Insight - February 2024

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February 2024

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February 2024

Relationships Market Access Contract Contra ct Reviews

- Building Relationships with Carriers - Your Market Access Opportunities - Producer and Carrier Contracts Review & Tips

DEDICATED TO GREAT SERVICE At Grinnell Mutual, we’re here providing great customer service and experienced claims handling for your customers whenever they need us, and your dedicated underwriter can help with complex coverages for your specialized business customers.

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INSIGHT Features 10

Honoring Their Legacy Through Scholarships - 125th Anniversary Celebration

12

Producer and Carrier Contracts: An Agent’s Lifeblood, But Will Your Contracts Save You?

ILLINOIS

February 2024

Table of Contents

By Chris Burand

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12

9 Considerations for Agency-Company Appointment Contracts

By Scott Kneeland and Eric Lipton

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Your Agency’s Market Access Opportunities

18

Steps to Build a Strong Carrier-Broker Relationship

20

Significantly Increase Sales by Practicing

By Daniel Smith

By Danielle Laffey and Michelle Dennis

By John Chapin

In This Issue

18

8

Trusted Choice

9

Brett’s 5 Sense

21

Agency Member News

22

Associate Member News

24

Association Staff Update

25

Big I Illinois News

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Classifieds

info@ilbigi.org | www.ilbigi.org | (217) 793-6660 Insight is the official publication of Big I Illinois. The magazine is published monthly for the members of the state association, with the office located at 4360 Wabash Avenue, Springfield, Illinois 62711-7009; Consumer Website: www.ChooseIndependent.com. Big I Illinois 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@ilbigi.org. For advertising information, contact Tami Hubbell at thubbell@ilbigi.org.

14-Time Winner

Advertisers ILLINOIS

Board of Directors Executive Committee Chairman of the Board - Kevin Lesch klesch@arachasgroup.com President - Allyson Padilla allyson@blanksinsurance.com President-Elect - Patrick Taphorn, CIC, CSRM ptaphorn@unland.com

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Applied Underwriters

23

Berkshire Hathaway Guard Ins. Group

7

Envision Healthcare

4

Grinnell Mutual

Cover Tip

Omaha National

27

West Bend Insurance Company

Vice President - Thomas Evans, Jr. tom.evans@assuredpartners.com Secretary/Treasurer - Cindy Jackman, CIC, CISR cjackman@arlingtonroe.com IIABA National Director - George Daly george.daly@thehortongroup.com

Directors Mohammed Ali - mali@aliminsurance.com Amiri Curry - acurry@assuranceagency.com Charles Hruska - chas@hruskains.com David Jenk, Esq. - djenk@nwibrokers.com Jeff McMillan - jeff@mcmillanins.com Patrick Muldowney - patrick.muldowney@alliant.com Lindsey Polzin - lpolzin@presidiogrp.com Ray Roentz - ray.roentz@hwcrins.com James Sager - james@sagerins.com Luke Sandrock, CIC - lsandrock@2cornerstone.com Noele Tatlock - ntatlock@unland.com

Committee Chairs Budget & Finance | Cindy Jackman, CIC, CISR cjackman@arlingtonroe.com Education | Lisa Lukens salibainsurance@gmail.com Farm Agents Council | Steve Foster s.foster@ciagonline.com Government Relations | Dustin Peterson dustin@peterson.insurance Planning & Coordination | Nick Gunn, CIC nickgunn@nixonagency.com Technology | Brian Ogden brian@ogdeninsurance.com Young Agents | Renee Crissie renee@crissieins.com

Follow us on socials.

Big I Illinois Staff Director of Information and Technology

Shannon Churchill (217) 321-3004 - schurchill@ilbigi.org

Director of Education and Agency Resources

Brett Gerger, CIC (217) 321-3006 - bgerger@ilbigi.org

Accounting & Admin Services

Tami Hubbell, CIC (217) 321-3016 - thubbell@ilbigi.org

Director of Human Resources, Board Admin

Jennifer Jacobs, SHRM-CP (217) 321-3013 - jjacobs@ilbigi.org

Sr. Vice President/Chief Financial Officer

Mark Kuchar (217) 321-3015 - mkuchar@ilbigi.org

Chief Executive Officer

Phil Lackman, IOM (217) 321-3005 - plackman@ilbigi.org

Director of Membership Services

Lori Mahorney, CISR Elite (217) 415-7550 - lmahorney@ilbigi.org

Director of Government Relations

Evan Manning (217) 321-3002 - emanning@ilbigi.org

Office Administrator

Kristi Osmond, CISR (217) 321-3007 - kosmond@ilbigi.org

Director of Communications

Rachel Romines (217) 321-3024 - rromines@ilbigi.org

Marketing Representative Director of Professional Liability & Insurance Products

Tom Ross, CRIS, CPIA (217) 321-3003 - tross@ilbigi.org Carol Wilson, CPIA (217) 321-3011 - cwilson@ilbigi.org

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Finding the right technology solution is something to get excited about Connect with top vendors serving the insurance industry and simplify your workflow.

Check out TechCompare today!

SEO | Digital Marketing | Social Media | Websites | and more! www.TechCompare.IndependentAgent.com Looking for marketing or technology partners for your agency? Browse service providers that have experience with the independent agency channel. These tools are focused on sales/marketing, operations, and customer experience to increase efficiency and help your agency grow.

Look for vendors with the ‘MRP’ tag to see where you can spend your Trusted Choice Marketing Reimbursement Program Dollars!! You can also browse for the Big “I” Agents Council for Technology partners (ACT).

Agency Relationships, Contracts and Markets In case you haven’t heard, we are now Big I Illinois. Sort of has a ring to it. If you haven’t heard that we changed our name and branding, it is time to come out of the bunker. Thankfully, you had the magazine forwarded to the bunker.

How many of you followed my advice from last year and cultivated, nurtured, grew, and expanded your insurer representative relationships in the last year? If you are not raising your hand, shame on you. It’s easy to forget that some of them have had a worse year than you. What? Some of them have had to deal with moratoriums on new growth, moratoriums on certain lines of business, significant increases in premiums, and commission cuts, to name a few.

What do premium increases and commission cuts have to do with them? You will potentially write less business with the insurer, which usually bases their compensation on the book of business that they have placed with you. Additionally, many insurers have reorganized or downsized, resulting in fewer company representatives in the field. It’s kind of like the exboyfriend/girlfriend that you don’t miss until they are gone (companies and agents). I will bet that communication and productivity for those insurers that have made these business decisions will suffer greater than they think as direct touches with the agencies will be fewer and may not be as meaningful.

In most cases, you will still have a field representative but they may be covering three or four times the area they used to. This is not to disparage the insurers, as we are having to make tough decisions during these unprecedentedly hard times. So now it will be on you, the agent, to get the most out of those visits and keep those relationships strong because when we come out of hard times like this, people remember who was there in their time of need. Remember, while you are going through hard times, at least you still have choices where you can place your business, whether it be multiple insurers, wholesalers, residual markets, and lastly, surplus lines markets. Insurer representatives only have the insurer that they represent.

Now, this isn’t just on you, as insurer representatives have to do their part as well. The sooner we all realize that we all KNOW this s#@ks (great, now you made me curse) for everyone, the sooner we can come together and solve some really significant problems. At the end of the day, we have the biggest pitcher of lemonade ever.

Now that you have been scolded or praised depending on how you answered the first question, let’s do a beginning-ofthe-year checklist to ensure all of our ducks are in a row. Are you: -properly licensed; - complying with rules and regulations; -providing insurers with all of the records and documentation that they require; - making sure your employees are properly licensed; - setting specific insurer goals for premium volume, policy volume and/or specific lines of business?

Brett’s 5Sense (inflation)

bank account. Who doesn’t like free money? Money market accounts are the easiest way to invest these monies and if you have any questions on how to do this, do not hesitate to reach out to me directly.

Do you have significant processes and systems in place to protect all the data that you are housing? Do you have an updated ethical code of conduct? Do you all the forms that you need for E&O purposes (declinations of coverages you recommend)? Do you have a training schedule/product knowledge learning schedule in place for yourself and your staff for the year? Do penguins have knees? (Yes, just seeing if you are skimming or paying attention?) Do you have seven years of records (electronic or paper)? Be careful if you have them electronically. Make sure that you regularly back them up (keep at a different location) because if they are destroyed it will not relieve your duty to maintain the records.

Additionally, check your company contracts as some may require more than seven years. If they do, I would negotiate it down to seven years as required by the State of Illinois. Have you reached out to Brett to verify that you are complying with referral fee and rebating rules and regulations? Have you met with each insurer representative and told them that they matter to you and to get caught up on any new products and/or underwriting guidelines? Instead of 20 questions, you got 15 questions. You will have February to address and answer all of these questions and to make it a little easier you can utilize Big I Illinois for all your education needs.

As always, this just Brett’s 5 Sense (who are we kidding, this is probably the new normal) and I hope it was helpful. You can contact me through CONNECT and if it is urgent, do not hesitate to reach me through CONNECT. I may be pushing you to CONNECT If you need any clarification or have any suggestions for future articles please email me at bgerger@ilbigi.org.

You should be looking at all the contracts that you have in place as requirements from the insurers will be in those contracts. Additionally, if you have agency bill with any insurer, you should request authorization to invest premium fund trust account premiums through your contract with the insurer.

This is a great way to earn extra money that is sitting in a

Brett Gerger - Big I Illinois Director of Agency Resources/Education - bgerger@ilbigi.org February 2024

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5 2 1 Honoring Their Legacy Through Scholarships Over the years Big I Illinois has honored the legacy of those who served this industry with several scholarships to assist individuals interested in a career in the industry and to those currently working in the industry, looking to enhance their knowledge through a designation program.

Ron Allen Scholarship Award For High School Seniors

Will Cook Memorial Scholarship For High School Seniors

Farm Agentsa division Council of Big I Illinois

This scholarship was introduced in 2022 to honor Will Cook, who served as a Marketing Representative with Frontier-Mt Carroll Mutual. Will’s father Larry Cook, CEO of Frontier-Mt. Carroll Mutual, is actively involved and a great supporter of Big I Illinois and the Farm Agents Council. This scholarship is awarded annually to an Illinois High School Senior pursuing ­­­­ career in the agricultural field such as farm/ranch management, farm science, agriculture sales, insurance, and more and provides $1,000 to the recipient.

Deadline to Apply: March 1

Apply at ILFarmAgents.com

Ron Allen, founder and past president of the A. Allen Insurance Agency in Chicago, was a trailblazer in the insurance industry as one of the first African American’s to excel as an agent. Ron was instrumental in growing the Chicago Chapter of the National African American Insurance Association, with which Big I Illinois has had a long and productive relationship. He was a Silver Lifetime member of the NAACP and was awarded the 2009 “50 Men of Excellence” Award by the Chicago Defender Newspaper.

Ron served as the 2009-2010 Chairman of the National African American Insurance Association, was awarded the NAAIA Lifetime Achievement Award in 2011 and also accepted as a Fellow by the Claims and Litigation Management Alliance in 2011. To support the next generation of industry talent, NAAIA Chicago’s Ron Allen Scholarship is open to high school seniors in the Chicagoland area and provides $2,500 to the recipient.

Deadline to Apply: March 15 Apply at naaiachicago.org/scholarships

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Insight

Gene Sberna CIC Scholarship For Member Agency Personnel

In remembrance of Big I Illinois Past President and education advocate, Eugene Sberna, Big I Illinois offer scholarships for employees of member agencies who are willing to take the necessary commitment of time, hard work and dedication to earn the CIC designation. Gene earned his CIC in 1986 and was a volunteer for the North Suburban Association of Insurance Agents in the 90s. He served as President of Big I Illinois during the 1999-2000 fiscal year.

Covers the cost of one two-day Big I Illinois hosted CIC seminar.

Apply at ilbigi.org/education

February 2024

5

Roy and Harriett Robinson Scholarship

Established upon the retirement of Roy Robinson, who served as Education Director of the association and then for 18 years as Executive Director until his retirement in 1990. This scholarship provided $500 per semester for a junior or senior in college who was enrolled in a business program with an interest in insurance. Roy and Harriett delighted in attending the convention to personally present the scholarships to students until 2009 when the scholarships were paused due to a lack of applicants.

Named in honor of Big I Illinois Secretary Treasurer Keith “Butch” Payne, who died in 1993. This scholarship was presented annually to a student who was a junior or senior in college and enrolled in a business program with an interest in insurance. This scholarship was last awarded in 2011 due to declining interest by applicants.

5 2 Photos here appeared in prior association magazines. For more association history, request a copy of March of the Acronyms: The Rise of Independent Insurance Agents of Illinois, by Jack Payan, CPCU.

To order a free copy, send an email request to Jennifer Jacobs at jjacobs@ilbigi.org.

ILLINOIS

Insurance Careers

Keith Payne Memorial Scholarship

New ip! h s r a l o h Sc

Big I Illinois is proud to introduce a new scholarship developed to assist students in exploring college studies that could lead to a career in insurance! Funds from the Roy and Harriett Robinson Scholarship and the Keith Payne Scholarship have been preserved in interest-bearing accounts and will now be made available to the next generation of students.

The Insurance Careers Scholarship will be open to high school seniors in good academic standing who plan to enroll in business, marketing, entrepreneurship, or other degrees with an interest in careers within the insurance industry. Annually, two students will be selected for a one-time scholarship payment of $2,000 to be used towards their tuition.

Look for details to be released soon.

February 2024

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PRODUCER AND CARRIER CONTRACTS: An Agent’s Lifeblood, But Will Your Contracts Save You?

By Chris Burand

The world is a different place today. In days gone by, agents focused on protecting their expiration rights from carriers and producers stealing their books of business. From many angles, those were the halcyon days.

CARRIER CONTRACTS

For a very long time now the value of expirations has been diluted. Two other rights have become important and arguably have equal or excess value to expirations today to the more strategic brokers, carriers and tech people.

The first goes back over 15 years ago, when a particular carrier sent letters to certain agents’ clients advising the client that their agent’s appointment had been canceled.

This was a mass event and not specific to individual agency issues or trust money issues or anything like that. The carrier simply seemed to want to eliminate a large proportion of its agents. Also, the carrier went beyond notifying clients that an agency’s appointment had been canceled and was quite proactive by encouraging those clients to move their business to specific other agents. The letters went out before the agents could contact their own clients.

If my memory is correct, the agents and agents associations protested, and the carrier noted that the contract “only” gave expiration rights to the agents and not exclusive communication rights. The Texas association, I believe, helped to get that law changed in the next legislative session.

communicate relative to policy notices, renewals and so forth), they obtain some power and value over expirations. What do your contracts say?

Fast forward to a few years ago when certain smart individuals realized that the information in the renewals was possibly as important or more important than the expirations themselves.

Most agents with whom I initially broached the subject could not separate in their minds how data and expirations are different. It is the data that is severable from the insurance renewal and/or unrelated or of no use to the user of the data.

Who actually owns the data in your file? I am not addressing ownership of the expiration, which is a de facto future cash flow rather than the data points. I saw an interesting article that ownership of the data is not only between carriers and distributors, but also potentially the owners of agency management systems. It is an interesting three-way split of the blanket!

Do you have the right contracts with your carriers and vendors? If you sell your agency, are you selling too cheap, considering the buyer can possibly split the value of the renewal rights cash flow and data points?

It reminds me of a billionaire who sold his railroad but kept the right of way for communication lines.

It is unfortunate many other states have not done the same.

The right-of-way may have been as valuable as the railway.

Where is your protection?

If carriers can communicate directly with clients regardless of the subject matter (obviously carriers must have the right to

I have read a few hundred carrier contracts and it pays to read those contracts prior to signing.

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February 2024

PRODUCER CONTRACTS

For a long time, the debate has been about the ability of a producer to leave an agency and take the former employer’s clients. Initially, non-competes were used but so many courts have ruled that strict non-competes were not fair, so that a more balanced solution was sought. That solution is usually some form of non-piracy agreement, although trade secrets agreements are probably a better solution.

That said, all those agreements were written from the perspective that the agency was more powerful than the producer. I remember a consultant telling me when he was teaching me about producer contracts that a certain design was ideal because the terms were identical and therefore, fair.

However, the terms were not level because the producer would never be able to afford to get out of the contract.

The tables have turned somewhat over the past 24 months.

Producers can now afford to get out of contracts and, in many cases, they have more money than the agency owners.

The difference is that a handful of entities have decided the best way to grow is to take producers and pay for the ensuing litigation rather than just buy the books or regulate the producer while they sit out their contract. Some of these players have private equity money.

From this perspective, let’s say you have a great producer contract written by the best attorney. So what? By the time you litigate the situation, even if you win, you will probably lose. You just lose less.

I suggest your attorneys rewrite your contracts with this new development in mind. I also suggest agency managers think through the following question: If the contract can be broken, albeit broken unfairly, how do I keep my best producers (these opponents don’t want your worst producers) in my agency?

Different options might include increasing compensation.

However, straight compensation increases often don’t hold water relative to the promises that are being made of ownership equity appreciation and upfront bonuses.

Other factors involve addressing what motivates good producers. Again, ignore marginal and poor producers. Good producers are often motivated by resources that enable them to write more business, more quickly. These resources may include a great staff, education, certain carrier representation, specific value-added services, and specific marketing (also a way to institutionalize client relationships).

Historically, some kind of deferred compensation plan became the equivalent of velvet handcuffs. Beyond the complexity and expense of creating 409A Treasury regulation-compliant plans, I still like this concept. If you have some form of vesting or deferred compensation or phantom stock or other versions and haven’t had the plan reviewed by a specialist tax attorney, do so because the penalties for non-compliance are huge.

Regular accountants are rarely sufficiently knowledgeable on this subject. More thought needs to be put into these plans because I am seeing some producers, for the first time, willing to walk away.

As the world has become more complex, it pays to invest in experts who know what they are doing. The worst possible solution is to use boilerplate contracts that you find online, from an agent forum or from your buddy. This is no place to cut corners.

With every difficulty comes opportunity. The opportunity is for those that will rise to these new challenges.

This article has been reprinted with permission from Wells Media Group Inc., publisher of Insurance Journal. Copyright 2023 Insurance Journal. View original at www.insurancejournal.com/magazines/magfeatures/2022/04/18/663163.htm Chris Burand is the founder and owner of Burand & Associates LLC based in Pueblo, CO. He can be reached at chris@burand-associates.com.

What else might work?

The number one solution is to institutionalize client relationships with others in the agency who have stronger ties to the agency than the producer, and therefore, will not leave.

This is a strong risk mitigation strategy for many reasons, but particularly for this risk.

ILLINOIS Solution Center

Solutions and Resources for Your Agency

Contracts: Know Your Rights

Statutes

Agreement Termination

Producer Agreements Guide

ilbigi.org/resources/solution-center

February 2024

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9

Considerations fo Agency-Com Appoint

Agency appointment contracts form the legal foundation of the relationship between independent insurance agencies and insurance carriers. The agency-carrier contract should set forth the rights, responsibilities and obligations of the respective parties with regard to all material aspects of the relationship.

control of data and records, which continue to grow in value in an increasingly digital world.

The provisions in the agency-carrier contract will likely trump any other understandings between the parties. Thus, it is imperative that agencies review, understand and, when necessary, seek to negotiate the terms of these contracts before signing and proceeding with a new or existing carrier relationship.

First, agents should ensure that the carrier affirmatively recognizes the agency’s ownership of both expirations and records. Also, try to limit the carrier’s ability to take control of the agency’s expirations to only the agency’s nonpayment of undisputed premiums collected by the agency after termination of the contract. Agents can also require that the carrier provides advance written notice and an opportunity for the agency to cure or furnish acceptable collateral security before taking the agency’s expirations.

For decades, the Big I Office of General Counsel has worked closely with national and regional carriers to provide input and proposed revisions to new agency-carrier contracts before they are released. Many carriers have agreed to adopt more favorable terms for agencies as a result of these efforts.

Some contracts may attempt to provide the company with a lien or security interest against agencies’ books of business or expirations. Such a lien or security interest could conflict with the agency’s obligations to a lender or limit the ability to obtain financing.

While a carrier’s willingness to negotiate changes will vary significantly based on the carrier’s policies and the relevant circumstances, an agency may be able to secure significant improvements before executing a contract.

In any event, the agency should ensure that any lien or security interest applies only to the expirations or book of business with the applicable company.

Here are nine common considerations for agencycompany appointment contracts:

OWNERSHIP OF EXPIRATIONS Ownership of expirations is one of the most critical issues for agencies to consider in agency-carrier contracts. It is the cornerstone of the independent agency system, and an agency derives much, if not most, of its value from the ownership of its expirations and records.

U.S. courts have generally recognized independent agents’ ownership of expirations dating back to the seminal case of National Fire Insurance Company v. Sullard, 97 A.D. 233 (N.Y. App. Div. 1904), finding an independent agent owned his “expiration register” over company claims. Despite this longstanding precedent, the contractual terms surrounding ownership of expirations have significant consequences.

For example, contracts will often address the circumstances under which a carrier may take ownership of expirations, particularly after termination of the contract. Contracts may also address ancillary issues such as whether and how the company may engage in direct marketing through use of the agent’s client records. One important emerging issue is the 14

Insight

COMMISSIONS While expirations constitute much of an agency’s inherent value, commissions represent much of the day-to-day income.

The agency should be aware of how its agency-carrier contracts address a variety of commission-related issues, including the timing of commission payments paid directly by the company, whether or not the company has the right to deduct commissions from premiums, the frequency of adjustments and the amount of advance notice, if any, that the carrier has to provide before adjusting commissions rates.

The contract should specify whether the agency may deduct commissions on agency-billed policies. If the policies are direct billed or the agency is not allowed to deduct commissions, the contract should specify the timing of commission payments.

The frequency that the carrier may reduce the agency’s commissions can vary. Carriers typically agree to provide 30-90 days advance written notice prior to any unilateral reductions, but the agency may wish to request 90 or more days advance written notice for any changes. The agency may also want to request that carriers limit reduction to once per calendar year.

February 2024

or ompany tment Contracts

By Scott Kneeland and Eric Lipton

The contract should also have a separate commission schedule setting forth the commissions applicable to the carrier’s lines of business. The agency should be aware of any language stating that the parties or the carrier will set commission rates on a policy-by-policy basis.

PREMIUM COLLECTION Many agencies have a role in receiving, maintaining and disbursing transacted premiums and should pay special attention to provisions affecting the flow of premiums. The agency should understand whether the contract provides for company billing, agency billing or a combination of both, as well as the circumstances under which the company may move policies from agency billing to company billing.

With respect to agency billed or direct billed, agents should know what is permitted and under what circumstances.

Agencies should consider whether the carrier specifies any circumstances under which it may change the billing method from agency billed to direct billed.

Further, be aware of language requiring the agency to pay premiums “whether or not collected” by the agency or similar language. This is contrary to the typical result where nonpayment by an insured will cause the policy to lapse or be canceled. If this concerns the agency, then it may request that its responsibility be limited to remitting premiums it actually receives.

Carriers typically require agencies to waive commissions on any premiums collected by the carrier. Determine whether the contract allows the agency to be relieved of collection if it turns over collection to the carriers, and look out for language that limits the premiums that can be turned over to the carrier for collection, such as audit premiums. The agency should be permitted to turn over all uncollectable premiums to the carrier for collection.

Try to ensure the indemnification obligations are mutual.

Be aware of language, in the indemnification provision or elsewhere, that requires only the agency to cover the carrier’s fees and costs in the event of a lawsuit or collection efforts against the agency. At a minimum, such a provision should be mutual and provide that the prevailing party is entitled to have its costs and fees paid by the other party.

An agency will want to determine whether its insurance adequately covers any indemnification claims that may be made by the carrier against the agency. Also, watch for any language that would impose a so-called contributory negligence standard, whereby the carrier’s indemnification obligation is eliminated entirely if the agency contributed even a small fraction of fault. Instead, the agency should seek language that apportions responsibility according to each party’s respective degree of fault, or a so-called comparative fault standard.

CHANGES IN OWNERSHIP A requirement that the agency provide advance notice of a change in ownership can be problematic. Such notice may violate the terms of any applicable non-disclosure agreement between the agency and the counterparty to a merger or acquisition.

The agency-carrier agreement should not terminate immediately upon a change in ownership, and the agency should not have to provide notice to the carrier for every change in ownership. A change in ownership provision should apply only to changes in a majority or controlling interest.

continued...

INDEMNIFICATION An indemnification provision describes the circumstances under which each party is responsible for compensating the other party for any claims or losses arising out of the contract.

Agents should take a careful look at how any indemnification provisions are structured and what types of claims or losses might be covered.

February 2024

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CARRIER COMMUNICATIONS WITH INSURED Be aware of any language that allows the carrier to communicate directly with, or sell directly to, the agency’s clients. If the carrier insists on including such language, the agency may want to request language that confirms that the carrier provides advance written notice of direct communications with the agency’s client, copy and/or identify the agency’s name and contact information on all correspondence and direct policyholders to the agency for questions and requests for service; the carrier will pay commissions on any direct sales by the carrier to the agency’s clients; and direct sales will not erode or in any way adversely affect the agency’s ownership of expirations.

CLAIMS REPORTING Claims reporting requirements can differ significantly between carriers. Some carriers may simply require notification of actual lawsuits filed against a policyholder. Other carriers may require notice of any circumstance that may increase the carrier’s risk of any potential claim mentioned by a policyholder to the agency.

Agencies may wish to limit such provisions to actual notification of a claim or lawsuit. Otherwise, the agency might arguably be agreeing to notify the company of every client complaint, no matter how minor.

POST-TERMINATION RIGHTS AND RESPONSIBILITIES

DATA SECURITY Data security regulation is developing quickly in the U.S. New York has enacted one of the nation’s most far-reaching laws; the National Association of Insurance Commissioners (NAIC) has issued a model data security law, which a number of states are beginning to implement; and carriers are amending or revising their agency contracts to address these new laws and regulations.

Consider pushing back on provisions that impose data security requirements more stringent than the requirements applicable by law, and consider pushing back on provisions that are not mutual and impose burdens and obligations on the agency without requiring the same of the carrier. The agency should also be aware of any contractual provisions requiring the agency to distribute privacy notices on the carrier’s behalf or take on other duties or responsibilities that are not mutual.

This article originally appeared in IA Magazine and has been republished with permission.

Scott Kneeland is Big “I” general counsel. Eric Lipton is Big “I” senior counsel.

This article is based on The Big I Guide to Agency-Company Appointment Contracts by the Big I Office of General Counsel. For sample contract language and other key agencycompany appointment terms, go to www.independentagent. com/legal-advocacy. This article includes general information only and is not intended to provide specific legal or financial advice. If specific legal or other expert advice is required or desired, the services of an appropriate, competent professional, such as an attorney, should be sought.

Agency and carrier business needs and circumstances change over time, and carrier relationships inevitably will come to an end. Some contracts, however, fail to address what happens next and agencies need to consider their rights and responsibilities after a notice of termination.

Important language includes provisions relating to the payment of commissions on policies that continue after termination; the agency’s ongoing access to its clients’ records, including any records in the carrier’s database; the authority to service policies after termination; and their clients’ renewal rights upon policy expiration.

Appointment contracts often permit carriers to cancel all policies as soon as permitted by applicable law. A runoff provision provides agencies and insureds with greater certainty following termination of the contracts.

A run-off provision should provide a period of time, such as one year, after termination during which the carrier agrees to renew all policies that meet current underwriting standards and should specifically state that the agency has the authority to service policies following the termination of the contract and to receive commissions at a pre-determined rate, such as the rate in place at the time of the notice of termination.

Also, be aware of provisions that require the agency to service policies but do not require the carrier to pay commissions unless provided by law and language that allows the company to engage in selective cancellation without regard to its current underwriting standards, which may undermine the effect of the run-off provision.

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For decades, the Big I Office of General Counsel has worked closely with national and regional carriers to provide input and proposed revisions to new agency-carrier contracts before they are released.

Many carriers have agreed to adopt more favorable terms for agencies as a result of these efforts.

February 2024

Your Agency’s Market Access Opportunities

By Daniel Smith In today’s world – even with a hard market – insurance agencies have a plethora of options on how to access carriers for placing business. The traditional model of direct appointments has been skewed by the prevalence of market access programs and wholesale brokers. But is this a bad thing? That all depends on how your agency leverages its opportunities. The following are some of the ways your agency can or may already access markets.

Big I Markets

Wholesale Brokers

Independent Market Solutions (IMS) Markets

Wholesale Brokers, Managing General Agents, E&S Brokers, and other insurance intermediary partners can provide access to carriers for business that is specialized, hard to place, or in areas where your agency may not have as much expertise.

It is very wise to have strong broker relationships, as these partners are often relied on in crucial market situations for clients.

Aggregators

Aggregators and market access groups have typically built a stable of carriers by gathering premium from dozens – if not hundreds – of agencies how may not write enough on their own to secure a direct contract. Often utilized by smaller or more rural agencies, the modern version of these partners includes agencies of all sizes.

Agency Networks

Networks are a massive piece of today’s independent agent landscape. Some estimates place national involvement in an aggregator or agency network as high as 70% of independent agencies! These partners often provide enhanced market access that may include dedicated underwriters, specialty markets, and differences in commission or contingencies.

However, they vary greatly and often have extreme differences in membership contracts.

February 2024

As a member of Big I Illinois, you have access to our national partnership with Big I Markets. Your agency is able to access markets for affluent personal lines, standard personal lines, bonds, cyber, flood, habitational, small commercial, and more through carriers including AIG, Chubb, Progressive, Safeco, Travelers, and more. Simply visit bigimarkets.com to get started!

Our members also have access to IMS, a partnership we’ve helped develop with 14 other Big I states. This can give your agency access to markets for BOP, work comp, home, auto, GL, and more, through carriers including Attune, Branch, CNA, Travelers, UFG, and others. Get started now at tinyurl. com/BigI-Illinois-IMS.

Big I Illinois Markets

In addition to Big I Markets and IMS, our members can also write personal umbrella policies or home business insurance through RLI, flood insurance through Selective, workers’ comp through our administered program, and our specialty Mexico tourist auto program. Check them all out at ilbigi.org/ membership/agency-membership/resources.

As you can see, your agency has a variety of options for market access. But choose your partnerships wisely! Be sure to review agreement language, confirm expiration ownership, and understand your options should direct appointment opportunities arise.

Daniel Smith is Chief Marketing Officer and Co-Founder of Market Retrievers and also writes and collects content for Insight magazine. Find out more at marketretrievers.com.

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Steps to Build a Strong Carrier-Broker Relatio

By Danielle Laffey and Michelle Dennis

As more and more organizations now consider keeping remote or hybrid workforces, they are facing a whole new set of workers’ compensation challenges. Insurers must now consider the safety of a company’s remote work locations in the insurance and underwriting process. They are looking at details such as if employers are accurately reporting the state for employees’ remote work locations, which can have significant tax implications.

The pandemic has infiltrated many aspects of workers’ compensation, from new government regulations to labor shortages. Insurance companies need to address not only the impact of the pandemic, but also the myriad other workers’ compensation issues that have arisen from it. And they need to do so from all aspects of the workers’ compensation process: • Broker interactions • Sales and distribution • Underwriting processes • Service capabilities • Safety measures • Claims processes • Renewal opportunities

The easiest and most efficient way for carriers to maintain a strong working relationship with their brokers is to provide additional sales tools and technology to help build their network. A great way to deploy these tools and capabilities is through an exceptional broker portal that acts as a single source of truth for all things workers compensation. The broker portal should feature: • Commissions • Digital downloads • Gamifications for next-level tracking • Collaborating with underwriters and operations teams • Client base insights • Next best actions • Renewals • Continuing education for brokers around licenses • Sales tools and lead distribution • Marketing campaigns

A Strong Carrier-Broker Relationship

An effective carrier-broker relationship is key to a successful and expanding broker network. In as much as carriers make life easier for brokers, brokers provide an incredible benefit to carriers. This mutually symbiotic relationship helps ensure that both broker and carrier get what they need, and that customers receive the highest quality information and interactions.

As carriers help build out an individual broker’s business, both the broker and carrier’s sales grow. Likewise, effective, efficient, and energetic working relationships can act as a recruiting tool to expand carrier distribution by attracting additional brokers. And recruiting is needed now more than ever.

There is a major talent shortage happening across the insurance industry as a result of a high retirement rate. The median age of insurance company employees is higher than other financial sectors, and finding the right talent to replace retirees is a challenge. According to research, 43% of insurance talent respondents feel it’s getting harder to find skilled candidates, especially those with technology skills in the areas of cloud engineering, data science and analytics, artificial intelligence and machine learning, software development, and cybersecurity.

Fuel Broker Success

If you’re a broker you can sell for anybody. Carriers are very aware of this, so they make sure they maintain a healthy, productive working relationship with their brokers.

Workers’ compensation insurance is sold through broker networks, and carriers actively try to help build their broker’s business. Carriers work to nurture brokers and their business, providing vital information to help the broker’s network - and the carrier’s policy count - grow.

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Commission

Generally speaking, when it comes to selling workers’ comp, agents get a commission shortly after the initial sale. But there are times when a commission can increase after initial policy purchase.

Let’s say a customer submits an application for a catastrophic event and they check the specific coverage required for that event. The broker agent could suggest that the customer turn the coverage on for potential future disasters, which benefits them greatly. But it also benefits the broker because their commissions increase with the additional sale.

Provide Digital Downloads

The easiest way to ensure your broker shares the right information with new prospects and current customers is to provide that information to them. By making the appropriate brochures, datasheets, stats, and talking points available for

February 2024

ionship download, you can be certain the whole team is on the same page. When new information becomes available, carriers can easily push out new content or updated versions to the broker portal.

Whether it’s updated policy info for current customers or research on safety impacts by industry for prospective buyers, an up-to-date broker portal helps everyone stay on message.

Eliminate Channel Conflict

Within the broker portal, it’s imperative that the carrier can properly segment data between their brokers. If brokers don’t trust their portal, they won’t store all of their data within it.

Carriers must maintain broker trust that their customer data won’t be shared with other brokers who might want to poach new clients.

Gamify Your Broker Portal

If you find that your brokers aren’t using the portal, or their enthusiasm has waned, you can use the same proactive interaction techniques you might use to gain back customer attention. Positive or negative reinforcement goes a long way to motivate action.

A Gentle Reminder Get on their radar with a customized, automated message that launches after certain points in the quoting process are or are not followed. By adding a KPI dashboard to your portal homepage, brokers will see ways they can improve.

Reward Good Behavior Everybody likes to win things. Create an incentive for your brokers to pursue new policy opportunities. A classic achievement is a tropical trip when a certain selling tier is achieved. More grounded options can be gift cards or bonuses when goals are reached.

Provide Quality Leads

Carriers can provide information about potential clients by gathering data on their website as leads are pushed back to brokers. Carriers can use Marketing Cloud journeys to help brokers track their sales opportunities and impact their buying decisions by providing the right information at the right time on the right channel. One example of this is social listening, uncovering what your customers are saying and marrying those insights with your market research.

Enable Next Best Offer

One major area of focus is providing the right amount of coverage for when the unexpected occurs. But it can be difficult to instantly know which policy offers the best coverage and value.

Cross-Sell/Up-Sell Every carrier and broker is interested in the ability to effectively cross-sell and up-sell their clients. Today, that’s accomplished by applying AI to the data in your systems to determine the likelihood that the client could be better served by different coverage or by purchasing additional products.

Manage Your Messaging

It’s important for any branch of insurance to properly communicate their policies, rules, and regulations to their customers. It’s even more important that the messaging meets compliance standards.

A carrier can create customer communications with the right information and calls to action, and hand it off as a formfillable template to their brokers to brand and personalize.

This lets carriers maintain compliance by controlling the content while keeping the broker’s brand intact.

Faster, friendlier follow-ups; next best action suggestions for call center teams; tailored responses based on circumstances and specific claim information - these actions show customers that they are more than just their policy number.

This article originally appeared at https://silverlinecrm.com/ blog/financial-services/insurance/8-steps-to-build-a-strongcarrier-broker-relationship/ and has been reprinted with permission.

Danielle Laffey is Principal Consultant, Insurance, for Silverline.

Michelle Dennis is Managing Director, Insurance, for Silverline.

Go to silverlinecrm.com for more information.

Carriers can feed these identified leads into the broker portal as a part of their sales process. It’s also important to continue providing data and intelligence to brokers during a policy life cycle. Brokers can then facilitate informed discussions with their clients.

February 2024

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Significantly Increase Sales

by Practicing

By John Chapin

Every sports team practices. Not just the pros. College, high school, pee-wee, shoot I remember my Pony League baseball team practicing when I was five years old. Add to this the fact that many, if not most, professionals practice.

Would you want a heart surgeon who hasn’t practiced on cadavers, and in many other ways, shapes, and forms, doing open-heart surgery on you? Of course not. Actually, in that case, you’d hope that they not only had tons of practice before their first surgery and between the others, but you’d also hope that they got lots of game experience too.

As a salesperson, practice can have a significant, positive impact on sales numbers. In an article a few years back I referenced an old sales book: Secrets of Closing Sales

by Charles B. Roth. In the book he talked about a group of salespeople in Detroit who roleplayed various sales situations with each other and their manager. In a year they increased their sales by 100%. He then talked about another group in NYC that used this idea of roleplaying and increased sales by 150%. Finally, he cited several examples of individual salespeople who increased their sales by as much as 400% using this idea.

I’ve had the same results in my sales career and with the individuals and companies I’ve worked with as a trainer.

As a brand-new stockbroker, I remember walking around with a large tape recorder recording the top brokers in the office. I recorded their cold calls, presentations, answers to objections, closes, and everything else that they said to prospects and clients. Sure enough, when I started saying the same things, the same way, in the same situations, I started to get similar results until I too was one of the top brokers. With clients, I find the most effective word tracks for all sales situations, and then have the salespeople practice these until they are embedded in their subconscious and come out of their mouths as automatic responses. The result? Sales go up almost immediately and skyrocket long term.

All that considered, why do the majority of salespeople not practice? In my experience, it happens for one or more of three reasons. First, they haven’t been properly trained.

In other words, no one ever taught them the process or required them to practice, and the thought never occurred to them. Second, many salespeople are simply lazy, and practice is extra work. Finally, the third reason salespeople don’t practice it that they’d rather sound inept in front of the prospect, who is a stranger, than in front of their peers.

It’s true. If they come off as a blathering idiot in front of a prospect, that’s okay because they don’t ever have to see or talk to that person ever again if they don’t want to.

On the other hand, if they trip over their tongue and look bad in front of their peers, they have to see those people again, also, the ridicule is likely to be worse than in front of a prospect. A prospect is much less likely to laugh out loud or make fun of you than your peers. And while most of the time peers making fun of you isn’t the case, most salespeople believe it will be and they imagine it will be much worse than it is. Bottom line, no one wants to be embarrassed in front of their tribe or made to feel singled out or less than.

90% of the time when I begin roleplaying with even veteran salespeople, and I give them a standard objection they’ve been getting since their third week in the business, the first sound out of their mouth is usually ‘ahhhh,’ followed by some off-the-cuff, made-up response. The lack of practice is immediately and painfully obvious. If you want to be a great salesperson, you simply must practice. Ideally, practice will be with other salespeople and your manager, but it can also be with your spouse, one of your kids, your dog, in the mirror by yourself, or in the car driving. And while you’ll get the most constructive feedback in front of your peers and manager, the most important piece is that you practice the right things, in any way you can, until they become second nature. If you correctly and consistently practice all the sales situations you’re going to run into during the day, this one exercise alone will have a significant, positive impact on your sales numbers.

John Chapin is a motivational sales speaker, coach, and trainer. Contact him at johnchapin@completeselling.com.

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February 2024

Agency Member News Big I Illinois Member Agency Celebrates 100 Years in Business

Mikkelsen, Kelly, & Kipp Insurance (MKK Insurance) in Alsip, IL will be celebrating their 100th year in business during 2024. Originally opened in 1924 as George P. O’Toole Insurance and later O’Toole & Houlihan Insurance, MKK has had three generations of family members work for the agency. Original owner George O’Toole is current President John Mikkelsen’s uncle. John’s son, Scott, is the current director of sales and third generation owner. The agency is also owned and operated by Vice President Carl Kipp who has been with MKK since 1984.

“My uncle started this agency with the goal of protecting his clients and friends as best he could,” John Mikkelsen said.

“He always felt that the best way to do this was to forge lifelong relationships not only with his clients, but also with the insurance carriers themselves. We hold this theory to be just as true today.” John is also celebrating a big anniversary this year, having been with MKK for 50 years.

MKK Insurance has held contracts with some insurance carriers for as long as 100 years. They even have some customers that have been with the agency since the 1930’s.

The agency has been honored with a number of company awards including the Safeco Award of Excellence, National Life President’s Club and EMC Premier Partner designation.

“Reaching 100 years in today’s world says a lot and its something we are very proud of. Unfortunately, you don’t see many agencies reach this level of longevity. I think it’s a great testament to who we are at MKK and the loyal clientele we have been so lucky to work with over the years.” Scott Mikkelsen said.

Mikkelsen, Kelly, & Kipp prides itself on the values set forth for the past 100 years. They feel that honesty, respect and loyalty are the best ways to service their clients.

Congratulations to the team at Mikkelsen, Kelly, & Kipp Insurance!

In Memoriam Big I Illinois member Bill Leighman Ghent, Jr., 76, died on January 24, 2024, surrounded by several of his long-time friends and his beloved dog, Sully. He is survived by a son, Bill Leighman Ghent, III, of Washington, D.C., and was preceded in death by his wife, Linda, in 2017.

Bill, known as “Willie” to his friends and family, was born on November 14, 1947, in Harrisburg, Illinois, to the late Bill, Sr., and Lorraine Ghent. A graduate of Harrisburg High School in 1965, Bill married Linda in 1967 before graduating from Parsons College in Iowa in 1969. After graduation, Bill first worked as a history teacher and later as a principal in Cairo schools before moving back to Harrisburg.

After his father’s death in 1973, Bill took over the family’s insurance brokerage, Bill Ghent Inc. Almost $200,000 in debt at the time of his father’s passing, Bill worked to bring the agency into profitability and became one of the region’s most respected business leaders and insurance agents.

One of his favorite insurance sayings was, “Don’t spend a cent until you see Bill Ghent,” and his red truck was always first on the scene after an accident to reassure his clients that they would be okay.

His pride in and his devotion to Harrisburg was never more apparent than in 2012, when the city was hit by a devastating tornado. With several of his clients homeless or facing extensive repairs, Bill worked tirelessly to help his community and his friends rebuild. As he told the New York Times, “The truth is, we’re used to taking cover by now, one way or the other. What people don’t understand is you just make it out, just make it done.”

The same could be said of Bill himself, who faced multiple health challenges throughout his life, especially after losing Linda in a fatal car crash in 2017. With the help of family and friends, Bill worked to put himself back together again, defying expectations just as he had done many times before.

Bill served as Big I Illinois Region 1 Director in the late 80’s and early 90’s and remained an active member until his death.

Big I Illinois staff and board members extend our sincere condolences to Bill’s friends, family, and co-workers.

February 2024

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Associate Member News Thank you to our Associate Members.

Diamond Level

Platinum Level

Gold Level

Arlington/Roe Blue Cross/Blue Shield of IL Pekin Insurance

Progressive Surplus Line Association of Illinois

Silver Level Imperial PFS IMT Insurance Keystone Insurance Group, Inc. SECURA Insurance

Bronze Level A. J. Wayne & Associates AAA Insurance AMERISAFE AmTrust North America Auto-Owners Insurance Co. Berkley Aspire Berkley Management Protection Berkley Small Business Solutions Berkshire Hathaway Guard Insurance Companies BluSky Restoration Contractors BriteCo Jewelry & Watch Insurance Central Illinois Mutual Insurance Company Chubb Columbia Insurance Group Continental Western Group Cornerstone National Insurance Company Cowbell Cyber Donald Gaddis Company, Inc. Donegal Insurance Group EMC Insurance Encova Insurance Erie Insurance Group Foremost Choice Property & Casualty Forreston Mutual Insurance Company Frankenmuth Insurance Grinnell Mutual Reinsurance Company IA Valuations Illinois Mine Subsidence Ins. Fund Illinois Public Risk Fund Indiana Farmers Insurance 22

Insight

Insurance Program Managers Group J M Wilson Liberty Mutual/Safeco Insurance Madison Mutual Insurance Company Main Street America Insurance Maximum Independent Brokerage, LLC Mercury Insurance Group Method Workers Comp Midwest Insurance Company Nationwide NHRMA Mutual Workers’ Compensation Novatae Risk Group Pinnacle Minds, Inc. Previsor Insurance & Missouri Employers Mutual PuroClean Disaster Services Rhodian Group Rockford Mutual Insurance Company ServiceMaster DSI SERVPRO of Gurnee Society Insurance SPRISKA - Specialty Risk of America Steadily Travelers UFG Insurance Universal Property & Casualty Utica National Insurance Group W. A. Schickedanz Agency, Inc./Interstate Risk Placement West Bend Insurance Company Western National Insurance Westfield February 2024

Associate Member News SECURA Insurance Named Great Place to Work

SECURA Insurance is proud to be certified by Great Place to Work® for the eighth year in a row. This certification is based entirely on what employees say about their experience working at SECURA, which is collected through an anonymous survey. This year, 91% of employees said it is a great place to work – 34 points higher than the average U.S. company.

“We are proud to be named a Great Place to Work certified company for the eighth consecutive year,” said Sarah Krause, SECURA Vice President - Human Resources. “This certification highlights our employees’ genuine feedback about working at SECURA, and the results show our employees are having consistently positive experiences in a variety of areas.”

SECURA’s Great Place to Work survey results ranked the company’s strengths and evaluated employee feedback on areas of leadership, fairness, rewards, and career opportunities. The results showed 97% of employees say when joining the company employees are made to feel welcome, 96% say SECURA’s facilities contribute to a good working environment, and 95% say they are able to take time off from work when they think it’s necessary.

In 2023, SECURA was ranked number 29 on the Fortune Best Workplaces in Financial Services & Insurance for large companies list, number 36 on the Best Workplaces for Women for large companies list, and number 85 on the Best Workplaces for Millennials for large companies list.

A summary of SECURA’s Great Place to Work ratings can be found at https://www.greatplacetowork.com/certifiedcompany/5003080.

West Bend Mutual Holding Company Plan Passes

West Bend held a special Meeting of Members to consider a plan to convert to a mutual holding company. The plan passed on December 8, 2023, with over 90% of the votes cast in favor of conversion. Effective January 1, 2024, the company officially became West Bend Insurance Company and now operates as a stock insurance company under West Bend Mutual Holding Company. West Bend Mutual Holding Company is still owned and governed by its shareholders.

This certification qualifies SECURA to be named on other Great Place to Work and Fortune Best Workplaces lists.

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The affordable price your clients deserve.

We’ve been successfully protecting small businesses since 1983.

Browse all of our products at www.guard.com.

February 2024

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23

Association Staff Update

ILLINOIS Big I Marketing Summit

Lori Mahorney and Rachel Romines attended the Big I Marketing Summit in January where their counterparts from over 20 other Big I State association spent two days collaborating and learning from some of the best in marketing and communications.

Big I Winter Meeting

At the January IIABA Winter Board Meeting, Big I Board of Directors voted to adopt a policy statement on agent compensation and appointments in the current hard insurance market. The statement is intended for all insurance industry stakeholders and emphasizes the critical and unique role that independent agents and brokers play in the insurance marketplace. It details the services they provide for both consumers and carriers and expresses concern about recent carrier reductions in agent commissions and inappropriate agency terminations. Go to www.independentagent.com or scan the code to DOI CE learn more.

Advisory Council

Big I Illinois Sponsors ISU Professional Sales Institute Big I Illinois has signed on as a sponsor of the Illinois State University Professional Sales Institute for the 2024 and 2025 school years. This partnership will support association efforts to promote careers in insurance. Big I Illinois members can benefit directly through taking advantage of opportunities to participate in the Redbird National Sales Competition, the Spring Sales Career Job Fair and other networking events, giving agencies access to students who will become the sales professionals of the future.

Additionally, students will learn about the Big I Illinois job board at www.ilbigi.org/careers where agencies can post open internships and entry-level job opportunities. For more information or to get involved in the Big I Illinois talent Associate initiatives, contact Member Virtual Visits Jennifer Jacobs at Led by Lori Mahorney, Director of jjacobs@ilbigi.org Membership, several staff members or (217) 321-3013. participated in Associate Member virtual visits and will continue to do so throughout 2024. The purpose of visiting is to connect with our valued partners, enabling us to share association updates, advocate for our member agencies, and gain insights into their current initiatives.

Shannon Churchill is a member of the Illinois Department of Insurance’s Continuing Education Advisory Council. The newly formed council will meet twice monthly through April for the purpose of amending the CE and provider responsibilities.

Big I Illinois staff has been hosting monthly virtual town meetings over the past few months. Topics have included Navigating the Hard Market, Market Access options, the state of the industry, agency marketing made easy and resources to hire, retain, and compensate your staff.

Sessions were recorded and are available in CONNECT. The next meeting will be Monday, February 26 at 2:00 pm with Evan Manning, Government Relations Director. He will present, “Navigating Illinois Politics and Policies: Why Attending Insurance Industry Legislative Day Matters.”

Visit CONNECT for details and to sign up for these free sessions (connect.ilbigi.org).

Local Legislative Events

Local legislative events were held on January 26 in Vernon Hills and Wheaton. Several staff members attended and provided information about issues facing the insurance and financial industry.

Local legislators were also in attendance.

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March 13 - Springfield Education: 2:00 - 5:00 pm Reception: 5:30 - 7:30 pm

www.insurancelegislativeday.org February 2024

Big I Illinois News

February 14-15 Virtual Class

16 hours of IL CE credit CE Available in other States, contact IIA of IL for details Topics include Commercial Property Coverage Forms & Endorsements, Commercial Property Causes of Loss & Endorsements, Time Element Coverages & Endorsements

ilbigi.org/education

Illinois

Insurance Pre-Licensing Program

Upcoming Property & Casualty KE

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LET TA

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SPEND AN HOUR UPGRADING YOUR KNOWLEDGE WITH A

WEBINAR

ilbigi.org/education

February 2024

March 5-6 - Virtual April 2-3 - Virtual & In-Person (Springfield) May 7-8 - Virtual

Upcoming Life & Health February 21-22 - Virtual April 16-17 - Virtual

ILPrelicensing.com insight

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Classifieds INDEPENDENT INSURANCE AGENCIES WANTED

17. We are an Independent family-owned agency located in the Chicago area. We are looking to expand through growth and acquisition. If you have a small to medium sized agency and are looking to sell, call or send us a message. We are strictly looking for Personal Lines and Small Commercial accounts with preferred companies.

GALO Insurance Agency, Inc (847) 832-0888 steve@galoagency.com

LOOKING FOR AN EXIT STRATEGY?

23. Are you looking for an exit strategy while still continuing to produce for a few years or are you ready to sell now? Paczolt Insurance would like to talk with you! We are an independent agency dating back to the 1970s that is located in the western suburbs. Our focus is on mid-to-small commercial accounts and personal lines. Our companies include EMC, Badger Mutual, Safeco, Progressive, and Travelers. We have the flexibility and capital to get a deal done. Contact:

Susan Troppito Paczolt Insurance susan@piaigroup.com (708) 215-5202

AGENCY WANTED

20. Since 2004, Central Illinois Agents Group LLC has been providing independent agents with a variety of markets with contingency opportunities. Agents have availability to several markets that they may not be able to sustain or maintain on their own. We have markets for personal, commercial, agricultural and crop insurance lines. Let us help you get to the next level.

Visit www.ciagonline.com for contact information.

AGENCY/AGENTS/PRODUCERS WANTED

02. Forest Park/Oak Park agency for over 60 years, will meet your needs by providing space, markets, marketing & sales support, automation, merging with or purchasing your agency. Perpetuation/ Succession Plans, Buy-Sell Agreements also available. We have experienced, educated and dedicated staff for you and your clients. Have access to our numerous companies, office services and many other resources. Retain ownership in your book with contingency. Please look closely at us- we are an agency you want to do business with! We’ve done it before, we know howwe make it easy! Visit our website at forestagency.com/ agents.html, or call for a confidential discussion and a list of Agency benefits.

Dan Browne will provide an agency evaluation/ appraisal at little cost to you. Please call:

Dan Browne or Cathy Hall Forest Insurance (708) 383-9000 www.forestinsured.com/mergers-acquisitions

The next step in your

insurance career is a few clicks away.

INDUSTRY JOB BOARD LISTING ilbigi.org/careers 26

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OPPORTUNITIES/SPACE AVAILABLE/ RETAIN OWNERSHIP

13. We are a 100 year old Northbrook agency looking to discuss any mutually beneficial opportunity. Our producers, mergers, clusters and agency purchases receive 50% commissions on new and renewal business without any expenses. We can provide: office space, phones, agency management system, service renewals and changes. The companies we represent are: Badger Mutual, Employers Mutual, General Casualty, Guide One, Hartford, Kemper, Progressive, Rockford Mutual, Safeco, State Auto, Travelers and Met Life. Contact:

Nancy Solomon Martini, Miller & Schloss, Inc. (847) 291-1313 Ron@martini-miller.com

February 2024

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