September/October 2017
5 Steps for Onboarding New Producers Top 8 Sales Success Traits Page 26
Page 16
What is your Work Language? Page 23
Together... We’re making a difference to our members, to our agents, and in our community.
200 Executive Park, Louisville, KY 40207 502.894.8484 | 800.367.5372 | www.kesa.org
What's
Inside
Page 10
Contents
8 Big “I” MEP 401(k) Plan 10 Appeals Court says Multiple Injuries Alone Did Not Create Multiple “Occurrences” 16 In the Groove: 5 Steps for Onboarding New Producers
Page 16
20 Common E&O Risk Management Problems 23 What is your Work Language?
Page 26
26 The Top 8 Sales Success Traits: What Makes The Top Salespeople The Top Salespeople?
In Every Issue 4 From the Chair 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
30 Industry Partners
5 DOI News
31 Advertiser Index
6 Education Calendar
31 Classified Ads
30 Upcoming Events
31 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 | September/October 2017 | 3
Chair
Officers
From the
George L. “Chip” Atkins Chair, Louisville 502.585.3600 Michael G. Johnson, CIC Chair-Elect, Lexington 859.233.1461 Aaron LaRue Vice Chair, Bardstown 502.348.0050 James D. England, AAI Treasurer, Pikeville 606.437.7361 Stephen R. Kinkade, CPCU, AAI National Director, Leitchfield 270.259.5465 David M. Houk Immediate Past Chair, Horse Cave 270.786.2724
Directors Allen J. Crawford, CIC, CSRM Somerset, 606.679.6311 Kevin T. Desmond Bellevue, 859.491.5100 Eric S. Harden Young Agent Chair, Louisville 502.459.7500 Sharon B. Hill Jamestown, 270.343.3144 Skip McGaw, CIC Madisonville, 270.821.3122 Crystal Reid, CIC Madisonville, 270.994.3737 Ray A. Robertson, CIC Mt. Sterling, 859.498.3410 Laura Yount, CIC, CISR London, 606.878.0100
Staff
As I begin to wind down my year as your Chairman, I reflect on the things I hoped to accomplish during the past year. While we have seen increased commitment and activity within our young agent population over the past few years, one of my primary goals was to emphasize and build on the need to draw more young talent into our industry. It is no secret that our industry is going to face a significant issue soon if we are unable to attract the younger generation into the independent agency system. We have been very fortunate to draw on the experiences of some of the other state associations. For example, Wisconsin, has seen tremendous growth in their “emerging leader” segment, and I felt it would be worthwhile to have their leadership speak with the board. We walked away with many ideas that will significantly impact young agent interest and participation. Many of the programs show agency principals and insurance carriers that the next generation is serious about learning. Young agents want the opportunity to gain leadership skills to grow their career. We must keep in mind that building a solid foundation for perpetuation within the agency structure is not a quick fix, but one that is done over time. I urge agency owners and leadership to encourage their young producers to get involved in IIAK at some level, whether on a committee or on the board. There are many events throughout the year that warrant participation. The IIABA mission statement is to “Provide our members with a sustainable and competitive advantage”. Promoting and encouraging young agent involvement will lay the groundwork for creating this competitive advantage. I want everyone to know that you have a very dedicated IIAK staff and board. I feel very fortunate to have had the opportunity to collaborate with such knowledgable people who share the goal of serving the membership. The mutual respect and friendships we develop with one another are the rewards of our service to the association. It has been an honor and pleasure to serve as your chair. As those before me, we all hope to leave things a little better for the incoming Chair.
Peggy P. Porter President & CEO
Sincerely,
Katie M. Freshley Education & Events Director Amy Good Administrative Assistant Tara T. Purvis Marketing Director Nikki S. Robins Communications Director Kristie Weyer, CISR Insurance Services Director
4 | www.iiak.org | September/October 2017
Chip Atkins
News Department of Insurance
We know that agency management often involves software packages, the Cloud and deciding how to best capture and retain business. Selecting the right system is time-consuming, but also very necessary. Likewise, managing the human resources of your agency can be frustrating, but rewarding. I want to focus more on the human aspect of agency management, leaving the technical recommendations to others. In talking to my staff, both those who help license agents and those who have been agents, several themes emerged. In any business, it is important to know your employees and to recognize problems before they become life changing. It is always sad when we have an agency report criminal activity by an employee or see a fraud report regarding theft of premium. Often, the reporting agency head will comment that he/she saw “lifestyle choices” that caused some alarm – partying, suspicion of drug or alcohol use, overextension of finances – prior to the actual criminal act. In particular, pay attention to those employees who handle insurance premium and be sure there are no easy opportunities to take money from the agency. Addressing self-destructive behavior can make a difference in the life of the employee and can protect the agency from theft or reputation-damaging acts. We know continuing education is often regarded as a necessary evil. However, we feel this requirement is a real opportunity for your agency staff to gain professional development and to find tools and resources to better assist your clients. What we want to avoid are those times when CE becomes a burden because the agent waited until the last minute to begin working on those requirements. Thinking about CE only at the time of renewal is not good for the agent, your agency or your clients. We recommend that licensees regularly check the status of their continuing education through eServices on a regular
basis. Agents should monitor the online record to be sure any classes taken have been credited to the account and to be aware of requirements that need to be met. A few reminders: • The continuing education requirement is 24 hours for each biennium, to be completed by the last day of your birth month, odd or even numbered year (depending on when you were born). The 24 hours must include at least six hours directly related to one or more of your active lines of authority and three hours must be in the ethics course concentration. • Only courses approved by the department or from the Midwest zone are approved as credit hours. • All 24 hours may be classroom, correspondence or a combination of the two. A course may be credited only one time during the biennium. • If a license or line of authority expires for failure to meet continuing education requirements, the licensee has up to one year from the date of termination to complete the delinquent hours and apply for reinstatement of the license without an examination requirement. Whether managing software systems or human resources, we wish you all the best as you strive to make your agency function more efficiently. Please let us know if we can assist. www.iiak.org | September/October 2017 | 5
Continuing Education
IIAK has a range of classroom and webcast continuing education courses as well as valuable designation seminars. See below for our latest offerings.
ON-SITE COURSE:
E&O Risk Management: Meeting the Challenge of Change October 5 • IIAK Education Center
ONLINE COURSES VIA ABEN: Date/Time
Seminar Name
November 16 @ 10 am
Agency Management Based E&O and Ethics
3
November 15 @ 2 pm December 14 @ 11:30 pm
Annuity Basics and Where They Fit
1
December 20 @ 10 am
Business Auto Claims That Cause Problems
2
November 21 @ 12:30 pm December 20 @ 3 pm
Business Fraud Protection
1
November 27 @ 11 am December 6 @ 10 am
Certificates of Insurance – Emerging Issues and Other Stuff that May Scare You!
3
November 28 @ 9 am
Commercial Lines Claims That Cause Problems
2
November 7 @ 10 am
Commercial Property Endorsements That Can Make You Money!
2
November 9 @ 10 am
COPE – Property Underwriting and Effective Loss Control
2
November 15 @ 1 pm December 19 @ 3 pm
Data Privacy Insurance
2
November 15 @ 11 am December 19 @ 10 am
Directors and Officers Liability Insurance
2
November 13 @ 1 pm December 11 @ 1 pm
Double Trouble - Certificates of Insurance and Business Auto Endorsements
2
November 16 @ 10 am December 5 @ 9 am
E&O Risk Management – Meeting the Challenge of Change (6 hour course)
6
November 28 @ 10 am
E&O Risk Management – Meeting the Challenge of Change (Part 1)
3
November 30 @ 2 pm
E&O Risk Management – Meeting the Challenge of Change (Part 2)
3
November 21 @ 12 pm December 20 @ 3 pm
Estate Planning Basics
2
6 | www.iiak.org | September/October 2017
CE Credits
Date/Time
Seminar Name
CE Credits
November 21 @ 9 am
Ethics and Business
3
December 20 @ 10 am
Home Based Business Exposures
2
November 7 @ 1:30 pm December 27 @ 10:30 am
Hot Topics in Personal Lines
2
December 12 @ 10 am
Liability Issues to Worry About – Indemnity Agreements and Additional Insureds
2
November 28 @ 9 am
Long Term Care Insurance
2
November 7 @ 10:30 am December 27 @ 1:30 pm
National Flood Insurance Program Basic Course - 2016
3
November 30 @ 3 pm December 18 @ 11 am
Personal Fraud Protection
1
December 28 @ 1 pm
Personal Lines Claims That Cause Problems
2
November 3 @ 1 pm December 7 @ 3 pm
Professional Ethics in the Insurance Industry
3
November 1 @ 2 pm December 6 @ 2 pm
Property & Liability Concepts - Comp. Cov. Series
2
November 9 @ 10 am December 14 @ 10 am
Rental Cars: More Than Meets the Eye
2
December 12 @ 10 am
Those Kids and Their Cars!
2
November 8 @ 1 pm
Top 5 Life Insurance Uses
2
November 3 @ 12:30 pm December 7 @ 11 am
What you Need to Know about Employment Law & Coverage
2
December 13 @ 1 pm
Workers Compensation Beyond the Basics
3
Veteran Licensing Program All Kentucky veterans and their spouses can receive their Kentucky Insurance License and help finding a career in insurance, FREE OF CHARGE! Contact IIAK for details. 502-245-5432 or iiak@iiak.org www.iiak.org | September/October 2017 | 7
Big “I” MEP 401(k) Plan WHAT IS A MULTIPLE EMPLOYER PLAN (MEP)?
A MEP is a retirement plan established by one plan sponsor – in this case, Big “I” Retirement Services LLC (BIRS) - that is then adopted by one or more participating employers. When an employer merges its current single-employer plan into a properly structured MEP, the role of plan sponsor then transfers from the adopting employer to the plan sponsor of the MEP. The MEP sets up a single plan that covers all adopting employers, with the plan document generally written to allow for variation in plan design among the participating employers. Fund selection and monitoring are handled by the MEP – in our case, outsourced to Mesirow Capital as the ERISA 3(38) fiduciary. Discrimination testing and plan design (with some limitations) generally remain with the participating employer with the administration being handled by MVP Administrators, Inc. It is important to note that BIRS is the sponsor of the MEP. It should also be noted that BIRS is sponsoring a “closed” MEP which is limited to state associations and member agents. No other employers will be allowed to participate.
WHY SHOULD I JOIN THE MEP AND WHAT CAN IT DO FOR ME?
The better question is, “Why not?” With the continuous stream of class action lawsuits against employers claiming they have breached their fiduciary obligations, it is no longer prudent to believe that simply offering a 401(k) plan to your employees is enough. A breach of fiduciary responsibility can be costly as employees set out to recover excessive fees and investment losses from their employers. While no one entity or person can eliminate a plan sponsor’s fiduciary responsibility, a properly structured plan can help mitigate the risk. Our MEP structure allows us to pool together our collective size to obtain economies of scale and obtain great pricing. Mitigation of fiduciary risk The relief offered by MEP participation is extensive but not total. Certain responsibilities generally remain with the adopting employer, and even this reduced role must be taken seriously. While a plan sponsor cannot completely 8 | www.iiak.org | September/October 2017
eliminate its fiduciary liability, it can be mitigated by the proper selection and monitoring of an outside 3(38) investment manager which is handled by BIRS. Streamlining of plan operations In addition to the audit elimination for large plans, MEP adopting employers no longer file a Form 5500 or maintain a fidelity bond. The annual audit is handled by BIRS with each participating employer being required to answer auditor’s requests. It is important to note that any employer not complying with the requirements will not be allowed to continue to participate and will be removed from the MEP. Investment Considerations The BIRS MEP has a specific investment approach: To allow plan participants to allocate their account balances among a variety of stock indexes, a bond index and the “Guaranteed Account” or plan participants can choose to select a “Target Date Fund” which provides for a preselected allocation appropriate to the individual’s risk and/ or time horizon and which is periodically rebalanced to arrive back at the targeted allocation. Transparency in Plan Expenses The retirement plan industry has been constantly evolving for decades. In the 1970s, the traditional defined benefit plan sponsors (IBM, Ford, UPS) learned that they could unbundle the actuarial, plan administration and investments from the traditional “bundled” approach that insurance companies offered and lower their costs and improve their investment returns. A similar evolution has been occurring with 401(k) plans. However, it has been more challenging to provide a similar opportunity for smaller sized organizations due to a lack of scale. Many small plans experience “retail” pricing which pays – or subsidizes – the cost of the services provided to the plan. Because of the bundled approach, and complexity of the components, it has been difficult for plan sponsors and plan participants to understand the expense equation.
QUESTIONS?
Contact Christine Munoz, vice president of Big “I” Retirement Services, LLC at 800-848-4401 or christine. munoz@iiaba.net. Or visit www.iiaba.net/retirement.
Doing The Right Thing Since 1964
James A. Roe, CPCU, ASLI President
Our people will earn your trust. Our service will keep it. We understand the needs of today’s independent agents, so we offer more than a diverse line of product offerings. We have personable experts who will work seamlessly with your team to meet the needs of your customers, where and when you need it. When you want service that exceeds your expectations, we’re ready.
Let us help you find the right solutions. ®
800.878.9891 ArlingtonRoe.com Aviation | Bonds | Brokerage | Commercial Lines | Farm | Medical Professional Personal Lines | Professional Liability | Transportation | Workers’ Compensation
www.iiak.org | September/October 2017 | 9
Appeals Court says Multiple Injuries Alone Did Not Create Multiple “Occurrences” By: Rick Pitts Sometimes, these columns aren’t too hard to write. Occasionally, we get to talk about coverage issues and policy definitions and exclusionary language in situations in which no one’s been hurt. Maybe a small property loss has an interesting coverage wrinkle; maybe it’s a liability case where there are no physical, bodily injuries at stake. When the facts get tougher, the cases get harder to discuss in a column. A recent Kentucky case needs to be discussed because of the significant insurance principles involved. It involves, however, quite a difficult set of facts. In December 2009, two cousins, Joshua Thacker and Kaitlyn Griffin, were unloading a car near Colonial Village in Somerset. According to news reports, a large maple with two main branches fell in gusting winds. The maple tree crushed the two. Thacker survived with serious injuries. Griffin did not survive. Griffin was also pregnant. Her child was delivered, but also did not survive.
While the Evanston policy sat in a partially “excess” position, its language is quite familiar when it comes to defining an “occurrence.” An occurrence is, “an accident, including continuous or repeated exposure to substantially the same general harmful conditions.” This language is industry standard and very common in policies.
Eventually, a jury awarded the plaintiffs $3.73 million in damages against the Housing Authority of Somerset for failure to maintain the property.
It’s also, according to the Sixth Circuit Court of Appeals, is very much in line non-technical, ordinary definitions of “occurrences” as unintended incidents or events, or simply “accidents.” It’s also in line with the way we commonly speak about such things, according to the Court:
The Housing Authority is part of the Housing Authorities Self-Insurance Fund. The Fund covered the first $150,000 of the loss. Above that, Evanston Insurance Company had a policy that covered $1,000,000 per occurrence and $2,000,000 in the aggregate. The important question in the case, a federal, Sixth Circuit case called Evanston Ins. Co. v. Housing Authority of Somerset, is simple – how many “occurrences” happened under these difficult facts?
10 | www.iiak.org | September/October 2017
In common parlance, when one tree falls at one time, that is one occurrence and one accident… The definitions look to the number of causes, not the number of effects. Here we have one unfortunate cause (the fallen tree), and three tragic effects (two deaths and one serious injury). The Court then turns to Kentucky insurance principles and prior case law. It too focuses in on the “causes,” rather than the “effects.” The claimants in the Evanston case sought to avoid this result by saying there were multiple, different
causes for the injuries, including cardiac arrest and blunt force trauma. The claimants also argued that the two, different tree branches caused two different losses. These contentions did not win. The Court said: When one car collides with another, no one would refer to the event as several accidents even if the driver broke a rib on the steering wheel, the person in the passenger seat suffered a concussion after hitting the dash, and the person in the back seat suffered a psychological trauma. In day-to-day conversation, we would say a single car accident, a single occurrence, caused many injuries. That’s what happened here. So, the outcome of the case is that Evanston’s liability is capped at the occurrence limit of $1,000,000, rather than the $2,000,000 aggregate limit. The outcome of the case is also a clarification of what is meant by a single “occurrence” or “accident.” Why do we care? Cases involving this subject matter are more frequent than one might imagine and do not necessarily involve as dramatic and tragic a situation as in the Evanston case. Some common examples include situations of: • Multiple customer illnesses at a restaurant from food-borne contamination; • Multiple building occupant illnesses from poor heating equipment, or ventilation, or other similar cause; • Multiple claimants from a “single” event of defective construction work, such as an outdoor paint over-spraying situation; • Multiple policies and policy years being involved due to long exposure type of “accidents” such as asbestos exposure; and • Multiple policies and policy years being involved in “failure to supervise” or “failure to prevent” cases. One might look at this list of suggestions and conclude that it’s easy to determine: multiple claimants do not make for multiple occurrences. That statement is true, but may not answer all the issues we might confront. What if the food-borne contamination resulted from both exterior contamination and poor storage? More plausibly, what if the construction work was poorly done and then poorly repaired? Is there one “accident” or two?
Courts in other states have decided similar questions quite differently. An event of poor heating unit installation was held to be a single “occurrence,” in one case. In another case, multiple installations by the same contractor, repeating the same mistake, were held to be multiple “occurrences.” So, these type of coverage issues can be exceptionally difficult to predict the outcome. Caution and prudence are the order of the day, of course, when counseling on any specific question. What we can do, though, is identify if our insureds have the type of exposure that could lend itself to a multiple claimant situation – do they have high customer or client volumes with repetitive business from a single source, or, are their goods and services more tailored and narrowly provided? The former may be more attuned to an excess policy than the latter. But even that may not solve the problem. The best way to illustrate this is to note that it may be in the insureds interests, depending on the circumstances, to argue in favor of one “occurrence” rather than two or many “occurrences.” Why? With one occurrence comes only one deductible or self-insured retention (depending on the policy language, of course). The same type of argument can also happen at the excess level. The excess carrier might argue in favor of several “occurrences.” Why? With multiple occurrences, the primary insurer may not be able (depending on the aggregate limit) to access the excess carrier’s limits. Whichever side the parties are arguing for, most will be working in an insurance environment as described in the Evanston case. In other words, most states follow a version of the “primary cause” type of test, rather than looking at the “effects” test. If there is a single, unifying cause for the unfortunate events, then there is likely but one “occurrence” for insurance purposes. 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.
www.iiak.org | September/October 2017 | 11
WHY WALK
WHEN YOU CAN SOAR?
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Re gi ww ste w. r on iia lin k.o e rg at Schedule of Events Wednesday, November 8 11:45 am Afternoon at Churchill Downs 4 pm Registration Opens 5 - 7:30 pm Trade Show/Opening Reception 7:30 pm Dinner – On Your Own 9 - 11 pm Liberty Mutual Reception Thursday, November 9 7 am Registration Opens 8 am Welcome Breakfast & General Session with special guest Joe Leahy, IIABA Chair Elect 10 am Kentucky General Assembly Banking and Insurance Committee Meeting (filed for 2 hrs CE in Kentucky) 11 am Spouse/Guest Outing 12 - 1 pm Lunch with Commissioner Nancy Atkins 1:30 - 3 pm Social Engineering: When Familiar Becomes Fatal presented by Matt Francis, FBI 3:15 - 4:45 pm Survey Says! What Insurance Consumers Want presented by David Pieffer, J.D. Power & Associates 5:30 pm Cocktail Reception/YAC Silent Auction & Wine Toss for Kentucky Agents Foundation 7 pm Leadership Dinner 10 pm Bowling Event @ Sports & Social Club Friday, November 10 8:30 am YAC Breakfast with Charles Symington, IIABA 9:30-12:30 pm Studies in Ethics: A Hippocratic Oath for Insurance Professionals presented by Rick Pitts (filed for 3 hrs CE in KY & IN) www.iiak.org | September/October 2017 | 15
In the Groove
5 Steps for Onboarding New Producers By: Bill Harwood
New producers face a dual challenge when they join an agency: absorbing the massive range of information about their new employer, and gaining a clear understanding and appreciation for their new working environment. The solution? A comprehensive and disciplined onboarding experience. According to the Brandon Hall Group, organizations with a strong onboarding process improve new hire retention by 82% and productivity by more than 70%. A full orientation is essential for fully assimilating new employees to your agency—and, ultimately, to their success as a representative of your firm. But most new-hire orientations are limited to the agency’s history, organizational chart and management team, brief descriptions of key staff and business units, and an introduction to the department they’ll be joining (yawn). 1) Develop a formal plan. Build a comprehensive, organized onboarding plan and timeline for the new hire. The onboarding plan should: • Identify all critical knowledge elements the producer must acquire. • Register all operational elements they must understand and execute. • Document all critical background and historical contexts they need for efficient and effective performance.
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An effectively designed onboarding plan expands the new hire’s knowledge beyond their own practice, creating opportunities to not only meet and greet but engage with other individuals from the other practices or service teams. A holistic menu of what the agency offers creates a culture of collaboration from day one— and it can prove beneficial down the road. Ideally, the onboarding plan should include detail for the first two or three weeks, with day-by-day goals and activities. After the first few weeks, it should transform into a month-to-month plan with big-picture objectives and goals for the individual to map into their days and weeks on the job, as well as real work contributions. The plan must strike a balance between self-directed activities that motivate direct action and manager engagement that adds important details and context— and ensures the individual’s onboarding stays on track. The onboarding plan should also include firm, realistic deadlines to hold your new hire accountable, plus give them a sense of accomplishment as they complete tasks on their list. 2) Don’t curb the enthusiasm. The traditional orientation process is fine, but it lacks passion, and it fails to give new employees enough opportunity to interact and engage with the content. The best orientations for today’s worker offer extensive interaction with a firm’s value proposition and strategy, including specifics about competitive advantages in the agency’s territory and markets. Ask yourself questions like: What differentiates your agency from the rest? Why did your new hire make the best choice by joining your agency? Why are you passionate about what you do? Good producers have a clear understanding of insurance coverage and sales tactics; great producers also lead with excitement and emotion. Give your salesperson the heart fuel they need to get their engines revving early, and keep it going to make sure they accelerate into the future. Giving a new salesperson an assignment to research and articulate your agency’s value proposition is an excellent, self-paced task for not only acquiring the necessary perspectives on operations, but also engaging with multiple internal resources. The process builds relationships across the agency, giving the new hire access to a range of valid perspectives on what drives agency success.
3) Gauge existing knowledge and skill level. Next comes a big challenge: accurately understanding the new employee’s knowledge, skills and competencies. While professional designations and certifications are decent indicators of previously acquired professional knowledge, how the employee has used and leveraged their knowledge and skills in prior jobs can also be influenced by the environment of their prior agency. For example, was your new recruit the lead resource or subject expert for certain topics, or was their role supporting the lead resource? Can they cite contextual examples or stories of how they applied their expertise to provide advice to a client? How complex were some of their account or clients? Engage in open and positive discussion about the use and application of a new salesperson’s knowledge and skills at their previous agency. Don’t interrogate or give the impression that you are disappointed in what they tell you—very few new hires will share the exact skills and competencies of the most proficient of your existing staff. Most will be anxious to get involved and contribute as quickly as possible, but your agency’s accounts may have other complexities, internal workflows and decision-making processes to which they must adjust. 4) Compare and contrast. As you compile a summary of the new hire’s knowledge and skills through ongoing discussions and interactions over their first weeks, you should also compare that summary with known job requirements. Most should already be codified in job descriptions, but your active engagement with the new hire will likely generate important customized knowledge and skills that will flesh out the original job description. For example, the role may have unique elements related to the type of accounts or territory the new hire will be responsible for. Ultimately, the two-step process of compiling detailed knowledge and skills, then cross-referencing those elements to exact job needs, will serve both the new hire and manager well. The manager obtains an advanced set of validated expectations, while the new employee receives a detailed breakdown of most critical elements of the job. 5) Sustain the enthusiasm. Providing encouragement and observations immediately will set the pattern for future feedback discussions. After that, hiring is an
investment that requires attention. Set up time each week to meet with the new recruit—you may have them accompany you to client visits or meetings, but that’s no substitute for one-on-one time. Try meeting every Monday for 20 minutes to set the week’s objectives, and again on Thursdays to review progress. Ask questions and encourage the new hire to share their observations and perceived challenges. Part of creating an open dialogue is avoiding judgement. Listen and offer suggestions—jumping to conclusions early in the process doesn’t do any good. As a new producer’s onboarding moves past the initial phase and into the regular execution of their responsibilities, transitioning into ongoing development marks the handoff between the agency’s onboarding track and the company’s performance management process. New hires often sense a strong drop-off in coaching and feedback after demonstrating core performance over their initial three months with an agency—a transition gap with many negative consequences, considering most new employees are still adjusting into an agency during their first year of employment. At most agencies, full orientation to a book of business happens over the 12-month renewal cycle. Regardless of account similarities, the full profile of accounts and the multitude of relationships involved with both clients and carriers is not complete until the producer has handled all renewals. And in addition to the account work, the new employee is still building crossdepartmental relationships and skillsets during that first year. Even with solid introductions to all resources and experts at the beginning, a relationship isn’t strong until a new employee regularly works with others to solve issues at hand. Once these relationships actualize, your new hire will achieve significantly higher job productivity—as well as job satisfaction. With this combination, clients get better service, the new salesperson gains confidence and feels appreciated, and the agency team becomes stronger and more effective. Bill Harwood is co-founder and managing partner of New Level Partners, LLC, a learning and development company specializing in insurance. See page 18 for more information on New Level Partners.
www.iiak.org | September/October 2017 | 17
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To truly eliminate E&O exposure its necessary to understand the root cause of E&O losses and implement change at that level. In general, E&O losses occur because of inadequate training and education, poor risk identification and analysis, lack of uniform practices and procedures, inappropriate organizational structure, lack of compliance with office practices and procedures, time constraints and/ or chronic backlog.
Chronic Backlog
Our industry is unique in that there is a specific “buying date” for most of our transactions. Policies renew and must be “purchased” on a certain date, new vehicles, equipment or buildings must be covered on the day the insured takes ownership, and claims must be reported by the agency to the carrier promptly after reported to the agency. Therefore, our ability to manage and prioritize our work is of utmost importance. Some tasks, like checking new policies when received, or processing some kinds of endorsements, may seem to be less urgent and get put aside. The truth is, all agencies can and should target to operate with reasonable turnaround for every transaction. When items are not processed in a timely manner, it leads to inefficiency and, potentially, E&O claims.
Not Hiring the Right People
When an E&O claim occurs, you can sometimes isolate it to an individual or group of individuals who may have contributed to the loss. Keep in mind it probably was 20 | www.iiak.org | September/October 2017
never the intent of these people to cause harm to the agency. Rather, it probably was the result of a lack of training or compliance with procedures. But how can an agency know if they have the right person in the right position?
Inadequate Training
Very few people intentionally do things wrong. Rather, they presume they are acting appropriately. Inadequate training can include a lack of understanding of the customer risk analysis process, inadequate product knowledge, and unfamiliarity with the agency management system. There are many reasons (excuses) put forth by agencies as to why their personnel may not be adequately trained, but the most common are lack of time, lack of resources, or lack of motivation. Imagine going to a doctor who has not completed the journey from student to intern to resident to practicing physician. The stakes are no less high in insurance and we want our customers to work with the best people available to meet their insurance needs.
Lack of Compliance with Office Practices and Procedures
Even if an agency has good practices and procedures in place, they are not helpful if agency personnel fail to adhere to them and this creates a real exposure to E&O claims. In some instances and depending on the issue and its relation to a potential claim, an agency may actually be better off having no procedures than having to admit, under oath, that there is no requirement that they be followed, or any consequence if they are not. Consistent practices and procedures should be applied to reduce the chances of errors and to provide the service intended to the agency’s customers.
Lack of Uniform Practices and Procedures
Most people, in order to perform their job to the best of their ability, require some kind of structure or “roadmap.” In most agencies, however, there are no written practices and procedures. Without written guidelines, agency personnel are forced on an ad hoc basis to use their own best judgment in a variety of circumstances. While their judgment may be generally sound, problems occur when each person develops their own system of operation, some being better (or more dangerous) than others. Some agencies are actually an amalgamation of several smaller agencies, all operating under the same roof, and each of these mini-agencies may have its own way of doing business, which may or may not be appropriate. Consistency in practices and procedures regarding how business is done is a critical component in E&O claims prevention.
Time Constraints
When examining E&O claims that have been made, it is often stated by agency managers and staff members that the real reason something was not done or that it was done incorrectly is that the person or persons involved simply didn’t have enough time. Most people feel that their agency is understaffed and that all problems would go away “if only we had more people.” Generally, insufficient staff is not the problem. Rather, it may be the ability of staff to manage the tasks that must be completed and use the tools available to free up time to complete all tasks required. Big “I” Professional Liability Westport/Swiss Re policyholders have access to the E&O Happens website (www.iiaba.net/eohappens) to access other risk-management articles like this as well as case studies, sample client letters and checklists and other tools and educational resources for E&O risk management.
Problems with Organizational Structure
Many E&O claims are the result of miscommunications or incomplete transactions between agency staff members. The more people who must touch a transaction to complete it, the more likely something will not get done as it should. In an automated world, organizations should be flatter and look for ways for transactions to be handled start to finish by the same person. Whenever a transaction is passed from person to person, the potential is increased for someone to “drop the ball” and this is a point of E&O vulnerability.
Searching for E&O? Contact Kristie Weyer for a quote at kweyer@iiak.org or call 502-245-5432
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www.summitholdings.com Policies are underwritten by Bridgefield Casualty Insurance Company and Bridgefield Employers Insurance Company, authorized insurers in AL, AR, FL, GA, IN, KY, LA, MS, NC, SC, TN and TX; BusinessFirst Insurance Company, authorized in FL, GA, KY, NC, SC and TN. ©2017 Summit Consulting LLC | 2310 Commerce Point Drive, Lakeland, FL 33801
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You’ve probably heard of The Five Love Languages, a bestselling relationship book by Gary Chapman. In it, he talks about better ways of engaging with your romantic partner based on how you each express yourself romantically and by understanding each other’s needs. Some people really like being surprised with a gift. Others would rather you show your affection by helping out around the house – nothing says I love you like emptying the dishwasher or cleaning out those rain gutters! While some need to hear how much they are loved, others just want to sit together and enjoy the comfort of being close… while binge watching Game of Thrones of course. Understanding what makes our partners tick and being able to give them what they want, in a way they will appreciate, helps forge stronger relationships. If you know who your partner is and what they need to thrive, you are also better prepared to prevent and resolve conflicts. It’s why the love languages have become so popular over the years, and why people keep coming back to those core traits. Much attention is paid to love languages, but figuring out your Work Language is something that is often ignored. As much as people hate to admit it, we spend more time during our average week at work, and interacting with our co-workers, than we do at home with the people we love… which is why it is important to understand the people you manage to ensure that the environment you are creating within your office thrives as well. Much like problems within a relationship, a lot of problems at work come from A) not being able to read minds (we can’t help with that) and B) not understanding the underlying “work language” of your employee. We can help break down that barrier.
A behavioral assessment, like The Omnia Profile, forms that Work Language. It translates a person’s traits and preferences into a how-to guide on properly incentivizing, communicating and engaging your employees. The first trait is assertiveness. Individuals can have varying degrees of assertiveness, from the bold and forceful to the meek and mild. Naturally, assertive employees are focused on personal accomplishment. These are the kind of people who excel in commission-based sales positions and are on the lookout for opportunities for advancement, whereas cautious employees are team oriented and look for ways to help others. The “assertives” can come off as being pushy, especially to your cautious workers, not because they are being jerks, but because, based on past successes, they are motivated to get the job done their way. On the flip side, someone with a high level of caution could be seen as a pushover because they are willing to compromise and take direction. Neither are necessarily fair assessments. The next trait is often simplified as Extrovert vs Introvert, but that really just scratches the surface. Socially reserved employees are analytical and fact-driven; their conversations tend to get to the point and give you just what you need to know. When you want specific information imparted to a customer, clearly and concisely, the analytic is the one to go to every time. Sometimes they can seem aloof to their gregarious counterparts, though. www.iiak.org | September/October 2017 | 23
Socially confident employees are more emotionally based in their responses. It’s about how things make them feel and the connections they make with other people. They are great in networking positions that have a lot of face time in order to build and maintain relationships. They can come across as being needlessly chatty to an analytic, though. The analytics want to get right to the task, while the sociables want to get to know each other better first; that is how they build the bonds needed to feel a part of the team. Then there’s pace, which is all about a sense of urgency and patience. I’m sure everyone knows that person who, if they aren’t working on ten things at once, they aren’t happy. Those are the multi-taskers; they tell you they work best under the pressure of a deadline. Singletaskers, on the other hand, needs to have things ordered and deal with them one at a time. They often seem overwhelmed in a hectic workplace, because they most likely are. They need to be in a job or environment where they can get through each thing on their plate before moving on to the next. This can be frustrating to someone with a dizzying sense of urgency, who may not understand that everyone is not wired the way they are. They often run into folks who see them as a whirlwind who takes on more than they should. The last language clue comes from an employee’s need for structure and their attention to detail. Look at this as having either “results oriented” or “procedure oriented” priorities. An independent, big-picture person is not about “Is this done perfectly?” but rather, “Is this done?” A structured, meticulous person, on the other hand, is a perfectionist who wants to make sure every procedure is carefully followed, because “That is how things get done right.” Often they end up with the same result, but take different ways to get there. Structured workers are often annoyed with an independent’s inclination to “wing it” and wonder why they have to go back over procedures with them to correct mistakes. Whereas an independent is more likely to wonder “Why are we still talking about this?” and if a mistake is made, where possible, correct it and move on.
24 | www.iiak.org | September/October 2017
Each of these areas is a potential for conflict, but when you understand the people you are working with, it is also a tremendous opportunity. Very few people are completely off the charts in any of these four categories, but seeing where each individual is, and how that relates to the rest of team, can help a manager better assess where personnel resources are being allocated and how to get the best out of them. It can also help co-workers understand why people do things a certain way, and what they can do to assist each other in a way that would be constructive rather than counterproductive. Using an assessment as a pre-hire tool can also help you avoid making costly mistakes, like hiring an aggressive
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competitor for customer service or a methodical singletasker for a job where workload priorities are constantly shifting. Which isn’t to say you shouldn’t hire them; there are many reasons why someone might otherwise be a great fit for their position. But having an understanding of where potential conflicts are, can help you smooth out concerns before they become an issue. Much like a love language, it is not just a single component that makes a relationship work. We have to think about how all the components of behavior interact with each other inside the same person. It’s about understanding what motivates each unique member of your team and how to use that to make sure everyone is getting what they need to be the best they can. Knowing your Work Language, and those of the people around you, and being able to use that information appropriately, strengthens not just individual relationships, but the entire company. Carletta Clyatt, a popular seminar speaker, is the SVP at the Omnia Group. She offers clients advice on how to manage more effectively and gain insight into employee strengths, weaknesses and behaviors. For more information about employee behavioral assessments, call Carletta at 813-280-3026 or email carletta@omniagroup.com.
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www.iiak.org | September/October 2017 | 25
The Top 8 Sales Success Traits
What Makes The Top Salespeople The Top Salespeople? By: John Chapin
While the answer to this question might seem obvious, the top sales success traits aren’t always that simple. In over 27 years in the industry, I’ve seen lots of great salespeople and all of them always have the following eight traits.
Success Trait #1: Laser focus on what’s important.
No matter what’s going on with the economy, in the industry, or in the world in general, top salespeople always hit their numbers. They always manage to make the calls, and ultimately, the sales that they need to make. This comes from the realization that, as a salesperson, only one thing counts: how much you sell. Top salespeople know that, no matter what, they simply have to do the necessary prospecting, presenting, and closing and they are committed to get them done regardless of what’s going on around them. As a result, they always sell more than anyone else in good times and in bad. Changes in price, competition, rules and regulations, and other factors that sidetrack other salespeople, never seem to affect them. They also don’t get bogged down in other peripheral items such as: research, having the “perfect” call, paperwork, or other items that keep them from talking to prospects and selling. 26 | www.iiak.org | September/October 2017
Success Trait #2: Work ethic.
Top salespeople are the hardest working people around and they do the work necessary for success. They also work smart, but when it comes to making phone calls, knocking on doors, and doing the other grunt work, they don’t look for short cuts or the easy way out, they simply do it. They show up before everyone, work after everyone, and they get more accomplished than everyone else. They answer their phone before and after business hours and they are super responsive. If they are in the twilight of their career, they may not put in the hours and work as hard as they once did, but when building the business initially, no one outworked them. Also, when they have to, they are still willing to do what needs to be done.
Success Trait #3: An ability to act in spite of fear and step out of their comfort zone.
Salespeople can become awfully creative when it comes to staying in their comfort zone and avoiding that which they fear. In 27 years I’ve heard some of the most ridiculous excuses as to why people can’t make calls, can’t close the deal, and ultimately can’t or won’t do what’s necessary for success. I’ve heard excuses related to pets, kids, religion, health, politics, and other concerns that are so ridiculous, if I gave an example, you’d think I made it up. Top salespeople on the other hand, step out of their comfort zone and face and overcome fear every single day. They make the call they are afraid to make, try the
crazy idea that might embarrass them but just might work, and they do whatever it takes to be successful regardless of how scared they are. In short, they simply do what needs to be done regardless of their fear or discomfort.
is to yourself. You have to have complete belief and conviction in yourself and your product before you can sell anyone else.
Success Trait #4: Having integrity and character.
Top salespeople take 100% responsibility for everything in their lives. They realize that success in all areas of their lives is up to them and not determined by outside factors such as the economy, the market, or other people. Everything starts and stops with them.
While you can have some short-term success in sales without either of these, long-term success is impossible without both. Integrity and character involve being honest with people and truly caring about them. With integrity and character you will not make a sale unless it is right for both parties involved. You will also always do what’s right for the person you’re selling to even if that means sending them to the competition. Granted, you shouldn’t have to do that too often, if you do you are selling the wrong product or are with the wrong company. That said, you need to be willing to do what’s right regardless of the situation or circumstance. Knowing that, at the end of the day, all you have is your reputation.
Success Trait #8: Accepting 100% responsibility for success or failure.
John Chapin is a sales and motivational speaker and trainer. For his free newsletter, or if you would like him to speak at your next event, go to: www.completeselling.com John has over 27 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia. For permission to reprint, e-mail: johnchapin@completeselling.com.
Success Trait #5: A focus on people and relationships.
Related to the above, your focus needs to be on people and long-term relationships. At the end of the day, unless you’re selling batteries at Walmart, the most important element in the sale is the relationship. This also means you need to be staying in touch with people and continually developing and strengthening relationships. At the end of the day, your long-term success will come down to the loyalty and size of your network.
Success Trait #6: Preparation.
Top salespeople are always well prepared. They have great answers to questions, objections, and all other items that might come up during a prospect interaction. They are continually upgrading their skills and developing themselves personally and professionally. They constantly get better at selling, communication, and understanding other people.
Success Trait #7: Confidence.
Top salespeople have complete and total belief in themselves, their product, and their company. Top salespeople truly believe that others must have their product and they believe that their customers’ lives are much improved as a result of owning their product. Top salespeople know that the first sale
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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.
Save These Dates Check out these great events near you! 121st Annual Convention & Trade Show November 8-10
The Brown Hotel, Louisville
Agents Legislative Day
Thank You 2017 Industry Partners (as of 09/20/17) Diamond
January 24, 2018 Frankfort
CRM: Financing of Risk February 20-23, 2018
Platinum
Frankfort
Big “I” Sales & Leadership Conference May 16 & 17, 2018 Owensboro
Gold
IIAK would like to welcome our newest members: Agency Members Castle Insurance Georgetown
Ohio Valley Insurance Owensboro
Associate Members Spectrum Benefits LLC For information regarding IIAK membership, contact Tara Purvis, Marketing Director 502-245-5432 • tpurvis@iiak.org
30 | www.iiak.org | September/October 2017
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Established Louisville agency interested in acquiring insurance agencies in Jefferson and surrounding counties. If you are interested in selling, merging, or need assistance with perpetuation, we would like to talk with you in confidence.
Independent with top best markets looking to expand presence in Jefferson, Oldham or Shelby counties. Wanting Personal lines, Producer or book of business to move or purchase. All arrangements possible, in strict confidence.
Call R. Alex Rankin, CPCU or Philip Anderton, CIC, at Sterling G. Thompson, Co. at 502-585-3277
Please send inquiries to Turner Insurance Agency, 2460 Shelbyville Road, Shelbyville, KY 40065 or call Kurt Turner, CPCU at 502-633-6060.
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