crawford is the president of Reed Brothers Insurance in Somerset and has been with that agency since 2000. He first began his insurance career in 1985 with Cundiff & Crawford Insurance. A graduate of Eastern Kentucky University, Crawford holds a BBA in Insurance. In 1990 he attained his Certified Insurance Counselor designation and in 2013 attained his Certified School Risk Managers (CSRM) designation. Active in his community, Crawford is a member of the FCA Regional Board of Directors, and is on the advisory council of the Pulaski County Area Technology Center. He is a past board member of the Somerset-Pulaski County Chamber of Commerce, Lake Cumberland Homebuilders Association and SomersetPulaski County YMCA.

Ray A. Robertson, CIC Robertson is a principal with Hoffman-Robertson Insurance Agency in Mt. Sterling and has been with that agency since 1996. RayRobertson Prior to joining Hoffman-Robertson, Robertson worked on the company side with Kentucky National Insurance Company. There he worked as the territorial manager for the eastern Kentucky region. Active in the industry, Robertson attained the Certified Insurance Counselor designation in 1994. In 1996 he graduated from the State Auto PaceSetter program and in 2006 and 2007 he was a member of the State Auto Insurance Company Agents Advisory Council for the Cincinnati branch. In his community, Robertson serves as the president of the Mount Sterling Main Street Board and was a youth baseball coach for six years. Ross Richey Richey is the president and owner of Lawton Insurance in Bowling Green and Central City. He began working for Lawton Insurance during the summers of his college career and joined the agency full-time after graduating from Western Kentucky University with a degree in Business Management in 2006. Richey has been active with IIAK’s Young Agents Committee since 2008 and currently serves as its chair. He also serves on IIAK’s Membership Services Committee. An alumnus of the State Auto PaceSetter program, Richey holds the Accredited Advisor in Insurance (AAI) and the Certified Work Comp Professional designations, and is currently working toward his Certified Risk Management Ross Richey designation. In his community, Richey was named Young Entrepreneur of the Year in 2008 by the Greater Muhlenberg Chamber of Commerce. He is also a member of the 2012 Class of Leadership Bowling Green. He will serve a one-year term on the IIAK Board of Directors and as Chair of the Young Agents Committee of Kentucky.

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Funkhouser to Lead IIAK

Inside: Franz Named 2013 E. Starling Holloway Award Recipient