March 2016 Wisconsin Independent Agent Magazine by Independent Insurance Agents of Wisconsin

wisconsin

INDEPENDENT AGENT MARCH 2016

CONVENTION KEYNOTE SPEAKER: DONALD DRIVER! REGISTER AT IIAW.COM

117 th IIAW ANNUAL CONVENTION May 11-12, 2016

Kalahari Resort, Wisconsin Dells

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INDEPENDENT AGENT MARCH 2016 Eric Schwartz, Editor

Open Door Policy Health Insurance Agents: Cut Commissions Lead to Opportunity . . . . . . . . . . . . . . . 5 From The Commissioner OCI Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Virtual University Protect Yourself: ISO’s New Crime Endorsement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Technology Tech and the Changing Face of Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Marketing What Does Your Online Reputation Say About You? . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Sales Power Words + Power Language = Power Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

On The Cover… Donald Driver is famous for his career as a Green Bay Packer and his victory on Dancing With the Stars. But long before his public successes, Donald grew up in a tough environment that could have

Members in the News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

derailed his life. He overcame these

Annual Convention Schedule of Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

challenges to become a champion. This

March 2016 InVEST Awareness Month Why InVEST?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

charismatic athlete and entertainer is

Data Breach An Agent’s Guide to Data Breaches & Cyber Insurance . . . . . . . . . . . . . . . . . . . . . . 26 Commentary From Counsel Updates on Non-Competes & Other Restrictive Covenants . . . . . . . . . . . . . . . . . . . 30 Errors & Omissions Providing MVRs: Put on the Brakes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Independent Insurance Agents of Wisconsin 725 John Nolen Drive, Madison, Wisconsin 53713 Phone: (608) 256-4429 or (800) 362-7441 ■ Fax: (608) 256-0170 ■ Web: www.iiaw.com Executive Vice President - Matt Banaszynski 2015-2016 Executive Committee President......................................................... Steve Leitch P.O. Box 85, River Falls, WI 54022 President-elect .............................................. Matt Weimer 100 North Corporate Dr., #100, Brookfield, WI 53045 Secretary-Treasurer .......................... Lise Meyer Kobussen P.O. Box 633, Sauk City, WI 53583

Jack Riesch P.O. Box 1610, Waukesha, WI 53187-1610 Michael Walston P.O. Box 236, Kewaunee, WI 54216-0236 Darrel Zaleski 4233 Southtowne Drive, Eau Claire, WI 54701 2015-2016 Committee Chairs

Chairman of the Board ............................. John Wickhem P.O. Box 1500, Janesville, WI 53547-15

Agency Operations....................................... Kim Dandrea N19 W24200 Riverwood Dr., Waukesha, WI 53188

State National Director ................................ Linda Steiner 555 Main Street #320, Racine, WI 53403

Automation/Technology ............... Cathleen Christensen P.O. Box 949, Fond du Lac, WI 54936-0949

2015-2016 Board of Directors

Emerging Leaders ...........................................Jack Demski 101 East Grand Ave. #11, Port Washington, WI 53074

Mike Ansay 101 East Grand Ave. #11, Port Washington, WI 53704 Mark Behrens 555 Main Street #320, Racine, WI 53403 Jason Bott 330 East Kilbourn Avenue, Milwaukee, WI 53202 Cindy Burns 500 South Central Ave., Marshfield, WI 54449 Gerald Couri 379 West Main Street, Waukesha, WI 53186 Mike Farrell 1300 S. Green Bay Rd., Racine, WI 53406 Chris Hanson 5601 Grande Market Drive, Appleton, WI 54913 Brian McClone 505 North Westfield Street, Oshkosh, WI 54902

WISCONSIN INDEPENDENT AGENT

Employee Benefits.......................................... Mike Farrell 1300 South Green Bay Rd., Racine, WI 53406 Finance & Compensation ............... Lise Meyer Kobussen P.O Box 633, Sauk City, WI 53583 Government Affairs .......................................Skip Hansen 100 North Corporate Drive #100 Brookfield, WI 53045 Industry Relations ....................................... Kevin Murray 525 Junction Road, Madison, WI 53717 Marketing & Membership Development ........... Jeff Thiel P.O. Box 1610, Waukesha, WI 53187-1610 Smaller Agencies .................................... Michael Walston P.O. Box 236, Kewaunee, WI 54216-0236 Technical ................................................... Mark Truyman P.O. Box 6, Seymour, WI 54165 Technical ...............................................Timothy Kakuska P.O. Box 547, La Crosse, WI 54602-0547

our annual convention keynote speaker at the Kalahari. Join us to hear his story and insights! Attendees and exhibitors, please register at IIAW.com.

> ADVERTISERS & INFORMATION AAA Wisconsin ................................................ 33 ACUITY Insurance ........................................... 35 Amerisafe....................................................... 28 Austin Mutual ................................................. 27 Badger Mutual ................................................. 31 Berkshire Hathaway/Guard ............................ 29 Burns & Wilcox ................................................. 4 Erickson-Larsen, Inc........................................ 21 IIAW Continuing Education .............................. 14 IIAW Prelicensing Schedule ............................ 25 Insurance Associates of America ................... 22 InVEST ...............................................Back Cover J.M. Wilson .......................................................11 Pekin Insurance.............................................. 34 Robertson Ryan & Associates.......................... 17 SECURA Insurance ............................................ 8 Society Insurance............................................ 13 The IMT Group ................................................. 31 West Bend ........................................................ 2 Western National............................................. 6 MARCH 2016 | 3

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OPEN DOOR POLICY

HEALTH INSURANCE AGENTS:

CUT COMMISSIONS LEAD TO OPPORTUNITY

Health insurance companies have been in the news recently for many reasons relating to the Affordable Care Act (ACA), but to agents and brokers it’s the headlines surrounding the elimination or suspension of commissions that is causing turmoil. But as Albert Einstein said, “In the middle of difficulty lies opportunity.”

In this constantly evolving marketplace, agents and brokers must find ways to adapt. With new guidelines from insurance companies, many of you are finding more opportunities for fee-based business. Charging fees for specific services, such as loss control services, is not new to property and casualty agents, but the concept may be foreign to health insurance agents. With Anthem’s recent announcement regarding the elimination of commissions on new individual business between April 1, 2016, and December 31, 2016, I thought it would be good to revisit how a licensed health insurance agent (or P&C agent) can charge fees whether they receive a commission or not.

Charging fees for specific services is not new to property and casualty agents, but the concept may be foreign to health insurance agents. On a related note, be sure and ask your health insurance carriers if they will include feebased business you have written with them in your overall bonus, override or contingency calculation. For example, health insurers such as United HealthCare say they “include such cases (consulting fee based) in our bonus and override programs only with written customer permission.”

State Statute and OCI Regulation Section 628.32 of the Wisconsin Statutes (aka the Disclosure Statute) reads as follows: WISCONSIN INDEPENDENT AGENT

(1) An intermediary may not accept compensation from an insured or from both an insured and another source due to the insured’s purchase of insurance or for advice regarding the insured’s insurance needs or coverage unless the intermediary, before the insured incurs an obligation to pay compensation, clearly and conspicuously and in writing discloses to the insured all of the following: (a) The amount of compensation to be paid by the insured, excluding commissions paid by the insurer to the intermediary. (b) If compensation will be paid by another source, the fact that the intermediary will also receive compensation from the other source. (2) The commissioner may promulgate rules prescribing the form for disclosure under sub. (1).

IIAW Member Resources from Counsel The IIAW’s Legal Counsel, Josh Johanningmeier, has developed a set of disclosure forms for situations where agents can charge a fee when receiving commission(s), as well as a simple fee-forservice (no commissions) disclosure form. A sample and editable consulting fee agreement has also been developed by Josh that can be adapted to a variety of business scenarios. As Josh routinely reminds our members, the forms are a reference point and a valuable member benefit, but conforming them to your agency’s business needs should be done with the assistance of experienced legal counsel. To access the forms, go to IIAW.com and cursor over the Member Resources tab, then Legal Services and click on Sample Forms. You will need to login to IIAW.com with your username and password.

Essentially state law requires that the agent/ broker disclose to the applicant/policyholder that the agent/broker is going to charge a fee and whether or not the agent will be compensated by the insurer. The disclosure must be made prior to engaging the customer as a client, must be clear, concise, and be in writing. The written disclosure must, at a minimum, tell the customer:

What to Charge?

1. The amount of the compensation that the customer must pay the agent for agent’s services; and

According to the Kaiser Family Foundation, agent/broker compensation (fees and commissions) for the individual market in Wisconsin averaged $16.92 per member per month (PMPM). They also noted the average compensation

2. That the agent will also receive compensation from the issuing insurer. In 2005, the Office of Commissioner of Insurance issued a bulletin that summarized the statute and encouraged agents/brokers to follow industry best practices in their disclosures, such as describing in detail the nature of the compensation arrangement with the carrier(s) involved as well as an explanation of how the insured could request additional information.

Arriving at an agent’s or broker’s base fee to charge a client can be difficult. Everyone uses a different calculation of what goes into it. Let’s examine a few facts from both inside and outside of the industry. As a disclaimer, this won’t be an apples-to-apples comparison. As with every industry there are a number of factors that go into a particular pricing structure.

in Wisconsin for the small group market was $14.35 PMPM and $5.79 PMPM for the large group market. CONTINUED ON PAGE 15

> Matt Banaszynski is the Executive Vice President of the Independent Insurance Agents of Wisconsin. Contact him at matt@ iiaw.com.

MARCH 2016 | 5

FROM THE COMMISSIONER

Wisconsin Office of the

Commissioner of Insurance

OCI UPDATES

When Governor Walker appointed me to office in 2011, one of our shared goals as an administration was to ensure that Wisconsin government worked for Wisconsinites. It means we should be responsive to our customers (which in our case includes both consumers and our regulated entities). It means we needed to be good stewards of the taxpayers’ money and operate efficiently under LEAN principles.

As an agency, we have endeavored to follow through on these principles, which sometimes means changes. For many of us, change is uncomfortable but necessary if we are going to grow. We have made a number of important changes.

switched to the National Association of Insurance Commissioner’s (NAIC) SBS for our back office agent licensing system. It provides Agents and Companies much more flexibility and independence in managing the agent licensing and appointment process.

For example, we have completed 23 LEAN projects in the agency, with more to come. We have updated our complaints system, including a new company portal. Not only will we be more efficient, but we have shaved days off the complaint process for consumers and made it easier for the industry to respond, track, and ultimately know when complaints are closed.

In the long run, this transition will be less expensive, have lower fees, and provide OCI with better regulatory tools. As we continue to move through the process, we will need your feedback. Please make sure to let us know any comments – positive or negative – and concerns you may have.

NAIC Changes I also would like to share a number of other important changes.

New Financial and Market Regulation Division Administrator After our previous Division Administrator retired, we took our time to find the right person to fill that position. We are extremely fortunate that Cari Lee, who served as our Market Regulation Bureau Director, is willing to take on the job. Many of you may be familiar with Cari from her time with IIAW, or from her time in the Legislature. Cari’s enthusiasm, ability to navigate complicated insurance issues and gift for re-engineering processes will continue to be invaluable to the agency.

New Agent Licensing System And all of those skills were on display as Cari helped shepherd our transition to State Based Systems, or SBS. It’s not a cool name but it does great things. If you haven’t renewed your license, received a new company appointment, or taken a CE class, you may not be aware OCI WISCONSIN INDEPENDENT AGENT

Unfortunately, my fellow officer and friend from Kentucky, Commissioner Sharon Clark, had to step down from her post. Because she was serving as President-elect of the NAIC, the NAIC had to hold new elections. I was fortunate enough to receive the support of my fellow commissioners and was elected to the office of President-elect. This means in 2017, I will be serving as the President of the NAIC. I mention this only to solicit input – the last NAIC president from Wisconsin was Josephine Musser, 20 years ago. Please let me know about any issues we should be addressing at the NAIC. It continues to be a pleasure and honor to serve as your Commissioner and oversee an incredibly diverse and competitive insurance market in Wisconsin. Thank you for providing the safety, security and peace of mind to the citizens and businesses of this great state!

> Ted Nickel is Commissioner, Wisconsin Office of the Commissioner of Insurance and PresidentElect of the National Association of Insurance Commissioners

MARCH 2016 | 7

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VIRTUAL UNIVERSITY

PROTECT YOURSELF: ISO’S NEW “FRAUDULENT IMPERSONATION” CRIME ENDORSEMENT

In My Adventures with Your Money, author T.D. Thornton writes that, as newspaper subscriptions rose in an increasingly literate America, so did con artistry: “One constant of con artistry is how potential marks never think they’ll get suckered themselves...An 1860 survey of New York police officers estimated one out of every ten city criminals was a confidence man.” The exposure to loss of money, securities, or other property due to trick, scam, etc., has been around for millennia (for the latest scam, Google “Fake Presidents Fraud”), but from an insurability standpoint, traditional “ISO standard” insurance products have excluded this exposure as a business risk. For example, the ISO CP 10 30 special causes of loss form excludes: Voluntary parting with any property by you or anyone else to whom you have entrusted the property if induced to do so by any fraudulent scheme, trick, device or false pretense. Similarly, ISO’s commercial crime forms have excluded, except for certain types of computer fraud, the loss of money, securities, or other property due to a “fraudulent instruction,” as defined by the policy forms. Those exclusions are a now thing of the past. In the October 30, 2015, edition of the VUpoint newsletter, we ran the following “From the Editor” blurb: New ISO Crime Coverage Forms for Scams and Bitcoin Currency ISO has made Forms Filing CR-2015-OFR15, which includes two major changes for “virtual currency” and “fraudulent impersonation.” The filing discusses how federal agencies grapple with how and whether to regulate virtual currencies like Bitcoin (money, securities, something else?). In the meantime, ISO is introducing endorsements to clarify how crime

coverage extends to digital currency. Perhaps a more important change is the new CR 04 17 11 15 – Fraudulent Impersonation endorsement – which allows, under separate coverage parts, coverage for fraudulent impersonation of employees and fraudulent impersonation of customers and vendors. Both commercial property and crime forms have, historically excluded coverage for tricks, scams, etc. The purpose of this article is to take a closer look at the new Fraudulent Impersonation endorsement that can be used with ISO’s 12 primary policy/coverage forms, from the CR 00 20 to the CR 00 31. In a nutshell, the new endorsement covers fraudulent impersonation scams where the insured is tricked into transferring money, securities or other property by someone impersonating an employee, customer or vendor of the insured. As detailed in the filing, the endorsement has two parts:

1. Fraudulent Impersonation of Employees According to ISO, under this part, coverage is provided for loss resulting directly from the insured, in good faith, transferring money, securities or other property in reliance on a transfer instruction purportedly issued by an employee of the named insured, partners, members, managers, officers, directors, or trustees, but which actually was issued by an

imposter without the knowledge or consent of a person listed above.

2. Fraudulent Impersonation of Customers and Vendors This coverage is similar to that for fraudulent impersonation of an employee except that it applies to customers or vendors with whom the insured has a written contract. Each of these coverages has three options: Option A requires verification for all transfer instructions. Option B requires verification for all transfer instructions in excess of the amount shown in the endorsement schedule. Option C does not require verification of transfer instructions. This can be a VERY valuable endorsement for many, if not most, customers. It is currently not available in ISO’s BOP program, which is yet another reason why a BOP, given its very limited number of coverage options compared to a Commercial Package Policy, may not be the best > Bill Wilson is choice for many director of the Big “I” customers with the Virtual University. exposures they face Contact him at bill. wilson@iiaba.net. today.

The Virtual University is a Big “I” members-only resource. Many articles are based on real-life questions received by the Ask an Expert service. This service ensures that the information is current and topical. Go to www.independentagent. com/Education/VU/. You will need to login with your IIABA username and password before using the VU. The IIABA does not assume and has no responsibility for liability or damage which may result from the use of any of this information. WISCONSIN INDEPENDENT AGENT

MARCH 2016 | 9

TECHNOLOGY

TECH AND THE CHANGING FACE OF INSURANCE

It’s only 2016, but the real world is quickly moving into the realm of science fiction. Drones, driverless cars and not-really-hoverboards are (or soon will be) commonplace.

We’ve also seen technology change industries not normally associated with the term “cutting edge” — Uber has all but replaced taxis for many people, and Airbnb made finding lodging as easy as opening an app. But with these new toys and technologies come questions. Whether it’s about which regulations apply to disruptive players, what new tech means for existing jobs or why hoverboards keep exploding, there’s a learning curve with integrating new technology into our lives. Here’s the one question everyone should be asking: What does this mean for my insurance?

Beginning in 2016, we’ll start seeing established companies and newcomers alike move to fill insurance coverage gaps being created by new technology and industries. There’s a reason so many people think insurance — what it covers, how it’s sold and more — needs an overhaul. The industry is slow to react, and when finances, security and safety are on the line, you don’t want to be playing catch-up. Do I need insurance for my drone? What does a driverless car mean for auto liability? When the lines of coverage are blurred, it leaves a grey area of confusion at best and a complete gap in protection at worst. The good news is that change is coming

10 | MARCH 2016

(and in some cases is already here). And the opportunity is too big to be ignored for long. Beginning in 2016, we’ll start seeing established companies and newcomers alike move to fill insurance coverage gaps being created by new technology and industries.

Current Evolution We’ve already seen changes come, slowly, to the sharing economy — the phrase for the industry that allows everyday folks to use what they already own (like their cars or homes) to provide goods and services to other people. Take Airbnb, for instance. Many people don’t have liability coverage through their homeowner’s or renter’s insurance. If your insurer found out you were using your house as a makeshift bed and breakfast, your policy was likely to be canceled. Now, though, there are more options for protection. Umbrella policies help cover a wider range of issues. Smaller insurers such as Peers are providing adequate insurance coverage. And even if Airbnb’s Host Protection Coverage and Host Guarantee only provide secondary coverage and don’t completely fill the gap in protection, they show that these companies recognize the need for such products. Leaving your customers out to dry isn’t the best way to build a business. Or look at Uber. There used to be a gap in insurance coverage where an Uber driver would be covered by their own auto insurance when they were off the clock, covered by Uber’s insurance when driving a passenger but covered by neither when they were looking for a customer. Just like with Airbnb, Uber drivers could get their coverage canceled if

they tried to file a claim when they were using their car for commercial purposes. Your best solution was hoping you picked up a whole lot of passengers to cover the cost. But in the last few months, we’ve seen rideshare coverage expanding. First it was small companies like Metromile, but major insurers like MetLife are stepping up to provide some form of rideshare insurance.

Room for Growth The sharing economy has begun to evolve, but there are new professional sectors around the corner that soon will go through the same growing pains. Drones are going to take off in 2016. Even if we don’t get the long-hypothesized utopian drone delivery services we’ve been promised, they’re already in use in some industries; insurance companies, for example, are using them to survey damaged properties. Some specialized companies provide commercial drone insurance, and earlier this year AIG was the first major player to offer their own insurance. But personal drone use is still underinsured, even with the FAA predicting one million drones sold during the 2015 holiday season. As with ridesharing, there are use cases for which insurers simply aren’t offering coverage. Does your homeowner insurance cover drones? The answer is a case-by-case “it depends,” which is hardly helpful. The companies that provide comprehensive coverage for all facets of drone ownership, ranging from personal injury liability to hull and body protection, will find a lot of paying customers. WISCONSIN INDEPENDENT AGENT

TECHNOLOGY Rethinking Auto

The Insurance of Things

Even a sector that has a long history — auto insurance — could be due for a shake-up. Self-driving cars are taking a huge part of the insurance equation out of play by removing drivers, and a whole host of questions pops up with that: Who’s liable for damages? What will an auto insurance policy actually cover? Some analysts think that car insurance premiums could drop as much as 60 percent in the next 15 years as computerized drivers take over and the number of accidents plummet (and we’re shown just how bad at driving we’ve been this whole time). And that’s only for personal use. What about the additional insurance needs for, say, driverless delivery startups? Or the even more complicated scenario of two new industries merging as ridesharing companies come equipped with a driverless fleet? We’ll fundamentally be changing the way we interact with cars, and insurance will have to change along with it. Will driverless cars hit the road en masse in 2016? Probably not. Ford is predicting 2020 at the earliest. But we’re already seeing the beginnings, and insurers should begin looking into their options now or they’ll find themselves on the outside looking in — again.

A seemingly persistent problem for people across the globe are data breaches that put our sensitive personal data into the wrong hands. Corporations use data breach insurance to protect themselves from the costs associated with breaches, but it’s time for data breach insurance to spread to the masses. As more and more devices connect online, the so-called Internet of Things, we find ourselves giving to cloud platforms more and more private data ripe for the taking. That’s why data breach insurance will be crucial for both manufacturers and consumers. As we’ve seen with, for example, the Target data breach, it can be costly for the companies who have been hacked to make corrections and satisfy customers’ need for restitution. Data breach insurance will (and does) protect companies from liability costs, but only an estimated one in three companies has data breach insurance. That number is going to have to grow as the number of online devices do, or companies are going to find themselves in for a rude awakening in the form of lawsuits, fines and bad publicity. And it’ll be just as important for consumerfacing insurance to come into play if and when

WISCONSIN INDEPENDENT AGENT

personal or financial information is stolen and used against customers. With more and more points of failure introduced, from devices to kids’ toys to appliances and more, it will be important for this protection when the inevitable data breaches do occur. But this additional insurance cost could be offset by the lowering of other insurances. With devices constantly online and talking, sending status reports to different parties, the risk of fire, flood, burglary and more are reduced. Car insurance prices will drop as vehicles become safer, and home protection costs will go down, too, as houses become somewhat unsettlingly self-sufficient. So where do we go from here? Technology isn’t slowing down and waiting for insurance to catch up. But that just means there will already be markets ready to buy protection once insurers join the game. > Jennifer Fitzgerald is co-founder and And if they don’t? CEO of PolicyGenius. Well, there will always This article originally be newcomers who see appeared on TechCrunch.com. a great opportunity.

MARCH 2016 | 11

MARKETING

WHAT DOES YOUR ONLINE REPUTATION SAY ABOUT YOU? There are countless attributes that determine your success as an insurance producer, but nothing is more important than your reputation. Most people would agree that you either have a good or bad reputation in the marketplace. I believe that in today’s digital world, too many insurance producers fall into a third category: no reputation. It’s common sense that having a bad reputation can make it nearly impossible to survive in the insurance business. But what about having no reputation at all? Imagine you enter a meeting with your prospect prepared, focused and ready to deliver. You build great rapport during the initial meeting, discuss new ideas, and ways you can bring value to the table. You had 30 minutes with this prospect and you made the most of them. Unfortunately for you, a competing agent not only had a productive 30-minute meeting with the same prospect, they also had built a first-class reputation that produced dividends before and after the meeting.

How is your online reputation? If I searched your name today, what would I find? What wouldn’t I find? Would I be impressed or underwhelmed? Needless to say, you didn’t get the business. What happened? Maybe your reputation let you down. Or perhaps it was your lack of reputation. All agents agree that developing and maintaining a positive reputation with prospects and customers is vital. Reputation

12 | MARCH 2016

is built upon the core principles of know, like and trust. Not only is this established by what others are saying about you offline, but what they learn about you online.

How to Build Your Reputation Online In the past, sales producers have relied on prospect meetings, phone calls, customer testimonials, and marketing materials to establish and build a positive reputation. These are all fabulous ways to earn likability and trust, but today’s super producers go a step further. Successful agents today have learned how to grow their presence and credibility before the first meeting ever takes place and long after it’s over.

Typically, the answer is “no” for most insurance professionals. Instead of providing valuable content online that their audience can use, salespeople rely on their company’s marketing materials and one-on-one appointments.

In the connected generation, your reputation is what people read about you on their computer, tablets and smartphones.

I love nothing more than a face-to-face appointment or a warm phone call, but you can’t rely on these. How can you gain mutual respect with your prospects before you ever pick up the phone or shake hands? What do your ideal prospects and clients want? What expertise can you provide? What questions can you answer for them? What are others saying about you online to bolster your credibility? > Brent Kelly is the

A question I often ask insurance producers is, “Are you Googlable?” It sounds at first like a crazy question, but it’s far from it. In fact, moving forward, it may be one of the most important questions you can ask. How is your online reputation? If I searched your name today, what would I find? What wouldn’t I find? Would I be impressed or underwhelmed? Most importantly, if I searched for you online today, would I want to learn more about you and desire an appointment? Would I feel more confident in making a buying decision with you?

These important questions can all CONTINUED ON PAGE 15

co-founder and CEO of BizzGrizz Marketing. Brent is a featured speaker at the 2016 IIAW Annual Convention.

WISCONSIN INDEPENDENT AGENT

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MARCH 2016 | 13

CONTINUING EDUCATION

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ay 11-12, 2016 Kalahari Resort, WI Dells Keynote #) #!"' Speaker: Donald REGISTER AT IIAW.COM Driver ) !! "" !!

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MARKETING

WHAT DOES YOUR ONLINE REPUTATION SAY ABOUT YOU? CONTINUED FROM PAGE 12

be addressed and solidified online through numerous channels. These could include, but are not limited to:

+ Webinars

+ Website content

+ Video

+ Blog posts

+ Industry related articles

+ Social media updates and profiles

All of these channels contribute directly to building your online presence and make you not only more valuable to those you want to serve, but searchable as well.

+ Online reviews

+ Podcasts or audio

+ Testimonials (written and video)

+ White papers

When a prospect Google’s your name, agency, or questions on a specific product or service you specialize in, what will they find?

+ E-books

If your answer is “nothing,” or “I have no

+ E-mail newsletters/follow-up

idea,” you are selling yourself short. Start using the online space to build, enhance and solidify your reputation. Today’s sales producers must build a strong online presence to earn respect and stand out. You can’t sit back and hope your agency or company partner will do all the heavy lifting for you. My sales mentor, Jeffrey Gitomer said it best: “In the old days you could get away with being a company man. Today you better be your own man or woman. You better have your own brand and your own reputation because it gets there way before you do, and sets the tone for the mutual respect you’re hoping for.”

OPEN DOOR POLICY

HEALTH INSURANCE AGENTS:

CUT COMMISSIONS LEAD TO OPPORTUNITY CONTINUED FROM PAGE 5

As the general public is aware, CPAs/ accountants and fee-only financial advisors have been charging fees for service for some time now. Much can be gleaned from their business model in the amount they charge and the consumer’s appetite to pay it. Take for example the average cost of a professional income tax preparer to handle a typical, itemized tax return. According to the National Society of Accountants, the cost to prepare a 2014 tax return (filed in 2015) averaged $273 nationally and $240 in the Midwest. In addition, some tax professionals charge additional fees, such as $42 to file an extension, an average fee of $88 to expedite a return, and an average fee of $93 if information is not provided in advance of an agreed-upon deadline. A fee-only financial advisor/planner is WISCONSIN INDEPENDENT AGENT

a registered investment advisor with a fiduciary responsibly to act in their clients’ best interest. According to a CBS News Money Watch article titled, Are You Paying Too Much for Financial Planning and Advice, “These (Fee-only) advisors give you a price list up front, for work by the hour, by the task, or for ongoing management of your money. They don’t take sales commissions, so they’re not primed to push products. They sell only their planning and investment expertise.” In researching the fee structure of a few members of the National Association of Personal Financial Advisors (NAPFA) located in Wisconsin, I found that financial planning advice by the hour ranges from $150 to $250 if you do not have your investments with said financial planner. Otherwise, financial planning service fees in which the advisor

manages ones assets can range from .5% to 1.5% depending on the total amount of the assets under management. As the ACA continues to cause financial stress on health insurance companies they are likely to continue to shift away from paying commissions on individual health insurance business. If agents and brokers are to continue to operate in this market, they need to develop a clear and concise way to articulate their value proposition, charge fees for their service and look at packaging individual health policies with additional ancillary policies (of which you do get paid a commission) as a means to ensure they are made whole for their time and counsel. The ACA won’t be the demise of the health agent/broker because together we are coming out bigger, faster, smarter and stronger!

MARCH 2016 | 15

SALES

POWER WORDS + POWER LANGUAGE = POWER SALES How do you add power to your sales? With language — simple, natural language. You don’t have to know unusual or complicated words to speak powerfully. You don’t have to have a limitless vocabulary, or use big words to make a big impression. The important thing is to use language that is comfortable for you, and use it in a creative, colorful way. Look for the most interesting word or phrase to express your meaning. Stay away from clichés. If you’re looking for comparisons, make up your own. In my workshops and seminars, I often ask participants to create alternatives to clichéd phrases. Instead of saying, “white as a sheet,” one person suggested, “white as your newly-cleaned teeth.” Instead of “quiet as a mouse,” someone came up with “silent as a bell that’s lost its clapper.”

N G LY IF Y O U FE EL ST RO IN G , U SE A BO U T SO M ET H S. IF Y O U ST RO N G W O RD O U H AV E SO U N D A S IF Y W H AT D O U BT S A BO U T Y, TH EN Y O U H AV E TO SA W IL L, TO O . Y O U R CL IE N TS

16 | MARCH 2016

If you do use complicated language, make sure that you choose the word you want. Would you buy a policy from an agent who said, “The coverage you’ll get from this policy is inconsequential. I mean incontrovertible. I mean inconceivable. Well, you’ll get good coverage.” He was trying to impress, and all he did was make you doubt his sincerity.

Powerful Speech Avoids Passive Language Social scientists at Duke University have been able to pinpoint a specific pattern that identifies powerless speech. Powerless speakers use hedges such as “I think,” “it seems like,” and “you know.” Their language is filled with modifiers such as “kinda” and “sort of.” We all do this, all the time. We modify a powerful statement and weaken its value. We say, “I think” or “I’ll try” or “I hope.” If we say, “I think perhaps this could possibly be a good idea,” it is clear that not much is going to happen. Try saying, “This is a good idea. It’s worked for others and will work for you.” If you feel strongly about something, use strong words. If you sound as if you have doubts about what you have to say, then your clients will, too.

The 12 Most Persuasive Words There are two components to creating powerful language: eliminating the words that detract from your message and adding language that, although ordinary, resonates. The key to power language is to recognize that

Here’s a riddle: What’s a financial advisor’s most basic tool, there at the tip of the tongue, and yet one of the greatest enhancers he or she can ever use? The answer is simple — The Word. The ordinary, every day word that can turn you into a dynamic, inspiring and powerful salesperson. words have something more than their basic meaning: They have emotional content, too. If you want to persuade your clients you must search for language that has emotional appeal. While you’re aiming in that direction, you’ll find these 12 words (and their synonyms) coming to your aid over and over again: 1. DISCOVERY. With shades of childhood treasures, this word conveys excitement and adventure. If you tell your clients that you want to share a discovery with them, you start to make your enthusiasm contagious. Let them detect, find, uncover, recognize and realize the value of the product or service you offer. It will be a real eye-opener. 2. EASY. Many people are basically lazy and will look for a quick, uncomplicated answer. Sharing one with a prospect will certainly score points, and open up channels of communication for you. Simple, straightforward, uncomplicated, easy to understand — all these terms reassure clients that no hidden difficulties lie ahead. A very powerful statement is made by combining these first two persuaders and saying, “You’ll discover how easy it is to get information from our customer service department.” 3. GUARANTY. We are all reluctant to try something new because of the risk involved. Take away that fear by guaranteeing a sure thing, and you can sell your clients on the point you’re trying to make. Assure your clients that if they should have any questions or problems, you’ll be there to help them out. 4. HEALTH. Self-preservation is a great motivator. Let clients know how much better they’ll feel when they use your product WISCONSIN INDEPENDENT AGENT

SALES or service. Also, salespeople who foster a healthy atmosphere and attitude themselves are more effective sellers. Take breathing, stretching and stress reduction breaks between presentations. 5. LOVE. The thing we can’t do without, and the one word that evokes all kinds of romantic fantasies. It takes people out of themselves and into a world free of tension and worry. Tom Peters made passion a corporate goal. Find the romance in whatever product you’re selling. 6. MONEY. People react perceptibly at the thought of saving money. Who doesn’t want to save money, get a bargain, take advantage of a golden opportunity, or profit from an idea that will pay big dividends? Everyone does; use these phrases wisely and watch your investment in words pay its own big dividends! 7. NEW. Salespeople are always striving to impart new information and sell new products. Clients want to know about new products that are available to them; they also want to know that you are up-to-date about all the newest regulations that effect their financial needs. 8. PROVEN. Assure clients that what you’re selling has already been tested and given the go-ahead. Although everyone likes things that are new, they also want to know that they’re not taking too great a risk. Let them know your claims have been established by experts and authorities, or have been demonstrated again and again.

WISCONSIN INDEPENDENT RRA_IIAW_Ad_March_16_Outlines.indd 1 AGENT

9. RESULTS. This is the bottom line — where you tell people about what they get, what will happen, etc. Results are what really count. Let clients know right up front that they can count on you, your product or your service to produce the results they need and expect. 10. SAFETY. Unless your customer has a death wish, the idea of safety is very comforting. Guarantee your clients’ peace of mind. Offer them full protection, total security; let them know you will protect their valuable investment. Take away the guesswork and the needless worry. 11. SAVE. Even the wealthiest people shop for bargains. Why? Because everyone likes to save. It’s not just money that entices; people also want to hear about saving time and energy. 12. YOU. I’ve saved the most important word

for last. Powerful salespeople personalize their presentations and use this word often. You can’t stir up excitement if you don’t address your clients directly. Anything you say to personalize your sales approach, make your clients feel special and that you’re looking out for their best interest will gain you significant results. It shows clients that you care about them. And that’s really what powerful selling is all about. Power language is appropriately named; use it well and you will be perceived as being powerful also. As Mae West so aptly put it, “It’s not what I say, but how I say it.” Smart woman, that Mae.

> Dorothy Leeds is renowned teacher, author, performer and keynote speaker. She is a master salesperson and communicator. Learn more at dorothyleeds.com.

MARCH2/2/2016 2016 8:31:25 | 17 AM

S W E N E H T N I S R E B MEM In her new position, Monica will work with the company’s event planning team to coordinate companywide employee and agent social and educational functions as well as procurement and distribution of major promotional items and gifts with all associated communication.

J.M. Wilson Adds Mandwee as Assistant Fleet Underwriter, Benda as Claims Rep & Personal Lines Underwriter J.M. Wilson is pleased to announce the addition of Adam Mandwee as Assistant Fleet Underwriter in their Portage, Michigan office. Adam is responsible for quoting new and renewal fleet transportation accounts, setting up and binding policies, assisting underwriters, and serving independent insurance agents in 21 states.

Adam Mandwee

Prior to joining J.M. Wilson, Adam was the General Manager at Zooroona Mediterranean Grill and a Supervisor at Tiffany’s Wine and Spirits. Adam attended Western Michigan University where he earned a Bachelor’s Degree in Business Management with a minor in General Business.

J.M. Wilson also announced the addition of Adam Benda as Claims Representative and Personal Lines Underwriter. Adam is responsible for the intake and processing of claims for Adam Benda Property and Casualty, Transportation, Brokerage, Professional and Personal Lines accounts. He is also responsible for quoting, processing, and binding new and renewal personal lines risks and serving independent insurance agents in 21 states. Prior to joining J.M. Wilson, Adam worked as an Underwriting and Technology Manager for an insurance agency for 13 years. After that, he worked for another insurance agency as Operations Manager. Adam graduated Magna Cum Laude with a Bachelor’s Degree in Business Administration from Northwood University. He also earned his CISR (Certified Insurance Sales Representative) designation. For more information about J.M. Wilson, please visit jmwilson.com.

ACUITY Hires Rincon as Customer Relations Specialist ACUITY announces the addition of Monica Rincon, Customer Relations Specialist. Monica comes from Sartori Company in Plymouth, Wisconsin, where she coordinated events for domestic and international trade shows, entries into product competitions, companywide communications, sales team support, competitive analysis, and procurement of promotional materials.

18 | MARCH 2016

A graduate of UW-La Crosse with a B.A. degree in Communication Studies – Organizational and Professional Communication with a minor in Interpersonal Communication and a primary interest in corporate event management, Monica lives in Sheboygan. Monica Rincon

For more information about ACUITY, please visit acuity.com.

SECURA Recognizes 2015 Top-Performing Agencies SECURA Insurance announced its topperforming agencies for 2015. To earn this prestigious recognition, these independent agencies met specific criteria based on their premium volume, profitability, growth, retention, and loss history with the insurance carrier.

Dave Gross, SECURA’s President & CEO, congratulates the 2015 top-performing agents. From left to right: Eugene Rudnicki, Beth & Rudnicki Insurance; Darrel Zaleski, Spectrum Insurance Group; Chris Meidt, North Risk Partners; Barry Quernemoen, North Risk Partners; Tom Schaetz, Ansay & Associates; Tim Heyroth, SECURA VP– Sales; Dave Gross, SECURA President & CEO; Doug Dittmann, The Neckerman Agency; Bruce Freeland, Indianhead Insurance Agency; Craig Jameson, Indianhead Insurance Agency; Tom Berra Jr., Crane Agency; Mike Reedy, Crane Agency.

The Charles L. Crane Agency Company, from St. Louis, Mo., was named the Top-Performing Agency for 2015. The Crane Agency has partnered with SECURA for 22 years, and this is the agency’s eighth time earning a top-performer award from the company. Tom Berra, Jr., President; and Mike Reedy, President Emeritus; accepted the award at a ceremony in January at the company’s annual Premier Agent Professional Development Conference.

These independent agencies also received top-performing agency awards: • Ansay & Associates, LLC, Port Washington, Wis., is a three-time award recipient and has represented SECURA since 1985. WISCONSIN INDEPENDENT AGENT

S W E N E H T N I S R E B MEM • Beth & Rudnicki Insurance Agency, Inc., Rockford, Ill., is a threetime award recipient and has represented SECURA since 2000. • Indianhead Insurance Agency, Inc., Eau Claire, Wis., is a 10-time award recipient and has represented SECURA since 1978. • The Neckerman Agency, Madison, Wis., is a three-time award recipient and has represented SECURA since 1992. • North Risk Partners, LLC, St. Cloud, Minn., is a three-time award recipient and has represented SECURA since 1993.

“The Hot 100 represents the best of the best the insurance industry has to offer. These are true thought leaders and influencers in our industry,” said IBA senior journalist Caitlin Bronson. “This list is very much a ‘who’s who’ of power players and innovators in insurance.” In September 2015, Banaszynski was honored by IBA as one of the industry’s ‘Young Guns.’ “Young Guns represents the new face of insurance – a combination of the traditional work ethic that has been the industry’s backbone for years and the technological know-how that it needs to move into the future,” said Bronson.

In addition, the carrier recognized independent agency Spectrum Insurance Group from Wisconsin Rapids, Wis., as its Rookie of the Year. The agency has worked with the insurance company since 2014.

Go to IBAmag.com/e-magazines for the full publications.

“We value the trusted relationships we’ve built with our top agents over the years,” said Dave Gross, SECURA’s President & CEO. “I’m proud to recognize their outstanding success and dedication to our company, and honored to call them friends.”

Integrity Insurance and affiliate partner, Grange Insurance, honored Integrity associate, Patti Stingle, Sr. Commercial Lines Underwriter, at the second annual Accolades Award ceremony to celebrate her outstanding achievements in 2015. Stingle, a Black Creek native, has been employed with Integrity for 24 years.

For more information about SECURA, please visit secura.net.

Integrity Insurance Honors Stingle as Outstanding Associate

Banaszynski Named to Insurance Business America’s Hot 100

Matt Banaszynski

Matt Banaszynski, Executive Vice President of the Independent Insurance Agents of Wisconsin, has been named in Insurance Business America magazine’s Hot 100 list for 2016. The annual list acknowledges the ‘movers and shakers’ that led the insurance industry during 2015.

Honorees are nominated by their peers and chosen after careful consideration by the IBA’s editorial panel. They range from smalltown insurance brokers to CEOs of international companies to congressional leaders. Notable recipients include: Denis Brady, President of Burns & Wilcox Brokerage; Fred Eppinger, President and CEO of The Hanover Group; Ben Salzmann, CEO of ACUITY Insurance; J. Paul Condrinn III, President of Commercial Insurance at Liberty Mutual; J. Patrick Gallagher, Chairman, President and CEO of Arthur J. Gallagher & Co.; Dominic Casserley, CEO of the Willis Group; and Bruce Kelly, President, CEO and Treasurer of EMC Insurance Group. WISCONSIN INDEPENDENT AGENT

Integrity and Grange established the enterprise-wide Accolades Award program in 2014 as a way to recognize associates whose work has left a significant and lasting impact. In addition to Stingle, 15 associates from Grange Insurance were honored with the prestigious Accolades Award. Integrity President Jill Wagner praised Stingle for her achievements: “Patti is an extraordinary associate who truly embraces and exemplifies the culture at Integrity. She consistently goes above and beyond and is committed to providing world-class service for our commercial lines agency partners. I applaud her for taking our core values and putting them into action to make Integrity better.” Patti Stingle

For more information about Integrity, please visit integrityinsurance.com.

CONTINUED ON PAGE 21

MARCH 2016 | 19

S W E N E H T N I S R E B MEM shared Bill Benecke, executive vice president and chief claims officer. “His expertise will continue to support the Compliance Department and other business initiatives in this new role.”

CONTINUED FROM PAGE 19

Philadelphia Announces Two Senior VP Promotions

Mr. Walton joined PHLY in 2013 as Vice President of Corporate Underwriting. He is responsible for the placement of PHLY’s reinsurance treaties and managing the facultative reinsurance process. He has also directed PHLY’s catastrophe modeling and aggregate management, quarterly property portfolio optimization updates, and the underwriting analysis unit.

Philadelphia Insurance Companies announced the promotion of two Vice Presidents to Senior Vice President. Sam Garro is now Senior Vice President of Compliance and Patrick Walton assumes the position of Senior Vice President of Underwriting. Mr. Garro joined PHLY in 2012 as Vice President of the Compliance Department. He has been responsible for managing the work of the various units in the department including product development, agent licensing, and underwriting audits. The Compliance Department that Mr. Garro manages oversees product development, state filing, product/system support, statistical reporting, producer appointments, underwriting audits, DMV reporting, regulatory notice issuance, and product implementation. “Under Sam’s leadership, our Compliance Department has developed and expanded significantly over the past four years,”

WISCONSIN INDEPENDENT AGENT

Sam Garro

“Pat has been an asset to our company by successfully managing our reinsurance placement and several property-focused processes,” said John Glomb, executive vice president and chief underwriting officer. “He will continue to drive the strategy of the Corporate Underwriting Department in this new role.”

Patrick Walton

For more information about Philadelphia, please visit phly.com.

MARCH 2016 | 21

We Are Your

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When you become a part of the Insurance Associates of America family, your agency keeps its unique style, familiar identity, and personalized customer service. What we offer is access to over 30 carriers along with industry expertise and support to help you grow your agency. You’ll retain 100% ownership of your agency, while benefiting from the shared strength of all of our Insurance Associates of America members.

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Sell more. Make more. Stress less.

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For more information call Mike Sabourin 866-789-9712

InVEST is a 501(c)(3) non-profit organization dedicated to improving insurance literacy in students and attracting new talent to the industry. More than 750 high school and college classrooms across the United States are utilizing InVESTâ&#x20AC;&#x2122;s free materials to improve the perception of our industry, educate young people on insurance and help students discover insurance industry career options. Insurance professionals volunteer in local InVEST classrooms as guest speakers and bring exciting, real-life insurance information and career inspiration to the next generation of potential emploĆźees and customers. There are thousands of InVEST graduates in the workforce today and InVEST aims to continue fueling the insurance industryâ&#x20AC;&#x2122;s demand for talent by building grassroots programs nationwideâ&#x20AC;&#x201D;but we need your help.

What is InVEST Awareness Month? As an industry, we need to make a collaborative effort to gain more visibility,

traction and donations so InVEST can reach

more potential recruits.

This call-to-action is echoed across the country by many in the industry, but not everyone is listening. We want to continue to grow the InVEST prograÄľĹŁĆ&#x2030;Fnsurance professionals of all ages need to do their part to ensure a solid future for the industry that has provided their livelihood. We need your home office, local branches, agents and other stakeholders to join forces to create a unified voice to support the InVEST programâ&#x20AC;&#x201D;and take action. Through InVEST Awareness Month, the InVEST board of directors wants the increased exposure to generate not only new donations, but also encourage more volunteers to step forward to support local classrooms.

investprogram.org

How to Get Invoved: InVEST Awareness Month will take place throughout March 2016, however, supporters are welcome to pick a week during the month to focus on promotion and participation. There are several ways your organization and staff can get involved during InVEST Awareness Month.

Here are a few ideas: Build Awareness:

â&#x20AC;˘ Change your Facebook cover photo to the InVEST Awareness Month image â&#x20AC;˘ Use the campaign hashtag in your agent and employee-focused social media spaces â&#x20AC;˘ Host an InVEST information session for your employees to explain how staff and/or contacts (agents/vendors) can get involved â&#x20AC;˘ Write or share blog posts or articles about hiring InVEST graduates â&#x20AC;˘ Post the InVEST Awareness Month banner advertisement on your website

Raise Funds:

â&#x20AC;˘ Donate to InVEST so the non-profit program can educate more students about insurance and careers within the industry â&#x20AC;˘ Host a fundraiser at your organization to encourage staff and/or contacts to donate â&#x20AC;˘ Host a â&#x20AC;&#x153;wear jeans to workâ&#x20AC;? day requesting participants donate $5 to InVEST â&#x20AC;˘ Conduct a 50/50 raffle and donate proceeds to InVEST â&#x20AC;˘ Host an agent happy hour with a suggested donation of $30 per person to benefit InVEST â&#x20AC;˘ Donate an item to the InVEST Silent Auction, a national event which provides scholarships to InVEST graduates â&#x20AC;˘ Encourage other carriers to support InVEST

Volunteer:

â&#x20AC;˘ Encourage staff and/or contacts to volunteer in the classroom â&#x20AC;˘ Host a Job Shadow Day or field trip in your office â&#x20AC;˘ Employ an â&#x20AC;&#x153;InVEST Intern for the Weekâ&#x20AC;?

investprogram.org

INDEPENDENT INSURANCE AGENTS OF WISCONSIN

2016 PRELICENSING CLASS SCHEDULE Conducted at the State Association Headquarters, IIAW prelicensing classes fulfill the study requirements for life, health, property and casualty. Full course materials — not just an outline — are included with registration. The classes are: Designed to help you pass your state licensing examination. The quickest way to meet the WI education hours requirement. Taught by experienced insurance professionals who know the business. Conducted in a comfortable classroom with free parking. Approved by the Office of the Commissioner of Insurance.

2016 CLASS DATES Life & Acc./Health January 11-14 February 8-11 Feb. 29-March 3 April 4-7 No May class June 6-9 July 11-14 August 8-11 September 12-15 October 3-6 October 31-Nov. 3 December 5-8

PRICING & CLASS D E S C R I P T I O N S

Property & Casualty Jan. 18-21 & Jan. 25-28 February 15-18 March 21-24 Apr. 11-14 & Apr.18-21 May 23-26 June 20-23 July 25-28 August 22-25 September 26-29 October 17-20 November 14-17 December 12-15

To register, click the Education tab on IIAW.com. For WI exam info, visit prometric.com.

IIAW MEMBER PRICING: $320 Member pricing given for full class registrations. NON-MEMBER PRICING: $335 You may also take individual classes. Class descriptions and prices are below. Life & Accident/Health Day One (Monday) 8:30 a.m. - 4:00 p.m. ($80) SECTION A: Principles of Insurance & General WI Insurance Law Ethics Day Two (Tuesday) 8:30 a.m. - 4:00 p.m. ($85) SECTION B: Life Policies, Terms & Concepts Day Three (Wednesday a.m.) 8:30 - 11:30 a.m. ($42.50) SECTION B: Life Policies, cont. & WI Life Insurance Law Day Three (Wednesday p.m.) Noon - 4:00 p.m. ($42.50) SECTION B: Accident & Health Policies, Terms & Concepts Day Four (Thursday) 8:30 a.m. - 4:00 p.m. ($85) SECTION B: Accident & Health, cont. & WI Health Insurance Law

Property & Casualty Day One (Monday) 8:30 a.m. - 4:00 p.m. ($80) SECTION A: Principles of Insurance & General WI Insurance Law Ethics

CLASS SITE/DIRECTIONS The IIAW is located at 725 John Nolen Dr. in Madison, WI. Take the Rimrock Rd. exit (north) off of Highway 12/18 (Beltline), turn right on to John Nolen Dr., then turn right immediately into the driveway. Located near the Alliant Energy Center.

Day Two (Tuesday) 8:30 a.m. - 4:00 p.m. ($85) SECTION B: Property Policies, Terms & Concepts

INCLEMENT WEATHER

Day Four (Thursday) 8:30 a.m. - 4:00 p.m. ($85) SECTION B: Casualty Policies, cont. & WI Casualty Insurance Law

If weather conditions are questionable, use your own judgment regarding your personal safety. However, any missed class time will have to be made up.

HOTEL INFORMATION Students requiring lodging will receive a special rate at the Clarion Suites, 2110 Rimrock Rd. in Madison. Please call the hotel directly at 608.284.1234 and ask for the independent insurance agent s discount.

R EGISTER

FOR

Day Three (Wednesday a.m.) 8:30 - 11:30 a.m. ($42.50) SECTION B: Property Policies, cont. & WI Property Insurance Law Day Three (Wednesday p.m.) Noon - 4:00 p.m. ($42.50) SECTION B: Casualty Policies, Terms & Concepts

Please contact Katie at Katie@IIAW.com for information about multiple registration discounts. The course fee includes all class materials. Materials are distributed on the first day of class. You receive: • The Life & Accident/Health or Prop. & Casualty Insurance Study Manual. • The Intermediary s Guide to WI Insurance Law. • The State of WI Insurance Licensing Candidate Handbook. This provides all the necessary information to obtain a license.

C LASSES

IIAW. COM

DATA BREACH

AN AGENT’S GUIDE TO DATA BREACHES AND CYBER INSURANCE When it comes to data breaches, it’s never a slow news day.

For the past several years, reports of daring breaches have led broadcasts and grabbed headlines, and each successive year seems to surpass the prior year in terms of severity. In that regard, 2015 was no different. Countless institutions—in retail, healthcare, education, and even government—faced this very real and undesirable situation. This year, there’s no sign of the invasions letting up, with potential data breaches

store personally identifiable information (PII) or protected health information (PHI) from customers need to safeguard that information regardless of the medium in which it is stored (for example, electronic or paper format). PII generally includes such information as an individual’s name, contact information, date and place of birth, Social Security number, driver’s license number, financial account numbers, and account verification

+ Implement credit-monitoring services for affected parties

reported by Time Warner Cable, Centene Corporation (a healthcare service provider), Wendy’s, the Fraternal Order of Police, and a second significant breach for the clothing retailer Neiman Marcus.

information (for example, passwords, mother’s maiden name, and pets’ names). PHI includes items such as medical records, prescriptions, biometric identifiers, medical claims information, and health insurance beneficiary numbers. With the term “data breach,” one of the first things that comes to mind is an intruder hacking into a computer system. While that’s a predominant cause, data breaches can also result from other events, including, but not limited to, erroneous release of PII/PHI; the theft or loss of a laptop or smartphone; unauthorized access to PII/PHI data by a current or former employee; and the theft, improper delivery, or disposal of paper files containing PII/PHI. Currently, 47 states and the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam have enacted reporting laws that generally require businesses experiencing a data breach to, among other things, notify all potentially affected parties of the breach. Additionally, federal laws such as the Health Insurance Portability and Accountability Act (HIPAA) and Health Information Technology for Economic and Clinical Health (HITECH) Act hold companies in the financial services and healthcare industries liable for the disclosure of confidential customer information. When a company experiences a breach, significant costs can result, in part to:

intangible costs associated with a data breach can be significant and potentially affect its long-term survival. Some commercial insureds and insurance agents mistakenly believe that traditional insurance products, such as general liability, commercial property, directors and officers, or commercial crime policies, provide adequate coverage to address breach exposures. But this is typically not the case. While some traditional policies may provide limited coverage for some costs related to data breaches, many do not cover all. In recent years, stand-alone insurance policies—such as the Information Security Protection Policy available under ISO’s Cyber Insurance Program—have been specifically designed to provide first- and third-party insurance coverage for computer and Internetrelated exposures. They aim to address exposures generally associated with a data breach. While these stand-alone cyber policies may vary in name and form, most policies typically provide the following coverages:

+ Notify affected parties of the breach

D REPLACEMENT OR RESTORATION OF

Every company needs to be vigilant in safeguarding the information collected and ensuring that business practices, staff training, and computer systems are kept up to date to help minimize the potential impact of a data breach. One of the critical roles an insurance agent plays is to help clients understand possible loss exposures and recognize the potential affects. Ultimately, that involves assisting them in adequately mitigating those exposures through insurance or some other risk management technique. Data breaches and cyber-related exposures are one of the fastestgrowing and potentially most financially devastating loss exposures that businesses face today. Agents need to have a working knowledge of cyber exposures and be familiar with insurance coverages now available in the marketplace.

Protecting What’s Personal

+ Perform a forensic analysis to determine exactly how the incident occurred and what data has been accessed

Almost every type of business has incorporated the Internet into its day-to-day operations. Firms that access, collect, and

+ Establish a call center to handle customers’ breach-related inquiries

26 | MARCH 2016

+ Hire a public relations firm to help restore brand and business reputation + Pay fines assessed by governmental agencies

What Coverage? Regardless of a firm’s size, the tangible and

D SECURITY BREACH EXPENSE This coverage often provides for the expenses incurred to establish whether a breach has occurred. That tends to include the cost of investigating the breach, handling customer notification expenses, and the insured’s expenses, such as hiring a public relations firm, establishing call centers, and implementing credit-monitoring services.

ELECTRONIC DATA Such coverage often addresses the cost to replace or restore electronic data or computer programs affected directly by a virus, malicious code, or denialof-service attack. It usually includes the cost of data entry, reprogramming, and computer consultation services. WISCONSIN INDEPENDENT AGENT

DATA BREACH D BUSINESS INCOME AND EXTRA EXPENSE A company forced to close down its website because of a denial-of-service attack, a virus, or an extortion threat—even for a short period of time—can sustain substantial loss of business income. This could be catastrophic, especially for companies that generate a large percentage of their annual sales online during a short seasonal period.

under many cyber insurance policies.

D WEBSITE PUBLISHING LIABILITY

D EXTORTION THREATS Many cyber insurance policies generally cover ransom payments and other expenses incurred resulting directly from threats to send a virus to a computer system, divulge the firm’s proprietary information, inflict “ransomware,” or publish the confidential personal information of the firm’s clients.

D SECURITY BREACH LIABILITY A business could incur liability from unauthorized disclosure of client or employee personal information held within its computer system or nonelectronic format or from the transmission of a virus to a third party by e-mail or other means. Coverage addressing a company’s liability for these exposures commonly falls

Companies publishing information on websites often face the same legal exposures as other publishers in cases of copyright infringement, defamation, and violation of rights of privacy. Many cyber insurance policies typically provide coverage for errors, misstatements, or misleading statements posted on a website that infringe on another’s copyright, trademark, trade dress, or service mark; defame a person or organization; or violate a person’s right of privacy.

D PROGRAMMING ERRORS AND OMISSIONS LIABILITY This form of liability coverage typically is designed to apply to actual or alleged negligence, to the breach of a duty or an omission on the part of the insured firm, or if the firm’s computer system transmits a virus to a third party. The Internet plays a vital role in today’s business world, and companies continue to aggregate vast quantities of customer information. As the amount of PII and

PHI collected increases, so does the firm’s potential exposure to a data breach. Every company needs to be vigilant in safeguarding the information collected and ensuring that business practices, staff training, and computer systems are kept up to date to help minimize the potential impact of a data breach. Insurance agents can take the lead in educating their clients and helping them understand the differences in coverage included in traditional insurance policies and newer cyber policies available. Agents can also help them better address their data breach-related exposures. Richard A. Clarke, former special advisor to President George W. Bush on cybersecurity and author of the book Cyber War, has stated that there are really only two types of companies: those that have experienced a data breach and know about it and those that have experienced a breach and aren’t yet aware. Are > Shawn E. Dougherty your clients prepared for is director of cyber at a new reality when they ISO Solutions, a Verisk Analytics business. become aware? Are you?

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MARCH 2016 | 27

INVESTING IN THE INDUSTRYâ&#x20AC;&#x2122;S FUTURE

The 2016 Wisconsin School Counselors Association (WSCA) Annual Conference was February 16-18, 2016, at the Monona Terrace Convention Center in Madison. Representatives from UW Oshkosh exhibited at the conference to extol the benefits of the insurance industry and educate school leaders about the importance of InVEST and its programs. The

28 | MARCH 2016

Independent Insurance Agents of Wisconsin (IIAW) and UW Oshkosh are partners in this effort to perpetuate the insurance industry. From left: Dan Kugler, Director of the Center for Insurance & Risk Management, UW Oshkosh; Matt Banaszynski, IIAW Executive VP; and Kara Helwig, Director of Communication & Marketing, UW Oshkosh.

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COMMENTARY FROM COUNSEL

DUSTING OFF AND UPDATING NON-COMPETES AND OTHER RESTRICTIVE COVENANTS In November, the IIAW put on a first-of-its-kind seminar for agency owners and principals. The seminar— which focused entirely on Wisconsin restrictive covenant law—featured myself and two of my Godfrey & Kahn colleagues, and we spent three hours covering the development of non-compete and confidentiality law in Wisconsin, focusing on judicial changes to the law within the last decade. The discussion with IIAW members in attendance was lively and focused, and, as expected, common issues, themes and questions arose. I thought I would share some of those issues in this column.

The Early Years—Common Law and Statute Development When we discuss restrictive covenants, we are referring to the categories of agreements that include non-compete agreements, nonsolicitation agreements and confidentiality

The timing of when to revise and/ or implement new restrictive covenants is worth considerable thought due to the legal and human resources considerations at play. provisions. The parameters of enforceability around each type of agreement have evolved through Wisconsin common law and statute for more than sixty years. In the early years of judicial activity, so-called “blue penciling”

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was the rule—i.e., reforming the terms of an agreement (say, geographic area or duration) to what a court thought was reasonable. Then, the legislature stepped in and barred blue penciling, leading to several decades of restrictive covenant litigation where a court could invalidate an entire agreement where any one provision was deemed unreasonable. Determinations that restrictions were “reasonably necessary” involved analysis of employer necessity, time limits, territorial limits, level of harshness or oppressiveness, and public policy concerns. These case-bycase analyses by different courts naturally led to varying results, but some basic principles developed.

Star Direct and Runzheimer In 2009, the Wisconsin Supreme Court decided the Star Direct case, inserting divisibility into the law of restrictive covenants. Note! This is not the same as blue-penciling! In bluepenciling, an overbroad restriction would be re-written to a level that is enforceable, e.g., a 40 mile geographic restriction could be bluepenciled to 20 by a court. Under divisibility,

the 40 mile geographic restriction, if deemed overly broad, could lead to invalidation of that section (likely a non-compete), without invalidating other restrictions, such as non-solicitation or confidential information protections (assuming they are valid on their own). Using the guidance from Star Direct, savvy drafters can now insulate and protect various restrictive covenants in an agreement. Then, in 2015, the Wisconsin Supreme Court clarified lawful consideration for noncompetes in the Runzheimer case. (see also “Commentary from Counsel” Independent Agent July 2015). The issue was whether forbearance of the right to terminate an at-will employee was lawful consideration for the employee’s agreement > Josh Johanningmeier not to compete? The answer: Yes. An employer is the IIAW’s General Counsel. Call the Legal may promise not to Services Hotline at (877) 236-1669. immediately fire an WISCONSIN INDEPENDENT AGENT

COMMENTARY FROM COUNSEL employee in exchange for that employee signing a non-compete, and no additional consideration is necessary. Be aware, of course, that the risk of termination must be real, and employer fraud surrounding these situations can lead to invalidation as well. With two key judicial developments in Wisconsin restrictive covenant law in the last seven years, it is natural for employers to wonder if (1) their existing agreements are enforceable, and (2) if they are getting maximum value and protection from them.

Monitoring and Revisiting Your Agency’s Restrictive Covenants The timing of when to revise and/or implement new restrictive covenants is worth considerable thought due to the legal and human resources considerations at play. An employee’s promise to agree to and abide by a restrictive covenant must be in exchange for something from the company—the consideration addressed by Runzheimer. And, even with the guidance from Runzheimer, employers should consider requiring restrictive covenants in exchange for a discretionary bonus, a promotion with a salary increase or some other monetary incentive, separate and

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apart from continued at-will employment (if that is the scenario). From a human resources perspective, employees are more receptive to the idea of promising not to compete when it is in exchange for something of value. Traditionally, employees expect new employment policies— and potentially new restrictive covenant obligations—to commence near the beginning of a calendar year, fiscal year or change in control within the employer organization. The more an employer can tie the new restrictions to something else, the more receptive employees will be to the restrictions themselves.

and other restrictive covenants will also ensure (assuming they are prepared with the help of competent counsel) that the employer will benefit from the maximum protection available under the then-current state of the law. Keeping up with the law of restrictive covenants is easier with the assistance of IIAW resources, as we ensure that relevant legislation and decisions are conveyed to members through alerts and the Independent Agent.

Looking for those periodic opportunities to update or implement new non-competes

MARCH 2016 | 31

ERRORS & OMISSIONS

PROVIDING MVRS: PUT ON THE BRAKES West Bend recently published an underwriting tip: Can agents provide motor vehicle reports (MVR) to their customers?

We all know the answer is “no,” but the article brought up an additional risk consideration: Will your E&O carrier defend your agency if there’s a claim because you released MVR information to the customer? Most carriers no longer provide MVRs and rely on the agent to do so. The problem is that the cost for this has become so substantial, agencies are adding it as a line item to their financials. How do you justify that expense? Some agencies are calling it a value added customer service for their commercial clients. Unfortunately, this good deed and value added service could invite an E&O claim. Let’s take a look at the specifics. Is It Legal? It can be if the agency follows all the requirements of a “consumer reporting agency” under the federal Fair Credit Reporting Act (FCRA), which applies to all “consumer reports,” including MVRs, Comprehensive Loss Underwriting Exchange (CLUE) reports, and credit scores. It is legal if the agency abides by very strict guidelines on what is “legal” regarding the use of such reports.

32 | MARCH 2016

Under the FCRA, an employer is well within their right to require current or prospective employees to make available a wide variety of personal information, including MVRs. However, the employee is granted significant safeguards regarding the access and use of such information for employment and must first give written permission for such information to be obtained by the employer. When the employer requests this information from a consumer reporting agency (CRA) such as Equifax, Experian, TransUnion, ChoicePoint, etc., there are certain federally-mandated documents and procedures which must accompany the transaction between the CRA and the employer. (For a detailed report, go to the Federal Trade Commission website - www. ftc.gov - and read Using Consumer Reports: What Employers Need To Know. You can also Google the title of the report. It’s faster.) An insurance agency that pulls an MVR in conjunction with “the underwriting of

insurance,” as prescribed in the FCRA, Section 604, does not need written permission. In addition, to inform a commercial insured that a new driver does or does not qualify as a driver for underwriting purposes seems to be a part of “the underwriting of insurance.” However, most experts believe that if the agency shares the specific contents of an MVR with the employer, via fax or phone, the agency is no longer “underwriting insurance,” but is now acting as a “consumer reporting agency,” and must follow all the steps and procedures required under the FCRA. But It’s Not Permitted. While the practice of an insurance agency furnishing MVRs to commercial insureds on their current or new employees can be “legal” under the FCRA, virtually all sources from whom the agency obtains the MVRs expressly prohibit the practice. The following are excerpts from the contracts of two MVR providers that many insurance agencies use. WISCONSIN INDEPENDENT AGENT

ERRORS & OMISSIONS MVR Company A - “The Consumer Reports provided by Company A are for the sole and internal use of the Insurance Agency, and may not be resold, sub-licensed, delivered or displayed in any way or used by any third party.” MVR Company B - “All reports, whether oral or written, will be kept strictly confidential; except as provided by law, no information from reports will be revealed to any person except the subject of the report. No

While agencies obtain MVRs and other consumer reports as a part of underwriting, there must be clear guidelines limiting their disclosure for any other purpose. information will be requested for the use of any other person, agency or organization except with the written permission of Company B. Reports may not be resold or

transferred to any other person.” Recently, one of the largest MVR companies in the nation sent this memo to all insurance agency customers: “It has recently come to our attention that some insurance agencies may be furnishing MVRs obtained for commercial underwriting purposes to the commercial insurance buying customer. Please be aware that the consumer reports you obtain from us may not be used beyond the purpose for which they were ordered and cannot be sold or given to parties outside the ordering insurance company or insurance agency. Allowing an employer to receive an MVR that was provided to you for commercial underwriting purposes would be a violation of law as well as a violation of your agreement with us.” Thus, the practice of an insurance agency furnishing MVRs to commercial insureds on their current or prospective employees is not permitted by most MVR providers, although the practice can be “legal” under the FCRA.

Potential For an E&O Claim. It is imperative that agencies distinguish between “insurance underwriting” functions and those which cross the line into “employee screening” activities. While agencies obtain MVRs and other consumer reports as a part of underwriting, there must be clear guidelines limiting their disclosure for any other purpose. The guidelines should be outlined in the agency’s formal operations manual. Some E&O carriers have indicated that while the mishandling of a consumer report/MVR that takes place during insurance underwriting is within the scope of an agency’s operations, providing MVRs to others for employment or other uses is not a part of an agency’s normal operations, and thus might not be covered by the E&O policy. > Meggen Gagas is the IIAW’s Director For more details, visit the of Agency Services. Virtual University on iiaba. Contact her at 608.210.2975 or com and search MVRs. meggen@iiaw.com.

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MARCH 2016 | 33

FOOD FOR THOUGHT THE 4-1-1 ON 911

“9-1-1” is the universal emergency number for everyone in the U.S. According to the National Emergency Number Association (NENA), about 240 million calls are made to 911 every year. If you were born in the 1960s or later, 911 has been ingrained into your hard drive. Prior to 1968, there was no standard emergency number. In 1967, the Federal Communications Commission met with AT&T to establish an emergency number that was short, unique and easy to remember. At that time 911 had never been designated for an office code, area code or service code, so that made it perfect. On Feb. 16, 1968, Alabama Senator Rankin Fite made the first 911 call in the United States in Haleyville, Alabama. A week later, Nome, Alaska, implemented a 911 system. Source: howstuffworks.com

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Joe McVicker learned from a teacher that kids usually found modeling clay too hard to manipulate. Discovering that The original the squishy cleaning product he Play-Doh manufactured could substitute, packaging. McVicker shipped some to the school. After teachers and kids raved, he offered to supply the product to all Cincinnati schools. More rave reviews followed. McVicker showcased the modeling clay at a national education convention in 1955, and word spread to Macy’s and Marshall Field’s. By 1956, the wallpaper cleaner had become Play-Doh. Recent estimates say that kids have played with 700 million pounds of Play-Doh. The toy was inducted into the National Toy Hall of Fame in 1998. Source: toyhalloffame.org

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