November/December 2018
Build vs. Buy: Organic Growth in a Rising Rate Environment Page 9
Ways To Get More Work Done - and be Happy doing it! Page 29
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What's
Inside
Page 9
Contents
9 Build vs. Buy: Organic Growth in a Rising Rate Environment
12 When Clients Sell: Part Two 15 Staff Profile: Katies Hines
Page 15
18 Smart Site Safety 24 Emerging Leader Tailgate at Keeneland 26 2018 Associate Members 29 Ways To Get More Work Done - and be Happy doing it!
Page 29 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
27 Industry Partners
5 DOI News
35 Advertiser Index
6 Education Calendar
35 Classified Ads
23 Upcoming Events
35 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 | November/December 2018 | 3
Chair
Officers
From the
Aaron LaRue Chair, Bardstown 502.348.0050 Ray A. Robertson, CIC Chair-Elect, Mt. Sterling 859.498.3410 Kevin T. Desmond Vice Chair, Bellevue 859.491.5100 James D. England, AAI Treasurer, Pikeville 606.437.7361 Stephen R. Kinkade, CPCU, AAI National Director, Leitchfield 270.259.5465 Michael G. Johnson, CIC Immediate Past Chair, Lexington 859.233.1461
Directors Allen J. Crawford, CIC, CSRM Somerset, 606.679.6311 Whitney L. Floyd, CISR Henderson, 270.827.3543 Mark Linkous, CIC Edmonton, 270.432.3491 Barrett H. “Skip” McGaw, II, CIC Madisonville, 270.821.3122 Carolyn Reynolds Richmond, 859.623.8485 Nicholas Rolf Emerging Leader Chair, Ft. Thomas 859.781.0434 Chris J. Wiseman, CIC Bowling Green, 270.781.2020 Laura Yount, CIC, CISR London, 606.878.0100
Staff
A little over 18 years ago, I had just a quit a job and really didn’t have any idea what I wanted to do, so I stopped by my dad’s office to talk. I asked him if you could make a living selling insurance, (which in hindsight was a pretty dumb question since he and mom had managed to raise 3 kids who never really wanted for anything). He said, “Yes, if you’re willing to work,” and agreed to hire me. With his encouragement I became involved with the young agents group, and the rest is history. When I was asked to put this together, I sat in our living room on a Sunday night with my family watching TV. While putting my thoughts down while watching Family Feud, Dancing with the Stars, the UK Blue-White game, and Batman vs Superman. (Yes, ALL of those. The kids had the remote.) That’s a wide range of options. That made me think of the Big “I” because your association has a wide range of tools and services to offer us. I often hear the questions “What value does being a member of the Big ‘I’ bring to my agency?” and, “How do we show the value to non-members because there are plenty of other sources for education, market access, and even networking?” Obviously, the value is going to be different for everyone depending on what we need for our agency at a given time. Well, right now I can think of 3, really important things that every agency in the room or even state needs. 1) A voice in Frankfort and in Washington DC I’m not going to expound on the current political landscape, but there are numerous issues on the state and federal level that can have an impact on what we do everyday. Who has the resources to hire and utilize their own lobbying team? I know I don’t. Thankfully we have a great team in place to handle that for us. The most recent victory regarding the exclusion of insurance agents from the “specified trades & service” language in the new tax rules is a prime example. After the midterm elections, there’s no telling what’s going to happen in Frankfort, so be glad we’ve got eyes and ears in place to monitor it for us. 2) Branding Trusted Choice is OUR brand. National continues to improve and build the brand. If you haven’t looked into what’s available for you there, you’re missing out. Marketing material, website reviews, marketing money reimbursement is all there and most of it for FREE. Locally, your staff & public relations committee has launched a statewide radio campaign promoting Trusted Choice & Trusted Choice.com on the most listened to radio show in the state. All these direct writer agents embrace their brand. I get sick of seeing State Farm or Farm Bureau stuff all over everything. If I had their money, I’d probably do the same. So why not maximize my advertising & marketing budget by coordinating it with what’s already being done on my behalf? The more Trusted Choice material we can get out to the public, will only continue to boost the brand here and nationally. 3) Workforce Development We’ve all heard the numbers about the shrinking pool of people in the independent agency channel. Well, your association has been hard at work on this topic for a while now. National has just rolled out Big “I” Hires, which looks to be pretty awesome. On the state level, IIAK has coordinated with the KY Dept of Education and US Dept of Labor to develop an apprenticeship program for us. You will be able to connect with a school in your community that has students on a business pathway that have expressed an interest in the agency side of insurance. Several board members agreed to be test subjects for the program and have started the interview process with prospective apprentices.
Amy Good Financial Services Director
I’ve mentioned YOUR association and YOUR staff several times, which was deliberate. Your Staff: Tara, Katie, Nikki, Kristie, Amy, & Cassie have been crushing it over the last several months. They’re a great resource for all of us. Thank you for what do everyday, keeping the board on task, and this association moving forward.
Katie Hines Membership Services Director
I’m looking for to a great year as your Chairman.
Tara T. Purvis President & CEO
Nikki S. Robins Communications Director Kristie Weyer, CISR Insurance Services Director Cassie Young Director of First Impressions
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Aaron LaRue
News Department of Insurance
My most recent travels across Kentucky and elsewhere have provided me with opportunities to listen and learn about the topics and concerns that are on the minds of insurance professionals. But, more importantly, these conversations help determine the focus of the department in the immediate future and beyond. Here is a synopsis of emerging and current topics of discussion at the Department of Insurance (DOI): • Flood insurance is always at the top of the list. Unfortunately, many consumers choose not to purchase this type insurance even when they live in an area that is flood prone, only to find out such incidents are not covered by homeowners’ or renter’s insurance. As I speak with groups around the state, I stress the importance of this type coverage. You do not have to live on or near a body of water to have a flood. A large amount of rainfall can have the same effect as was demonstrated recently by the past two hurricanes to hit the United States. In fact, according to the National Association of Insurance Commissioners (NAIC), 25% of flood losses occur to homes outside of a high-risk area. • There is more being written about the fast pace of technology as it relates to the development of fully autonomous cars and the provision of car insurance. At a recent forum on autonomous vehicles, several questions were discussed that need answers: what risks do states consider for consumers? Who will be the risk-bearing entity? Who is responsible for insuring the safety of the vehicle? The forum gave insight to the effects on regulators and laws in our states and territories. Kentucky will be facing this challenge in the years to come. • Cybersecurity continues to be a topic at many conferences and meetings. NAIC has developed a model law; however, only one state has adopted it. Many states already have their own regulation in place but are constantly looking at the affects to the safety of their consumers. In addition, there are now insurance products both on the market and in development to protect against cybercrimes.
• At the most recent Southeast Zone meeting in West Virginia, attendees discussed insurance rating companies and the value of each. There are several agencies now listed on our website. At DOI, we review the reliability of these resources to ensure consumers have solid information. I advise consumers to review more than one company. Please see our website for a listing of Insurance rating agencies: http://insurance.ky.gov/Static_Info.aspx?Static_ ID=13&Div_id=6. Kentuckians have a limited choice when it comes to purchasing health insurance. I continue my service with NAIC as an active member of its Health Insurance and Managed Care (B) Committee, which involves many aspects of health insurance One of my priorities is encouraging companies to participate in Kentucky’s health insurance market. As a member of NAIC’s Industry Liaison Committee, I meet regularly with those companies doing business in Kentucky to ensure regulatory compliance on behalf Kentucky’s consumers. I look forward to continuing conversations on insurance topics with both professionals and consumers alike.
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Date/Time
Seminar Name
November 27 @ 1 pm December 20 @ 1 pm January 28, 2019 @ 1 pm
Agency Management Based E&O and Ethics
3
November 1 @ 3 pm December 6 @ 3 pm
Annuity Basics and Where They Fit
1
November 14 @ 11 am December 19 @ 11 am January 16, 2019 @ 11 am
Business Auto Claims That Cause Problems
2
November 8 @ 11 am December 13 @ 11 am
Business Fraud Protection
1
November 9 @ 11 am December 17 @ 11 am
Certificates of Insurance – Emerging Issues and Other Stuff that May Scare You!
3
November 9 @ 10 am December 11 @ 2 pm January 11, 2019 @ 10 am
Commercial Lines Claims That Cause Problems
2
November 13 @ 10 am January 8, 2019 @ 10 am
Commercial Property Endorsements That Can Make You Money!
2
November 27 @ 1 pm December 19 @ 1 pm January 8, 2019 @ 1 pm
COPE – Property Underwriting and Effective Loss Control
2
November 12 @ 2 pm December 14 @ 2 pm
Data Privacy Insurance
2
November 7 @ 10 am December 5 @ 10 am
Directors and Officers Liability Insurance
2
November 12 @ 1 pm December 10 @ 1 pm
Double Trouble - Certificates of Insurance and Business Auto Endorsements
2
November 6 @ 9 am December 4 @ 9 am January 8, 2019 @ 9 am
E&O Risk Management – Meeting the Challenge of Change (6 hour course)
6
November 29 @ 10 am December 20 @ 10 am January 22, 2019 @ 10 am
E&O Risk Management – Meeting the Challenge of Change (Part 1)
3
November 29 @ 2 pm December 20 @ 2 pm January 22, 2019 @ 2 pm
E&O Risk Management – Meeting the Challenge of Change (Part 2)
3
November 8 @ 3 pm December 13 @ 3 pm
Estate Planning Basics
2
November 20 @ 11 am January 2, 2019 @ 11 am
Ethics and Business
3
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CE Credits
Date/Time
Seminar Name
CE Credits
December 18 @ 2 pm January 8, 2019 @ 11 am
Home Based Business Exposures
2
November 1 @ 11 am December 6 @ 11 am
Hot Topics in Personal Lines
2
December 14 @ 2 pm January 11, 2019 @ 2 pm
Liability Issues to Worry About – Indemnity Agreements and Additional Insureds
2
November 13 @ 10 am December 14 @ 10 am
Long Term Care Insurance
2
November 15 @ 11 am December 20 @ 11 am
National Flood Insurance Program Basic Course - 2016
3
November 16 @ 2 pm December 28 @ 2 pm
Personal Fraud Protection
1
November 14 @ 11 am December 12 @ 11 am January 9, 2019 @ 11 am
Personal Lines Claims That Cause Problems
2
November 7 @ 11 am December 28 @ 11 am
Professional Ethics in the Insurance Industry
3
November 8 @ 2 pm December 13 @ 2 pm January 3, 2019 @ 2 pm
Property & Liability Concepts - Comp. Cov. Series
2
November 27 @ 9 am December 14 @ 1 pm January 16, 2019 @ 9 am
Rental Cars: More Than Meets the Eye
2
November 16 @ 10 am December 21 @ 10 am
Shake, Rattle, and Roll with it- Earthquake Basics
1
November 28 @ 11 am December 27 @ 11 am January 28, 2019 @ 11 am
Those Kids and Their Cars!
2
November 29 @ 2 pm December 20 @ 2 pm January 24, 2019 @ 2 pm
Top 5 Life Insurance Uses
2
November 7 @ 3 pm December 5 @ 3 pm
What you Need to Know about Employment Law & Coverage
2
November 15 @ 10 am December 13 @ 10 am January 8, 2019 @ 1 pm
Workers Compensation Beyond the Basics
3
www.iiak.org | November/December 2018 | 7
Doing The Right Thing Since 1964
Janet Phillips, CIC
Executive Vice President
Where personal service is never a liability. When you broaden your insurance offerings with Arlington/Roe, you’ll never sacrifice the personal touch. For over 50 years, we’ve treated our customers the way that we’d like to be treated. It’s just the right thing to do. When you want to offer your clients more, count on our expertise, market access and diverse product lines. We’re always here to help.
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Build vs. Buy Organic Growth in a Rising Rate Environment
By: David W. Tralka
With interest rates rising again, agency owners need to take a look at all of their options, whether that is investing in producers and technology or acquiring a new book of business or agency. Both investing in your agency, and building your agency organically offer many rewards, but what plan makes sense for your agency in this rising interest rate environment? www.iiak.org | November/December 2018 | 9
Now that interest rates are rising again, it’s time to reexamine whether buying an insurance agency is the smart choice for growth or whether building an agency makes more sense. While lots of factors come into play when agents want to start their own agency or an owner wants to expand, it generally comes down to three questions: 1. How much time do you have to grow your business? 2. How much sweat equity are you willing to put in? 3. What is your exit strategy when you’re ready to retire? For nearly a decade, we had some of the lowest interest rates in modern history. Money was cheap, and it made sense to finance a merger or acquisition by borrowing. The cost of borrowing used to be around 5 percent (prime plus 1-2 percent), but as prime moves closer to its historical average of 7 percent, your borrowing costs could jump up to 9 percent. This leads me to my first point: How much time do you have to grow your business? Assuming you’re not in a rush to acquire an agency or new book of business, organic growth may be your best bet. Organic growth is the value you create when you invest in your own agency. Inorganic growth occurs when you purchase another agency or a book of business. With inorganic growth, you earn a return on your investment, but you carry the expense of the capital to acquire it. Organic growth has the best return because you’re not borrowing money and tying up your capital. As interest rates rise, organic growth becomes more attractive. Organic growth takes time and discipline. You grow organically by investing in marketing and advertising, your producers and your staff. You also create value by watching your expenses and being smart in how you generate income. Agencies that are willing to invest back in the business will be more attractive to a buyer. Those are the agencies that will have more options to grow, increase value and transfer ownership. Regardless of whether you grow organically or inorganically, you need to get your house in order. Three factors to keep in mind are creating a top-notch team, updating your office management and CRM systems, and instituting financial controls. 10 | www.iiak.org | November/December 2018
Having a stable, reliable team makes all the difference in the world. This includes your top managers, producers and customer relationship team. You can’t grow if your producers aren’t producing. You also can’t manage new accounts if you don’t have the infrastructure in place to meet your customers’ needs. Make sure you have the computer systems you need to automate and efficiently market to customers. Cash flow is important, too. Do you have strong financial controls? How well are you managing expenses? As you start to grow, there will be stress on your working capital. Don’t underestimate the cost of growth and expansion, from the cost of new equipment and software to training and marketing. At the same time, have a plan for reinvesting in your agency. Sometimes borrowing may be to your advantage. Rather than draining your working capital, you may wish to borrow to pay for the cost of bringing on a new producer or acquiring new office equipment. Even fast-growing agencies may decide to borrow for some expenses such as buying a building versus leasing space. Finally, as agency principals approach retirement, they begin to consider ways to pass their firm on to the next generation, whether that’s family members, their partners or an outside buyer. These types of succession plans may involve borrowing. Your exit strategy will be the single most important business decision you make, save the decision to start your agency to begin with. If you’ve invested in your agency, you should have no problem selling it at an attractive price. But building your agency organically has many rewards and may make the most sense in a rising interest rate environment. Dave Tralka is the president and CEO of InsurBanc, a division of Connecticut Community Bank, N.A.
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SAFE ABOVE ALL
Strong and steady, constantly raising the bar. All great accomplishments have a certain level of hazard involved, but AMERISAFE has workers’ comp down to the detail. It’s a large part of why we retain 90%* of our policyholders. The best protection is being proactive.
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Part 2
By: Rick Pitts
WHEN CLIENTS SELL In our last visit, we discussed what happens when our insureds sell their business. Largely, our focus was on stock transactions, where the vehicle to transfer ownership from one to another is a sale of shares.
purchase. In other words, the asset purchase structure works most of the time, but not every single time, to protect a buyer. It’s a high wall, but one that can be overcome.
But many of our clients will engage in an asset sale. At its most basic level, an asset sale means that the seller changes. Shareholders sell their shares to the new shareholders in a stock deal. In an asset sale, it is the selling corporation transferring virtually all its assets – both the tangible (equipment, inventory, fixtures and furniture) and the intangible (business name, website, logos, accounts receivable, vendor contracts).
So, what’s the insurance implication of all of this? If the asset sale is large enough, the insurance specifications in the asset sale agreement may resemble the ones we discussed in the last article. But the real insurance wrinkle about asset sales may be where they arise most frequently: the sales of smaller, professional organizations, such as medical practices, accounting practices, or perhaps an insurance agency.
Buyers are motivated to do an asset sale because this form of transaction is generally believed to be better in protecting the buyer from the sins of the seller, so to speak. As a rule of thumb, buyers purchase assets and usually don’t purchase the liabilities (either known or unknown) that come with the ongoing business.
Practically speaking, a professional service organization’s most severe and most frequent risk exposure is errors and omissions, or malpractice. Buyers will want to make sure those types of claims don’t leap over the high wall of the asset sale, or, at least to have a remedy back against the seller if they do.
Ah, but only if the world worked so simply! Legal principles have developed over the years to recognize that even an asset buyer can be a “successor” to the selling company. Under the successorship doctrine, the buyer may be responsible for events that occurred prior to the
Two clauses become key. The first is the creation of the remedy. Usually this is done by an indemnification clause. The Seller agrees to: indemnify, defend, and hold harmless the Buyer against and in respect of any and all claims,
12 | www.iiak.org | November/December 2018
demands, losses, costs, expenses, obligations, liabilities, damages, recoveries, and deficiencies, including interest, penalties, and reasonable attorney’s fees, that Buyer incurs or suffers, which arise, result from, or relate to: any breach of, or failure by the Seller to perform any of representations, warranties, covenants, or agreements in this Agreement; or facts, events or allegations arising prior to the Closing. But our Buyer won’t want to rely solely on the Seller’s good graces and strong financials to back up this indemnification promise. The Buyer will want and likely will obtain some language in the final agreement that looks like this: Seller shall: (a) maintain its current professional liability insurance or errors and omissions insurance through its stated expiration; (b) maintain “tail” coverage or an extended reporting period on such policy for a period of three (3) years after Closing; and (b) provide Buyer documentary evidence of such coverage purchase prior to Closing and thereafter as reasonably requested by Buyer. Why specify “tail” coverage? And wait…why not have the Buyer named as an additional insured on the Seller’s policy? As many of you know, professional liability policies are chiefly written on a claims-made basis. For the lessseasoned, claims-made policies measure the insurance policy year not based on when the event or occurrence happened, but, as the name suggests, when the claim was made. In other words, the claims-made policy uses the claim as the triggering event to determine which policy or policy year will cover the loss; it does not use the “occurrence” measurement (at least at first blush, until we get to retroactive dates…). FC&S Legal begins its definition of “claims-made” this way: “[Claims-made coverage is] a type of public liability insurance that responds only to claims for injury or damage that are brought (to the insurer) during the policy period (or during a designated extended reporting period beyond expiration) ….” So, our Seller must keep, under the asset purchase agreement, a claims-made policy for three years after they go out of business?! Ouch, that’s expensive. This is what lead to the development of a “tail” or as FC&S
more artfully calls it, an “extended reporting period.” Professional liability carriers will offer an extension of perhaps one, two, three, ten or forever years in return for a set, single premium. An “ERP” is, in this context, the same as a tail. But why not add the Buyer as an additional insured? This is a harder one to answer. Industry practice is such that we don’t usually want to add potential claimants under a professional liability policy as additional insureds. The rationale is just to be safe about not invoking an “insured versus insured” exclusion or the like. There may be underwriting and premium considerations, too. Overall, the best approach to a business sale with a claims-made policy is to break it into manageable portions. We want to look at: 1. What does the agreement say is required in terms of ongoing insurance? 2. Are we sure our client’s written on a claims-made policy? If by chance we have a professional or maybe an EPL coverage written on an occurrence basis, we may need help in resolving coordination of coverage questions, perhaps even to the point of changing the agreement. 3. Do we have issues with retroactive date (a rarity, but possible)? 4. Are there any prior coverages that might be implicated, i.e., an occurrence policy in the past? 5. Does our policy form speak specifically to mergers, asset purchases, or changes in business form? 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.
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Membership Services Director Time at IIAK: 5 years What does your job entail?
I handle the planning and coordination of all IIAK events from regional roadshows to the annual conventions. I also visit our member and prospect agencies across the state building relationships and sharing the many benefits of IIAK.
What do you like most about your job?
The people. I have met so many amazing people in this industry over the last 5 years. I enjoy being able to visit members inside their offices – seeing where agents work every day, meeting their staff, learning more about their paths into the industry, their communities and their families.
What was the first job you ever had?
My first job was a Kroger cashier. The U-Scan had just been introduced into stores and I was responsible for the one at my store, I also ran the Kroger fuel station from time to time. I guess you could say that’s where I really started learning about customer service and troubleshooting problems.
Education Background:
Bachelor of Science in Corporate Communications from the University of Kentucky – GO CATS!
What are you most proud of, personally or professionally?
I am excited and proud to see how the Emerging Leader program has grown stronger since my time at IIAK. We have an amazing group of committee members who volunteer their time to grow our association and the Emerging Leader community. In 2016, we won the national Political Involvement Award at our National Conference, that was my most proud professional moment to date.
Tell us about your family I am recently married to my husband Keith and we have a 2-year-old black goldendoodle named Winston. I am also the favorite aunt to my sweet niece and nephew, Elizabeth and Ben.
Name something people would be surprised to know about you.
I was valedictorian of my Senior class.
Name one thing on your bucket list
To visit all the national parks and learn how to play golf.
If you could have any other career, what would it be?
I’d like to work for OPI or Essie naming nail polishes - they have the most fun and creative names.
Favorites Pastime/Hobby: live music, discovering new bands, hiking Food: Any type of Mexican food or sushi Movie: Hook TV Show: Parenthood, Friday Night Lights Band: Too hard to choose just one – My Morning Jacket, Lord Huron, Jason Isbell, Fleet Foxes, Leon Bridges
www.iiak.org | November/December 2018 | 15
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Log into www.iiaba.net/EOHappens.
SMART SITE SAFETY By: Virginia Bates
It won’t surprise any reader of this magazine that, as the one insurance person in the family, I found myself going through his insurance papers after my father’s funeral. I searched and searched for the umbrella policy I just KNEW he and my mother would have, but it was nowhere to be found. What I did find was his direct writer’s local agent’s name and phone number. She explained that there was no umbrella and when asked why, she was very clear: “He never asked for one.” In his state, that was an acceptable answer because, like most of the United States, it required only an “order taker duty” or “duty to provide as requested”. (IIABA.net/EOHappens has a map showing each state’s standard of care, along with other helpful loss prevention information.) Fortunately, it never became necessary to discover if that agent or carrier had expanded that duty by advertising or otherwise offering to go beyond that basic duty with coverage advice, exposure analysis, asset protection, and/or an ideal package of coverages to suit his needs. Any materials that indicated that the agency guaranteed a “special relationship” with its clients would have worked if we needed it. Unfortunately, for many agencies, plaintiff attorneys DO have reason to find those indications and recent E&O claim history shows that they are having good success.
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AN AGENCY’S WEB PRESENCE HAS DUAL GOALS
Just about every agency realizes that it needs a social media presence and often, that starts with a strong website and an app. Like any marketing piece, good design starts with knowing the goal or goals. Good objectives can include: • attracting new business • giving current clients access to information on their account information • allowing current clients “self-service” either because they prefer “doing it themselves” or need to do it during off-hours • providing current clients and/or the community at large helpful insurancerelated information such as disaster preparedness, differences between working with a direct writer vs. an independent agency, or the various ways property values can be computed/insured. Most marketing seminars and E&O seminars provide very valuable recommendations but they often seem to conflict when it comes to site and app content. The marketing gurus use words like “creating client relationships, “differentiation”, “hyper-value”, “going the extra mile”, “full coverage”, proactive account rounding, “exposure analysis”, and “value added”. E&O seminar leaders urge caution about over-promising, creating that “special relationship”, extending the “duty to provide” to coverage-recommending, and using terms like “full coverage”. One multi-session attendee described feeling like the person between the rock and the hard-place: Should she be E&O-safe or should she be successful in an ever-more-competitive insurance marketplace?
Sample Original Site Wording
Suggested Rewording
“Full Coverage”
“Coverages that match your described needs”; “We ensure that you have the right “Our professional staff can help you insurance plan to protect your family select the right coverages for your or your business” family or business”; “We track our carriers’ financial rating.” “Our financial services department can “Our financial services professionals provide you with a safe retirement” can help you choose among retirement planning options” “Providing the BEST solution for your “We listen to what you need and own particular situation” provide strong coverage programs to match those needs” Be descriptive, not comparative or superlative. The word “Best” is not easy to defend! “Complete this form to request a “Please complete this form to request “certificate of insurance” and include a certificate of insurance. You can any additional insured person to your also request a person/entity to be an policy” additional insured.” “Our goal is that every claim will be “Our goal is that feel respected and paid to your satisfaction” well-informed in settling any claim that happens under the coverage you buy through us.”
SAFE & COMPETITIVE
The industry’s consensus is that an agency that waits for requests for coverage will miss important revenue opportunities and will not be competitive with other agencies that will be offering more analytical, recommendation-based insurance services. Most insurance people have a desire to guide and educate, not just follow instructions, especially if those instructions would leave important exposures uninsured. Happily, an agency can be E&O-safe while it is presenting itself positively and proactively in the marketplace. A simple change in wording from “we will” to “we will endeavor to” can help. Here are some well-intentioned but dangerous examples of wording on websites that if shown on the “big screen” in court could turn the case against the agency, along with safer wording that still gets the message across to the site or app user. E&O auditors review and comment on agency websites as part of their analyses and most Agency Principals immediately see the potential for problems when they are pointed out to them. Almost all of those Principals comment that they “just weren’t reviewing it for that exposure” when they approved the site – or the site got updated without as thorough review as when it was new. While your site may not use the exact wording above, this may be a good time to go through it with a “jeweler’s eye” to see if modified wording is in order. You also may want to consult one of the site auditors listed on the E&OHappens site of IIABA.
“SAY WHAT YOU DO & DO WHAT YOU SAY”
A website or an app is not JUST a marketing tool. It really is a representation to the world (literally) of what your agency is. Even safe wording and reasonable descriptions of the agency’s business model can be used against you in a court of law or mediation if the “picture”painted on the site does not match the “reality” of your operation. What you reasonably say your agency does will be tested if a plaintiff alleges the agency’s work did not match that description. Many agencies assure clients and prospects that each account is reviewed annually. In many of those agencies, automatic renewals are processed as they come in from the carriers with little or no pre-renewal or post-renewal or midterm coverage review. It is not unusual for an agency to move a commercial book of business to a new carrier and discover it does not even have a record of what the client company does. Here are some other examples of potential dissonance between a site or app description of what an agency does for its clients and reality:
What the Site or App Says We Do
The Reality in Many Agencies
“We represent many carriers and can help you decide which one is best for you.”
Few if any of the staff, including Producers, are able to point out meaningful difference between carriers’ forms in the same line of coverage. The agency has no Coverage Spreadsheets to help differentiate between available coverage options. “We protect your assets and can assist The agency has at best sparse you in planning for your retirement documentation that an umbrella has needs.” been offered to every client. “Anyone helping you with your Not every service rep is licensed; one insurance is a licensed agent.” or more service reps is not licensed. “We help you know what coverage At most the agency sends out an you need in a confusing insurance annual exposure-update questionnaire world” but does not offer proactive coverage suggestions to make the account better. Some clients have not had a documented contact with the agency in years. “We are an all-lines agency that can All agency licenses are P&C or the help you with any of insurance-related staff with life & health licenses have questions and needs.” little experience with those lines of insurance. A very small minority of current accounts have any non-P&C coverage.
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What the Site or App Says We Do The site has a quote request form
“We will partner with you to review your work contracts and make sure your coverage backs up those agreements.”
The Reality in Many Agencies The agency does not have standards for immediate action on and response to web and app requests (or does have such standards but does not monitor and enforce them); clients can wait for days to hear back from the agency. You staff are not legal experts or versed in contract law; often the contract has been signed before the agency even sees it.
WEBSITE ESSENTIALS
Swiss Re’s Corporate Solutions Department, like all E&O carriers, has seen plaintiff attorneys bring the defendant agency’s web-based statements as evidence of the agency’s negligence in not fulfilling its “promise” to the client. They have been very proactive in providing solid recommendations that are very easy to incorporate into an existing agency site or app or that can be very helpful in developing a new agency site or app. Some of those recommended “Essentials” are: • clearly indicate the states in which the agency is licensed to offer insurance • explicitly state that mis-statements or omitted information can and probably will change the pricing and availability that the agency can provide • include a privacy statement (available from the E&OHappens website or your agency’s attorney) and be very clear that no information provided will be shared with other parties without the applicant’s explicit permission and provide a mechanism for the applicant to provide that permission • encrypt all information that could jeopardize the user’s privacy and security. Those items include, but are not limited to, health information, full name, mother’s maiden name, social security and driver’s license and car registration numbers, as well as any free-form areas since the client could enter confidential information there • be clear that applying for insurance does not automatically lead to being insured. Specify exactly what the applicant will receive to verify that coverage has been put in force. Repeat (e.g. as a “footer”) on every page. • obtain, by written or electronic signature, permission from any individual or business if you use a testimonial or quote from that entity • avoid superlative and comparative words such as “the best” or “better than other providers” or “all risk” or “full coverage” or “the best insurance program”. Instead, promote the agency’s and its staff’s professionalism, experience, specialization, product line on their own merits 20 | www.iiak.org | November/December 2018
• set up a suspense system to ensure that the site and app information is current. Staff changes, carrier deletions and additions, product line updates, relevant law revisions, and agency hours changes and even location changes can get lost in the shuffle. One agency’s site very recently wished its visitors “A Very Happy 2010” which did not convey the message of competency that the agency intended! • provide the agency’s credit & collection policy on any quote or coverage request page. Examples: if the prospect’s old/incumbent agency reminds them to pay their direct bills and your agency does NOT, the potential new client has no way of knowing that they should not wait for your reminder call unless you TELL them that. If their old/incumbent agency paid their agency-billed premium for them when their budget was tight and you do not advance premiums, the client deserves to be so informed. This will not only make the agency safer from E&O loss, but will begin client service off on the right foot.
VENDOR-PROVIDED INTERACTIVE SITES MAKE YOUR AGENCY’S DATA BASE AN EVEN MORE IMPORTANT E&O SAFETY MECHANISM
The major vendors of agency management systems provide products that can be used as the agency’s site or that can be a “plug in” on the agency’s site. Most can also work as an app. These products have been deservedly popular and allow integration with the agency’s database so that clients can not only look up their coverages, often through the agency’s portalling of the client’s policies and endorsements, but also the clients can effect service functions by interacting with the site, rather than by contacting a service rep in the agency. Clients are increasing comfortable and like “doing it themselves” at a site. Many clients want to handle their insurance matters during hours that the agency cannot be physically available. These products, therefore, are becoming not just attractive, but necessary to meet market expectations. It is not uncommon for an agency to offer an interactive site to its clients without verifying that its data base, which the client will now be using to get a certificate or a binder or report a loss, is not complete or accurate. Agency staff have been coping with that by using images of paper or the carrier websites – all of which is inefficient and has had its own E&O dangers – but now those dangers are accentuated. Recommended practice before opening up an interactive site to an agency’s clients includes: • data audits for field completeness and currency • workflows that update the agency system first (rather than doing the carrier’s site first and awaiting the download into the agency system) • ensuring that backlogs of agency work are eliminated so that the system detail is as up-to-date as possible.
A very simple example might clarify the importance of site and system synchrony. An agency is short-staffed due to unanticipated staff departure and some work is not done in a timely manner. It might be the download suspense; it might be handling of an aged receivable. The upshot is that a cancellation does not get updated in the agency’s system. A commercial lines client in that same timeframe obtains a certificate of insurance from the agency’s website and directs it to an entity for which he is working. A claim occurs during a period of “no coverage”. The agency will likely be found negligent for allowing certification of coverage when coverage was not in force. It is important to point out that, even in the absence of a loss, client confusion is enough reason to ensure that the agency’s data base is “ready for prime time”.
AMERICANS WITH DISABILITIES FEDERAL LAW
One important consideration in agency website design is accessibility. 244 Federal accessibility cases were filed in 2016 in regard to public accommodation businesses. The Department of Justice responded to one defendant’s interpretation that “only physical locations are subject to Title III of the Americans with Disabilities Act (ADA) in this way: “The United States respectfully submits this Statement Interest to clarify public accommodations’ longstanding obligation to ensure that individuals with disabilities are not excluded, denied service, or treated differently from other individuals because of the absence of auxiliary aids and services, such as electronic technology. This obligation means that websites of places of public accommodation….. must be accessible to people who are blind, unless public accommodation can demonstrate that doing so would result in fundamental alteration or undue burden.” Since most agencies in their marketing materials offer its location(s) as open to clients, prospects, and visitors, it is a place of “public accommodation”. Note that the DOJ’s statement above is a Statement of Interest, not a court or administrative filing; but an agency in setting up a website would be wise to consider text alternative such as captions on-screen or available to be displayed. At minimum, this shows admirable concern for the vision-impaired and at maximum, it may keep the agency out of one of the expected multiple 2017 and beyond accessibility-based cases. An agency’s web-presence is an integral and expected part of its overall business plan. Most clients will want and expect the agency to be accessible electronically. Agencies will continue to face strong competition and will want to differentiate themselves to keep current clients and attract new ones. Mindful setup of all information that is made available on the web and commitment to keep that information up-to-date and carefully presented will allow the agency growth, retention, strong community reputation, and avoidance of E&O entanglements.
PROFESSIONAL LIABILITY BROKERAGE PROPERTY & CASUALTY GARAGE LIABILITY TRANSPORTATION SURETY PERSONAL LINES
Virginia M. Bates is an approved auditor and seminar leader for the IIABA/Swiss Re E&O Program as well as an educator for many other insurance subjects for state associations, vendors, carriers, and other organizations. She consults with agencies on reducing E&O exposure, profitability, Human Resource management, Best Practice processes, business planning, and sales planning/direction. She also provides in-agency and in-carrier classes and other educational materials.
(800) 666-5692 | JMWILSON.COM
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2019 is fast approaching Don’t miss these great events!
IIAK would like to welcome our newest members: Agency Member CBI Insurance Louisville
Associate Member The Hartford Shelbyville
Want to be an Industry Partner? Contact Nikki Robins Communications Director nrobins@iiak.org
For information regarding IIAK membership, contact Amy Good, Financial Services Director 502-245-5432 • agood@iiak.org www.iiak.org | November/December 2018 | 23
EL
18
The Emerging Leaders Committee has gathered every year in October at Keeneland Racetrack for a day of networking and fun for quite some time. However, this year we decided to mix things up a bit and host a tailgate. More than 40 attendees gathered on The Hill for a day of networking, delicious food (thank you Ray Robertson - you’re the real MVP) and even a visit by The University of Kentucky Wildcat! A special thanks to our Industry Partners events like these wouldn’t be possible without your support. See page 27 for a full list.
Lindsey Pruitt, Chandler Purdom, Katie Hines
Chandler Purdom & Devin Cohoon
Karl Richardson, Brody Layton, Lindsey Pruitt, Mitchell Blaser, Maddie Dobson
Andrea Hurley, Laura Yount, Jeremiah Hale
Keith Hines, Tom Million, Tyler Korus, Dustin Million
Sheila Rose, Russ Wardlaw, Danny Yackey, Debbie Sanford, Logan Edelen, Tripp Humston, Matt Baker
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Soar higher, y lighter. Elevate your brand and lighten your load by co-branding with Trusted Choice. Trusted Choice will reimburse a portion of expenses incurred in 2018 by Trusted Choice agencies in cobranding, advertising and marketing materials; and in creating or updating a digital presence.
Marketing Reimbursement Program 2018
Contact Trusted.Choice@iiaba.net or go to trustedchoice.com/agents for more information today.
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2018 Associate Members AAA Auto Club P&C Insurance Acuity AFCO Alexander J. Wayne & Associates American Resources Ins Co Amerisafe, Inc. Amerisure Insurance AmWINS Brokerage of the Midwest, LLC Anthem Blue Cross-Blue Shield Arlington/Roe ARM of Kentucky, Inc. Auto-Owners Insurance Company BITCO Insurance Companies Bolton and Company Capital Premium Financing CCMSI/KY RETAIL FEDERATION SIF ClearPath Mutual Columbia Insurance Group Commercial Sector Insurance Brokers Countryway Insurance Company Cumberland Surety Inc. Eastern Alliance Insurance Group Echelon Advisors, LLC EMC Insurance Company FCCI Insurance Group FFVA Mutual Insurance Co Frankenmuth Insurance Grange Insurance Company ICW Group Insurance Companies Imperial PFS InsurBanc J.M. Wilson 26 | www.iiak.org | November/December 2018
KEMI Kentucky Fair Plan Reinsurance Association Kentucky Growers Insurance Co., Inc Kentucky League of Cities Kentucky National Insurance Co. Kentucky Retail Federation Self Insurers Fund Keystone Insurers Group KY Associated General Contractors Liberty Mutual Insurance Lloyd’s Kentucky, Inc. Market Finders Insurance McNeil & Company, Inc. Premium Assignment Corporation Prime Insurance Company Progressive Risk Placement Services, Inc. Safeco Insurance Secura Insurance Secura Insurance Company Seneca Insurance Company State Auto Insurance Company Summit Swiss Re Corporate Solutions The Motorists Insurance Group Titan Web Marketing Solutions United Fire Group United Home Insurance Company United Mail West Bend Mutual Insurance Westfield Insurance
AFCO Amerisafe, Inc. Kentucky National Insurance Co Keystone Insurers Group Alexander J. Wayne & Associates AmWINS Brokerage of the Midwest, LLC Anthem Blue Cross Blue Shield Auto-Owners Insurance Company BITCO Insurance Companies Capital Premium Financing ClearPath Mutual Columbia Insurance Group
KY Associated General Contractors Seneca Insurance State Auto Insurance Company
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 Summit SwissRe Corporate Solutions United Home Insurance Company Westfield Insurance
IIAK gratefully acknowledges these fine companies, our 2018 Industry Partners. Without their assistance, fees for the events and programs throughout the year would be significantly higher and/or the quality of the prorgram would be restricted.
BRONZE
SILVER
GOLD
PLATINUM
2018 Industry Partners
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We know what it took to build this unique business.
And we know what it takes to protect it. Underwriters who know and understand what coverages are necessary for each unique business. Loss prevention professionals who use a hands-on approach to help develop programs tailored to each specialty business. Claim reps with the expertise and technology to process claims quickly and efficiently. As an Official Supplier of the Silver LiningÂŽ, you and West Bend will find a specialized insurance plan for your valued customers. To find out more, talk to your West Bend underwriter.
28 | www.iiak.org | November/December 2018
17 Ways To Get More Work Done-and be Happy doing it! By: John Graham Most everyone has figured out that performance expectations keep going up. To put it bluntly, we face the challenge of doing more in less time. And it’s not about to change anytime soon. In the past, those with lots of experience fared well. But not today. Experience can hold us back, like running against a strong wind. Experience is about what we’ve done in the past and it has value in a never-changing environment. On the other hand, expertise prepares us for what we must do next so we can face the future with confidence. The question, then, is how to transition from experience to expertise, from looking backward for answers to looking forward with solutions. Here are 17 ways to do it: 1. Have the right mindset. Experience short-circuits the thinking process. We go from zero to 60 in a split second. We tear into tasks because we’ve been there before and know what to do. It takes an analytical mindset when entering uncharted territory.
2. Figure out what you need to know. More often than not, problems, misunderstandings and confusion occur because we didn’t ask enough questions—or, more likely any questions. We get off on the wrong foot by not knowing what we need to know. 3. Give yourself time. Some say they do their best work in a crisis or at the last minute. It’s also easy to deceive ourselves. Where does that leave us when we run out of time? The answer: in trouble and making excuses. And feeling overwhelmed. 4. Work on it and let it sit. The best solutions rarely, if ever, occur on the first attempt, whether it’s writing a report or working on a project. The human mind needs “noodling” time to work in the background without pressure. Remember, everything can be improved. 5. Avoid confrontations. It isn’t easy, particularly since we seem to possess an “urge to be right,” a gyroscope of the mind. When coming into contact with an opposing view, the mind pushes back to regain its balance. It helps to view it as a signal to take a closer look before having a confrontation. www.iiak.org | November/December 2018 | 29
6. Never assume things will go smoothly. Why do we never get over being surprised when things go wrong? It’s as if someone is playing cruel jokes on us or deliberately throwing us curve balls to cause us grief. It’s best to be prepared by anticipating what might go wrong.
8. Learn something new. If you can do your job without thinking about it, you’re probably bored and underproductive. The human mind gets moving and stays active by coming up with new ideas, making improvements and solving problems.
7. Second-guess yourself. To avoid getting blindsided, ask yourself “what if” questions to foresee possible outcomes. Then, when asked about alternatives, you can say you considered various options and why you chose this one.
9. Go beyond what’s expected of you. It’s easy to put up a “I’ve reached my limit” or a “I’m not paid to do that” sign. Everyone feels that way at times. If we do, we can count on dismal days ahead. 10. Be present. It’s easy to be at work and not be present. The average employee spends just under eight hours a week on personal stuff, most of it on email and social media. For those 18 to 34, add two hours a week, according to a staffing firm Office Team survey. That’s a day a week of not being present. 11. Ask questions. Have you started on a task and get into it only to discover you’re on the wrong track? Most of us have—too many times. It occurs when we’re too sure of ourselves or reluctant (embarrassed) to ask questions. Asking the right questions is a sign that your thinking about what you’re doing.
Contractor founded. Locally insured. FCCI is a trusted provider of insurance and surety bonding for the construction industry. Founded by contractors in 1959, we have earned the trust of our customers by keeping our promises and doing what we say we’ll do.
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12. Look for possibilities. Instead of just doing your work each day, take it to another level and interact with it so you get feedback from what you’re doing. Ask yourself: Is it clear? Is it complete? Will the recipient understand it? Is it necessary? Will it make the right impression? What have I missed? Should I start over? Is it time for another set of eyes? 13. Take a chance. It’s invigorating to try something new. You may have been thinking about it for a long time and it doesn’t really make any difference what it is. By taking your mind off all the annoying daily irritations, it can help invigorate your outlook and improve your productivity.
14. Have clear goals. Tedium sets in on any job. One day you realize that what was interesting and challenging is now tiring and unpleasant. Perhaps even intolerable. If so, it’s “goal think” time. Start by asking what you want to accomplish today, then add another for the coming month, and so on. When you know where you’re going, the tedium fades away. 15. Eliminate confusion. We may not be in a position to control the confusion around us, but we can avoid adding to it. We can make sure our messages are accurate and complete so there’s no misunderstanding, our address book and other files are current so we don’t need to bother others, meet deadlines so we don’t leave others waiting and so on.
17. Take on a challenge. Nose around to see what you can find, drop a few hints, and even raise your hand. But be sure it’s something you want to sink your teeth into. If it is, you’ll have a great time doing it. Not only will you get your work done, but it will be more than you thought possible, and you’ll be happier at the same time. Better yet, your employer and your customers will be happier, too. As it turns out, happiness doesn’t depend on what others do for us, but what we do for ourselves. John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com or johnrgraham.com.
16. Raise your standards. Others respond to us based on how they view us. How do they see you? Someone who get things done, who takes quality seriously and who demands a lot from yourself. Make a conscious decision as to how you want to be perceived.
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© SECURA Insurance
LEXIE • Born into an insurance agency; worked at two of them • Loves the Green Bay Packers, music, her toddlers… in reverse order • A decade of insurance experience
Has walked in your shoes
Meet Lexie, one of our Commercial experts. Agents call her first because she’s worked at an agency and knows what they want. She’s quick to reply, open-minded, and knows her stuff; just like her colleagues. She may even trash talk football or the latest breakout rock band. High standards you can rely on from real people. Plus, they’re backed by our caring claims group who will get your clients back on their feet.
SECURA Commercial. It’s how you get ahead.
32 | www.iiak.org | November/December 2018
Commercial | Personal | Farm-Ag | Specialty
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Classifieds Acquisitions
Looking for 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.
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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Acuity Amerisafe Arlington/Roe Big “I” Professional Liability Bolton & Company ClearPath Mutual FCCI J.M. Wilson
16 11 8 17 OBC IFC 30 21
KEMI RLI Personal Umbrella Secura Summit Consulting Trusted Choice Trusted Choice MRP West Bend Mutual Insurance
22 33 32 31 34 25 28
For classified ads or to advertise in the Kentucky IA, contact: Nikki Robins, Communications Director at nrobins@iiak.org or call 502-245-5432.
www.iiak.org | November/December 2018 | 35
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