e-Insight - December 2021 by Big I Illinois

Independent, Authorized General Agent for

An Independent Licensee of the Blue Shield Association

December 2021

Editor & Graphic Design - Rachel Romines

Advertising - Tami Hubbell

CONTENTS 10

How the Pandemic Changed Employment

Top Three Ways to Use Data to Sell More

The What, Why, and How of Data Analysis for Insurance Agencies

Three Questions to Ask Technology Partners to Clarify Who Owns Your Data

By Sharon Emek

By Jason Kolb

By Allison Babberl

By HawkSoft

In This Issue

The Independent Insurance Agents of Illinois (IIA of IL) has been providing members with a sustainable competitive advantage since 1899.

7 9 15

Brett’s 2 Sense Trusted Choice

e-Insight

24 27 29 30

Associate News Board of Directors Profiles IIA of IL News Classifieds

info@iiaofil.org | www.iiaofil.org | (800) 628-6436 or (217) 793-6660 | Fax: (217) 793-6744

2009 • 2010 • 2011 • 2012 • 2013 • 2014 2015 • 2016 • 2017 • 2019 • 2020 • 2021

Insight is the official publication of the Independent Insurance Agents of Illinois (IIA of IL). The magazine is published monthly for the members of the IIA of IL, with the office located at 4360 Wabash Avenue, Springfield, Illinois 62711-7009; Consumer Website: www.ChooseIndependent.com. The IIA of IL welcomes letters discussing concerns of the insurance industry, articles, editorials, other matters of interest to the membership. The editor reserves the right to edit and select submissions for publication. Address submissions for review to Rachel Romines at rromines@iiaofil.org. For advertising information, contact Tami Hubbell at thubbell@iiaofil.org.

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IIA of Illinois Staff Director of Information and Technology Shannon Churchill - (217) 321-3004 - schurchill@iiaofil.org

Director of Government Relations Evan Manning - (217) 321-3002 - emanning@iiaofil.org

Director of Education and Agency Resources Brett Gerger, CIC - (217) 321-3006 - bgerger@iiaofil.org

Office Administrator Kristi Osmond, CISR - (217) 321-3007 - kosmond@iiaofil.org

Accounting & Admin Services Tami Hubbell, CIC - (217) 321-3016 - thubbell@iiaofil.org

Director of Communications Rachel Romines - (217) 321-3024 - rromines@iiaofil.org

Director of Human Resources, Board Admin Jennifer Jacobs, SHRM-CP Director of Membership Services Tom Ross, CRIS, CPIA - (217) 321-3013 - jjacobs@iiaofil.org - (217) 321-3003 - tross@iiaofil.org Sr. Vice President/Chief Financial Officer Mark Kuchar Products & Services Administrator Janet White, CISR - (217) 321-3015 - mkuchar@iiaofil.org - (217) 321-3010 - jwhite.indep12@insuremail.net Chief Executive Officer Phil Lackman, IOM Director of Prof. Liability & Ins. Products Carol Wilson, CPIA - (217) 321-3005 - plackman@iiaofil.org - (217) 321-3011 - cwilson.indep12@insuremail.net Central/Southern Marketing Representative Lori Mahorney, CISR Elite - (217) 415-7550 - lmahorney@iiaofil.org

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december 2021

Apps, Tech and Data We are not in Kansas anymore, and if we are, it is vastly different. The landscape of the independent agent is enormously changing and at the forefront is how we utilize Apps, Tech, and Data. I’m not referring to what you get at Applebees on a date night, that Georgia school, or the character on Star Trek the New Generation. In their simplest forms, I’m referring to phone and computer applications; machinery and equipment developed from the application of scientific knowledge; and things known or assumed as facts, making the basis of reasoning or calculation. I, personally, am a tweener in that I usually am an early adopter but never embrace or totally use the new app or tech to its fullest optimal capabilities. Everything these days is instant gratification. If the task takes longer than a vending machine to drop your candy bar, your customers have already moved on to your competitors. From Pie’s 3-minute workers’ compensation insurance quote to Lemonade’s world record 3-second claim payout to a customer, speed is necessary in today’s market. The saying used to be, “you get one shot at a first impression,” but I would contend in today’s market, you get 5 seconds at a first impression. Additionally, ease of navigation and use is highly important to consumers, as is intuitiveness. These are achieved through apps and usage of data as well as the analysis of that data. In this new market, you need to put well-defined succinct choices in front of a consumer as close to immediately as you can. This only can be done by utilizing apps, tech, and data to their fullest capabilities. Every industry is doing this already. Why should we be any different? If you and I pull up the Amazon web page simultaneously, we will get different ads due to complex algorithms running in the background tracking a multitude of factors that customize what Amazon thinks that we want to buy. Insurers are doing this with “price optimization,” which no insurer admits that they do. Data is driving this train, and the one that can collect the most voluminous and accurate data that utilizes the most pertinent algorithm to predict the wants of the consumer wins. If you plan on operating with paper apps, in-person meetings, and lengthy application processes, you will find yourself sleeping with the dinosaurs and be put on a display in the insurance agent’s museum of how policies used to be sold. Please note, having a Commodore 64 computer does not count as utilizing technology. For that matter, having a fancy agency management system doesn’t count, either! The agency of tomorrow needs to have a marketing plan consisting of a fully integrated agency management system, Instagram, Snapchat, Linkedin, and Facebook, along with partnering with cutting-edge insurers that have fully embraced technology and data.

Brett’s 2Sense There is a place in this new world for the independent insurance agent, but in order to stay relevant and needed, we must embrace and shape technology to our advantage and not just hope that it goes away so that we can go back to the old ways of doing business. Some ways to get started: attend as many technology and data seminars as you can so that you stay ahead of the competition; employ your 12-year-old child as no one knows the Gram, Snap, Linked or Book as well as them (or hire a consultant proficient in those apps); implement an agency management system; try to develop an agency app that integrates with your contracted insurers (local college programs are always looking to develop apps); utilize all the data you regularly collect to optimize the products and services you offer through your agency; use online meeting forums to your advantage and become familiar and proficient in Microsoft Teams, Zoom, and Go-To-Webinar. Remember, if you wait for the candy bar to drop, the consumer is already gone. My mantra for you going forward is “Work Smarter and Harder.” Stick to that, and I have no doubt that you and your agency will succeed. As always, this is just Brett’s 2 Sense, and I hope it was helpful. If you need any clarification or have any suggestions for future articles, please email me at bgerger@iiaofil.org.

Brett Gerger | IIA of IL Director of Education & Agency Resources bgerger@iiaofil.org | (217) 321-3006 december 2021

insight

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december 2021

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How the Pandemic Changed Employment (And How That’s Here to Stay) By Sharon Emek

No one needs to be told how rough 2020 was. But perhaps organizations - agencies, brokerages, and insurers in particular - need a reminder on just how much their worlds have shifted for the better since the pandemic. That’s right - for the better. Not everything about 2020 negatively impacted organizations. In fact, much of what happened to the way we work shifted in ways the insurance industry might not have been so inclined toward prior to the pandemic. Nearly overnight, workers were setting up home offices. Employers were figuring out video conferencing and remote hiring. Customer service was happening from kitchen tables. Claims, underwriting, adjusting all happened remotely. In just a few short days, the industry adapted. That’s great news for an industry that has been reluctant to embrace remote work models. Not that the shift was easy. A Deloitte Center for Financial Services global outlook study reveals that 48% of insurance executives surveyed say the pandemic showed them how unprepared their businesses were to weather an economic storm. Yet the need for the industry to be up and running was and remains a critical one. A PwC survey shows that 37% of respondents were concerned about their retirement plans and 15% were more likely to purchase life insurance due to the impact of COVID-19. Buyers, it seems, are there. If there were ever a time for the industry to brace for the next wave, this was it. 10

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Fortunately, most employees had relatively little trouble catching that wave. Little wonder: it’s a wave that’s been growing for a while, and one that data suggests will continue to grow. Global Workplace Analytics experts predict that by 2025, 70% of the workforce will work remotely at least five days a month. While many insurers are busy examining how and when to return to offices, many employees are signaling that the new work model suits them just fine. According to a 2020 Gallup poll, 51% of workers are actively looking for or are open to a new job. Likewise, 51% of workers surveyed say they would switch to a job that allowed them flextime. For those employees who are already working remotely, how their employers respond to ongoing remote work could be a game-changer for them. A national survey by MakeMyMove found that 58% of remote workers (35 million employees) are likely or somewhat likely to look for a new position with remote work flexibility if their employers don’t extend the benefit once the pandemic ends. In an environment of talent shortages and a general lack of interest in insurance as a career, that puts insurance organizations in a tough spot. However, there is good news: insurance and financial services industries are well-poised for remote work. McKinsey Global Institute data show that above all other industries, financial and insurance has the highest potential for successful remote work with no loss in productivity - three-quarters of the activities in the industry can be done remotely.

december 2021

Hire & Be Hired in a Remote World The key to attracting employees, then, is to adopt some form of a remote work model. Be it a hybrid model or a fully remote operation, remote work options could be the differentiator between attracting talent and having large gaps in the talent pool. Employers. Fortunately, attracting employees to a remote model is easy. Where the changes happen is within your hiring process. The good news is that hiring remotely will be similar to your in-house method, but with a few tweaks. When looking to hire remotely, look for candidates that possess a few essential soft skills. It should be a given that your next remote employee is comfortable with technology. Before hiring anyone for a remote position, make sure they are adept at navigating the technology, and that they understand how to use it effectively. That comfort level can be assessed in a video interview. Phone interviews should be used for the initial, blind interview (to help remove any hiring biases). However, candidates should be given a video interview, as well. That interview can help you determine a few things - the candidate’s comfort level with technology, their body language, and the quality of their workspace. A workspace should be as distraction-free as possible (assuming other household members will be present). Also, look for the employee’s ability to work with minimal supervision. Can they demonstrate how they manage time effectively? How do they handle special projects - do they need plenty of oversight, or can they operate independently? A remote employee should be comfortable working fairly independently, but also be able to collaborate remotely with other team members. Job Seekers. For job seekers, demonstrating previous experience in a remote setting is a must. Unlike in-house positions, employers are looking for specific attributes that demonstrate your ability to thrive in a remote setting. Employers want to know when you’ve worked in a remote capacity, what the projects you handled were, what challenges you had to overcome and how you succeeded. That includes any successes you’ve had working on remote teams. Any collaborative work you did in a remote setting should be mentioned on your resume and repeated in your interview. Employers look for your ability to work across various departments successfully. They also look for employees who can take the lead with minimal supervision. Employers need to know that their next hire can be trusted to get the job done without being reminded of deadlines.

58% of remote workers (35 million employees) are likely or somewhat likely to look for a new position with remote work flexibility if their employers don’t extend the benefit once the pandemic ends. december 2021

That said, a remote worker needs to be communicative and transparent with what they are doing. Demonstrate your skill in communicating your activities to both supervisors and teams. Highlight all collaboration efforts and results. Other attributes employers are looking for in their next remote worker include: • Resourcefulness: Can you be trusted to locate the information or resources you need? Will you engage with team members to locate the information, and at what point will you reach out to your supervisor? • Lessons learned: Employers want to know your weaknesses because team success depends on allocating work to the right people. Let the hiring manager know those skills that are not your strong suit.

Benefits for Employers and Employees As employers and employees in the insurance industry become more comfortable with remote work, the benefits are easier to find. Remote workers are more productive than when working onsite. Both workers and employers notice increases in productivity - several studies show productivity increases ranging from 15% to 45% in remote workforces at several large companies. Also, communication improves. When employers and employees are working remotely, the value of each interaction increases. File sharing, email communications and remote meetings are streamlined to make the most use of time. When communication is better, employees are happier. Flexible work arrangements, including those that allow for flexible hours, improves retention. And why wouldn’t they be? They save time and money on commuting, they are able to capture a better work-life balance, and they feel valued by their employer. Those employers too are reaping benefits. With fewer employees going to the office, the ability to downsize or eliminate office space can be a big cost saver from reduced utility costs, supplies and equipment. Another cost savings: that of replacing key talent. Remote work models reduce employee turnover and improve employee engagement and satisfaction. Plus, remote employees have fewer sick days, saving even more in health care costs from both an employer and employee perspective. As the world leans into remote work models, the insurance industry can help lead the way. We’re already wellpositioned as an industry to capitalize on a more flexible, responsive business model. Adopting a remote work arrangement can strengthen in-house operations, delivering an experience that boosts productivity, empowers your employees, and improves your organization’s ability to thrive. Sharon Emek, Ph.D., is president and CEO at Work At Home Vintage Experts (WAHVE). She can be reached at Sharon.emek@wahve.com.

insight

The Art of the Possible

TOP 3 WAYS TO USE DATA TO SELL MORE By Jason Kolb

As consumer buying preferences have increasingly shifted online to online buying since the pandemic, data has become the most powerful sales tool in insurance. Companies are using data to drive their marketing, to tailor their front-end buying experience, use proprietary data to prefill and improve the customer experience, and send personalized communications to upsell and improve retention. While the number of different ways to use data can (and have!) fill entire books, there are a few use cases that stand out. These are ways that leading agencies and MGAs are using to drive both their top and bottom lines in the right direction. We’re going to take a quick look at these use cases - what they are, what’s required, and how to use the data to make a big impact. These three data use cases we’re going to unpack are: 1. Using book of business data to create target customer experiences and dominate niches 2. Using customer policy data to upsell and cross-sell during renewal time. 3. Using lead data to proactively rate and reach out to prospects. These three use cases are so powerful that any agency or MGA can use them to drive innovation and stay relevant and grow in a world where data is king and digital is the new default. Let’s dive in. 12

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#1: USING BOOK OF BUSINESS DATA TO CREATE TARGETED CUSTOMER EXPERIENCES & DOMINATE NICHES In today’s world, your customers are getting bombarded with alerts, offers, and direct marketing all day long. It’s harder than ever to stand out. This is where data comes in. Leading agencies and MGAs are using their book of business data to create experience-driven campaigns that are optimized to their customer needs. They’re looking at their book of business to find which segments are growing the fastest, where there are retention problems, and where loss ratios are lowest. These become targets for campaigns tailored to specific customer segments. These campaigns offer insurance packages targeted to those customers, streamlined digital experiences that don’t ask for irrelevant or unnecessary information, and value-adds that speak to their individual situation. By tailoring the customer experience based on data, you’re able to stand out by focusing on what they need and want, and branding and presentation that’s clearly not just massmarketed generalizations. #2: USING CUSTOMER POLICY DATA TO UPSELL AND CROSS-SELL DURING RENEWAL TIME As we just mentioned, data is most powerful when it’s used to create targeted customer experiences. december 2021

Another important use case is to create and send personalized communications to upsell and cross-sell during the renewal process. This requires you to have up-to-date information on your customers, particularly which types of policies they have and updated exposure data, typically obtained through a renewal questionnaire. Ideally, you need to provide your customer with a renewal form prefilled with their existing information. Once you have that information, the selling can actually begin in earnest. You should be able to use that information to generate quotes for relevant policies, if the carriers providing those products are sufficiently advanced. This gives you the ability to create proposals that you can deliver automatically through a marketing automation system or personally by putting them in the hands of producers. This is a strong touchpoint with the customer and an opportunity to expand their overall premium they have with you. A personal lines customer who is a business owner is the prime example--they should be presented with a proposal for their business. You should also be cross-selling benefits to your current book of commercial policies if you can. The possibilities are endless if you have 1) the ability to get the data and 2) the ability to use it to generate targeted renewal offers. #3: USING LEAD DATA TO PROACTIVELY RATE AND REACH OUT TO PROSPECTS

The IIA of IL Technology Committee has provided the following recordings from Agents Council for Technology (ACT). The committee is looking for additional members. If you are passionate and knowledgable about technology in the insurance industry, we’d like to hear from you. Contact Shannon Churchill at schurchill@iiaofil.org for information on the committee and how you can join.

Mining Your Agency’s Data

How do agents access and make sense of the valuable data in their systems? We discuss how this data can be used to increase revenues via increased sales and greatly improved service. View recording at: https://vimeo.com/637658072

Lead data is a powerful way to proactively rate and reach out to prospects. Combined with the ability to use that data to proactively rate them for policies that they probably need, there’s a powerful recipe for increasing sales. Lead data is made up of the contact information and online behavior of those who have shown interest in your company’s products and services. Or you can purchase lead lists if you find a quality vendor. Either way it’s a goldmine of information about what those prospects are looking for, which products might be relevant to them, and the time to reach out and engage is before they start shopping around. The really useful leads data contains enough demographic and exposure information for you to get a quote on a policy. Approaching a prospect with an actual quote-even if an indication--is a powerful way to streamline the sales process and set you and your company apart from the crowd. Paired with a marketing automation system to deliver those quotes in a personalized way and drive customers to a digital online buying experience can increase your sales numbers significantly. So that’s just a few ways to use data to improve your agency’s or MGA’s growth and profitability. There are of course many more ways, and more will be discovered and used over time, but these methods are typically within reach of most agencies based on today’s technology, and certainly worth the time. Jason Kolb is Founder & CEO of DAIS Technologies, Inc. and can be reached at jason@dais.com.

december 2021

Whose Data is it Anyway?

Data ownership is a trending topic of discussion, especially in the insurance industry. Thought-leadership representation from an agency, a carrier, and a technology provider explore this question from all three industry areas. View recording at: https://vimeo.com/563804695

The Power of Your Customer’s Data

Join Ron Berg, ACT’s Executive Director, and ACT member Ido Deutsch from Agentero as they examine how to use your agency’s data to understand your customer’s needs while increasing retention and customer satisfaction. View recording at: https://vimeo.com/bigivirtualuniversity/ review/510861949/68beec5378 insight

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e INSIGHT -

online journal at www.iiaofil.org/Resources/Insight

DE CE M BE R

20 21

INSIGH T

The W

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DATAWhy, & How of A for Insu NALY rance SIS Age ncies

Top Th ree Wa ys to U Who O se Data wns th to Sell e Agen More cy’s Da ta?

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How Changthe Pandem ed Em ic ploym ent

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Insurance Agency By Vertafore

In this month’s e-Insight. december 2021

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The What, Why, & How of

DATA ANALYSIS for Insurance Agencies By Allison Babberl

New to data analysis? Then, this is the article for you. This article will discuss what data analysis is, how to use it, and what stats to monitor. It is also important to note that this is a comprehensive overview filled with suggestions and tactics; what works for one person won’t necessarily work for another. Analytics is a learn-as-you-go subject - each time you’ll gain more insight and clarity. So, let’s start with the basics.

What is data analysis? According to TechTarget, data analysis is: “The process of examining data sets in order to find trends and draw conclusions about the information they contain. Increasingly, data analysis is done with the aid of specialized systems and software.” The data you will be analyzing will likely be raw data or big data. Big data is just a bunch of numbers gathered together, sometimes listed on a spreadsheet. These numbers could represent the number of visitors to a coffee shop every day, hours of TV watched, the number of adds or terms a month, etc. However, without analysis, big data is meaningless.

Four types of data analysis for insurance agencies. There are many types of data analysis. The four types we’ll focus on are: • Descriptive Analysis • Exploratory Analysis • Inferential Analysis • Predictive Analysis

Descriptive Analysis

The purpose of descriptive analysis is to describe or summarize a set of data. “Most raw data, especially big data, is not suitable for human consumption, but the information we derive from the data is.” - Dr. Michael Wu, chief scientist at Lithium Technologies Descriptive analysis is the first analysis performed and generates simple summaries. This type of analysis is the 10,000-foot view of your data. Usually, this is presented in a simple graph, chart, or list that is easier to understand. To help you summarize this data, you’ll need to be tracking your data in a spreadsheet, CRM, or other software. For example, AgencyBloc’s Dashboard Analytics feature summarizes descriptive data automatically with insightful graphs and charts that pull together high-level analytics.

Exploratory Analysis

Using this information, you can put together ideas of what’s happening in your book of business. For example, using a new lead source helped you sell X% more Medicare policies or helped you generate X% more leads. Tying these relationships together helps you get a more well-rounded picture of what’s happening in your business and how each part is affecting the whole. In AgencyBloc, you can build a Custom Report that shows leads generated during a specific time period before the new lead source was introduced. Then, you could run a similar report after for the same amount of time to compare. This can help you draw conclusions about the efficacy of each lead source you have.

Inferential Analysis

The goal of inferential analysis is to use a small sample of data to make assumptions about a larger population. Inferential analysis is also known as statistical modeling. By pulling out a subset of data, you can more easily analyze the data, put together a finding, and make an estimation, or educated guess, about the results overall. Every company uses inferential analysis to know where to grow next, which verticals to expand to, which avenues to pursue, etc. As an insurance agency, you can use inferential analysis to know which products to start selling or which markets to move towards to expand your business. Likewise, you can make informed decisions about products you may need to phase out due to a lack of ROI (return on investment). Note: The accuracy of your inference depends heavily on your sample. If your sample data isn’t representative of the mass of your data, the generalizations and inference you make will be inaccurate.

Predictive Analysis

Predictive analysis helps you make predictions - like weather predictions. “The purpose of predictive analysis is NOT to tell you what will happen in the future. It cannot do that. In fact, no analytics can do that. Predictive analytics can only forecast what might happen in the future because all predictive analytics are probabilistic in nature.” - Dr. Michael Wu Use the descriptive analysis you gathered to look towards the future. This will help you better understand where your business is going and aid you in: • Making more informed goals • Deciding upcoming hires • Knowing where to expand/pull back

So, it’s just looking at a bunch of data? Yes and no. continued...

Exploratory analysis examines and explores data to find relationships between variables. december 2021

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Yes, you’re looking at a bunch of data, but it is much more than that. Data analysis is interpreting reason from the data. It is drawing conclusions to answer questions like: • Where you’re going • What that means for the future • What you need to support the future Data analysis turns your big data into smart data. Smart data is the act of narrowing your data so you can make more informed decisions. To turn your big data into smart data, follow these five steps: 1. Search: determine what you’re looking for and start exploring all sources 2. Filter: narrow down the options to find the data you need 3. Analyze: turn the data into real insights by taking time to understand it better 4. Use the Data: make a plan and start applying what you learned to achieve your goals 5. Data + Data: get input from other sources to create a well-rounded view to help you make the right choice

How insurance agencies can start analyzing their data Data analysis is essential for a business to be successful. To get the most out of your data, you must: 1. Have clean data that is orderly, organized, and usable 2. Centralize your data to one location 3. Maintain the data and regularly update it 4. Be able to pull reports that are insightful, helpful, and useful The cleaning is usually the most time-consuming part of the process. However, once your data is clean, it’s just day-to-day maintenance. Then, you can pull the reports. It’s beneficial to house your book of business in a location that allows you to pull the reports you need. In AgencyBloc, you have four ways to analyze your data: • Dashboard Analytics: Dashboard Analytics presents your data from the 10-000-foot viewpoint in easy-todigest graphs, charts, and lists. Use the information as a jumping-off point to dive deeper into your data and know where to explore. • Advanced & Saved Search: Run searches to answer the questions you have about your book of business. These searches can be saved and pinned to your AgencyBloc Dashboard to help you monitor that information and stay up-to-date. • Standard Reports: Every AgencyBloc account comes equipped with pre-built reports that you can start using immediately to analyze your data. • Custom Reports: Take the Standard Reports up a notch by building Custom Reports. The benefit of Custom Reports is that you can define precisely what information you want to see through a combination of filters and columns.

december 2021

Save your Advanced Searches and Custom Reports in AgencyBloc to make running weekly, monthly, and yearly reports more efficient. You can even share the Custom Reports with other AgencyBloc users to make the process streamlined and smart. Several Agency Management Systems have features that are similar.

Data points life and health insurance agencies should monitor Data analysis is becoming more and more important for insurance agencies. To help you stay competitive, here are some areas we recommend you pay attention to: • Cross-sell opportunities • Policy breakdown and in-force saturation • Adds & terms • Client persona breakdown (great for segmentation) • Lead source viability • Policy product viability • Sales forecasting and opportunity breakdown • Closed won sales opportunities • Commissions not received • Agent productivity/policy and commission breakdowns These are just the tip of the iceberg. Read the AgencyBloc blog at www.agencybloc.com for more ideas.

Why you need to analyze your data “Informed decision making is the foundation upon which successful businesses are built. As a decision-maker for your business, you need access to highly visual business intelligence tools that can help you make the right decisions quickly.” - Rebeckah Blewett, Product Manager, Dundas Data Visualization Having better insight into your book of business can mean the difference between surviving and thriving as a business. Use this opportunity to start putting together a game plan of what data you want to track, what you want to do with that data, and, most importantly, how you will monitor and analyze the data. The right tools could make all of the difference for the health and wellbeing of your agency. Allison Babberl is the Marketing Content Specialist at AgencyBloc, the #1 Agency Recommended Management System for life and health insurance agencies. This article originally appeared on the AgencyBloc website at: www.agencybloc.com/resources/manage-your-agency/ technology/the-what-why--how-of-data-analysis-forinsurance-agencies/.

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3 Questions to Ask Technology Partners to Clarify Who Owns Your Data Provided By

In the insurance industry, client data goes through many different touchpoints, and ownership of it has long been caught in a tug-of-war between multiple stakeholders: the client, whose information it is; the agency, who collects it; the carrier, who produces policy data; the management system, which stores it; and other third-party technology vendors, who access it. The agent is the main gatekeeper of client data, but at the end of the day, is your agency maintaining ownership over your data or surrendering it to the technology systems that house it?

The Data Ownership Tug-of-War

Client data is one of the most valuable assets an agency has, and they often don’t realize they’re sharing or even signing away ownership of it to the technology vendors

Client

Gives Data

Technology Vendor Stores Data

they use. Many of the largest agency management systems and technology providers are being bought out or given investment capital by private equity and big data companies, who spend billions to acquire the aggregated data of the agencies that use them. So what can your agency do to make sure the technology providers whose tools you employ aren’t taking advantage of the data you’ve collected or obfuscating clarity on who owns that data? It’s your duty to advocate for your agency’s ownership of data. “Your agency’s data belongs to you until you grant that ownership to another party,” says Sean Hawkins, Chief Product Officer of HawkSoft agency management system. “Make sure you choose partners you trust to keep your data safe and to keep your data yours.”

Carrier

Produces Data

Agency

Collects Data Images Compliments of HawkSoft

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december 2021

Big Business in Big Data $3.6 billion

Images Compliments of HawkSoft

is expected to be invested in big data by insurance companies by the end of 2021. (SNS Telecom & IT)

$2.5 quintillion bytes of data are currently generated every day. (Forbes)

90% of all the world’s data was generated in the last ive years. (Forbes)

Three Questions to Ask Vendors About Your Data How can you tell whether the technology vendors you work with allow your agency to truly own and control the use of your data? There are three important things you should ask when considering an agency management system or any other technology platform that will house or access your client data.

1. Does the agreement give the vendor ownership of your agency data?

Most vendors will require you to either sign a contract or licensing agreement, or accept their terms and conditions, in order to use their product. Before accepting any agreement with a vendor, make sure you understand whether the vendor is entitled to share, sell, or otherwise use your agency’s data without your consent. For example, HawkSoft makes it clear that agencies own their data in our Agreement Terms & Conditions, which state that “Client Data remains the sole ownership of the Customer.” If the contract language is unclear or doesn’t mention data ownership, it could be a red flag that the vendor isn’t

willing to grant the agency ownership over their data. Ask the vendor for clarification and make sure that you have their stance in writing before accepting an agreement. If the vendor’s views on data ownership don’t mesh with yours, it may be time to move on. Another thing to consider at this stage is who owns or has a stake in the company, and what their motivations could be. If the company has outside investors or has changed ownership recently or many times in the past, it’s possible the scope of the product and the agreement may change in the future as well. “It’s important for your agency to feel comfortable that you can place your trust in a vendor not only at the moment you sign the agreement, but well into the future,” says HawkSoft’s Chief Marketing Officer, Rushang Shah. “Vendors that are committed to remaining privately owned, like HawkSoft for example, wield the advantage of having fewer stakeholders to answer to besides the agent, so they can focus purely on what’s best for the agent rather than making a quick return on investment.” continued...

december 2021

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Sample Contract Language If a vendor or carrier contract doesn’t clearly address data ownership, here’s an example of language you can request they add, provided by the Big “I” Office of the General Counsel.

For vendor contracts:

At any time during this Agreement or after its termination, Vendor will destroy or return to Client all data, information and other materials of Client within Vendor’s possession, custody or control upon Client’s request. Vendor will deliver such items to the Client in a timely manner and in a mutually agreeable format. Vendor acknowledges that Client’s data, information and other materials shall remain the exclusive property of Client and shall only be used consistent with delivering the services set forth in this Agreement.

For appointment contracts:

The use and control of the Agent’s expirations, including those on direct billed business, the records thereof, and the Agent’s work product and data relating thereto, shall remain in the undisputed possession and sole ownership of the Agent. The Company shall not use its records or the Agent’s expirations in any marketing method for the sale, service, or renewal of any form of insurance coverage or other product, nor shall the Company refer or communicate the Agent’s expirations, including records, work product or data relating thereto, to any other agent or broker, or affiliate or company, without prior express written permission from the Agent.

https://www.iamagazine.com/strategies/independent-agentsown-their-data-but-contract-language-is-still-important

22 insight insight

2. Is your data held hostage if you leave the vendor?

True ownership of data means it’s not trapped in one system - an agency should be free to change systems if necessary for their business. But technology vendors often make it difficult for agencies to leave by locking them into long-term contracts and making it costly and timeconsuming for them to get a copy of their own data. If this sounds like your data is essentially being held digitally hostage - it is. Insurance industry thought leader Steve Anderson shared two important things for agencies to pay attention to in Insurance Journal (www.insurancejournal.com/news/ national/2020/08/24/580146.htm. The first was how much notice an agency is required to give before leaving: “A lot of times vendors require a 60- or 90-day notice of leaving. That’s one issue that I highlight for agencies all the time.” The second was how much the vendor charges for providing a copy of your agency data. He warned that vendors often charge thousands of dollars in data extraction fees and take months to provide the agency with their own data when they leave - something that can make agencies feel they are being asked to buy back their own data. The problems don’t end there. If the new vendor can’t completely convert all the data from the previous system to the new one, agencies may lose valuable data. “Agencies lose the value of their data if they cannot control it,” Chris Burand of Burand & Associates said to Insurance Journal, “and in many cases, the agency can lose value because its data becomes unusable.” Don’t be seduced by vendors that seem to have incredibly low rates, but hit agencies with unreasonably high charges to move their data into or out of the system. “Agencies are sometimes blinded by a low introductory offer for a management system,” says HawkSoft’s VP of Sales, Paul Moyes. “What they may not be taking into account is how costly that decision can become when they are bringing data with them, or when they want to change systems down the road.”

3. Does the vendor allow you to integrate your data with other platforms?

Another important part of data ownership is the ability to connect your client data with other systems that help you run your business, such as marketing automation, review management, raters, and more. Be wary of vendors that say they can meet every need for your agency. No single system does everything an agency needs, because every agency has unique needs. Rather than trying to find one system that “has it all,” focus on systems that behave like platforms: they specialize in what they do best and integrate with other systems to allow you to extend and customize the platform. One of the best ways technology vendors can facilitate access to client data for other platforms is through Application Programming Interface (API) integrations. By allowing agencies to integrate and use client data with other technology platforms, vendors can show they are committed to meeting all the needs of an agency - not just

december 2021

Client data is one of the most valuable assets an agency has, and they often don’t realize they’re sharing or even signing away ownership of it to the technology vendors they use. the ones solved by their product. Torey Maerz, co-founder and CEO of Rocket Referrals, points out that this level of connectivity differentiates the agency as well. Agents who use tools with open connectivity have an advantage,” he said to HawkSoft. “They can pick the right set of systems for their business to create the best customer experiences a key differentiator in today’s market.”

Data is Value

We often talk about partnering with companies who respect or share the agency’s values. Data ownership is one area where it’s imperative for those values to align. Finding

like-minded technology partners to handle your agency’s data can mean the difference between maintaining ownership of one of your agency’s most valuable assets, and giving it away for free. HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. HawkSoft is a member of the IIA of IL and contributor to the Agents Council for Technology (ACT). This article is an excerpt from a white paper, which can be read in its entirety at https://go.hawksoft.com/dataownership-whitepaper.

Why use APIs

(or, why your waiter doesn’t cook your meal) Todd Sorrel of ePayPolicy uses an interesting metaphor for API integrations in a piece he wrote for Rough Notes (http://roughnotes.com/api-integrations): “A number of leading-edge insurtech companies offer amazing products for independent agents. Perhaps you’ve tried a few. And through them, you may have experienced the boost that hyper-focused technology can bring to your firm’s productivity and your bottom line… But inevitably, the question comes up: ‘Wouldn’t it be great if this product could also do such-and-such?’ Frankly, I believe the answer to that question is ‘no’ - and for good reason. What makes these companies and their products so great is that they specialize in a single service or capability for insurance agencies, and they do it really, really well. And that’s what you want - that and API integrations. Think about it like this: When you go out to dinner, you don’t want the same person who valets your car to seat you, serve and bus your table, and cook your meal. They could, perhaps, but they don’t. Again, for good reason. Each of these individuals plays a specialized role in your dining experience. The same holds true with your agency technology stack… Using APIs allows agencies to automate functions staff members may have been doing manually and remove the data silos around the agency. APIs can increase your efficiency, accuracy, and control. That means your agents and staff can write and service more business.”

Images Compliments of HawkSoft december 2021

Remember that the quality of a vendor’s API partners is just as important as the quantity offered, since the partner will be accessing your policyholders’ data too once enabled. Look for vendors who thoroughly vet their partners and hold them accountable to data practices that are fair to the agency; you want a vendor that goes to bat for your agency. HawkSoft’s Director of Partner Integrations, Kenny Hendricks, drives the company’s Partner API program, which currently offers fifteen vetted API integrations and is in talks with over 40 more platforms. “The single most important a spect of my job is ensuring we partner with vendors that we can trust and who are committed to respecting an agency’s ownership of their data as much as we do,” Kenny says. “Agencies should take the same care in vetting vendors themselves.”

To view the original white paper provided by HawkSoft that includes links to sources, visit https://go.hawksoft. com/data-ownershipwhitepaper.

INSIGHT | associate news Thank you to our Associate Members.

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Progressive Surplus Line Association of Illinois

Gold Level AAA Insurance Arlington/Roe Blue Cross/Blue Shield of IL Keystone Insurance Group, Inc. Pekin Insurance

Silver Level Grinnell Mutual Reinsurance Company Imperial PFS

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Bronze Level A. J. Wayne & Associates AMERISAFE Auto-Owners Insurance Co. Badger Mutual Insurance Company Berkshire Hathaway Guard Insurance Companies Chubb ClickVSC Columbia Insurance Group Continental Western Group Cowbell Cyber CRC Group Donald Gaddis Company, Inc. Donegal Insurance Group EMC Insurance Encompass Insurance Encova Insurance Foremost Choice Property & Casualty Foremost Signature Auto & Home Forreston Mutual Insurance Company Frankenmuth Insurance Grange Insurance Homeowners of America Insurance Company Illinois Mine Subsidence Ins. Fund Illinois Public Risk Fund Indiana Farmers Insurance Insurance Program Managers Group 24

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associate news | INSIGHT Matthew Sprang Joins InsurBanc as Senior Vice President, Director of Agency Banking

JM Wilson Hires Hotrum as Assistant Brokerage Underwriter

InsurBanc announced that Matthew Sprang has joined the company as Senior Vice President, Director of Agency Banking. Matt was most recently President of Agency Banking at Westfield Bank of Ohio where he was responsible for that bank’s insurance agency lending and banking initiative. At InsurBanc, Matt will bring his extensive talents to expand the capability and reach of InsurBanc by focusing on the same insurance distribution niche which has also been a highly successful effort of InsurBanc.

J.M. Wilson has announced the addition of Amy Hotrum as Assistant Brokerage Underwriter in their Portage, Mich., office. Hotrum is responsible for assisting underwriters with a wide variety of new and renewal brokerage risks, as well as strengthening relationships with independent insurance agents and company underwriters in all the states that the company serves. Prior to joining JM Wilson, Hotrum was an Administrative Assistant for the Michigan Department of Health and Human Services for four years and a Claims Processor at State Farm Insurance for 17 years.

JM Wilson Promotes Aranda to Executive Transportation Underwriter

JM Wilson has announced the promotion of Phyllis Aranda to Executive Transportation Underwriter in their Arlington Heights, Ill., office. Aranda is responsible for underwriting a wide variety of new and renewal transportation risks as well as strengthening relationships with independent insurance agents and company underwriters in Illinois, Wisconsin, and Iowa. With an increased level of product knowledge, Aranda is a leader and resource to other underwriters in her department. Aranda has been with JM Wilson since 2008 and has held various positions in our Transportation department. Most recently she held the position of Senior Transportation Underwriter. Prior to joining JM Wilson, she served in various Rater and Underwriter roles at American Country Insurance for 19 years.

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Board of Directors Profiles Noele Tatlock Region 5 Director

James Unland & Co. Inc., Pekin, IL Personal Lines Division Manager Number of Years with Agency: 2 Year You Started in Insurance: 2013 What do you feel are major challenges facing our Association today? One major challenge the Association faces is memberships decreasing with the increased numbers of mergers and acquisitions. What do you see at the greatest benefit to IIA of IL membership? The greatest benefit to an IIA of IL membership is access to all the resources available. What prompted you to get involved in the Association? I think it’s important to be involved in the industry you work in. I’ve been an agent since 2013, but on the independent side since 2019, getting involved with the IIA of IL has helped me to understand the independent side of the industry. It also allows me to network and learn from the best agents in the business.

Brian Ogden, CIC, AFIS Technology Committee Chair Ogden Insurance Agency, Inc, Petersburg, IL President Number of Years with Agency: 30 Year You Started in Insurance: 1991 What do you see at the greatest benefit to IIA of IL membership? The association is an advocate at the State and Federal level for things important to my business.

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New Members member agency Guardian Insurance & Financial Services, Inc. Homewood, IL Kaufmann Insurance Agency, LLC Peru, IL Pinwheel Insurance & Investments, LLC Galesburg, IL For information regarding IIA of IL membership or company sponsorship, contact Tom Ross, Director of Membership Services, at (217) 321-3003, tross@iiaofil.org. december 2021

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