e-Insight - May 2022 by Big I Illinois

MAY 2022

INSIGHT The KEY to AGENCY TECHNOLOGY SUCCESS

Plus

Customize Your Agency’s Tech Stack How to Survive Increasing Cyber Threats

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CONTENTS May 2022

9 11

Tech Expected to Fuel Massive Industry Growth

Get That Bread: Customize Your Agency’s Tech Stack

18 21 22 24 26

The Key to Agency Technology Success

By Joel Zwicker

Improving Client Retention: Is Technology Part of Your Solution? By Daniel Smith

By AnneMarie McPherson

By Steve Anderson

Catalyit: All the Agency Tech Guidance You Need... All In One Place Darker Web: How to Survive Increasing Cyber Threats By Ron Berg

Telephone Selling Tips By John Chapin

2022 EDGE Conference Wrap-Up 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.

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Brett’s 2 Sense Trusted Choice

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28 31 33 34

Associate News Agency/Agent Spotlight IIA of IL News Classifieds

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

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

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

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

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

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

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

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

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

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

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Technology In this day and age, technology rules almost every part of our lives, whether it be social media, streaming, smart homes, remote work environments, or all the way to smart cars. The question is, how immersed are you in our new world? Most of us would probably be considered dabblers. Myself, I used to consider myself an early adopter, but as I age, I probably don’t fall in that category anymore. I want to think that I am savvy, but I only have to look as far as my children to realize I’m the old guy struggling with that new-fangled stuff. For agency marketing purposes, you have to ask yourself, Do I Snap, Gram, Tik-Tok, or Facebook? What about all the other social media platforms? Are you integrating your mission and messaging in those various platforms while separating yourself from your competition by doing it uniquely so that you break through all of the social media noise? If you are like me, I have about a 2-second attention span as I scroll or get notifications, so whatever you put out there better grab me quickly. In the “good ole days,” you had the phone, newspaper, television, and yellow pages. Life was good as reputation spread by word of mouth over time, whereas today, word of mouth is instantaneous with one social media post. My grandfather used to tell me that the guy or gal making everybody happy will be in jail at some point. That being said, a bad experience in the old days spread slowly, but today it spreads very quickly. On the other side of the coin, a good experience would have spread slowly but now spreads very quickly. The other thing to consider these days is that people will say something on social media platforms that they would never say to you in person. The second part of technology you need to consider, besides marketing, is management. Do you have an agency management system in your agency? If “No,” why? Cost? Size of agency? Not technologically savvy? You’ve operated this long without implementing technology, so why start now? If “Yes,” ask yourself these questions: Do you use it for all aspects of your agency, such as billing, tracking, scheduling, document retention, consumer file organization, etc.? Too often, when I was performing agency examinations, I would point out to the agents all of the functionality that the agency was not even using that could have helped them run more efficiently and in compliance with the law. It’s kind of like my mother when she purchased a computer for $2,500 and only used it to play solitaire. She basically had a $2,500 deck of cards. Same concept if you are only using one or two pieces of your agency management system, you are in the same boat as my mother. While these systems can be costly, they more than make up for the cost if you fully utilize them. These systems help you focus on your client experience instead of organizing, bookkeeping, and law compliance.

Brett’s 2Sense In this digital world, you now are not just competing against your local agencies. Boundaries have been erased, and there is no limit to your reach. Don’t get left holding the bag (or digital cart), as you only get one chance at a first impression. Marketing variety and a fully utilized management system will set you apart from your competitors. If you don’t embrace and implement every aspect of technology, you will find yourself playing solitaire. I would suggest spider-solitaire as it is more challenging. Let us see those creative Tik-Toks. The first five people to produce a creative Tik-Tok and tag me @brettgerger will receive a Starbucks gift card. Should you have any questions regarding this issue, do not hesitate to reach out to me directly. As always, this is just Brett’s 2 Sense and I hope it was helpful. If you need any clarification or have any suggestions for future articles please email me at bgerger@iiaofil.org.

Brett Gerger | IIA of IL Director of Education & Agency Resources bgerger@iiaofil.org | (217) 321-3006 may 2022

insight

With TrustedChoice.com’s high domain authority (a whopping 78!) and your agency profile crawled by web browsers, you have a powerful piece of online real estate that helps insurance buyers find you. The internet is a crowded place, but we’ve got you covered. With TrustedChoice.com’s high domain authority (a whopping 78!) and your agency profile crawled by web browsers, you have a powerful piece of online real estate that helps insurance buyers find you. Have you taken a little time to SEO-optimize your profile? Let’s get to it!

Step one, pick keywords to rank for in your agency profile.

Keywords are the words or phrases you want to rank for in online search results. For example, if you want to rank for Chicago business insurance along with your specialty, bakery insurance in Illinois, these are the words to focus on in your profile, including them in places such as your About Us description, client reviews and agency video.

Step two, create original, unique copy that includes your keywords.

Google’s web crawlers don’t like duplicate copy found elsewhere on the web - it downgrades your ability to rank in search because you look less legit. As in the keyword example in step one, if you want to rank for Chicago business insurance, you’re competing against others trying to rank for the same keyword phrase. So, you’ll first need to search Chicago business insurance to see what page 1 results already include, then look for something different and unique to say, and include that in your profile.

Step three, engage visitors on your profile.

The amount of time a visitor spends on your agency profile influences your ranking abilities - the longer the better. Three super easy things you can do to boost on-page time is to include content that engages visitors. • Featuring engaging pictures of your team or something that shows your personality leads to longer on-page time. 8

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• Another easy way to amp up page time is featuring client reviews. Reviews are awesome because they do double SEO-duty, increasing both time on the page AND giving you keyword juice. Referencing the keyword example above, if you want to rank for bakery insurance, add reviews that highlight your niche expertise. This not only keeps eyes on your page longer, it’s a powerful way to include keywords - and boost consumer confidence in your niche services. • Oh, and don’t forget the power of video - featuring a video about your agency is also an ideal way to serve up relevant, interesting content to showcase your expertise and up your profile page time. “Posting engaging photos, keyword-rich reviews and a unique video on your agency profile encourages visitors to linger a little longer - that’s a good thing.”

Step four, promote your Advantage profile. Everywhere.

Your final step is to increase page visits, so you need to get creative in how you drive people to your profile, get them to share it, etc. How? By sharing your profile link everywhere it adds value. That means including it in social profiles, in social posts, ask followers to (please!) share it, put it in your e-mail signature, include it in your agency newsletter—you get the idea! All that’s left to do is log in to your account at https:// iw.trustedchoice.com/login/#/, click Agency Profile > Basic Info > and get to work! As always, if you need support, we’re here for you. Go to www.trustedchoice.com/advantage/contact-us/ or call (855) 372-0075.

may 2022

By Joel Zwicker 2022 is poised to see continued turmoil brought on by the pandemic that has affected the insurance industry over the past two years. The acceleration of technological adoption has allowed agents to adjust to the changing times. The industry is about to experience massive growth that will result in specialization, massive technology investments and increased communication with clients. These key areas are the catalyst for how insurance agents and agencies will continue evolving in the new year.

Expanding Beyond Regional Borders New business potential now reaches beyond regional boundaries. A niche can draw in customers nationwide, and agents who haven’t adjusted their business plans will miss out on this massive opportunity in 2022. Location, and the ability to see an agent in-person in an office, used to be the biggest factors when looking for an insurance agent. But now clients are prioritizing an agent’s expertise to match their specialized needs. In an evolving world where you can find the answer for any issue, a reliable partner that is responsive and experienced outweighs any benefits that come from face-to-face interactions. A McKinsey report confirms that the future of agent models benefits from “well-articulated value propositions targeted at a small number of customer segments.” With a pivot toward a more targeted approach, agents are setting themselves up for greater success. Keeping your client base targeted with niche offerings can provide a similar, if not higher, profit margin than if providing broader coverage. Additionally, embracing this model will make it easier to find like-minded clients who are likely to recommend these services to others in their specialities. Often, clients with specific needs are left without the full breadth of the insurance coverage they need when using a generalist who is unable to serve them adequately. Specialists can be that partner clients rely on, and agents who specialize will find less competition and ultimately make more money.

Continued Investment In Insurtech The pandemic accelerated the adoption of technology. If current trends continue, 2022 will see record investment and higher adoption rates. For reference, the global insurtech market size was valued at $2.72 billion in 2020 and is expected to expand by more than 48% from 2021 to 2028, according to a market analysis. Embracing new technology provides not only a basis for increased revenue, but continues to drive the industry to remain competitive in keeping and gaining clients. may 2022

This frenzied investment is ensuring that the industry is evolving and continually embracing digital transformation – a key benefit for agents who have a growing book of business and whose manual process can be supported via technology. The pandemic is pushing our world to become more digitally compliant and clients need the same flexibility from their agents and agencies.

Prioritize Communication Around Cyber Insurance Or Risk Consequences The impact of COVID-19 extends into the business world with INTERPOL finding that cybercrime has shifted from individuals and small businesses toward major corporations, governments and critical infrastructure. They also predict that cybercrime will continue to increase in the next few years – something that insurance professionals must acknowledge and work to prioritize in the coming year. To do this, agencies must start or continue cybersecurity conversations during all renewal processes so clients are aware of any possible gaps in their coverage. Explain to clients that before starting a new coverage year, it’s critical to take a step back and access their risk profile and tweak their underwriting to better protect themselves. Protection from loss is important, but more important is the idea that agencies who fail to have these conversations can be held liable for any losses that are incurred. This is especially true if the client feels that they were not made aware of the financial risk of cyberattacks and the appropriate protocol they should follow to ensure they are covered from such risk. Cover your agency by constant communication on the topic in all forms available to ensure compliance. While no one has been unaffected by the uncertainty of the past two years, the insurance industry is poised to come out of the ongoing crisis stronger and more resilient than ever due to its adaptability. No matter what the next few years bring, these predictions show that insurance agents are flexible, innovative and progressive. The human touch that individual agents bring to the client experience will only be improved by adjusting their offerings and using all available technology to meet client needs. This article originally appeared on the InsuranceNewsNet website at https://insurancenewsnet.com/innarticle/techexpected-to-fuel-massive-industry-growth. Joel Zwicker is the “chief evangelist” at Agency Revolution. He may be contacted at joel.zwicker@innfeedback.com. insight

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Improving Client Retention

Is Technology Part of Your Solution? By Daniel Smith A recent report from Agentero showed that the average insurance agency’s retention rate is 84%, and that the “top” agencies maintain a retention rate of 93-95%. We all want to improve retention in our agencies, even if we’re already doing well. So, how do you do it? There are many traditional strategies you probably already have in place, and they’re likely working to some extent. But what’s next? If you’re not doing so already, incorporating more of your existing – or adding additional – technology to your processes can help improve your retention rate. Here are some processes and platforms to consider: Client Onboarding How does your agency welcome clients to your insured family? Giving them a strong first impression can help with their overall impression of your agency. This process can be automated through “triggers” or “workflows” in a customer relationship management (CRM) system or possibly in your agency management system. If you don’t want to automate to that level, email platforms like MailChimp can help you create a “journey” for clients after you manually schedule an initial onboarding email. Online Renewals and Applications Do you make the renewal and policy change processes as smooth as possible? There are numerous tools available that can help you gather information from clients and input them to your AMS, even if your carriers don’t specifically integrate with them. And remember, the key here is making things easier for your clients, even if it doesn’t yet make it easier on your internal workflow. Digital Reputation A client’s overall experience with your agency is one of the main reasons people identify as why – or why not – they choose to renew. Part of that experience in today’s

Incorporating more of your existing – or adding additional – technology to your processes can help improve your retention rate. may 2022

world is the online reputation of your agency. There are multiple tools available for agents that allow you to request and manage online reviews as well as referrals from your clients. Many of these also include options to automate sending birthday notices, anniversary notes, and other correspondence. Having clients that feel “invested” your agency will form stronger bonds and help improve retention. Digital Payment and Signature Platforms If you don’t already have digital payment and digital signature platforms for your agency, you may be hurting yourself more than your clients. At this point, these are almost expected. There are multiple solutions out there – many tailored to our industry – and clients are used to utilizing them from other processes in their life. Mobile App Before you say, “Do people still use those?”, consider the other financial services apps that you use yourself. Banking and investment apps are commonplace for most people, because they want quick access to their accounts and information. As agents, we often get certificate requests, but we have not “trained” our clients to be able to access them for themselves. The right mobile app can give them easy access to all their insurance info. It also serves as a value add that further ties them to your agency. To summarize, having an intentional plan to make technology part of your client experience is a great way to improve retention. And remember, if you’re not willing to embrace these opportunities to make your client’s experience easier, someone else out there will. Daniel Smith, CAE is the Chief Marketing Officer and Co-founder of Market Retrievers, a digital marketing firm focused on building and implementing strategies for independent insurance agencies. He previously worked for the independent agents association in Tennessee for over 14 years and served as the CMO and COO. He is also a licensed P&C agent. He may be reached at dsmith@ marketretrievers.com.

insight

Get That Bread

Customize Your Agency’s Tech Stack By AnneMarie McPherson

If your tech stack is resulting in anything less than perfection, your recipe could use some refinement. Here’s how to create a smooth digital experience for clients and colleagues alike. Curating your agency’s technology lineup is a lot like baking bread. Throw in some flour because you feel you have to, dump in a random amount of yeast from the fridge that expired last month, maybe a glug of a fancy extract because it looked cool, pop it in the oven and forget about it - and end up with a perfectly balanced and harmonized end product. Wait, what? That’s not how bread works? Guess what - it’s also not how your agency’s technology works. The tech products that go into your agency’s tech loaf, better known as a tech stack - the entire ecosystem of technology solutions in your agency - have most likely been accumulated over the years. Maybe your customers are no longer getting the cutting-edge digitalized service they want. Or perhaps your staff wastes time switching between systems and rekeying data into siloed programs. If your tech stack is resulting in anything less than perfection, your recipe could use some refinement. And the stakes are high. With 4.5 million workers quitting their jobs in November 2021 alone, the fourth record-breaking month of 2021, according to the Washington Post, agencies must ensure their staff’s workflow and operations are efficient and optimized to keep employees at their desks. “We have a hiring problem right now in the industry,” says Rick Fox, vice president and head of agency sales at Vertafore. “The first piece of the problem is that insurance isn’t sexy so many new workers aren’t considering it, but the second is that the youngest generations are not interested in sitting down at a desk in your office and using technology that behaves likes it’s 30 years old.” On the customer side, clients increasingly expect a smooth digital experience from agents. Over three-quarters of independent agents report that customer expectations for automated processes have increased, with almost as many (73%) reporting that their customers expect a fully digital experience, according to a Bindable survey. “It’s time to meet your customers where they want to be met, and it’s absolutely, unequivocally time to use technology to do that,” Fox says.

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Gather Your Ingredients To simplify matters, many of the common capabilities that an agency needs from its tech can go into two buckets, explains Michael Howe, chief product officer at Applied Systems. “First, all things internal: accounting, policy management, document management - there is always room to make those operations more efficient and effective. The second bucket is all the technology you use to interact with your customer: customer relationship management, sales, marketing, online presence and more.” New tech products are being cranked out every day, each promising to cure every agency ache and pain. How does an agency determine what it needs to curate a tech stack that fits its needs? Here are three ways to prepare: 1) Identify your goal. “The most successful agencies don’t start by answering a technology question - first they answer a business question,” Howe says. “What are they actually trying to do? Are they trying to operate more efficiently, sell more, introduce a new kind of offering to customers?” “If you don’t understand where you’re going, it’s hard to select a vendor that’s going to fit your needs long term,” agrees R. Dean Giem, president & CEO at Paradox Insurance Agency in Kalispell, Montana. “You’ll find yourself switching and changing tech quite frequently, which is a complete disruption.” When it came to figuring out his tech stack, Giem had the benefit of starting from scratch. Launching his insurance career with a direct writer, he moved into the independent channel and grew a four-person team into a 30-person team before branching out to start Paradox Insurance Agency. As he began crafting his tech strategy from the ground up, “I knew that I had to have a vision for my agency,” Giem says. “I needed to know what kind of products we were going to sell and who our clients were going to be because that was going to help me narrow my focus on what tech I needed to accomplish the customer and internal solutions that I wanted.” “Are you targeting a sector of the community that’s less likely to use technology, or somebody who’s going to want

may 2022

that instant access at 2 a.m.?” Giem continues. “We also wanted a business model that was remote capable, and so we knew we needed to have cloud-based technology.” “A new agency makes it easy,” he says. “But an existing agency still needs to consider those same things. It’s not just a matter of where they are today, but where they’re going to be in the next three years.” Marshall & Sterling Insurance in Poughkeepsie, New York, knew that to reach its business goals it needed to improve its tech stack in three areas. “We wanted a set of systems that could work for our entire business, so we could see customers in one pane of glass without bumping into each other,” says Jim Dahoney, senior vice president and chief information officer at Marshall & Sterling. “We also wanted the ability to crosstrain users from different areas of the business, meaning a set of workflows and systems that translate to those other areas of the business.” In addition to streamlined access and connected workflows, “we wanted to give visibility to our managers so they could monitor and adjust workload if needed,” Dahoney continues. “And of course, all these systems had to talk to each other.” 2) Audit your current tech stack. Once you’ve identified your goal, assess where your agency’s current tech stack fails to rise to the occasion. “Use key personnel from across the agency in strategic review and planning sessions to map out your current technology and functionality,” says Ron Berg, executive director of the Big “I” Agents Council for Technology (ACT). He recommends asking questions, such as “Does your technology provide the customer experience expected by today’s consumers? What workflow challenges does your current tech stack not resolve?” Questions shouldn’t just revolve around what products your agency can access, but also how those products are being used. “Have you maximized the technology that you already use, whether it’s your agency management system (AMS) or customer relationship management system (CRM)?” asks Philip Charles-Pierre, co-founder and CEO of Semsee, a commercial lines quoting platform. “And then, have you tied them together? It’s important that your technology is compatible so you can create a seamless experience.” If your products aren’t working together, it’s something you should - and can - fix. “If I’m doing work in the AMS and then have to jump over to a separate product and none of the data comes along, I now have to rekey literally everything that already exists in this other system,” Howe says. “I’m now more error-prone, much slower, it’s frustrating - you need to create an experience where the products are working together.” 3) Determine your order of priority. Most likely, you found multiple areas that need improvement within your agency’s tech stack. Where do you start?

“We break it into three phases,” says Jason Liu, CEO of Zywave. “You really need that system of record on your customer and an accounting system, and that’s your AMS and CRM.” “It’s important for an agency to have a foundation in place with a good AMS,” Howe agrees. “What we see sometimes is, for any number of reasons, an agency might have more than one AMS. My cardinal rule is to make it easier for yourself and get that common foundation together.” However, changes to an AMS or CRM can take a long time. Once the process to improve those foundational systems is underway, “there are some softwares that are much easier and more quickly deployed that you could have some quick wins with in the meantime,” Liu says. “Marketing automation software, like marketing emails and websites; digital quoting tools; content management; and the submission process for large commercial or large group.” Finally, Liu recommends that “if you get all that right, you can start worrying about how you service your customer, like a client portal or app.” “I see a lot of agencies just kind of buy stuff without a plan,” he adds. “We really encourage them to sequence the process and be very thoughtful about how you build your tech stack.”

Time to Bake Only after you’ve identified your goals, assessed your current products and determined your order of priority should you turn to tech. “There’s so much out there,” Giem says. “At the end of the day, our tech stack has to be easy for staff to use, make customers’ lives easier and have the functions we need it to accomplish from a business perspective.” As you look for products to assemble your tech stack, here are the top criteria to evaluate them:

Integration While your specific products will be centered around your agency’s goals, one component is nonnegotiable: integration. “If I have to manually pull information out of my AMS and put it into another software, do something with it, and then go back and tell the AMS I did it, that is not a win—that’s a loss,” Fox says. “Find tech that talks to your other tech.” The magic phrase is application programming interface (API). “You want to look for a product that’s open to working with others, and API is the most common way for technology products to work with each other,” Howe says. “It’s the common set of capabilities that Product A and Product B both need to talk to each other.” Two systems that are especially crucial to integrate are your AMS and CRM. “Your existing customer information sits in your AMS, and your new prospect information sits in your CRM,” Liu explains. continued...

may 2022

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Eighty-one percent of agencies don’t use a CRM, according to a 2021 survey by Applied Systems. However, if combined properly, “we have seen CRM and AMS functionalities begin to merge, with CRMs increasingly being used by account managers as a front-end tool, while still using an AMS to complete more complicated reconciliation or commission reconciliation tasks,” according to “The Sales Revolution,” an e-book authored by Liu and Don Bailey, partner at Bristlecone Partners. For Marshall & Sterling, dedication to an integrated tech stack paid off. “We have offices in the Virgin Islands, which were struck by two hurricanes in 2017,” Dahoney says. “We were able to have our staff in other locations help out with claims. Plus, we were able to integrate a tool from another vendor on the fly, which rerouted calls as landlines were down and used the messages to set up claims automatically and push it into our system.” “Because we were integrated, we were able to help our staff get back to business,” he says.

Service Although integration is key to building a tech stack, most agencies don’t have the know-how or time to stitch systems together, meaning a vendor who can provide that level of assistance is crucial. For Marshall & Sterling, that was the most challenging aspect of building its tech stack. “You can build your own systems, but we really didn’t want to do that,” Dahoney says. “We needed to find the right partner who was willing to help with those integrations. Some were simply unwilling to do that, including the vendor who we were with originally.” For Paradox Insurance Agency, to be a good fit, “a vendor has to be quick with service,” Giem says. “Everyone’s going to have issues at some point, but if I need help, I need to be able to get a hold of somebody for resolution in a timely manner so my team and clients aren’t disrupted for extended periods of time.”

Innovation

Let Them Eat Cake

“What is the vendor doing to innovate?” Giem asks. “If somebody has a great product that they’re not innovating, we may have to leave them, which is a huge pain point.”

You’ve strategized, bought and integrated your seamless tech stack. But that’s only the beginning.

“Tomorrow is a completely different animal,” Fox says, which is why having integrated products is crucial. “You need to work with companies that are nimble and open enough to have conversations with other vendors and integrate with them.”

“It is 100% not the case that you can just buy your tech, plug it in, and it’s done,” Fox says. “You have to go back to the beginning where you identified the problem you wanted to solve and then follow through with your technology until the problem is solved.”

Security

Here are four tips to enjoy the perfect loaf of bread you just baked:

“A big challenge is vetting all software vendors on their cybersecurity measures to ensure that not only the data is secure both at rest and in motion but also that they can fulfill the cybersecurity requirements for thirdparty providers as dictated by state and national cyber regulations,” Berg says.

1) Training. “Most vendors are very willing to do webinars and demos,” Charles-Pierre says. “There are too many times when the principal says, ‘we’re buying this,’ pays for it and then the agency never uses it because the staff wasn’t invited to see how it works.”

With the average cost of a data breach for a company at $4.24 million in 2021, according to the IBM Cost of a Data Breach report, considering cybersecurity is a must. Go to independent agent.com/ACTCyber to access ACT’s “Agency Cyber Guide 3.0” for more guidance.

Cost “Let’s not leave out the elephant in the room,” Giem says. “There’s a cost of software, implementation and training. I like to test the product if possible and do plenty of research to be really sure of what I’m investing in.” And “investing” is the right word. “If you just dip your toes in by buying a cheap thing, that cheap tech can be 10 times more expensive than investing in a technology you can use for at least five to 10 years,” Fox says. “And if you’re making an investment in technology, make sure that it is willing and able to have conversations with other technologies.”

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Looking for an easy way to start? “Once a month, have one of your agents who is a heavy user of the technology show the team how they’re using it to push the rest who aren’t implementing it as much,” Charles-Pierre suggests. Training is important to make sure each product in your tech stack is being used to its full potential. “Everything else is irrelevant if you’re not maximizing your tech stack,” Giem says. “At the end of the day, technology is just capable of what you’re asking it to do. Be involved in conversations, expand your education and develop a comprehensive understanding of the capabilities and how to best use them.” 2) Reevaluate. “It’s always a learning process,” Dahoney says. “We have regularly scheduled workflow meetings where our team examines our current workflow to see if anything should be adjusted or changed.” 3) Upgrade. You’ll be glad you invested in API technology, which makes it even easier to keep up to date. “We plug newer technologies into our system, such as e-documents, document delivery, e-signature, digital delivery and customer portals,” Dahoney says.

may 2022

4) Use your vendors. “Stay in consistent contact with your tech providers to ensure you are aware of future offerings and improvements that can have positive impacts on your agency’s workflows,” Berg says. “If your software provider has a user group, take full advantage of it.”

Client value-adds:

Additionally, “agencies should tell the provider what’s working and what’s not,” Charles-Pierre adds. “All providers are thinking about ways to make the products better. They want it to be sticky.”

This article originally appeared in Independent Agent magazine.

Starter Recipe

6) Customer portal. “This final piece is where you can service customers through an agency app and provide other services like content or even training,” Liu says.

AnneMarie McPherson is IA news editor and can be reached at annemarie.mcpherson@iiaba.net.

Liu recommends that agencies center their tech stack around a structure of “six core systems,” he says, explaining the structure outlined in “The Sales Revolution.”

Foundational data systems: 1) Agency management system (AMS). “An AMS is your customer tracking mechanism and system of record,” Bailey and Liu wrote. “A well-oiled AMS is critical for success … since accurate and complete client records are essential for delivering faster and more effective service.” 2) Customer relationship management (CRM). “A CRM allows you to manage all your top-of-the-funnel activities and accounts you’re trying to win and renew at any time,” Bailey and Liu wrote.

Automation force multipliers: 3) Marketing automation system. “This is where you send out email and use other means to interact with customers digitally,” Liu says. 4) Content management. “This has all the content that you need to distribute to your customers,” Liu explains. 5) Configure, price and quote (CPQ). “It’s the ability to send and receive digital quotes, rather than having to go through the exhausting process of sending out and receiving six quotes to different carriers manually,” Liu says.

may 2022

2022 JM Wilson INS INSIGHT OUTLINES.indd 3

insight3:11 PM 15 12/6/21

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e INSIGHT -

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

M AY 20 22

INSIGH T

The K AGENEY to SUCC CY TECHN ESS OL

OGY

Plus

Custo m Tech S ize Your A gency’ tack s How to Cyber Sur vive In cr easi T hr ea ts ng

How TOP TECH TRENDS Will TRANSFORM INSURANCE

By Krish Krishnakanthan, Doug McElhaney, Nick Milinkovich, and Adi Pradhan of McKinsey & Company may 2022

In this month’s e-Insight. insight

The

KEY to

Agency Technology

SUCCESS

By Steve Anderson

The key to successfully implementing technology at your agency is eagerly adopting the latest trends. Is the biggest risk an insurance agency faces not taking enough risk? I have been pondering this question for the last several years. A few years ago, I co-chaired the Changing Nature of Risk workgroup with the Big “I” Agents Council for Technology (ACT). The workgroup’s goal was to help insurance agencies understand emerging technologies and leverage them to provide a better experience to their prospects and clients. Working with this group led me to research companies that have embraced technology changes and become super successful because of it. I ended up doing a deep dive into the practices of Jeff Bezos and Amazon. I wanted to understand what had made them so successful for so long.

Believe It’s Always Day 1 One of the principles Jeff Bezos instilled into Amazon’s culture from the very beginning was “It’s always Day 1.” In his first letter to shareholders in 1997, he said: “This is Day 1 for the internet and, if we execute well, for Amazon. com.” He has ended every shareholder letter since with some version of, “It remains Day 1.” What does he mean by Day 1? It’s the first day your business is open, and you should provide your customers with the best experience possible. Day 1 is a mindset, not a list of steps or strategies. It is the filter through which all decisions are made. It is designed to keep everyone

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focused on doing what is right in each situation, not just what is possible given Amazon’s size and influence. Because, like a child’s tower of building blocks, if the foundation isn’t stable, the tower will come tumbling down. And then it’s Day 2. When asked at an employees’ all-hands meeting what Day 2 looks like, Bezos responded, “Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1.” Many successful companies have failed - Kodak, Blackberry, Blockbuster, Sears, CompUSA, Borders, and many others - because they became Day 2 companies. Bezos thinks the equally critical question we should ask is, how do you fend off Day 2? His answer: “Here’s a starter pack of essentials for Day 1 defense: customer obsession, a skeptical view of proxies, the eager adoption of external trends, and high-velocity decision-making.” So, how do today’s insurance agencies avoid becoming a Day 2 business? One answer: The eager adoption of external trends. “The outside world can push you into Day 2 if you won’t or can’t embrace powerful trends quickly. If you fight them, you’re probably fighting the future. Embrace them, and you have a tailwind.”–Jeff Bezos in a 2016 letter to shareowners.

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Agencies Aren’t Tech Companies.

Entertaining the InsurTechs

The insurance industry is not known for eagerly adopting external trends. It is often portrayed as Luddites, falling behind other sectors. Moreover, consumer expectations of what constitutes good service have changed over the last several years, and the pandemic only continued to accelerate the trends.

There’s tension in the InsurTech realm that continues today. Some direct-to-consumer InsurTechs were founded to replace the agent (you) with technology. Other InsurTechs were founded to help the agent. And though some people said agents were irrelevant and no longer needed, the independent agency channel has remained remarkably resilient.

Online transactions are increasing exponentially. Electronic signatures are a necessity. The desire for electronic payment options is growing. A rich interactive website is essential. And text messaging is becoming a primary way to communicate for a growing segment of consumers. These are just a few trends that picked up speed during the last 18 months. More are coming, and they’re coming fast. Here are just a few: Streamlining small commercial transactions: New startups and existing solution providers are making significant progress in streamlining the quoting and carrier submission process for small and midmarket commercial business. Increased demand for video: 2020 taught us that a Zoom meeting could work in many more situations than we assumed. Using video emails instead of text-only emails builds better relationships, as do video proposals. Open platforms: More solution providers - new and old are recognizing the advantage of creating open platforms. Application programming interfaces (APIs) allow different services to create a machine-to-machine communication channel that supports sending data and information to where it’s needed. This openness helps reduce or eliminate manual processing steps, increasing productivity. Hawksoft and EZLynx are examples of two traditional AMS vendors building APIs that their users and third-party providers can access. Applied Systems recently announced that they are speeding up developing APIs for their Epic platform using the Google Apigee API Management service. Vertafore has enhanced its Orange Partner Program. With open platforms, agencies can use third-party API connector platforms like Zapier to create new workflow customizations. For example, EZLynx supports a Zapier integration, which allows the agency—without help from EZLynx - to create an automated workflow when a customer service representative (CSR) enters a new commercial prospect. The prospect data will automatically be sent to the agency marketing platform to add to the agency newsletter list. This technology opens a new world of options allowing the invention of custom workflows for the agency willing to eagerly embrace external trends. “… even well-meaning gatekeepers slow innovation. When a platform is self-service, even the improbable ideas can get tried, because there’s no expert gatekeeper ready to say ‘that will never work!’ And guess what—many of those improbable ideas do work, and society is the beneficiary of that diversity.” – Jeff Bezos may 2022

What is the market saying? It seems consumers have voted with their wallets that most prefer working with an agent. Metromile, Root, Lemonade, and Next are directto-consumer InsurTechs that have recently changed their tune and are now embracing independent agents as a distribution channel to help reduce their acquisition costs. To maintain this connection with consumers, independent agents must continue to adopt consumer-friendly technology solutions eagerly. The question agency owners should explore: Do you utilize InsurTech’s technology platforms even though they may be your competitors?

How Can Agencies Keep Up? Agency owners know how frustrating it can be to stay on top of the latest technology. It’s hard enough to keep an agency running efficiently and smoothly, grow a book of business, support your employees and provide outstanding customer service. Again, your agency is not a tech company. But it’s not impossible to keep up. And if you do, it will give you a competitive advantage. Here are four steps agencies can use to help keep up with technology changes: 1. Discover. A discovery process will help you better understand what’s out there and, more importantly, what’s suitable for you. Ways to discover emerging technologies include: • Reading industry trade magazines • Subscribing to technology newsletters in related industries • Engaging with insurance associations • Attending technology-focused meetings • Participating in peer groups • Participating in technology user groups. 2. Evaluate. Just because new technology is available doesn’t mean you should use it. Evaluate the technology to determine if it will help meet your clients’ needs. Some questions to ask include: • What are other agents using, and what has been their experience? • Are user reviews available? • Are there reviews online? • Can you ask for feedback from other agent groups, such as vendor groups or association groups? continued...

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3. Select. The selection process helps narrow multiple options to one specific solution that best meets your needs. Here are questions to ask as you go through the process: • What problem are you trying to solve? • What are must-have features, and what are nice to have? • What are your customization options? • What are the pros and cons? • Can you do a test drive? 4. Implement. I have seldom seen technology fail. However, I have seen technology implementation within an organization fail when not enough attention is paid to getting your employees on board. Picking the right technology for your organization is the first step. The next is to create an implementation plan to get the maximum benefits from the new solution.

A few items to keep in mind are: • Communicate clearly to your staff what you are doing, why you are doing it, and how it might affect their jobs throughout the selection process. • Agency personnel tend to resist change. Build-in enough training so your team can be brought up to speed as quickly as possible. The best technology with the best intentions can get sabotaged if agency staff doesn’t understand the benefit for themselves and the client. • Find cheerleaders early and help them help you manage the implementation process. Agencies have been trying to keep up with technology on their own for over 40 years. However, one thing is clear: eager adoption of external trends can help an agency continue to be a Day 1 thriving business like Amazon instead of a Day 2 extinct business like Kodak or Blackberry.

As independent agents, the choice is yours.

Like a child’s tower of building blocks, if the foundation isn’t stable, the tower will come tumbling down.

Steve Anderson is a technology and risk expert and one of the original influencers on LinkedIn. In 2021, Anderson co-founded Catalyit in cooperation with 18 Big “I” state associations and currently serves as CEO. He is also the author of “The Bezos Letters: 14 Principles to Grow Your Business Like Amazon,” a Wall Street Journal, USA Today, and international bestseller.

See Steve at CONVO October 4-6, 2022 ILConvention.com

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may 2022

All the agency tech guidance you need...

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What’s Catalyit? Simply put, a website (catalyit.com) created by legendary tech leader Steve Anderson and several Big “I” state associations that brings together all the agency tech guidance you need...in one place.

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Behind the login button, you’ll enter a world crafted to help you discover, evaluate, select and implement tech. This includes:

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Tools: The Catalyit Success Journey™ and in-depth tech assessment

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A Full Access Subscription unlocks everything for everyone in your agency!

IIA of IL membership has many benefits. We’re proud to help you harness this one for your agency - with a meaningful discount on the Full Access Subscription or a free Basic Subsciption to Catalyit.

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By Ron Berg There’s never been a better time to be an independent insurance agent. With the plethora of technology and workflow solutions to create the most efficient tech array possible, independent agents are now able to serve consumers the way they want to be served, when they want - and agencies can greatly increase their geographic reach in the process. The volume of functionality is amazing: management systems, customer relationship managers, lead and prospecting tools, quoting platforms, mobile apps, chat, website, marketing, Voice over Internet Protocol (VoIP) and so much more. Agencies have more options than ever to customize their operation. And yet, with every tech implementation, there are countless cybersecurity concerns. Gone are the days of quickly opening any email without closely scrutinizing it or freely sharing identifications and passwords. An agency can no longer get away with not having an in-depth cyberattack prevention plan. What’s even more concerning? Gone are the days when we could kid ourselves that the nefarious cybercriminals are more focused on hacking a big box store than a local independent agency. The U.S. is the focus of more cyberattacks than any other country, and the insurance industry is one of the top targets. Risk-Based Security’s “2021 Mid-Year Breach Report” revealed that the insurance industry is now the second-most targeted, accounting for 16.93% of all breaches. And if just under 17% of all breaches doesn’t sound like much, consider that in the first quarter of 2021, there were 18.88 billion records lost to breaches, according to RiskBased Security’s report. None of us needs to do the math to understand that 17% of 18.88 billion is a significant number - but if you’re curious, it’s 3.21 billion. Ransomware holds the spotlight for cyber intrusions. Ransomware attacks increased 151% in the first half of 2021 compared to the same period in 2020, with 3.47 million attempted attacks, according to a SonicWall report. Add to this the rise of social engineering attacks, primarily via phishing and other email ploys, which rose 270% in 2021, according to SlashNext Threat Labs. The bad actors gain access with ransomware or by introducing an initial system compromise through a virus or Trojan horse. They then establish a foothold by using their access to escalate their administrative privileges to further search computers and networks for valuable 22

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information, such as personally identifiable information (PII). After expanding their presence, they complete their mission of extracting the stolen information. Keep in mind, this can be months after the initial hack. On average, it takes a business 212 days to identify a breach, according to IBM’s “Cost of a Data Breach Report 2021.” Beyond the potential of losing clients because of the reputational damage, data breaches carry a high cost. One of the major costs is response and remediation. Small business data breaches cost an average of $180 per record of customer PII, according to IBM’s report. The costs associated with a breach can be mitigated by carrying cyber liability insurance, but there are still costs to businesses. And post-breach, if any business is found not complying with state and federal cyber regulations, there can be civil penalties, which vary by state. The volume and complexity of data breaches are driving the growing number of cybersecurity acts and laws. It started with the Gramm-Leach-Bliley Act (GLBA) and now includes the New York Department of Financial Services (NY DFS), the California Consumer Privacy Act (CCPA) and the NAIC Model Law, which was adopted by 11 states as of December 2021. To understand the laws applicable in your state go to Mintz Matrix, which details statutes in every state, its definition of a data breach, procedures, breach notification regulations and potential penalties for noncompliance with the regulations before and after a breach. Based on the size and gross annual revenue of your agency, you may be able to file for a regulatory exemption, so be sure to understand your state’s regulations. However, even if you qualify for an exemption, some steps still make sense to pursue, such as a vulnerability assessment and data encryption. The laws create a maze of regulations that agencies must comply with, but we must do everything we can to protect our customers’ valuable PII and our businesses. Understanding your agency’s and your customers’ cyber coverage needs is key. The Big “I” has a partnership with Coalition, a leading technology-enabled cyber insurance solution, to give agents access to cyber and technology errors & omissions insurance markets. Coalition provides an online quoting process as well as ongoing monitoring. may 2022

To protect your business, your agency needs cyber liability insurance. Several companies sell cyber liability insurance, and your agency may already work with some of these. But be aware that the cyber liability market is hardening and rates are rising thanks to the growing volume of breaches and increasing breach financial impact. On average, rates have doubled since the surge in ransomware attacks began, and rising reinsurance costs will drive further rate hikes. As a result, the coverage is in demand. In 2020, the U.S cyber insurance market expanded to $4.1 billion in direct written premium, an increase of 29.1% over the previous year, according to the NAIC.

Here are five resources you should take advantage of before it’s too late:

Taking all this into account, it is critical to obtain cyber liability insurance for your agency - and now is the time.

1. Risk assessment 2. WISP 3. Incident response plan 4. Staff training and monitoring 5. Vulnerability assessment and penetration testing 6. Access control protocol 7. Written security policy for third-party service providers 8. Encryption of non-public information 9. Designation of a chief information officer (CIO) 10. Audit trail 11. Implementing multi-factor authentication (MFA) 12. Procedure for disposal of non-public information

How can your agency mitigate cyber risks? A thorough cybersecurity risk assessment is the first step. It’s no small task, but it sets your agency up for success and lays out a clear path for a robust cybersecurity plan. The primary purpose of a cyber risk assessment is to keep stakeholders informed and support proper responses to identified risks. The risk assessments also provide an executive summary to help executives and directors make informed security decisions. The assessment answers the following questions: • What are the organization’s most valuable information technology assets? • What impact would a major data breach have on the business - whether from malware, social engineering or human error? One very common answer is customers’ PII. • What is the level of the potential impact of each identified threat? • What are the internal and external vulnerabilities? • What happens if those vulnerabilities are exploited? How likely would this be? • What cyberattacks, cyber threats or security incidents could impact the ability of the business to function? • What is the level of risk the organization is comfortable taking? After your agency has assessed its risk, the next steps include developing a Written Information Security Plan (WISP) and a response plan in the event a breach has been confirmed, as well as continuous staff security training. That last component cannot be stressed enough. A business may have all the protection possible implemented in the form of firewalls, antivirus programs and real-time intrusion detection, but all can be lost if a staff member opens an email and clicks on a malicious link. This applies to frontline customer service representatives all the way up to agency ownership. Resources are available for independent agents from Big “I” national and state associations. The Big “I” Agents Council for Technology (ACT) provides free resources for all Big “I” agent members across many types of technology and workflow topics.

may 2022

1) “Agency Cyber Guide 3.0.” ACT’s “Agency Cyber Guide 3.0” breaks down the trends and provides a “12-Step Compliance Roadmap.” It lays out areas of compliance, such as completing a risk assessment, and direction on how and where to get started. The “12-Step Compliance Roadmap” includes more details on the following 12 cyber regulation steps as laid out by the GLBA and the NAIC:

2) “Agency Cyber-Readiness Self-Assessment.” It can be difficult to know where your agency currently stands. ACT created an easy-to-use “Agency Cyber-Readiness Self-Assessment.” By answering eight questions, you can determine your next strategic steps in your cybersecurity plan. 3) WISP. A Written Information Security Plan (WISP) is a document that details policies and procedures for ensuring confidential data is protected, how it is being protected and who is ensuring it is protected. A WISP includes both administrative and technical safeguards that an agency or small business has in place. ACT also provides a downloadable WISP. 4) “Remote Work Security Guide.” The coronavirus pandemic demonstrated that every agency must be fully prepared for remote work and the cybersecurity challenges it presents. Access ACT’s “Remote Work Security Guide,” which provides a template outlining areas to cover. 5) Cybersecurity providers. Check out the matrix of cybersecurity providers in ACT’s “Agency Cyber Guide 3.0.” These are providers that agencies can partner with to assist assessment, planning and implementation. However, don’t fall into “analysis paralysis.” Immediate action is critical. Know that the Big “I” and ACT have your back on cybersecurity planning and execution. You can always find help on the Big “I” and ACT websites. Ron Berg was executive director of the Big “I” Agents Council for Technology (ACT) until his retirement in May of 2022. Chris Cline has been appointed to this position. For additional information, go to www.independentagent.com/ACT. Consider joining the Technology Group in CONNECT! IIA of IL Staff, Board Members and members are posting technology related information in this forum. Join the discussion at connect.iiaofil.org. insight

Telephone Selling Tips I spent my first six years in sales successfully selling over the phone, making between 200 and 300 hundred calls a day. For me the phone was an effective way to sell strangers all over the country. If you use the phone at all, whether it’s initial calls or follow-up calls, here are some tips that will be helpful.

Tip #1: Have a mirror with the word ‘smile’ on it.

As you are speaking on the phone you want to look into your own eyes in the mirror as if you are looking into the eyes of the person you are talking to. This will keep you present and focused on them. And yes, people can hear a smile over the phone.

Tip #2: Speak up, speak clearly, and speak with energy and enthusiasm, though not too much.

You lose 20 to 25% of your volume over the phone, so speak up. Also, make sure people can understand what you’re saying, speak into the mouthpiece and speak clearly. Sound alive. How many times have you listened to someone on the other end of the phone and they mumble and/or sound dead? Have some energy in your voice but don’t overwhelm people.

Tip #3: Get to the point quickly.

The person on the other end of the phone is thinking “who is this and what do you want”, so you want to answer those questions as quickly as possible. Immediately identify yourself and then give your benefit statement.

Tip #4: Repeat important information and slow down when giving it.

How many times have you gotten a voicemail where the person speeds up on the phone number? The same people also have a knack for leaving the number once so you have to play the message 16 times and then still miss a number.

insight

By John Chapin

When you get to information the listener should be writing down, slow down and speak as if they are writing it down. The second time you give the information, you can say it at a normal pace but, whatever you do, don’t speed up.

Tip #5: Record yourself.

You need to analyze your voice and look for anything that might be hurting your effectiveness on the phone. The best way to do this is to record yourself. Most people hate to hear themselves on a recorder. Get over it. Whether extreme or subtle, you’re likely to hear some changes you’d like to make. Initially, record yourself for at least 20 minutes a day. Do this for four weeks, that’s how long it will take changes to stick. After the initial four weeks, tape yourself about once a month to ensure you haven’t slipped back into any bad habits.

Tip #6: Make sure your desk is clean and organized and have everything within arm’s reach. Have pens, contracts, calculators and anything else you need accessible and make sure they all work. Have your scripts right in front of you. And, of course, know them well enough so you don’t sound like you’re reading.

Tip #7: Follow good phone etiquette.

• Be professional, pleasant, honest, straightforward, and persistent. • Keep your mouth empty when you’re on the phone • Speak into the mouthpiece. Don’t have it down under your chin. • Make sure your environment is conducive to communication. • Focus on the conversation; don’t let your mind drift. • Use the speaker phone as little as possible.

may 2022

Tip #8: Be efficient.

If you’re making cold calls you should average between 20 and 25 calls an hour. Here are some guidelines for being efficient: • Look up any information you need to make calls offhours, not during scheduled calling time. • Don’t procrastinate. Start making calls as early as possible. • Take notes during your call. Don’t spend a ton of time taking notes between calls. • Keep momentum by making another call immediately after getting a lead or sale. • If you have a tough call to make, do it first thing, get it out of the way. • When you’re done making calls for the day, make at least one more.

Tip #9: Never let an e-mail replace a phone call when it comes to making initial contact. It’s fine to use e-mail in your follow-up, just make sure any initial e-mails are accompanied by a phone call. In my book Sales Encyclopedia, I dedicate an entire section, 80 pages, to telephone selling, these are some of the finer points found in that section. Overall, the phone is cost effective and allows you to contact a ton of people quickly. It is the second-best way to reach out to people on initial calls, in-person is the best method. The phone should absolutely be one of your key prospecting and follow-up tools. John Chapin is a #1 Sales Rep w 34+ years’ experience and author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). He can be reached at www.completeselling.com or johnchapin@completeselling.com.

The phone should absolutely be one of your key prospecting and follow-up tools.

Voicemail = Death 68% of People Still Contact Customer Service By Phone And a recent study by Trusted Choice showed that 86% of callers that reach voicemail hang up. A main selling point of an independent agent is personal service, so if a caller doesn’t get a live person when they call then that personal relationship is at risk - and they’re likely just going to move on to the next search result. Missing the call of a prospective new customer can cost you in a big way. Based on an average annual auto premium of $1,425 at 12% commission = $171 per year and potentially much more over time on renewals. So if you miss just one call a month after-hours that never calls back, it could cost you $855 every month in lost commission over 5 years. So paying for a 15 minute quote call at about $19.50 seems like a no-brainer. Missing the call of an existing customer who just bought a new car on the weekend or a holiday like Memorial Day or Labor Day when car dealers run big sales can also lose you that business. The dealership will pressure them for proof of insurance to make the deal and if they can’t get it from you then they might call a competitor or worse, a “lizard or a guy in khakis” and move their business. Car fever is a serious illness. This information was provided by InsureResponse. Go to www.insureresponse.com/agency-services for additional information.

Power of 30 Seconds Trusted Choice designed this training series to help agents maximize the experience of customers calling your agency. The training has three sections that focus on workflow, soft skills and automation. Take a short quiz after completing the training and receive a certificate of completion! This is a great resource for new hires, and those that have been around awhile. Check it out at https:// trustedchoice.independentagent.com/resources/ power-of-30-seconds/

may 2022

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2022

conference

It Was Great To Be Back In-Person! The IIA of IL Young Agents Committee hosted a very successful EDGE Conference on April 20-21 at the DoubleTree Hotel in Oak Brook. We’ve not been in person for this event since 2019, and it was great to be back! This conference is unlike any other in the industry. With the focus on professional development gained through unique programming, it was easy to see why the EDGE Conference is still one of the most highly regarded professional development programs for insurance professionals in the Midwest. The Young Agents Committee packed a punch with entertaining, relevant speakers this year. Dave Whitley, The Iron Tamer, kicked off the first day by showing off his strong man skills. As a kid, Dave was overweight and had a terrible stutter. He retreated into a world of fantasy and comic books and dreamed of becoming SuperHuman. He showed attendees how to access the untapped power of their minds and use it for good! Dave literally broke chains and taught the audience how to break their own selfimposed chains of limitation. After spending time with 22 exhibitors over lunch, the group came back together to listen to Derek Hayden, The Protégé season one winner. Derek, an insurance producer from a small town in central Illinois, utilized tools and strategies he learned on the reality show to lead the competition in sales, and he shared what he learned with EDGE attendees. He provided a proven roadmap for building a successful sales strategy and showed how he utilizes modern selling concepts and technology to give attendees an edge over their competition. Attendees had great things to say about Derek’s presentation and appreciated the perspective of an agent in the same situation as those in the audience. The social event was one we will all be talking about for a while – The Murder Mystery Event. In a fast-paced game of “whodunnit,” attendees had to mingle to figure out who the murderer was! This provided an excellent opportunity for attendees to get to know each other in a casual atmosphere, plus point fingers at their guilty-looking peers! Thank you to everyone that participated as actors and actresses. It was a blast! Day two featured agent-favorite Brent Kelly. Brent is a motivating influencer, coach, and speaker who is passionate about helping insurance agencies maximize their performance. He spent 15 years in the insurance industry as a successful commercial lines producer 26

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By Rachel Romines

and was named one of the top 12 young agents in the country in 2012. During “Best Version Possible,” Brent encouraged and challenged the audience to gain clarity, build consistency, and commit to achieving ultimate peak agency performance. We would not be able to hold this event without the generosity of our advertisers, sponsors, and exhibitors. Thank you to: AgriSompo North America AmTrust Financial Services Applied Underwriters Auto-Owners Insurance Belfor Property Restoration Berkshire Hathaway GUARD Insurance Companies BluSky Restoration Contractors (formerly J.C. Restoration) Branch Insurance Central Illinois Association of Health Underwriters Columbia Ins Group CRC Group Donald Gaddis Company General Agents Acceptance Corp HawkSoft Illinois Mutual Illinois Public Risk Fund IMT Insurance JM Wilson Method Insurance Services Nationwide Insurance Prophetstown Farmers Mutual PuroClean Disaster Services Restore Construction Inc Restoronics Roush Insurance Services, Inc Sensa State Auto Insurance Universal Property & Casualty Planning for the 2023 EDGE Conference will start soon. If you have any suggestions for next year’s conference, contact Rachel Romines at rromines@iiaofil.org. Stay up to date on all Illinois Young Agents hosted events & activities at www.ILYoungAgents.com. Rachel Romines is the Communications Director and Young Agents Liaison for the IIA of IL. She can be reached at rromines@iiaofil.org or (217) 321-3024.

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Dave Whitley

out k c e Ch hoto p e h t ideo v d n a s on t h g i highl book! Face

Derek Hayden

Brent Kelly may 2022

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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 BlueCross/Blue Shield of IL Grinnell Mutual Reinsurance Company Keystone Insurance Group, Inc. Pekin Insurance

Silver Level Imperial PFS IMT Insurance West Bend Mutual Insurance Co.

Bronze Level A. J. Wayne & Associates AMERISAFE AmTrust North America Auto-Owners Insurance Co. Badger Mutual Insurance Company Berkshire Hathaway Guard Insurance Companies BluSky Restoration Contractors Chubb ClickVSC Columbia Insurance Group Continental Western Group Cowbell Cyber CRC Group Donald Gaddis Company, Inc. Donegal Insurance Group EMC Insurance Encova Insurance Forreston Mutual Insurance Company Frankenmuth Insurance Homeowners of America Insurance Company Illinois Mine Subsidence Ins. Fund Illinois Public Risk Fund Indiana Farmers Insurance Insurance Program Managers Group J M Wilson 28

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Liberty Mutual/Safeco Insurance Madison Mutual Insurance Company Marble Box Marsh, Berry & Company Maximum Independent Brokerage, LLC Mercury Insurance Group Midwest Insurance Company Nationwide Pouch Insurance Previsor Insurance & Missouri Employers Mutual PuroClean Emergency Restoration Services Restoronics Rockford Mutual Insurance Company RT Specialty - Naperville Sensa, Inc. ServiceMaster DSI Society Insurance Specialty Risk of America Synergy Select The McGowan Companies Travelers United Fire Group Utica National Insurance Group W. A. Schickedanz Agency, Inc./Interstate Risk Placement Western National Insurance Westfield may 2022

associate news | INSIGHT Pekin Insurance Claims Department Earns High Marks From Industry Associations

Ward Group, an Aon Hewitt company, has awarded Pekin Insurance with a “Superior Rating” for its Personal Lines Claims Customer Experience as measured by Ward’s Experience Monitor program. Ward’s Claims Customer Experience Superior Rating™ is based on achieving a minimum Net Promoter Score (NPS) of 50 across all personal auto and property claims settled and measured during 2021. The NPS is determined through a customer survey process, and it measures how likely customers are to recommend a company’s products or services. Aon’s benchmarking division, Ward Group, is the trusted leader of benchmarking and best practices services for the insurance industry. For the past 30 years, our firm has analyzed key financial and customer experience aspects of the property-casualty insurance companies, identifying the top performers. Aon Inpoint is dedicated to making insurers more competitive through providing data, analytics, engagement and consulting. Additionally, Pekin Insurance has been listed among the top 30 insurance carriers in Crash Network’s Collision Repairers report. The ranking is based on how well those carriers work with auto body repair shops to ensure quality repairs and a high level of customer service for motorists. To provide consumers a tool they can use when choosing an auto insurer, CRASH Network asks collision repairers each year to grade insurance companies based on one simple question: “How well does this company’s claims handling policies, attitude and payment practices ensure quality repairs and customer service for motorists?” The survey found that when it comes to auto insurers, bigger may not be better.

Pekin Insurance Holds Annual Meeting

Pekin Insurance held annual meetings of the following entities: The Farmers Automobile Insurance Association, Farmers Automobile Management Corporation, Pekin Insurance Company, and Pekin Select Insurance Company on February 8, 2022, at their Home Office in Pekin, Illinois. Daniel V. Connell, Chief Executive Officer and Chairman of the Board, made these announcements: Joel Jackson was elected Senior Vice President and Chief Operating Officer of the Property and Casualty companies and Senior Vice President of the Pekin Life Insurance Company. He succeeds Dina Schultz, who retired January 14, 2022. Jocelyn Duncan was elected Senior Vice President and Chief Operating Officer of the Life Company and Senior Vice President of the Property & Casualty companies. She succeeds Brian Lee who will be retiring on April 1, 2022.

Eric Shane was elected Vice President – Life Underwriting of Pekin Life Insurance Company. He succeeds Jocelyn Duncan. The following directors announced their retirements from the board: Scott Martin, Chris Schwartz, and Steve Anderson. All three will remain on the board until the Pekin Life Insurance Company annual meeting on May 10, 2022. Newly elected board members to fill the retirees’ spots include Brian Dennison, Dealer Operator at Ray Dennison Chevrolet and Ray Dennison Buick GMC Cadillac; Jim Hefti, Vice President of Human Resources at Advanced Technology Services, Inc.; and Nikki Roser, President of First Bank. Pekin Insurance is a group name adopted to designate the combined operation of The Farmers Automobile Insurance Association, Pekin Insurance Company, Pekin Select Insurance Company, and Pekin Life Insurance Company.

Third Consecutive Year Rockford Mutual Insurance Company Is Named One Of The 2022 Best Places To Work In Illinois

Rockford Mutual Insurance Company (RMIC) was recently named as one of the 2022 Best Places to Work in Illinois. This awards program began in 2006, promoted by The Daily Herald Business Ledger in partnership with the Illinois Chamber of Commerce, MRA-The Management Association, the Small Business Advocacy Council and Best Companies Group. This statewide survey and awards program was designed to identify, recognize, and honor the best places of employment in Illinois, benefiting the state’s economy, workforce and businesses. The 2022 Best Places to Work in Illinois list contains three categories: small employers (15-99 U.S. employees), medium employers (100-499 U.S. employees), and large employers (500 or more U.S. employees). RMIC has been named one of the Best Places to Work in Illinois in the small category. Statewide, companies entered the two-part process to determine the Best Places to Work in Illinois. Approximately 25% of the total valuation is based on workplace policies, practices and demographics; while 75% of the total valuation is based off of an employee survey to measure the employee experience. Best Companies Group managed the overall registration and survey process in Illinois, analyzing the data and using their expertise to determine the final rankings. RMIC will be recognized and honored at the Best Places to Work in Illinois awards ceremony coordinated by The Daily Herald Suburban Business on Wednesday, May 11. The final rankings will be announced at the event, posted on the Daily Herald Suburban Business website, and published in a special commemorative section on Sunday, June 26.

David Coughlin was elected Vice President – Sales and Marketing of all Pekin Insurance companies. He succeeds Joel Jackson. may 2022

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INSURANCE PROGRAM MANAGERS GROUP CLAIMS MANAGEMENT SERVICES

IN THE WORLD OF INSURANCE, CLAIMS DO HAPPEN. IPMG’s Claims Management Services division (CMS) is that partner. As a full-service claims management company, IPMG CMS accepts the responsibility and expects to be held accountable for the results we achieve on behalf of our clients.

SERVICES AND RESOURCES: » » » »

» » » » » » » » » »

Workers’ compensation claims management Property and liability claims management Auto liability and physical damage claims management Professional liability claims management » Strong emphasis on public entity and long-term care sectors Nurse case management Risk management/loss control Medical bill review Pharmacy benefit management Aggressive litigation management Utilization review Electronic claim reporting with immediate acknowledgment and adjuster assignment 4-hour assigned adjuster contact on every claim Online claim review including adjuster notes and financials Industry leading analytics with national database for benchmarking purposes

INTERNAL QUALITY CONTROL AND COST CONTAINMENT PRACTICES: » Adjuster book of business analysis – to ensure workload does not affect service levels » Closing ration analysis – a monthly review to ensure adjusters are achieving maximum production » Claims diary tracking » Formal litigation handling guidelines and practices » Comprehensive medical bill review – average 59% cost reduction » Pharmacy benefit program – average 35% cost reduction » ISO claims search » Medicare section 111 data reporting and compliance

For more information please contact:

MIKE CASTRO

BOB SPRING

Sr. VP, Claims Management Services Mike.Castro@ipmg.com 630.485.5895

VP, New Business Development Bob.Spring@ipmg.com 630.485.5885

In March, the IIA of IL highlighted the achievements of women in insurance. The following are two of the submissions we received. Check back next month for more. If you would like to see your agency highlighted in a future issue of Insight, fill out the short submission form at www.iiaofil.org/Agency-Spotlight-Submission.

Rebecca Korach Woan

Chartwell Insurance Services - Chicago We would like to hear more about your time in the industry. Why did you choose insurance and when did you begin?

What advice would you give to the next generation of female insurance professionals?

Are there any unique professional struggles you’ve had as a woman in insurance, both in the past, and currently?

Tell us what the future holds for you. Or, what do you think the future of the industry will look like?

My parents had an insurance agency and I never expected to be in insurance. (Does anyone?) However, after starting out in finance I had the opportunity to join my family’s business and I enjoyed being out of the corporate world. A little less than ten years later I started Chartwell Insurance Services.

I have found the insurance industry to be generally welcoming to women. The board rooms are a different story however and I can say I have never been asked to serve but would definitely be interested.

Never forget that we rise together and we need to support each other. Also never hesitate to ask for help when you need it. There is a lot more awareness and understanding which is making management more empathetic. Sometimes the person struggling may feel like it is obvious to others but they may be hiding their challenges, from work life balance to mental health. Don’t be afraid to speak up and if your employer is not understanding you know you need to make a change.

We are at an inflection point where the cost of insurance is rising dramatically and the expectation of the policyholder is for top quality claim service. As an industry we must collectively work to help our clients mitigate risk or we will not be able to offer our value proposition.

Sandra Falco

Assured Partners of IL/Corkill Insurance Elk Grove Village We would like to hear more about your time in the industry. Why did you choose insurance and when did you begin?

I kind of fell into insurance when I was hired as a receptionist in 1990. Never looked back, just kept working my way up from there.

Are there any unique professional struggles you’ve had as a woman in insurance, both in the past, and currently?

The industry itself seems almost limitless as far as opportunity, but I’d say that you have to have a thick skin at times. may 2022

What advice would you give to the next generation of female insurance professionals?

Always keep up with your education. It will never fail you. Also - look out for other women looking to get into or grow in the industry - we have to take care of one another. Finally - be involved - in your community, in our industry.

Tell us what the future holds for you. Or, what do you think the future of the industry will look like?

I believe the independent agency is more important than ever. Just making sure we stay engaged with our customers and help them understand the coverage choices our there is the most important thing. Our business is evolving all the time so keeping up will also be incredibly important. insight

MEMBERSHIP MEANS MARKET ACCESS Let’s face it – Independent agents need good markets to be competitive. Greater access means more opportunities for success. WE’RE HERE TO HELP. Independent Market Solutions creates company relationships for agents who may be unable to secure appointments on their own. Through association membership, agents can access multiple insurance carriers and grow their business into long-term, direct appointments.

iiaofil.org/ims

iia of il news | INSIGHT

Education Classes may

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E&O-Roadmap to Homeowners Endorsements Webinar Pre-Licensing-Property & Casualty Virtual E&O Roadmap to Personal Auto Webinar CISR-Element of Risk Management Virtual AND In-Person (Springfield) CISR-Commercial Casualty 2 Virtual Class CIC-Commercial Casualty Virtual AND In-Person (Springfield) E&O Roadmap To Cyber & Privacy Insurance Webinar E&O: Defenses and Preventions Webinar Pre-Licensing-Life & Health Virtual CISR-Insuring Commercial Property Virtual Class The Evolution of Ethics in Insurance Webinar E&O - Roadmap to Policy Analysis Webinar

New Members member agency Ackermann Agency, Inc. Red Bud, IL Flywheel Insurance Services LLC Chicago, IL Mealiff Insurance & Financial Services, LLC Mendon, IL Muir Insurance Group Lake Zurich, IL Protecta Insurance Group Inc. Schaumburg, IL For information regarding IIA of IL membership or company sponsorship, contact Tom Ross, Director of Membership Services, at (217) 321-3003, tross@iiaofil.org. may 2022

june

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E&O Roadmap to Personal Auto Webinar CISR-Insuring Personal Auto Exposures Virtual AND In-Person (Springfield) E&O-Roadmap to Homeowners Endorsements Webinar Pre-Licensing-Property & Casualty Virtual E&O Roadmap To Cyber & Privacy Insurance Webinar CISR-Insuring Personal Residential Propert Virutal Class CIC-Inurance Company Operations Virtual Class E&O:Identity Theft, Red Flags, and Money Laundering Webinar Agent’s E&O: Duties, Best Practices, Operations, Webinar Pre-Licensing-Life & Health Virtual E&O - Roadmap to Policy Analysis Webinar CISR-Life & Health Essentials Virtual Class Flood Insurance, FEMA, and the NFIP Webinar Why Good People Do Bad Things: Agency Ethics Webinar

Farm Agents Council a division of the Independent Insurance Agents of Illinois

Golf Outing & Annual Meeting June 16-17 DoubleTree Hotel & Prairie Vista Golf Course Bloomington, IL ILFarmAgents.com insight

INSIGHT | classifieds for the insurance professional by the insurance professional

OPPORTUNITIES/SPACE AVAILABLE/RETAIN OWNERSHIP

INDEPENDENT INSURANCE AGENCIES WANTED

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:

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

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

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

POSITION AVAILABLE - AGENCY RELATIONSHIP COORDINATOR

21. Illinois Casualty Company is looking for an Agency Relationship Coordinator to cultivate and expand our independent agency partnerships. This role has growth potential and is supervisory. Past insurance experience is required, especially on the agency side. Carrier experience is a plus. A generous benefits package includes Medical, Dental, Vision, Profit Sharing bonus, Employee Stock Ownership Plan, work-life balance, flexible scheduling, remote work, generous paid time off, and stability working for a growing carrier.

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.

Corbyn Beck Illinois Casualty Company (309) 793-1700 hr@ilcasco.com

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

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.

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

Visit www.ciagonline.com for contact information.

We Make Hiring Easier

CareerPlug’s hiring software helps agents attract more qualified candidates, identify the right candidates with confidence, and improve hiring results. CareerPlug will provide IIA of IL members access to a free account that can be used to post jobs, manage applicants, and improve the organizations’ employment brand. Association members can also access a “Pro” version of CareerPlug for a special rate to take hiring to the next level.

Learn more about CareerPlug and check out the brand new IIA of IL job board at

www.iiaofil.org

insight

may 2022

Commercial | Personal | Farm-Ag | Specialty

Matthew B. Illinois Sales Manager

Tricia B. Personal Lines Underwriter

Tyler H. Agribusiness Lines

Underwriter

Honest relationships SECURA’s team of insurance experts is making insurance genuine. They are here to support you and your clients. Our underwriting teams are quick to reply, open-minded, and know their stuff. Plus they are backed by our caring claims group who will get your clients back on their feet.

Interested in building a relationship? Contact us at secura.net/IL-agents.

Tyler S. Specialty Lines Underwriter

Kelly L. Commercial Lines Underwriter

Hear from our experts. Want to learn more about what SECURA has to offer? Scan the QR code or visit secura.net/IL-agents for more information about the SECURA team.

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