Wisconsin Independent Agent | May 2022 Magazine

wisconsin INDEPENDENT AGENT MAY 2022

Calling All Agency Owners & Leaders: Take the IIAW 2022 Agency Compensation Survey Before May 31

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CONTENTS

wisconsin INDEPENDENT AGENT

COVER STORY: Take the 2022 Agency Compensation Survey IIAW's 2022 Agency Compensation survey will pave the way for a new Agency Compensation Report focused exclusively on independent agencies in Wisconsin.

PAGES:

7-9

NEW TO THE TEAM......................................................................4

INDEPENDENT INSURANCE AGENTS OF WISCONSIN 725 John Nolen Drive Madison, Wisconsin 53713 Phone: (608) 256-4429 Fax: (608) 256-0170 www.iiaw.com

2021-2022 EXECUTIVE COMMITTEE President:

Marc Petersen | American Advantage - Petersen Group, New Berlin

President-Elect:

Nick Arnoldy | Marshfield Insurance Agency, Inc., Marshfield

Secretary-Treasurer:

Michael Ansay | Ansay & Associates, Port Washington

Chairman of the Board:

Meet Tyler Wheeler, Agency Accounting Specialist

Darrel Zaleski | Spectrum Insurance Group, Eau Claire

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

Steve Leitch | Leitch Insurance, River Falls

Wisconsin Agency Compensation Survey: How Does Yours Stack Up? Take the Survey Today.

State National Director:

2021-2022 BOARD OF DIRECTORS

RISKY BUSINESS.............................................................................12

Matt Frank | Robertson Ryan & Associates, Milwaukee

Spokesperson or Employee: Which One Are You?

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

PERSONAL LINES............................................................................14-15 Understanding the Unique Facets of Flood Insurance: Flood Policy Forms

AGENCY OPERATIONS................................................................18-19

Aaron Marsh | Marsh Insurance Services, Inc., Rice Lake Dan Lau | Robertson Ryan & Associates, Milwaukee Andrea Nelson | Unisource Insurance Associates, LLC, Wauwatosa Brad Reitzner | M3 Insurance Solutions, Madison

Bringing Communication Home

Joanne Lukas Szymaszek | Johnson Insurance Services, LLC, Racine

COMMERCIAL LINES....................................................................22-23

IIAW Staff

Submission Quality in Real Estate Portfolios: The Good, The Bad and the Ugly

MEMBERS IN THE NEWS..............................................................26-27

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

HUMAN RESOURCES....................................................................29

Mallory Cornell | Vice President and Director of Risk Management 608.210.2975 • mallory@iiaw.com

GOVERNMENT AFFAIRS.............................................................30

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

The Power of a Stay Interview

Workers' Comp and Best Interest Annuity Bills Signed Into Law

AGENCY MANAGEMENT...........................................................32-33 Is It Time to Sell?

MARKETING...................................................................................34

How to Make Your Website A Stronger Lead Capturing Tool - For Free!

ADVERTISERS INDEX ACUITY..............................................................35 Berkshire Hathaway GUARD...................31 IMT.......................................................................36 JM Wilson.........................................................19 Johnson Financial Group............................14 Penn National..................................................25 Robertson Ryan & Associates..................33 SECURA.............................................................16 Society................................................................10 UFG......................................................................2 Vizance...............................................................20 West Bend.........................................................6 Western National...........................................13

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 | Membership Engagement Coordinator 608.210.2972 • andrea@iiaw.com Diana Banaszynski | Education & Events Coordinator and HR Advisor 608.256.4429 • diana@iiaw.com Tyler Wheeler | Agency Accounting Specialist 608.256.4429 • tyler@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. © 2022 For information on advertising, contact Kaylyn Staudt, 608.210.2977 or kaylyn@iiaw.com. wisconsin INDEPENDENT AGENT

| MAY 2022 | 3

NEW TO THE TEAM

What’s one of your favorite memories from the past year?

My favorite memory from the past year was graduating from Southwest Tech with a degree in Accounting.

What is your guilty pleasure?

My guilty pleasure is watching The Bachelor with my girlfriend.

When you were a kid, what did you want to be when you grew up?

My childhood dream was to be a football star.

The IIAW Welcomes Tyler Wheeler, Agency Accounting Specialist

What would we most likely find you doing on the weekend?

I like to enjoy time with friends and family, no matter the occasion.

Please join us in welcoming our newest team member, Tyler Wheeler. Tyler is joining the IIAW as our new Agency Accounting Specialist!

Who is your favorite historical figure?

Abraham Lincoln is my favorite historical figure because he issued the Emancipation Proclamation.

We recently sat down to learn a bit more about Tyler:

If you'd like to welcome Tyler or if you have any questions, he can be reached at tyler@iiaw.com.

JOIN THE

EMERGING LEADERS The IIAW Emerging Leaders is a statewide network of insurance professionals striving for professional growth through education achievement, leadership development, legislative involvement, consumer advocacy and insurance career perpetuation.

Scan to join:

su.vc/emergingleaders

Contact evan@iiaw.com for more information.

4 | MAY 2022 |

wisconsin INDEPENDENT AGENT

NEED ACCOUNTING SERVICES? The IIAW is here to help with all your agency accounting needs.

WHAT WE DO •Day-to-Day Bookkeeping •Payroll Processing • Direct & Agency Bill Reconciliations • Financial Statement Preparation • Annual Budget Preparation • Work With Your External Accountants For Tax and Auditing Needs

WHO IS BEST FIT FOR OUR SERVICES Our services are best fit for agencies lacking financial acumen on staff, agencies with mature staff looking forward to retiring and agencies looking for additional bookkeeping knowledge and support.

WHO WE ARE Our team of dedicated agency accounting specialists are ready to assist you!

Kim Kramp Agency Supervisor kim@iiaw.com

Tyler Wheeler Agency Accounting Specialist tyler@iiaw.com

CONTACT

Matt Banaszynski, IIAW CEO Phone: 608-254-4429 Email: matt@iiaw.com

WEST BEND THE BEST REMEDY FOR WORKERS’ COMPENSATION West Bend Mutual Insurance has a long history of writing workers’ compensation insurance. Our underwriters are knowledgeable and experienced. Our loss control reps have the expertise and tools to help keep employees safe. And our claims practices are the best in class.

From Main Street-type businesses to specialty businesses like childcare, West Bend has the experience and expertise to protect businesses of many kinds and many sizes. We want to write all of your workers’ compensation business, small to large!

When you select West Bend for your valued customers, you can rest assured you made the right choice. After all, we are the best remedy for workers’ compensation.

CALLING ALL AGENCY OWNERS & LEADERS:

TAKE OUR AGENCY COMPENSATION SURVEY

DATA COLLECTION The survey will take an average of 10-15 minutes to complete, and your participation will give you FREE access to the final report. The report will give you insight into salary benchmarking across Wisconsin, benefits packages, salary trends and more WI-specific data that has never been accessible before.

The IIAW’s 2022 Agency Compensation Survey will pave the way for a new agency compensation report focused exclusively on independent agencies in Wisconsin. We encourage all agency owners & leaders to take the survey, as this is the only way to receive the FREE report.

CONFIDENTIALITY All information submitted will remain highly confidential and will only be accessible to certain IIAW employees involved in the survey process. Your information will never be sold, shared or otherwise disseminated. All information gathered will be stripped of agency name, respondent name and other identifiable information.

REPORT SHARING The FREE final report will only be shared with the agency owners/leaders who participated in the survey. We will not share the report with agency employees.

iiaw.com/compensationsurvey Questions? Contact Matt Banaszynski: 608-256-4429

matt@iiaw.com

INSURANCE BARTENDER

WISCONSIN AGENCY COMPENSATION SURVEY: HOW DOES YOURS STACK UP? TAKE THE SURVEY TODAY. It’s no secret that salaries and total compensation levels are on the rise due to the battle for talent and to combat against the great resignation. As agencies are faced with continued competition to find and retain the best talent, agency owners also face heightened demand for a better work environment and ancillary benefits. Over the last several years, we have heard from our members on the need for a comprehensive, Wisconsin-based compensation survey data.

While MarshBerry, Insurance Journal and others conduct nationwide surveys, it’s very hard to obtain relevant Wisconsin-specific data.

As you can imagine, the results vary from one state to another and from one region to another. Factors such as cost of living, competition, the strength of the local economy, geography and more all play an important part in determining how to structure a competitive compensation package. Agencies are also getting creative in how they attract and retain talent by going beyond the traditional offerings.

According to an Insurance Journal article, “Agency Salary Survey: Why Money Isn’t Everything to Agency Hires” Tyler Asher, president of Independent Agent Distribution at Liberty Mutual and Safeco Insurance said, “Compensation is certainly important, but there are many other factors a potential employee will consider when evaluating an offer and a current employee will consider when deciding whether or not to stick 8 | MAY 2022 |

wisconsin INDEPENDENT AGENT

around. Non-monetary benefits like flexibility, autonomy and career development are a great way to make an agency more attractive to employees.”

He continued by saying, “Perhaps more important than offering specific benefits is understanding the unique values of an individual,” according to Asher. A new graduate, for example, is going to have very different wants and needs than a parent or an employee nearing retirement. “While there’s always going to be a need to offer a blanket set of benefits like health insurance or retirement contributions, there’s also an opportunity to customize the employee experience for the individual.”

The IIAW Compensation Survey was crafted to obtain information beyond conventional pay structures and traditional benefit packages to provide agencies with a snapshot of what is and is not being offered by Wisconsin independent insurance agencies.

Since the initial survey went out in early April, the participation has been extraordinary. We are getting great data that will assist agencies in comparing their existing compensation structure and perhaps formulating a new benefits strategy or offering for their employees.

After collecting and anonymizing the data, we will share the Wisconsin-focused Agency Compensation Report free of charge with

agency owners & leaders who participated in the survey. Those that do not participate but wish to purchase the survey can do so for $1,000.

employees and securely upload to the survey.

For larger agencies, feel free to complete the survey using a sample of employees in various positions and departments.

The IIAW has partnered with Agency Focus, a leading independent insurance agency valuation and compensation consulting firm, to produce this survey. This survey will ask general agency questions such as agency size, mix of business and high-level agencyspecific questions.

We understand the sensitivity of this information and we will never share, sell, distribute or otherwise export your information in any way that is identifiable to you or your agency. All information shared will be anonymized and the final report will only be shared with agency owners and leaders. If you have any questions about the survey or the confidentiality of your information, please email matt@iiaw.com or call 608-256-4429.

Then, you will be asked payroll and benefit information such as total annual payroll, questions about agency-provided insurance (health, dental, vision), other agency benefits, and outsourced services. Lastly, it will ask you about employee specific pay structure. If you have 10 employees or less, you are welcome to enter in the information directly in the form.

To take the survey visit https://www.iiaw.com/ compensationsurvey or visit www.iiaw.com and click the link on the home page.

> Matt Banaszynski,

If you have more than 10 employees (including yourself), then you are invited to complete an Excel document requesting the employee-specific pay information for all

CEO, IIAW

Matt’s Mixology The Money Maker Cheers! Combining pear, green melon and lemon juice creates the perfect cocktail for the start of summer.

Ingredients •

1/4 oz. pear flavored vodka

•

1/2 oz. green melon liqueur

•

1/2 lemon, juice

•

Lime twist, for garnish

Directions 1. Combine 1/4 oz. pear-flavored vodka, 1/2 oz. green melon liqueur (preferably Midori) and the juice of 1/2 lemon in a cocktail shaker with ice.

2. Shake, then strain into a chilled short glass. Garnish with a lime twist and a lemon wedge.

Recipe & Photo Courtesy of Ritz-Carlton, Amelia Island wisconsin INDEPENDENT AGENT

| MAY 2022 | 9

© 2020 Society Insurance

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

Small detail. Big difference.

You know as well as anyone that today’s cut corner can easily turn into tomorrow’s missing piece. With our forty years of experience in specialized coverage and policies developed alongside actual restaurant and bar owners, you can rest assured that your policyholders are protected against the unique risks they face every day.

If you agree that details like these make a big difference, give us a call at 1-888-5-SOCIETY or visit societyinsurance.com.

2022

SALES & LEADERSHIP

SUMMIT

ABOUT MARSHBERRY

IIAW & MarshBerry Partnership

MarshBerry is a nationally recognized advisory firm and top growth consultant for insurance agents, brokers & carriers.

EVENING FUN 1.5-DAY SUMMIT

On Tuesday night, join the IIAW at the Timber Rattlers’ Home Run Porch.

Tickets & food included in Summit registration.

MarshBerry instructors, Zach Pittman and Frank Cox, will deliver an action-packed 1.5-day summit filled with fantastic topics you won’t want to miss!

Summit Topics include: • State of the Insurance Industry • Foundational Selling Techniques • Effective Sales Huddles • Goal Setting & Accountability • Personality Types • Building Trust • Handling Conflict • Culture Creation

LIMITED SPACE AVAILABLE Registration is $249 per person and registration includes your ticket & dinner for the Timber Rattlers game.

We have limited space available for the event and encourage everyone to sign up early to secure your spot.

REGISTER: bit.ly/SalesLeadershipSummit

AUGUST 23-24 NEENAH, WI

RISKY BUSINESS

SPOKESPERSON OR EMPLOYEE: WHICH ONE ARE YOU? Many of you have been participants in my E&O Risk Management courses and have heard me discuss the importance of a Social Media Policy. Perhaps you’ve even requested a sample template from me. Whether it’s a reminder or an introduction, giving employees guidance for how you want them to represent the agency when they’re online is crucial.

What is the purpose of a Social Media Policy?

The primary functions of a Social Media Policy are to: guarantee a constructive relationship between the organization and its employees, manage risk and preserve the agency’s reputation, discourage the use of company time for personal social media activities, and promote awareness among employees of how their personal information can be accessed and interpreted online.

Why do we need one?

It is important to provide guidance on several aspects of utilizing social media.

From everything to defining what “social media” includes to how the individual should represent (or not represent) the agency and the agency brand. As an example, the agency would identify topics such as: do not 12 | MAY 2022 |

wisconsin INDEPENDENT AGENT

impersonate the agency or its employees, make statements on behalf of the agency without authorization, or make statements that can be construed as establishing the agency’s official position or policy on any particular issue.

How do I get one?

Just ask! Your friends at the IIAW can provide a sample Social Media Policy for you to tailor to your agency needs and implement within your organization. The sample document outlines the basic needs of the agency. It also includes a place for an employee to acknowledge they’ve received and reviewed the Social Media Policy. This document should be a part of every employee’s personnel file and reviewed on an annual basis.

Reach out today for your complimentary copy of an agency Social Media Policy or any other template you may need to create or update.

> Mallory Cornell, Vice President, IIAW

nice

makes you smile.

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

PERSONAL LINES

UNDERSTANDING THE UNIQUE FACETS OF FLOOD INSURANCE: FLOOD POLICY FORMS Compared to more common property insurance policies, National Flood Insurance Program (NFIP) policy forms are quite intriguing. First, the Federal government wrote them; and second, they use terms and conditions not found in other property policy forms. The three NFIP coverage forms are highlighted in the following paragraphs.

Three Policy Forms Each Standard Flood Insurance Policy (SFIP) form issued by the Federal Emergency Management Agency (FEMA) specifies the terms, conditions, and agreement between FEMA (as the insurer) and the named insured. Major provisions are essentially the same among the three forms with the only differences being the qualifications for coverage, the limits available and the property valuation methods applied.

Dwelling Form Approximately 85 percent of current NFIP policies are written using the dwelling form. It is designed for one- to-four-family structures primarily occupied as a residence.

Homeowners, residential renters, owners of two-to-four-unit residential structures, residential townhouse or row house owners, and the owner of an individual unit in a condominium building are eligible for the dwelling form.

Property insured on the dwelling form is valued at replacement cost provided two requirements are met: • Property is insured to at least 80 percent of its value or the maximum coverage available—whichever is less; and • The insured lives in the residence at least 80 percent of the year.

We’re invested in the long-term success of our associates, clients and communities

If you’re looking to join an organization who is truly invested in your long-term success, visit johnsonfinancialgroup.com/join-insurance to learn more.

Products and services offered by these Johnson Financial Group Companies: Johnson Bank, Johnson Insurance Services, LLC. and Johnson Wealth Inc.

14 | MAY 2022 |

wisconsin INDEPENDENT AGENT

If either of these requirements is not met, the most the insured is going to receive is the property's actual cash value (ACV).

Although the policy states that replacement cost is paid if 80 percent of the value is carried, this is not a coinsurance form, it is an “insurance-tovalue" form.

Like the homeowners' form, the SFIP dwelling form pays the greater of actual cash value or the amount developed in the insurance-tovalue calculation; but only if the insured lives at the residence 80 percent of the year. If both conditions are not met, losses are paid at actual cash value. These caveats are why this is not the equivalent of a coinsurance form.

In regular program communities, coverage for buildings and contents is limited to a specified maximum. Current (as of August 2021) maximum limits are $250,000 on the structure and $100,000 on contents (which applies to renters as well).

General Property Form Owners or lessees of “other residential" and nonresidential structures or units are eligible for protection under the General Property Form. Residential structures with five or more units, hotels or motels, apartment buildings, cooperative condominiums, assisted living facilities and dormitories are examples of “other residential" structures insurable on the general property form. Nonresidential structures, as is evidenced by the name, are any structures where people do not live and includes stores, office buildings, manufacturing facilities, warehouses, churches, schools, detached garages, commercial condominiums, and any other eligible structure not normally considered a place of residence.

Structures and contents insured on the general property form are valued at actual cash value with no other option available.

Maximum limits differ depending on the classification of the structure. “Other residential" structures are limited to a maximum of $500,000 on the structure and $100,000 on the contents.

Nonresidential structures are eligible for maximum limits up to $500,000 on the building and another $500,000 for the contents. (As of August 2021.)

Residential Condominium Building Association Policy (RCBAP) The Residential Condominium Building Association Policy (RCBAP) provides building coverage and, if desired, can be used to provide contents coverage for common use personal property for residential condominium buildings, provided 75 percent or more of the building is residential use. Coverage is written in the name of the association for the benefit of the association and the unit owners. Only buildings with a condominium form of ownership are eligible for this coverage form. The unit owners must take title and deed to specific units.

Cooperative condominiums are not eligible for the RCBAP as title to a specific unit is not passed to the occupier of the unit; an “owner" buys stock in the cooperative and is allowed to live in a particular unit (based on the amount of stock purchased). Timeshare buildings may be eligible for the RCBAP if condominium-style ownership is offered in jurisdictions which allow that title to individual units be vested in the owners' names (a fee simple-type arrangement allowing the title to be transferred to heirs).

Property insured on the RCBAP is valued at replacement cost. In fact, this is the only form that offers a true insurance-to-value (coinsurance) clause similar to the homeowners' or commercial property policy.

Much higher limits are available for buildings insurable under the RCBAP. Up to $250,000 per unit, per building is available. For example, an insured can purchase up to $2.5 million in protection for a 10-unit building. Coverage for commonly owned personal property is limited to $100,000 per building.

> Chris Boggs, Big "I" Executive Director of Risk Management and Education

wisconsin INDEPENDENT AGENT

| MAY 2022 | 15

Commercial | Personal | Farm-Ag | Specialty

Traci L. Specialty Lines Underwriter

Kert R. Commercial Lines Underwriter

Lisa P. Wisconsin Sales Manager

Honest relationships SECURA’s team of insurance experts is making insurance genuine.

They are here to support you and your clients. Our underwriting teams are quick to reply, open-minded, and know their stuff. Plus they are backed by our caring claims group who will get your clients back on their feet.

Interested in building a relationship?

Contact us at secura.net/WI-agents.

16 | MAY 2022 |

wisconsin INDEPENDENT AGENT

Ryan F. Farm Lines

Underwriter

Lori M. Personal Lines Underwriter

Hear from our experts.

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

MEMBERSHIP MEANS MARKET ACCESS Let’s face it – Independent agents need good markets to be competitive. Greater access means more opportunities for success. WE’RE HERE TO HELP. Independent Market Solutions creates company relationships for agents who may be unable to secure appointments on their own.

Through association membership, agents can access multiple insurance carriers and grow their business into long-term, direct appointments.

AGENCY OPERATIONS

BRINGING COMMUNICATION HOME Imagine an office without distractions, without the meetings-about-meetings loop, and where creativity to stretch its legs. The collective workforce surely would be more productive at home, where distractions were minimal.

If companies don’t address the changes brought on by remote work, that could be a problem going forward, especially since 84% of companies surveyed in 2020 anticipate broader, more permanent remote work arrangements.

That might have been the impetus for an extensive study conducted by Microsoft recently.

Examining over 60,000 of their employees during a six-month period from December 2019 to June 2020, the study reveals that collaboration took a significant hit, as did communication.

Fortunately, establishing an effective communication plan is not difficult. It takes reimagining how your employees are working, and what they need from your management team in order to be their most productive.

The result: long-term innovation and creativity were adversely impacted. The data suggests that remote work caused a siloed effect when it came to collaboration, and employees that were once easily connected were quickly feeling isolated.

Any organization that had to implement remote work on the fly – which was a large majority of organizations – discovered the disconnect the hard way. The lack of preparedness had far too many companies scrambling to equip employees for home office work, and many were dealing with a companywide communication disconnect for the first time, even if some of their employees worked remotely in the past.

Without a strong communication process, many organizations were piecing one together while trying to conduct business.

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wisconsin INDEPENDENT AGENT

At WAHVE, we’ve put a feedback and communication process in place that keeps employees connected to managers, different departments, and each other. Each step is essential to making employees feel like an integral, necessary part of the organization.

One-on-one Meetings It starts with manager-to-employee conversations. Managers talk with employees every day, even if it’s to say hello. Employees and managers meet regularly to go over assignments, benchmarks, progress, and to let the employee air any concerns. This time is also used to set goals, identify issues and assign a mentor or additional training to help the employee improve, if need be.

We also encourage our employees to talk to us about personal matters – family, financial issues, and anything else that is on their minds. Especially in a remote setting, personal issues do infiltrate a worker’s day. Allowing them the space to talk can help them feel less isolated.

Employee Feedback We also encourage employees to report problems, talk about concerns, or touch base to make sure they understand the expectations. Employees are encouraged to make suggestions for improvements, even if it isn’t in their own department. All aspects are the responsibility of everyone in the organization.

Weekly Team Meetings Our weekly team meetings are different. We require everyone’s video to be turned on (to further connect employees to each other), and we make sure the meetings are short and have a set agenda. There is also a feedback process time set aside at the end of each meeting so that employees can bring up suggestions or complaints.

Accountability When we receive a complaint or suggestion, it doesn’t stop there. We assign a person to investigate and take ownership of the issue.

That person will report back at the weekly team meeting so that everyone is kept in the loop on progress or roadblocks. This allows for group brainstorming and sharing of ideas.

The disruption of heading home to work needn’t be a creativity killer. By changing how you interact with your employees – and how often – your organization can actually improve your companywide communications. That in turn can help teams feel more connected and employees feeling more engaged. With strong communication and support, just watch their creativity soar.

2022 JM Wilson WI Independent OUTLINES.indd 3

12/6/21 2:18 PM wisconsin INDEPENDENT AGENT

| MAY 2022 | 19

BE THE NEXT

Find out why agency owners choose us!

• • • • • • • •

Broad Leadership Team that is 100% focused on the insurance business Flexible deal structures including the ability to retain some ownership Strong focus on culture, associate engagement, and client satisfaction Proven ability to drive double-digit organic growth Recruiting & mentoring program to develop those new to the industry Shareholder program for top performers Ability to maintain leadership with regional and practice group support Committed to serving our communities

20 | MAY 2022 |

wisconsin INDEPENDENT AGENT

Call us for a confidential conversation Tom Schaetz 419.450.0317

COMMERCIAL LINES

SUBMISSION QUALITY IN REAL ESTATE PORTFOLIOS: THE GOOD, THE BAD AND THE UGLY The insurance industry has faced the most significant digital revolution in the recent decade, completely changing how real estate portfolios are underwritten, bought and sold. In a hardening market, with narrowing carrier appetites, this puts pressure on real estate transactions to be adaptive, competitive and meaningful with terms and conditions provided.

The most significant barrier to meaningful terms and conditions is the quality control of submission data between parties. A quality submission, or lack thereof, could make or break a business relationship or a sale between parties.

How does the quality control of submission data play such a pivotal role? "It starts and ends with a good submission," says Joe Quarantello, senior vice president, Risk Strategies. Submission quality for a risk sets the foundation for a win, whether it's for a broker to an insured, an underwriter to a broker, customdesigned technology systems for underwriters and brokers, legal team to brokers, and so forth.

The revolution of technology, constant quality control of submission data, and the heart of insurance— utmost good faith—are fundamental to creating favorable outcomes among partners in real estate transactions. A group of experts answered the burning questions on submission quality in real estate portfolios.

Disorganized Data

In an airing of grievances at an underwriter's Festivus—see “Seinfeld," season 9, episode 10— the most pronounced undoubtedly has to be: Why does the schedule of values (SOV) never match the environmental site assessments?

The amount of time and energy that all parties spend reviewing and analyzing data in submissions is highly inefficient. “I really think that people in the real estate portfolio world for environmental insurance spend half their time battling organization of the submission," says Michael Gill, Partner, Synapse Services LLC. “This has been an ongoing issue in this space for as long as I have been in environmental insurance."

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wisconsin INDEPENDENT AGENT

The disorganization of data is one of the biggest barriers to thoughtful terms and conditions. How can the most crucial part of the submission be given the least amount of time in a portfolio presentation?

We have all heard the term “time is money," and when accessing a deal or opportunity, presentation is everything. Thoughtful presentation of data by default shows receiving parties the seriousness and professionalism of the presented portfolio. In transactions like real estate portfolios, there will always be teams of experts on the opportunity.

An organized presentation of data is the equivalent to dressing for success. Equally, the result of an unorganized submission with a lack of data can portray a lack of seriousness or indicate a lack of controls in place to receive the necessary data to offer the best terms and conditions for that risk. A great rule of thumb is to lead with your best submission foot forward.

Industry Experience

This isn't to say that meaningful terms and conditions are not given ample consideration by underwriters, even if some submissions resemble Swiss cheese rather than a real estate portfolio.

Industry knowledge and experience play a crucial part. “In the past, underwriters understood these real estate portfolios' risk historically and industrial usages were underwritten to that historical knowledge.

But with emerging contaminants, you are also going to get more questions," says Hiral Shah, senior vice president, Environmental Sompo Global Risk Solutions. For example, different kinds of industrial use indicate potential exposures that need to be underwritten.

“Many emerging contaminants are changing in the marketplace now, not just the usual ones we hear about," Shah says. “Today, there's more of a renewed focus around the tenant uses, what kind of tenants are being brought on, [whether] they have environmental insurance in place—that data is even more pertinent now to the underwriting review."

In bridging data gaps in submissions, “the most effective broker knows their client and obtains the information needed, whether that be from a principal of the insured, the risk management department, the legal department or the operations department," says Marcel Ricciardelli, senior vice president, Allied World Environmental and Design Professional Divisions.

naming and the constant fear of carriers not receiving information, which could result in losing a deal from a brokerage standpoint," Quarantello says. “The amount of time and energy spent on handmade Excel spreadsheets leaves far too much room for human error, especially if the real estate portfolios are consisting of 20, even 30 or more sites."

Established relationships and knowledge of risks can eliminate a substantial amount of rework between the broker and the underwriter. If brokers can collect the information to the underwriting questions that would impact the terms and conditions, it results in the best terms and conditions.

In utmost good faith, insurance brokers should never make the underwriter make assumptions on the risk.

This is when things can be misunderstood to the detriment of terms and conditions and, ultimately, your insureds.

Equally important is that the portfolio presentation recap all information collected—and information not presented—that the client provides. Setting expectations and timelines on data collection also shows the professionalism and seriousness of the broker toward the proposed risk or portfolio.

Timing and Tech

A silver lining to data and submission presentation is that “a perfect submission does not need to be onerous to put together," Shah says. “It's just the timing of the work as to when you're going to do it.

Either before the submission, after the submission or after binding."

Environmental insurance industry leaders unanimously agree that underwriters must include certain criteria in a submission. Accurate and organized information should include: • SOVs. • Loss runs.

• Environmental site assessments and current reports.

• Ensuring the number of sites on SOV correspond with assessments.

Specialized technology also helps improve submission quality in real estate portfolios and can play a considerable role in handling an organization's "grunt work." Most organizations have a digital ecosystem of software they use to harness, sort and exploit data to maximum capacity and efficiency. But with any runof-the-mill technology, there are also barriers to the degree to which the best results from software can yield the best results.

The history of insurance industry technology shows that the information needed has remained the same, but the way the information is collected has been revolutionized. In the 1990s, businesses upgraded from yellow pads and dusty physical data rooms to passing around Excel spreadsheets for property lists and electronic Word or PDF documents. Today, data transmission is primarily via email and file transfer protocol (FTP) sites. However, file size limits and "bucket-of-docs" architecture make downloading laborious.

From a brokerage standpoint, “previous technologies never solved the unanimous issue of inconsistent file

"There is value to communication around what are must-haves or the priority of the information needed," Shah says. “This goes hand in hand with the submission quality."

Quality Characteristics

So what are the characteristics of a quality submission?

A master property list with good addresses is fundamental, as is a complete list of engineering documents. But there are plenty of portfolios underwritten on mismatched spreadsheets with missing documents.

According to David Oldow, principal at Griptiller LLC, there are two important steps to sharing solid submission data between transaction partners: 1) Data gathering. Brokers sort and reconcile data provided by their clients to get an understanding of the risk as well as the quality and completeness of the supporting data. Miscellaneous docs are culled, a master property list is confirmed, and the age and quality of reports are noted. This is a great opportunity to work with the client to perfect the data.

2) Data presentation. The data is presented to the market to ensure a quick understanding of the risk, including making it easy to download. Underwriters with a good picture of the portfolio can quickly calculate their underwriting workload and get into the documents. Speed, accuracy, communication and efficiency improve when manual processes are digitized.

Have crucial conversations with all transaction partners to yield the best terms and conditions. Presenting the Swiss cheese equivalent of a submission may result in the Swiss cheese equivalent of terms and conditions.

If you are providing a quality submission through organized data, using custom-designed technology for real estate portfolio transactions and maintaining utmost good faith, it only results in "better business relationships that work together innovatively with trust and credibility for all partners," Quarantello says.

> Angela Oroian, Vice President & Executive Managing Director, Society of Environmental Insurance Professionals wisconsin INDEPENDENT AGENT

| MAY 2022 | 23

IIAW CONTINUING EDUCATION

2022 ONLINE EDUCATION & CE CLASSES

MAY & JUNE SCHEDULE DATE

MAY

TIME

COURSE

5/9

2PM-1PM

Claims-Made Policies - The Most Dangerous Insurance Policies

5/12

12PM-2PM

Coverage Disputes Between Thompson & Boggs, You Be the Judge

5/19

8AM-10AM

Insight on Modern Day Cyber Exposures & Risk Mitigation

5/20

9AM-12PM

E&O: Commercial Property Coverage Gaps & How to Fill Them

5/23

8AM-10AM

Business Auto Claims That Cause Problems

5/24

8AM-10AM

Contracts Agents Should Read

5/24

12PM-3PM

Commercial Lines Claims That Cause Problems

5/26

8AM-9AM

Claims-Made Policies - The Most Dangerous Insurance Policies

5/26

12PM-3PM

Ethics in the Insurance Industry

5/27

12PM-3PM

Agency Management Based E&O and Ethics

5/31

8AM-9AM

Setting Business Income Limits: It’s Easier Than You Think!

6/1

1PM-2PM

E&O Exposures: Websites & Social Media

6/2

12PM-2PM

The Guy in the Bar Returns

6/3

9AM-12PM

E&O - Roadmap to Homeowners Insurance

6/7

12PM-2PM

Builders Risk and Contractors Equipment

6/8

8AM-11AM

Ethics in the Insurance Industry

6/13

12PM-2PM

Business Auto Claims That Cause Problems

6/15

12PM-2PM

Contracts Agents Should Read

6/16

8AM-10AM

Insight on Modern Day Cyber Exposures & Risk Mitigation

JUNE

SEE OUR FULL COURSE SCHEDULE AND REGISTER FOR THESE CLASSES AT IIAW.COM/EDUCATION 24 | MAY 2022 |

wisconsin INDEPENDENT AGENT

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 services 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

We help people feel secure and make life better when bad things happen

An Equal Employment Opportunity/Affirmative Action Employer ©2021 Penn National Insurance

Policies issued for domiciled businesses and individuals in Wisconsin and Iowa are underwritten under our affiliate, Partners Mutual Insurance Company.

• 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

News Members in the

ACUITY NAMED A TOP COMPANY IN THE NATION FOR CLAIMS SERVICE

or disaster strikes to deliver on our promise of protection.

Being rated a top company in claims shows we are fulfilling our promises,” said Jamie Loiacono, Acuity’s Vice President – Claims.

ABOUT ACUITY INSURANCE Acuity Insurance, headquartered in Sheboygan, Wisconsin, insures over 125,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 30 states.

Rated A+ by A.M. Best and S&P, Acuity employs over 1,500 people.

UFG SPECIALTY EXPANDS EXCESS LIABILITY TO 49 STATES Sheboygan, WI (3/9/22) - Acuity is named one of the best insurers in the country for claims service in the 2022 CRASH Network Insurer Report Card. In addition to being in the top 5 insurers nationwide, Acuity is ranked #1 in both Wisconsin and Minnesota.

CRASH Network surveyed over 1,100 collision repair shops across the country for its 2022 Insurer Report Card. Shops were asked to grade the claims service of insurance companies based on one question: How well does this company’s claims handling policies, attitude, and payment practices ensure quality repairs and customer service for motorists?

“Acuity consistently delivers great customer service and truly cares about its customers and the quality of repairs. They always use quality parts and always pay claims in full in a timely manner,” stated the manager of a Wisconsin repair shop in the report.

According to CRASH Network, shops say the best insurance companies don’t pressure them to cut corners or install lower-quality parts to save money and aren’t adding more administrative steps to slow down the repair and claims process. The report card also revealed that many insurers earning the highest grades from repair shops are regional insurance companies that “do not spend billions of dollars per year on advertising.” In fact, none of the 10 largest auto insurers in the country earned a better than average score.

“We are honored to again be recognized as one of the best insurers in the nation for claims service.

People know they can count on Acuity,” said Ben Salzmann, Acuity President and CEO. “Acuity cares for our family of customers, and that means being there for them after accidents happen 26 | MAY 2022 |

wisconsin INDEPENDENT AGENT

Cedar Rapids, IA (4/4/22) - UFG Specialty, the excess and surplus division of UFG Insurance, is pleased to announce expansion of its excess liability coverage to 49 states, leaving Hawaii as the only state where the company isn’t writing excess liability risks today.

“Our wholesale brokers are serving customers across the country who have difficult-to-place insurance needs,” explains UFG Specialty Vice President and Branch Manager Robert Rey. “Those businesses, like any other, deserve a choice when it comes to an insurance carrier. That’s why UFG Specialty is proud to have expanded our excess liability coverage as an option for qualifying risks in 49 of our 50 states.”

In addition to Alaska and the District of Columbia, other states new to this expansion include Delaware, Maine, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Dakota, Vermont, and West Virginia.

“As much as our speedy responsiveness and trustworthy dependability set us apart,” says UFG Specialty Senior Marketing Representative Grainne Bohan, “another noteworthy perk of choosing UFG Specialty is the fact that wildfire coverage is an option with our excess liability policy. In states where that threat looms, having a wildfire option is crucial.”

Established in 2014, UFG Specialty concentrates on a broad range of classes written exclusively through wholesale brokers who are committed to providing coverage solutions for specialty, declined, nonrenewed or difficult-to-place accounts, or filling

capacity needs.

Learn more about UFG Specialty by visiting ufgspecialty.com.

ABOUT UFG Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc. (UFG, Nasdaq: UFCS), through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance. Through our subsidiaries, we are licensed as a property and casualty insurer in 50 states, plus the District of Columbia, and we are represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG visit www.ufginsurance. com.

SFM'S FINANCIAL STRENGTH RATING OF A- (EXCELLENT) REAFFIRMED BY AM BEST

Bloomington, MN (4/5/22) - SFM Mutual Insurance Co. announced that its Financial Strength Rating of “A- (Excellent)” and Long-Term Issuer Credit Rating of “a-” have been reaffirmed by AM Best Rating Services, Inc. AM Best issued this affirmation based on its assessment of SFM’s balance sheet strength, as well as its operating performance, business profile, innovation and enterprise risk management. Prior to publicly disclosing this affirmation, AM Best conducted a detailed analysis of SFM’s finances and operations.

“Our annual review with AM Best gives us the opportunity to share our company’s story with experts from the largest credit rating agency in the world,” said SFM President and CEO Terry Miller. “We view their rating as an important indicator of SFM’s longterm financial strength and stability.”

ABOUT AM BEST AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest. com .

COMPASS INSURANCE SERVICES HONORED BY WEST BEND

West Bend, WI (4/5/22) - Compass Insurance Services in Kronenwetter, Wisconsin, has earned West Bend Mutual Insurance Company’s prestigious President's Cup Award. The award is given to the top-producing agency from the Partners In Excellence program. Only one agency out of the approximately 1,500 agencies representing West Bend can earn this award each year.

"We're very proud that Compass Insurance has earned this esteemed honor. We examine the results of every agency in terms of both profitability, growth, and agency-company partnership, and Compass Insurance outperformed against all other West Bend agencies in 2021. That's impressive given we are represented by the industry's best independent agencies," said David Nycz, West Bend's director of sales.

Accepting the award for Compass Insurance is President John Guerndt. “John’s hard work and dedication to our industry, his community and his employees is second to none. We are fortunate to have such a great partner representing West Bend,” stated Kelly Tighe, West Bend’s senior vice president of sales.

Compass Insurance Services has been a leading risk management provider in Wisconsin for over 30 years.

They've spent years developing trusted partnerships with carriers and have a long-standing commitment to provide affordable insurance solutions and unparalleled customer service to their clients. For more information, visit https://compassinsurance.net.

ABOUT WEST BEND MUTUAL INSURANCE COMPANY West Bend Mutual Insurance Company is headquartered in West Bend, WI, and for more than 125 years, has provided valuable insurance coverages and services to home and auto owners and business owners. Today, more than 1,500 independent insurance agencies across 15 states represent West Bend. For more information, visit https://www. thesilverlining.com.

wisconsin INDEPENDENT AGENT

| MAY 2022 | 27

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View or download now at trustedchoice.independentagent.com

HUMAN RESOURCES

THE POWER OF A STAY INTERVIEW Recruiting has been a hot topic, especially with a record high of 4.5 million Americans quitting their jobs in November 2021 alone. With organizations on a hiring spree, they may want to also think about ways to retain their current workforce. As retention efforts rise, you might hear the phrase “stay interview” more often.

What is a stay interview?

Think of it as the opposite of an exit interview. Rather than asking what went well and what could you as an employer have done to keep that employee from leaving. This is an opportunity for employers to learn what motivates that employee and areas of improvement before it’s too late. There are many benefits to conducting stay interviews. Not only do they give employers the opportunity to resolve a situation before losing an employee, but it allows that employee to feel valued.

Conducting Stay interviews establish trust between the employee and their manager, identifies issues that can be addressed before that employee plans on leaving, also gives the company insight into their strengths and areas to improve upon. Stay interviews are not new. But they are becoming an important tool in preventing employees to leave for greener pastures.

How often should stay interviews happen?

Stay interviews should be conducted annually for all employees and anytime an employee appears to be disengaged for a prolong period of time. As for new employees, stay interviews should be conducted after 90 days of employment. This gives the employee time to get settled into their new role. Stay interview with a new hire will give employers better insight into their onboarding process, training, and any opportunities they may want to consider.

Ideally, these one-on-one conversations benefit from occurring in-person. That may not always be the case with limited staff and resources. Perhaps starting with some sort of survey tool to capture the employees’ thoughts and feedback is just as effective. Work with managers to target their high-performing or at-risk employees then overtime meeting with all employees.

Whether it’s in-person or not, these conversations are still important as ever.

Let’s start the conversation Employers should strive to create a relaxed and safe environment that will hopefully allow for a meaningful conversation. The key is for employers to listen.

Employees need to feel comfortable enough to share positive and negative feedback and know it will be heard without consequence.

In an effective stay interview, managers ask predetermined and structured questions in a casual and communicative manner. The conversation should be simple and a two-way conversation. Employers should review feedback, identify any issues, look for opportunities for improvement and provide feedback to employees. Be transparent on your plan for improvement - employees want to know that steps are being taken to address any concerns.

In an effort to retain top talent, stay interviews should become a priority. This feedback allows organizations to see where they are doing well and how they can do better.

> Diana Banaszynski Events & Education Coordinator & HR Advisor, IIAW

wisconsin INDEPENDENT AGENT

| MAY 2022 | 29

GOVERNMENT AFFAIRS

WORKERS' COMP AND BEST INTEREST ANNUITY BILLS SIGNED INTO LAW Governor Tony Evers signed 2021 Wisconsin Act 260 into law this past month. The Act updates our state statutes to establish that before an annuity is sold, it is considered to be in the best interest of the consumer.

The legislation passed both houses unanimously and was heavily supported by various Life Insurance interest groups.

Under the law that formally goes into effect on November 16, 2022, before a financial professional recommends an annuity to a consumer, they must first disclose their role in the transaction and any material conflict of interest. Financial professionals are also required to document their recommendation and justification in written form to ensure that they made the recommendation to address the consumer’s needs and objectives. The law is intended to provide additional consumer protections and awareness by creating a higher standard for selling annuities.

The original legislation was introduced by State Senator Rob Stafsholt (R-New Richmond) and State Representative Kevin Petersen (R-Waupaca), both of whom are members of the standing Insurance committees and strong advocates for the insurance industry.

Also in April, the Governor signed 2021 Wisconsin Act 232 which was recommended this session by the Worker's Compensation Advisory Council (WCAC) as part of the traditional Workers’ Compensation Agreed Upon Bill negotiated over many months by Labor and Management with strong insurance industry input. Three insurer representatives from West Bend Mutual, Sentry Insurance and Liberty Mutual currently serve as nonvoting members of the council. It’s the first WC Agreed Bill that’s been enacted in several legislative sessions and that received less legislative scrutiny this time around than from prior session bills.

WI Act 232 makes various changes to the workers’ compensation law, including: 30 | MAY 2022 |

wisconsin INDEPENDENT AGENT

• Increases the maximum weekly compensation rate for permanent partial disability from $362 to $415 for injuries occurring before January 1, 2023, and to $430 for injuries occurring on or after that date.

• Part-time employment and wage expansion - The Act replaces the provision in current law regarding employees who are members of a regularly-scheduled class of part-time employees with a provision that applies to employees who work less than full time.

Under this provision, an injured employee's average weekly wage is calculated as the greater of 1) The hourly rate at the time of injury multiplied by the average number of hours worked per week for the 52 calendar weeks before his or her injury or 2) The actual average weekly earnings of the employee for the 52 calendar weeks before his or her injury.

• Observers in examinations - The Act allows an employee to have an observer, chosen and provided by the employee, present during a medical examination that is requested by an employer or insurer following a claim for worker's compensation.

• The Act provides that any person, who at any time employs three or more employees for services performed in this state, is subject to the worker's compensation law and specifies that a person becomes subject to that law on the day on which the person employs three or more employees for services performed in this state.

The Legislature has now adjourned its regular floor session pursuant to Senate Joint Resolution 1 (SJR1) and legislators have returned to their respective districts to campaign for reelection in their newly drawn districts.

The fall partisan primary will be held on Tuesday, August 9 and the fall general election is on Tuesday, November 8.

>M isha Lee IIAW Lobbyist

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APPLY TO BE AN AGENT: WWW.GUARD.COM/APPLY/ Our Workers’ Compensation policy is available nationwide except in monopolistic states: ND, OH, WA, and WY.

AGENCY MANAGEMENT

IS IT TIME TO SELL? Knowing when and if to sell your insurance agency is a difficult decision. As an insurance agency owner, often times your agency is a big part of who you are. If you are like many of the agency owners that I work with, you are extremely passionate, and no one would every question how much you care about your customers, staff, and community. They are the people and often the reason that make thoughts of selling your business so incredibly challenging to face. Here are a few indicators which may help you decide if it’s time to consider selling your agency.

Lack of Passion Has it become no fun? Are you wishing you could work less, enjoy life more? Are you starting to envision a different life? For many agency owners, a lack of passion that they once had for the work can be a sign that it may be time to move into the next phase of your life. A lack of passion can make work feel like work. The industry is moving fast and for some the rate of change can be overwhelming and make the industry no longer feel like home. It can make even the best of us feel like we can’t keep up. Is that feeling impacting your client relationships? Have you lost your sense of urgency and excitement when it comes to connecting with your clients regularly?

Do you communicate with clients only when they need something? A lack of passion may also arise in the area of technology. Have you have lost your desire to learn and implement new technology? If any of these areas describe how you are feeling, it may be time to sell.

32 | MAY 2022 |

wisconsin INDEPENDENT AGENT

Book Declining A lack of passion and energy will very likely result in a declining book of business. Despite the fact that the independent insurance industry averages a 90% retention rate, many agencies have books of business that are flat or declining. If you are losing more than you are gaining, it may be time to consider selling your business. As insurance agents, your client list incurs natural losses due to death and life changes, both expected and unexpected, every year. Ideally, your client list should grow annually despite these losses. Your declining book will not only affect your agency valuation but will also directly affect your income.

Declining annual revenue is an indication that it may be time to sell. However, a declining book needs immediate attention. Develop a plan to reverse the decline or sell your business quickly to sell at the best agency valuation possible.

Serious Offers Coming In Are you being approached with offers to purchase your agency? Even if you hadn’t previously contemplated selling, a serious offer is worth examining. The Merger & Acquisition space is more active than it has ever been due to the low interest rates, the continued presence of private equity driving multiples to the highest levels that we have seen, and the number of agencies that are looking to grow by acquisition.

A proper agency valuation is necessary to know if the offers you are receiving are worthwhile to consider. Knowing your agency’s valuation is essential to the health of your agency if you decide to keep or sell your business. However, receiving solid offers from motivated buyers is a sign that it may be time to sell.

Talented Staff Do you have a person or several people on your staff who are interested in becoming an agency owner? Creating a pathway to ownership for your talented staff will strengthen your agency, relieve some of the pressure that you are under, and may help you create the legacy that you envisioned. Starting an internal transition with the right information, time and expectations is critical to the success of that transition. It is never too early to start this process. In fact, waiting too long can result in losing the talent or making this type of transition unattainable from a financial standpoint.

Selling any portion of your insurance agency is a significant decision and one you shouldn’t face alone. It takes time, planning, preparation and thoughtful execution for a sale or any transition of ownership to go well. Taking the time to know all of your options is incredibly important. Finding someone to help you with your agency valuation is a crucial step in planning for any agency ownership transition. AgencyFocus, LLC is here to help you with your insurance agency valuation, planning, preparation, transition planning, or crafting a plan for business growth for you or the future owner of the agency. Visit www.agencyfocus.com for more information.

> Carey Wallace, Business Consultant, AgencyFocus

Are you our next Agent Owner or AFFILIATE AGENCY? more markets. bigger return. proven success.

learn more: Chris Illman | cillman@robertsonryan.com | 800-258-0277 | www.robertsonryan.com/agentowner wisconsin INDEPENDENT AGENT

| MAY 2022 | 33

MARKETING

HOW TO MAKE YOUR WEBSITE A STRONGER LEAD CAPTURING TOOL - FOR FREE! With the rise in business being conducted online, a website is now the primary way many agencies interact with consumers. What impression is your website making and could it be costing you leads?

88% of online shoppers say they will not return to a website after having a bad experience. It is critical that your website provide a positive and smooth experience to let consumers know you are an agency they should do business with. How your website looks, is structured and where it ranks in search engine results conveys a lot to a customer and helps them form an opinion about your agency.

Your website should look professionally designed, with clear and appropriately sized images along with a clean and prominently placed logo. The pages of your site should be easy to navigate and information about specific services offered and how to request a quote should be front and center. Most importantly, you want your website to be as close to number one in search engine results as possible. That alone can go a long way in letting consumers know you are a reputable and trustworthy agency.

These things are easier said than done, but Trusted Choice can help by conducting a free analysis of your agency’s website.

34 | MAY 2022 |

wisconsin INDEPENDENT AGENT

Trusted Choice programs are free for IIAW members and use is included with your membership.

The Digital Review program provides you with a detailed report that looks at things on your website that are impacting your SEO strength as well as evaluates user experience on your site. The review also examines your agency’s social media profiles and your trustedchoice. com agency profile scorecard. Together, this comprehensive analysis of your website and online presence can uncover key areas to target for maximum impact.

Trusted Choice has conducted over 2,500 Digital Reviews for Big “I” members around the country since 2017 and over 80% of recipients have made changes to their website based on the report.

You can also request a free 1 on 1 consultation with a Trusted Choice team member to review the results and answer any questions you may have.

To request your free Digital Review or to learn more please visit the Trusted Choice website.

Please contact Joseph.Cox@iiaba.net with any questions. > Joseph Cox, Marketing Manager, Trusted Choice

TOP FIVE REASONS AGENTS LOVE

WORKING WITH US! 1 2 Acuity has a 20year track record of beating the industry by more than double the growth and a full eight points on the combined ratio.

Unparalleled Financial Strength RATED #1 COMPANY FOR

World-Class Claims Service

3

Responsive and RelationshipBased Underwriting

4

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5

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

SELL ACUITY!

wisconsin INDEPENDENT AGENT

| MAY 2022 | 35

PRSRT STD US POSTAGE PAID MADISON WI PERMIT NO. 549