Insight - June 2021 by Big I Illinois

JUNE 2021

INSIGHT

TECHNOLOGY IN YOUR AGENCY

IIA of IL Forms Technology Committee Cool Tech vs the Right Tech Insurance 2030 - The Impact of AI on the Future of Insurance Is Your Agency Cyber-Secure?

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Editor & Graphic Design - Rachel Romines

June 2021

Advertising - Tami Hubbell

CONTENTS 11

Sales Success Really Boils Down to These Two Things

By John Chapin

IIA of IL Forms Technology Committee to Meet the Needs of Member Agencies Cool Tech vs. the Righ Tech

14 17 20

Your Website Should be ADA Compliant

24 26

By Shannon Churchill By Brian Haney

How Do I Know if My Agency is Cyber-Secure

By Ron Berg

Insurance 2030 - The Impact of AI on the Future of Insurance

By Ramnath Balasubramanian, Ari Libarikian, and Doug McElhaney By Larry Neilson and Jerry Fox

QR Codes: What Are They, and How Can They Help Your Insurance Business

By Rachel Romines

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 19

President’s Message Brett’s Two Sense

e-Insight

29 30 33 34

Young Agents Associate News 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

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.

Board of Directors Executive Committee

Regional Directors

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Committee Chairs

IIA of Illinois Staff

Budget & Finance | Bennie Jones (312) 960-6200 | bjones@rmsoa.com

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

Education | Teresa Fleming, CIC, CISR (815) 849-5219 | tess@leffelmanassoc.com

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

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

Accounting & Admin Services Tami Hubbell - (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 - (217) 321-3013 - jjacobs@iiaofil.org

Director of Membership Services Tom Ross, CRIS, CPIA - (217) 321-3003 - tross@iiaofil.org

Sr. Vice President/Chief Financial Officer Mark Kuchar - (217) 321-3015 - mkuchar@iiaofil.org

Products & Services Administrator Janet White, CISR - (217) 321-3010 - jwhite.indep12@insuremail.net

Chief Executive Officer Phil Lackman - (217) 321-3005 - plackman@iiaofil.org

Director of Prof. Liability & Ins. Products Carol Wilson, CPIA - (217) 321-3011 - cwilson.indep12@insuremail.net

Central/Southern Marketing Representative Lori Mahorney - (217) 415-7550 - lmahorney@iiaofil.org

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president's message | INSIGHT

Here to Help Members Embrace and Navigate Insurance Technology Our June issue of Insight has a heavy emphasis on technology. As we slowly get our lives back, I know we are all looking forward to rebooting 2020 and moving on to a wonderful summer of 2021. I just took a weekend trip with my son to Disney World to celebrate his high school graduation and finishing his first year of college. The experience was great! Flying again and being in the Disney parks really made it feel like we are getting back to normal. When I look back on the trip, I realized how much technology had influenced the experience. It started with online ticket purchases, digital boarding passes, and counter-free rental car check-in. I was amazed during the trip at how much Disney had embraced technology to create a safer and more efficient experience. From digital check-in to digital food ordering through an app to an automated queue for the new Star Wars attraction - I was blown away by the technology capabilities, and the efficiency gained. I know our clients have an expectation that we can deploy technology that will help their customer experience. I’m happy to say that the IIA of IL is here to help all of our members embrace and navigate the world of insurance technology.

As mentioned, our lead-in article is highlighting the introduction of our IIA of IL Technology Committee and reviewing 2021 goals. You will notice in Shannon’s article that we are creating a separate brand for technology. By doing so, I feel we have a better chance to break through the vast amount of communication you receive every month and produce content that will be a must-read for all of our members. We want you and your clients to feel that our industry is taking innovative steps toward creating better technology that you can understand and deploy every day in your agency. Lastly, I just wanted to acknowledge the staff for the great job they did with producing our virtual Legislative and EDGE conferences. They pivoted and produced two wonderful events for our members. Thanks for all the participation. You should be receiving news early this summer about our live convention back in Springfield, October 5-7. All the best for a safe and healthy start to your summer.

I encourage all of you to use the IIA of IL and Big “I” technology resources. In this edition of the magazine, you will find information from Shannon Churchill that details our IIA of IL Technology Committee goals for 2021. Please read this article as it will articulate those resources we will be highlighting and communicating regularly to our members. Also, I would like all of you to visit the Big “I” website and invest some time reviewing all of the great technology resources that are free to our members. There are several that I love and want you all to take advantage of those that will add value to your business. My picks to click include the guide on cyber, the disaster (business continuity) template, Best Practices remote work guide, and customer service lifecycle strategy. In this issue, you will find articles on several components of technology that include the following: - Insurance 2030: The Impact of AI on the Future of Insurance - ADA Compliance - Cool Tech vs. the Right Tech - ACT/Cyber - QR Codes

George Daly - IIA of IL President - (708) 845-3311 - george.daly@thehortongroup.com june 2021

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Premium Fund Trust Account (PFTA)– Part 2 of 3 Compliance Issues Last month we discussed the most common PFTA violation, which is commission withdrawals. The PFTA rule non-compliance results in the overwhelming majority of violations found through the Illinois Department of Insurance (IDOI) onsite examination process of insurance agencies/producers. During my 20 plus year career with the IDOI, I performed a large number of agency/producer exams and found only one licensee entirely in compliance with the PFTA rule. Violations produced large fines every year for the IDOI and put licensees on corrective orders that sometimes were violated in subsequent exams, which created further hardship for the agency/producer. Violation of the PFTA rule didn’t necessarily mean that the agency/producer had stolen money, it merely meant that they didn’t follow the letter of the rule. In this article, I will point out some common violations that were found during my career at the IDOI. Note that any premium deposited into a bank account makes that account a PFTA. For example, if I deposit a premium into my operating account, it makes my operating account a PFTA while the premium is in the operating account. (So be careful) Common violations: Account not labeled Premium Fund Trust Account Unlawful disbursements Improper Commission withdrawals Not maintaining positive running balances Journalizing and posting insurance transactions every 30 days Failing to maintain compliant cash disbursement register Return premium violations

Brett’s 2Sense stay on top journalizing every transaction. (most agency management system will comply with this as long as data is entered timely)

Common compliance violations that may require extra attention to detail: Fiduciary violations – improper withholding, misappropriating Failing to maintain compliant cash receipts Using as general operating account register – you need the following records in order to comply: Date monies received and Failing to do account deposited (deposit slips and bank statement); reconciliations every 30 days Amount received different than billed (agency Not maintaining records for 7 years management system consumer account indicating allocation of payment); Name of insured, licensee or insurer making the Failing to maintain compliant cash payment (Deposit slip); and Policy number receipts register or other description of the receipt (either a paper receipt indicating required information Failing to withdraw non-premium or agency management system receipt for monies properly payment). Improper credit/return premium continued... application

So how do you comply? As I said in previous article, go direct bill. Get an agency management system with a robust accounting feature. This will help alleviate many procedural violations. Let’s address the easy compliance issues first (required records will be in parenthesis). Account not labeled Premium Fund Trust Account – easy fix, label the account Premium Fund Trust Account. Using as general operating account – easy fix, don’t pay bills such as rent, office supplies, or utilities, to name a few, out of the PFTA. Failing to do account reconciliations every 30 days – easy fix, reconcile bank statements every 30 days and keep a copy (some agency management programs can do this). Not maintaining records for seven years – easy fix, keep records for seven years either electronic or paper. Journalizing and posting insurance transactions every 30 days – easy fix, if you keep paper records, you need to

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

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Failing to maintain compliant cash disbursement register – you must document date disbursed or endorsed; check number; amount disbursed (bank statement/canceled checks) if the amount disbursed does not agree with the amount billed, the licensee shall prepare a written record as to which policies, insureds and amounts the disbursement is to apply (agency management system consumer account indicating allocation of disbursement); name of insurer, licensee, insured or other account (bank statements/cancelled checks); policy number or other description of the disbursement (Agency bill statement); and if the disbursement is a commission payment –see last month’s article guidance.

memorandums, copies of surplus lines tax statements, to name a few common ones). Not maintaining positive running balances – This one can be difficult to comply with as positive balances shall be reflected in the check stubs or disbursement register after each deposit or disbursement entry (who maintains check stubs anymore and most agency management systems do not maintain balance after every entry). Merely having no negative balances in the PFTA does not comply with this requirement. The good news is that the IIA of IL is actively trying to modernize this rule so that journals and registers are a thing of the past while still protecting the insurer’s premiums. What the IDOI needs to do is accurately track from the time a premium comes into you or your agency until that premium leaves your agency. In the third part of this series, we will dive into the most serious PFTA violations (fiduciary & return premium) as well as some advantages of the PFTA.

Failing to withdraw non-premium monies properly – when disbursing other non-premium monies previously deposited into the PFTA, the disbursement description shall reflect the matching non-premium deposit which the withdrawal represents (copies of service fee agreements/

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Sales Success Really Boils Down to These

Things… By John Chapin

Almost every time I get a new client and start to look at what the sales team is doing, I see the same patterns and mistakes over and over again. Many times there are a plethora of things to fix but what I’ve found is that if you can just focus on two key areas, a lot of other things align and allow you to significantly increase sales. So, instead of overwhelming them with everything they need to fix, I break it down to two steps and tell them to simply focus on these two areas. Step 1: Make lots of new-business sales calls. Every time I share this one, as it’s coming out of my mouth, I’m thinking to myself, “C’mon, everyone knows this is the fastest way to increase sales, right?” I mean this one is as simple as those seven words: make – lots – of – new – business – sales -calls. Maybe there’s a little bit of explaining, but not much. Literally if you just follow that directive and make lots of phone and in-person sales calls, you’ll sell more.

one. Also, this step takes some time. Unlike Step 1, where you can simply better manage your 168 hours a week and make more calls, acquiring improved sales skills isn’t a light switch you can simply turn on. While you can double your sales calls this week, doubling your sales skills takes weeks to months of hard work. Going a step beyond that, becoming the absolute best you can be takes years and is an ongoing, never-ending process of learning and improving. This is why 98% of salespeople don’t do the latter, and 80% don’t even put in the initial weeks and months. Yes, this step takes self-discipline, patience, and stick-to-itiveness even at the weeks-to-months level, but if you can get yourself to hunker down with some really good content for a few months, the increased sales will be well worth it. Note: Don’t be a perfectionist. Don’t wait the few months to improve your sales skills before you start making lots of calls; start making lots of calls right away.

To get a little more specific, we give each salesperson a set number of new-business calls they have to make each week. Let’s say it’s 50 to use round numbers. All calls have to be in-person if possible, and if not, they have to be phone calls; also, the number is probably higher if it’s phone calls. The only calls that count are in-person cold calls or outbound cold phone calls that the salesperson has initiated. This is important. I’ve had people count a call-in as a new call, a follow-up call as a new call, and someone they met while out networking as a new call. Those don’t count. Intentionally ringing the phone and knocking on the door of a stranger counts, nothing else.

Improving sales skills starts with having really good sales content: what to say and do and when to say and do it. Next, you need to practice, role-play, and otherwise become highly skilled with that really-good material. Finally, before, during and after learning your new sales skills, you need to go out and use that new content on lots of potential customers.

Behind the scenes we also do the math to figure out how many calls they have to make to hit their annual sales goal and we track contact rate, first appointments, second appointments, proposals, closed sales, and similar, but bottom line, even without those, if you simply focus on making lots of in-person and phone new-business sales calls, you’ll significantly increase sales.

Of the two steps, making lots of sales calls is the most important. Because while you can make sales doing number one without number two, you can’t make sales doing number two without number one. You can have the best sales skills in the world, but if you don’t talk to anyone, you won’t sell anything. So, at the very least, you want to make more sales calls, hopefully significantly more. The next level would be the same number of sales calls you’re making now, assuming it’s well above zero, with vastly improved sales skills. The highest level is many more sales calls coupled with much better sales skills.

In fact, here’s a simple way to double sales: double the number of new-business calls. If a sales rep is making 10 new business calls a week, and they double it to 20, sales will double. Why? Their call is the same, their skills and results at each level of the sales process remains the same, they’re simply doubling the number of opportunities they have, and with everything else remaining the same, by the law of averages, sales will double. Step 2: Practice and continually improve sales skills. This one is almost as obvious as Step 1, but people usually need some help and direction with the execution of this june 2021

Once you combine Steps 1 and 2, the magic happens. Increased calls alone lead to increased sales, but with Step 2 in place you’ll also be a lot more effective on those calls which leads to even more sales.

John Chapin is a motivational sales speaker, coach, and trainer. For his free eBook: 30 Ideas to Double Sales and monthly article, or to have him speak at your next event, go to www.completeselling.com. Chapin has over 33 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). Contact Chapin at johnchapin@completeselling.com. insight

IIA of IL Forms Techn to Meet the Needs of Over the past several years, the IIA of IL has had a multitude of conversations around technology with our member agencies. When we asked what the biggest challenge was, we heard many things, but most had the same conclusion: that there is so much happening it is hard to not only keep up but to know what is right for them and their agency. The IIA of IL Board of Directors, being in agencies themselves, acted by creating a Technology Committee. The goal is to be a hub of information for IIA of IL members on agency workflow technologies to enhance productivity, sales & marketing, service, and security. The committee is comprised of several insurance professional volunteers, just like you, from throughout the state. Each committee member brings a different background to conversations and meetings. The common interest is that they want to keep up-to-date with technology and share findings with IIA of IL members. After recruiting volunteers and going through initial governance work, such as the technology logo, you will see our mission statement and the goals we want to accomplish throughout this article. The committee went to work and created five different workgroups to divide the efforts. Those groups include Agency Operations, Data and Data Security, Marketing/Website, Business Intelligence, and Catalyit, a national company with solutions around agency magnagement systems, training sessions, Q&A, and more… coming Fall of 2021. Each workgroup has divided the efforts even further. Agency Operations will look into technology uses within an agency, including data collection, data management, accounting, benefits, human resources, and other miscellaneous areas. Data and Data Security is looking into the level of cybersecurity within agencies. A survey will be coming out to the membership soon, and we encourage you to complete it so we can help assess your cyber needs. Marketing will be looking into areas including social media, CRMs, website development, lead generations, mobile apps, videos, appointment scheduling, texting, ghostwriting, and more. Our final two workgroups, Business Intelligence and Catalyit are based on two significant product initiatives the IIA of IL is working to implement. Look for more information on these projects coming soon.

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So what does all this mean for you? It is simple. We do the investigative work and provide insights into our findings. You get to reap the benefits by saving time, energy and learning about products to help meet your goals and objectives. Now, we need to hear from you. Do you have a technology-related product or service you have recently implemented or vetted and want to share with us? Is there something you need help with, for instance, you want to implement texting, chatbots, or e-signatures? Check out the Technology Committee page on the IIA of IL website at https://www.iiaofil.org/technology to reach out to us and let us know. We want this to be a two-way communications channel. If you are interested in any of the areas above and would like to get involved, reach out to me. We can always use more team members in our workgroups. The commitment is minimal, and I promise you will get more out of it than you put in! We hope you enjoy the articles we have compiled for this issue. Here is a little insight into them: In the “Cool Tech vs. the Right Tech” article, orginally from Agency Nation, the foundation for technology is established. We strongly believe and encourage you not to get distracted by the cool new technology if it does not fit your goals. You should be looking at implementing technology in your agency if it works to meet your goals, not the other way around. Cybersecurity… it is changing every day, and we want to help your agency understand it, utilize it, and promote it to your clients. The ACT article “How Do I Know If MY Agency is Cyber Secure?” is a great place to get started.

june 2021

nology Committee f Member Agencies By Shannon Churchill

The big question everyone has is what is the longrange impact technology will have on insurance. In the article “Insurance 2030 – The impact of AI on the future of Insurance,” McKinsey and Company looks at a combination of many technologies that exist today and what-if possibilities of combining those technologies to create a more “proactive” vs. “reactive” insurance system. For several years now, many lawsuits have been taking place in all different industries around websites not being ADA compliant. We are starting to see a target on smaller to mid-size businesses and a move towards the insurance industry. In the article, “Your Website Should be ADA Compliant,” learn more about what this means for your agency, as well as links to resources and information to bring your agency’s website up-to-date.

In the article “QR Codes: What are they, and how can they help your insurance business,” you’ll find out how companies around the world are implementing QR codes into their marketing, and how you can use it in your own agency. We would love to hear from you to share your thoughts on the articles, tell us about your technology plans and needs, or get involved with our workgroups. Reach out and keep watching IIA of IL publications for more from the Technology Committee. Shannon Churchill is Director of Information and Technology for the IIA of IL. She can be reached at schurchill@iiaofil.org.

Current Members Ryan Hite, Chairperson Envision Insurance, Dunlap, IL Ray Roentz, Vice-Chair Heneghan-White-Cutting & Rice Ins., Jerseyville, IL Brian Konen Konen Insurance Agency, Inc., Aurora, IL Brian Ogden Ogden Insurance Agency, Inc., Petersburg, IL Ken Samson Dasco Insurance Agency, Inc., Northbrook, IL Kevin Lesch Arachas Group, LLC, Bartlett, IL Laura McGahan Kuhl Insurance Agency, Inc., Morton, IL

june 2021

Marc Musso Musso Insurance Agency, Virden, IL Marlene Shepherd Snyder & Snyder Agency, Inc., Bloomington, IL Tess Fleming Leffelman & Associates, Inc. Sublette, IL Tyler Sandrock Cornerstone Agency, Inc., Tampico, IL Bennie Jones Risk Management Solutions of America,Chicago, IL Jay Peterson Peterson Insurance Services, Inc., Clinton, IL

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Cool Tech

Cool tech doesn’t make you a better I’ve given dozens of talks on the need for insurance professionals to navigate the digital landscape effectively, and invariably the conversations veer into the arena of “what’s the newest, best tech to help me grow?” As a selfavowed tech junky, I am always obliged to engage in this conversation, because it’s a lot of fun to talk technology. However, what most people don’t realize is that I do so with significant hesitancy because, I am acutely aware of one thing that, as an outside-the-box thinker with ADD, I have to fight my inner tendency to want newer, cooler, better. If you’re like me, suppressing that tendency can be challenging, especially since there seem to be new awesome apps, platforms, and digital tools popping up every single day.

Avoiding shiny object syndrome.

Ever think to yourself, “Wow, if I just had that, then everything would change!” We probably all have thought this at one point considering how many amazing apps, websites and platforms have been created to support us professionally. I am one of the biggest offenders because I am enamored with cool apps, easy-to-use platforms, and anything that doesn’t just make my practice better, but is fun to use. With so much out there that shines, I’ve had to train myself to slow down, step back, slap my hand away sometimes, and think critically about technology. This may be cool, but how does it fit into the bigger picture? Will this help me reach our target audience in a meaningful, repeatable way, or is it just built for a broad audience? Can more than one member of my team use this? Will it bring improvements in our areas of greatest need? Might it become a distraction, or worse yet, undermine our ability to deliver high quality results to our target audience? In short, I remain laserfocused on my mission of producing a superior brand experience, and therefore I cannot add more without answering the question: how does this help us be better? As billions of dollars flow into FinTech each year, technology continues shaping the landscape of the

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financial experience. So it can be harder for insurance agents to stand out and be perceived as valuable, especially when much of this technology focuses on direct-to-consumer buying experiences. As insurance professionals adjust, we too are bombarded by technology that all has the same marketing theme: “If you want to have the practice of the future, then you really need this!” But the obvious question is, “Do I really need this?” And herein lies the first, and possibly most critical, step to take: You must step back from your practice, look at it strategically, and properly diagnose what your true technology needs are. It might not be what you think.

Know what you need, not what you want.

Trust me, I know this all too well. As salespeople, generating new business is likely the most significant use of our time each week. It’s easy to always be thinking about leads and then “next big opportunity.” While growing our practice seems like it should rank highest in our hierarchy of needs, the reality might be quite different. As an advisor with ADD who loves sales, I am acutely aware of my Achilles heel-service. I’m wired to bring clients in, but taking care of the little details is something I am just plain bad at. This means I’ve had to concentrate on adding tools to my practice to handle service and manage client relationships so that my clients do not suffer from my shortcomings. The last thing I want to have happen is to bring in a great client and see them leave because I fail on service. To solve this issue has meant adding both the right people and the right technology, to have a digital infrastructure of success. Our firm has spent substantial time investing in the right CRM to support our practice to deliver a superior client experience that reinforces our brand. We had to prioritize our spending on this first, instead of adding more to our sales and marketing framework because we did not want to outgrow our capacity. For us, it wasn’t about more sales or new leads, it was about being a more well-oiled machine that can take exceptional care of clients.

june 2021

THE

RIGHT Tech By Brian Haney

er professional, the right tech does. Here are several critical points to help you identify your tech needs and determine how technology can help you: • What things do my team and I spend a lot of time on that could be handled by technology? • How are my operations? From commission tracking to payroll, is it easy for me to see the “inner workings” of my practice? • Do I have a uniform client experience, one that is repeatable and supported by a technology framework? • Is my practice systematized? Could I hire someone and plug them into it and have them be able to operate successfully? • Do I easily and routinely communicate well with my clients? Do they know what to expect from me year-overyear? • Is it easy for me to manage not just my calendar, but my team’s calendar? Are we in sync? • Is it easy for me to see my book of business all in one place? • Do I have a strong brand that stands out in the digital marketplace? • Do I have a digital marketing framework that helps me generate consistent leads? • Is technology helping me keep score? Can I track my progress with leads and sales and know exactly where I am in the cycle with an opportunity?

Technology should empower you.

You would never buy a car without an engine, nor should you build your practice without a technology framework that allows you to optimize your time and talents appropriately. Looking cool is great, getting more leads is important, but the right tech tools must ultimately create a digital infrastructure that becomes an indispensable part of your success. Once a solid digital foundation is in place and you’ve aligned your business development strategy to it, it becomes significantly easier to add pieces when you know exactly what you need and how they will fit.

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Brian Haney is a Certified Association Executive, specializing in insurance and financial solutions for associations. Founder of his firm The Haney Company, he is passionate about educating and empowering consumers to achieve financial success. Visit www.thehaneycompany.com for more information.

This may be cool, but how does it fit into the bigger picture? Will this help me reach our target audience in a meaningful, repeatable way?

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AN AGENT‘S RESOURCE GUIDE TO CHATBOTS THIS GUIDE WALKS YOUR AGENCY THROUGH THE IMPORTANT ADVANTAGES OF HAVING A CHATBOT AND HOW IT CAN LEAD YOUR AGENCY TO GREATER CHANGE. CHATBOTS OFFER UNLIMITED POTENTIAL TO CUSTOMERS WHILE ONLINE. UNLOCK THE SECRETS BEHIND CHATBOTS TO HELP FURTHER YOUR AGENCY FOR THE FUTURE. READ AN AGENCY’S RESOURCE GUIDE TO CHATBOTS TO LEARN MORE ABOUT THESE EVOLUTIONARY ASSETS. TOPICS INCLUDE: EXECUTIVE SUMMARY • CHATBOT OVERVIEW CURRENT USES IN IA DISTRIBUTION • AGENCY BENEFITS CURRENT HURDLES FOR AGENT IMPLEMENTATION AGENCY CONSIDERATIONS • STRATEGIC, AND BEFORE PURCHASE TYPES OF CHATBOTS • FEATURES, CONSIDERATIONS, SELECTING A VENDOR RESOURCES • ADDITIONAL INSIGHTS INDEPENDENTAGENT.COM/ACT/PAGES/MARKETING/INTERNET/CHATBOT-GUIDE.ASPX 16

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june 2021

How Do I Know If My Agency Is Cyber-Secure? By Ron Berg

Independent insurance agencies, as holders of critical personally-identifiable information (PII), truly are the target of cyber criminals – These nefarious entities have long ago stopped ‘shot-gunning’ across all businesses, and now focus on those that they know have the valuable data from which they can sell and profit. And the pandemic has not slowed their focus – by October of 2020, the number of records exposed reached a staggering 37 billion records, increasing by 141% from 2019*. Even more concerning - the Finance & Insurance sector grew to be the third most targeted of all industries, accounting for over 12% of all breaches. This is ahead of Manufacturing, Retail, Education. There is certainly no shortage of news and confusion around cybercrime – insurance company data breaches, independent insurance agency ransomware attacks, business email compromise, spoofing, the list goes on. All this considered, we need to take this focus on our industry seriously; we need to prepare and prevent incursions as best possible. ACT is your partner in providing insights, education, real resources, and links to industry cyber service providers to help your agency be as cyber-ready as possible. Add to the mix the myriad cyber compliance requirements imposed upon insurance agencies by the Gramm-LeachBliley Act, the California Online Privacy Protection Act, NY DFS, as well as additional states adopting versions of the NAIC Cybersecurity Recommendations, and agency personnel are left with confusion on what to do and how to get started.

Late in 2020, ACT released our Agency Cyber Guide 3.0 – a free comprehensive resource that includes a breakdown of the regulations and descriptions, as well as provides a 12-step compliance roadmap that agents can use to chart their way through the admittedly confusing cyber terrain. But in covering all these insights and providing corresponding cyber resources, we realize it still can be difficult to clearly assess where your agency stands when it comes to cyber-readiness. That’s why our ACT Security Issues work group immediately began work on a quick and concise “Agency Cyber-Readiness Self-Assessment” that will help you not only clarify your agency’s preparedness and understand the critical areas still needing action, but will also point back to key resources within the Agency Cyber Guide 3.0. You can access the Cyber-Readiness Self-Assessment from the Agency Cyber Guide 3.0 home page, https://www. independentagent.com/ACTCyber. * Source – Risk-Based Security, 2020 Year End Data Breach Quick View Report Ron Berg is the Excutive Director of Agents Council for Technology (ACT) and can be reached at ron.berg@iiaba.net.

We need to take this focus on our industry seriously; we need to prepare and prevent incursions as best possible.

Are you a company representative and would like to learn how a partnership with ACT could benefit you? Reach out to Shannon Churchill at schurchill@iiaofil.org for details!

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It shouldn’t take debris from half a mile away slamming into your customer’s building to find out who you can trust.

BUT SOMETIMES IT DOES. And that’s the Silver Lining®.

e INSIGHT -

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

JU N E 20 21

INSIGH T

T EC H N OL G IN YO Y UR AO GENC Y

IIA of IL Techno Forms logy C ommit tee Cool Te ch vs th e Right Tech Insura AI on thnce 2030 - T he e Futu re of In Impact of suranc Is Your e Agenc y Cyber -Secur e?

In this month’s e-Insight.

Ensure Digital Marketing Success in the Wake of the Pandemic

By Gregory Bailey for PropertyCasualty360 june 2021

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INSURANCE 2030 The Impact of AI on the Future of Insurance The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change. By Ramnath Balasubramanian, Ari Libarikian, and Doug McElhaney Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. His digital personal assistant orders him a a vehicle with self-driving capabilities for a meeting across town. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into “active” mode. Scott’s personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott’s assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a “pay-asyou-live” basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account.

While this scenario may seem beyond the horizon, such integrated user stories will emerge across all lines of insurance with increasing frequency over the next decade. In fact, all the technologies required above already exist, and many are available to consumers. With the new wave of deep learning techniques, such as convolutional neural networks, artificial intelligence (AI) has the potential to live up to its promise of mimicking the perception, reasoning, learning, and problem solving of the human mind (Exhibit 1). In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process. The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers, and suppliers become more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.

When Scott pulls into his destination’s parking lot, his car bumps into one of several parking signs. As soon as the car stops moving, its internal diagnostics determine the extent of the damage. His personal assistant instructs him to take three pictures of the front right bumper area and two of the surroundings. By the time Scott gets back to the driver’s seat, the screen on the dash informs him of the damage, confirms the claim has been approved, and reports that a mobile response drone has been dispatched to the lot for inspection. If the vehicle is drivable, it may be directed to the nearest in-network garage for repair after a replacement vehicle arrives. 20

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As AI becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape. Insurance executives must understand the factors that will contribute to this change and how AI will reshape claims, distribution, and underwriting and pricing. With this understanding, they can start to build the skills and talent, embrace the emerging technologies, and create the culture and perspective needed to be successful players in the insurance industry of the future.

Four AI-Related Trends Shaping Insurance AI’s underlying technologies are already being deployed in our businesses, homes, and vehicles, as well as on our person. The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers. Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution, and upgrade their online channels. While most organizations likely didn’t invest heavily in AI during the pandemic, the increased emphasis on digital technologies and a greater willingness to embrace change will put them in a better position to incorporate AI into their operations. Four core technology trends, tightly coupled with (and sometimes enabled by) AI, will reshape the insurance industry over the next decade. Explosion of Data From Connected Devices In industrial settings, equipment with sensors have been omnipresent for some time, but the coming years will see a huge increase in the number of connected consumer devices. The penetration of existing devices (such as cars, fitness trackers, home assistants, smartphones, and smart watches) will continue to increase rapidly, joined by new, growing categories such as clothing, eyewear, home appliances, medical devices, and shoes. Experts estimate there will be up to one trillion connected devices by 2025. The resulting avalanche of new data created by these devices will allow carriers to understand their clients more deeply, resulting in new product categories, more personalized pricing, and increasingly real-time service delivery. Increased Prevalence of Physical Robotics The field of robotics has seen many exciting achievements recently, and this innovation will continue to change how humans interact with the world around them. Additive manufacturing, also known as 3-D printing, will radically reshape manufacturing and the commercial insurance products of the future. By 2025, 3-D-printed buildings will be common, and carriers will need to assess how this development changes risk assessments. In addition, programmable, autonomous drones; autonomous farming equipment; and enhanced surgical robots will all be commercially viable in the next decade. By 2030, a much larger proportion of standard vehicles will have autonomous features, such as self-driving capabilities.

Carriers will need to understand how the increasing presence of robotics in everyday life and across industries will shift risk pools, change customer expectations, and enable new products and channels. Open-Source and Data Ecosystems As data becomes ubiquitous, open-source protocols will emerge to ensure data can be shared and used across industries. Various public and private entities will come together to create ecosystems in order to share data for multiple use cases under a common regulatory and cybersecurity framework. For example, wearable data could be ported directly to insurance carriers, and connected-home and auto data could be made available through Amazon, Apple, Google, and a variety of consumer device manufacturers. Advances in Cognitive Technologies Convolutional neural networks and other deep learning technologies currently used primarily for image, voice, and unstructured text processing will evolve to be applied in a wide variety of applications. These cognitive technologies, which are loosely based on the human brain’s ability to learn through decomposition and inference, will become the standard approach for processing the incredibly large and complex data streams that will be generated by “active” insurance products tied to an individual’s behavior and activities. With the increased commercialization of these types of technologies, carriers will have access to models that are constantly learning and adapting to the world around them - enabling new product categories and engagement techniques while responding to shifts in underlying risks or behaviors in real time.

The State Of Insurance In 2030 AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already affecting distribution and underwriting, with policies being priced, purchased, and bound in near real time. An in-depth examination at what insurance may look like in 2030 highlights dramatic changes across the insurance value chain. Distribution The experience of purchasing insurance is faster, with less active involvement on the part of the insurer and the customer. Enough information is known about individual behavior, with AI algorithms creating risk profiles, so that cycle times for completing the purchase of an auto, commercial, or life policy will be reduced to minutes or even seconds. Auto and home carriers have enabled instant quotes for some time but will continue to refine their ability to issue policies immediately to a wider range of customers as telematics and in-home Internet of Things (IoT) devices proliferate and pricing algorithms mature. Many life carriers are experimenting with simplified issue products, but most are restricted to only the healthiest applicants and are priced higher than a comparable fully underwritten continued...

Experts estimate there will be up to one trillion connected devices by 2025. june 2021

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product. As AI permeates life underwriting and carriers are able to identify risk in a much more granular and sophisticated way, we will see a new wave of mass-market instant issue products. Smart contracts enabled by blockchain instantaneously authorize payments from a customer’s financial account. Meanwhile, contract processing and payment verification are eliminated or streamlined, reducing customer acquisition costs for insurers. The purchase of commercial insurance is similarly expedited as the combination of drones, IoT, and other available data provides sufficient information for AI-based cognitive models to proactively generate a bindable quote. Highly dynamic, usage-based insurance (UBI) products proliferate and are tailored to the behavior of individual consumers. Insurance transitions from a “purchase and annual renewal” model to a continuous cycle, as product offerings constantly adapt to an individual’s behavioral patterns. Furthermore, products are disaggregated substantially into microcoverage elements (for example, phone battery insurance, flight delay insurance, different coverage for a washer and dryer within the home) that consumers can customize to their particular needs, with the ability to instantaneously compare prices from various carriers for their individualized baskets of insurance products. New products emerge to cover the shifting nature of living arrangements and travel. UBI becomes the norm as physical assets are shared across multiple parties, with a pay-by-mile or pay-by-ride model for car sharing and pay-by-stay insurance for home-sharing services, such as Airbnb. The role of insurance agents has changed dramatically by 2030. The number of agents is reduced substantially as active agents retire and remaining agents rely heavily on technology to increase productivity. The role of agents transitions to process facilitators and product educators. The agent of the future can sell nearly all types of coverage and adds value by helping clients manage their portfolios of coverage across experiences, health, life, mobility, personal property, and residential. Agents use smart personal assistants to optimize their tasks as well as AIenabled bots to find potential deals for clients. These tools help agents to support a substantially larger client base while making customer interactions (a mix of in-person, virtual, and digital) shorter and more meaningful, given that each interaction will be tailored to the exact current and future needs of each individual client. Underwriting and Pricing In 2030, underwriting as we know it today ceases to exist for most personal and small-business products across life and property and casualty insurance. The process of underwriting is reduced to a few seconds as the majority of underwriting is automated and supported by a combination of machine and deep learning models built within the technology stack. These models are powered by internal data as well as a broad set of external data accessed through application programming interfaces and outside data and analytics providers. Information collected from devices provided by mainline carriers, reinsurers, product manufacturers, and product distributors is aggregated in a variety of data repositories and data streams. These information sources enable insurers to make ex ante decisions regarding underwriting and pricing, enabling

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proactive outreach with a bindable quote for a product bundle tailored to the buyer’s risk profile and coverage needs. Regulators review AI-enabled, machine learning–based models, a task that requires a transparent method for determining traceability of a score (similar to the rating factor derivations used today with regression-based coefficients). To verify that data usage is appropriate for marketing and underwriting, regulators assess a combination of model inputs. They also develop test policies for providers when determining rates in online plans to ensure the algorithm results are within approved bounds. Public policy considerations limit access to certain sensitive and predictive data (such as health and genetic information) that would decrease underwriting and pricing flexibility and increase antiselection risk in some segments. Price remains central in consumer decision making, but carriers innovate to diminish competition purely on price. Sophisticated proprietary platforms connect customers and insurers and offer customers differentiated experiences, features, and value. In some segments, price competition intensifies, and razor-thin margins are the norm, while in other segments, unique insurance offerings enable margin expansion and differentiation. In jurisdictions where change is embraced, the pace of pricing innovation is rapid. Pricing is available in real time based on usage and a dynamic, data-rich assessment of risk, empowering consumers to make decisions about how their actions influence coverage, insurability, and pricing. Claims Claims processing in 2030 remains a primary function of carriers, but more than half of claims activities have been replaced by automation. Advanced algorithms handle initial claims routing, increasing efficiency and accuracy. Claims for personal lines and small-business insurance are largely automated, enabling carriers to achieve straightthrough processing rates of more than 90 percent and dramatically reducing claims processing times from days to hours or minutes. IoT sensors and an array of data-capture technologies, such as drones, largely replace traditional, manual methods of first notice of loss. Claims triage and repair services are often triggered automatically upon loss. In the case of an auto accident, for example, a policyholder takes streaming video of the damage, which is translated into loss descriptions and estimate amounts. Vehicles with autonomous features that sustain minor damage direct themselves to repair shops for service while another car with autonomous features is dispatched in the interim. In the home, IoT devices will be increasingly used to proactively monitor water levels, temperature, and other key risk factors and will proactively alert both tenants and insurers of issues before they arise. Automated customer service apps handle most policyholder interactions through voice and text, directly following self-learning scripts that interface with the claims, fraud, medical service, policy, and repair systems. The turnaround time for resolution of many claims is measured in minutes rather than days or weeks. Human claims management focuses on a few areas: complex and unusual claims, contested claims where human interaction and

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negotiation are empowered by analytics and data-driven insights, claims linked to systemic issues and risks created by new technology (for example, hackers infiltrate critical IoT systems), and random manual reviews of claims to ensure sufficient oversight of algorithmic decision making. Claims organizations increase their focus on risk monitoring, prevention, and mitigation. IoT and new data sources are used to monitor risk and trigger interventions when factors exceed AI-defined thresholds. Customer interaction with insurance claims organizations focuses on avoiding potential loss. Individuals receive real-time alerts that may be linked with automatic interventions for inspection, maintenance, and repair. For large-scale catastrophe claims, insurers monitor homes and vehicles in real time using integrated IoT, telematics, and mobile phone data, assuming mobile phone service and power haven’t been disrupted in the area. When power goes out, insurers can prefile claims by using data aggregators, which consolidate data from satellites, networked drones, weather services, and policyholder data in real time. This system is pretested by the largest carriers across multiple catastrophe types, so highly accurate loss estimations are reliably filed in a real emergency. Detailed reports are automatically provided to reinsurers for faster reinsurance capital flow.

To continue to read this article in it’s entirety, including information on how insurers can prepare for accelerating changes, scan this QR code or go to www.iiaofil.org/ Products-Services/Solution-Center/Technology. Ramnath Balasubramanian and Ari Libarikian are senior partners in McKinsey’s New York office, and Doug McElhaney is a partner in the Washington, DC, office. For more information on McKinsey’s Insurance Practice, go to https://www.mckinsey.com/industries/financial-services/ how-we-help-clients/insurance.

Filling them up now so they won’t be hungry later.

Small detail. Big difference. You know as well as anyone that today’s cut corner can easily turn into tomorrow’s missing piece. With our forty years of experience in specialized coverage and policies developed alongside actual restaurant and bar owners, you can rest assured that your policyholders are protected against the unique risks they face every day. If you agree that details like these make a big difference, give us a call at 1-888-5-SOCIETY or visit societyinsurance.com.

june 2021

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Your Website Should Be

ADA COMPLIANT

By Larry Neilson and Jerry Fox

Whenever you enter a new building, you likely notice how they have taken measures to ensure that it is accessible for everyone. From sturdy handrails to ramps and elevators, it is extremely important today that a property take into account the needs of every possible person who could want to enter. However, this is not just an issue for physical spaces. Accessibility has also gone digital, and it’s time for you to take a look at how accessible your website is. You might be thinking, “Why, as an insurance agency, is it necessary for me to consider whether my website is accessible to the visually impaired, blind, deaf, or otherwise limited? Do the brick and mortar requirements of the ADA extend to virtual properties? What are we talking about when we say website accessibility for people with disabilities?” Since you are in insurance, you understand risk. Let’s start with a look at the risk of doing nothing for your website regarding accessibility. Then, we will examine what accessibility means to you as an agent and how you can update your website.

What Is Website Accessibility?

Accessibility means considering as many people as possible when developing your online presence. It doesn’t just mean that your website will load on their device. An accessible website is one that can be used by anyone, no matter the circumstances. As a business owner, you need to protect yourself and mitigate the chance of a lawsuit. But you also have an opportunity to set an example for your clients, many of whom could potentially be sued for website accessibility and turn to you for help with the claim. It’s not just about whether there is a law or not. It’s about serving your community and being a good steward.

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Until there was a law mandating it, most people didn’t think about the disabled when designing brick and mortar locations, and unfortunately, the same is true of website design. The first time I heard about websites and ADA compliance, I was startled. To be honest, my first thought was, “What would a blind person do online?” And therein lies the crux of the problem. We are not well informed about people who have disabilities and what they need in order to navigate our websites. As technology changes, the world everyone knows is being funneled online. At some point, and that point is very soon if not already here, everyone will need access to the internet in order to conduct everyday business from buying insurance, groceries, and clothing to doing banking. Just think about how many things are handled over email, for example. Don’t just think about website accessibility in terms of permanent disabilities. What if a customer tries to fill out your claims form while they’re in bright sunlight, or maybe they forgot their glasses? Your website needs to be accessible to anyone, at any time.

Today’s Web Accessibility Requirements

As of right now there are no formal, established guidelines for website accessibility compliance under the ADA. The Americans with Disabilities Act of 1992 (ADA), signed into law by then-president George H.W. Bush, is very clear about the requirements for brick and mortar but very vague with defined remedies when it comes to your virtual property like your website. While it has been presented to Congress and the Department of Justice, the result was a recommendation by then-attorney general Jeff Sessions that websites should follow the standards, called WCAG 2.1, set forth by W3C (The World Wide Web Consortium), but there was no law stating that anyone had to follow voluntary standards. june 2021

In addition to W3C and WCAG 2.1 standards, you can also visit The U.S. Department of Health & Human Services site for a helpful checklist to follow to meet minimum requirements.

The Risks of Not Having an Accessible Website

Unfortunately, many lawsuits have been filed over website accessibility. Certain industries have seen a higher risk level, including golf courses, marinas, and hospitality. The average insurance claim is close to $20,000 when settled, along with a promise to bring the website up to WCAG 2.1 standards. According to Chicago based law firm Seyfarth and Shaw, there were over 2,300 non-government lawsuits in 2018 and a projection of over 6,000 for 2019. Accessibility does not guarantee that you won’t be sued, but it makes it a lot less likely and it will help defend your case in that you were trying to do something.

Why Else Should Your Website Be Accessible?

There’s one more major reason to revamp your website to be more accessible. If you get it right, you have the potential to gain some extra new business. The U.S. Census Bureau reports that, based on the most recent census information, approximately 8.1 million people in this country are visually impaired, including two million who are blind. Medical advances have reduced the percentage of people who are blind, but as our country ages, more people will become visually impaired or blind due to advanced age. This market is growing, and these people buy insurance.

Yes, auto for insurance for the blind! With autonomous (self-driving) vehicles, it will be a large and untapped market. Keeping an accessible web presence provides options and markets open to all. Why would you want to exclude a large potential customer base before they even know anything about you?

How to Move Forward to an Accessible Website

Don’t rush out and jump on an accessibility tool for purely defensive reasons. Learn more about website accessibility and how you can take this opportunity to make your website more user-friendly for potential customers. For example, you can take a minute to reach out to the local chapter of one of the following organizations for the blind to find out how blind individuals can use the internet and what they look for in their browsing: American Foundation for the Blind (AFB) - www.afb.org National Federation of the Blind (NFB) - www.nfb.org American Council of the Blind (ACB) - www.acb.org Blind, Inc. - www.blindinc.org There are also now cost-effective tools available to make your site more accessible to a variety of people who may not be able to access your site due to a permanent disability or a temporary circumstance. Larry Neilson is CEO & Managing Partner of Neilson Consulting and ProgramBusiness.com. Jerry Fox is the Vice President of Carrier Relations for HawkSoft.

The Big “I” Agents Council for Technology has several resources available to help with ADA and accessibility. Visit the ACT website for details.

independentagent.com/ACT june 2021

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QR CODES

What are they, and how can they help your insur

You have probably seen those square black and white codes, known as quick response (QR) codes on signs, flyers, business cards, television, and now, even restaurant menus. These codes, for the most part, are linked to websites. Invented back in 1994 by a Japanese automotive company, the use of QR codes since then has risen, fallen, and is rising again. According to a comScore study, in June of 2011, 14 million American mobile users scanned a QR code. Usage decreased to 9.76 million in 2018. The decrease in QR code usage can be simply explained: nobody knew what this weird-looking image was or what to do with it. In the early years, smartphone users had to download a thirdparty scanning app before scanning the code. Consumers decided that downloading the app and then finding the app on their phone to scan a QR code just wasn’t worth the extra time.

We can see how this can benefit our personal lives very easily. In the last year, I’ve noticed QR code usage increase because of the COVID-19 pandemic. I would go to a restaurant, and instead of physical menus, I had to scan a QR code to view the menu on my phone. I started getting more snail mail during the pandemic, and multiple pieces included a QR code. Some were to offer me a discount in their online store. Some were linked to a specific page on their website. Then, in a news article I was reading, I saw the QR code of all QR codes:

As it turns out, QR codes were just ahead of their time. It wasn’t until 2014, when Snapchat acquired a leading App Store QR reader called Scan to enable users to create Snapcodes, that QR code usage began to pick up again. Snapcodes were being scanned millions of times per day to unlock Snapchat filters, add friends, and open websites. But even still, this was a small segment of consumers that started to understand how scanning this QR code could benefit them and save them time. Finally, in 2017, major mobile device brands started including the ability to read QR codes via the device’s native camera app. This means there is no longer a thirdparty app required! Give it a try with the QR code above – you’ll be surprised at how easy it is. It is now estimated that over 1 billion smartphone users will use QR codes by 2022.

Set in the Skies of Shanghai, the commerce capital of China, Cygames and Bili Bili used more than 1,500 drones to create this masterpiece on April 17, 2021. The video game companies used drones to create video game characters during this show to create a Blade Runner-like cinematic experience for the players of their game as part of its anniversary special. They ended the show with the drones coming together to form the QR code, and players of the video games were encouraged to scan the code to open a game. Okay – this is a little above our expertise… and more than we may need. But, now we know the possibilities are endless with QR codes! And the best part is... creating them is FREE and EASY.

How To Use QR Codes In Your Agency

How to Scan a QR code on an iPhone or Android Phone

1. Open camera 2. Point your camera at the code. 3. Tap the pop-up notification.

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There are so many uses for QR codes – from business cards to print media promotions, QR codes are used almost everywhere. Space comes with a price when you invest in printed marketing materials like brochures, ads, and signage. QR codes are a simple means to direct an audience to more information about a product, service, or promotion while ensuring you don’t waste valuable print space on unnecessary details. But how can you take advantage of this simple, free resource? In doing research, I found that insurance companies and agencies use QR codes for marketing their services and making operations such as claim processing easier for their customers. Let’s stay at a beginner’s level for now.

june 2021

urance business?

By Rachel Romines

New Customers If you are already doing print advertising and marketing, chances are you are listing your website, phone number, and/or email address. Maybe you’ve tried to list all the products and services you offer, list your staff members, or tell your potential clients why they should choose your agency. With a QR code, you can now get all that information to your prospect with a quick scan. Take it a step further: link your QR code to the “Get a Quote” section of your website. With smartphone auto-fill options, it will be easier than ever for your prospect to get a quote from you: scan, auto-fill, send. Done! Existing Customers You’ve already hooked your existing customers – but you can still implement QR codes that benefit them and you. Kids graduate. Addresses change. Insurance coverage needs to evolve. Keep your customers’ information updated with QR codes on customer communications that link to a mobile-optimized website where customers can manage policy members and coverage options with just a few clicks. Even if you don’t have those capabilities on your website yet, you could direct them to a page on your website that asks them to tell you what’s changed with their insurance needs. Use a QR code to sell additional products to your existing clients. Consider sending a postcard with a QR code that links to your products page, information about new coverages you are offering, or simply to get a policy check. If you are active on social media, use a QR code to direct people directly to your social media page. Prompt them to “like” or “follow” your agency and write a review.

How to Set up a QR Code There are several ways to set up QR codes for your agency – and many are FREE! Google recently added a new feature to their web browser, Chrome, allowing users to generate QR codes with the application. It is only available, for now, on the desktop browser, but it’s so simple to do. Just go to the page of your website or social media you want it linked to, right-click, and select the option to create your QR code. You can then download the QR code and use it however you’d like.

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Here at the association, we’ve used the websites www.qr-code-generator.com and www.qr-codes.com to download a QR code for free. There are several more websites that offer their codes for free. You’ll find a robust list by googling “QR code generator.” Several of these websites also provide analytics so you can see exactly how many times your code was scanned.

Keys to Success The key to making QR codes successful is to make sure your website is mobile-friendly. You don’t want your prospect to scan your code and have a mess of a website load for them. Take the time to pull up your agency website on your phone. Look at all the pages. Could it be better? Quick tip: IIA of IL members receive a free website review through Trusted Choice. Go to https://trustedchoice. independentagent.com/ to find out more. Another important consideration is to have a call to action (CTA) once your QR code is scanned. Prompt the user to DO something – get a quote, like your social media pages, enter a drawing, etc.’ There are a variety of uses for QR codes. Next time you are out and about, I encourage you to pay attention and look for these crazy-looking codes. See how others are using them, scan random ones that you see to get a feel for how they work. Let your mind get creative on how you can implement this in your agency because it doesn’t look like this trend will fall again anytime soon. Rachel Romines is the Director of Communications for the IIA of IL. She can be reached at rromines@iiaofil.org.

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“I love spending hours trying to quote online.”

SAID NO AGENT EVER. No agent ever said they enjoy wasting time. But they have said fast online quoting with a clear understanding of appetite is key to a successful partnership. UFG Insurance listened.

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2021 Powered by:

conference 2021 EDGE Conference: A Virtual Success By Rachel Romines Flashback to early 2020: The Young Agents Committee had all the details for the 2020 EDGE Conference nailed down. Speakers, topics, exhibitors, sponsors, networking, and fun. We were ready for another GREAT conference – just like attendees are used to. We were excited to be at a new venue, the DoubleTree in Oak Brook.

as much exposure to agents as possible, and agents had plenty of opportunities to meet with those companies. We contracted with an outside vendor to host a networking event. Both scenarios were out of the norm for this conference, but we feel like it ended up being a success for all involved.

Then… COVID hit. CANCELLED!

If you were able to attend this event, we hope you feel the same way. We hope you enjoyed the speakers and presentations, time with company sponsors, and the networking event. If you couldn’t join us, but are hearing all the buzz about the great sessions, they are still available for you to watch on-demand (no CE is included). Go to https://events.bizzabo.com/295691 to purchase the recordings.

Back to the drawing board? Kind of. The committee reached out to the speakers that were contracted for the 2020 event to make sure they could pivot to a virtual environment. We spoke with them to make sure their presentation could be implemented in a completely different setting than they are used to. All three speakers were ready to make the switch, and they had plenty of time to work on their presentations for the 2021 event. What we struggled with was the personal interactions – both with attendees, and sponsors and exhibitors. How could we replicate this important feature of an in-person conference virtually? We couldn’t. No matter how much research we did, we could not find a way to give our attendees what they were used to experiencing. So, we did some pivoting ourselves. We decided to make lemonade out of lemons. We combined exhibit and sponsor opportunities to make sure our company supporters had

Virtual Exhibit Booths are still available on the website above. Please take a minute to visit each booth and read through all the information provided by our sponsors. We are already making plans for the 2022 event! We will be at the DoubleTree in Oak Brook, April 20-21, and we will present the same great event that EDGE attendees have become accustomed to. Rachel Romines is the Young Agents Committee staff liaison and can be reached at rromines@iiaofil.org.

Thank you to our sponsors! AgriSompo North America Applied Underwriters Arlington/Roe Auto Owners Insurance Belfor Property Restoration Berkshire Hathaway GUARD Breckenridge Insurance Services and Blue River Underwriters Columbia Insurance Group Continental Western Group Donald Gaddis Company, Inc. june 2021

Grinnell Mutual Illinois Public Risk Fund IMT Insurance J C Restoration JM Wilson Markel Mercury Insurance Prophetstown Farmers Mutual Ins Company PURE Insurance Society insight

INSIGHT | associate news Thank you to our Associate Members.

Diamond Level

Platinum Level

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

IMT Insurance West Bend Mutual Insurance Co.

Bronze Level A. J. Wayne & Associates AMERISAFE Auto-Owners Insurance Co. Badger Mutual Insurance Company Berkshire Hathaway Guard Insurance Companies Columbia Insurance Group Chubb Columbia Insurance Group Continental Western Group CRC Group Donald Gaddis Company, Inc. Donegal Insurance Group EMC Insurance Encompass Insurance Encova Insurance Foremost Insurance Group Forreston Mutual Insurance Company Frankenmuth Insurance Grange Insurance Illinois Mine Subsidence Ins. Fund Illinois Public Risk Fund Indiana Farmers Insurance Insurance Program Managers Group 30

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J C Restoration J M Wilson Kemper Liberty Mutual/Safeco Insurance Madison Mutual Insurance Company Marsh, Berry & Company, Inc. Maximum Independent Brokerage, LLC Mercury Insurance Group MetLife Auto & Home Midwest Insurance Company Nationwide Previsor Insurance RT Specialty - Naperville ServiceMaster DSI Society Insurance Specialty Risk of America Travelers UIG - The Agent Agency United Fire Group W. A. Schickedanz Agency, Inc./Interstate Risk Placement Western National Insurance Westfield june 2021

associate news | INSIGHT Pekin Life Insurance Company Holds Annual Meeting

Pekin Life Insurance Company held its annual meeting on Tuesday, May 11, 2021. The Company reported net income of $1.2 million, for the year ending December 31, 2020. Premium income increased by 0.8 percent to $186.8 million. Life Insurance in force exceeded $19.6 billion at year-end 2020. At the meeting, shareholders elected directors Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; and John S. Heller, East Peoria, Illinois, to threeyear terms to expire in May 2024. Other directors whose terms continue are: Steven R. Anderson, Loves Park, Illinois; Anthony S. Burkhart, Vincennes, Illinois; Scott A. Martin, Chillicothe, Illinois; and Thomas C. Hornstein, Brian K. Lee, and Christine A. Schwartz, all from Pekin, Illinois. Pekin Insurance officers elected to Pekin Life Insurance Company included: Daniel V. Connell, Chairman of the Board & Chief Executive Officer, Steven R. Anderson, Vice Chairman of the Board; Brian K. Lee, President and Chief Operating Officer; Dina S. Schultz, Senior Vice President; Michael A. Zabinski, Senior Vice President and Chief Financial Officer; Greg C. Bee, Vice President - Chief Risk Officer; Amy M. Darling, Vice President - Life Claims; Jocelyn A. Duncan, Vice President - Life Administration; Phillip L. Evans, Vice President – Administrative Services; Joel M. Jackson, Vice President - Sales and Marketing; Subhasis Mukherjee, Vice President - Chief Information Officer; Tyler D. Petersen, Vice President - General Counsel and Secretary; Kimberly S. Remmert, Vice President Human Resources; Michele E. Ginther, Controller; and Amber J. Stenger, Assistant Treasurer.

Encova Insurance to Again Offer Virtual Summer Internships

Encova Insurance will again host virtual summer interns following the success of their first virtual internship program last year. Twenty-three interns will join Encova this summer; most start on May 10, 2021, with virtual training and onboarding. About 90% of Encova’s associates have been working from home since March 2020. Last year, despite many companies canceling internship programs amid the COVID-19 pandemic, Encova continued with their program and adapted it so interns could work remotely. They will use lessons learned last year to improve the virtual internship experience this year. “Our internship program is a win-win for Encova and our interns. They gain real-world experience and knowledge, and we gain their valuable contributions and fresh perspective,” Encova Talent Acquisition Specialist Natalie Payne said. Nine different departments will welcome an intern, including Information Technology, Accounting, Safety and Loss, Underwriting and Analytics. The interns are primarily college juniors and seniors, representing 13 different universities. june 2021

J.C. Restoration Joins Restoration Affiliates

J.C. Restoration, Inc. (JCR) has announced they have recently joined Restoration Affiliates (RA), a national industry peer network that serves interests of select independently owned, regional restoration service organizations throughout the United States. RA is a national network of independent, full-service disaster restoration companies which provides mitigation, restoration, remediation and repair services for commercial, industrial, multifamily property owners and insurance clients. Each of the quality restoration services is backed by RA’s values of industry leadership, shared success, quality and value, teamwork and cooperation, learning and development, trust and respect, creativity and innovation, and responsiveness. RA brings together top-quality restoration service providers from all over the country with a shared purpose. Together with RA, JCR is now part of a strategic network to share resources, relationships and support in order to provide regional and national clients with expert service, response and value in the event of a property damage loss. RA also facilitates opportunities for Affiliate members to collaborate to share knowledge, capabilities and resources to respond to complex projects, large-scale losses and regional catastrophic events.

SECURA Insurance Elects Chris Hess and Barbara Rau to Board of Directors

SECURA Insurance elected Chris Hess and Barbara Rau to its Board of Directors April 26, 2021. “As a mutual company, our Board of Directors represents the perspectives of our stakeholders – our policyholders, agents, associates, and the community,” said Dave Gross, SECURA President & CEO. “We are honored to have Chris Hess and Barbara Rau joining our Board and bringing their unique expertise and knowledge.” Hess is the President and Chief Executive Officer of Goodwill Industries of North Central Wisconsin. Before joining Goodwill, Hess served as vice president of market development and sales for ThedaCare, a nonprofit healthcare organization. He also has held leadership roles within U.S. Venture and Genco (now FedEx Supply Chain). Hess serves on the board of directors of the Fox Cites Chamber of Commerce. He has been named one of Wisconsin’s most influential Black leaders. A native of Kenosha, Hess graduated from St. Norbert College in De Pere and earned a master’s degree in business administration from the University of Wisconsin Oshkosh. Dr. Rau currently serves as the Dean of the College of Business at UW Oshkosh. She earned her Bachelor of Science in economics with a mathematics emphasis and her M.S. and Ph.D. in industrial relations with a minor in statistical research methods from The University of Wisconsin-Madison, Industrial Relations Research Institute. Rau is a member of the Society for Human Resource Management, Industrial Relations Research Association, the Academy of Management, and AACSB. She serves on the boards of Evergreen Community, Junior Achievement, and is a member of the Oshkosh Chamber Economic Development Committee, Junior Achievement Laureate Selection Committee, and Leadership Oshkosh Steering Committee. insight

INSIGHT | associate news West Bend Mutual Insurance: Business Insurance Magazine’s Number-One Place to Work

West Bend Mutual Insurance recently took the numberone spot in the Best Place to Work in Insurance for the large employer category. This is the eleventh consecutive year West Bend has been recognized on this prestigious list of companies by Business Insurance magazine and the Best Companies Group.

West Bend Mutual Insurance Company took the top spot in the large company category for the Milwaukee Journal Sentinel’s Top Workplaces in Southeast Wisconsin. This is the tenth consecutive year in which West Bend has placed in the top four. More than 140 companies were named to the 2021 Top Workplaces list.

The Best Place to Work in Insurance national awards program is designed to identify, recognize, and honor the best places of employment in the commercial insurance industry, benefiting the industry’s economy, its workforce, and businesses. It recognizes West Bend’s commitment to attracting, developing, and retaining great talent through a combination of culture, benefits, and other programs associates value. Companies participating in the program include property/casualty insurers, group life/health insurers, reinsurers, third-party administrators, and agents/ brokers.

Commercial & Personal Lines Insurance solutions for homeowners and small, medium and large businesses. Competitive pricing, multi-product discounts, and easy submission process!

APPLY TO BE AN AGENT: WWW.GUARD.COM/APPLY Not all Berkshire Hathaway GUARD Insurance Companies provide the products described herein nor are they available in all states. Visit www.guard.com/states/ to see our current product suite and operating area. 32

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AmGUARD • EastGUARD • NorGUARD • WestGUARD june 2021

iia of il news | INSIGHT

Education Classes june

2 8 8 9 9 10 15 16 17 17 17 17 22 23 23 28 30

E&O Roadmap to Personal Auto Webinar Pre-Licensing Course - Property & Casualty Virtual Flood Insurance and the NFIP Webinar CISR-Personal Lines miscellaneous Virtual E&O Roadmap To Cyber & Privacy Insurance Webinar E&O-Roadmap to Homeowners Endorsements Webinar The Evolution of Ethics in Insurance Webinar CISR-Commercial Casualty 2 Virtual Farm Agents Council Golf Outing & Annual Meeting Bloomington CISR-Insuring Personal Residential Property Virtual Agents E&O Webinar E&O: Identity Theft, Money Laundering Webinar Pre-Licensing Course - Life & Health Virtual CIC-Commercial Multiline Virtual E&O - Roadmap to Policy Analysis Webinar Ethics Webinar E&O Risk Management – The Challenge of Change Webinar

july

7 7 8 8 14 14 15 15 19 19 20 21 28 28

Pre-Licensing-P&C Virtual E&O Roadmap to Personal Auto Webinar Agents E&O Webinar E&O-Roadmap to Homeowners Endorsements Webinar CISR-Insuring Personal Auto Exposures Virtual E&O Roadmap To Cyber & Privacy Insurance Webinar Ethics: Essentials for the Insurance Producer Webinar E&O Identity Theft, Red Flags, Money Laundering Webinar Pre-Licensing-L&H Virtual E&O Risk Management – Challenge of Change Webinar CISR-Elements of Risk Management Virtual CIC-Ruble Virtual E&O - Roadmap to Policy Analysis Webinar CISR-Agency Operations Virtual

New Members member agencies Buschbach Insurance Agency Oak Lawn

Salegio Insurance Agency, Inc. Waukegan

Grachan Agency Oak Park

Seniors Insurance Marketing Group, Inc. Columbia

PolicyDirect Insurance Services South Holland june 2021

For information regarding IIA of IL membership or company sponsorship, contact Tom Ross, Director of Membership Services, at (217) 321-3003, tross@iiaofil.org. insight

INSIGHT | classifieds for the insurance professional by the insurance professional

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

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, BuySell 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 how- we make it easy! Visit our website at forestagency.com/agents.html, or call for a confidential discussion and a list of Agency benefits.

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 ANNOUNCEMENT

27. Insurance Brokers Incorporated (IBI) Welcomes GAINSCO as a Carrier Partner Insurance Brokers Incorporated (IBI) is pleased to announce the addition of GAINSCO Auto Insurance as an IBI carrier partner. GAINSCO is a nationally recognized market leader with outstanding service to the specialty auto insurance market. The partnership will provide distribution for GAINSCO Auto Insurance products and will provide increased sales opportunities for IBI agency customers. Please contact us at marketing@GoIBI.com.

Bill Coughlin IBI Insurance Brokers, Inc. (547) 797-9577

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

Diversity Scholarship Program

To invest in the future of the insurance industry and independent agents in Illinois, and create long-term opportunities for minorities considering a career in insurance, the IIA of IL now offers Diversity & Inclusion Scholarships.

Scholarship Includes:

Pre-Licensing Course • Reimbursement for Licensing Exam and Fee New Hire Training • EDGE Conference Registration for Two Years

For more information, go to www.iiaofil.org/diversity 34

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june 2021

TOP FIVE REASONS AGENT’S LOVE

WORKING WITH US! 1 2

Rated A+ by both AM Best1 and Standard & Poor’s2 with a 20-year track record of beating the industry by more than double the growth and a full eight points on the combined ratio. 1

www.ambest.com/ratings; www.standardandpoors.com,

Unparalleled Financial Strength

RATED #1 COMPANY FOR

World-Class Claims Service

Responsive and RelationshipBased Underwriting

Stable and Consistent Market

Impeccable Culture

Sell Acuity!!!

WORK-LIFE

BALANCE DURING COVID-19

Consistently recognized as one of the best places to work in the nation.

MORE IMAGINATION.

MORE TO LOVE FROM APPLIED.® Workers’ Compensation • Transportation – Liability & Physical Damage • Construction – Primary & Excess Liability Homeowners – Including California Wildfire & Gulf Region Hurricane • Fine Art & Collectibles • Structured Insurance Financial Lines • Environmental & Pollution Liability • Shared & Layered Property • Fronting & Program Business • Reinsurance

...And More To Come.

It Pays To Get A Quote From Applied.® Learn more at auw.com/MoreToLove or call sales (877) 234-4450 ©2021 Applied Underwriters, Inc. Rated A (Excellent) by AM Best. Insurance plans protected U.S. Patent No. 7,908,157.

Insight - June 2021

Articles inside

Your Website Should be ADA Compliant

Cool Tech vs. the Righ Tech

How Do I Know if My Agency is Cyber-Secure

Sales Success Really Boils Down to These Two Things