THE TENNESSEE
INSUROR July/August 2015
Vol. 26 No. 4
www.insurors.org
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Titans 2015 Preview: Mariota is Worth the Wait Sawyer Named CSR of the Year
How Your Agency Can Bridge the Widening Tech Gap
The Opt-Out Crossroads What Would This Legislation Do to Workers’ Comp in Tennessee?
Expect big things in workers’ compensation. Expect to save a third of your clients 30% or more. Most classes approved, nationwide. For information call (877) 234-4450 or visit auw.com/us. Š2015 Applied Underwriters, Inc., a Berkshire Hathaway company. Rated A+ (Superior) by A.M. Best. Insurance plans protected U.S. Patent No. 7,908,157.
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The Tennessee Insuror
contents
THE TENNESSEE
INSUROR Vol. XXVI, Number 4 July/August 2015
features
Phone (615) 385-1898 Toll Free: 1-800-264-1898 Email: info@insurors.org Editor: Charles T. Bidek, CPCU Publisher: Daniel D. Smith Jr.
4 The Opt-Out Crossroads INSURORS OFFICERS
President ......................................................... Cindi Gresham, CIC Immediate Past President ..................................... Lou Moran III IIABA National Director ................................................ Brad Smith Vice President, Region I ..................................... Chris Allison, CIC VP, Region II and Pres. Elect .... Christie Reeves, CIC, CPCU, CPIW Vice President, Region III ................................. John McInturff III Treasurer .............................................. Battle Bagley III, CIC, CPA Secretary ...................................................................... Rush Powers Director, Region I ....................................................... Portis Tanner Director, Region I ...................................................... Edward Kaiser Director, Region I .......................................................... Tim Roberts Director, Region II ....................................................... Chip Fridrich Director, Region II .................................................... Joe Lester, CIC Director, Region II ................................................. Steve Copeland Director, Region III ..................................................... Kevin Ownby Director, Region III ............................................ Josh Gibbons, AAI Director, Region III .................................................... Eric Campbell Young Agents Chairperson .................................... Stuart Oakes
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Display advertising rates, deadlines and specifications may be obtained by writing to Insurors of Tennessee, 2500 21st Avenue South, Suite 200, Nashville, TN 37212, calling 615.515.2601, e-mailing dsmith@insurors.org or online at www.insurors.org The Tennessee Insuror is provided to all Insurors of Tennessee members and associate members as a member service.
What Would This Legislation Do to Workers’ Comp in Tennessee?
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Titans 2015 Preview: Mariota is Worth the Wait
10
The State of the U.S. Economy and How It Compares...
12
Sawyer Named CSR of the Year
14
Daniel Learns About Ins.: Fantasy Football Insurance?!?
48
How Your Agency Can Bridge the Widening Tech Gap
departments 21
From Your President
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From Your IIABA National Director
25
From Your CEO
29
Education Calendar
31
Government and Legal Affairs
37
Broker Spotlight
39
Company Spotlight
41
Company Briefs
51
Meetings
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Member Tips
INSURORS OF TENNESSEE 2500 21st Avenue South, Suite 200 Nashville, TN 37212-0539 www.insurors.org
Watching the Fed’s Paint Dry
Your Invitation to the 122nd Annual Convention Let’s Band - and Brand - Together
Chuck Meets an Uninsured Motorist
Southern Insurance Underwriters FCCI Insurance Group
You Aren’t Finished When You Hire the Right Person 3
The Opt-Out Crossroads What Would This Legislation Do to Workers’ Comp in Tennessee?
Earlier this year, legislation (SB0721 Sen. Green-Clarksville) was introduced that would permit Tennessee employers to “Opt-Out” of the workers’ compensation system, provided the employer secures alternative benefits to meet the minimum levels prescribed in the bill. This would provide significantly reduced medical coverage and temporary benefits through alternative insurance coverages such as occupational accident (OCC/ACC) coverage. The bill was voted “against recommendation” in a 6-0 vote by the Tennessee Advisory Council on Workers’ Compensation, and was never even brought up for a vote in the House. Insurors opposes this bill. We are confident in the new system, and we do not feel Tennessee should be one of only three states where employers can opt-out from work comp. This legislation creates a crossroads for Tennessee. The real question is, why? Is there not enough competition? Currently there are 397 insurance companies that have filed work comp rates, with 314 of those writing a policy in Tennessee last year. Is the court system not handling the cases sufficiently? Under the recent law change, the courts have been taken out of the process, and cases are being resolved faster than ever with workers being compensated fairly. Are rates skyrocketing? The state has seen over 20% decrease in loss costs in the last two years. There are many questions, but the answer is consistently, “No.” So, if it ain’t broke, why fix it? That is the question your 4
Association is asking as we prepare for the 2015 Legislative Session, when the “Workers’ Compensation Alternative Benefit Plan” bill returns to the table. All told, this bill represents a significant shift in public policy that has been in place in Tennessee for over 70 years.
>> How Did We Get Here? The Opt-Out system has been operating in Texas for many years. As you may already know, Texas is the only state without a law requiring companies to carry work comp, so offering OCC/ACC is a step up for employees who would otherwise have no coverage at all. About 1/3 of the Texas market offers OCC/ACC coverage. In 2014, a somewhat similar plan was enacted into law in Oklahoma. That state previously had one of the most expensive work comp systems in the country, and was in the middle of its own reforms when opt out legislation was introduced. When both new reforms to work comp and opt-out were passed, employers were slow to jump on the new option. A few have done so however, and we have already seen a few major court cases that have placed the legitimacy of the system into question. Now the same group that authored the Oklahoma law is bringing it to Tennessee. But what would this plan look like? Take a look at this chart to see the comparison to current law. The Tennessee Insuror
>> Comparison of Opt-Out Required Minimum Benefits to Benefits Under TN WC Act (SB0721/HB0997) Benefit Medical Expenses
Alternative Benefit Plan ‘OPT-OUT’
Tennessee Work Comp Act
$500,000/ 156 weeks; Pays for covered medical expenses. Does not pay for all reasonable and necessary medical expenses. Subject to combined limits below
No limits on amount or duration; Covers all reasonable and necessary medical expenses, incl.; Cannot exclude reasonable and necessary medical services such as pain management
Employee liability for reason- Employee liable for (1) all medical expenses not No employee liability able and necessary medical covered by the plan, (2) all medical expenses in expenses excess of $500,000 (3) all medical expenses incurred more than 156 weeks after injury, and (4) all medical expenses incurred after employer terminates benefits under the conditions and limitations set by employer including combined limits below Temporary total disability/ 70% - 110% of State Average Weekly Wage (SAWW) 66 2/3% - 110% of SAWW for up to 450 wage replacement benefits for 156 weeks; May be reduced pursuant to the com- weeks and no payroll tax deductions (TTD) bined limits below and amy be reduced by payroll tax deductions TTD for mental injuries (ie None PTSD)
66 2/3% - 110% of SAWW for up to 450 weeks and no payroll tax deductions
Maximum combined medi- $1 million per employee under benefit plan; $1 mil- Unlimited; No reduction in benefits for catcal and wage replacement lion per employee and $5 million per occurrence for astrophic events in which many employees benefits litigated claims injured or killed in same occurrence Death benefit
$20,000-$300,000 Beneficiaries must provide waiv- 100% of SAWW for up to 450 weeks; No er; benefit may be reduced by disability benefits waiver or offset paid prior to death
Permanent Total Disability (ie quadriplegia, hemiplegia, paraplegia, brain injury, blindness)
70% of AWW - 110% of SAWW until employee reach- 66 2/3% AWW or 100% of SAWW until emes age for maximum SS benefits (but not less than ployee reaches age for maximum Social 260 weeks); May be subject to payroll taxes; Must Security benefits waive any tort claim
Permanent Partial Disabil- 70% of AWW - 110% of SAWW up to 450 weeks; May 66 2/3% AWW or 100% of SAWW up to 450 ity (other than dismember- be subject to payroll tax and must waive any tort weeks ment) claims Temporary Partial Disability 70% of difference between AWW and earnings while 100% of SAWW for up to 450 weeks Benefits disabled Setting of all coverages and conditions and limitations on entitlement to covered benefits
Employer sets all coverages and all conditions and Set by Tennessee General Assembly; WC limitations which may be changed at any time with- coverage cannot exclude terrorism risks out notice to employees and which are not subject to state or federal oversight
Dispute resolution due pro- None cess protections
Set by Tennessee General Assembly
Data reporting and govern- No loss cost reporting to state and state oversight mental oversight limited to approving opt out exemption; US Department of Labor requires minimal ERISA reporting but no benefit plan oversight
Set by Tennessee General Assembly and implemented by TN Department of Commerce and Insurance and TN Division of Workers Compensation
Governmental Oversight
Set by General Assembly; TN law requires employers to mediate in good faith, timely comply with Orders, timely provide appropriate medical treatment
The Tennessee Insuror
No state oversight
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As you can tell from the chart, the opt-out system creates significant changes for Tennessee work comp. Unfortunately, we believe that this bill creates a system of separate but unequal protections for injured workers that will put Tennessee employees and businesses at risk. It leaves employers vulnerable to significant liability in tort, a risk which many will not truly understand having never been faced with this type of system. We believe that such significant changes will create uncertainty in the market. We also feel that the suggested changes place Tennessee workers at risk as they have no legal mechanism to assure that benefits are delivered timely and correctly.
>> What Needs to Be Changed?
There are other groups who have spoken out to the media in favor of the bill, including the PIA of Tennessee, but we feel this bill is bad for business, bad for the industry and bad for workers.
>> What Can You Do to Help? Insurors will be holding seminars around the State to educate agents on the bill and our position. We hope you will attend one of these events and learn more. Here is the current schedule: August 19 - Jackson August 20 - Memphis October 12 - Knoxville TBD - Nashville
Jackson Country Club 2-4 pm CST Holiday Inn U of M 11:30 am CST Holiday Inn World’s Fair 1 pm EST
This bill removes State oversight and replaces it with the federal government through the use of Employee Retirement Income Security Act (ERISA) plans for the benefit structure. Federally regulated ERISA requires employers to provide participants with plan information including important information about plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty. So, in addition to giving over control of benefit plans to the Feds, this opens up the door for businesses to be sued over injury compensation disputes. ERISA plans may also be changed by filing new plans with the Department of Labor. And as long as they are approved, a company could be compliant with the opt-out law no matter what they have filed in their ERISA plan. Sound a little suspect? It gets worse. Benefits paid out through these plans may be viewed as taxable income by the Federal government. That means even if companies pay out higher benefits than required under State work comp law, the recipients could still end up with less money after taxes. If ERISA wasn’t a big enough issue, the limits on duration of benefits and caps on per occurrence payouts set up potential situations for injured employees to run out of money well before their injuries have been satisfactorily treated and/or they are eligible to return to work. This may then move the burden over to State hospitals and medical facilities, in-turn passing the cost down to taxpayers.
>> What Are We Doing About It? Insurors plans to fight this bill in Legislature, and we will also be launching a media campaign to make sure Tennessee businesses and the public understand its ramifications. Along with other trade associations such as the American Insurance Association, the Association of General Contractors, Tennessee Bar Association and other industry groups; we will work to make sure the bill does not pass as written in 2016. 6
In addition, we’ll be releasing a white paper with information on the bill and our position. If you have connections with State Legislators or industry personnel you feel could assist us, we would appreciate you contacting us so we may provide you with the information to share with them personally. And finally, we would encourage you to consider an additional donation to InsurPACTN. We will need as much support as possible from our State Legislators who serve on the key committees this bill must pass through. Any additional support we can generate through our State PAC will allow us to continue to back those that support our position. We have over 450 member agencies and over 4,000 member employees that makeup the grassroots of Insurors of Tennessee. Let’s continue to make sure our voice is heard on this issue and on other issues facing our industry on the The Hill. Let’s defeat Opt-Out together. u The Tennessee Insuror
IT’S THE RIGHT THING TO DO. Arlington/Roe. You have our word on it. “Whether you choose Arlington/Roe for our breadth of knowledge, product line diversity, market access or industry know-how, you may be assured we are in business primarily to serve you. We will do our best to earn and keep your trust. You have our word on it.” – James A. Roe, CPCU, ASLI, President
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7
Titans 2015 Preview: Mariota is Worth the Wait
by Mike Keith, The “Voice of the Titans”
After a disappointing 2014, the Titans have renewed energy thanks to their second overall pick in the NFL draft, Marcus Mariota. We asked Mike Keith to give us some insight on why the team feels Mariota is “Worth the Wait.” NFL quarterbacks face a difficult balance in dealing with wins and losses. If you claim credit, you are a selfish, glory hog. If you deflect blame or make excuses, you are a whiner who is out for yourself. Mostly, the NFL quarterback must shake his head and say little. You are humble and magnanimous in victory. You take the full blame in defeat.
Because of this, your teammates must have your back. They must be willing to protect you when no one else will. They must be your biggest fans at the biggest moments. How an NFL quarterback’s teammates feel about him is a litmus test which is every bit the equal of the player’s arm strength, his skill at reading the defense and his ability to take a hit. Without the physical and mental skills, the player would not be an NFL quarterback in the first place. But without the ability to rally your teammates in the locker room, the player does not have what it takes to be a starter. One pre-draft story about new Titans starting quarterback Marcus Mariota gave insight into his ability to build that kind 8
of loyalty. The story sparked just as big a reaction in the Tennessee Titans coaches and personnel people as did Mariota’s arm, his brain, his toughness and his overall athleticism. The Titans took a massive contingent to Eugene, Oregon for Mariota’s pre-draft workout in March. They were intrigued with Mariota’s game tape from the University of Oregon and were impressed with everything that he had done and said at the NFL Combine a month earlier. In March, in Eugene, the Titans wanted to see more. His workout for all 32 teams was televised, analyzed and scrutinized by NFL Network. These workouts are normally more choreographed than a Lady Gaga concert, so teams keep that in perspective, even though we, the football public, love to watch and come to our own conclusions. These big workouts are set up by agents and/or personal quarterback coaches to make the player look great. The Titans, however, were going to be much more interested in their own time with Mariota, which was scheduled to follow the big workout put on for all 32 teams. In that session, the Titans would put Mariota through their own paces. But before the on-field work, the Titans would spend time in the film room with Mariota. Two hours to be exact. As the offthe-field session wound down, the Titans brass fretted that The Tennessee Insuror
Preseason SCHEDULE
the long delay would leave them without a center to snap to Mariota and without players to catch his passes for their drills.
AUGUST 14 @ FALCONS AUGUST 23 vs RAMS AUGUST 28 @ CHIEFS SEPT. 3 vs VIKINGS
After all, Mariota’s Oregon teammates had lives of their own. They had classes to attend, meals to eat, girlfriends to visit, etc. And there was nothing in this workout for them per se; it was all for Marcus Mariota. But when the Titans moved to their area where Mariota would throw, his teammates were there. For roughly two hours, they had just hung around and waited. It made an impression on everyone with the Titans. The Oregon players’ presence said to the Titans: Marcus Mariota means enough to us as teammates and friends that we would hang around two extra hours to help him, even when there is nothing in it for us. It helped to answer an important question about Mariota.
Leadership That Speaks for Itself With his quiet, humble nature, many wondered how he would be able to lead. The Titans got their answer with a first-hand experience on March 12th. They wouldn’t need people to tell them stories and provide examples; they saw for themselves. In the end, it was a big-deal moment for the Titans. The team raved about Mariota’s arm and his athleticism. The Titans learned during the evaluation process about his overall intelligence and his football IQ. They knew Mariota’s character was impeccable and found plenty of people who backed that up with amazing stories about the quarterback. The Titans also grew to really enjoy the young man as they got to know him personally during the pre-draft process. And they learned in Eugene, Oregon on that day in March that Marcus Mariota could inspire loyalty in his teammates. In the eyes of the Tennessee Titans, that final example completed him as the total package at the quarterback position. In his two months with the team during the spring, Mariota did nothing to disappoint anyone around Saint Thomas Sports Park. As a matter of fact, he looked outstanding in OTAs and, yes, his teammates in the locker room noticed. Now, it’s time to head to Nissan Stadium for the real thing and people cannot wait to see the Titans franchise quarterback in action. As he had proven to others in his life, Marcus Mariota is worth waiting for. About the Author Mike Keith is a native of Franklin, and is the reigning Tennessee Sportscaster of the Year. He brings you every moment of Titans football every week. Mike paints the picture home and away on your local Titans Radio partner. After working with Insurors of Tennessee for over 15 years, Mike is valued partner of our Association. u The Tennessee Insuror
2015 regular season SCHEDULE SEPTEMBER 13 SEPTEMBER 20 SEPTEMBER 27 OCTOBER 11 OCTOBER 18 OCTOBER 25 NOVEMBER 1 NOVEMBER 8 NOVEMBER 15 NOVEMBER 19 NOVEMBER 29 DECEMBER 6 DECEMBER 13 DECEMBER 20 DECEMBER 27 JANUARY 3
@ BUCCANEERS @ BROWNS vs COLTS vs BILLS vs DOLPHINS vs FALCONS @ TEXANS @ SAINTS vs PANTHERS @ JAGUARS vs RAIDERS vs JAGUARS @ JETS @ PATRIOTS vs TEXANS @ COLTS
3:25 PM NOON NOON NOON NOON NOON NOON NOON NOON 7:25 PM NOON NOON NOON NOON NOON NOON
STADIUM STADIUM STADIUM STADIUM
STADIUM STADIUM STADIUM
STADIUM 9
The State of the U.S. Economy and How it Compares Globally Watching the Fed’s Paint Dry While the pundits predict, analysts watch, and bankers guess, the world continues to spin on its axis until the Fed makes a move on interest rates. At this juncture it appears that it will be much ado about very little, as Federal Reserve Chair Janet Yellin’s speeches continue to follow the pattern of a high school debate competition: point, counterpoint, point, counterpoint… Arguments for a rate hike include a falling unemployment rate and moderate GDP growth. At the same time, mounting evidence suggests that traditional unemployment measures are not fully capturing the essence of the employment experience in the United States. More so now than at most any other time in modern history, more and more people have fallen out of the workforce, rather than choosing to seek employment. Some attribute this to demographics (aging population), while others point to a mismatch of job skills required versus skills available. Wage growth has been subdued despite falling unemployment, leading Yellen to recently observe that while, “labor market conditions have improved substantially, they are, in the FOMC’s judgment, not yet consistent with maximum employment.”
The Grecian Formula That Creates Gray Hair What is a Grexit? A couple years ago I would have guessed it was a garish character in either a Harry Potter or a Hobbit novel. Today I know better, and have accepted the trendy “made-for-TV” word as the fear of financial contagion in Europe. Concerns of the potential moral hazard of a sovereign debt default by a European nation may be valid. After all, the global financial system could ill-afford other citizenries to adopt a philosophy of bankrupting their country and expecting relative forgiveness for their irresponsible fiscal practices. But the reality with the once-proud-home to Spartans and Athenians is that it is hardly relevant in the global economy. Its 2014 estimated GDP of $237 billion was just 2% of the Euroregion GDP and was, in fact, slightly less than the state of Tennessee’s GDP of $243 billion. While it may not rise to a matter upon which people should trade their securities, it is something of a tragedy for the people of Greece. This episode in Greece is a lesson for nations and municipalities around the world who might be tempted to bloat their public sector with unsustainable benefits. Hint, hint - California, Illinois, etc. If one wants to worry about global issues, the Chinese stock market crash is probably a more worthy source of heartburn. 10
written by Jim Rieniets, INSBANK CEO
Housing Really Matters As one of the biggest items in our nation’s economic grocery cart, housing is helping with the recovery. Low interest rates, rising employment, easing mortgage requirements, and cheap fuel prices are all aiding the housing recovery. In July the National Association of Home Builders/Wells Fargo sentiment gauge hit is highest reading since November of 2005. Lennar Corp. CEO Stuart Miller recently stated “we have believed and continue to believe that the downside in the housing market is very limited and the upside very significant.” Most certainly Mr. Miller is embodying the optimism one would expect of a CEO, and yes, there are good reasons to expect some continued to recovery. But one factor that has yet to be tested is the impact of potential interest rate hikes. While the Fed has been careful in its guidance to moderate expectations of the pace of interest rate hikes over the next couple of years, the mathematical concept of proportionality creates a potential hurdle. At historic low interest rates, a given increase in borrowing rates has a proportionately higher percentage impact on borrowers than it would if rates were higher. For example, if one had a $1,200 mortgage payment at 4% and interest rates increased by 2%, the mortgage payment would increase almost 26%. Conversely, if one had a $1,200 mortgage payment at 8%, a 2% increase would increase their payment slightly over 19%. With millions of households deriving their consumer spending from “what’s left over after my mortgage payment,” the Fed is warranted in its concerns about the pace of rate hikes on housing and the overall economy. So how does the U.S. stand amongst its global competitors? With the Euro-zone monetary union unsettled, Russia and OPEC licking their wounds on energy prices, and China’s market retreating, the U.S. is looking pretty good with its less-than-stellar measures of growth. It’s like the old adage about a camper running from an attacking bear. The camper doesn’t have to be faster than the bear - he just needs to be faster than his fellow campers. About the Author Jim Rieniets serves as President and CEO of INSBANK, which requires him to manage the day to day activities of the bank. He also serves as a director of INSBANK and on the Loan and Investment Committees, as well as being the Chief Manager of the bank’s subsidiary, Finworth Mortgage, LLC. u The Tennessee Insuror
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11/13/13 9:29 AM 11
Sawyer Named CSR of the Year
CONGRATULATIONS.
Crichton Group Employee Wins State Honor
Frannie Sawyer, CIC, CISR, Account Manager with The Crichton Group in Nashville, has been named as the 2015 Outstanding CSR of the Year for Tennessee by Insurors and The National Alliance for Insurance Education and Research. Frannie is a graduate of Dickson County High School and has a 22 year old son, Damean, who is completing his degree at UT-Chattanooga, and a 14 year old step son, Keyton, that attends Harpeth High School. She and her husband live in Kingston Springs.
F R A N N I E S AW Y E R For being named 2015 Outstanding Customer Service Representative of the Year for the state of Tennessee by The National Alliance for Insurance Education and Research.
Frannie started her career with Allen Agency as a personal lines assistant and went from there to Cooper Love and Jackson as a personal lines account manager. After working with other agencies in the area, she started with The Crichton Group in 2002 as a personal lines account manager. She began working with marketing on the commercial lines side, and moved to a commercial lines assistant position. Within a year she was moved to commercial lines account manager. In 2012, she joined the small commercial/select unit where she is now the team lead, handles new business marketing and assists in the training of new producers. She earned her CISR designation in 1997 and her CIC in 2006. Frannie says that, “This was important to me not only for the designation but for the knowledge you receive when attending the classes. I am always eager to learn and want to have as much information as possible to help me succeed and do a good job for my agency and my clients.” Frannie feels that the CSR position has really evolved during her time in the industy. “I believe the CSR’s today are expected to do more and more, not only for the agency and clients but for the carriers as well. Especially in the small business arena where everything is quoted on line and done in-house,” she continues. “However, this is also a benefit for us to do frontend underwriting and understand the risks we are writing. We have a higher responsibility and accountability to the agents and agency. We must have a higher degree of knowledge and understanding of coverage and build lasting relationships with our clients.”
PARTNER. ADVOCATE. ADVISOR.
Now Competes for National Honor Frannie will now be in the running for the title of National Outstanding CSR of the Year, and be eligible to win a $2,000 cash prize and a gold and diamond pin. u 12
The Tennessee Insuror
800-226-3224 www.fcci-group.com
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2/17/15 10:38 AM
Daniel Learns About Insurance: Fantasy Football Insurance?!? In Big Money Fantasy Sports, Insurance May Soon Be on the Roster
Insurors Director of Communications Daniel Smith is far from an insurance expert, but he is trying to learn! In this series he will look into insurance industry and coverage questions he has about popular trends in day-to-day life. Fantasy football has become an American pastime within an American pastime. It is estimated that over 41 million people in our country play fantasy sports each year, with an average age of 34. Most are male, but a growing percentage (currently around 20%) are female. Almost 80% hold at least a Bachelors degree, and have a median income between 60-100K.1 The games started with a simple rulebook developed by Wilfred “Bill the Gill” Winkenbach, who was a Oakland-area businessman and a limited partner in the Raiders ownership. In 1962, Winkenbach, along with Raiders Public Relations man Bill Tunnel and Tribune reporter Scotty Stirling, developed a system of organization and a rulebook, which would eventually be the basis of modern fantasy football. Their first league consisted of eight members, and their draft was held before the 1963 season. The leagues started to spread across the country, and slowly gained popularity. In 1997, CBS launched a beta version of a fantasy football website. Within three years, all major sports websites had their
14
written by Daniel Smith
own fantasy football game online. It is estimated that almost 20 million people compete in public and private leagues online. I put together my first fantasy football team online in 1999. My friends and I had a free league and we just competed for fun. I now enter three leagues every year, including one with a $100 entry fee. A few years ago, the most expensive league in the country was know to have a $10,000 buy-in and a $80,000 payout. Now it is estimated that there are several leagues with $50,000 buy-ins and $500,000 payouts. Now I personally never plan to reach anything near that level, but a lot of money is placed into these leagues and others - and where there is money, there is risk.
Risk/Reward - Without the Risk? The issue with spending large sums of money on a fantasy team is that there are unforeseen obstacles. Player injuries and suspensions can derail an entire sxeason. So once you invest time and money into your team, you proceed at your own peril - right? Well, maybe not entirely. In 43 states (unfortunately, Tennessee is not yet one of them) you can purchase Fantasy Football Player Protect Insurance from MiniCo. You will receive a certificate from an A.M. Best “A” Rated carrier
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COMING HERE
I was much more consistent at Tecmo Bowl than I am at fantasy football
You’ll be protected against player injuries up to 5 players on one fantasy team. The total cost will be calculated based upon the coverage option you select (9, 10, or 11 games missed) plus taxes and fees. Rates generally run from as low as 2.5% to 12% of the insured value of your team.2 Once you select and submit the players you want covered, your risk will be underwritten based on the players’ perceived value and the overall value of your team. If one of the players you have selected to cover is injured, you may submit a claim and it will be investigated. Valid claims will then be settled within 30 days of the end of the regular season and paid by check. Is this madness? Is the industry reaching to cover this “risk� with insurance? Maybe, but it is at the least interesting. Check out the program now at http://www.fantasyplayerprotect. com/about. Maybe we can get them to cover fantasy teams in Tennessee - not that I need any help.
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1-Per the Fantasy Sports Trade Association statistics available online at http://www.fsta.org/?page=ResearchArchive and https://en.wikipedia.org/ wiki/Fantasy_football_%28American%29#Demographics 2-Per Fantasy Player Protect Insurance at http://www.fantasyplayerprotect. com/faq
About the Author Daniel Smith serves as the Director of Communications for Insurors of Tennessee. He has a Bachelors degree in Marketing with a minor in Graphic Design from the University of Tennessee at Chattanooga. He may be contacted at dsmith@insurors.org. u 16
riskinnovationsÂ?Â?V°VÂœÂ“Ă‰ĂŒÂ˜ÂˆĂŠĂŠUĂŠĂŠ(800) 913.6696
The Tennessee Insuror
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17
Future Leaders Spotlight
presented by
Beau Massengille • J.M. Insurance Agency - Lebanon Beau Massengille of J.M. Insurance Agency and his wife Margaret
the insurance industry started? Beau: I believe, as it is for many others, that I got started in insurance due to family. Both of my older brothers are in the insurance business, it was just the natural thing to do for me. I really didn’t think about pursuing anything else. I really enjoy helping folks, and by counseling them on their insurance, it really fulfills that passion.
The Insuror: Do you have any influences/role models in the industry? Beau Massengille is the principal agent of J.M. Insurance Agency in Lebanon. He is a native of Livingston and still has much of his family there, including his mother and grandparents. He and his wife Margaret now live in Lebanon, and are very involved in the Wilson County community. Beau serves on the board of the Wilson County/Lebanon Chamber of Commerce and is also a member in the Kiwanis Club of Lebanon.
The Insuror: Can you tell us a little about your current job title and responsibilities? Beau: I am the President/Owner of J.M. Insurance Agency, Inc. which I started in March of 2012 from scratch. At times, I have been responsible for taking the garbage out to writing business and everything in between. I am thankful now to have a great staff around me. Our Account Executive, Keena McNeal, started with me in November of 2012 and handles our Personal and Commercial accounts. She is an asset to our office and does an outstanding job. Brenda Brown, our Office Executive, started with us in April of this year. She is such a positive addition to our office that I am really excited about. She is learning quickly and is going to do great things for our agency.
Beau: I would have to say my biggest influence has been my oldest brother James Massengille. I really look up to him - as well as my brother Matt. Other folks that have had a huge impact on me include my past employer, Mike Swallows, and the rest of the Swallows Agency. I really learned about the business and gathered a lot of information from them.
The Insuror: Is there any advice you could offer Young Agents or others in the industry to achieve success? Beau: One thing I have learned in a short period of time, is that there is no secret formula. If you will work hard and genuinely have the best interest of your clients, it is hard not to succeed. Sales can be the easiest, lowest paying profession in the world or it can be the hardest, highest paying profession in the world, but the great thing is, it really starts with you.
The Insuror: As an independent agent, you have many partners in this industry, including carriers, MGAs and many more. How do you determine which ones are the right relationships?
The Insuror: What can you tell us about your educational background?
Beau: Trust is the foundation of that relationship, so we look at financial strength, product offerings, claims service and consumer reports of carriers. We establish trust with our carriers by keeping an open line of communication between underwriters, loss control and management and make sure we are giving accurate and front-line information.
Beau: I am a graduate from Tennessee Technological University earning a Bachelor of Science Degree in Finance. I have started the process of earning my CIC designation through National Alliance and with the help of Insurors.
Our key partnerships include the Insurors of Tennessee which keeps us updated on education opportunities and the very latest news, information and legislative concerns in our industry.
The Insuror: How and why did you get your career in
The Insuror: Thank you for giving us your time Beau,
18
The Tennessee Insuror
we appreciate it and wish you continued success in your career. Beau: Thank you for the opportunity to share. We appreciate the Association as a whole and the Insurors of Tennessee staff for being a true partner in our agency. Thanks again! u
Young Agents ‘15
Upcoming Events and Information Below are some updates on the events scheduled for Young Agents in 2015. Please mark your calendar and join us for these opportunities to network. August 19 - West Tennessee Young Agents Reception Jackson Country Club • 4-6 pm CST • Jackson October 10 - Young Agents Sponsored Coat Drive World’s Fair Park • UT vs. UGA Tailgate • Knoxville October 12 - Young Agents Reception at Annual Convention The Square Room at Cafe 4 • Knoxville
Young Agents Committee Stuart Oakes - Chair Producer/Construction Division TIS Insurance Services Knoxville sfoakes@tisins.com Paul Steele, CIC, CRM - Immediate Past Chair Producer/Agent Martin & Zerfoss, Inc. Nashville psteele@martinzerfoss.com Tim Treadwell V - Region I Account Executive Boyle Insurance Agency Memphis timt@boyle.com Brent Chance - Region II Principal Agent/Owner Ivy Insurance Brentwood bchance@ivy-insurance.com David Allen - Region III Principal Agent RSS Insurance Chattanooga dallen@rssins.com For more information, please e-mail dsmith@insurors.org. u The Tennessee Insuror
INTRODUCING
Exceptional Agents Berkley Southeast Insurance Group recognizes the need to mentor the growth of new talent and to perpetuate the Independent Agency System, as well as provide young agents with a competitive advantage. Tennessee’s Young Agents are the future of our business. That’s why we are working together for success.
Congratulations Exceptional Agents 2015 Aaron Jensen Adam Reeves Andrew Powers Blake Dickens Brandon Patterson Chad Richardson Chad Snider Charlie Taylor Clement Ledbetter David Evans Garrett Flannery Jamie Williams Jared Smith Jason Stiltner Jason Teague Jeremy Stiltner John Brock John Fritts Josh Witt Kevin Ownby Leslie Frazier Matt Spellings Michael Novarese Mike Thomas Patrick Sala Ramsey Brock Robert Harris Stacy Woodard Stuart Oakes Tim Treadwell Will Webb
Shafer Insurance Agency, Knoxville Union City Insurance Agency, Union City Burke, Powers, and Harty Insurance, Bristol Harris, Madden and Powell, Memphis Ownby Insurance Services, Sevierville Swallows-Newman Insurance, Cookeville Westan Insurance Group, Martin Burke, Powers, and Harty Insurance, Bristol Battle Page Insurance, Franklin The Insurance Group, Inc., Knoxville Carroll Insurance Agency McKenzie Hardin County Bank Ins. Agcy., Savannah TIS Insurance Services, Knoxville Heritage Insurance, Kingsport Watauga Insurance, Johnson City Heritage Insurance, Kingsport Brock Insurance, Chattanooga TIS Insurance Services, Knoxville The Insurance Group, Inc., Knoxville Ownby Insurance Services, Sevierville Shafer Insurance Agency, Knoxville Consolidated Insurance Agency, Paris McDaniel-Whitley, Inc., Memphis Insurance, Inc., Nashville Harris, Madden and Powell, Memphis Brock Insurance, Chattanooga Tigrett & Pennington, Nashville Shafer Insurance Agency, Knoxville TIS Insurance Services, Knoxville Boyle Insurance, Memphis Battle Page Insurance, Franklin
berkleysig.com local people finding practical solutions 19
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20
The Tennessee Insuror
From Your President
Your Invitation to Our Annual Convention
Fall is just around the corner and it’s time to think about attending our Insurors of Tennessee 122nd Annual Convention to be held in Knoxville, October 10th-13th, 2015. With the heat index above 100 degrees I know everyone is thinking about cooler temperatures, football and the beautiful fall colors that will be on display in the Smoky Mountains. Rest assured we will have something for everyone at this event. The Holiday Inn Knoxville Downtown World’s Fair Park is the perfect and most convenient hotel for all of our planned activities. In the center of downtown, adjacent to our exhibit hall and an easy walk to Neyland Stadium and Market Square, it is in the heart of all the action. Join us on Saturday, October 10th for a great SEC rivalry! We have a limited number of tickets left for the UT Volunteers/Georgia football game. Even if the game is not on your agenda, be sure to join Insurors at the tailgate event to be held in the World’s Fair Park Festival Lawn. Enjoy the food, spirits and camaraderie along with other Insurors members and guests. It will be a fun day for all. Sunday starts things off with a breakout session on how to optimize your Microsoft Outlook experience with Steve Anderson. The exhibit hall opens that afternoon, and we will once again have our Business Connection Lounge for relaxing and visiting. Sunday night join us for our opening dinner and celebration with our very special guest speaker, former UT coach and player Philip Fulmer. Don’t miss this event,
as we may have a few other surprise guests on hand as well. Monday morning things start early with the trade show, door prizes and breakout sessions. That afternoon we let you enjoy the events around Knoxville. You can play golf, go clay shooting, or head to the Historic Southern Railway for a wine tasting and pairing class. Our carriers always look forward to Monday night, as they host their individual company night dinners and receptions. Also on Monday evening, don’t forget about the annual Young Agents Reception sponsored by Berkley Southeast at the Cafe 4 Square Room for our Young Professionals. Tuesday we will close things out at our Association Day breakfast and annual meeting. We’ll elect our 2016 Board of Directors and hear from Big “I” Chairman David Walker as he discusses the state of our National Association and our industry. Then we will finish everything up with the great door prize giveaway of 2015! I am so excited to be hosting my convention in Knoxville and hope all of you will join me at the Insurors of Tennessee 122nd Annual Convention. Be sure to register for the convention and make your hotel plans soon, we’re running out of space already! Visit www.insurors.org/ convention for more information or to register online now.
“Rest assured we will have something for everyone at this event.”
I look forward to seeing everyone in Knoxville in October! u
Cindi Gresham, CIC The Tennessee Insuror
21
IS YOUR INSURANCE AGENT STUCK TO ONE COMPANY?
INDEPENDENT AGENTS HAVE FREEDOM OF CHOICE. Trusted Choice® Independent Agents have the flexibility to competitively shop multiple reputable companies on your behalf, allowing them to put together a plan that suits both your needs and your budget. The only one they’re stuck to is you.
Find your independent agent. Find a better deal at trustedchoice.com
Free to do what’s right for you.
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22
The Tennessee Insuror
From Your IIABA National Director Let’s Band - and Brand - Together I talk about it all the time, but I still believe that Trusted Choice is a great solution for the mass marketing of the independent agency system. I know you have probably seen the ads on TV, and maybe you’ve even come across the banner ads on popular internet sites. In fact, Trusted Choice just launched another large media buy of web banners that will launch in September and run through November. These ads are local online buys and feature a display package and a social media (Facebook) package where your online ads will appear on Facebook news feeds. Both display and social media ads target Adults 25-54 who are entering various life stages such as purchasing home or a car, marriage, starting a family etc. There are also commercial lines ads that target small business owners. The ads are targeted to online users in your geographic area when you submit 3-5 zip codes. If you missed out on this run of ads, I suggest you take a look at the next campaign, which will probably be run in the 1st Quarter of 2016. There are different price levels and through the Marketing Reimbursement Program, you will receive a reduction on your out-of-pocket cost. Please contact Kiescha Cherry at kiescha.cherry@iiaba.net for more information.
TrustedChoice.com The “call to action” of all these ads is for consumers to visit TrustedChoice.com. No doubt you’ve heard all about the statistics of consumers beginning their insurance search online. We continue to see proof of this, and TrustedChoice. com is a tool that finally lets the independent agent harness that trend. Other sites are trying to take that market share, and we must continue the fight. Even Google Compare understands the value of the agent in the process. They recently spoke to our Trusted Choice Board and shared that all their research, technology and data has not been able to replace the component of the independent agent stepping in to offer expertise and close the deal. The Tennessee Insuror
Trusted Choice and Make-A-Wish Trusted Choice recently announced the fifth annual summer social media campaign that will raise money for Make-A-Wish. The past four campaigns have raised more than $470,000. This year, Trusted Choice aims to continue the tradition of charitable giving while also promoting the independent insurance agency system to consumers. With the help of consumers and independent agents alike, Trusted Choice has committed to donating a minimum of $100,000 and a maximum of $150,000 with this campaign. To get involved, mark your calendars for August 1st and share any content posted to the Trusted Choice Facebook page during the month. With a simple click, everyone can help grant the wishes of children and their families in their greatest time of need.
Trusted Choice and the Titans We are entering our 16th year of working with the Tennessee Titans, and the program has continued to evolve over time. While many folks across the state know Insurors of Tennessee from our radio commercials (even from the old John Ward UT versions), many are just now beginning to associate us with Trusted Choice. We are hoping to increase that brand awareness as we continue to build upon the program again this year.
“Other sites are trying to take that market share, and we must continue t h e f i g h t .”
We are lucky to have partners like Auto-Owners and Consumers that are continuing to partner with on the Titans marketing, and we will also be carrying on with our sponsorship of the Coach’s Challenge review during games. In addition, we have renewed our advertisement in the Titan’s yearbook, and upgraded to the inside cover! You can see the ad for this year on the previous page. All-in-all, I hope you will find that being part of Trusted Choice is just as important as being a member of the State and National Associations. We all become stronger when we band, and brand, together. u
Brad V. Smith 23
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The Tennessee Insuror
From Your CEO
Chuck Meets An Uninsured Motorist
Driving home from work one late June afternoon, I decided to take an alternate route in order to pick up a prescription. It was a beautiful day and traffic for this specific area of Nashville was no more than moderate. I tapped my brakes for a motorist in front of me, and suddenly there was thud and the sound of a real collision. It certainly wasn’t life-threatening nor was it even scary. Looking in my rear view mirror I saw a dark blue car that looked like it was attached to my bumper. As we were near an intersection I opened the window and signaled to the driver to pull over. They immediately responded and turned in behind me as we both came to a stop. While waiting for them I called the local police and stated I was just hit on Harding Road and gave the location where we had pulled over. Once I got out of the car I saw the other driver, and she was walking toward me. She immediately apologized profusely. She had her driver’s license in her hand was a carrying a piece of paper which I later learned was a payroll check. I told her that I had called the police and suggested we just wait until they arrive. She told me that after looking at her damage and mine that her car got the worst of it. I replied by asking her a leading question, “You do have insurance, don’t you?” With her head down she replied that she had, “let it lapse.” At that moment I realized that I had met an uninsured motorist. Having heard so may stories about the uninsured in the legislature and from our members I didn’t know what to expect. My uninsured motorist was young, articulate, well dressed and with a nice looking older Chevy Malibu (albeit with front end damage). Certainly not what I expected. I thought about the UM law change that was taking place on July 1st, and how lucky she was to get in under the wire. Recognizing my problem was getting worse, I asked to see the driver’s license she was holding. I think I was looking to see if it was valid. She then asked if we could, “work something out,” while showing me her payroll check. It was for an amount slightly over $300. I told her that I thought we should just wait for the police to come and take a report. At that moment, she The Tennessee Insuror
pulled the license from my hand and started to walk back to her car. I yelled something stupid, along the lines of, “Hey get back here,” or “Where are you going?” For a fleeting second, I even thought about chasing her. I did quickly dismiss that with the thought of me being arrested as a result. She then backed onto the road that we had turned on and sped away, leaving me waiting for the police which came almost immediately after. Upon arrival, they called for other units to be looking for the Blue Chevy Malibu.
Life Lessons Looking back, I never thought about using my phone’s camera to immediately take a photo of her driver’s license and license plate. Being a baby boomer, I guess I’m not wired to think that way in an incident. If we weren’t both casually waiting for the police, I would have found a pen and scribbled info on a piece of scrap paper and asked her to do the same. Life Lesson #1. Returning to the office the next day I dutifully reported the damage to my independent insurance agent. Later that day I took the car to a local body shop who estimated damage at about $1200. I set up an appointment to drop the car off in about a week. The adjuster called and said he had to inspect the car and take pictures of the damage. I suggested that I would take photos (see Lesson #1) and send them to him to save his time coming from Spring Hill. He explained that he had to do it. I guess there are baby boomers running insurance companies too. After making a remark about the body shop I had chosen, he said he would arrange for rental car on my drop off date. The date arrived, and I was returning from a trip to Smithville and raced to get to the body shop before closing. The body shop office personnel were helpful, but could not find that a car had been reserved with the company chosen by the adjuster. They did a diligent search to find a reservation as the car rental place in the area had no cars available. After nearly an hour the reservation was indeed found. It had been made for me at the facility in downtown Nashville - far away from the Cool Springs Area of the body
“ H a v i n g heard so many stories about the uninsured in the legislature and from our members I didn’t know what to e x p e c t .”
Chuck Bidek, CPCU 25
shop. The rental car person asked me, “Who made this reservation?� When I replied that it was the adjuster, she said it happens all the time. Life Lesson #2 The car repairs were soon completed on time and once the insurance company check was received, my car would be ready to go. Since this was a Friday afternoon - and I was heading to West Tennessee on Monday and was not crazy about driving a Ford Fusion for most of another week - I called the adjuster. He assured me that a check had been sent, and since I had a rental car, I should just keep driving it until the body shop acknowledges receiving the check. I declared that to be unacceptable. I went to repair shop and paid for the car on my credit card and was back on the road that weekend. A week later the body shop sent me a check less a deductible. When we were talking about the check, the adjuster mentioned my deductible. I interjected that this was an uninsured motorist situation and, since the car did have physical damage, the deductible should be waived. He countered that since the uninsured motorist was not identified the deductible applies. My next question was, “What does the law say?� He said it was their policy that would guide the claim. Really? I couldn’t wait to get back to the office to look it up. I certainly remember the discussion when the bill was passed so many years ago in the legislature. Basically, the insurance companies did not want to be stuck with claims of phantom drivers
running people off the road and citing loss due to uninsured motorists. To that I am in agreement. However, let’s look at the state law below and you be the judge. Frankly, I believe I have satisfied requirement 1(A) and because of the word “OR� have satisfied requirement 1. Requirement 2 is satisfied. In regards to Requirement 3 - so where is my negligence? Was it my failure to capture the uninsured motorist? e) If the owner or operator of any motor vehicle that causes bodily injury or property damage to the insured is unknown, the insured shall have no right to recover under the uninsured motorist provision unless: (1)(A) Actual physical contact has occurred between the motor vehicle owned or operated by the unknown person and the person or property of the insured; OR (B) The existence of the unknown motorist is established by clear and convincing evidence, other than any evidence provided by occupants in the insured vehicle; (2) The insured or someone in the insured’s behalf has reported the accident to the appropriate law enforcement agency within a reasonable time after its occurrence; and (3) The insured was not negligent in failing to determine the identity of the other vehicle and the owner or operator of the other vehicle at the time of the accident What do you think? I think I’ll be more skeptical the next time I’m involved in a fender bender. u
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26
The Tennessee Insuror
3/4 4/22
CISR
Commercial Property
6/9
CISR
CISR
Personal Lines Institute
5/13-15 CIC
Agency Management
Commercial Casualty Inst*
7/22
Commercial Property
10/28
Commercial Casualty II
4/21 CISR
Comm Property
7/23-24 CIC
Ruble Graduate Seminar
10/27 CISR
Comm Cas. II
CISR
8/19
KNOXVILLE
3/5
CISR
CISR
Agency Operations
3/11-13 CIC
Commercial Property Inst
5/4-6
Other
Dynamics of Selling*
6/17
CISR
Commercial Casualty II
CISR
Education Calendar
Agency Operations
4/8-10 CIC
Elements of Risk Man.
6/10-12 CIC
Insuring Personal Auto
8/25-28 CRM
Financing of Risk*
9/16-18 CIC
Life & Health Institute
11/4- 6 CIC
Commercial Casualty Inst
12/8- 9 Other
Executive Risk Seminar*
JOHNSON CITY
4/23 CISR
Comm Property
8/20 CISR
Life & Health
The Insurors of Tennessee offers education opportunities to member agents across a wide range of insurance specialities that satisfy individuals at many different experience levels. If you are looking to further your career, seeking a professional designation, or need to satisfy continuing education requirements, check out the variety of courses available.
NASHVILLE
MEMPHIS
Do you have a Clue?
CHATTANOOGA
MAKE SURE YOU KNOW THE WHO, WHERE AND HOW IN 2015 WITH INSURORS OF TENNESSEE SPONSORED CONTINUING EDUCATION FROM THE NATIONAL ALLIANCE FOR INSURANCE EDUCATION AND RESEARCH.
CERTIFIED INSURANCE SERVICE REP.
CERTIFIED INSURANCE COUNSELOR
3/4
Agency Operations
Nashville
3/11-13 Commercial Property Inst Memphis
3/5
Agency Operations
Memphis
4/8-10 Personal Lines Institute
Nashville
4/21
Commercial Property
John. City
5/13-15 Agency Management
Nashville
4/22
Commercial Property
Knoxville
6/10-12 Commercial Casualty Inst* Knoxville
4/23
Commercial Property
Chatt.
7/23-24 Ruble Graduate Seminar
Nashville
6/9
Elements of Risk Man.
Knoxville
9/16-18 Life & Health Institute
Nashville
6/17
Commercial Casualty II
Memphis
11/4- 6 Commercial Casualty Inst Nashville
7/22
Commercial Property
Nashville
8/19
Insuring Personal Auto
Nashville
8/20
Life & Health
Chatt.
10/27
Commercial Casualty II
John. City
10/28
Commercial Casualty II
Knoxville
Registration is fast and easy at www.insurors.org. More information about each class can also be found online.
ONLINE COURSES WEBCASTS (register and view dates at insurors.aben.tv)
Data Privacy Insurance Ethics & Business NFIP Flood Basics E&O Risk Management Series Commercial Property Professional Ethics and many more! WEBINARS (register anytime at insurors.ceu.com)
Insurance Principles and Policies Long Term Care and many more!
OTHER COURSES 5/4-6
Dynamics of Selling*
8/25-28 CRM Financing of Risk*
Memphis Nashville
12/8- 9 Executive Risk Seminar* Nashville
REGISTER ONLINE NOW AT WWW.INSURORS.ORG OR *WWW.SCIC.COM CALL LAURA THROWER AT 615.515.2607 FOR MORE INFO OR E-MAIL LTHROWER@INSURORS.ORG
CISR 8/19 8/20 10/27 10/28 11/10
Life & Health Life & Health Commercial Casualty II Commercial Casualty II Insuring Personal Auto
CIC
Fee: $173
CE: 7
Nashville Chattanooga Johnson City Knoxville Memphis
Fee: $430
8/25-28 Financing of Risk*
Risk Seminars
Nashville
Fee: $420
12/8- 9 Executive Risk Seminar* Fee: $385 (Ruble $420)
CE: 24
9/16-18 Life & Health Institute 11/4- 6 Commercial Casualty Institute
Nashville Nashville
The National Alliance for Insurance Education & Research is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba. org. Advanced Curriculum Rating = 20 CPE Credits. For more information regarding administrative policies such as complaint and refund, please contact our offices at 800-633-2165.
ABEN Webcasts (insurors.aben.tv) 8/3 8/4 8/4 8/6 8/12 8/12 8/13 8/4 8/11 8/5 8/18 8/19 8/25 8/26 8/27
CRM
E&O - Agency/Carrier Relationships E&O - Role of Agency Defenses E&O - Claim 360 View E&O - Agency Operations Hot Topics in Personal Lines Data Privacy Insurance D&O Insurance Business Income - Beyond Basics Professional Ethics in Insurance E-World for Insurance Professionals Those Kids and Their Cars NFIP Updated Basic Course E&O - Agency Operations E&O - Understanding Agent Duties E&O - Role of Agency Defenses
CE: 3 $48 CE: 3 $48 CE: 3 $48 CE: 3 $48 CE: 2 $48 CE: 2 $48 CE: 2 $48 CE: 3 $72 CE: 3 $60 CE: 3 $72 CE: 2 $48 CE: 3 $72 CE: 3 $48 CE: 3 $72 CE: 3 $48
Nashville
Online Courses (www.iiaba.net/vu) Available from IIABA Virtual University. Member pricing shown.
Ethics for Insurance Professionals How to Calc. Business Income in 5 Min. National Flood Insurance Program New Employee Training Course
CE: 3 CE: 3 CE: 6 CE: 9
$75 $50 $80 $100
*check VU site for current information on CE and pricing
Available from The National Alliance
(www.scic.com)
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Indicates course is presented by The National Alliance. Register for these courses at www.thenationalalliance.com The Tennessee Insuror
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Let us ĮģĜĭĠ Īİĭ ıĤĠIJ ŌľʼnĽ ŎńŊ
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The Tennessee Insuror
Government and Legal Affairs An Update on Work Comp Reform of 2013 Written by Ashley N. Gold, JD, Insurors General Counsel
•
On April 29, 2013, Governor Bill Haslam signed the bill known as the Workers’ Compensation Reform Act of 2013. This reform made sweeping changes to Tennessee’s Workers’ Compensation system which were intended to reduce costs, improve resolution times and create more uniform results. The new law, which has been in effect for just over one year now, is meeting all of the target goals. On July 1st of this year, the Bureau of Workers’ Compensation filed its first report. During the time since the passage of the bill, the Bureau has implemented the provisions of the bill with success and the results are already beginning to be apparent. Among many, several milestones of the implementation were: •
On July 1, 2014, the Tennessee the Court of Workers’ Compensation Claims went into effect with the historic result that state trial courts will no longer decide disputed workers’ compensation claims. Instead, administrative courts devoted exclusively to workers’ compensation claims will make these decisions. • The construction of the workers’ compensation statute changed to one that required the new workers’ compensation courts to construe the statute fairly and impartially in claims for injuries that occur on July1, 2014 or later. • The Bureau developed and implemented an ombudsman program in the spring of 2014. Ombudsmen began to assist to self-represented employees and employers July 1, 2014. During the first year, the overwhelming majority of cases received by the new Court were “Expedited Hearings.” In an Expedited Hearing, the Court enters a non-final order that grants or denies the requested medical and/or temporary disability ben-
Governor Haslam appointed Abbie Hudgens, administrator, effective July 1, 2013 for a term of six years.
Now In More States MidSouth Mutual provides regional Workers’ Compensation insurance to customers in 7 states including Tennessee, Kentucky, Arkansas, Mississippi, Alabama, Georgia and North Carolina. Examples of clients we serve include: HVAC Contractors Building Suppliers Road Contractors Dozing Services Landscapers
Bricklayers Electricians Plumbers Dry Wallers Insulation
Carpenters Framers Flooring Painters Cabinetry
Thank You to all the independent agencies representing MidSouth Mutual. We look forward to a great 2015.
Contact Tom Perez at tom.perez@bwood.com or 615-379-8245 www.midsouthmutual.com Administered by Brentwood Services Administrators, Inc. Proudly serving the members of the Home Builders Association of Tennessee since 1995.
The Tennessee Insuror
31
efits. The clerk schedules an Expedited Hearing as soon as is convenient for all involved. After the hearing takes place, the judge typically enters an order within 7 to 10 business days. This process generally results in a faster resolution of these temporary matters than what occurred under the previous law’s process. These Orders are then immediately reviewable. As of June 24, 2015, the Court had conducted 86 Expedited Hearings in which a judge issued an order. It takes, on average, 52 days from the time a mediator files a DCN until the judge issues the order. Thirty days typically pass between the clerk scheduling an Expedited Hearing and issuance of an order. The average time it takes for a judge to issue an order is 10 days from the day of the Expedited Hearing. This dramatic shortening of the time required for a party to have his or her “day in court” was one of the central goals of the Reform Act of 2013, and is already being realized. In all, the Board has resolved twenty-nine expedited appeals as of June 24, 2015, each within the seven business days mandated by law. The average time for a decision is now 4.37 days from the date the Appeals Board receives the appellate record, far less time than under prior law. In addition, as of June 24, 2015, the appeals judges have decided 181 appeals of the 376 decisions made by administrator designees since August 2014. The number of pre-reform appeals has dropped by approximately forty percent from the same time a year ago. Every appeal decided under pre-reform law has been resolved within the statutorily required time to do so. In other words, the Appeals Board has timely decided 100% of the appeals to date, thereby giving employees and employers alike the certainty needed to move on. Under the new system, a sizeable percentage of litigants before the Court are unrepresented. Looking at statistics from the first year, approximately 88% of settlement approvals involved a self-represented litigant. Roughly 40 % of litigants who appeared before the Court in Expedited Hearings were unrepresented and approximately 44 % of appellants were unrepresented. The law has only been in effect one year. It was not until September that the new court received its first case. As a result, it is hard to make definitive statements about the ultimate financial impact of the reform act until more time has passed. However, there are facts we know now that give us a glimpse of the financial impact that the act will have: •
Workers’ compensation costs in Tennessee are already decreasing. In the past two years, NCCI loss costs have decreased 21.05%.
•
The new permanent partial disability benefit for employees who return to work is 33 % less than the pre-reform benefit.
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•
The maximum permanent partial disability benefit for employees who are not able to return to work at their pre-injury wage is more than 40% less for the post reform case than the maximum for pre-reform cases.
•
Claimants that have very little objective evidence to prove that their employment caused the injury are no longer able to meet the standard for causation, which will bring savings and more fairness to the workers’ compensation system.
Insurance companies require more than one year’s claims experience before insurance premiums are lowered substantially, but self-insured employers are already beginning to comment on the positive financial impact of the new law. We will continue to watch how these changes will positively affect Tennessee employees and employers, but clearly, the new system is working. About the Author Ashley N. Gold has served as General Counsel of Insurors of Tennessee since 2007, and previously consulted for the Association on legal and government affairs matters. She received her undergrad degree from the University of Kentucky and her Juris Doctor from Samford University. She may be contacted at aarnold@ insurors.org or by calling her at 615.515.2606. u
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The Tennessee Insuror
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The Tennessee Insuror
Association Update
Gibbons Wins Dancing With the Tri-cities Stars
Willis and Towers Watson Announce Merger
In June, Insurors Region III Director Josh Gibbons, AAI of Watauga Insurance in Johnson City competed in the 2015 edition of the annual Dancing With the Tricities Stars competition. The competition is a fundraiser for Steppen Stone Youth Treatment Center, and this year raised over $100,000 for the organization. Josh’s campaign raised over $7,000, and he and his dance partner won the competition! Josh took home the “disco ball” trophy and “bragging rights” for the year.
Large broker-consultants Willis and Towers Watson recently announced a proposed $18 billion merger of equals. In the proposed deal, shareholders of London-based brokerage Willis will own about 50.1% of the combined company, while shareholders of New York-based risk management and human resources consultant Towers Watson will hold about 49.9% of the combined company. Both companies’ boards have agreed on the merger, and the combined company will be Willis Towers Watson.
Tullahoma Chamber Names Lester Citizen of the Year for 2014
WC Dillon Co./Insight - the Nashville branch of Memphis-based Insight Risk Management, has hired three new staff members. Raleigh Harwell, Kaitlyn Russell and Vickie Owens will increase the agency’s staff size to ten. Harwell has joined Insight as an account executive. He brings with him fifteen years of banking and finance industry experience. His focus will be commercial property and casualty client development and sales.
Insurors Region II Director, Joe Lester of Lester, Greene and McCord Insurance in Tullahoma, was named as the 2014 Citizen of the Year by the Tullahoma Area Chamber of Commerce. At a ceremony held earlier this year, Chamber executive director Diane Bryant recognized Lester’s efforts in the community. “Despite his busy schedule, Joe Lester is always helping others, if not through his past roles as president of the Chamber as well as the Tullahoma Noon Rotary, but also on the board of Harton Regional Medical Center, Partners for Healing and Southern Community Bank,” said Bryant.
Jackson to Continue as Chair of Big “I” Agents & Brokers Roundtable; Smith Completes Term Former Insurors Board member, Clay Jackson, CPCU of BB&T - CLJT&H in Nashville, has been asked to continue his term of service as Chair of the Big “I” Agents & Brokers Roundtable. His next term will begin in September of this year and run through August of 2016. Jackson has served on the roundtable for the past five years. Insurors IIABA National Director, Brad Smith of Smith-Berclair Insurance in Memphis, also completed his final term on the Big “I” Trusted Choice, Inc. Board of Directors. Smith had served on the committee for the past three years. The Tennessee Insuror
Insight Risk Management Adds Three to WC Dillon Staff in Nashville
Russell is a recent graduate of Middle Tennessee State University with a degree in finance and insurance. She’ll be taking on the role of a commercial client customer service representative. Owens comes to WC Dillon Company with over twenty years of personal lines insurance experience. She has accepted the Personal Insurance manager position and will be focused on client management and sales for the agency.
McKinney Joins Assured Neace Lukens Assured Neace Lukens recently hired Ryan McKinney as a Senior Vice President. In his new role, McKinney will identify key business exposures and provide tailored insurance solutions to Assured Neace Lukens’ commercial property and casualty clients. McKinney brings over nine years of experience to Assured Neace Lukens, specializing in large commercial, transportation and continued on page 41... 35
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The Tennessee Insuror
Broker Spotlight
Southern Insurance Underwriters Southern Insurance Underwriters, Inc. (SIU), a family-owned Certified Managing General Agency, has proudly served independent insurance agents throughout the southeast for over fifty years. SIU understands the importance of competitive markets, innovative technology and personalized service.
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Service SIU’s staff of experienced and reliable underwriters can quickly turnaround a variety of risks ranging from simple to highly complex hazards. Quotes can be handled by phone, e-mail or fax providing a quick turnaround to move business forward. SIU has the perfect combination of technology that agents desire and the personal touch that agents have come to associate with SIU! Join the more than 2,500 agents that rely on SIU for their E&S and Standard Lines placement needs. Please call 800.568.1700 or visit www.siuins.com for more info. u
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â&#x20AC;&#x153;Exclusive member agencies, collaborating to bring the best insurance solutions to their clients.â&#x20AC;? The Allison Insurance Group - Jackson Bagley & Bagley Insurance - Fayetteville Boyle Insurance Agency, Inc. - Memphis Burke, Powers & Harty - Bristol Carnal-Roberts Agency, Inc. - Lexington Cate-Russell Insurance, Inc. - Maryville Goss Insurance - Hixson Inter-Agency Insurance Services - Knoxville Martin & Zerfoss, Inc. - Nashville
McInturff, Milligan & Brooks - Greeneville Miller | Loughry | Beach Insurance Services - Murfreesboro Ownby Insurance Service, Inc. - Sevierville Smith-Berclair Insurance, Inc. - Memphis S.N. Anthony, Inc. - Ripley Tigrett & Pennington Inc. - Dyersburg V.R. Williams & Company - Shelbyville Watauga Insurance, Inc. - Johnson City
38
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The Tennessee Insuror
Company Spotlight
FCCI Insurance Group A Legacy of Trust FCCI Insurance Group is a multi-line commercial property and casualty carrier that has been keeping promises to policyholders, claimants, agents and employees for more than 56 years. FCCI was formed in 1959 when a group of business owners in Sarasota, Florida, began looking for a better way to provide workers’ compensation insurance to local contractors. They valued accountability, integrity, fairness and service, and they built lasting partnerships. FCCI continues that legacy of trust today while providing comprehensive agribusiness, automobile, crime, general liability, inland marine, property, surety, umbrella and workers’ compensation coverage in 18 states.
FCCI in Tennessee Tennessee is part of FCCI’s Gulf Coast Region, which also includes Alabama, Arkansas, Louisiana and Mississippi. With a regional office located in Ridgeland, Mississippi, and field staff in each state, FCCI offers local knowledge, focus and presence and provides underwriting, risk management and claims service at a local level.
The FCCI Difference There are several factors that set FCCI apart. In an era when too many insurance companies have failed to keep their promises, FCCI stands strong as a financially solvent, well-invested mutual holding company with more than adequate reserves to pay current and future claims. FCCI’s financial strength is credited to prudent reserving and investing and a disciplined, long-term approach to expansion and growth. As a privately-held company, FCCI is able to keep its focus on providing the best The Tennessee Insuror
services for agents and policyholders, while continually earning their business and trust by keeping its promises. FCCI’s A.M. Best Company rating is A (Excellent) with a Stable outlook and a Best’s Capital Adequacy Ratio (BCAR) score of 297, far exceeding the required 145 for A rated companies. FCCI’s key asset is its dedicated employees. Nearly 750 employees serve FCCI’s more than 18,000 policyholders and 16,000 bonded principals. Their industry expertise and skill give agents and policyholders the opportunity to work with underwriters, risk control consultants and claims representatives who understand their industry, know their business well and are committed to doing the right thing.
Strong Relationships FCCI was built on a tradition of forming relationships and following through on commitments, and employees throughout the company show a high level of dedication. They understand not only the company’s history, values and beliefs, but also their individual obligation to uphold FCCI’s legacy of acting responsibly and ethically. We look for the same dedication in our agents. FCCI partners with the best independent agencies in the business, continually working to earn agents’ trust and business. Claims are handled fairly and efficiently and always with service that exceeds expectation. FCCI abides by its reputation for excellence in its products, services and employees and wants to be recognized as an insurer that’s easy to work with. For more information about FCCI and their offerings, please call 601.366.1161, 1.800.530.7800 or 1.800.226.3224. You may also visit them online at www.fccigroup.com. u
Tennessee Contacts Tom Quaka Senior VP, Gulf Coast Region tquaka1@fcci-group.com Mike Noble Vice President, Underwriting mnoble@fcci-group.com Tiffany Hawkins State Director thawkins@fcci-group.com 800.226.3224 x4174 Pam Willet Senior Marketing Underwriter pwillet@fcci-group.com 800.226.3224 x1044 About FCCI Founded: 1959 President & CEO: Craig Johnson Headquarters: Sarasota, FL Regional Offices: Ridgeland, MS; Sarasota, FL; Lawrenceville, GA; Indianapolis, IN; Richardson, TX States: 18 Agent Network: 4,200 A.M. Best Rating: A Appetite: Agribusiness, Construction, Hotels & Hospitality, Manufacturing, Restaurants, Retailers, Service Providers, Wholesale & Distributors
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40 Thefranchise Tennessee Insuror Š2015 Keystone Insurers GroupŽ. All Rights Reserved. This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group is not registered.
???????????????? Association Update (cont.)
automobile dealer businesses. He has a bachelor’s degree in Business Management from the University of Mississippi.
Westfield Names Trilogy & Horizon Agencies Westfield Insurance recently announced their Trilogy and Horizon Agency partners and several Insurors members were on the lists. Westfield Trilogy Agencies have been identified as “the best of the best;” an honor reserved solely for this group of agency partners. Representing approximately 7% of Westfield’s overall agency total, Trilogy agencies are partners with a commitment for long-term success. Among those named were Insurors members Rains Agency in Jamestown and TIS Insurance Services in Knoxville. Westfield’s Horizon Agencies have been identified as a group of the company’s top performers, quickly approaching its top 10 percent, and recognized as being committed to growing with Westfield for the long term. This group represents approximately 8% of Westfield’s overall agency total. Among those named were Insurors members Athens Insurance
Agency in Athens, First Volunteer Insurance in Jasper, The Crichton Group in Nashville and THW Insurance Services in Lebanon.
Gene Frazer Enters TN Insurance Hall of Fame Former Insurors President Eugene L. “Gene” Frazer, CPCU, was inducted into the Robert E. Musto Tennessee Insurance Hall of Fame at MTSU with the 2015 class. A ceremony for the induction was held on Tuesday, July 28th at the Embassy Suites in Murfreesboro. Frazer worked for Travelers before joining Shafer Insurance Agency in Knoxville as an agent in 1967. Other inductees included Scott Clayton, David Meador and Kenneth Pinkston.
Montgomery & Assoc. Among Award Finalists Montgomery & Associates in Brentwood has been named as a finalist for the Nashville Business Journal 2015 Small Business Award in the 3-10 employee category. Nominees shared information about their business, including revenue numbers for the past three years, to determine the finalists. u
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Company Briefs
Gregoire Officially Takes Over at Consumers Effective June 1, 2015, Shaun Gregoire, CPCU, AIC, formerly senior vice president, sales and underwriting for the company, has been named president of Consumers Insurance USA, Inc. In preparation for his planned retirement, former president David Sciortino worked alongside Gregoire, sharing his vast knowledge of the company and the agents it serves. “I have greatly enjoyed my time working with Shaun. He has provided the necessary leadership and insight to assist with integrating our company into the group, as I knew he would,” Sciortino said. “He is an excellent reflection of the values and commitment that drew us to Motorists in the first place. I am confident that Shaun will enhance our success and continue our focus on building strong relationships with independent agents and policyholders.” Gregoire has been with Consumers Insurance since The Motorists Insurance Group announced the acquisition in May 2014. Before joining Consumers Insurance, Gregoire was vice president, Sales, for Motorists Mutual Insurance Co., which is located in Columbus, Ohio. He has more than 25 years of experience in the insurance industry, and previously held various management positions at Motorists in Sales, Marketing, Training and Development and Claims.
ACE Acquiring CHUBB for $28.3 Billion ACE Limited announced recently that it planned to acquire Chubb. The new company will operate under the Chubb brand name. Based on the closing price of ACE stock on June 30, 2015, the total value is approximately $124.13 per Chubb share, or $28.3 billion in the aggregate. Upon closing of the transaction, ACE shareholders will own 70% of the combined company, and Chubb shareholders will own 30%. The transaction is expected to close in the first quarter of 2016. ACE Chairman & CEO Evan Greenberg will remain CEO of the combined company. Chubb CEO John Finnegan will become executive vice chairman for external affairs of North America and will help with the integration of the two companies. The company’s board will expand from 14 directors to 18 directors with the addition of four independent directors from Chubb’s current board. The two large carriers have a strong presence in Tennessee, with 2014 written premium of $192,452,387 for Ace Group and $148,005,704 for Chubb.
AAMGA Recognizes Arlington/Roe On May 18th, Arlington/Roe was awarded an American AsThe Tennessee Insuror
sociation of Managing General Agents (AAMGA) Community Service Award for the sixth year. Winners were chosen because they exemplify AAMGA’s commitment to improving the communitiess they serve. Also in May, J. Patrick Roe, CIW, vice president and director of marketing at Arlington/Roe, was elected a vice president of AAMGA’s Under Forty Organization (UFO). Patrick has been an active part of the UFO since 2006. He has already begun his new UFO Board of Directors role. His responsibilities include recruiting active AAMGA members and business associate members under the age of 40; planning and implementation of the UFO Annual Meeting; and encouraging sponsorship and participation in leadership training classes and other UFO activities.
Root Named VP at Main Street America The Main Street America Group announced Janet Root has been appointed vice president of internal audit at the super-regional property/casualty insurance company. She replaces former internal audit vice president Dave Medvidofsky, who was recently appointed as the organization’s vice president of human resources. As Main Street America’s head of internal audit, Root will be responsible for providing the company’s senior management, audit committee and board of directors with independent and objective input on strategic, operational, financial and compliance objectives and controls. She will have a direct reporting relationship to the audit committee of Main Street America’s board of directors, but will report to Ed Kuhl, the company’s executive vice president, chief financial officer and treasurer, for administrative purposes and be based at its corporate headquarters in Jacksonville, Florida.
Johnson & Johnson Acquires Handel & Assoc. Charleston, South Carolina-based Johnson & Johnson, Inc. (J&J) has acquired John Handel & Associates, Inc. (JHA). Under its new ownership, JHA will continue to offer the same firstclass products and services throughout the state of Florida, and will soon offer access to even more markets and products through Johnson & Johnson. John Handel & Associates was established in 1983 as a full service multi-line E & S brokerage agency serving the State of Florida. The company will continue to serve its agents and insureds in Florida from JHA’s office in St. Petersburg, Florida 43
and from the current J&J office in Melbourne, Florida.
Risk Innovations Adds Tinker to Comp Staff Risk Innovations has announced the addition of Kristi Tinker to their Workers’ Compensation staff. With more than eight years of experience in the insurance industry, Kristi brings with her the knowledge and expertise that has enabled her to becomea successful Workers’ Compensation underwriter. In her previous position, Kristi served as a new business supervisor and production underwriter for multiline national program managers and general agencies. Kristi’s prior responsibilities included managing a new business Workers’ Compensation team and support staff, while maintaining an online quoting system for streamlining the workers’ compensation underwriting process for various carriers.
“Ward Group recognizes ACUITY for achieving outstanding financial results in the areas of safety, consistency, and performance,” said Jeffrey J. Rieder, Partner and Head of Ward Group. “From 2010 through 2014, ACUITY demonstrated its ability to consistently generate outstanding results.” To develop its annual list of the 50 top-performing insurance companies, Ward Group analyzes the financial performance of over 3,000 property-casualty insurance companies domiciled in the United States based on objective data and quality measures. Top performers have passed all safety and consistency tests and achieved superior performance over a fiveyear period.
J.M. Wilson Promotes Gleason and Adds Dana J.M. Wilson is pleased to announce the promotion of Cheryl Gleason as Personal Lines Manager and the addition of Kayley Dana as Transportation Specialist.
ACUITY Again Named to Ward’s Top 50 ACUITY has been named to the 2015 Ward’s 50 list of topperforming companies based on the insurer’s overall performance, putting ACUITY in the top 2 percent of insurers nationwide. This is ACUITY’s 16th consecutive year on the Ward’s 50.
As Personal Lines Manager, Cheryl is responsible for overseeing the day-to-day activities of the Personal Lines team, as well as quoting new and renewal business, coordinating with carriers, and assisting independent insurance agents in 31 states. Cheryl will continue her role as Claims Specialist, where she is responsible for review-
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The Tennessee Insuror
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With customized coverages, local industry knowledge and the strength and stability of an “A” rating by A.M. Best, when you’re looking for a carrier that can help you play an instrumental role in your customers’ business success … we can show you more.® For more information about our coverages, products and services, contact our local Nashville Branch at 615-886-3300, or visit www.cna.com. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2015 CNA. All rights reserved.
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ing and processing all incoming claims, contacting the insurance company, working with claims adjusters, filing all necessary paperwork, and acting as a liaison between our carriers and agents to handle losses quickly from beginning to end. Cheryl joined J.M. Wilson in 2015, bringing with her 29 years of experience in the Insurance Industry. Prior to joining J.M. Wilson, she worked as a Casualty Auditor, Bodily Injury Adjuster, PIP Adjuster, Non-Injury Manager, PIP Manager, and a Field Property Claims Specialist. Kayley Dana has also been added to the Charleston, South Carolina office as Transportation Underwriter. Kayley is responsible for quoting new and renewal transportation risks, and serving independent insurance agents in Georgia, North Carolina, South Carolina and Tennessee.
as its new territory marketing manager for Tennessee. Hammock is no stranger to Tennessee. Prior to his recent promotion, he supported the Tennessee agents as an Inside Sales representative for ASI’s Marketing department. He was instrumental in helping ASI market its entrance to the state. He was heavily involved in appointing new agency partners and training agents on ASI’s products, guidelines and rating system. In addition to marketing, Hammock’s other insurance industry experience includes Underwriting and the writing and servicing of personal lines business.
New Cyber Product Launched by AmWINS
ASI Names Hammock As Rep for Tennessee
AmWINS Group, Inc., a global distributor of specialty insurance products and services, recently announced the launch of a new dedicated excess facility designed to meet the rapidly growing demand for cyber liability insurance. Higher limits, ease of use and large capacity help AmWINS fill a demand that has been exceeding supply. The traditional process of brokers approaching insurers and assembling quota share placements domestically has become increasingly burdensome.
ASI recently announced that Theo Hammock would take over
This new cyber liability product targets the North American
Prior to joining J.M. Wilson, Kayley was an underwriting intern at an insurance company in Raleigh, North Carolina. She graduated from Appalachian State University in May, with a double major in Insurance and Risk Management, and Finance and Banking.
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We are now accepting new appointments. Find out more by calling Sharon at 1-800-239-2358 x213 or visit nationalsecuritygroup.com.
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market and is backed 100% by Lloyd’s of London paper. Designed to provide additional large capacity, it does not interfere with retail insurance brokers’ efforts to secure capacity lower in the tower. Attachment points can be as low as $5 million, and there are no excluded classes or industries.
Atlas General Named Among Fastest Growing Atlas General Insurance Services, LLC, a full service program administrator that offers a wide range of insurance solutions, has been recognized as one of the fastest growing companies in San Diego in 2015 by the San Diego Business Journal. This is the third consecutive year that Atlas has qualified for this program and was selected as one of the top 100 companies. Each year, the San Diego Business Journal researches and publishes the list of the 100 Fastest-Growing Private Companies in San Diego County. This research uncovers San Diego’s top emerging growth companies. To be considered for participation, companies had to fulfill the following eligibility requirements: be an independent, privately held company (not a subsidiary or division of another company) headquartered in San Diego, have been established with recorded revenue in January 2012 and still be in business, have reported gross revenues of at least $350,000 in 2012 and have demonstrated revenue growth.
Aetna Buying Humana for $37B The number three and four health insurers in America are merging to form what will now rival UnitedHealth for the number two spot. Aetna, Inc. announced it would purchase smaller rival Humana for $37 billion in cash and stock. The deal will be the second largest ever in the health insurance industry. The deal will almost triple Aetna’s medicare advantage business, and will add a significant amount to its membership base. The two still need federal approval, and other considerations such as ACA involvement will be on the table.
Nashville Insurance Professionals Install 2015-17 Officers At an installation on Saturday, June 27th, the Nashville Insurance Professionals installed their new officers for the 2015-17 term. Laurie Lee Sisk of Geny Insurance was named president of the group, while C.J. Jordon, Gayle Curtin, Vickie Harmon, June Taylor and Donna Paine were named as the additional officers.
Wallace Named as New Territory Manager for Columbia Alan Wallace has been named as the new Territory Manager for the Atlanta Branch of Columbia Insurance Group, serving Tennessee, Kentucky and Northern Alabama. Alan is receiving training on Columbia product offerings and service and is looking forward to visiting agents to start building on existing relationships. Alan has worked in the insurance industry for 15+ years on both the company and agency side. He is married to his wife, Tia, and has a five-year-old son, Mason. He is a graduate of the University of Tennessee. u
Anthem Purchasing Cigna Corp. Just a few weeks ago, the largest purchase in the history of the health insurance industry was announced. Now that deal has already been eclipsed, as Anthem, Inc. announced today that it would purchase rival Cigna Corp. in a deal valued at $54.2 billion. The merged group would form the largest health insurer in the U.S. by membership. There is expected to be a large amount of scrutiny of the deal from antitrust authorities, as the fallout could have a major impact on individual, commercial and Medicare plans. If the regulatory process results in approval, the combined company would have about 53 million members. UnitedHealth, currently the largest health insurer, has around 45 million. The Tennessee Insuror
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Explore P&C insurance opportunities at HarfordMutual.com 47
How Your Agency Can Bridge the Widening Tech Gap
written by Morgan Smith, IA magazine Assistant Editor
Direct agencies lead adoption in four of six technology platforms, leaving independent agencies in the dust when it comes to technological innovation and advancement, according to new research. “The State of Techsurance 2015: The Use and Impact of Technology in the Insurance Industry”1 from the Insurance Technological Corporation (ITC) and Velocify found that directs use lead management software, automated dialers, customer relationship management software and agency management systems the most out of any agency channel.
Lead management and marketing automation platforms— where independents aren’t investing—go hand in hand, and competitors that use them are seeing results: Agencies that report “heavy use” of a lead provider glean 36% of overall prospects from the software. “Directs and larger organizations buy leads all the time. They know they can make them work because they have a process in place,” Rixford says. “No leads are lost in the funnel and organizations also have automated email marketing platforms that are continually dripping on the consumer.”
Why are independent agencies behind on the tech front? Jorge Jeffrey, director of research at Velocify, says it’s a mindset of “have to adopt” versus “need to adopt”—combined with perceived price tag. “Meanwhile, the cost of the implementation and system and processes and automation products would be easily paid for by more sales, better sales, retention and closing,” he says. “[Independent agents] overlook the shortterm higher cost versus long-term benefit that they’re going to get from that.”
Jeffrey says that profitable and growing companies tend to be more committed to technology—and that makes significant differences in revenue and productivity. Those using any one platform had “greater revenue growth and more policies per producer—up to 43% more—and also more policies per household,” he explains. “They were also more likely to have more structured sales processes that were consistent across the organization that they were able to monitor and help grow their revenue.”
After surveying 1,000 insurance agencies from independent to captive and single-owned to national brands, the study reports that direct writers are 144% more likely than independents to use lead management software and captives 56% more likely than independents to use marketing automation software.
Agency-specific factors play a role, too. Agencies where producers comprise more than 10% of employees were the heaviest users of four technology platforms. And different markets warrant different technological platform investments. The study found a CRM was more likely in agencies with a high percentage of revenue from life insurance and less likely in agencies with high non-standard auto revenue. Agency management systems, meanwhile, are more likely in agencies heavy on home insurance sales or selling six or more lines.
“There’s still opportunity to capitalize on the benefits that technology offers,” Jeffrey says. “Those who are using it aren’t to its greatest capacity, and even the larger agencies or the direct-to-consumer agencies don’t use it across the board.” But it’s also not too late for the smaller agencies to catch up. “The independent and captive agencies can still invest and take advantage of other benefits they offer that larger players may not be able to compete with,” Jeffrey says.
The Tech Landscape Of the six systems that the study examines, “Everybody seems to have a rating system, everybody seems to have a management system,” says Laird Rixford, president of Insurance Technologies Corporation. “But a lot of agencies have not focused on the sales, marketing and lead management side.” 48
And the technological gap could continue to grow. Today’s heavy adopters and users are the same ones planning on investing even more in technology implementation, development and training. More direct (14%) and captive (13%) agencies report expected significant increases in technology this year compared to independents (11%). Of all investments, captives plan to out-invest independents in marketing automation (51% vs. 48%) and lead management software (32% vs. 29%), with independent agencies taking the charge in comparative rater platforms (12% vs. 16%). “It’s a wake-up call for everybody who can see maybe we’re not investing in technology enough and we could be left behind,” Jeffrey says. “Or even if we’re ahead, we’ve got to The Tennessee Insuror
continue to invest in technology and keep that competitive advantage and grow it. It’s not just enough to have the technology. You really need to be committed to it.”
What You Can Do Rixford notes that independent agents have an advantage over competitors without performing as much technologyintensive work because they can compete more effectively at the local level. “We see day-in, day-out that they’re getting leads from local search like Bing, Google and Yahoo local,” he says. “These leads are free and you need to follow up with them with the same fervor and the same repeatable, consistent process as you would if you bought the lead. Because in essence, you had—you invested time to put your website up, to build that traffic, to generate that lead, to get that client in the door.”
Looking for Markets? We Are Your Solution
Regardless of the approach, agencies that embrace technology are “the ones that actually implement it, properly set it up, train their staff on how to use it and train their staff on why they need to use it, create a reason and workflow that build the agency’s workflow around the use of that technology,” Rixford says. “Those are the ones that survive.”
The Atlas General Difference
Before investing, Rixford advises independent agencies to focus on developing a website that will capture and covert traffic from both traditional and digital leads, as well as a comparative rater and agency management system that properly manages clients. Next, Rixford advises agencies “to look at their consumers and where their consumers are and then purchase the product that is going to meet their needs best.”
• Builders’ Risk
Already buying leads? A lead management system will help manage them. Looking to develop, enhance or improve marketing efforts for organic leads? Consider a platform for email marketing, social-media or SEO. “Agencies that are not implementing technology are going to begin to shrink,” Rixford says. “The agencies that will survive and grow are the ones implementing and using technology. But technology is not just what is you go out and buy tech today and its good for the next 30 years. You need to continually reevaluate the technology and how the technology is working for your agency as well.” 1-Downloadable at http://pages.velocify.com/rs/522-DJL-243/images/TheState-of-Techsurance.pdf
About the Author Morgan Smith is an Assistant Editor for the IIABA’s IA magazine. She formerly worked as an editorial intern for Indianapolis Monthly and the Child Welfare League of America. She has a Bachelor of Arts degree in Journalism from Indiana University at Bloomington. u The Tennessee Insuror
Atlas General is a National Full Service Program Manager offering a wide range of insurance solutions including:
• Commercial General Liability • Commercial Package Policies • Contractors’ General Liability • Difference in Conditions (DIC) • Inland Marine • Workers’ Compensation • & More… We have expertise in developing and underwriting specialty programs with a variety of insurance carrier partners. We are committed to providing exceptional services and unique options for our clients. For marketing information, please call 855-309-3310
To learn more about our products or to become appointed, visit atlas.us.com
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We get you. We understand what independent agents want and weâ&#x20AC;&#x2122;re committed to giving you the tools you need to grow your independent agency. Look into a partnership with us by calling today. Stacy Gardner 614-948-4107 Gardnes1@nationwide.com
Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Home Office: Columbus, OH 43215. Subject to underwriting guidelines, review, and approval. Products and discounts not available to all persons in all states. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Nationwide, the Nationwide N and Eagle and Nationwide is on your side are services marks of Nationwide Mutual Insurance Company. Š 2015 Nationwide NPO-0605AO (03/15)
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The Tennessee Insuror
Meetings
Summer and Fall Events Are on the Way Jackson and Memphis Legislative Updates Insurors will hold a legislative update meeting, followed by a reception hosted by the Young Agents, on Wednesday, August 19th at Jackson Country Club. The update will feature Insurors CEO Chuck Bidek and General Counsel Ashley Gold as guest speakers on legislative updates include Work Comp Opt Out. The meeting will run from 2-4 pm CST, followed by the reception. There is no cost to attend. For more info or to RSVP, please contact Daniel Smith at dsmith@insurors.org. The Insurors of Memphis will host their next luncheon on Thursday, August 20th at the Holiday Inn - University of Memphis. The luncheon will feature Insurors CEO Chuck Bidek and General Counsel Ashley Gold as guest speakers on legislative updates include Work Comp Opt Out. Get more information or register now by contacting Bryan Wimberly at bwimberly@douglasgreer.com.
Chattanooga Local Board Golf August 31st The Insurors of Chattanooga will hold their annual golf outing on Monday, August 31st at Chattanooga Golf & Country Club. The event will feature a luncheon, tournament and an awards cocktail party following the golf scramble. Proceeds from the event will benefit the Insurors of Chattanooga Scholarship Fund.
YOUR FIT FOR WORKERS’ COMP AND MORE! Preferred Comp of Tennessee is endorsed by the Insurors of Tennessee (IOT) to provide member agencies competitive workers’ compensation options. Meadowbrook Insurance Group, Inc. Low to Moderate Hazard Workers’ Compensation
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Artisan Contractors Auto Repair & Service Goods & Services Hospitality Light Contracting Light Manufacturing 2IÀFH &OHULFDO Physicians Restaurants :KROHVDOH 5HWDLO
Download the form now at http://www.insurors.org/ media/23005/ChattGolf15.pdf or contact Brenda Garrett at brendagarrett@flegalinsurance.com for more information.
Insurors 122nd Annual Convention 10/10-13 Over 200 people have already registered for the Insurors 122nd Annual Convention. The event will take place October 10-13 in Knoxville at the World’s Fair Park Holiday Inn downtown. In addition to our trade show, networking receptions, breakout sessions, golf tournament and annual meeting, we will have a very special guest speaker on Sunday evening that will be announced in the coming weeks. We will also host a gameday tailgate for the University of Tennessee Volunteers game against the SEC East rival University of Georgia Bulldogs on Saturday, October 10th at World’s Fair Park. Get more information or register now at http://www.insurors. org/convention/ u The Tennessee Insuror
For more information or to get started, please contact: Keller Chapman (615) 406-8033 keller.chapman@meadowbrook.com Josh Allen-Bottoni (978) 933-4161 joshua.allen-bottoni@meadowbrook.com
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Member Tips
Cycling means different things to different people. That is why, Markel Bicycle Insurance offers bicycle coverage customized for each individual cycle, and doesnâ&#x20AC;&#x2122;t provide one-size-ďŹ ts-all coverage. Policies are as low as $100 per year.
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Coverage Highlights:
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Roadside Assistance: GPS POMZ QFS ZFBS QFS CJDZDMF IPVS &NFSHFODZ Service will be provided (up to 35 miles per tow, 5 tows per year).
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Pinpoint areas of developmental opportunity
Yes Yes Yes
$ZDMJOH "QQBSFM Not Yes â&#x20AC;˘ Utilize practical suggestions forLikely improving performance .FEJDBM 1BZNFOUT Not Likely Yes â&#x20AC;˘ Improve your ability to coach individual employees 3BDJOH $PWFSBHF No Yes 4QBSF 1BSUT *OTVSFE Not Likely Yes As a valued IIABA partner through Insurors of Tennessee, Caliper is offering a free Individual Developmental Guide Covered in Transit Not Likely Yes with the purchase of your next Caliper Profile. This is a $100 value! 8PSMEXJEF 1IZTJDBM %BNBHF Not Likely Yes Date of the event** Date of purchase thru event date To take advantage of this offer, visit http://www.calipercorp. 3PBETJEF "TTJTUBODF Not Likely Yes policy limit, due to sudden, accidental direct physical loss or damage to the cycle. This coverage would apply if insured bicycle were to be involved in a * Homeownerâ&#x20AC;&#x2122;s coverage is typically limited Actual Cash Value (ACV) of the bike, not replacement value. vandalism, or in the hitting of another object. collision, ďŹ re, theft,
Coverage also includes protection while the bicycle is in transit (land or air) to & from any location in the United States or Canada, and protection when competing in triathlon or bicycle races.
com/iiaba or contact contact Ricardo Roman, at 609.524.1224 or rroman@calipercorp.com for assistance. u
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Amerisafe AmTrust North America Applied Underwriters Arlington/Roe & Co. ASI Atlas General Insurance Services Auto-Owners Insurance Bailey Special Risks, Inc. Berkley Southeast Insurance Group Berkshire Hathaway Guard Insurance Cos. Brentwood Services Administrators Builders Mutual Burns & Wilcox CNA Insurance Consumers Insurance The Crichton Group EMC Insurance FCCI Insurance Group Harford Mutual Heartland Ovation Payroll INSBANK J.M. Wilson Johnson & Johnson Keystone Insurers Group Martin & Zerfoss National Security Group Nationwide North Alabama Insurance Penn National Insurance Preferred Comp/Meadowbrook Preferred Property Programs Risk Innovations Securerisk South & Western Southern Cross Underwriters Southern Insurance Underwriters Summit Holdings
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(800) 897 - 9719 (877) 528 - 7878 (877) 234 - 4450 (800) 878 - 9891 (866)? 274 - 8765 x1176 (855) 309 - 3310 (615) 373 - 5200 (800) 768 - 7475 (615) 932 - 5508 (800) 673 - 2465 x4567 (800) 524 - 0604 (800) 809 - 4859 (800) 341 - 4844 (800) 251 - 5852 (615) 896 - 6133 (615) 383 - 9761 (800) 239 - 2005 (800) 226 - 3224 (800) 638 - 3669 (901) 598 - 4829 (866) 866 - 4268 (800) 595 - 0063 (931) 704 - 0810 (800) 416 - 5498 (615) 297 - 8500 (800) 239 - 2358 x267 (614) 948 - 4107 (800) 824 - 1740 (800) 395 - 0518 (800) 755 - 8090 (888) 549 - 2465 (800) 913 - 6696 (770) 723 - 8096 (800) 492 - 5351 (800) 682 - 5263 (800) 568 - 1700 (800) 971 - 2667
Website
www.amerisafe.com www.amtrustnorthamerica.com www.auw.com/us www.arlingtonroe.com www.americanstrategic.com atlas.us.com www.auto-owners.com www.bsrins.com www.berkleysig.com www.guard.com/apply www.bwood.com www.buildersmutual.com www.burnsandwilcox.com www.cna.com www.ciusa.com www.thecrichtongroup.com www.emcins.com www.fcci-group.com www.harfordmutual.com www.ovationpayroll.com www.insbanktn.com www.jmwilson.com www.jjins.com www.keystoneinsgrp.com www.martinzerfoss.com www.nationalsecuritygroup.com www.nationwide.com www.nai1982.com www.pennnationalinsurance.com www.meadowbrook.com www.umbrellaprogram.com www.riskinnovations.com/tni www.securerisk.com www.southandwestern.com www.scui.com www.siuins.com www.summitholdings.com
INSURORS 122nd ANNUAL CONVENTION OCTOBER 10-13 | KNOXVILLE
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Thank you, agents. Auto-Owners has always been dedicated to the independent agency system and proudly standing behind the agents who represent us. We would like to thank you for your continued loyalty, which has helped us achieve tremendous growth and accomplishments over the years.
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We look for the best independent agents and build relationships that last the duration. We are committed to the independent agency system as the only means to deliver our products. Because of that, we work hand-in-hand to help our agencies grow profitably.
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