Wisconsin Independent Agent March 2020 Magazine

wisconsin INDEPENDENT AGENT MARCH 2020

PURCHASE

APPLICATION

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DOCUMENT

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UNDERWRITING

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Agency-Centric Technology Platform

wisconsin INDEPENDENT AGENT CONTENTS 3, 4.......... Insurance Bartender Microservices: The Architecture Behind The Internet of Insurance And Small Commercial Portal 8, 9, 36....InsurCon2020 10........... Risky Business The Value of the Agency-Centric Workflows 14, 15...... E&O Seven Figures 17............ Virtual University Ask An Expert 20, 21..... Sales Why Every Manager Should Be A Coach, Not A Boss 23, 24...... Virtual University Why You Should Teach Your Client’s Kids About Insurance 26........... Government Affairs Cyber Security & Your Insurance Information 30-32......Members In The News 34............Food For Thought

ADVERTISERS & INFORMATION 21.................AAA 12, 18, 29.....Acuity 26.................Badger Mutual 35.................Berkshire Hathaway GUARD 6, 7...............DAIS 33.................EMC Insurance 11.................IIAW Agency Solutions 28.................IIAW CE Education Calendar 15.................IMT 34.................JM Wilson 19.................Keystone 16.................Penn National Mutual 27.................Prelicensing Schedule 24.................Robertson Ryan & Associates 13.................Society 22.................Secura 5...................West Bend Mutual 25.................Western National 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. © 2020 For information on advertising, contact Ashley Hale, 608.210.2977 or ashley@iiaw.com.

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wisconsin INDEPENDENT AGENT

Independent Insurance Agents of Wisconsin 725 John Nolen Drive Madison, Wisconsin 53713 Phone: (608) 256-4429 Fax: (608) 256-0170 www.iiaw.com

2019-2020 EXECUTIVE COMMITTEE President: Chris Costakis Midwest Insurance Group LLC, Delafield President-Elect: Darrel Zaleski Spectrum Insurance Group, Eau Claire Secretary-Treasurer: Marc Petersen American Advantage - Petersen Group New Berlin

Chairman of the Board: Jason Bott Robertson-Ryan & Associates, Milwaukee State National Director: Steve Leitch Leitch Insurance, River Falls

2019-2020 BOARD OF DIRECTORS

Mike Ansay Ansay & Associates, Port Washington Nick Arnoldy Marshfield Insurance Agency, Inc., Marshfield Mike Harrison R&R Insurance Services, Inc., Waukesha Ryan Leitch Leitch Insurance, River Falls Aaron Marsh Marsh Insurance Services, Inc., Rice Lake Joanne Lukas Szymaszek Johnson Insurance Services, LLC, Racine Chad Tisonik HNI Risk Services, LLC, New Berlin Andrea Nelson Unisource Insurance Associates, LLC, Wauwatosa

IIAW STAFF

Matt Banaszynski Chief Executive Officer 608.256.4429 | matt@iiaw.com Mallory Cornell Vice President and Director of Risk Management 608.210.2975 | mallory@iiaw.com Kim Kramp Association and Agency Accounting Manager 608.210.2976 | kim@iiaw.com Trisha Ours Director of Insurance Services 608.210.2973 | trisha@iiaw.com Ashley Hale Graphic Designer and Creative Marketing Manager 608.210.2977 | ashley@iiaw.com Evan Leitch Technology and Risk Advisor 608.210.2971 | evan@iiaw.com Jennifer Petersen Membership Engagement and Events Coordinator 608.210.2972 | jennifer@iiaw.com Diana Banaszynski Education Coordinator 608.256.4429 | diana@iiaw.com

On The Cover...

The Internet of Insurance’s democratization of information and technology combined with its agency centric approach to improving the efficiency and profitability of its users’ workflows makes it the perfect partner for the Independent Insurance Agents of Wisconsin and its carrier partners. We are connecting our independent agency channel with the Internet of Insurance Platform and agency portal while building our own capabilities to connect, develop and deploy new and existing products and services to our members. Join us, for there is strength in numbers!

INSURANCE BARTENDER

MICROSERVICES: THE ARCHITECTURE BEHIND THE INTERNET OF INSURANCE AND SMALL COMMERCIAL PORTAL What do Uber, Netflix, Ebay, Amazon, Etsy and Coca Cola all have in common?

In my article titled, “The Rise of the Digital Ecosystems and the Internet of Insurance” I wrote about how these companies have transformed themselves by developing and deploying a microservices based platform. That article focused more on platforms and ecosystems and not the underlying technology or microservices that is powering it all.

Microservices are an architectural approach to building applications.

Before we get into why microservices are important and relevant to the insurance industry, we must first understand what an application is.

A simple Google search will tell you that, an application, also referred to as an “application program” or “application software”, is a computer software package that performs a specific function directly for an end user or, in some cases, for another application.

An application can be self-contained, or it can be run as part of a group of programs (Microsoft Word and Microsoft Office, for example).

All you really need to understand is that an example of a traditional application program/ software is an insurance agency’s management system or accounting software such as QuickBooks.

According to Jason Kolb, CEO & CTO at Dais and the Internet of Insurance, “Microservices represent a different approach to the way that large, complex software is built. You can think of microservices as building blocks, each with its own unique purpose, that can be combined in different ways to create larger, more complex applications. They’re typically separate projects within the codebase which means that teams can work on them independently and much more quickly. And the different microservices within an application talk to each other by means of API’s (Application Programming

Interfaces). At the end of the day it’s a modular approach to software development that encourages reuse and speed, as well as the ability to swap out components as they become outdated.”

Microservices architecture has become more popular to increase scale, speed of change, ease of integration and ability to adapt to changing business demands and models. Amazon, Netflix, PayPal, eBay, Twitter and Uber, have all built and scaled their platforms based on microservices architecture. It continues to be widely adopted and expanded across various industries including insurance.

However, this change is not being driven by traditional insurance technology vendors like Applied, Duck Creek, Vertafore and others you would come to expect, but by companies such as Dais and the Internet of Insurance.

Whether it’s on the carrier or agency side of technology, the industry has been haunted by complex monolithic applications or as we like to call them, legacy systems.

These are the applications you’re probably familiar with such as policy management systems, claims systems, billing systems and agency management systems. These legacy applications are typically tightly integrated with and dependent on one another and must be deployed, upgraded and replaced simultaneously as a large monolith application.

Therefore, when a carrier or agency wants to upgrade their systems, it takes a lot of time (often years) and money (often hundreds of millions of dollars) to do so. And because of the enormous amount of time involved, even once the upgrade is complete, the technology is almost always out of date.

These large, complex, closed legacy systems are also the root cause as to why other third-party technology vendors can’t integrate with their systems. Conversely, it’s also a large part of why those legacy systems don’t allow for much integration with a broader ecosystem of applications.

The closed legacy systems of today are being replaced by nimbler microservices based on platforms like the Internet of Insurance (IOI) powered by Dais. The premise behind the Internet of Insurance and small commercial portal may seem simple, yet behind the scenes wisconsin INDEPENDENT AGENT

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INSURANCE BARTENDER CONTINUED it is inherently complex consisting of technology ranging from microservices to APIs all coming together to form the perfect platform for independent insurance agents.

The Internet of Insurance’s microservices-based platform takes a complex monolithic application and turns it into a set of services, which are faster to develop, and much easier to understand and maintain.

Each of these services allows for continuous integration, upgrade and deployment, because each microservice can be developed and deployed independently at a fraction of the cost, saving both the developer(s) and user(s) lots of time and money.

How do Microservices, APIs, Platforms and Ecosystems fit together?

Let’s break down microservices, APIs, platforms and ecosystems in an easily identifiable and understandable manner. The following example serves as an analogy for a microservices based platform such as the Internet of Insurance.

Imagine you have a house (Internet of Insurance) and it is made up of a variety of goods (programs), appliances (applications) and other items like electronics (functions) that all serve a specific purpose to make this house operational. Individually these items are functional, but collectively they make a bunch of wiring (code), concrete, wood and plaster part of a greater purpose - a livable home. All these components - products, appliances, wiring, concrete, wood and plaster - that make up your home’s infrastructure are the same as Microservices to a platform.

Many of the appliances and other items in your home such as its lights and devices would not be operational without electricity and may not be able to connect without the Internet. Electricity and the Internet are like forms of an API, they connect and power a home’s (platform) infrastructure (microservices) appliances and products while bringing sustainability and functionality to your homes core components - wiring, concrete, wood and plaster.

Electricity is like your internal API(s) interconnecting your homes appliances and infrastructure (microservices) and the internet is your external API(s) connecting your home to other tools and resources and perhaps even other homes (think Ring Neighbors) within or across various ecosystems.

Your home (platform) is part of a community like a city, town or village, that is located in a state which helps make up the country. Communities, counties, states or countries are all examples of ecosystems.

Now let’s say that sometime after your home is built, new technology comes out and you want to upgrade an appliance (application) such as your refrigerator. You wouldn’t go out and purchase a new home just to get a new refrigerator, would you? Of course not, you would just go out and purchase a new refrigerator. Out with the old, in with the new.

This process is very similar to how a microservices platform is designed to allow for continuous integration, upgrade and deployment, because each microservice can be developed and deployed independently at a pace and cost advantageous to the user.

However, the way our current antiquated legacy systems are designed, you wouldn’t be able to just go out and purchase a new refrigerator.

Your choices are either to purchase a newer home with a newer refrigerator from the same builder for more money or find another, more expensive home by a different builder with a new or newer refrigerator or an older, less expensive home with a new refrigerator.

How exhausting!!! The world doesn’t work that way, and neither should the technology that powers your insurance agency.

ability to innovate, it is not the end all be all solution…YET! That is primarily because the industry’s legacy systems seriously lag behind that of other industries. Dais built the IOI platform and agency portal on microservices architecture linked together by APIs which allow interconnected, interdependent networks or ecosystems of various participants to create and deliver innovative products and services at a fraction of the cost and time. It also enables those applications to integrate with other applications and services including Google, ISO, agency management systems, and many other third parties to add value to customers and differentiate agencies.

Not every legacy system, especially that of insurance companies, are built on microservices. As a result, a carrier’s ability to integrate with other systems is typically limited, time consuming, difficult and expensive. It’s for these reasons Dais has built in multiple pathways for carriers to connect to its platform, which means it can rapidly improve and evolve. What the IOI and agency portal are today certainly won’t be what they are next week.

One of the competitive advantages of modern applications like this is that these are constantly evolving thanks to their microservices architecture. This means the Internet of Insurance can scale, develop, deploy and integrate the Internet of Insurance and its proprietary products and services faster and better than most of its competitors.

Some carriers are promoting seemingly comparable companies touting solutions that look similar on the surface. But make no mistake, they are vastly different in their technology, capabilities, and approach to transparency, inclusiveness and the advancement of insurance agents.

The Internet of Insurance is leveraging powerful microservices architecture to build a new foundation for the independent insurance agency of the future. It is enabling new business models, new products, improved customer experiences for agents, and timely responses to new business needs (in hours and days instead of months and years). This will help agents remain relevant and competitive in a bricks and clicks marketplace.

Microservices are accelerating the independent agent and their carrier’s ability to innovate.

The IOI platform is designed to allow for easy integration of new technological enhancements while protecting particular trade secrets at the core of Dais’ intellectual property. This type of open architecture allows for continuous build and integration across connected ecosystems and platforms and is prevalent among other leading technology companies outside our industry and in leading technology companies leading transformations in other industries.

The Internet of Insurance’s democratization of information and technology combined with its agency-centric approach to improving the efficiency and profitability of its users’ workflows (be sure and read Mallory Cornell’s article titled, “The Value of Agency-Centric Workflows”) makes it the perfect partner for the Independent Insurance Agents of Wisconsin and its carrier partners. We are connecting our independent agency channel partners with the Internet of Insurance Platform and agency portal while building our own capabilities to connect, develop and deploy new and existing products and services to our members. Join us, for there is strength in numbers!

> Matt Banaszynski CEO of IIAW

The Internet of Insurance and Agency Portal brings it all together While microservices are exciting and will accelerate the industry’s 4

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wisconsin INDEPENDENT AGENT

Matt’s Mixology on page 34.

Pamper your customer’s business with a policy from West Bend.

Your customers love their business. They put everything into it, nurtured it so it would grow.

An insurance policy from West Bend is the best way to keep it happy, healthy, and profitable.

So wrap it in the cozy warmth of the Silver LiningÂŽ.

Insurance is evolving, and we’re at a tipping point where the tech advantage is going to separate the haves from the have nots.

Most insuretechs are trying to cut you out, digital agencies like, lemonade, bold penguin, coverhound are taking your business directly, while others commoditize and devalue agencies.

But we’re taking their tools and putting them in your hands. Giving you what you need to win and win big.

The Internet of Insurance is in your corner, and we only win when you do.

Claim your portal today!

link.dais.com/portal UNIVERSALLY CONNECTED

OWN THE CUSTOMER EXPERIENCE

OPTIMIZE THEIR BOOK

Connects to carriers and underwriters for all lines, all classes, and all sizes of business

Takes control of the experience with the customer and touchpoints

Cultivates their book of business like never before

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wisconsin INDEPENDENT AGENT

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MAY 11-12 MAY 11-12 KALAHARI RESORTS KALAHARI RESORTS WISCONSIN DELLS, WI WISCONSIN DELLS, WI

MO MO N N DAY, DAY, M M AY AY 1 11 1 TH TH 11:15AM-12:45PM 11:15AM-12:45PM Africa East Africa East

REGISTER NOW AT WWW.IIAW.COM/INSURCON REGISTER NOW AT WWW.IIAW.COM/INSURCON

AWARDS LUNCHEON AND BUSINESS MEETING AWARDS LUNCHEON AND BUSINESS MEETING

Join us as we honor our 2020 Award Winners and conduct Joinannual us as we honor meeting. our 2020 A Award Winners andbe conduct our business plated lunch will served. our annual business meeting. A plated lunch will be served.

Join the IIAW Auto./Tech. Committee for a presentation on Join the IIAW Auto./Tech.

Committee for to a presentation what data to collect from your AMS, how extract it andon how what to usedata it. to collect from your AMS, how to extract it and how to use it.

1:00PM-2:50PM 1:00PM-2:50PM

“MAKING THE DATA IN YOUR AGENCY “MAKING THE DATA IN YOUR MANAGEMENT SYSTEM WORKAGENCY FOR YOU” MANAGEMENT SYSTEMCommittee WORK FOR YOU” Automation/Technology Automation/Technology Committee

1:00PM-2:00PM 1:00PM-2:00PM

“HARASSMENT IN THE WORKPLACE, EPLI AND “HARASSMENT THE WORKPLACE, THE IMPACT OF IN THE #METOO ERA” (1EPLI CE) AND THE THE #METOO ERA”Risk (1 CE) LauraIMPACT Lapidus,OF Management Liability Control Laura Lapidus, Director, CNA Management Liability Risk Control Director, CNA

This session will examine the #MeToo movement’s effect on This session willharassment examine the #MeToo movement’s effect on the workplace, claim trends, litigation trends, and the workplace, harassment anti-harassment legislation.claim trends, litigation trends, and anti-harassment legislation.

2:10PM-5:00PM 2:10PM-5:00PM

“ETHICS AND TRUST” (3CE) “ETHICS AND SECURA TRUST” (3CE) Jeff Bykowski, Academy Jeff Bykowski, SECURA Academy

Agents will be able to walk away from this class with a better Agents will be able to walk this class a better understanding of how trust away plays from an integral rolewith in ethics. understanding of how trust plays an integral role in ethics.

3:00PM-3:50PM 3:00PM-3:50PM

“EXPLORING PRIVATE AND PUBLIC FLOOD “EXPLORING PRIVATE AND PUBLIC FLOOD MARKETS” (1CE) MARKETS” (1CE) Director of Flood Insurance, ISO and Marc Treacy, Managing

Two industry experts will discuss the private flood insurance Two industry discuss the private flood insurance market as wellexperts as the will National Flood Insurance Program and market as well asflood the National Flood Insurance Program and other emerging issues and concerns. other emerging flood issues and concerns.

Africa 30/40 Africa 30/40

Africa 10/20 Africa 10/20

Africa 10/20 Africa 10/20

Africa 30/40 Africa 30/40

4:00PM-5:00PM 4:00PM-5:00PM Africa 30/40 Africa 30/40

Marc Treacy, Managing Director of Flood Insurance, James Sink, Regional Flood Insurance Liaison, DHS ISO and James Sink, Regional Flood Insurance Liaison, DHS

“EVERYTHING SPEAKS: ALIGNING YOUR “EVERYTHING SPEAKS:TO ALIGNING YOUR MARKETING EFFORTS UNEARTH YOUR TRUE MARKETING EFFORTS TO UNEARTH YOUR TRUE VALUE” VALUE” Spencer Smith, Founder of AmpliPhi Social Media Strategies

You will learn how to effectively align your company image and You willboth learn how to effectively alignvia your company image and brand internally and externally digital and social media. brand both internally and externally via digital and social media.

Spencer Smith, Founder of AmpliPhi Social Media Strategies

6:00PM-9:00PM 6:00PM-9:00PM 9:00PM-12:00AM 9:00PM-12:00AM

Africa East Africa East

COMPANY HOSPITALITY HOURS COMPANY HOSPITALITY HOURS INSURCON2020 ENTERTAINMENT INSURCON2020 ENTERTAINMENT

Its time cut loose and enjoy some great entertainment and music Its time cut loose sometime greattoentertainment music from Granny Shot.and Thisenjoy is a great network, enjoyand company from Granny Shot. and Thisjust is a have greatfun! time to network, enjoy company hospitality booths hospitality booths and just have fun!

T T UESDAY, UESDAY, M M AY AY 1 12 2 TH TH 7:45AM-8:45AM 7:45AM-8:45AM

Africa Ballroom Africa Ballroom Foyer Foyer

GRAB & GO BREAKFAST GRAB & GO BREAKFAST

“THE EVOLVING CYBER RISK LANDSCAPE” “THE EVOLVING RISK LANDSCAPE” Edward Chang, VP ofCYBER Cyber Risk Management at Travelers

Hear an industry expert explain cyber risks that businesses need to Hear an industry expert explain cyber risks that businesses be aware of and how businesses can protect against those need risks. to be aware of and how businesses can protect against those risks.

10:30AM-11:15AM 10:30AM-11:15AM Africa East

“INSURTECH MEETS INNOVATION” “INSURTECH MEETS INNOVATION” Troy Voseller, Co-Founder of gener8tor

Learn about some new “insurtech” startups participating in Learn aboutOnRamp some new “insurtech” startups and participating in gener8tor’s Insurance Accelerator recommendations gener8tor’s OnRamp Insurance Acceleratorfirms. and recommendations for identifying/partnering with technology for identifying/partnering with technology firms.

11:30AM-12:00PM 11:30AM-12:00PM

“FIRESIDE CHAT WITH MATT” “FIRESIDE CHAT WITH Matt Banaszynski, IIAW CEOMATT”

Join Matt as he shares industry knowledge and insight on Join Matt as he shares industry knowledge and insight on emerging trends. emerging trends.

12:15PM-2:00PM 12:15PM-2:00PM

LUNCH & KEYNOTE SPEAKER: LUNCH & KEYNOTE SPEAKER: JOE THEISMANN JOE THEISMANN

Listen to former star quarterback and NFL analyst Joe Theismann Listen former star quarterback and NFL JoeHis Theismann discusstomanaging unforeseen change with analyst adversity. high discuss managing unforeseen with adversity. energy presentation is one youchange won’t want to miss! His high energy presentation is one you won’t want to miss!

EXHIBITOR SHOWCASE EXHIBITOR SHOWCASE

Don’t miss the opportunity to win cash or to meet your next Don’t partner miss thefor opportunity to win cash orwill to feature meet your great success. InsurCon2020 the next first ever great partner forgame success.

InsurCon2020 the first ever Blackout Bingo for agency owners will andfeature employees.

Blackout Bingo game for agency owners and employees.

PRIZES & GIVEAWAYS PRIZES & GIVEAWAYS

All prizes will be awarded. Must be present to win.

All prizes will be awarded. Must be present to win.

9:00AM-10:15AM 9:00AM-10:15AM

Africa East Africa East

Africa East

Africa East Africa East

Africa East Africa East

2:00PM-5:00PM 2:00PM-5:00PM Africa West Africa West

5:00PM 5:00PM

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MARCH 2020

Edward Chang, VP of Cyber Risk Management at Travelers Insurance Insurance

Troy Voseller, Co-Founder of gener8tor

Matt Banaszynski, IIAW CEO

wisconsin INDEPENDENT AGENT

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25 accelerators The annually gener8tor across platform North includes America, pre-accelerators, working with more accelerators, than 100 creative economy that connects startups, entrepreneurs, investors, universities corporate Troy is Co-Founder programming, ofgener8tor gener8tor. conferences gener8tor and fellowships. is a turnkey gener8tor platform foraccelerators, the more and corporations.

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The gener8tor platform includes accelerators, than creative 25 accelerators economy annually connects across startups, North America,pre-accelerators, working investors, withoperates more universities than 100 corporate programming, conferences andentrepreneurs, fellowships. gener8tor more startups per year. that than 25 accelerators annually across North America, working with more than 100 corporate programming, conferences and fellowships. gener8tor operates more startups and corporations. per year. The gener8tor platform includes pre-accelerators, accelerators, than 25 accelerators annually across North America, working with more than 100 startups per year. than 25 accelerators annually across North America, working withoperates more than 100 corporate programming, conferences and fellowships. gener8tor more startups per year. startups per year. than 25 accelerators annually across North America, working with more than 100 startups per year.

ED WA R D C H AN G ED WA R D Management C H AN G VP CyberRRisk EDofWA D C H AN G at ED WA R D C H AN G at Travelers Insurance VP of Cyber ED RRisk D Management C H AN G at VP ofWA Cyber Risk Management Travelers Insurance ED RRisk D Management C H AN G at VP ofWA Cyber Travelers Insurance VP of Cyber Risk leads Management Edward Chang the Travelers cyber risk control practice. In that capacity, he is Travelers Insurance ED WA R D C H AN G at VP of Cyber Risk leads Management at Travelers Insurance Edward Chang the Travelers cyber risk control practice. In that capacity, he is involved in underwriting, risk control, andrisk catastrophe analysisInfor thecapacity, company’s Edward Chang the Travelers cyber control practice. that he is Travelers Insurance VP of Cyber Risk leads Management atcontrol, involved in underwriting, risk andrisk catastrophe analysis for thecapacity, company’s Edward cyber insurance Chang leads products. the Travelers Prior to Travelers, cyber Eddie control was practice. a federal In that prosecutor where he is involved in underwriting, risk control, and catastrophe analysis for the company’s Travelers Insurance Edward Chang leads the Travelers cyber risk control practice.

Infor that capacity, he is cyber insurance products.

Prior to Travelers, Eddie was a fraudsters federal prosecutor where involved he focused in underwriting, on prosecuting risk Romanian control, and phishers, catastrophe Nigerian analysis the and company’s other Edward Chang leads the Travelers cyber risk controlwas practice.

Infor that capacity, he is cyber insurance products.

Prior to Travelers, Eddie a federal prosecutor where involved in underwriting, risk control, and catastrophe analysis the company’s he focused on prosecuting Romanian phishers, Nigerian and otherwhere cyber insurance criminals. products.

Prior to Travelers, Eddie was a fraudsters federal prosecutor involved in underwriting, risk control, and catastrophe analysis for the company’s he Edward focused Chang on prosecuting leads the Travelers Romanian cyber phishers, risk control Nigerian practice. fraudsters In that and capacity, other he is cyber insurance products. Prior to Travelers, Eddie was a fraudsters federal prosecutor cyber criminals. he focused on prosecuting Romanian phishers, Nigerian andcompany’s otherwhere insurance products.

Prior to Travelers, Eddie was a federal prosecutor where cyber involved criminals. in underwriting, risk control, and catastrophe analysis for the he focused on prosecuting Romanian phishers, Nigerian fraudsters and other cyber criminals. he focused on prosecuting Romanian phishers, Nigerian and otherwhere cyber insurance products. Prior to Travelers, Eddie was a fraudsters federal prosecutor cyber criminals. cyber criminals. he focused on prosecuting Romanian phishers, Nigerian fraudsters and other cyber criminals. wisconsin INDEPENDENT AGENT

MARCH 2020

9

RISKY BUSINESS

THE VALUE OF AGENCY-CENTRIC WORKFLOWS In my role of Vice President of the IIAW, I enjoy being the go-to resource for agency operational questions.

I regularly have the great opportunity to conduct Operational Improvement Reviews and also lead E&O Risk Management classes for independent agencies across Wisconsin and other states. These exercises are two of the ways in which we collect valuable feedback on the needs of agencies and then in turn provide tips, tools, resources and premium credits to the agencies. I simply cannot express how much I enjoy working on-site with the agency professionals who keep the IA channel strong.

Oftentimes, carriers or other agents will ask me, “What’s the number one pain point you hear from agencies when you’re in their offices?”. I cover a wide variety of topics and address challenges within their workflows and most often the conversation comes back to the headaches agency staff experience when it comes to adhering to the varying carrier requirements. There are several areas that fall under this broad category. It can be everything from understanding binding authority and underwriting guidelines to the individual login for each different carrier website.

Until now, this concern and frustration that I was hearing from agency employees was one I could do very little about. However, that is all about to change.

It is important to understand that these disjointed workflows are not simply a daily headache for agency staff – they are an exposure. Consider just some of the ways in which inefficiencies create frustration: loss of revenue per employee, lowered level of customer service provided and disruption in agency workflows. When these inefficiencies arise, they breed behaviors which become E&O exposures and in some cases, claims. Frustration could amount to poor file documentation. Customer service suffers when quotes are not obtained from various carriers because of time constraints. Agency workflows that are disrupted become hurdles for an agency trying to establish invariable practices; a key defense mechanism for E&O claims. Quite simply put, the process of marketing 10

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wisconsin INDEPENDENT AGENT

or re-marketing an account is a sensitive subject to approach with both personal lines and commercial lines teams.

But now there is a solution; the Internet of Insurance.

The efficiencies and E&O risk mitigation that will come from implementing technology that connects workflows onto a single platform for the agency is truly a game-changer.

As rewarding as it has been for me to go into an agency and work directly with the personnel, having a resource that will eliminate the pain points of multiple carrier workflows will make this process even more enjoyable. The Internet of Insurance continues to advance in capabilities every week and the focus on specific agency pain point should be capturing the attention of all agency owners.

From an E&O standpoint, having standardized coverage options to offer, entering client information in a single location, submitting to various carriers with just the click of a button and capturing carrier conversations all at once are E&O mitigation activities as well as enhancements to the customer experience.

This can only be achieved when working with a technology company that is putting the agency first. The Internet of Insurance, powered by DAIS, is not only putting the agency first, but in a position to succeed!

> Mallory Cornell,

IIAW Vice President and Director of Risk Management

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OPEN SEMCI Single-entry, multiple-company interface (SEMCI) is like magic!

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ERRORS & OMISSIONS

Seven Figures A rogue’s gallery of severe E&O claims

No agency wants to commit an error or omission that results in a huge E&O claim. Likewise, no E&O carrier wants to receive an E&O claim that results in a large payout.

But these claims happen, and many of the worst ones—those in excess of $1 million—come from the same lines of business and involve similar types of errors.

Leading the way in 2006-2018, commercial general liability claims comprised about 23% of E&O claims with payments in excess of $1 million and about 30% of claims with payments in excess of $2 million.

Here are a few examples: • $5 million in losses on a claim alleging the agent missed an exclusion in the underlying policy placed for the manager of a large construction project at a power station. An explosion killed six workers and injured 55 more, in addition to causing property damage to 33 nearby homes.

• $2 million on a claim alleging the agent failed to place a policy that included coverage for faulty workmanship for the developer of a condo project.

Commercial property claims made up about 17% of $1-million E&O claims. Since commercial property policies on high-value real estate involve high limits, an alleged error or omission can cost millions of dollars: • A settlement of more than $3 million for the agent’s alleged failure to place wind coverage for a large apartment complex.

• A settlement of $2 million, on top of $700,000 in defense costs, when a claim proceeded to trial against an agent for alleged failure to place blanket coverage for a sportswear manufacturer.

Placement of auto and trucking policies resulted in about 14% of the larger E&O claim payments: • More than $1 million in losses and defense costs for a claim alleging the agency assumed 14

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wisconsin INDEPENDENT AGENT

responsibility for hiring the plaintiff’s drivers when it undertook the task of obtaining driving records.

• A settlement of $2.5 million for injuries to the insured’s employee when the agency allegedly failed to place non-owned auto coverage for a high-end vacation rental company. The employee suffered double leg amputations in an accident that occurred while driving her personal vehicle for work-related purposes.

Are coverages not listed above inherently E&O-safe? Hardly. Any line of business can vie for the dubious honor of making it onto this list. Head to IAmagazine.com/current-issue this month for data on other coverage lines, as well as additional claims examples.

Caryn Mahoney is an assistant vice president, claims specialist with Swiss Re Corporate Solutions and works out of the Chicago office. Insurance products underwritten by Westport Insurance Corporation, Overland Park, Kansas, a member of Swiss Re. This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article.

The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice.

>C aryn Mahoney

Assistant Vice President, Claims Specialist Swiss Re Corporate Solutions

WE DIDN’T KEY THE CAR. BUT WE’RE THE KEY TO FIXING IT. AUTO INSURANCE THAT’S DESIGNED TO BE WORRY FREE Wheels are the way around life. Protect vehicles with auto insurance from the Worry Free Company — IMT Insurance.

Learn how you can represent IMT Insurance at imtins.com/contact and help your policyholders Be Worry Free with IMT.

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MARCH 2020 15

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

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Today, Penn National Insurance sells property-casualty insurance in 11 states by partnering with more than 1,200 independent agency operations. 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-oriented agencies in Wisconsin.

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IIAW_Ad_Brand.pdf 1

9/16/2019 12:02:52 PM

Q:

ASK AN EXPERT

?

VIRTUAL UNIVERSITY

Employee Theft Using a Corporate Credit Card We have a client that suffered a six-figure theft claim at the hands of its employee executive director. The director used a corporate credit card for gambling and personal items. The insurance carrier is denying the claim on the basis the employee used a credit card.

The Crime form providing the coverage is ISO CR 00 20. Following is an excerpt from the denial letter: We have reviewed coverage under the Employee Theft Coverage and conclude there is no coverage for this loss because theft of covered property did not take place. Employee Theft is covered for loss or damage to “money”, “securities” and “other property” resulting directly from “theft” committed by an “employee”. While we have confirmed that [the executive director] was an employee at the time of the loss and it is believed that he made unauthorized financial transactions on the Company Credit Card for personal use; unauthorized use of the company credit card would not be considered as theft of money, securities or other property as defined in the policy language.

Employee Theft is covered for loss or damages to money”. The employee did not directly steal or take the Company’s currency, coins or bank notes in current use and having a face value. These unauthorized charges and uses would not be considered negotiable or nonnegotiable instruments.”

A: The insurer is wrong. The policy form reads: 1. Employee Theft We will pay for loss of or damage to “money”, “securities” and “other property” resulting directly from “theft” committed by an “employee”, whether identified or not, acting alone or in collusion with other persons.

Loss that is an indirect result of an “occurrence” covered by this insurance including, but not limited to, loss resulting from: Note this was clearly a direct loss h. Legal Fees, Costs And Expenses i. Nuclear Hazard

The insurer is going to have to pay the credit card bill, thus they will suffer a loss. Pay the claim

j. Pollution

------------

2. Insuring Agreement A.1. does not cover:

The carrier is wrong. The form definition of “theft” is “any act of stealing.”

• The insured has a direct loss of money over $100K. There is no loss to the credit card. The credit card was just a means to steal money. The money came from their bank account. It makes no difference if the person wrote personal checks to himself, a check was written directly to a gambling facility or other businesses for personal expenses, or a check was written to a credit card company who in turned made payments for personal expenses. Regardless, there is a direct loss of money” as a result of employee theft.

• The policy states the loss must directly result from an occurrence” (as per the definition). There was an occurrence. The policy also states the loss must result directly from theft” (unlawful taking of property to the deprivation of the insured) - “Theft” is any act of stealing.

Is there another reason they lost over $100K? • It is not an indirect loss as per exclusion D.1.f. If it’s not an indirect loss, it has to be a direct loss.

• If this loss isn’t covered under the basic Crime policy, then I don’t see any way to cover it. There is a reason there is no endorsement you can add to cover employee theft by credit card. And if it were unclear (ambiguous), ISO would have an endorsement to clearly exclude.

Also there are no Exclusions in the form for this loss. Here are the exclusions in the form: D. Exclusions 1. T his insurance does not cover: a. Acts Committed By You, Your Partners Or Your Members Loss resulting from “theft” or any other dishonest act committed by: b. A cts Committed By Your Employees Learned Of By You Prior To The Policy Period c. Acts Committed By Your Employees, Managers, Directors, Trustees Or Representatives d. Confidential Or Personal Information e. Data Security Breach f. Governmental Action g. Indirect Loss

k. War And Military Action a. Inventory Shortages b. Trading c. Warehouse Receipts -----------I believe the insurer is correct, unfortunately.

-----------I think the carrier is wrong. To me, this is clearly the theft of money the definition of money” includes deposits in the named insured’s financial institution. The insurer needs to explain how unauthorized financial transactions by the use of the credit card is not considered the theft of money. The insurer seems to suggest the employer is free to not pay from their financial institution the debts incurred. This is analogous to saying that the use of a check is not direct theft because the employer is not required to honor the check.

-----------It wasn’t clear from your description exactly how the transaction worked.

You said the loss involved unauthorized use of a credit card, so I’m guessing these transactions would have appeared on a monthly credit card bill which was subsequently approved and paid by the employer. On the other hand, it could be that the charges appeared and were disputed, but the credit card issuer refused to take them off the bill.

One way or the other, this loss should be paid. It’s the same as if the employee went to a store and charged a bunch of personal purchases to his employer’s account.

As for the property being covered, the definition of “money” includes funds on deposit in the employer’s account. Qualification as a “theft” is equally clear--the employee didn’t take the money by mistake. He deliberately used his employer’s credit to gamble. That fits the definition perfectly.

Here’s another way to look at this: Suppose an employee used his employer’s card to fly to New York and charged his plane fare, a luxury hotel, expensive meals, and theater tickets, all without his employer’s approval or knowledge.

That loss is clearly covered, and so is this one. It’s also interesting that credit card losses are excluded for coverage A.6 but not for A.1. If the insurance company wanted to exclude such losses, they should have included A.1. in that exclusion. wisconsin INDEPENDENT AGENT

MARCH 2020

17

We l o v e o u r independent agents and this partnership will enable them to quote and place small business faster and more e ffi c i e n t l y BEN SALZMANN CEO, ACUITY

WELCOME TO TARMIKA:

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Meet the management team of Keystone. They’re backed by a team of 200 professionals and a wealth of resources ready to help you strategically increase the value of your agency.

Independently, you’re strong. Together, we’re better.

Contact JoAnn Hartung: 570.473.4340 | jhartung@keystoneinsgrp.com keystoneinsgrp.com ©2019 Keystone Insurers Group ®. All rights reserved. This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group franchise is not registered.

SALES

WHY EVERY MANAGER SHOULD BE A COACH, NOT A BOSS both professional goals and ambitions outside of the office. Take the time to sit down and find ways you can assist your employees in achieving their objectives.

• Identify employees’ strengths and weaknesses and communicate expectations. Communication is one of the most vital aspects to a company’s success. In fact, 4 out of 5 employees say communication is critical in helping their job success. Maintaining respectful and authentic conversations with employees can increase the accountability and collaboration of your team.

Take the time to lay the groundwork of expectations in the organization. With expectations firmly set, the coach and employee can have a constructive conversation about the overall strategy and goals of their professional development plan. Take the time to ask probing questions such as: The difference between a leader who achieves commitment from employees versus one who achieves compliance, is effective coaching. The most effective leaders are those who see themselves as coaches and leaders rather than managers or supervisors. But what makes a leader an effective coach? It’s their mindset.

Effective leaders believe in the value of coaching, and they think about their role as a manager in such a way where coaching occurs naturally. So, why is coaching so much more effective?

Here are a few ways professional coaching facilitates better results than being a “boss.”

Increased Employee Engagement According to Forbes, only 34% of employees feel engaged at work. By instilling a culture of effective coaching, it’s possible to overcome this issue. With a coaching culture in play, employees are pushed to do their best and reach their highest potential. When employees are putting out their best work, they’re more likely to learn personal accountability and become more engaged in their career and overall performance.

Follow these steps to create a coaching culture and improve employee engagement: • Focus on your company’s mission and vision. Clearly identifying the mission of your organization helps employees understand the ways they fit into the processes of your team. It can be difficult for employees to be actively engaged without understanding and embracing the vision of the company first.

• Assist employees with defining their personal and professional goals. This step takes coaching a step further, creating an open dialogue with employees about what they hope to achieve out of their job. This includes

20

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wisconsin INDEPENDENT AGENT

• How do your personal goals align with the goals of our company?

• What do you hope to achieve in terms of professional growth within the next year?

• How best can I assist in helping you achieve these goals?

Use this time to identify a customized strategy for coaching on an individual level. They get the personal development they desire, while aligning to the greater goals and needs of the organization.

Boost Confidence Confidence in the workplace has resoundingly positive effects. Research has shown people prefer confidence to actual expertise. As competitive as business can be, it is no shock confidence is necessary for success. Without confidence, an employee won’t feel comfortable to take any risk or go beyond basic expectations. Lack of confidence in an employee can result in hindering their professional growth, keeping them from reaching their full potential.

There are many ways individuals can boost confidence on their own, and educating employees on how to practice these techniques can be very beneficial. If an employee feels good about themselves, this confidence at work can help map out the best path for them in their career.

Coaching can help foster confidence by distinguishing the employee’s strengths and weaknesses. Identify areas where employees excel. Highlighting their strengths helps build self-worth and keeps employees from focusing too narrowly on the areas they could use improvement. While identifying weaknesses and improving upon them is necessary for personal development, make sure employees don’t dwell on limitations — instead, find ways to tackle these weaknesses and improve upon them.

Improve Employee Retention Learning or starting something new can be a nerve-racking feeling. But, having a professional coach who can provide guidance makes a big difference in what an individual is willing to tackle. In the workplace, when employees are on-boarded and coached on new skills, they feel supported and encouraged by their manager.

Showing support for employees leads to higher levels of retention, in turn creating a more positive company culture.

Your employees want to feel like a valued and respected member of the team, and effective coaching can facilitate this feeling.

Like with all things, communication is vital, and with coaching, it’s a two-way street. As managers provide feedback to employees, employees are then able to use that opportunity to present their input to the manager. Employees are 4.6 times more likely to stay in their current position when they feel heard. Integrating coaching into your company culture will encourage yourself, and other managers, to be more present among employees, and will open up communication channels across all levels of your organization.

Activate Your Coaching Skills Ready to improve your coaching skills as a manager? Here are a few tips to get you started: • Maintain a positive outlook. Positivity in the workplace leads to higher levels of productivity and increased employee happiness. Try to remove negative attitudes in the office, and everyone’s experience will benefit from your efforts. Lead by example, and your employees will follow suit.

• Know how to navigate conversations. Whether the conversation is regarding performance reviews or ways to inspire and motivate employees, there are a plethora of resources with tips and tricks for initiating a productive and respectful conversation. Take time to educate yourself on best practices before talking with employees or managers.

• Ask good questions. Sometimes the most difficult questions to ask are the best ones. The healthiest company cultures are ones where leaders and employees feel able to express opinions honestly without getting defensive.

• Listen to what they have to say and encourage them to share their opinions. Authentic and open communication is vital to success. Encourage your employees to be honest with their feedback so that improvements can be made when necessary.

• Coach in the moment. A willingness to remain adaptable is necessary for success, and being able to customize your coaching strategies will allow for a more individualized approach.

Organizations with senior leaders who coach their employees can improve business results by 21%, compared to those who never use professional coaching. Developing effective coaches is critical to the success of your company. Allow your leaders to thrive and build a pipeline with otherwise overlooked internal talent. Allow Caliper’s Essentials for Coaching report to help you coach, develop, and retain like a pro today! Reach out to our experts to get started.

> Aggie Alvarez,

Caliper, a PSI Services LLC Business

Don’t just join a company, join a club.

AAA is a membership-based organization; we’re a club, not just a company. This means we have an entirely different level of commitment to customers. All with an unbeatable combination of savings and security for customers.

And the potential for success for you.

Learn more, contact me.

Leo Plese (630) 328-7076 lmplese@autoclubgroup.aaa.com Insurance • Membership • Travel • Banking AAA Independent Agents are not employees of AAA The Auto Club Group; but, rather are independent contractors. Insurance underwritten by one of the following companies: Auto Club Insurance Association, MemberSelect Insurance Company, Auto Club Group Insurance Company, Auto Club Property-Casualty Insurance Company, Auto Club South Insurance Company, Auto Club Insurance Company of Florida, or non-affiliated insurance companies. ©2019 The Auto Club Group.

All rights reserved. 19-IN-0147

© SECURA Insurance

CURT • Knows a skid steer from a black angus • Solid Midwest work ethic • Two decades of insurance experience

An original farm boy Meet Curt, one of our Farm-Ag experts. He and others on his team were farm kids themselves, so they’ve got firsthand, practical knowledge about a farmer’s insurance needs. It’s the born-and-raised kind of expertise we look for in a team. And they’re supported by our caring claims group so your clients can get back to the work at hand, just like they’ve done for generations.

SECURA Farm-Ag. It’s how you grow. secura.net/farm-ag

Commercial | Personal | Farm-Ag | Specialty

VIRTUAL UNIVERSITY

WHY YOU SHOULD TEACH YOUR CLIENT’S KIDS ABOUT INSURANCE Face it, most personal lines clients are functionally illiterate regarding insurance.

Don’t misunderstand, it is not that your insureds lack intelligence, the issue is most have never been taught insurance fundamentals.

Even clients who bought their first insurance policy 40 years ago only know what they hear on commercials, read on the Internet, or are told by their friends and neighbors - who are just as illiterate.

In fact, most of what your personal lines clients think they know is actually lies and misinformation.

Insurance practitioners who wallow around in the insurance muck every day forget that insurance” is a unique and foreign language to our clients. We fail to realize our insureds don’t know the basis of the insurance contract they purchased; they just know they bought the policy because someone or something made them buy it (contract, statute, or mortgagee).

Without correct information, only price matters. Remember, somewhere between $6 and $7 BILLION is spent on television advertising telling consumers insurance is all about the best price. That’s a lot of dollars to support a lie.

as thousands retire every year; this exercise may trigger some kids to explore insurance as a career.)

Who to Invite Use the information in your agency management system to run a list of your client’s children. Remember, the personal auto policy application requires all residents of the household to be listed on the application, not just drivers. (The application requests, RESIDENT & DRIVER INFORMATION [List all residents & dependents (licensed or not) and regular operators].”) The same requirement is not found in the ACORD homeowners’ application, but a proprietary application may ask for such family information.

Invite the 14 to 19-year-old kids. These are the ones learning to drive, just beginning to drive, getting ready to graduate, headed to college, and looking towards their futures.

Encourage them to bring their friends (because no kid wants to go anywhere without a friend) and their friend’s parents.

How to Invite

When misinformation and lies are replaced with knowledge and truth, the insurance purchase becomes more about protection than price. Give buyers the correct information needed to feel empowered and they feel better about their decisions; and they also feel better about the person who gave them the information.

What better reason to teach your client’s kids about insurance?

Have personal invitations printed. Kids rarely get mail and the invitation will be special to them in a strange way. Send a separate letter to the parents explaining the topic or topics you plan to cover and personally invite them to attend with their child(ren) so they can continue the conversation at home.”

Every parent worries about his or her kid(s). Are they eating well, getting enough sleep, studying like they should, dating the right person (or not dating the wrong person), and learning how to be an adult?

Ask for an RSVP so you know how many to expect.

Why Focus on the Kids

Being an adult, a contributing member of society, requires the ability to properly manage financial affairs. Insurance, though not always portrayed this way, is a key part of personal financial management; that’s why you want to focus on your client’s kids.

When you teach their kids about insurance, you help your client prepare their children for life; and if you do it right, you help your client be better prepared themselves - without them looking like they need the help. No 42-year-old will go to a homeowner’s or personal auto training session on his own (they don’t want to appear unprepared themselves), but tell them the class is for their kids and you will get them as well.

The key to getting and keeping the parents in the room - the topic and its hook.” Want the parents to stay? Conduct a class about the realities of personal auto coverage for new drivers.

Discuss the insurance implications surrounding going away to college, or getting your first job, or your first apartment, or whatever is changing in the kids and parents lives. Parents will gladly come because they feel they are helping their kids, not because they don’t know themselves even though they don’t.

Beyond educating the kids and their parents about the realities of insurance, you are creating and cementing long-term relationships with your current clients while concurrently developing contacts with future clients - you know, the kids who will one day buy insurance. Insurance is a relationship business, build the relationship before the kids are in the market for insurance. (A side note: the industry needs new talent

Place open invitations on your website, Facebook page, or any other media you use.

Make this a big deal! An event! Have snacks and drinks and even a door prize if you want.

But remember, your goal is to teach not sell.

What to Teach

Initially focus on the personal auto policy. Parents feel the economic pain of a new driver, and the new(er) driver hears about this pain quite often from his/her parents I know, I keep telling my daughter how much she is going to cost me. Plus, personal auto coverage is the focus of most TV advertising’s half-truths and neighborhood lies.

The PAP Outline Every state Department of Insurance makes available some level of basic personal auto training for consumers. If you look at multiple states, you will notice the level of detail and focus varies by state.

If you want to provide more detail than the state provides or just want to develop your own outline, you can use the following outline for ideas to build your own personal auto program.

I. Help Me Understand My Personal Auto Policy Coverages?

A. Liability Coverage 1. Who or what is protected?

2. Minimum Limits are they enough 3. What’s with the three numbers (i.e. 100/300/50) Continue on page 24 wisconsin INDEPENDENT AGENT

MARCH 2020 23

Continued from Virtual University page 21 B. Medical Payments Coverage 1. Coverage for an Insured” 2. Coverage for Others

3. Uber, Lyft and other such services 4. Out-of-State coverage while at college

C. Uninsured/Underinsured Motorist Coverage 1. Uninsured Motorist 2. Underinsured Motorist 3. Is this coverage required D. Physical Damage Coverage 1. Comprehensive Coverage (aka Other than Collision) 2. Collision Coverage E. Personal Injury Protection (PIP) (No Fault” Coverage) 1. Who/what is covered 2. When does PIP respond 3. What is PIP isn’t enough 4. Is this applicable in every state II. Who is Covered by My Policy?

1. Who is a You” 2. Who qualifies as an inured” III. What Happens if I Hit Someone and it is My Fault?

1. Liability Coverage 2. Limits of Coverage IV. What Happens if Someone Hits Me?

Regardless the source, the state, or an internally developed outline, limit the class to no more than 90 minutes with a 10-minute break in the middle. But because there is so much needed information, consider holding two sessions over a couple weeks a basic class and an advanced class (but come up with better names Beginners and Masters, or something like that).

And lastly, give a Certificate of Completion to each person. If more than one session is held, indicate the level” completed: John Jones has successfully completed the Masters Training in Personal Auto Protection.” You get the idea.

Kids Are the Key Parents want their kids to be prepared for life; insurance is an important part of life especially when something bad happens. As independent agents we strive to help our communities through coaching, volunteering, and various other ways. Why not use our knowledge to increase our community’s insurance IQ”?

Remember, your goal is to teach, not sell. But by doing this, you will be seen as the trusted advisor you are which will likely gain you new clients.

Last Updated: January 31, 2020 First Published: February 3, 2017

V. How do I Keep My Premiums Low? VI. How to Evaluate Coverage VII. Special Situations 1. Renting a car 2. Driving in another country

>C hris Boggs

Big “I” Virtual University Executive Director

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Robertson Ryan has been offering innovation through our unique Agent Owner structure since inception in 1960. Time and time again after an agent or agency joins us they say, “We wish we did this years ago.” Our team recognizes the strength and power behind the agent and insured relationships so we’ve built, and continue to fine-tune, a support network rewarding those affiliated with RRA. Find more at, www.RobertsonRyan.com/AgentOwner ...and let’s connect. Call or email me 414.221.0363 or cillman@robertsonryan.com. I look forward to answering your questions!

Chris Illman, CEO

www.RobertsonRyan.com 24

MARCH 2020

wisconsin INDEPENDENT AGENT

GOVERNMENT AFFAIRS

CYBER SECURITY & YOUR INSURANCE INFORMATION Almost everyone has some kind of insurance policy covering everything from their possessions, health, loss of income, or life. We depend on it to protect our financial well-being. And, we depend on those we trust with our personal information to ensure it remains secure.

Modern society relies on so many aspects of cyber infrastructure, data storage, and transmission in the insurance marketplace. I authored Assembly Bill 819 which creates data security measures for insurance in order to mitigate the potential damage of a data breach. The law applies to insurers, insurance agents, and other entities licensed by the Wisconsin Office of the Commissioner of Insurance.

Under the bill, a licensee must conduct a risk assessment. The risk assessment must identify and analyze foreseeable threats that could result in unauthorized access, transmission, disclosure, misuse, alteration, or destruction of non-public information.

An analysis by the nonpartisan Legislative Reference Bureau states: “the bill defines “nonpublic information” to mean nonpublic electronic information in the possession, custody, or control of a licensee that is either information concerning a Wisconsin resident that can be used to identify the individual in combination with another data element, such as a Social Security number, or certain health-related information that can be used to identify a Wisconsin resident.”

As chairman of the Assembly Committee on Insurance, I’ve been working with the Wisconsin insurance industry for the last 3 years in drafting Wisconsin’s redline version of the National Association of Insurance Commissioners Data Security Model Law. Supporting the bill is a vast coalition including: Wisconsin Insurance Alliance, Wisconsin Council of Life Insurers, Professional Insurance Agents, Independent Insurance Agents, National Association Independent Financial Advisors, American Health Insurance Plans, Alliance of Health Insurers, and Office of the Commissioner of Insurance in both Governor Walker’s and Governor Evers’ administrations.

Wisconsin’s home to 346 domiciled insurance companies, employing about 82,000 people, including over 37,000 agents.

Assembly Bill 819 creating data security measures for insurance protects not only the insurance industry and its place in Wisconsin, but protects you and your personal information collected by the insurance industry.

> Kevin Petersen

Chair of the Assembly Insurance Committee

Based on their individual risk assessment, each licensee or third party provider shall develop, implement, and maintain a comprehensive written information security program. Included within each individual security program will be administrative, technical, and physical safeguards for the external and internal protection of nonpublic information and the licensee’s information system.

Additionally, individual plans must define and periodically reevaluate a schedule for retention of nonpublic information and a mechanism for its destruction when the information is no longer needed.

To certify they are in compliance with the requirements set forth in the bill, an annual written statement will be required from each insurer domiciled in Wisconsin and submitted to the Insurance Commissioner by March 1st of each year. If an insurer identifies areas, systems or processes that require material improvement, updating or redesign, it will be required to document the identification and the remedial efforts to address them.

Their documentation must be available for inspection by the Commissioner of Insurance.

The Legislative Reference Bureau’s analysis additionally stated: “The bill also requires that a licensee develop an incident response plan to promptly respond to, and recover from, a cybersecurity event that compromises the confidentiality, integrity, or availability of nonpublic information, the licensee’s information systems, or the continuing functionality of the licensee’s business or operations.”

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2020 PRELICENSING IN-CLASSROOM SCHEDULE Since 1993, more than 20,000 students have graduated from our in-classroom prelicensing school.

The IIAW in-classroom prelicensing school has some of the highest passing ratios in the state for the last 25+ years!

“As an instructor, Gabrielle makes the week go by fast. Her real world examples really help me understand how insurance works and is applied.” -Former Student

IIAW PRELICENSING IN-CLASSROOM CLASSES: • Located at IIAW Headquarters • Fulfills the study requirements for life, health, property and casualty • Designed to help you pass your state licensing examination • Taught by an experienced insurance professional who know the business • Conducted in a comfortable classroom with free parking

LIFE & ACCIDENT/HEALTH

PROPERTY & CASUALTY

January 6-9 February 10-13 March 9-12 April 6-9 May 4-7 June 8-11

January 13-16 February 17-20 March 23-26 April 20-23 May 18-21 June 22-25

DAILY SCHEDULE

Day 1 (Monday) 8:30 am - 4 pm ($85) Section A: Principles of Insurance & General WI Ins. Law Ethics

Day 2 (Tuesday) 8:30 am - 4 pm ($90) Section B: Life Policies, Terms & Concepts or Section B: Property Policies, Terms & Concepts Day 3 (Wednesday)

8:30 am - 11:30 ($45) Section B: Life Policies, cont. & WI Life Insurance Law or Section B: Property Policies, cont. & WI Property Insurance Law Noon - 4 PM ($45) Section B: Accident & Health Policies, Terms & Concepts or Section B: Casualty Policies, Terms & Concepts Day 4 (Thursday) 8:30 am - 4 pm ($90) Section B: Accident & Health, cont. & WI Health Insurance Law or Section B: Casualty Policies, cont. & WI Casualty Insurance Law

MEET OUR INSTRUCTOR

Gabrielle O’Brien, MBA, has been active in the insurance industry for more than 25 years, developing continuing education classes in related fields such as Ethics and Errors and Omissions. As the lead instructor of the Independent Insurance Agents of Wisconsin’s Property & Casualty and Life & Health Prelicensing Schools, she has guided thousands of students to successfully passing the insurance intermediary’s exam. O’Brien has participated in many other aspects of the industry as an underwriter, manager, and field representative.

Gabrielle also teaches tailored made group seminars for completion of the INS 21, 22, 23 certificate and a variety of seminars and college courses. O’Brien received her Master of Business Administration from Loyola University and her Bachelor of Arts from Saint Mary's College.

REGISTER AT IIAW.COM To register, click the Education tab on IIAW.com.

For WI exam info, visit Prometric.com.

IIAW Member Pricing: $340* Non-Member Pricing $355* Contact Kim@iiaw.com for multi-registration discounts.

For any other questions please contact Diana@iiaw.com.

The course fee includes all class materials. Materials are distributed on the first day of class. You receive: • Life & Accident/Health or Property & Casualty Insurance Study Manual • The Intermediary’s Guide to Wisconsin Insurance Law • The State of Wisconsin Ins. Licensing Candidate Handbook (This provides all the information to obtain a license) • Exam Simulator - A computer program designed to help you pass your prelicensing exam on the first try *Pricing given for full class registration. You may also take individual classes.

CONTINUING

EDUCATION IIAW ONLINE EDUCATION & CE CLASSES 2020

DATE

TIME

04 05 10 10 11 12 16 18 19 23 26 30

12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 8 AM - 11 AM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM

Commercial Property Coverages - Exploring Key Concepts Condominiums E&O: Commercial Liability Coverage Gaps and How to Fill Them E&O: Roadmap to Homeowners Insurance Farm Liability Coverage Cyber Liability The Insured, Additional Insured vs. Named Insured Debate Businessowners Policy (BOP)...Planning for the Unexpected Ethics and Agent Liability Insuring Hobby and Small Farms Income After Retirement - Where Does the Money Come From?

Commercial General Liability Coverages

12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM

Farm Property Coverages Contractors Liability Exposures...Risk Analysis to Coverage Solutions It’s Not My Fault, Or Is It? - Liability Issues in Personal Lines Policies E&O: Roadmap to Personal Auto and Umbrella Insurance E&O: Commercial Property Coverage Gaps and How to Fill Them Workers’ Compensation Business Income - Coverage Analysis through Claims Business Auto Coverage Insuring Trusts - Protecting Your Client’s Wishes 10 Things Every Commercial Lines Agent Ought to Know When the Child Becomes the Parent - Aging Parents and Insurance Decision Ethics and the Law NEW! Take Charge of Emerging Personal Automobile Trends...Automobile Sharing and Transportation Networks, Insureds vs. Family Members

12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 12 PM - 3 PM 8 AM - 11 AM 12 PM - 3 PM 12 PM - 3 PM

Farm Vehicle and Equipment Coverages Additional Insureds and Certificates of Insurance Personal Lines Checkup - What’s New and What’s Changed...What It All Means The Dirty Dozen Twelve Great Commercial Insurance Mysteries Dispelling the Myths of Workers’ Compensation Cyber Liability Protecting Your Most Valuable Asset Condominiums Ethical Dilemmas...Making the Right Choices E&O: Commercial Liability Coverage Gaps and How to Fill Them E&O: Roadmap to Homeowners Insurance Contractual Liability...Separating Fact from Fiction

MARCH

APRIL 06 07 09 14 14 15 16 20 23 27 28 28 29

MAY 05 06 07 11 12 13 14 18 19 20 20 21

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wisconsin INDEPENDENT AGENT

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president since 2008 and CEO since 2009. He’s been in the insurance industry for 31 years.

News Members in the

A.M. BEST ISSUES ANOTHER “A” RATING FOR GRINNELL MUTUAL Grinnell, Iowa — A.M. Best has affirmed an “A” (Excellent) Financial Strength Rating for Grinnell Mutual. The “A” rating and stable outlook for the future apply to both Grinnell Mutual Reinsurance Company and Grinnell Select Insurance Company (GSI). Grinnell Mutual has received a “A” rating since 1991.

“We are pleased to have A.M. Best affirm our “A” rating,” said Jeff Menary, Grinnell Mutual’s president and CEO. “This rating, which we have held for 29 years, demonstrates our financial strength and stability, allowing Grinnell Mutual to provide unsurpassed service to our mutual members, agents, and policyholders.”

A.M. Best is a leading rating agency for assessing propertycasualty companies’ financial stability.

About Grinnell Mutual Grinnell Mutual, in business since 1909, is the 110th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America. Its products are available in 19 states.

WEST BEND MUTUAL CEO STEINER NAMED WISCONSIN BUSINESS LEADER OF THE YEAR Kevin A. Steiner, president and chief executive officer of West Bend Mutual Insurance Company, will receive the 2020 Wisconsin Business Leader of the Year award, the Harvard Business School Club of Wisconsin announced.

The annual award goes to a business executive who contributes to their company with enlightened leadership that produces business results and has influence beyond the local area.

Steiner will receive the honor at a dinner April 6 at the Pfister Hotel sponsored by the Harvard Business School Club of Wisconsin and the Milwaukee Journal Sentinel.

Steiner has worked at West Bend Mutual since 1994 and has been 30

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wisconsin INDEPENDENT AGENT

He also serves on the boards of the MACC Fund, Boys and Girls Club of Washington County and Kettle Moraine YMCA, among other organizations.

Proceeds from the dinner go to scholarships for the “Strategic Partnerships in Nonprofit Management” program, which allows executives from Milwaukee nonprofits to learn for a week at the Harvard Business School.

John E. Schlifske, the president, CEO and chairman of Milwaukee-based Northwestern Mutual, was last year’s honoree.

Information about the event and scholarship application can be found at www.hbs-wi.com.

JOHN E CRAWLEY JR. JOINS COMPASS INSURANCE SERVICES John E Crawley, Jr. has recently joined Compass Insurance Services. John will concentrate on Personal Lines, Commercial Lines, Farm Lines and Life Insurance.

John has been a life-long resident of the Mosinee area and is looking forward to continue working in the insurance industry.

John comes to Compass Insurance Services from American Family Insurance where he operated and serviced his customers for over 25 years.

John has a love of the outdoors and enjoys spending time with his family.

Compass Insurance Services is a full service independent agency with offices in Kronenwetter, Wausau and Stevens Point.

Compass Insurance Services provides Business Insurance, Personal Insurance, Employee Benefits, Life and Health for families and businesses in the Central Wisconsin area.

INTEGRITY PROMOTES LISA MESSERSCHMIDT TO COMMERCIAL LINES UNDERWRITING MANAGER APPLETON, WI (Feb. 12, 2020) — Integrity Insurance, a property & casualty carrier headquartered in Appleton, WI, is pleased to announce Lisa Messerschmidt has been promoted to Commercial Lines Underwriting Manager.

Messerschmidt will be responsible for leading a group of commercial lines underwriters and commercial field underwriters to ensure sustained growth,

profit and execution of Integrity’s business objectives through quality underwriting, proactive portfolio management and strong customer service.

“We’re excited to promote Lisa to our management team, as she brings an incredible amount of commercial insurance experience and relationship building skills that will be vital in achieving the profitable growth goals for Integrity and our agency partners,” said Integrity’s VP, Commercial Lines Dan Trochil. “Lisa has already made significant contributions to our team, and I know that in her new position, she will play an even larger role.”

Messerschmidt has 15 years of commercial insurance experience.

She joined Integrity in 2018 as a Sr. Commercial Lines Underwriter.

She has a Bachelor of Business Administration from the University of Wisconsin-Stevens Point and holds CPCU, AINS, AIS and AU-M insurance designations.

About Integrity Insurance Integrity Insurance was established in 1933 and headquartered in Appleton, WI. Integrity offers auto, home, business and life insurance protection through a network of independent agents throughout Iowa, Minnesota and Wisconsin. With partner Grange Insurance based in Columbus, Ohio — the 13-state Grange Enterprise has nearly $3 billion in assets and $1.2 billion in annual revenue and holds an A.M. Best rating of “A” (Excellent). For more information, visit integrityinsurance.com.

COVERRA INSURANCE SERVICES NAMED SECURA’S TOP-PERFORMING AGENCY

From left: Shane Roh, SECURA Regional Vice President – Sales; Gary Ascher, Coverra Insurance Services, Inc. CEO; Dave Gross, SECURA President & CEO

Coverra offers business and personal insurance from offices in Sparta and Holmen, Wis. ABOUT SECURA INSURANCE SECURA Insurance is headquartered in Neenah, Wis. Approximately 550 independent insurance agencies in 12 states represent the company, which provides a broad range of competitive commercial, personal, farm, nonprofit, and special events products. It is known for providing exceptional service to its agents and policyholders since 1900, and is rated A (Excellent) by A.M. Best for its excellent ability to meet policyholder obligations. The carrier is a Ward’s Top 50 company for outstanding results in financial performance and consistency over a five-year period, and it is a certified Great Place to Work. Visitwww.secura.net to learn more.

A NEW ADDITION FOR THE NEW YEAR Ansay & Associates welcomes seven new employees with latest acquisition

DURAND, WI –Ansay & Associates is pleased to announce the acquisition of the Jerry Thompson Agency, effective immediately.

The Durand, WI-based agency has seven employees, all who will make the transition to serving under the Ansay & Associates umbrella in its Eau Claire region.

There will be no interruption of services for current customers of the Jerry Thompson Agency. The Durand team will continue to be led by previous owner, Dave Christopherson, who will report to Ansay & Associates Executive Vice President Toby Dutter, who manages the Eau Claire region.

“For Ansay & Associates to continue to take the next step, we are looking for leaders to add to our team,” said Dutter. “That’s what we found with Dave and his entire team at the Jerry Thompson Agency. Dave sets forth a clear vision and is an impressive communicator. Everyone understands their roles and responsibilities, which allows them to work at a maximum efficiency. The transition with our group will be seamless.”

Dutter has firsthand experience of how to lead a successful transition. He owned Indianhead Insurance Agency, one of the largest independent agencies in Northwestern Wisconsin, and managed its eight locations before Ansay & Associates acquired it in February 2018. The agency still operates under its original name and under his leadership, has strengthened Ansay & Associates personal and commercial lines.

Neenah, Wis. (Feb. 12, 2020) – Coverra Insurance Services, headquartered in Sparta, Wis., was honored as SECURA Insurance’s 2019 top-performing agency out of approximately 550 agencies in 12 states. SECURA is a property and casualty insurance company based in Neenah, Wis.

“Toby is an excellent motivator, mentor, and excels at building a great working environment, where everyone feels empowered,” said Ansay & Associates Chairman & CEO Mike Ansay. “We know he’ll continue to help everyone reach their professional goals.”

This is the agency’s sixth time earning a top-performer award from the company. Coverra, an independent agency, has represented SECURA since 1994.

Established in 1976, the Jerry Thompson Agency became an independent in 1996, and is widely known and respected for its service to the community. It offers a variety of quality companies and products in the Commercial and Personal Lines space.

SECURA recognized Coverra, as its 2019 top performers at its annual Premier Agent Professional Development Conference in January. To earn this prestigious recognition, the agencies met specific criteria based on their premium volume, profitability, growth, retention, and loss history.

“In our business, change is inevitable,” Dutter said. “This is one of those changes that is going to benefit clients, customers, as well as our agency. The Jerry Thompson team is renowned for their hard work, customer care, and tenacity. We’re exhilarated to be fully integrated with their team and greet the new decade

providing robust services for our valued clients.”

About Ansay and Associates

Ansay & Associates serves over 5,000 Wisconsin businesses and 20,000 individual customers, ranking #49 on the Insurance Journal’s 2019 Top 100 P/C Agencies list. It was also named one of 2018’s “Best and Brightest Workplaces” by the National Association for Business Resources, earning a “Best of the Best” designation for medium-sized companies.

SECURA INSURANCE NAMES TOPPERFORMING AGENCIES FOR 2019

Coverra Insurance Services, Inc. takes home top award

farm, nonprofit, and special events products. It is known for providing exceptional service to its agents and policyholders since 1900, and is rated A (Excellent) by A.M. Best for its excellent ability to meet policyholder obligations. The carrier is a Ward’s Top 50 company for outstanding results in financial performance and consistency over a fiveyear period, and it is a certified Great Place to Work. Visit www.secura. net to learn more.

Editors’ Note: The photo above shows agency representatives at the awards event. From left to right, they are Craig Armbrust of AssuredPartners of Minnesota, Terry Hyland of AHA Insurance Network, Pete Harrington of Shepherd Insurance, LLC, Dave Gross of SECURA Insurance, Gary Ascher of Coverra Insurance Services, Inc., Chris Meidt of North Risk Partners, LLC, Barry Quernemoen, North Risk Partners, LLC, Bruce Smith, Dawson Insurance/Marsh-McLennan, Tom Dawson, Dawson Insurance/Marsh-McLennan.

RYAN JIRAK ANNOUNCED AS LEADER OF SFM’S LARGE ACCOUNTS TEAM BLOOMINGTON, Minn — SFM Mutual Insurance Co. has promoted Ryan Jirak to lead its Large Accounts Team.

He replaces Craig Stroinski, who is scheduled to retire in April.

Neenah, Wis. (Feb. 13, 2020) –SECURA Insurance announced its leading agencies for 2019, naming Coverra Insurance Services, Inc. as the Top-Performing Agency.

Agency CEO, Gary Ascher, accepted the top award at a ceremony in January during the company’s annual Premier Agent Professional Development Conference. The independent agency is headquartered in Sparta, Wis., with an additional location in Holmen, Wis. To earn this prestigious recognition, independent agencies met specific criteria based on their premium volume, profitability, growth, retention, and loss history with the insurance carrier.

“We look forward to recognizing our top independent agents’ outstanding performance at our Premier Conference each year,” said Dave Gross, President & CEO, SECURA Insurance. “Our agents allow us to serve their customers, our policyholders, and this recognition is a celebration of our shared success.”

Five additional agencies received top-performing agency awards: • Shepherd Insurance, LLC of Carmel, Ind. • North Risk Partners, LLC of St. Cloud, Minn.

• Dawson Insurance/Marsh-McLennan of Fargo, N.D. • AHA Insurance Network of Louisville, Ky. • AssuredPartners of Minnesota of St. Paul, Minn., the 2019 Rookie of the Year ABOUT SECURA INSURANCE

SECURA Insurance is headquartered in Neenah, Wis. Approximately 550 independent insurance agencies in 12 states represent the company, which provides a broad range of competitive commercial, personal, 32

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wisconsin INDEPENDENT AGENT

Jirak has been with SFM since 2011, having originally joined the organization as a Mid-Market Marketing Underwriter.

He became a Small Business Marketing Representative in 2012 and moved to the Large Accounts team in 2017 as Large Accounts Business Development Representative.

Jirak graduated from the University of St. Thomas in 2009 with a degree in finance. He holds an Associate of Underwriting (AU) designation and is currently pursuing his Certified Insurance Counselor (CIC) designation.

He serves as Minnesota Independent Insurance Agents and Brokers (MIIAB) Emerging Leaders Executive Chair and is a guest lecturer for the University of St. Thomas and Carlson School of Management Insurance and Risk Management classes.

“We are very excited for Ryan to lead the team he’s been a part of over the last couple of years,” said Senior Vice President, Strategic Operations Steve Sandilla. “With the great connections he’s built through the years, there is a great deal of excitement amongst our agency partners to work with him in this new capacity.”

ABOUT SFM

SFM, headquartered in Bloomington, Minnesota, is a customer-owned mutual insurance company providing Minnesota, Wisconsin, Iowa, Nebraska and South Dakota employers with workers’ compensation coverage. SFM offers workers’ compensation insurance solutions for employers of all sizes, including claims and disability management, cost containment, legal assistance and third-party administration. For more information, visit sfmic.com.

Be more than an insurance agent.

Be the hero your clients can count on.

Our agent partnerships are powerful. By developing tailored insurance products and high-level customer experiences, we give our agents the ability to deliver the protection their clients deserve. And, with every EMC policy, agents can help clients fight off costly risks, report claims in a flash and get them safely back on their feet. It’s this combination of innovation and service that makes an EMC agent a real hero.

www.emcins.com ŠCopyright Employers Mutual Casualty Company 2020. All rights reserved.

wisconsin INDEPENDENT AGENT

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JM Wilson 100th-WI-Indep-Agent Outlines.indd 1

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FOOD FOR THOUGHT

Matt’s Mixology Adult Shamrock Shake Ingredients

• 1 1/2 oz.. marshmallow-flavored vodka • 3 large scoops vanilla ice cream (about 1/4 c. each) • 1/4 c. heavy cream • 1/2 tsp. peppermint extract 34

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wisconsin INDEPENDENT AGENT

• 6 drops green food coloring • Whipped cream, for topping

2. Top with whipped cream and a cherry before serving.

• Maraschino cherry, for topping

Steps to Make It

1. In a blender, mix vanilla ice cream, vodka, heavy cream, peppermint extract, and food coloring until completely smooth, then pour into a glass.

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