Wisconsin Independent Agent | April 2023 Magazine

THINK UFG for simple insurance solutions

Simple solutions for complex times® is more than just our tagline at UFG Insurance.

We’ve made it our mission to create simple solutions for doing business with us, which begins with providing trusted insurance protection and service that exceeds expectations.

For a carrier committed to making insurance simple, think UFG. After all, insurance can be complicated and we all deserve simple solutions in these complex times. ufginsurance.com/services

Simple solutions for complex times INSURANCE

CONTENTS

COVER STORY:

Now Boarding Your Flight to InsurCon2023

Don't miss the IIAW's annual convention, InsurCon2023, happening on May 16-17th at the EAA Aviation Museum in Oshkosh, WI. This year's exciting schedule will help you take your business to new heights! Register now at iiaw.com/insurcon.

PAGES:

7-15

INSURANCE BARTENDER....................................................8-9

Are You Ready to Get Strategic About Growing Your Agency?

PERSONAL LINES...................................................................18

'Worrying Sign' As Homeowners Repair, Claim Times Increase But Digital Usage Declines

AGENCY OPERATIONS........................................................21

How Can We Encourage Our Best People to Grow With Us? COMMERCIAL LINES............................................................22-23

An Introduction to Business Interruption Insurance EMERGING LEADERS SPOTLIGHT....................................24

Joey Broms, Baer Insurance, Named 35 Under 35 RISE Award Winner

MARKETING................................................................................26

How to Create Strong Content For Your Insurance Website MEMBERS IN THE NEWS.......................................................28-29

AGENCY MANAGEMENT.......................................................30-31

What is Your Agency's Number? The Policies Per Customer Factor GOVERNMENT AFFAIRS........................................................32

Senator Ballweg & Representative Dallman Address Financial Literacy

FOOD FOR THOUGHT.............................................................35

ADVERTISERS INDEX

wisconsin INDEPENDENT AGENT

INDEPENDENT INSURANCE AGENTS OF WISCONSIN

725 John Nolen Drive

Madison, Wisconsin 53713

Phone: (608) 256-4429

Fax: (608) 256-0170

www.iiaw.com

2022-2023 EXECUTIVE COMMITTEE

President:

Nick Arnoldy | Marshfield Insurance Agency, Inc., Marshfield

President-Elect:

Michael Ansay | Ansay & Associates, Port Washington

Secretary-Treasurer:

Joanne Lukas Szymaszek | Johnson Insurance Services, LLC, Racine

Chairman of the Board:

Marc Petersen | American Advantage - Petersen Group, New Berlin

State National Director:

Steve Leitch | Leitch Insurance, River Falls

2022-2023 BOARD OF DIRECTORS

Janel Bazan | Avid Risk Solutions/Assured Partners, Middleton

Mike Harrison | R&R Insurance Services, Inc., Waukesha

Aaron Marsh | Marsh Insurance Services, Inc., Rice Lake

Kash Motlani | Ansay & Associates, Inc., Port Washington

Dan Lau | Robertson Ryan & Associates, Milwaukee

Andrea Nelson | Unisource Insurance Associates, LLC, Wauwatosa

Brad Reitzner | M3 Insurance Solutions, Madison

IIAW Staff

Matt Banaszynski | Chief Executive Officer 608.256.4429 • matt@iiaw.com

Mallory Cornell | Vice President 608.210.2975 • mallory@iiaw.com

Kim Kramp | Accounting Supervisor 608.210.2976 • kim@iiaw.com

Trisha Ours | Director of Insurance Services 608.210.2973 • trisha@iiaw.com

Evan Leitch | Agency Solutions Advisor 608.210.2971 • evan@iiaw.com

Kaylyn Staudt | Marketing and Communications Coordinator 608.210.2977 • kaylyn@iiaw.com

Jeff Thiel | Director of Agency Success 608.256.4429 • jeff@iiaw.com

Andrea Michelz | Education & Membership Engagement Coordinator 608.210.2972 • andrea@iiaw.com

Diana Banaszynski | Education & Events Coordinator and HR Business Partner 608.256.4429 • diana@iiaw.com

Ali Smeester | Accounting Specialist 608.256.4429 • ali@iiaw.com

Wisconsin Independent Agent is the official magazine of the Independent Insurance Agents of Wisconsin (IIAW) and is published monthly by IIAW 725 John Nolen Drive, Madison WI 53713. Phone: 608.256.4429. IIAW does not necessarily endorse any of the companies advertising in publication or the views of the writers. IIAW reserves the right, in its sole discretion, to reject advertising that does not meet IIAW qualifications or which may detract from its business, professional or ethical standards. © 2023 For information on advertising, contact Kaylyn Staudt, 608.210.2977 or kaylyn@iiaw.com.

AGENTS OF Infinite Possibilities

All the products you need to protect your customers

As an agent, the more you have to offer, the more opportunities you have to customize coverage for your customers. That’s why we equip you with a full suite of products—including auto, home, motorcycle, boat, RV, and more—so you can give your customers peace of mind knowing that whatever they need, you’ve got it covered.

Plus, as a Progressive agent, you have access to our industry-leading commercial coverage to round out your offerings and meet all your customers’ needs.

TO LEARN MORE

Search for us online at Agents of Progressive, Progressive Connect, or Progressive Appointment.

Company Spotlight Progressive

For over 85 years, consumers have relied on the combination of our coverage and service options and your local, trusted expertise and guidance to protect what’s most valuable to them, making us the No. 1 personal and commercial auto insurer by written premium in the channel along the way—and the No. 1 personal auto carrier in Wisconsin!

And we’re just getting started.

Independent agents remain a key strategic priority for us, and we’ll continue to invest in and support you to foster our mutual growth. Start rewarding yourself and take advantage of the following to build your business:

Product Breadth

We offer a full product lineup and lead the way as the No. 1 personal auto and No. 1 commercial lines insurer in the IA channel. Plus, we’re already the sixth-largest homeowners insurer among IAs after entering the market in 2015.

Stability & Choice

In business since 1937, we offer competitive rates, 24/7 servicing, and a variety of claims options, including our Network repair shops featuring our limited lifetime guarantee. Or, customers can choose their own shop or accept payment for the repair cost directly— it’s always their choice.

Technology & Ease of Use

Whether it’s our fast, multiproduct FAO quoting system, Agent Rewards platform, handy mobile app featuring Photo Estimate, or UBI offerings like Snapshot® for Personal Lines and Snapshot ProView® and Smart Haul® for business vehicles, we offer leading tech solutions for you and your customers.

Tools & Insights

We use our experience, insights, and scale to deliver business-building tools like our SmartSell® Suite, which helps you automatically cross- sell existing customers and re-quote prospects.

Brand

With our Progressive Marketing service, you can market from one to many with a variety of co-branded low- to no-cost creative solutions and services that leverage our widely recognized consumer brand.

Learn more about how we’re helping independent agents grow profitably at AgentsofProgressive.com and, if you haven’t already, apply for your appointment today!

Not all programs, discounts or products are available.

offers a helping hand.

At Western National Insurance, nice is what’s guided us for over 100 years. And we’re just getting started.

Western National Insurance. The power of nice.

www.wnins.com

ARE YOU READY TO GET STRATEGIC ABOUT GROWING YOUR AGENCY?

As Brent Kelly, President of Sitkins Group likes to say, “You don’t have to lead alone,” and we couldn’t agree more. In fact, we have built our annual convention around this theme, and Brent will be one of our keynote speakers. InsurCon2023 is the premier event for professionals in the insurance industry. We’re hosting this year’s comprehensive agenda, expert speakers, Exhibitor Showcase and networking events in a unique, one-of-a-kind environment at the EAA Aviation Museum in Oshkosh, WI. This conference is the ideal place for insurance professionals to stay on top of the latest trends, insights and best practices in the industry.

InsurCon2023 has something for everyone.

Whether you are looking to increase sales, improve efficiency, learn the ins and outs of agency financials, enhance your digital presence or sharpen your negotiations and sales skills, this is one event you will want to register your entire agency for.

Here are just a few reasons why attending InsurCon2023 is a must:

1. Networking Opportunities

One of the greatest benefits of attending a conference like InsurCon2023 is the opportunity to network with other professionals in the industry.

You'll have the chance to meet people from all different backgrounds, including insurers, brokers, underwriters and agents. You'll be able to exchange ideas, share best practices and make new connections that could be valuable to your career.

2. Professional Development

Attending InsurCon2023 is also an opportunity to expand your knowledge and stay up to date on the latest industry trends and best practices. With expert speakers, panel discussions, and workshops, you'll have access to a wealth of information that you can take back to your organization and apply to your daily work.

3. Discover What's New with Carriers and Vendors

InsurCon2023 is the perfect place to learn about the latest technology and innovation that is changing the insurance industry.

From new software platforms to cutting-edge analytics tools, you'll have the opportunity to explore the latest trends and innovations that are driving the industry forward.

4. Stay Ahead of the Competition

By attending InsurCon2023, you'll be able to stay ahead of the competition and ensure that your organization is well-positioned for success.

By learning about the latest industry trends and best practices, you'll be able to identify new opportunities and make strategic decisions that can help you stay ahead of the competition.

5. It's Fun!

Finally, attending InsurCon2023 is just plain fun! You'll have the opportunity to meet new people and explore new ideas all while having a great time. With networking events, happy hours and other social activities, InsurCon2023 is sure to be an exciting and memorable experience.

Attending InsurCon2023 is a must for all insurance professionals and industry enthusiasts.

With networking opportunities, professional development, access to the latest technology and innovation, the ability to stay ahead of the competition and a fun, exciting atmosphere, you won't want to miss this fantastic event.

I promise, you will leave this event reinvigorated and ready to lead you and your agency to success. Lt. Col. Waldo Waldman, this year’s keynote speaker likes to say, “We all have missiles in life to overcome and we can't do it alone.”

Discover why so many are calling this year’s convention a direct flight to success. Register today at www.iiaw.com/insurcon.

Matt’s Mixology Jet Pilot

Ingredients

• 1 ounce overproof Jamaican rum

• 3/4 ounce overproof demerara rum (such as Plantation OFTD)

• 3/4 ounce gold rum

• 1/2 ounce grapefruit juice, freshly squeezed

• 3/4 ounce lime juice, freshly squeezed

• 1/2 ounce cinnamon syrup

• 1/2 ounce falernum

• 1 dash absinthe

• 1 dash Angostura bitters

• Garnish: maraschino cherry (and more, if desired)

Directions

1. Add all ingredients into a blender with a cup of crushed ice and blend on high until combined but not smooth, about five seconds.

2. Pour into a double old fashioned glass.

3. Garnish with cherry.

> Matt Banaszynski, CEO, IIAW

Recipe & Photo Courtesy of Liquor.com

We can't think of a better cocktail to prepare you for InsurCon at the EAA Aviation Museum in Oshkoh, WI than the Jet Pilot.

TUESDAY, MAY 16TH

1PM-5PM

Founders Wing

Schedule of Events

BRENT KELLY President of Sitkins Group

Mineshaft 8PM-11PM NETWORKING SOCIAL

Hosted by the IIAW Emerging Leaders

WEDNESDAY, MAY 17TH

EAA Main Entrance 8AM-9AM

BREAKFAST

FLIGHT PATHS 9AM-1:15PM

EAA Breakout Rooms

TOP GUN COMMUNICATION & NEGOTIATION SKILLS

Brent Kelly, Sitkins Group, brings his extensive hands-on insurance industry experience to InsurCon2023. Our kickoff presentation for this year’s event, Brent will help you gain influence, maximize your potential and grow your book of business.

Join us at Mineshaft where will be enjoying food, drinks and games. Our evening social is included in your InsurCon registration.

Stop by the registration desk at the EAA Main Entrance to pick up your breakfast before heading to your flight paths.

Choose the breakout session that aligns with your interests. Grab-n-go lunch will be provided in each breakout session. Read more about our flight paths on the next page.

AGENCY PLANNING: MAPPING FUTURE FLIGHT PATHS

FLIGHT PATH TO DIGITAL MARKETING

New Level Partners

Carey Wallace, Agency Focus Security Financial Bank

Josh Johanningmeier, IIAW General Counsel

Viral Solutions Every insurance professional must be skilled to influence or negotiate on a regular basis, so this flight path is open to anyone looking to improve in these areas.

We encourage current and future leaders within the agency and industry to come learn more about the future of the independent agency.

1:30PM-4PM EXHIBITOR SHOWCASE

Education Center

4PM-5PM BREAK

5PM-6PM AWARDS CEREMONY

Eagle Hangar

6PM-7PM KEYNOTE PRESENTATION

Eagle Hangar

7PM-10PM DINNER, DRINKS & NETWORKING

Enhance your digital presence, both personally and as a brand, during this hands-on digital marketing experience.

Grab a drink from the bar and experience the EAA’s brand new Education Center while you network with other professionals. Agency attendees can win great prizes during Blackout Bingo and exhibitor Super Door Prize Giveaways.

Take time to clear your emails, check into your hotel and catch up with old friends prior to the exciting evening lineup.

Celebrate our 2023 awards winners in the Eagle Hangar. Join us as we present Rick Parks, CEO of Society Insurance with the EJ Tapping Lifetime Achievement Award.

This year’s evening entertainment features Waldo Waldman! Waldo is a real-world Top Gun, Hall of Fame Keynote Speaker, executive coach and expert on resilience, overcoming adversity & managing change.

Our final event for InsurCon will surely end this year’s convention on a high note. Take in over 200 historic aircraft while enjoying dinner, drinks and networking. The IIAW has reserved the EAA Museum exclusively for this evening event!

Lt. Col. Waldo Waldman

EAA Museum

Fergus Plaza

Founders Wing

Vette Hall

Choose Your Flight Path

Choose

TOP GUN COMMUNICATION & NEGOTIATION SKILLS

New Level Partners

Every insurance professional must be skilled to influence or negotiate on a regular basis, so this flight path is open to anyone looking to improve in these areas. This interactive workshop will:

• help attendees plan and communicate for maximum impact and influence

• represent their best self

• negotiate to gain positive outcomes

• understand and respond to ‘no’

• adapt to changes in the negotiation process

The content in this workshop draws from New Level’s direct experience in the insurance industry, and is reinforced by expert research.

FLIGHT PATH TO DIGITAL MARKETING

Viral Solutions

The superstar pilots at Viral Solutions will lead this Flight Path to Digital Marketing, guiding you through the following:

• enhance your digital presence, personally and as a brand

• develop a balanced and effective marketing strategy

• create compelling content for your website

• generate your internal and external communication for clear and simple messaging

Elevate your marketing with tools provided by the experienced team at Viral Solutions.

AGENCY PLANNING: MAPPING FUTURE FLIGHT PATHS

Carey Wallace (Agency Focus), Security Financial Bank

Josh Johanningmeier (IIAW General Counsel - Godfrey & Kahn)

Whether you are looking to grow by acquisition or to transition your agency’s ownership, planning ahead will position you to have the most opportunities. This path will walk you through:

• understanding and calculating your proforma EBITDA

• industry benchmarks that you should know

• common risks inside your agency and strategies to minimize those risks

Our highly respected industry experts will help you take your agency to new heights.

the flight path that best fits your interests, and get ready to take off at InsurCon2023!

Speaker Lineup

BRENT KELLY, SITKINS GROUP

Brent Kelly is the President of Sitkins Group, the leading firm for empowering independent insurance agencies to become their best version possible. As a sought-after expert in the industry, he has worked with several of the top 100 agencies in the country to help them gain clarity, build consistency and maximize their performance. Brent’s deep expertise has led him to partner with the Cincinnati Insurance Company and Reagan Consulting as an integral part of the Agency Leadership Institute.

CAREY WALLACE, AGENCY FOCUS

Carey Wallace is a relationshipfocused proven leader who is passionate about helping small businesses win. She’s focused on helping small business owners leverage data to make informed business decisions, grow and succeed.

JOSH JOHANNINGMEIER, IIAW GENERAL COUNSEL

Josh serves as the IIAW’s General Counsel, helping members navigate the complexities of the law as it pertains to the various aspects of our industry.

MEAGAN VAN AHN, VIRAL SOLUTIONS

Coming from years in the nonprofit sector, Meagan understands that a story is the best tool you have to win people over. Meagan’s career has focused on creating content, managing creative teams and building strategic partnerships.

NEW LEVEL PARTNERS

Over the last twenty years, New Level Partners has proven that insurance training doesn’t have to be boring. With their learning approach, they achieve what many think is impossible - making insurance training enjoyable.

CURT VAN AUKEN, SFB

As a leader on Security Financial Bank’s (SFB) Insurance Lending Team, Curt Van Auken has been in banking for more than 45 years and has personal experience with an agency acquisition. He served five years as president of a Minnesotabased bank and its insurance agency. The agency was successfully sold. Using the knowledge he gained through this experience combined with his industry knowledge, over the years Curt has helped numerous insurance agents with their banking needs, including acquisitions, buyouts, and refinancing projects.

AARON SALATA, VIRAL SOLUTIONS

Aaron has spent 15 years in sales leadership roles in insurance and insurtech industries. Currently, he leads the sales team at Viral Solutions, partnering with insurance agencies across the country to help them GROW!

TOM VON AHN, VIRAL SOLUTIONS

From life insurance to kitchen cabinets, if you can name it, Tom has probably sold it at some point in his career. Today he is the co-founder and Chief Marketing Officer at Oshkosh-based Viral Solutions, where he focuses on helping his clients navigate the ever-changing waters of marketing. With a deep knowledge of both sales and marketing psychology, Tom knows how to build a marketing strategy that works.

INSURCON 20

EAA OSHKOSH

MAY 16-17, 2023

Our keynote speaker:

Lt. Col. Waldo Waltman, The Wingman, is a Hall of Fame leadership speaker, executive coach and the author of the New York Times Wall Street Journal Bestseller, Never Fly . He teaches organizations how to build trusting, revenue producing relationships with their employees, partners and customers while sharing his experiences as a combat decorated F-16 fighter pilot, sales manager and entrepreneur.

Learn more about Waldo Waldman and watch his inspiring video:

bit.ly/MeetWaldo

Registration Information

Registration open now at iiaw.com/insurcon.

MEMBER PRICING $249

Includes:

• Admission into all events and activities

• Lunch, dinner and two drink tickets

NON-MEMBER PRICING $399

Includes:

• Admission into all events and activities

• Lunch, dinner and two drink tickets

EVENING DINNER, KEYNOTE AND SOCIAL ONLY

$99

Includes:

• Admission into awards ceremony, keynote, dinner and evening social only

Event Information

Hotel Information

Hilton Garden Inn: 1355 W. 20th Avenue in Oshkosh (1.8 miles away from EAA)

Comfort Suites: 400 South Koeller St. in Oshkosh (1.8 miles away from EAA)

Best Western: 1 North Main Street St. in Oshkosh (3.5 miles away from EAA)

Holiday Inn & Hotel & Suites: 2251 Westowne Ave. in Oshkosh (4.3 miles away from EAA)

TownePlace Suites: 1365 North Westfield St. in Oshkosh (4.3 miles away from EAA)

Feel free to stay at any of the hotel options Oshkosh has to offer. No room block code is required this year.

Dress Code

During sessions on Tuesday and Wednesday, our dress code will be business casual for the events at EAA. Mineshaft attendees can dress casual for this fun networking event.

For more information, please visit our website, iiaw.com/insurcon.

Networking Event

Join us for a fun night of networking at Mineshaft in Oshkosh on Tuesday, May 16th! Mineshaft is a fun-filled restaurant that offers food, drinks and plenty of game time in their expansive Game Room! Registration for this event is included with your InsurCon2023 registration.

Event App - Coming Soon!

New for InsurCon2023 we are offering an event app, coming soon! Attendees and exhibitors can access the app to see the exhibitor booth map, session information, event schedule and so much more right at their fingertips. We’ll also use the app to send out push notifications about different InsurCon activities (such as Door Prize winners) leading up to and throughout the event. Keep an eye on your email for details.

Questions

Please call the IIAW at 608-256-4429 or email info@iiaw.com with any questions. Refer to iiaw. com/insurcon for complete event details.

Thank you!

IIAW EXCLUSIVE COMPANY MEMBERS

In 1919, A group of Pennsylvania farmers founded Penn National Insurance to provide affordable workers’ compensation insurance.

Today, Penn National Insurance sells property-casualty insurance in 11 states by partnering with more than 1,200 independent agency operations. In 2012, we affiliated with Wisconsin-based, Partners Mutual Insurance Company. As one company, we bring the personal attention and local focus of a regional carrier, along with the quality of products and ser vices of national carriers.

Interested in partnering with a thriving insurance carrier with superior customer experience? We are looking for select commercial-lines agencies in Wisconsin.

Contact: Vicki Lentz 262-432-3420

vlentz@pnat.com

Contact: Clayton Zogata 715-383-5454

czogata@pnat.com

• Strong financial performance and A.M. Best Financial Strength Rating of A-

• Expanded Commercial Lines products and services with competitive pricing and comprehensive coverages to help our agents grow profitably

• Comprehensive Personal Lines product offerings, including Homeowners Equipment Breakdown and additional protection plans

• State-of-the-art quoting, processing and self-service tools, making it easier and faster to meet your customers’ needs

• Local, experienced underwriting, claims and management staff

'WORRYING SIGN' AS HOMEOWNERS REPAIR, CLAIM TIMES INCREASE BUT DIGITAL USAGE DECLINES

A combination of severe events, increasing prices and supply chain-related issues conspired to make 2022 the worst financial year for homeowners insurance providers. This—coupled with the strain on digital tools designed primarily to help the industry respond more quickly and efficiently—has led to increased dissatisfaction among customers, according to a recent study by J.D. Power, the “2023 U.S. Property Claims Satisfaction StudySM."

“The p-c industry playbook for the past few years has been to invest heavily in digital solutions that streamline the claims process for customers, while reducing costs and improving efficiency for carriers," said Mark Garrett, director, insurance intelligence at J.D. Power. “However, the longer cycle times have made it increasingly difficult to keep customers informed via digital channels and limit their need to contact their insurer with questions."

The study, which is based on responses from over 5,000 homeowner insurance customers who filed a claim between December 2021 and December 2022, found that while the overall satisfaction rating for the industry improved 3 points (on a 1,000-point scale), eight insurers' rankings declined. Nine improved year over year.

Insurers with the largest increases in satisfaction were able to limit their customers' need to contact them for information, a key difference between brands that had improved scores and those that had declined, according to the study. Additionally, companies that had improved the most were also able to keep the interactions with their customers streamlined, with only one or two representatives involved.

The study also found that satisfaction is notably lower—approximately 60-70 points—when customers who have indicated a preference for interacting with

their insurer via phone or in-person are compelled to use digital tools.

Further, the average claims cycle time—the amount of time from reporting the claim to finished repairs—is now 22 days, more than four days longer than a year ago and a week longer than what was reported in the 2021 study. The delays are even longer for those with multiple payments. Customers say they received the final claim payment after 31.5 days on average, which is nearly a week longer than a year ago. The increases have been driven by a combination of damage severity and continued delays getting the materials needed to complete repairs.

Also noted in the report is that “the increase in severity has driven down digital claim reporting as lower-severity claims are more likely to be reported digitally," Garrett said. “In fact, this is the first year J.D. Power has ever seen declining use of digital claims reporting, digital used as a primary channel for status updates and for submitting photos that were used for the estimate."

“This is a worrying sign for the industry, as digital tools are apparently not meeting customer needs," he added.

Nevertheless, there are steps insurers can take to improve customer satisfaction for longer, more complex repairs, according to the study. These include offering options for receiving status updates; providing accurate claim length expectations; limiting customer-initiated requests for information; and making representatives immediately available.

This article was originally published on iamagazine.com in March.

HOW CAN WE ENCOURAGE OUR BEST PEOPLE TO GROW WITH US?

If you know someone looking for a job—or if that job seeker is, in fact, you yourself—you’re not alone.

Given the growing predictions for a slowing economy, I was somewhat surprised to learn that 45% of workers today are looking for a new job or planning to within the year, according to the latest Job Seeker Nation Report.

Perhaps what was truly shocking to discover in this report, though, was that more than half of those job seekers haven’t even looked for new positions internally. 54%! That percentage speaks volumes.

Clearly, the majority of people believe the only answer is to leave their current companies. They must not see much growth opportunity where they are, or are actively disengaged from their current work. How did this happen? How did we get here?

It got me thinking about how we recognize, promote, and celebrate our people.

The same Job Seeker Nation Report found that only 37% of workers feel they are fairly paid, and half believe they can make more money if they switch jobs. Are we compensating our people in accordance with the value they bring to our organizations? And are we transparent about compensation and benefits?

Interestingly enough, the report found that half of those surveyed were willing to accept a lower salary for the opportunity work remotely at least part of the time. How are we recognizing and accommodating our people’s very reasonable desires? Are we making it possible for them to express these wishes in the first place? And then are we putting the necessary systems, processes, and tools in place to support them?

A good 40% of survey respondents reported high turnover and an increase in workloads, stress, and burnout. But the number of employers offering mental health benefits is at the lowest level in three years. Are we taking care of our people?

When was the last time we checked in and ensured they had resources for managing their physical and mental health?

I think one of the best ways to lead change in these aspects is to be transparent, and to model the desired behaviors ourselves. How are you showing your people you’re listening to them? How are you keeping them engaged and willing to grow with you—rather than jump ship?

AN INTRODUCTION TO BUSINESS INTERRUPTION INSURANCE

Business interruption (BI) insurance coverage protects business owners against lost income claims when a covered peril causes the business owner to either close or reduce their operations. BI coverage is typically part of the business owner's commercial property policy, or for smaller businesses, part of their businessowners policy.

While most business owners know they need property insurance to cover physical losses such as water damage or losses from a fire, they may not understand the need to protect their income stream after this type of loss. Even if closed temporarily, many business owners do not have sufficient capital available to meet continuing costs such as mortgages and payroll.

Business interruption insurance, also called business income insurance, can provide help with operating expenses that continue during the owner's business restoration period.

What Triggers a BI Loss?

Generally, a loss that triggers the commercial property policy (CPP) or the business owners policy (BOP) will trigger a BI loss. The CPP or the BOP would pay the physical damage losses, for example to repair the fire damage or replace lost articles. The BI coverage would then address the reduced income the business owner suffers resulting from that property loss.

In the case of a business shut down by civil authorities after an adjacent wildfire, for example, civil authority coverage may be available. Generally, though, there must be direct physical loss to an adjacent property.

Civil authority coverage generally extends only two weeks post loss. There are several endorsements available from the Insurance Services Office (ISO) that help extend this coverage. Coverage may also be available by endorsement to protect “dependent properties." These can include an important supplier or customer affected by a physical loss that could impact the business owner. For example, if the business owner relies on foot traffic from an adjacent big box store and that store burns, that could reduce the business owner's revenue.

What Costs Does the BI Policy Typically Cover?

The BI policy typically covers these costs:

• Reduced net income

• Mortgage, rent, or lease payments

• Business loan payments, such as small business administration loans

• Taxes

• Employee payroll

Employee payroll can be a bit tricky, so this article can help you determine what is and is not covered by employee payroll expenses.

Most BI policies have a “period of restoration," the time the policy reimburses for lost income and extra expenses to get the business back to operational. The CPP period of restoration ends on“... the date the property at the described premises should be repaired, rebuilt or replaced with reasonable speed and similar quality; or the date when business is resumed at a new permanent location."

There is generally a “waiting period" that acts as a time deductible before coverage kicks in. This waiting period is generally 48-to-72 hours.

It's important that you work with your customer to determine sufficient BI limits. Especially when the U.S. experiences supply chain problems, getting a business back to normal after a loss can take much longer than the client expects.

Sometimes losses extend beyond the period of restoration. For example, a hotel that is out of business for many months may lose regular customers who begin to frequent other hotels. In these types of cases, extended business income coverage can help smooth those losses.

What Records Will the Insurer Review?

• Your insured must supply some or all of the following records to substantiate lost or reduced income:

• Profit and loss statements

• Sales records

• State and federal tax records as requested

• Rent records for tenant-occupied properties

• Payroll records

Insurers will not reimburse income that your insured does not reflect on his or her bookkeeping records, for example cash payments.

Exclusions on the BI Policy

There are some important exclusions on the BI policy. These can include the following:

• Damage from floods or earthquakes

• Income that your insured does not reflect on his or her financial records

• Utilities in most cases

• Losses arising from viruses or pandemics such as the recent COVID-19 business closures

How Much BI Coverage Does My Client Require?

First, don't “go it alone" as a new insurance agent. Work with another agent experienced in this coverage to help determine appropriate limits. Always ensure you leave the choice up to your insured if you offer coverage alternatives. You never want your client to say, “You told me how much insurance I needed." This is fertile ground for an errors and omissions claim.

ISO offers the CP 15 15 business income worksheet to help your clients to determine adequate limits. If the business owner buys limits below the amount of gross earnings and projections they estimate, they'll have to pay out of pocket. This can force business owners into bankruptcy.

The Big I has a number of solid business income training

Looking Ahead on BI Coverage

According to one expert publication, in 2022, procuring adequate business interruption insurance was one of the top three risks faced by business owners. If you'd like to learn more about the history and future of BI insurance, listen to this presentation by the National Association of Insurance Commissioners.

As you can see, this is a multifaceted coverage, so work with your supervisor when first placing BI coverage. Take advantage of the Virtual University's many training tools on business income insurance.

Most of your business clients have this critical BI risk exposure. Given that, it's not whether your insured “has" the BI coverage; it's if the BI coverage “properly protects" your insured, according to one insurance expert.

Many errors and omissions allegations arise out of this important coverage, so if you're new to writing this coverage, always work with your supervisor or mentor when placing coverage.

This article was originally published on independentagent.com in January.

EMERGING LEADERS SPOTLIGHT

JOEY BROMS, BAER INSURANCE, NAMED 35 UNDER 35 RISE AWARD WINNER

Joey Broms Commercial Account Executive, Baer Insurance Services

Congratulations to Joey Broms, Commercial Account Executive at Baer Insurance Services, on being named one of the 2023 Rising Insurance Star Executives (RISE) Award 35 Under 35 Winners. The Annual RISE Award recognizes deserving young insurance professionals who are making an impact in their company, community and the industry as a whole. The IIAW had the opportunity to ask Joey a few questions about his experience:

Q: How did you get started in the insurance industry, and what inspired you to pursue a career in this field?

A: A friend of mine was working at Liberty Mutual, and I was looking for a change in careers from what I was doing at the time and applied for an open position as a Personal Lines Sales Agent. I got offered the job after the first interview and then just fell in love with the industry. I’ve had so much fun and enjoy getting to work with people and businesses and help them protect what matters most.

Q: On LinkedIn, it's clear that you are constantly involved in the community outside of your role at Baer Insurance. What are the different organizations you are involved with and how do they impact the local community and beyond?

A: Outside of insurance industry specific organizations, within the community I am involved with Madison Magnet as the Community Involvement Chair, The Greater Madison Chamber of Commerce as an Ambassador, The Leukemia and Lymphoma Society as a member of their Leadership Team, and finally the Coaches Vs. Cancer Wisconsin Associate Board of Ambassadors as a member. I love to get out and volunteer and Madison has a vast number of organizations that are always looking for help. Being a part of the chamber has helped me be exposed to

some of these new organizations and being able to run the community involvement committee, I have the opportunity to help organize where our local Magnet community volunteers our time with the other wonderful people I have on my team. On the other side, my life has been affected by cancer with close friends, family, and coworkers, and the organizations centered around funding and researching ways to end this awful disease is something that I will always support. Being able to devote my time and effort to help as much as I can is a great honor because every dollar raised is a valuable piece going to hopefully fund the cure.

Q: What do you see as the most significant challenges facing the insurance industry today, particularly for younger professionals like yourself?

A: This is a really great question. I think the biggest thing is that younger professionals get immediately associated with a lack of knowledge. It’s sad to see that it’s immediately lumped together, but that’s why I take such a huge step on being as knowledgeable as possible, knowing all the ins and outs and learning as much as I can. People see young and think that means that we don’t do our homework. It’s the exact opposite. Younger professionals are putting in overtime to overcome those preconceived obstacles. I’m constantly trying to take more classes and dig in deeper into specific categories to learn more. I want my clients to know that they can come to me with anything and that we can solve it.

Q: What advice would you give to other young professionals who are just starting their careers in the insurance industry?

A: I would tell them to simply, “Go for it!” Getting out there, volunteering, networking events, you name it. Things can be scary but you have to be willing to put yourself out there. Dive into the industry. It’s a great one to be a part of and it’s definitely worth the risk. Just like great opportunities like this, you never know what it's going to lead to.

Congratulations, Joey, on being a 2023 - 35 Under 35 RISE Award Winner!

HOW TO CREATE STRONG CONTENT FOR YOUR INSURANCE WEBSITE

As an insurance agent, you have a wealth of knowledge to share. However, transforming it into content for your insurance website can be challenging. Although you educate customers daily, distilling it into content requires different skills. And depending on your experience with content creation, you may feel overwhelmed.

It’s understandable, but that doesn’t mean you should give up. Instead, you should follow practical tips to improve every piece of content you develop. After all, it’s a crucial part of your marketing efforts.

Why You Need Good Content for Your Insurance Website

There’s a reason they say content is king. According to CMI, content marketing generates three times as many leads as outbound marketing for 62% less. Additionally, it has a higher conversion rate than other tactics.

That’s because content—which differs from copy in that it informs rather than persuades—is focused on your target audience. It’s all about delivering value and building relationships with them. And it’s no longer just appreciated by customers; it’s expected.

When you have strong content on your insurance website, you can enjoy the following:

• Higher rankings in search

• Increased site traffic

• Greater authority

• More trust from customers

• Better conversions

Without good content, you’ll miss out on all these benefits. More than that, you’ll struggle to stand out and truly connect with your target audience.

7 Tips for Creating Quality Insurance Website Content

You can and should aim to create high-quality content for your insurance website. It’s just a matter of taking the right approach. Use the tips below to make sure you have the basics covered.

1. Choose Topics Based on Research

You need to get inside the mind of your audience. Otherwise, the content you publish won’t be of any interest or value to them. Therefore, you should dive into the queries people are using and the questions they’re asking.

2. Define a Clear, Logical Flow

A logical structure is key to creating solid content. When your content flows well, it delivers a better user experience. So, break your topic into subtopics. A good approach is to answer related questions one by one.

3. Optimize Content for Search

To increase your content’s chances of ranking well, optimize it for a relevant keyword. If the phrase you choose truly aligns with your content, it should fit naturally in the title, URL slug, headings, body/description, etc. Keep in mind this is just the bare minimum when it comes to SEO.

4. Write to Your Audience

Content on your website should be written to your audience. It should be geared toward them and show you understand their pain points, wants, and needs. Additionally, you should write in a way they understand. Be careful to avoid unnecessary industry jargon, and the insurance industry is full of it.

5. Make Content Easy to Consume

Your content should also be easy to consume. Break up large chunks of text by using headings, bullets, numbered lists, and more. This allows your audience to scan your content more easily. Writing for a reading level of 8th grade or below is also a good practice.

6. Go Beyond Text

Content encompasses more than just text. It also refers to things like videos, infographics, and images. By including visual assets in your written content, you can increase engagement. So, look for ways to go beyond regular text.

7. Review before Publishing

Finally, it’s important to review all content before publishing. Even minor typos can distract readers and erode trust. So, be sure it’s accurate and free of errors beforehand.

Takeaway

Having quality content on your insurance website is essential. With it, you can educate your audience and prove you’re a knowledgeable, trustworthy expert in the insurance space. So, put effort into your content, and great results will follow.

To learn how Viral Solutions can help you improve the content on your website and more, visit viralsolutions.net and request a free consultation.

Members in the News

ROB BULLOCK WINS SOCIETY INSURANCE CUSTOMER EXPERIENCE AWARD

Fond du Lac, WI (2/15/23) - Rob Bullock recently received the Society Insurance Customer Experience Award in a brief ceremony at the company’s corporate headquarters in Fond du Lac. This award is presented quarterly to an employee nominated by his or her colleagues for exceptional efforts in serving Society Insurance policyholders.

In recognition, Society donated $250 to fund scholarships at Lake Land College (Mattoon, IL) in Bullock’s name.

In his role as a user experience designer on the marketing team, Bullock trains a steady customer-centric focus on Society’s agent and policyholder portals, ensuring an outstanding experience for agents and businessowners as they complete policy, billing and claim transactions.

Bullock’s work to add enhancements and fix issues provided critical assistance during development of the portals, during which he also supervised implementation of a key system update. Customers in Society’s three newest states of operation (Colorado, Georgia and Texas) have consistently provided positive feedback on their portal experience.

Drawing on this feedback, Bullock continues to play a key role as Society prepares to introduce its new portal to customers in six legacy states and plan future portal enhancements. The stakes are high in satisfying Society’s oldest customers, but Bullock leading the effort in championing customer needs and wants, the company is well-positioned to deliver another excellent customer experience.

ABOUT SOCIETY INSURANCE: Headquartered in Fond du Lac, Wisconsin, Society Insurance has been a leading niche insurance carrier since 1915. Society focuses on the small details that make a big difference to its policyholders while offering top-notch insurance coverage, service and competitive pricing to businesses in Wisconsin, Illinois, Indiana, Iowa, Minnesota, Tennessee, Colorado, Georgia and Texas.

SECURA INSURANCE PUBLISHES 2022 ANNUAL REPORT

Neenah, WI (2/24/23) - SECURA Insurance published its 2022 annual report this week sharing details about the company's financial results, future investments, company culture, and more.

"2022 was a year like no other in our history with respect to claims activity, said Garth Wicinsky, SECURA President & CEO. "We were hit with five major storms, doubling the number of claims we normally have. Through it all, our team delivered on the promise of taking care of our policyholders in their time of need. We could not be more proud of the service we delivered."

Despite the adverse weather, SECURA grew direct written premium to $996 million, with agency partners producing $130 million in new business.

In addition to financial growth, SECURA grew its workforce by 83 new roles in 2022, with approximately 30% of those roles filled internally. Associate voluntary turnover was just 5.66%.

To view the full 2022 annual report, visit annualreport. secura.net. For career opportunities, visit secura.net/ careers.

ABOUT SECURA INSURANCE: SECURA Insurance, headquartered in Neenah, Wis., is a regional group of property-casualty insurance companies operating in 13 states. Approximately 550 independent insurance agencies represent the group, which provides a broad range of competitive commercial, personal, farm, nonprofit, and special events products. SECURA Insurance is known for providing exceptional service to its agents and policyholders since 1900, and is rated A (Excellent) by A.M. Best for its excellent ability to meet policyholder obligations. It is a Ward’s Top 50 company for outstanding results in financial performance and consistency over a fiveyear period, and it is a certified Great Place to Work. Visit www.secura.net to learn more.

ACUITY NAMES VICE PRESIDENT OF BUSINESS CONSULTING

Sheboygan, WI (2/27/23) - Acuity announced that Kay Hutchison is promoted to Vice President - Business Consulting. In that role, she will lead the business systems and staff functions areas that focus on training, auditing, best practices and line support, workflow and system design, staffing metrics and productivity, and corporate strategic planning.

Most recently, Kay had been General Manager-Business Systems at Acuity. In that role, she elevated Acuity’s strategic planning and was involved in a wide array of strategic initiatives, extended the impact of Business

Systems to meet evolving organizational demands, and championed the company’s agile transformation as both strategy lead and general manager. Kay joined Acuity in 1994 as a Business Analyst and was promoted in 1998 to Senior Business Analyst and, in 2003, Business Consultant. In 2004, she was named Manager-Business Systems before being named General Manager-Business Systems in 2013.

Kay earned a bachelor’s degree in mathematics from St. Norbert College, graduating summa cum laude. She also earned an Advanced Management and Leadership Certificate from the Wisconsin School of Business and completed The Institutes’ Executive Education Program. Kay lives in Sheboygan with her husband, Jeff. They have two adult children and a granddaughter.

Acuity Insurance, headquartered in Sheboygan, Wisconsin, insures over 130,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 31 states. Rated A+ by AM Best and S&P, Acuity employs nearly 1,600 people.

WESTERN NATIONAL INSURANCE GROUP ANNOUNCES 2023 "CIRCLE OF EXCELLENCE" AGENCIES AND AWARD WINNERS

• Personal Lines Agency of the Year (Central Region): Hoffman Agency

The Western National Circle of Excellence recognition is announced annually to spotlight an elite group of partners who have excelled based on performance and growth over the past five years (2018 - 2022). An agency must also demonstrate that they meet high standards of professional excellence and integrity in order to be considered for this recognition.

Western National Insurance, headquartered in Edina, Minn., is a super-regional group of property-and-casualty insurance companies. The Group writes business through five active insurance companies—Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, and American Freedom Insurance Company — and is affiliated with Michigan Millers Mutual Insurance Company. Together, the affiliated Group writes over $800 million in personal and commercial direct premium in 19 states across the Northern, Midwestern, and Western U.S. as well as in Alaska; and surety bonds in 38 states. All of the companies’ products are sold exclusively through professional Independent Insurance Agents.

J.M.

Minneapolis, MN (3/15/23) - Western National Insurance Group today announced its 2023 Central Region Circle of Excellence agencies and award winners:

• Ansay & Associates

• Arthur J Gallagher – Bloomington, Minn.

• Arthur J Gallagher – Decatur, Ill.

• Assurance Brokers

• The Brehmer Agency

• Brown & Brown of Mankato

• Choice Insurance

• Christensen Group

• Corporate Four Insurance Agency

• CSDZ

• The Dana Company

• Dimond Bros Insurance

• First International Insurance

• First Western Insurance

• The Horton Group

• Insurance Risk Managers

• Key Insurance

• Kraus-Anderson Insurance

• Kunkel & Associates

• M3 Insurance Solutions

• Marsh & McLennan Agency

• Mel Foster Co. Insurance

• North Risk Partners

• Pine Insurance Agency

• Range Reliable Agency

• Robertson Ryan & Associates

• The Starr Group

• Weizenegger-Engel Insurance

2023 Award Recipients:

• Fast-Track Agency of the Year (Central Region): Freiburg Insurance Agency

• Commercial Lines Agency of the Year (Central Region): Marsh & McLennan Agency

MANDWEE TO FLEET TRANSPORTATION MANAGER

Portage, MI (3/27/23) - J.M. Wilson is pleased to announce the promotion of Adam Mandwee, TRS to Fleet Transportation Manager. Adam is responsible for managing the day-to-day operations of the Fleet team and developing relationships that foster growth with carriers and new and existing independent insurance agents in all states that JM Wilson writes.

Adam joined JM Wilson in 2016 as an assistant transportation underwriter. Promotions in the transportation practice soon followed to the positions of underwriter, senior underwriter, and assistant fleet manager, before this latest promotion to Fleet Transportation Manager. Adam attended Western Michigan University and earned a bachelor’s degree in Business Management with a minor in General Business. In addition, Adam also earned his TRS (Transportation Risk Specialist) designation from the MCIEF (Motor Carrier Insurance Education Foundation.)

Founded in 1920, J.M. Wilson is a Managing General Agency and Surplus Lines Broker providing independent insurance agents access to specialty markets. With offices in eight states, JM Wilson can provide coverage for standard and hard-to-place Commercial Transportation, Property & Casualty, Brokerage, Marine, Personal Lines and Surety. For more information about J.M. Wilson, call (800) 666-5692 or visit www.jmwilson.com.

WILSON PROMOTES

WHAT IS YOUR AGENCY'S NUMBER? THE POLICIES PER CUSTOMER FACTOR

Several factors impact the value of your agency. Some of the biggest factors include maintaining a strong and consistent organic growth rate, retention rate, profitability rate, and overall performance. In addition, agencies being aware of the risk factors that impact the value of your agency is key.

Once you know these factors, you can work to minimize the risk inside your agency and maximize your value. Knowing the overall risk inside your agency is also critical because it is what any future buyer will take into consideration to help them predict the ongoing performance of the agency. There are many different factors that will be considered when assessing both performance and risk inside an agency during a due diligence process, but for now, we are going to focus on only one of the key factors - policies per customer.

Retention is one of the most impactful metrics inside an independent insurance agency. It is estimated that the average customer retention rate inside an agency is 85% while top-performing agencies achieve a 93-95% customer retention rate. The number of policies per customer can be used as a predictive indicator of the ongoing retention rate that can be expected in an agency. It is estimated that the average number of policies per customer for an independent agency is 2.5. For personal lines customers the average is 1.7 policies per customer and for commercial lines customers it is

4.4 policies per customer.

The coverages required for a personal lines customer and a commercial lines customer vary greatly, and therefore, so does this statistic. It is important to keep in mind that these are just averages of the policies per customer and that this metric can vary widely due to the specific customer needs. Knowing your policies per customer is important and can help you strengthen your agency’s performance and value.

Agencies that have a strong account rounding and retention strategy will have a higher policy per customer than those that do not. This will put the agency that invests in this area in a great position to have higher revenue, higher retention rates, and the potential to build a higher level of trust with its customers. Building trust with customers will translate to higher customer loyalty and satisfaction and as a result, their customers will have a higher level of confidence in their agent and their ability to provide the right coverage and advice. We all know that the independent insurance industry is incredibly relationship-driven, and that trust and customer loyalty are great ways to strengthen the overall value of your agency.

The reality is that clients with a higher level of satisfaction and confidence are far less likely to shop their insurance. In addition, the more policies in place, the more complex it is to make a change in their insurance. Insurance is complicated, and the thought of forming a new

relationship, and going through the process of reading and researching what is needed can become both time-consuming and confusing. Satisfied customers are much more likely to stay with the agency that they know like and trust because they know that they are well taken care of!

When an agency owner is ready to transition ownership, their customers will look to them for answers including who they should trust when things change. Agents that have built a high level of trust and loyalty with their customers will be able to transition those customer relationships much easier than agencies that have not built solid foundations with their clients. This is an area that is often overlooked but impacts the value of your agency in a significant way. If your customers are not willing to transfer to the new owner or team in that transition, the value of your agency will suffer.

While generating new business is incredibly

important, having a strong foundation and relationship with your current customers is equally important. If you want to strengthen your agency's value be sure you are identifying opportunities to cross-sell upsell and account round with your current customers. Putting incentives in place for your team to continue to account-round throughout the relationship will strengthen that relationship.

It is incredibly important that your customers know they have a reliable source for their insurance needs. Continuing to build and reinforce that trust with your customers will strengthen your performance by improving your retention, your overall profitability, and ultimately improves the transferability of your agency. For more information on how to strengthen the value of your agency visit www.agency-focus.com or contact carey@agency-focus.com.

> Carey Wallace Founder & Consultant,

AgencyFocus

SENATOR BALLWEG & REPRESENTATIVE DALLMAN ADDRESS FINANCIAL LITERACY

Senator Joan Ballweg (R-Markesan) and Representative Alex Dallman (R-Green Lake) have re-introduced legislation to expand financial literacy in the State of Wisconsin. The legislators began to work to increase financial literacy for high school students last session.

Senate Bill 115/Assembly Bill 109 has garnered the support of 53 legislative cosponsors. The bills have been referred to the Committee on Education in both the Senate and Assembly.

Senate Bill 115 requires high school students in Wisconsin to take one-half credit of a personal financial literacy course in order to graduate from high school. This legislation does not require the creation of personal finance curriculum, which is already existing, but adds this half-credit to the courses required to graduate from high school in our state. Wisconsin currently only requires 15 credits in specified courses to graduate. These required credit are for courses like math, history, English and science.

There has been tremendous support for Senator Ballweg and Representative Dallman's legislation outside of the Capitol. NextGen personal finance awarded a grant to Wisconsin's largest school district, Milwaukee Public Schools, for the implementation of this course requirement. This course is now required for graduation at Milwaukee Public Schools.

They are not the only district in the United States to implement this requirement.

At least 17 other states have introduced legislation similar to Ballweg and Dallman's proposal, including Ohio, Michigan, Nebraska and North Carolina.

Senator Ballweg and Representative Dallman are hopeful that this legislation will pass both houses of the legislature and be signed into law soon.

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