e-Insight March 2019 Non-Member by Big I Illinois

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In Illinois, it's AmTrust for Workers' Comp...

and much more. Get to Know AmTrust. Visitwww.amtrustfinancial.com/ilql or call 844.864.8824 AmTrust is AmTrust Financial Services, Inc., located at 59 Maiden Lane, New York, NY 10038. Coverages are provided by its property and casualty insurance company affiliates. Consult the applicable policy for specific terms, conditions, limits and exclusions to coverage.

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WANT TO IMPROVE THE HEALTH AND PRODUCTIVITY OF YOUR EMPLOYEES? YOU’LL NEED MORE THAN A WELLNESS PROGRAM AND SOME HEALTH DATA. You need a comprehensive view of workforce health & the systems and expertise to turn data into action.

YOU NEED IN-SIGHT FROM IPMG. In-Sight provides a single, integrated platform for all employee health, injury, workers’ compensation, absence and engagement activity — and the specialized teams that use your data to proactively minimize risks and promote productivity.

BECAUSE THRIVING COMPANIES RELY ON HEALTHY EMPLOYEES. JEFF WEBER • 314-293-9707 • IPMG.COM/IN-SIGHT

Editor & Advertising - Deann French | Graphic Design - Rachel Romines

March 2019

CONTENTS 14

Don’t Let Low Hanging Fruit Hold Back Your Sales

Data Doesn’t Lie - IntellAgents - Better Business Decisions for Independent Agents

By John Graham

By Phil Lackman

By Deann French

- Why Data? Because Data Doesn’t Lie

Overcoming the Agents Biggest Obstacle: Call Reluctance

Best Practices for Insurance Agency Exit and Succession

By John Chapin

By Rosalie L. Donlon

25 In This Issue

7 11 17

Trusted Choice Government

e-Insight

30 32 33 34

Young Agents Associate News IIA of IL News Classifieds

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

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 dfrench@iiaofil.org.

ADVERTISERS

Board of Directors Executive Committee

ABRC

Chairman of the Board | Ryan Hite (309) 688-7316 | ryan.hite@eaglerockins.com

AMERISAFE

President | Patrick Muldowney (312) 595-7192 | patrick.muldowney@alliant.com

AMTRUST

President-Elect | Bill Wirth (618) 939-6368 | billw@wirthagency.com

APPLIED UNDERWRITERS

Vice President | George Daly (708) 845-3311 | george.daly@thehortongroup.com

BERKSHIRE HATHAWAY GUARD INS. GROUP

Secretary/Treasurer | Bennie Jones (312) 960-6206 | bjones@rmsoa.com IIABA National Director Gregory A. Sandrock, CIC, AFIS (815) 438-3923 | gregsandrock@2cornerstone.com

Regional Directors

EPAY POLICY

GRINNELL MUTUAL

GUIDE ONE

IMT INSURANCE

Region 1 | Lisa Lukens (618) 942-2556 | salibainsurance@gmail.com

Region 2 | Joseph Heneghan (618) 639-2244 | joe.heneghan@hwcrins.com

JM WILSON

Region 3 | Jay Peterson, AFIS, LUTCF (217) 935-6605 | jay@peterson.insurance

RLI

Region 4 | Michael Gonet (815) 339-2411 | mike_gonet@hotmail.com

SECURA

Region 5 | Patrick Taphorn, CIC, CSRM (309) 347-2177 | ptaphorn@unland.com

IPMG

WEST BEND MUTUAL

IIA of Illinois Staff Education Director, CRM Manager Shannon Churchill - (217) 321-3004 - schurchill@iiaofil.org

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

Vice President of Communications Deann French - (217) 321-3022 - dfrench@iiaofil.org

Vice President, Agents Insurance Services Brian McSherry, CIC - (217) 321-3018 - bmcsherry@iiaofil.org

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

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

Director of Human Resources/Board Admin Jennifer Jacobs - (217) 321-3013 - jjacobs@iiaofil.org

Digital Communications/Web Administrator Rachel Romines - (217) 321-3024 - rromines@iiaofil.org

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

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

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

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

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

Sr. Products & Services Administrator Carol Wilson, CPIA - (217) 321-3011 - cwilson.indep12@insuremail.net

Trusted Choice | Keith Verisario (847) 699-4040 | kmv@allsecurity.com Young Agents | Allyson Padilla (618) 393-2195 | allyson@blanksinsurance.com

Find us on Social Media

TRUST US TO PROTECT THE BUSINESS THEY’VE BUILT Our contractor’s package is designed from the ground up to protect construction businesses. From equipment breakdown to valuable records, our coverage is an essential tool for those in the business of building. Trust in Tomorrow.® Contact us today. AUTO | HOME | FARM | BUSINESS

grinnellmutual.com “Trust in Tomorrow.” and “Grinnell Mutual” are registered trademarks of Grinnell Mutual Reinsurance Company. © Grinnell Mutual Reinsurance Company, 2019.

Free to do what's right for you.SM

TrustedChoice.com Recommends Qualified Buyers to Your Agency If your agency had a current customer that was responsible for recommending your agency to new prospects on a regular basis, you’d want to know.

Watch the two minute Advantage and Recommendation Engine Overview at https://trustedchoice-com.wistia.com/ medias/zxrbfrdcek.

First, so that you could thank your customer, but also so that you would treat the prospect appropriately, refer to the customer during your conversations with the prospect and ultimately write the business.

The influence of those recommendations is easy to overlook. Here’s why they work:

TrustedChoice.com now recommends over 3,500 Advantage subscriber agencies every dayto insurance buyers, and those recommendations help agencies write business. When an insurance buyer clicks the ‘Request a Quote’ button, the TrustedChoice.com Agency Recommendation Engine evaluates agencies in the buyer’s area and presents a list of agencies who have indicated that they want to work that type of prospect. The average Advantage-subscribing agency on TrustedChoice.com is recommended to an insurance buyer almost once per day, all year long. That’s n ota misstatement. On average, each Advantage agency is recommended to insurance buyers that match the agency’s appetite 3 30 times per year b y the TrustedChoice.com recommendation engine. That’s over 1,450,000 referrals every year!

march 2019

Insurance buyers have done their research and are now comparing options and looking to make a decision. When they request guidance, the Recommendation Engine provides a filtered list that addresses the buyer’s requirements. These prospects have done their homework and control their shopping experience. They make a decision to take the next step, and choose the insurance agency with whom they want to work. No wonder agencies across the countrya re reportingthat the ROI of an Advantage subscription is positive. To read success stories, go to https://solutions.trustedchoice.com/ success-stories/. It’s time to take a closer look at how an Advantage subscription can increase the number of times your agency will be recommended to new clients. Call 855-372-0070 orrequest a demotoday at https://solutions.trustedchoice.com/demo/.

insight

Everything your customer cares about is in this house.

Things the family just can’t afford to lose. As an Official Supplier of the Silver Lining®, you can help them protect it with a Home and Highway® policy from West Bend. Your customers will benefit from the convenience of one policy, one bill, one deductible, and one agency. With West Bend’s identity protection program, they can have access to a variety of identity protection services. And with the claim free award, they’ll even get a portion of their annual premium back if they don’t have a claim. To find out more, talk to your West Bend underwriter.

Celebrating 125 years of valued relationships with our agent partners.

insight

march 2019

Trusted Choice Digital Ad Campaign

FREE DIGITAL

Trusted Choice Illinois is once again accepting enrollment for the FREE DIGITAL AD Campaign.

Trusted C hoice

ADVERTISING

Following the huge success of the digital ad campaign Trusted Choice Illinois executed last year from April – November, we will once again be seeking IIA of IL agencies to participate in this FREE MEMBER BENEFIT. We are working with Entercom who built the campaign from their partnership with over 1,000 networks and has a list of 225,000,000 email addresses nationwide. The list is permission based which means a contact has “opted in.” Entercom has access to the email address, mobile number and postal address for every contact. The list is updated weekly and scrubbed every 90 days to ensure the contacts remain engaged. Each agency will be given a radius (based upon zip codes) from which the contact will be pulled. In the more densely populated parts of the state the radius will be between five and 10 miles, with the radius expanding for those agencies in less populated regions. This six-month campaign is available to the first 200 IIA of IL qualifying member agencies and is broken into three parts: • Email Campaign - a total of 100,000 targeted emails per month. (This number will be divided between all participating agencies) • Retargeting - delivers online display and additional emails to those who opened or clicked the original email.

Member B enefi t

New This Year: • Any agency that participated in the 2018 campaign will be automatically re-enrolled. • Trusted Choice Advantage Subscribers will have first opportunity for the remaining spots. • All other potential program participants have to complete two steps to become eligible for the program.

Get Started Today! Go to www.iiaofil.org/About-Us/Trusted-Choice/FREEDigital-Advertising for program specifications.

• Mobile + Geo-fencing and Behavioral Targeting - Casts a net around your agency and delivers ads to only market insurance intenders

YOU DO Provide Name of Dedicated Trusted Choice Agency Contact Become a Trusted Choice MVP Request a Digital Review from Trusted Choice march 2019

TC Subscription Advantage Basic

YOU GET

+ + +

500 FREE targeted emails per month (minimum) 235 FREE retargeted emails per month (minimum) 1,144 FREE geo-fenced mobile impressions per month (minimum) insight

In Illinois, it’s AmTrust for Workers’ Comp…

and much more.

FSC “XV,” Stable Outlook

Get to Know AmTrust. Visit www. amtrustfinancial.com/ilq1 or call 844.864.8824 AmTrust is AmTrust Financial Services, Inc., located at 59 Maiden Lane, New York, NY 10038. Coverages are provided by its property and casualty insurance company affiliates. Consult the applicable policy for specific terms, conditions, limits and exclusions to coverage.

Tuesday, March 19

Wyndham City Centre | Springfield 1:00 pm Registration Opens 2:00 - 3:30 PM Opening Session (2 Hours CE - Pending) What is on the Horizon for the Health Insurance Industry

Janet Trautwein, CEO of the National Association of Health Underwriters will provide insurance industry updates regarding federal and state compliance. She will also be focusing on what to expect next in health insurance and how to be prepared for the ever-changing environment.

2019 Economic Impact of the Insurance Industry

Results of the 2019 study conducted by the Katie School of Insurance at Illinois State University will be presented. The report details the insurance industry’s contributions to Illinois’ economy including employment, revenue and charitable contributions.

New Insurance Administration Update

State Senator Napoleon Harris – Senate Insurance Committee Chair and State Representative Thaddeus Jones – House Insurance Committee Chair will speak on legislative issues under consideration in the insurance committees.

3:45 - 5:00 PM

Breakout Sessions on Insurance Issues (1 Hour CE - Pending)

Property & Casualty

Kevin Martin, Executive Director of the Illinois Insurance Association will review pending Property & Casualty legislation and regulations impacting the insurance industry, including: Workers Compensation Reform; Personal Home & Auto; Commercial Insurance.

Life, Health & Benefits

Phil Lackman, CEO and Evan Manning, Government Relations Manager, of the IIA of Illinois will review pending Life, Health and Benefits legislation and regulations such as: Health Insurance Issues and Coverage Mandates; The Medicaid Buy-In Option; Illinois Health Insurance Exchange.

5:30 - 7:30 pm

Legislative Reception Illinois State Library, 300 S. 2nd St., Springfield, IL

www.insurancelegislativeday.org march 2019

insight

HOME BUSINESS INSURANCE

DO YOU HAVE A CLIENT WHO RUNS A SMALL BUSINESS FROM HOME? WILL THEIR HOMEOWNERS INSURANCE PROVIDE COVERAGE WHEN…

PROTECTION FOR HOME-BASED BUSINESSES!

• Business equipment is stolen out of their vehicle? . . . . . . . . . . . .

NO!

• They accidentally knock over the display next to them at an exhibition or show? . . . . .

NO!

• Groceries spill onto inventory in the trunk of their car?. . . . . . . . . . . . .

NO!

• A power surge damages their computer and fax machine? . . . . . . . . . . . . .

NO!

• Someone steals their cash box?

NO!

. . . . . . .

Your customers are not home free with most homeowners policies. What would happen if your client had inventory damaged or stolen? Typical homeowners insurance does not cover those losses for people if they run a small business out of their home. We are pleased to offer the perfect coverage for your in-home business: RLI’s Home Business Insurance policy. Features: • Liability limits up to $1 million • Satisfies most event or show liability requirements • Business property protection up to $100,000 (with $250 deductible) • Optional Coverages Include: Money & Securities, Garagekeepers, Unmanned Aircraft (state restrictions apply)

Most homeowners and renters policies do not cover liability or damage to property from business activities.

• Electronic data processing coverage (optional in CA & FL) Policies are underwritten by RLI Insurance Company *Premiums start at $150 for $300,000 liability and $5,000 business personal property in the lowest rated class in the lowest rated territory. Actual price may be higher depending on your individual characteristics and coverages that you select. Not all businesses will qualify for coverage.

FOR MOR E INFO R M AT I ON: Contact Name Carol Wilson Phone Number 1(800)628-6436 Email cwilson.indep12@insuremail.net

• Loss of income coverage • Premiums starting as low as $150 annually*

Rated A+ by A.M. Best Rated A+ by Standard & Poor’s R LI C O R P. C O M HBI-MK503 AGT (05/17)

We Need Your Voice

Mark your calendar for the 2019 Big “I” Legislative Conference, Wednesday May 8th through Friday, May 10th 2019 in Washington, D.C. This annual gathering presents numerous opportunities for Big “I" agents to meet and mingle with the country's decision-makers. Hill day: Agents will have two opportunities to hit Capitol Hill to lobby members of the U.S. Senate, U.S. House of Representatives and their staff. The schedule for this event has been adjusted to allow time for visits on Wednesday afternoon as well as Thursday morning. Last year, Big “I" agents stormed Capitol Hill to urge members of Congress to take action on a variety of issues including the NFIP, the Federal Crop Insurance Program, health care, state insurance regulation and tax reform. Congressional speakers: Elected officials from both sides of the aisle address the association's membership during breakfast on Thursday morning. Young agents will hear from a rising star in Congress over lunch on Wednesday. General Session: The conference concludes with a special breakfast presentation on Friday. Last year’s attendees heard from Fox News Channel’s Bret Bair. Details coming soon on the 2019 guest presenter… Check out the full schedule of events at www.independentagent.com/Events/LegislativeConference/Schedule/Schedule.aspx and make plans to join your colleagues on the Hill in 2019!

Make the Most of Your Membership

IIA of IL provides travel incentives, scheduling assistance, and opportunities for members to network with their peers and association leadership while in Washington, D.C. By taking part in the conference, agents will experience the benefits of state and national association membership first-hand. First-time attendees are eligible for reimbursement of their two-night stay at the Renaissance Washington, DC Downtown Hotel (a $750 value), conference registration ($200 value), and will enjoy evening events hosted by the IIA of IL. The agent is responsible for their flight to Washington, D.C. *Westfield Agents may be eligible for scholarship funds – Contact Sallyestvanic@westfieldgrp.com for details. Returning Attendees are eligible to receive a travel stipend of $250, plus paid conference registration ($200) in addition to hosted events. Returning attendees are responsible for their own hotel costs and travel costs that exceed the stipend provided. Hotel Information: The IIA of IL has secured a block of rooms at the Renaissance Washington, DC Downtown Hotel that can only be accessed by contacting the state association. Travel incentives are available on a first-come basis until March 30, 2019. For more information or to sign up, please contact Jennifer Jacobs at (217) 321-3013 or jjacobs@iiaofil.org. march 2019

insight

Donâ&#x20AC;&#x2122;t Let

LOW HANGING FRUIT

Hold Back Your Sales By John Graham

When things aren’t going well, salespeople often give in to the quick and easy sale in an effort to get through the troublesome “dry spells.” Others become so addicted, they never reach higher. It’s easy to fall under the spell of the lure of low-hanging fruit.

While some in sales may not be proud of falling prey to the lure of low hanging fruit and try to hide it as best they can, others see the fallacy. Once hooked, breaking dependence on a low-hanging fruit habit isn’t easy. But answering the following three questions may help:

Yet, those who excel in sales develop skills that add value to their careers and enhance their confidence. They also know that going after low hanging fruit prevents them from raising their sights, caps their capabilities, and causes them from embracing challenges.

1. Which prospects can help you reach your sales objectives? What are their characteristics? What makes them a good fit for you? What do you know about each one? What more do you need to know so you’ll be thoroughly prepared before making contact?

It also earns them a reputation they deserve, but not as members of the A team. It doesn’t prepare them for either tougher times or for new and more demanding opportunities. Transaction dependent, they’re known for what they are-order takers.

Be selfish and disciplined. You only have so much time, so spend it where it counts. Pass up the others or hand them off to a colleague. This isn’t easy and it takes discipline not to be seduced by the lure of the easy sale.

At the same time, going after the low-hanging fruit has its rewards. It boosts dented egos, and salespeople feel busy and productive. But at the high cost of keeping their minds off moving them forward to where they want to be.

2. Why should they do business with you? Identifying the appropriate prospects isn’t good enough. Now comes the critical question, “Why should each one want do business with you?”

The problem isn’t just low hanging fruit. The mindset it fosters does the permanent damage:

They may be a good match for you (or even a perfect one) - but that won’t get you to the goal. Gut instinct doesn’t count and neither does intuition. By itself, being a good match won’t do it. Neither will having a referral or even a personal introduction. You must know enough about them so you can stake your life on why it’s in their best interest to do business with you.

• They never have enough leads. Often complains that the good leads go to other salespeople, particularly the sales manager’s “favorites.” • They don’t cultivate prospects. Just wants to sell. Views staying in touch with prospects a waste of time: “Why waste your time, they’ll never buy.” • They change jobs frequently. “That wasn’t a good fit.” “The manager was always looking over my shoulder.” “They didn’t know what they were doing.” Even so, the lure of the low hanging fruit is not about to disappear. For some in sales, it’s just too good to pass up. “Someone’s going to get the easy ones, so why not me?” they say. But that’s not the whole story. Turn the page and come face-to-face with the illusion of low hanging fruit. It’s another instance in which the past isn’t prologue - just because there’s low hanging fruit today doesn’t mean it will be plentiful tomorrow. In fact, it may be an illusion to act as if it there’s an endless supply. If that’s what we believe, we may be “whistling Dixie,” keeping our fingers crossed and hoping for the best, when more than likely, we’re only kidding ourselves. Whether we like it or not, more and more business is purely transactional - non-relational. When a customer says, “I’ll get back to you” what they mean is that “I’ll get back to you if I can’t find a lower price.” If this is where salespeople choose to pursue their profession, they fall into the trap of competing for business in the largest pool of piranha-like customers. This applies to every type of sale: price trumps quality, reliability, and guarantees. It’s true whether something costs $.59, $59, $590, or $590,000. The search, online or otherwise, cuts through the clutter to reach the lowest price. When sales are purely transactional, selling is no longer a legacy profession.

march 2019

Don’t even think about asking for an appointment until you know them as well as they know themselves. 3. What’s your plan so they want to meet with you? After getting info on a prospect, most salespeople go for the appointment. Overly eager, they stumble. They think they’re ready when they’re not - so they blow it. They need to ask themselves, “What have I done to prepare prospects so they want to accept my request for an appointment?” In other words, what have you done to provoke their interest? It won’t work if you think you can start on Thursday and call the next Monday and expect to get a positive response. It takes time to cultivate interest with top prospects. They want to feel comfortable with salespeople before saying yes for an appointment. This requires a well-crafted plan to establish your creds. All this may sound like a lot of work and unnecessary delays. Perhaps. There is, of course, an alternative: Being left with the low-hanging fruit. John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” He can be reached at jgraham@grahamcomm.com or johnrgraham.com.

insight

SAFE ABOVE ALL

Strong and steady, constantly raising the bar. All great accomplishments have a certain level of hazard involved, but AMERISAFE has workersâ&#x20AC;&#x2122; comp down to the detail. Itâ&#x20AC;&#x2122;s a large part of why we retain 90%* of our policyholders. The best protection is being proactive.

amerisafe.com - 800.897.9719 *Policyholder retention rate based on voluntary business that we elected for renewal quote: 93.0% in 2017. ÂŠ 2018 AMERISAFE, Inc. AMERISAFE is a registered trademark of AMERISAFE, Inc. SAFE ABOVE ALL and the AMERISAFE LOGO are trademarks of AMERISAFE, Inc. All rights reserved.

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e INSIGHT -

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

M AR CH 20 19

INSIGH T

What Documents You Actually Need and How to Purge the Rest Find out in this monthâ&#x20AC;&#x2122;s e-Insight. march 2019

insight

IntellAgents - Better Business Decisions for Independent Agents By Phil Lackman

IIA of Illinois has for years excelled in many programs vital to our members and the perpetuation of the independent agency system; advocacy, education, E&O insurance and more. We have continued to roll out products and services to meet our members needs. However, in this rapidly changing environment for independent agencies your association and other state Big I associations realize our members have a void when it comes to having a business partner who is only interested in their success, growth, and profitability.

Participation in IntellAgents is not mandatory nor is it for every agency. If you are planning to sell in the next year or have no growth goals, it is not for you. But if you want to understand what is working for successful, growing agencies, would like to have real data that compares your operation to your peers in the Midwest and Illinois and is relevant to a sale or acquisition in a few years I hope you will take advantage of this start up operation that is owned and operated by IIA of Illinois whoâ&#x20AC;&#x2122;s only mission is to provide you with a sustainable, competitive advantage.

During the last two years the staff of IIA of IL has been engaged with several other likeminded state associations, collaborating on concepts to become more of a business partner with our members. Developed by the Ohio Insurance Agents association, six additional state Big I associations,( Illinois, Florida, North Carolina, Pennsylvania Massachusetts and Michigan) created IntellAgents, LLC. IntellAgents was created by independent agents for independent agents to fill a void in the IA system regarding data analytics. The seven state associations combined represent over 9,000 agencies and the state executives have over 100 yearsâ&#x20AC;&#x2122; experience in Big I association management.

Phil Lackman is IIA of IL CEO. He can be reached at (217) 321-3005 or plackman@iiaofil.org.

The IIA of IL Board of Directors approved Illinoisâ&#x20AC;&#x2122; participation in IntellAgents but only after a lengthy due diligence process. Illinois and the six other participating states have committed $430,000 each over five years to invest in you, our members. The IIA of IL board and staff believe this is a wise use of your association reserves. You all have recently received a request to participate in a compensation survey. When completed every agency who participated in the survey will receive a free copy of the report. This is the first of many projects IntellAgents is embarking on and they all are designed to benefit you and your agency. We received some feedback that a few of our members were concerned about the privacy of the data. I can personally assure every member that the data is completely secure and will only be provided in the aggregate. Since the goal of IntellAgents is to leverage data in order for you to develop actionable insights to grow your business, your participation is the key to your success. Moving forward you will have your own agency portal on IntellAgents from which we will create your customized RISE (Relevant Insights Strategic Execution) Report and for those of you who place their E&O with us, automated E&O renewals and reports. From there we plan on engaged agency valuation and consulting services, agency dashboards and much more.

march 2019

insight

Overcoming the Agent’s Biggest Obstacle:

CALL RELUCTANCE By far the biggest reason agents fail is because they don’t make enough calls, to talk to enough people, to get enough prospects, in order to make the necessary sales. There are two causes for this, one: not putting in the hours necessary, and two: call reluctance. While the first one is a problem and needs to be addressed, I find that the latter far outweighs the former. If you watch your average agent during the day, even when they are ‘working’ they avoid making calls. They do paperwork, clean their desk, check e-mail, service accounts, do research, and find many other ways to distract themselves during the day. Successful people are successful because they get themselves to do the things that unsuccessful people won’t. Similar to homework as a kid, taking out the trash, or doing 40 minutes of intense cardio, there are some things in life we have to do if we’re going to live a successful, fulfilling life, even though we don’t want to. In sales, that means getting ourselves to make the calls necessary for success. Below I list techniques and tricks used to make the calls that need to be made. Some of these are tips, others are techniques, and some are the names of books or programs along with the authors. Some will need further explanation. Contact me about any you don’t understand. Although this is a fairly exhaustive list, I’m sure I’ve missed some. Feel free to e-mail me with others.

By John Chapin

Solutions to call reluctance • Get 100% sold on what you have to offer. Convince yourself that people need what you have and it’s your obligation to ‘save’ them from inferior products and competitors. • Focus on the ultimate payoff of breaking through and no longer having the fear of making calls. What are all the ways in which you’ll benefit. Focus on the ultimate pain of not making the calls you need to make. What are all the things it will cost you? • Based upon the dollar amount of your average sale, calculate how much each call is worth. If each call is worth $10, then every time you pick up and dial you make $10, even if someone doesn’t answer, or they say “no”. • Start with some affirmations before you make your calls. • Get motivated: read something positive, watch a motivational video, listen to motivational music, read inspirational stories. • Think of those you have an obligation to: employer who pays you, kids, yourself. • Have someone hold you accountable. • Schedule prospecting time and stick to it. • Prospect every day, or almost every day to build consistency and momentum.

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march 2019

• Eliminate distractions and other options. • Get coaching. • Make a commitment to the people in your life and/or post what you’re going to do on Facebook and other social media sites. • Post your goals and put up pictures of the rewards you’re going to get as a result of making the calls you need to make. • Write a check for $500, or more, to someone if you don’t do what you say you’ll do. • Reward yourself for making the calls. • Get to your calls as quickly as possible and have as little time as possible between calls. • Focus on how good you’ll feel after you’ve gotten yourself to make the calls.

• Think of times in the past when you’ve overcome a fear or been successful and look for clues as to how you did it. • Have a conversation with yourself. What’s really going on? What’s the worst thing that can happen? Realize that nothing can really hurt you. The payoff for making calls is much greater than any perceived sub-conscious payoff for not making calls. • Build up your health and energy and avoid the energy suckers: negative people and news. • Build your self-confidence. • Hypnosis and meditation • Psychologist or psychiatrist • Visualization • Face and conquer other fears

• Start with the most difficult calls first and get them over with, or…

• Caffeine and similar

• Start with the easy calls first to get some momentum.

• Focus on trying to get ‘nos’ instead of yeses.

• Put yourself in a peer environment where you have to make the calls. • Compete with someone else. • Talk to people who are successful at making calls and ask how they do it. • Be fully prepared.

• Overcome approval addiction. • Neurolinguistic Programming • Tapping • The Peace Process • Can’t Hurt Me - David Goggins • The Unstuck Process - Robert Middleton

• Have a script memorized for all information you need to convey.

• Not Caring What Other People Think is a Superpower Ed Latimore

• Realize that the hard work will pay off.

• The Art of Fear - Kristin Ulmer

• Just start. There’s power in momentum.

• Jump and the Net will Appear - Robin Crow

• Think of everyone who is pulling for you and everyone who is pulling against you. See those people, one group on the left, one on the right. Each time you make a call “your group” wins, and the group against you loses. When you don’t make a call, it’s the opposite.

• Face the Fear and Feel the Power - Stephen Edwards

• Get angry. Who do you want to prove something to? What irritates you about your call reluctance? What other thoughts, feelings, and emotions can you use to motivate yourself?

• Find your WHY and ultimate motivation through Facilitated Introspection - John Chapin learned from Steve Siebold

• The Work – Byron Katie • Feel the fear and do it anyway - just push through. Do what you fear and the death of fear is certain.

• Keep searching for answers. Ultimately what you’ll do will come down to why you’re doing it. If you have powerful reasons WHY you must do something, you’ll figure out the HOW and you’ll endure the pain to get it done. Come up with all the things that are important to you, that you’re willing to fight for, and tie your sales success to those items. John Chapin is a sales and motivational speaker and trainer with over 26 years of sales experience. He is the author of the 2010 sales book of the year: Sales Encyclopedia. He can be reached at johnchapin@completeselling.com.

march 2019

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march 2019

Best Practices for Insurance Agency Exit and Succession By Rosalie L. Donlon

The right plan is essential when you’re ready to move on from your insurance agency, whether it’s into retirement or to another business. When to Start Planning Often, independent insurance agencies are family-owned businesses, and the dream of the founder is to pass the legacy on to family members. “My business partner and I always thought we might get one of our five sons into the business,” says Stuart S. Durland, vice president of operations for Seely & Durand Insurance in Warwick, N.Y., an agency founded by his grandfather in 1934. “That never transpired so we had to start thinking about the alternatives.”

There are lots of reasons to think about a succession plan, and it’s not all about an agency owner choosing to retire. Life happens. Serious illness, the unexpected death of an owner or divorce might be reasons to sell your interest in the agency. Or you could get lucky, win $100 million in the lottery and move to Tahiti. Durland joined the agency in 1990 after a stint at Travelers Insurance Company. He notes that there is four years’ difference in ages between the partners, which puts one closer to retirement than the other. Does the older owner retire first? Or does he stay longer to accommodate a departure year for the younger owner? They started thinking about this 20 years ago and developed a buy/sell plan, continued...

march 2019

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which is funded by life and disability insurance. Matt Naimoli and Zack Gould, founders of G&N Insurance, which opened in 2010 in Southborough, Mass., aren’t ready to start thinking about a succession plan or exit strategy. “Most entrepreneurs say that the day you open your business, you should have a plan to exit,” Gould acknowledges. “We tend to adhere to the notion of ‘If you enter with an exit plan, you’re not enabling yourself to reach your true potential.’”

saying “Begin with the end in mind.” He advises agency principals to consider succession and exit strategy as part of their annual business plan, noting that insurance agents need to do a better job of their own risk management. He recommends having a road map that is a working document subject to modification annually.

This content is for IIA of IL members only.

Naimoli adds that, as young agents who started from scratch, “We’re still focused on growing and creating impact and we have very little experience with succession planning. Likely to our own fault, we’re too focused on expansion.” U.S. Army veteran Robert Klinger, president and CEO of the Klinger Insurance Group, disagrees strongly. He believes that agents need to start planning from day one,

Andrew Harris, CEO of Liberty Insurance Associates in Millstone Township, N.J., started planning when his son expressed an interest in being in the insurance industry. Harris gave his son an online career aptitude test as a gift to see what industry he might have an affinity for. It turned out that his son (also named Andrew) had a strong correlation for insurance and business. Harris Jr. worked at another insurance company for 10 years, and when it was sold he joined his father’s agency, where he’s been ever since, learning the ropes.

More Planning at Larger Firms Tom Doran, a partner at Reagan Consulting in Atlanta, Ga., counsels larger firms with three to five owners or more in strategic planning. For such larger firms, he notes, succession and exit strategies are part of the annual planning process, which he notes should be an ongoing exercise to ensure the perpetuation of the business that’s not dependent on any one person. It should be a continual process, not event driven. Doran advises agencies to look at the “ages and stages” of the agency owners and potential owners down the road. For larger organizations, you need an ongoing dedication to succession planning to ensure that there’s a steady stream of incoming men and women who will serve as agency owners in the future. It’s as important as the agency’s growth strategy, producer recruitment strategy and market expansion strategy.

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Robert “Bob” Pettinicchi, executive vice president and chief lending office, InsurBanc, based in Farmington, Conn., advises independent insurance agencies and notes that prospective buyers often hope that no one has a succession plan so they can swoop in. He also believes that the agency’s plan shouldn’t be a “succession” plan; it should be a “success” plan. Every action should be about creating value. “It’s a people question,” Doran says. To transfer a business, you need a buyer and a seller. “It’s too late when you’re getting ready to sell to look around and find out that there are no buyers internally. At that point, you may have no choice but to sell to an outside buyer,” he adds. Key items to consider Durland believes that you need to be comfortable that the person or entity march 2019

purchasing your agency or your share will be reliable and conscientious, especially if it’s a loan-based deal. He urges agency principals to think of the staff and ensure that they won’t be impacted too significantly. “And you have to accept that business may be done differently under the new ownership, which isn’t necessarily a negative,” he says.

As soon as you have more than one owner, Doran adds, depending on the owners’ ages, you should have a shareholder or partnership agreement in place. It should spell out how equity would be transferred in the event of death, permanent disability, termination of employment or retirement of one of the owners.

“Set up a plan with guidance from accounting, legal and industry professionals,” Harris says. He recommends having a funding plan in place - either external or internal. Agents need to look at their cash flow and profitability to see whether it can support any internal perpetuation plan. An important question from the outset is whether anyone in the family wants to be part of the business, Klinger says. “If so, can they run it? Does someone in my company want it? Do I want to sell outright? Do I want to bring partners in?” He recommends meeting with a business broker experienced in selling insurance agencies and asking what they look for in terms of financials. You may need a few years to get the business in shape to sell. He adds, “There’s been heavy merger and acquisition activity in the last three to four years, but will that continue for the next five years?”

Seek Trusted Advisors It’s important to get advice from trusted professionals, whether you’re a sole proprietor or a larger organization. You need a good accountant, a tax specialist (who may also be your accountant), an attorney experienced in succession planning for independent insurance agencies similar to yours, and a valuation specialist. Klinger suggests that you also talk to your carrier partners. “Some might want to approve the buyer, especially if buyer isn’t appointed with the same carriers,” he observes.

Steven J. Aronson, president of 100-year-old Aronson Insurance, an Acrisure partner Agency, in Needham, Mass., thinks that quality of life is an important consideration for designing an exit strategy. “Many buyers will pay you a handsome price for your agency, but how happy will you be the day, week, month or years after the deal is done? If you want to walk away, will your client be well cared for - the same way you did? If you want to stay, but not “manage”, will you be happy working for the other next owner? If you want to stay and manage, which might be the best opportunity to maximize your financial deal, will your style fit into the buyer’s culture? “If you will stay,” Aronson adds, “you can earn substantial additional dollars by caring for and continuing to grow your old agency or book.” He believes this option is particularly important if you are younger, or if you have children in the business. “Three key things are setting value expectations, determining who the buying group would be, and laying out projections of what the deal would look like to both buyer and seller,” Doran says. This should be done about three years in advance so when the time comes to execute the plan there are no surprises to either party.

Harris had been a member of MarshBerry, a consulting firm that provides intellectual capital, strategic consulting, and merger and acquisition advice to clients within the insurance industry. “MarshBerry or similar firms look at your agency from a board of directors point of view, asking what is your value, what are you doing to increase the value, and what is your long-term plan, are you going to keep it or sell it?” Harris explains. He believes that it’s important to maximize the profit and efficiency of the agency. “If you do that you don’t have to sell it,” he says. “You can perpetuate it. It will run without you.” Ease on Down the Road To everything there is a season, but how do you know when it’s the season of life for you to move on from the agency? “It depends on the circumstances,” says Durland. Most purchasers want the seller to stay on for a certain amount of time to ensure transparency and a smooth transition. Harris notes that there’s an intuitive aspect to easing out of an agency; there are no hard and fast rules on timing. He agrees that transition is important, but some overlap is best. In his case, his son is gradually taking over the agency. He has stepped down as president, but he’s the CEO. “I want to see more senior people slowly transition out of the business,” Harris says. “But it depends on whether you want to stay active in the business but not in the same role with the same responsibility. You shouldn’t want seasoned professionals to leave abruptly. They still have tremendous relationships and ability to add value to the company. continued...

It’s important to get advice from trusted professionals, whether you’re a sole proprietor or a larger organization. march 2019

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“The exit strategy isn’t really about the money,” says Barry Seigerman, an independent broker/producer with more than 50 years’ experience in the industry as an agency founder and chairman and CEO of a multi-line agency. “It’s all about the quality of life you want, what you will do after the sale and how you feel about what you’ve achieved versus what you set out to do.”

Aronson find the question of when to move almost impossible to answer. He’s 65 and he wants to work full-time for another five years and then ease out over the following five years. Why? “Because I love what I do,” he responds. “And, as my wife reminds me, she married me for better or worse - but not for lunch.” If he were 75, the answer would be different. “I might like to get out almost right away,” he adds. “But at 40 or 50, or even 60, I’d be looking for a very long term opportunity to continue to work, in a meaningful way, with the new agency.” Klinger: Need to have a play book with “what if” scenarios and a plan for dealing with each one, e.g., what if I get sick, what if I get injured, etc. Who are people that my spouse or firm can turn to? Go to carriers, local associations, fellow agency owners to help you template some scenarios. That becomes working document.

This content is for IIA of IL members only.

There’s a delicate balance when easing out and challenges in transitioning a family-owned business. As Harris observes, the successor may be looking over his or her shoulder to see whether Dad or Mom approves. At the same time, the agency staff may be looking at the parent as if to say “Is this decision your [son/daughter] made right?” But, he adds, “When things are right they tend to fall into place.”

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When to Let Staff Know Depending on the confidentiality agreement you end up with, Durland says that you should let your key staff know as soon as you can that you’re planning to transfer the business. “Being honest and up front is the best policy,” he believes. Seigerman concurs. “Always keep staff informed on long-term strategic goals and the various options you’re considering,” he advises. Harris informed his staff from the time he brought his son into the agency. “My son is my perpetuation plan,” he told them. Keeping the staff informed tells them you’re going to be a legacy agency, and it’s not for sale. It helps to keep the staff motivated when they know you have a perpetuation plan. They’re not as worried about job security so they won’t leave when you do. Harris recommends positioning the conversation this way: Not only do I need your help to keep the agency going, but so does my son. He also recommends having this conversation with your carrier partners. In his agency, Harris has stepped down as president, but is still there as CEO. His son does more and more of the day-to-day running of the agency. “It’s happening easily and naturally,” He says. Klinger advises having confidential conversations with your team when you start thinking about easing out. See what their interests are, what their plans are. Do any of them have aspirations of owning their own agency? Are they happy just being employees? If you get sick, Klinger adds, be sure you let the staff know that you have insurance in place to keep the firm going. You need to know your staff and

march 2019

how committed and loyal they are to you. That’s going to dictate the timing of when you tell them that you’re thinking of selling. Also, what is the prospective buyer likely to be like? Reassure them that they’ll still have jobs. Shortcut rumors with good communication. Employees can tell when owners are cutting back, for example, losing carriers, not growing the business, and so on. Klinger is setting up his business like a law firm or accounting firm. He’s growing junior producers to see which ones have the maturity and vision to be able to step up into the organization. “If you show them a career path, they’ll work harder, he says. Final Words of Wisdom Succession planning is a complicated process with lots of moving parts, says Doran. “Most agency principals make the mistake of waiting too long to start the conversation.” Don’t let that be you. Pettinacchi notes that communication seems to be missing in most plans. And it’s the most important component. “Have an outside consulting group work with you to look at your business and business plan and give you guidance. You’re too close to the situation to look at it critically,” Harris says. With all the changes facing the insurance industry, he still sees a bright future for the independent insurance agency. “It’s going to be a challenge to attract

march 2019

people into it,” he observes. There’s a large opportunity for the next generation to flood into the industry as the baby boomers retire. “Recognizing that is the challenge, I firmly believe there is still a role for agents. It might be different, and the way we sell might be different, but consulting, advising and guiding people to make the right decisions on important topics will always be there. Right now, artificial intelligence can’t look at all the permutations of your life and business. We need to do a better job as industry to focus collectively on what our future is going to look like.” “If you think your son or daughter is interested in the business, have them go to work for someone else first,” Klinger advises. I want you to go out and make mistakes first. Learn from hard times. Start at the lowest level. Best officers were enlisted. They understand all the aspects of the operation and appreciate the hard work it took to get there. Better leader and earn more respect among your peers and subordinates. I’ll do what it takes to make us successful. It’s all about the team. “Your team helped get you here - you did not build this alone, so take care of your team,” Aronson says. Consider not only a nice bonus at the time of the transaction, but, if you are staying, consider stay-bonuses for 12, 24 and even 36 months out. They are your key to future success and happiness. “For your top people, these could be the largest checks they will ever see in their lifetime.”

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INSIGHT | associate news Thank you to our Associate Members.

Diamond Level Members

Platinum Level Progressive

Gold Level AAA Insurance Agent/Broker Review Company Arlington/Roe Blue Cross/Blue Shield of IL

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Education Classes march

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New Members member agency Guaranteed Rate Insurance, LLC Chicago, IL Insurance Services of Westmont, Inc. Downers Grove, IL MackDaniel, Inc. Des Plaines, IL Pronto Insurance Services, Inc. Schaumburg, IL For information regarding IIA of Illinois membership or company sponsorship, contact Tom Ross, Director of Membership Services, at (217) 321-3003, tross@iiaofil.org. insight

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