The Tennessee Insuror Mar/Apr 2020

THE TENNESSEE

INSUROR March/April 2020 Volume 31 | Number 2

Building Community in the Industry Commissioner Hodgen Mainda Talks About His Goals for the Insurance Industry in Tennessee

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Tennessee Tornadoes

Coronavirus Coverage Concerns

Four Perennial Cyber Threats

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The Tennessee Insuror

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THE TENNESSEE

INSUROR Vol. XXXI, Number 2 March/April 2020

features

Phone (615) 385-1898 Toll Free: 1-800-264-1898 Email: info@insurors.org Editor: Ashley Gold, J.D. Publisher: Daniel D. Smith Jr., CAE

4 Building Community...

INSURORS OFFICERS

President .................................................................... Bob McIntire Immediate Past President .............................................. Joe Hunt IIABA National Director .............................. Cindi Gresham, CIC VP, Region I and President Elect ................... Norfleet Anthony Vice President, Region II ..................................... Chip Fridrich Jr. Vice President, Region III ........... Kym Clevenger, CPCU, CACW Treasurer/Secretary ......................................... John McInturff III Director, Region I .................................. S. Keith Phelps, CIC, CRM Director, Region I ......................................... Richard Whitley, CIC Director, Region I ........................................... Jamie Williams, CIC Director, Region II ............................................ John McCord, CIC Director, Region II ..................................................... Taylor Porch Director, Region II .................................................... Reno Benson Director, Region III ................................................. Mark Slater Jr. Director, Region III ...................................... Brandon Clarke, CIC Director, Region III ........ Cindy Widener Winn, CPA, CIC, CBIA Director, At-Large .......................................... Laura Ann Howell Director,. Young Agents ............................................... Cy Young

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Comm. Mainda Talks About His Goals for the Insurance Industry in TN

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Tennessee Tornadoes

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Financial Results and FinTech

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14 Daniel Talks Agency Tech: Agency Management Systems pt.2 44

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The New Normal: Four Perennial Cyber Threats

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From Your President

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Education Calendar

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The Women of Insurors and the Big "I" Agents: Disasters and Opportunities

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Commissioner Mainda talks with Insurors Director of Government Relations Jim Layman

Building Community in the Industry Comm. Mainda Talks About His Goals for the Insurance Industry in Tennessee

Insurors Director of Government Relations Jim Layman, J.D. recently had the opportunity to sit down with new Tennessee Department of Commerce and Insurance Commissioner Hodgen Mainda on behalf of The Tennessee Insuror. Here is what the Commissioner had to say to our readers and the members of Insurors of Tennessee.

The Tennessee Insuror: Can you give our readers a little background on your education and early career? How did you get involved in regulation?

Comm. Mainda: I was formerly the Vice President of Community Development at the Electric Power Board (EPB) in Chattanooga – one of the nation's largest publicly-owned power providers and the first public provider of Gigabit internet in the country. Before EPB I worked in the private equity sector for three years after serving as COO at Dale Buchanan & Associates, the largest social security disability and veterans affairs law firm in the southeast.

In 1997, I moved from my hometown of Nairobi, Kenya to Tennessee to pursue higher education at Middle Tennessee State University. I studied Political Science and International Relations and later graduated from the University of Eastern Africa.

The Tennessee Insuror: As a native of Kenya, what does it mean to you to be a part of State Government now that you are a citizen of the U.S.?

Comm. Mainda: It is an honor and a privilege -– very hum4

bling. I would never have imagined being where I am when I moved here back in 1997. And although I am now a U.S. citizen, I am proud to represent my native country here in Tennessee.

The Tennessee Insuror: Has your father's former role as a financial advisor to Kenya's president given you any insight into how to approach your role as Commissioner?

Comm. Mainda: Yes. Ironically, my dad played a vital role in setting up Kenya's financial services sector and at one point was chairman of Kenya's Insurance Regulatory Authority. Dad has been a great mentor and advisor as I have professionally advanced.

The Tennessee Insuror: You mentioned your role in Chattanooga as VP of Community Development for EPB. How did that role help you to understand the culture of our communities in Tennessee?

Comm. Mainda: My role at EPB exposed me to state and federal government. It also enlightened me on the importance on broadband connectivity and the role it plays in education, workforce and economic development. I am proud of what EPB has done for Chattanooga and hope they continue advocating for broadband connectivity to the rural communities.

The Tennessee Insuror: What are your short-term goals as Commissioner? Have you set any goals yet for future years?

Comm. Mainda: We recently started our outreach initiative traveling the state. We have visited with companies in ChattaThe Tennessee Insuror

nooga & West Tennessee – some of whom are your members, like Reliance Partners & Lipscomb & Pitts – and look forward to continuing our outreach across the state. The purpose of the outreach initiative is to see first-hand how insurers work with consumers, both individuals and businesses, to help manage risks and strengthen Tennessee's economy while supporting Gov. Lee's vision of good jobs for Tennessean's.

I met with my senior leadership team earlier this year to strategize on our long-term goals. A few issues discussed of importance were; modernization, legislation, study/research best practices, Captive Insurance to name but a few. I am very excited about what we discussed and have set to accomplish in the short and long term. Our goals will of course be aligned with the Governor's vision.

The Tennessee Insuror: In your opinion, what role do trade associations have in the regulatory process?

Comm. Mainda: Trade associations – if run well – are great.

They play the role of promoting, unifying and advocating on behalf of their members. If united, trade associations could be very influential with shaping policy for their specific industry.

The Department tries to work closely with trade associations to ensure that we stay on top of changes in the industry or any issues that may have arisen.

The Tennessee Insuror: In your opinion, how important is

code that will hopefully make Departmental operations more efficient and reduce the burden on companies.

The Tennessee Insuror: What is your outlook on the insurance industry in Tennessee for the next 4 years?

Comm. Mainda: Tennessee has always been a competitive P&C market, and the Department intends to do its part as the market continues to flourish.

On the commercial side, we have seen a hardening of the market that has caused businesses to look for alternative solutions such as captives. We have been a growing captive domicile and are now 7th in the country and 12th in the world. We intend to continue growing Tennessee as a captive domicile to offer a variety of risk management solutions to businesses.

For the last several years, health insurance coverage has been a challenge. We are working with the Governor, the Health Modernization Task Force, and others to determine what the Department can do to help more Tennesseans have access to affordable health care.

And finally, there is so much innovation happening in insurance from Al to the "internet of things (IoT)." The Department is staying at the forefront of all of these issues so that carriers can take advantage of all the advancements while providing appropriate consumer protection.

The Tennessee Insuror: What would you like our agents to know about you? (i.e. management style, philosophy, etc.)

Comm. Mainda: Management style - I have an open-door policy and always want to be transparent with my staff and external stakeholders. I lead with the 3 P's - People, Purpose and Processes.

My philosophy is to lead with honesty and always do the right thing.

Comm. Mainda addresses the crowd at the Insurors 126th Annual Conv.

the role of insurance agents in helping consumers properly cover their risks?

Comm. Mainda: Insurance is confusing even to the most sophisticated of consumers. I believe agents can assist consumers in evaluating their risks and their risk tolerance and recommend products that will work best for their needs and budget.

The Tennessee Insuror: Are there upcoming bills of interest from your Department that you feel our agents should know about?

Comm. Mainda: The Department's bills this session are focused on modernization. They include small changes to the The Tennessee Insuror

The Tennessee Insuror: In your opinion, what is the role of an insurance regulator?

Comm. Mainda: It is the role of an insurance regulator to create a regulatory environment that ensures a healthy, competitive insurance market. I agree with Gov. Lee when he says government isn't the solution – government creates an environment to ensure healthy competition and economic growth.

The Tennessee Insuror: Do you feel we are one of the best states in the country for insurance regulation? If not, how can we get there?

Comm. Mainda: We hear a lot from carriers across the Nation that Tennessee is a great state to do business in. We've heard that in addition to having a stable business environment, we are accessible, predictable, consistent and have a good regu5

latory environment. At last week's insurance industry day, I heard from an insurance company who does business in all 50 states and they mentioned Tennessee being one of the best for them because of our regulatory environment and consistency with staff amongst other things. We want to maintain that business-friendly atmosphere while providing excellent consumer protection and fostering innovation.

tact us to reach out by calling 615.741.2241 or emailing us at ask.TDCI@tn.gov. We would also suggest they work through Insurors of Tennessee to help us outline any greater industry concerns.

We want to help our colleagues in the insurance industry as well as the public whenever possible.

A History of Work for His Community In addition to his role in State Government, Comm. Mainda has been an active ambassador for and in the Chattanooga community. He has served on several non-profit boards including the Chattanooga Area Chamber of Commerce, the Downtown Chattanooga Rotary Club, the United Way of Greater Chattanooga, the University of Tennessee at Chattanooga Chancellor’s Roundtable and the College of Business Advisory Board.

Comm. Mainda and Gov. Lee share a laugh at his swearing-in ceremony while the Mainda family looks on

The Tennessee Insuror: If our members need help from the Department, how should they make contact?

Comm. Mainda: We welcome anyone who would like to con-

Comm. Mainda is also a member of the Leadership Tennessee Class of 2019 and is a 2018 graduate of the Harvard Business School Young American Leaders Program. He, his wife and their two children are in the process of relocating to the Nashville area.

We look forward to working with Commissioner Mainda to continue to grow and improve the insurance industry in Tennessee. u

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7

Tennessee Tornadoes The Destruction and Aftermath of the March Outbreak At around 12:40 am CT on Tuesday morning, March 3, I woke up to the sound of heavy wind hitting the side of our house in the Germantown neighborhood of Nashville. I had not seen any concerning news report about the weather that evening, but we had some straight-line winds that had come through a few weeks earlier – so I assumed it was more of the same.

About a minute later, I got up because it was getting louder/ heavier. My wife was out of town, so I called for our dog to come with me as we went into a closet to secure ourselves.

written by Daniel Smith, CAE

almost surely be the most expensive in Middle Tennessee terms of monetary damages left behind, far surpassing the estimated $112 million in damages caused by the 1998 tornado in Nashville.

As we were walking in, an "Emergency Alert" came up on my phone, and I got a text from a friend asking if we were okay. I didn't even know what was happening at that point, and the wind was beginning to die down. Then I checked Twitter for the weather account I follow – @NashSevereWx. The account said that a tornado was confirmed in our area at 12:41 am. I then heard the tornado sirens going off, at around 12:48 am.

The tornado hit our street roughly half a mile from our house.

We were very blessed and lucky to have no damage, but our neighbors were not as lucky. The apartment building we lived in just two years ago, Vista Germantown, took a direct hit and is now condemned. Other buildings are completely destroyed.

The tornado continued – basically on a straight line – for 50 miles through Middle Tennessee. A previous touchdown caused damage and one death in Benton County. In its wake, East Nashville saw its main hub of commerce reduced to rubble. Homes and businesses were shredded throughout historic areas of town. Donelson, Mount Juliet, Lebanon, Gordonsville and Cookeville saw the tornado increase in power, reaching wind speeds of EF4 level (at 175+ MPH) as it hit Putnam County. In the areas surrounding Cookeville, 18 people were killed, 88 were injured and dozens had to be located.

With 25 fatalities, this appears to be the deadliest tornado outbreak in Tennessee since the 2011 "super outbreak." It will

Debris covers the pool at the Vista Germantown apartments

Aftermath and Insurance Response In metro Nashville, almost 2,000 buildings were hit by the tornado, including 448 commercial buildings and 1,542 residential properties. In Putnam County, 100 homes were completely destroyed, and another 400 were damaged. In Lebanon, two schools suffered devastating damage and remain closed.

The John C. Tune airport in Nashville was one of the costliest damaged areas, with buildings, hangers, planes, fuel trucks and more leveled or piled on top of one another. The early estimates for those properties alone is well over $100 million.

Estimates for the total number of claims from the storm are over 15,000, with the insured losses looking to be in the range of $600 million. The total damage estimate for the state – including uninsured losses – is over $820 million and may be closer to $1 billion when all claims are resolved. If that is the Some of the extreme devastation in Putnam County

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Financial Results and FinTech INSBANK Showcases Successful '19 While Positioning for Future Growth sponsored by our partners at

Since its founding in 2000, INSBANK has steadily grown its assets and its client base, all while developing its niche as a "community bank" focused on commercial lending, treasury management and a private client group. The bank has also built a culture around its slogan, "Where Genuine Matters."

Flash forward to 2020, where $553 million in total assets make INSBANK the fourth-largest bank headquartered in Nashville.

It's roughly twice the size of fellow Green Hills-based lender Tennessee Bank & Trust and on par with Belle Meade-based Truxton Trust Co., which have $254 million and $538.8 million in total assets, respectively How have they achieved this level of success? Jim Rieniets, INSBANK President & CEO, says it comes from, "Sticking to fundamentals, delivering quality service, and innovating to meet the needs of our clients..."

Growth Strategy Leading to Financial Success InsCorp, the parent company of INSBANK, reported fourth quarter profits of $1,531,000, or $0.53 per share. During the quarter, loans grew at an annualized rate of 16%, while over the past twelve months the bank's loan portfolio had increased $32 million, or more than 7%. For the year total deposits increased 6%, in parallel with earning assets. Overall balance sheet growth provided operating leverage which resulted in an annual profit of $4,527,000, or $1.55 per share.

"We're proud of our team's accomplishments in 2019 given the headwind of a flat yield curve and an attractive market which finds out-of-state banks offering questionable pricing and credit terms to gain market share," said Rieniets.

Year-to-date operating income of $6,691,000 increased 13% over the prior year. Net income after taxes for the same period increased slightly from $4.3 million to $4.5 million, due to the incremental financing cost of $15 million in subordinated debt issued a year ago to support continued growth. Highlights of INBANK's performance included the following: • • • • 10

Quarterly net interest margin was 3.23%, a decrease of 4 basis points from the prior quarter.

A focus on treasury management products enabled a 45% growth in annual treasury service revenues.

Efficiency ratio improved to 56%, comparing favorably to the bank's FDIC peer group.

Non-interest expense was 1.89% of assets, improving from 2.26% the prior year.

• • •

Return on assets at the bank-level increased to 1.04% from 1.00% the prior year.

Non-performing assets increased to 0.66%, which was near the peer average of 0.62% as of the most recent quarterly data available.

Tangible book value increased to $16.32, while book value was $16.69.

A Push for "FinTech" Advancement In addition to sound growth strategy and financial results, INSBANK sees financial technology, or FinTech, as an avenue for further growth and innovation. In late March, INSBANK launched Medquity, a web-based, medical student loan refinancing program that will initially be limited to members of the Tennessee Medical Association.

INSBANK hopes to leverage the new technology to help develop additional products, as well as scale the program beyond the borders of Tennessee.

"As a community bank, we’re not necessarily able to be all things to all people, but here’s a need that fits within our existing lines of business – and by the way, these people are already doing most everything on their smartphones," Rieniets told the Nashville Business Journal.

Medquity will be led by INSBANK's division head of TMA medical banking, Blake Wilson, who said that he hopes the new program will allow the bank to stay connected to its medical clients, "from residency through retirement."

"This began as an effort to serve the needs of young physicians that are members of the Tennessee Medical Association, with which the bank maintains a marketing agreement," said Wilson.

"We're excited to be one of the few community banks that has created a technology-driven business unit to compete in the fintech space," added Rieniets. "We believe that doing so in the physician niche vertical where we have a core competency will be good for customers and our shareholders."

The future developments in FinTech may lead to rapid changes in the industry – but it's clear that INSBANK is ready.

1 - per "Why this Nashville bank is making a fintech push" via Nashville Business Journal at https://www.bizjournals.com/nashville/news/2020/02/27/ why-this-nashville-bank-is-making-a-fintech-push.html u

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11

Coronavirus Coverage Concerns Big "I" Virtual University's Boggs Responds to the Most Common Coverage Questions At the time of this article's deadline, there were 185 cases in Tennessee of the novel coronavirus (aka COVID-19). There were just over 16,000 cases in the U.S., and more than 200 deaths. Where are we now? That answer will give perspective on how warranted many of the concerns of this pandemic really were and are. No matter where we are now, there are insurance implications that need to be addressed. Here are the top areas of interest that we have discussed with our members as addressed by Chris Boggs, , CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, Executive Director of the Big "I" Virtual University.

Business Income Losses The most common question relates to business income, specifically: “Is there business income coverage if a governmental authority (civil authority) requires businesses to close?"

• • • • •

Failure to adhere to required health and prevention guidelines; Remaining open following an order by a civil authority to close; Maybe (but not likely) selling a product from China on which the virus can live for long periods; Not screening and refusing service to customers with the virus; or Other weird actions or events.

To be direct, the likelihood a business owner may be held legally liable for injury to a third party who contracted the coronavirus on the insured's premises is very low to almost non-existent. Thus, it is unlikely the CGL will be called upon the respond. But the lack of legal liability doesn't stop people from trying to sue to prove negligence and legal liability – especially in the face of irrationally.

No, there is no business income coverage. This is the short answer. Before business income responds there must be damage to property leading to the cessation of a business. This requirement applies to business income dependent property losses (supply chain) and civil authority losses covered by business income policies. Additionally, there is a specific property exclusion applicable to viruses that may (generally will) apply. This is true of “standard" business income forms; there may be some proprietary forms that respond, but these are rare.

Workers' Compensation: is it "Peculiar to the Work?"

Impact on CGL Policies

Qualifying as "occupational" is the relatively low hurdle. The higher hurdle is whether the illness or disease is "peculiar" to the work. If the illness or disease is not peculiar to the work, it is not occupational and thus not compensable under workers' compensation. An illness or disease is "peculiar" to the work when such a disease is found almost exclusively to workers in a certain field or there is an increased exposure to the illness or disease because of the employee's working conditions.

To lead into the CGL's response to the coronavirus, one key fact must be understood. If there is no legal liability, coverage is not triggered in the CGL and the policy will not respond.

Legal liability exists when: • • •

The wrongdoer is found guilty of "Negligent Conduct" (meaning they breached a duty owed to the injured party); The injured party suffers actual damages; and The wrongdoer's "Negligent conduct" is the proximate cause of the injury or damage.

Because the insured must be legally liable before the CGL responds, what actions or inactions could possibly lead to the insured being found legally liable for an injury from the coronavirus? To answer this question requires some imagination considering the requirements that must be met to be held legally liable. Following are a few ideas (but not all the possibilities): • 12

Allowing an employee who is known to be infected with the virus to continue working;

Two tests must be satisfied before any illness or disease, including the coronavirus, qualifies as occupational and thus compensable under workers' compensation: 1. The illness or disease must be "occupational," meaning that it arose out of and was in the course and scope of the employment; and 2. The illness or disease must arise out of or be caused by conditions "peculiar" to the work.

Potential Impacts to Your Agency E&O Coverage While noting the above conclusions that most claims revolving around coronavirus will not have the substance to be compensable, it is very important to note that your agency should not be making that determination for your clients.

Let your carriers make those determinations as needed, and do not discourage the filing of a claim in these instances. We have developed additional guidance for agencies to remember during the pandemic, and you may view it now at https:// www.insurors.org/IOT/Bulletins/E_O_Reminders_During_ the_COVID-19_Pandemic.aspx u The Tennessee Insuror

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summitholdings.com Policies are underwritten by Bridgefield Casualty Insurance Company and Bridgefield Employers Insurance Company, authorized insurers in AL, AR, FL, GA, IN, KY, LA, MS, NC, SC, TN and TX; BusinessFirst Insurance Company, authorized in FL, GA, IN, KY, NC, SC and TN. ©2020 Summit Consulting LLC (DBA Summit, the people who know workers’ comp LLC), PO Box 988, Lakeland, FL 33802.

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13

Daniel Talks Agency Technology: Agency Management Systems pt. 2 What Are the Questions You Should be Asking?

What are the key pieces of technology for the modern agency?

How should you implement them and train your staff to use them? In this series I will look into agency technology and specific systems and how you can implement them at your agency.

In the first article in this series, we talked about how to get started in your search for an agency management system.

Now we're going to look at what questions you should be asking to sort through the systems and find the one that's best for your agency. To determine those, we talked to agents, system providers and more and got their feedback on some important questions agents should be keeping in mind.

What Do You Feel Agents Overlook when Researching a New Agency Management System?

Michael Doran, President, SIS/Partner Platform: Two things: The process (data conversion, timing, training, back-ups and general logistics) of successfully moving from current AMS to a new one and differentiating between what is shown on a demonstration of software and what is actually possible. Agents are done a huge disservice when given a “silver bullet” approach to running their business. It doesn’t exist. Changing agency management systems has it’s challenges and if you choose the wrong provider, it will bring your agency to a crawl.

Brent Sheppard, President, Xanatek, Inc.: 1. What do they really need now, and what will they need as they grow? It’s great to have a “Cadillac”, but if you don’t really need it, why

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compiled by Daniel Smith, CAE

have it? “Why have a Cadillac and pay for it, when a nice Chevrolet will do just fine?”

2. Who is the owner of their data – many are shocked to find out how much it will cost them to obtain a copy of “their” data.

3. Is the system easy to use? A system may have a lot of unused features that make it much more difficult to learn and use.

4. How important ongoing training is on the system. Does the vendor charge for additional training or is it included? What kind of training is offered, video, manuals or access to a real person?

Jenna Kleiber, Director of Marketing & Sales for Jenesis Software: Agents sometimes believe the more features the better, not realizing that they probably will not use half of the features in their system that they are paying for. Thus meaning that just because a system costs more and has more robust features doesn't necessarily mean it is the best fit for your agency's needs. Keeping in mind that some systems continue to grow and change as you do.

Cam Winterburn, President at NetVu Nashville and Agent at Winterburn & Associates Insurance, LLC: I think people get caught up on the sales or service aspect of each system without weighing the other side. I truly don’t think there is a system available right now that can do both.

In Your Opinion, What are the New Technologies, Integrations or Features that are Setting Apart Systems in the Current Marketplace?

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Rushang Shah, VP of Marketing for Hawksoft: Trusted API integrations. Not just an open API that allows any vendor to sign up – there is a difference – because the management system is acting as a custodian of trust when they share an agency’s data with the trusted vendor. Better commercial quoting workflows that guide the agent to ask the right questions so as to minimize back-and-forth with underwriters. Better CRM functionality that helps with the sales and marketing processes.

Shaun McNeil, VP of Sales for EZ Lynx: Robust checklists & workflow automation executing defined agency process.

Producers & CSRs able to focus on relationships instead of “paperwork.” Artificial Intelligence driven by Natural Language Processing enhancing agency communication with customers. A smarter “client portal” leads to a better client journey. For example, can your insured text the agency an auto ID card and receive a PDF without human intervention?

Improved data transparency driving data driven business decisions. More “visible” trends and benchmarking.

Stuart Ganis, SVP-Sales and Business Development for ITC: Downloads were the hot item years ago. Then web-based solutions were cutting edge. Not to knock these features, they’re imperative in today’s market and serving the connected consumer effectively. The ability to integrate with other technologies is what sets systems apart. If a company isn’t willing to integrate with other systems, RUN. It’s not so much what they’ll integrate with, the question is are they open to integrating. Do they have new technology or are they trying to turn old tech into new?

Do you believe agents should focus more on current need, scalability or both when determining their next system?

Kleiber, Jenesis: Agents should focus on their current needs but also on scalability. They should ask questions about things like – what direction the system is headed in for the future. Making sure that it is in line with their future needs.

Systems like Jenesis are ever-growing and changing. We are always looking at the future needs of agents, "Big Rocks" as we like to call them. How do we get those Big Rocks? We listen to what our customers are asking for the most.

Doran, PartnerPlatform: It’s definitely an “AND” because most agencies and certainly those members of IoT are successful enough to maintain a solid business based exclusively on renewals and rate increases. However, that is a slippery slope to live on. Growth is necessary to satisfy carriers, to create a culture of rewarding (and retaining) quality associates so having process and systems to support growth are necessary.

This is no different from the habits that got most agencies to where they are today. The real difference may be how technology can be used to become more efficient when needed so an agent can be more effective and relational for key clients and prospects.

Shah, Hawksoft: Scalability. Focusing on current needs only applies if you are planning for your agency to tread water, maintain the status quo, and/or not grow.

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Michael Doran President

Nick Massaro Regional Sales Manager

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An investment in a new management system is quite large because – beyond money – it involves a significant time investment by every employee in your office. They must learn a new system, adapt PL and CL workflows, learn a different accounting system, etc. If your agency plans to grow, it’s best to invest in a system vendor that offers multiple scalability options through trusted third-party vendors, a meaningful product roadmap, listens to their user base through user groups and consumer advisory boards, and is invested to improving the core product over the long term.

Ganis, ITC: It depends on the agency. If you’re not in growth mode (which surprisingly some aren’t) then focus on current need. If you’re not growing you should sell, but that’s another story. Scale for all others. What will it cost to add users, is this company growing like my agency? Is the company willing to listen to agents and add quality features a majority of agents could benefit from? Will they integrate when new cuttingedge technology becomes available? That’s what I would focus on. Flexibility and scalability. Integrations are key. Lock down is unacceptable, even in a full suite.

How much can agents learn from user groups, agent/peer feedback and other networks about how to determine the right system and begin using its full potential?

McNeil, EZLynx: Networks can be very valuable. There’s always benefit when groups of agents share ideas or get together to tackle a problem plaguing them all. At EZLynx, so much new software has been released in a short amount of time, it can be hard for users to catch up.

Groups tend to include bias. When receiving advice from others consider the source. If your agencies, model, market, mix, motivation or maturity are different another, individual viewpoints may not apply to you.

Winterburn, NetVu Nashville: It's invaluable. The one on one connections with people that truly live in the systems on a daily basis are how you really learn something. Likewise I think the vendors than leverage these relationships for ideas moving forward are the ones that are really excelling right now.

Sheppard, Xanatek: Users groups are HUGE! Learning what the system is capable of, how to use it to it’s full potential, and using it efficiently. The majority of users, are only using a small portion of what the system can really do for them. The user group input is a valuable tool for future development of the software. The group can really help shape future software enhancements.

YOU’RE INDEPENDENT. BUT YOU’RE NOT ALONE. A STRONG POLITICAL ACTION COMMITTEE SERVES AS A CONDUIT TO GIVE YOUR ASSOCIATION ACCESS TO THE MEMBERS OF THE TENNESSEE GENERAL ASSEMBLY. INSURORS THEN CUTS THROUGH THE RED TAPE TO GET YOUR VOICE HEARD. HELP US WORK FOR YOU “ON THE HILL.”

More to Come We'll continue this article series with more questions and more responses from our contributors in the next issue of The Tennessee Insuror. u 16

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12/5/19 2:40 PM17

Future Leaders Spotlight

presented by

Mike Wells, CIC • McGriff Insurance - Nashville

Mike Wells of McGriff Insurance

Mike Wells is a Hendersonville native, but his family moved when he was very young and he was raised in the small town of McKenzie. He and his wife, Anna Laura, now live in Nashville and have a 2 1/2 year old daughter, Mary Scarlett. Mike is an avid fan of Tennessee Volunteers athletics, and he also loves activities in the great outdoors.

The Insuror: Can you tell us a little about your current job title and responsibilities?

Mike: I am the Tennessee Marketing Manager for McGriff Insurance Services. I manage the day to day placement operations for our Nashville office and act as a resource for our producers and placement teams in Memphis, Cookeville, Chattanooga and Kingsport. I spend a great deal of time building carrier relationships and identifying how we can best partner with our carriers to provide risk management solutions for our clients.

The Insuror: What can you tell us about your educational background?

Mike: I attended Middle Tennessee State University. I initially majored in Business Administration. My sophomore year I was introduced to Dr. Ken Hollman (Chair of Insurance at the time) and he inspired me to pursue the insurance major. I was active with Gamma Iota Sigma insurance fraternity as well as Kappa Alpha Order social fraternity.

The Insuror: How and why did you get your career in the insurance industry started?

Mike: My first job in the industry started as an internship with Willis. I began as a marketing assistant and worked for the marketing team by analyzing loss information, preparing submissions and meeting with insurance carriers. I learned a great deal through that experience and most importantly, identified a career I thought I could excel in.

The ability to see how successful business owners operate has always been intriguing to me. Helping clients secure the best terms on their insurance program felt rewarding. Being there in the event of a loss is equally fulfilling.

18

The Insuror: Do you have any influences/role models in the industry?

Mike: MTSU’s Dr. Hollman was certainly my first influence as I entered the industry. Of course, I have had several managers and producers I have looked up to over the years. I have had the good fortune of working with successful producers and seeing the difference between simply selling insurance and acting as a consultant/insurance advisor.

The Insuror: Is there any advice you could offer Young Agents or others in the industry to achieve success in their careers?

Mike: Be prepared to work to achieve your goals. There are so many opportunities in the insurance industry. Find the area that best matches your skillset and go to work! Understand it is a process and success will likely not happen overnight. From the production standpoint, find a niche you are passionate about and get involved. In my experience, producers that focus on specific industries and become an expert tend to find greater success.

The insurance industry is ever changing. Staying up to date on industry trends is vital.

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?

Mike: Building solid relationships and trust with your carrier partners is a must. Understand no one deal is worth jeopardizing your relationships. As the market continues to firm, that is true more than ever. The industry continues to move towards automation in many ways, but it still remains a relationship business.

We target a wide range of industries at McGriff. As a result, it takes many avenues to successfully place business. I target carriers that underwrite individual risks versus underwrite the class of business. We strive to work with our clients to improve all aspects of their risk management program. We seek carrier partners who support those goals.

The Insuror: Thank you for giving us your time, Mike, we appreciate it and wish you continued success.

Mike: Thank you. It is truly an honor to be recognized. u The Tennessee Insuror

Young Agents '20

Are you making the Right Choice for their Business?

Upcoming Events and Information

Our Young Agents Committee strives to offer young insurance professionals with opportunities to network and develop in the industry. We accomplish this by hosting receptions, classes and volunteer opportunities designed to meet the needs of insurance professionals under 40 years of age across Tennessee. Over 500 Insurors members participate in the Young Agents program in some fashion.

With most of our Spring events postponed, our committee will revisit opportunities to hold local events in the next available window of scheduling. We hope you'll join us at the below scheduled Young Agents event or contact us for more information:

BSIG Makes It Easy With Choice Classes For Middle Market Risks

Middle Market Choice Classes* Below is just a broad listing. If you don’t see what you’re looking for, please contact us.

• General Contractors • Building Trade Contractors • Utility Contractors • Land Improvement Contractors • Pavement Maintenance-Non DOT

* All classes may not be available in all states.

Insurors Agency Growth Conference Young Agents Reception presented by Penn National Insurance • June 10 Tin Roof 2 • Franklin • 6-8 pm CT

Our Claim Commitment • 24/7/365 loss reporting-including online •

Young Agents Committee Cy Young - Chair President Young-Hughes Insurance Alamo cy@younghughesinsurance.com

• Accelerated auto and property estimating and repair options • • “Fast Track” medical only claims handling program • • Tele-emergent medicine program-connects injured workers to medical care, not “triage” •

Want to know more?

Forbes Harris - Region I Producer Harris, Madden & Powell Insurance Memphis fharris@hmpins.com Matt Felgendreher - Region II Executive Vice President W.C. Dillon Company & Insight Risk Management Nashville mfelgendreher@irmllc.com Derek Wright - Region III Agent/Principal Graham & Cook Insurance Knoxville derek@grahamandcook.com For more info, or for any questions on the Young Agents Committee and its programs, please contact Daniel Smith at dsmith@insurors.org or call 615.515.2601. u The Tennessee Insuror

• Services Contractors • Building Cleaning & Maintenance Contractors • Construction Material Suppliers • Manufacturing • Wholesale and Distributing

Bill Vanderslice, Regional Vice-President 615-932-5508 | bvanderslice@berkleysig.com or your Middle Market Underwriter

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Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

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For more information, contact Amy Rose, Sales Leader at (765) 228-1340.

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The Tennessee Insuror

From Your President Let The Games Begin It happens every four years, with contestants spending years preparing for their opportunity to run the race and win the ultimate prize. Coaches have invested and trained their contestants for that moment in time they have all longed for. Many will enter the competition but only few will walk away winners. I bet you thought I was talking about the Summer Olympics which will be held in Japan (now in 2021). Actually, I’m talking about contests that are much more important – the campaigns for our elected offices.

These political races not only affect our lives but the lives of our cities, state and country. Please make it a point to get involved in the election process, it’s an opportunity to make your voice heard and to take an active role in the direction of our communities.

Our Tennessee General Assembly This legislative session is in full swing and as usual your Insurors staff, led by Ashley Gold and our very capable Director of Government Relations, Jim Layman, is on "The Hill" every day fighting for issues that are very important to our membership as well as our industry. Jim has sought and received input from agents across the state on issues that are important to them and is working several pieces of legislation as a result.

Certificates of Insurance is an issue that comes up from frequently and your Association is working on legislation that will clarify what a certificate is and what it can and can’t be used for. We’ve all had the contractor in our office needing a certificate in order to get paid for a job. Unfortunately, many times language that is being asked for – that we are unable to comply with – can leave our contractors in a tough situation for the status of their job(s). Hopefully this bill is going to prevent those situations from arising in the future.

Regulatory "Sandbox" Legislation is another bill making its way through the halls and Jim has several questions regarding this particular piece of legislation. Basically, it would allow companies to apply for waivers from certain The Tennessee Insuror

regulatory or statutory requirements claiming that the regulations are standing in the way of “innovation.” Our staff is working to lessen the impact this bill could have on our agents as well as the companies we represent.

We recently completed our Insurors Day on the Hill, with 15 members on hand to participate.

The Legislative Affairs Committee and the additional member attendees met with their respective delegations and discussed issues that are critical to the insurance industry and its agent force in Tennessee.

The Importance of InsurPACTN With this year being a election year your PAC contributions are more important than ever. We have more requests this year than ever before and the requests are getting larger. If you have not already done so would you please consider making a contribution, it’s more important than ever that our voice be heard and this makes a huge difference in our ability to be heard.

Last year we reached Eagle status in our Federal PAC giving, this amounts to each agency giving an average of $100 per employee. Our goal this year is $33,400 and we are currently at $8,450, it would be a great achievement to reach this level two years in a row.

" T h e s e political races not only af fect our lives but the lives of our cities, state and country.”

With our Agency Growth Conference and other meetings now rescheduled for June, we will turn our meeting focus to our Legislative Town Halls. Last year these were great events with a lot of informative details and gave us some excellent access to talk with our elected officials. I plan to attend several this year, and I hope you will consider attending one of the below as well (we will update these as needed of course): May 20 - Jackson May 28 – Nashville June 3 – Chattanooga June 4 – Knoxville September 10 - Insurors of Memphis luncheon Please view more info on these and our advocacy efforts at https://www.insurors.org/IOT/ Advocacy/IOT/Advocacy_/Advocacy.aspx u

Bob McIntire 21

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The Tennessee Insuror

From Your IIABA National Director The Women of Insurors and the Big "I" As we wrap up the month of March – which is also Women's History Month – I can't help but reflect on the women of this industry and this Association's history that have made such an important impact. I know I wouldn't be in this position as your IIABA National Director without many of their contributions.

President. The former area senior vice president for Arthur J. Gallagher (and previously Gale Smith & Co.), you'd be hard-pressed to find anyone in this industry that didn't hold her in the highest regard.

With that being said, I'd like to take a look at some of the women who "blazed the trail" and those that are continuing to do so.

In 2003-04, Louise C. Canter, CPCU, ARM of Washington, D.C. and USI (formerly Patterson/ Smith Associates) became the first national president of the Big "I" Association. A commercial producer with a 40+ year career in the industry, Canter has receive many honors and awards for her 30+ years of Association service.

First Female Insurors Board Secretary Over 100 years ago, Miss Julia Hindman was elected to the Board of our Association (then known as the Tennessee Underwriters Association of Local Agents) as the State Secretary in 1914. She would go on to serve the organization for 17 years, and her efforts were known across the industry and around the country. She was widely known by her fellow insurance peers and worked in insurance for almost 50 years at the agencies of Metzger-Keith Insurance, Hindman & Brock Company and later Loventhal Brothers in Nashville.

Breaking Ground as Insurors President Insurors member Joyce Owens, CIC, CPIW, became the first female President of our Association in 1995. The former president and co-owner of Cotter-Owens Insurance in Chattanooga, she had a 30+ year career in the industry and co-founded her agency in 1980. She was awarded a Presidential Citation for her work with Insurors and the industry in 1991. Owens was well known in the industry for her technical knowledge of insurance.

Winning Our Highest Honor A great personal friend of mine, Christie Reeves, CPCU, CIC, was the first female recipient of our Association's highest honor – the Insuror of the Year award – in 2003. Reeves would later become Association President in 2016 and was a big influence on my participation in the Association and in our back-to-back years as State

The National Forefront

Leading By Example Just last year, Ashley Gold, J.D., took over as the first female CEO in the history of Insurors. Only the eighth executive our Association has ever hired, she joins a short list of those who have some of the greatest impact on our efforts and success. Gold has made a point to make sure our female members have the opportunities to benefit from our Association and succeed in our industry. She has helped found our Women in Insurance (WINS) program which continues to have successful events around the state, and she is already well-respected by her state executive peers, having been added to several leadership roles within their ranks.

“I k n o w I wouldn't be in this position... w i t h o u t many of their contributions.”

WINS Opportunities The aforementioned WINS program has seen 30-40 women attending each of its events so far, with more on the way. I was recently able to attend the event in Memphis, and I was excited to see the camaraderie and interaction from women of all ages and backgrounds. I would encourage you to get yourself or your staff involved in one of our future WINS events. After we hopefully "return to normal" from the coronavirus pandemic, we will update you with the new event dates and times.

There is great opportunity in this industry for all of us. Let's support each other to succeed! u

Cindi Gresham, CIC The Tennessee Insuror

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The Tennessee Insuror

From Your CEO Agents: Disasters and Opportunities As I begin this article many children in Tennessee will be learning from home for the next several weeks, if not months. Colleges and Universities have closed dorms and are doing remote learning. The NBA, NHL, NCAA and every other sporting industry in America have stopped playing games for the foreseeable future. Many of you are not only grappling with “do I send my employees home,” “do I keep them at work,” and “how are we going to run our agency,” but your insureds are making these same decisions.

One of the reasons I have always loved insurance and risk management is because at its very core, insurance is designed to be the back stop or the net when the worst happens to allow us to get back on our feet and hopefully be made whole. It allows us to put the pieces back together after the unimaginable happens. As insurance professionals you work with checklists to make sure your clients have considered all of the possible things that could go wrong and have insured against those risks, however unlikely they may be to happen.

A Difficult Road In Middle Tennessee, we were hit with a double whammy in March. A tornado that claimed 25 lives and has done unimaginable damage. As mentioned in our previous article in this issue, the insured losses look to be in the range of $600 million. But insurance was prepared for this. In most policies wind damage is a covered peril and carriers were fast to react. They moved families into temporary housing, worked on clean up and are paying total loss claims across six counties.

Articles have been written about climate change and how companies, large and small, are not prepared for the new risks for their companies’ operations, cash flow and market evaluations. In 2018, reports indicated that the California fires, known as “Camp Fire,” totaled losses of over $16.5 billion and insured losses over $12.5 billion.

Hurricane Michael was close behind, with losses over $16 billion and insured losses of $10 billion.

Last year’s total insured losses of $80 billion were far above the inflation-adjusted average The Tennessee Insuror

for the past 30 years. The United States wasn’t the only country to see massive disaster, the 2018 cyclone season caused losses of $56 billion worldwide with about half that cost covered by insurance.1 Carriers are beginning to model differently due to climate change and catastrophe models are getting more granular in how they understand their total exposure to allow for appropriate pricing and risk control.2 However, although the Coronavirus (COVID-19) outbreak will have a significant impact on the economy of the U.S. and around the world, it is not currently anticipated to have a meaningful adverse impact on financial results of insurance companies because the nature of insured commercial exposures along with restrictive language embedded in policy contracts.3 Most personal lines policies, as well as many traditional commercial lines policies, exclude pandemics.

Many of us are looking at – or receiving calls from – insureds regarding, business interruption claims and whether the loss of business from having to shut down would be covered.

Typically, however, most business interruption policy language requires some form of property damage for coverage to apply. Thus, an interruption of business activity, for example due to a factory shut down due to general government guidance for workers in a certain city to stay home, would likely not be covered.

“. . . a t i t s very core, insurance is designed to be the back stop or the net...”

The industry will see claims under event cancellation policies. South by Southwest, Bonnaroo, CMA Fest, The Masters and the summer Olympics have already been cancelled or postponed.

But claims under traditional risk liability policies will be much harder to predict including workers’ compensation claims or liability for failure to maintain a safe working environment.

In summary, none of us were prepared for a global pandemic resulting in loss of income, empty store shelves and interruption in the supply chain. We will not know for weeks, months or years to come how our traditional risk management tool, insurance, will react or change to adjust for the possibility of another global event, if at all.

Ashley Gold, J.D. 25

Opportunities Out of Problems Although the tornadoes and this pandemic have created a mound of issues that will likely be worked out over the coming months and even years, we are pleased to see that so many agents are working hard to help in their communities.

After the tornadoes, we saw agents not only helping with claims, but also volunteering in the communitites to help with cleanup, donations, food and clothing drives and more.

In the early stages of the pandemic, we've seen agents supporting local restaurants with takeout orders and local businesses with purchases.

On the national level, Big "I" is working to help build the COVID-19 Business and Employee Continuity and Recovery Fund.

The program would create a streamlined and tailored federal fund to provide rapid liquidity to small businesses and commercial sectors impaired by COVID-19.

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BY AN E&O CLAIM YOU COULD HAVE AVOIDED. Swiss Re policyholders written through the Big “I” Professional Liability Program have access to an exclusive risk management web site.

Log on today to fish for E&O claims frequency data, real-life case studies and analysis, sample client letters, sample agency procedures, agency E&O self assessments, podcasts on important E&O topics, and much more.

www.independentagent.com/EOHappens

It is great to see agents and this industry working to be part of the solution. We have an excellent opportunity to be a point of strength as we work through these issues together.

1- per Insurance Journal article on January 8, 2019 at https://www.insurancejournal.com/news/international/2019/01/08/514206.htm 2- per Insurance Business magazine at https://www.insurancebusinessmag. com/us/news/catastrophe/the-effects-of-natural-disasters-on-insurers-arecoming-home-to-roost-164504.aspx 3- per Insurance Journal article at https://www.insurancejournal.com/news/ national/2020/03/03/559986.htm u

Visit the E&O Risk Management website at www.independentagent.com/eohappens

Workers' compensation insurance for contractors, construction companies, home healthcare, restaurants and additional select business segments.

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The Tennessee Insuror

EDUCATION SCHEDULE

Education Calendar

NASHVILLE

2020

FE B . 5 - 7 - CIC: Com m e rcia l Ca s ua lty FE B . 1 1 - CISR: Pe rs ona l Res identia l M AY 6 - 7 - CIC: Ruble M AY 1 2 - C ISR: Com m e rcia l P roperty SE P. 1 6 - 1 8 - CIC: Age ncy M a na gem e nt NOV. 1 1 - 1 3 - CIC: Com pa ny Operations D EC. 1 - CISR: Pers ona l L ine s

KNOXVILLE APR I L . 1 - C ISR: Pers ona l Auto AUG . 5 - 7 - CIC: Com m ercia l Ca s ua lty SE P. 3 0 - CISR: Com m e rcia l Ca s ua lty II

The Insurors of Tennessee offers education opportunities to member agents across a wide range of insurance specialties 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.

C H AT TA N O O G A A PR I L 2 - CISR: Pers ona l Auto O C T. 1 - CISR: Com m ercia l Ca s ua lty II

MEMPHIS FE B . 1 2 - CISR: Pe rs ona l Res identia l M A RCH 4 - 6 - CIC: Com m e rcia l P roperty M AY 1 3 - C ISR: Com m e rcia l P roperty D EC. 2 - CISR: Pers ona l L ine s

Registration is fast and easy at www.insurors.org. More information about each class can also be found online.

JOHNSON CITY

ON

M A RCH 3 1 - CISR: Pers ona l Auto SE P. 2 9 - CISR: Com m e rcia l Ca s ua lty II

LI

N

AB EN: Webcasts fo c using o n different lines o f business ins uro rs. aben.tv

E

C OM ING SOON: Insurors & New L evel Partners a nnounce learning so lutio ns fo r New E m ployee Educatio n, inc luding bundles o n: I nsuranc e Basic s, Persona l L ines & C o mmerc ial L ines

CISR 4/1 4/2 5/12 5/13 9/29 9/30 10/1 12/1 12/2

REGISTER AT INSURORS.ORG OR CONTACT ELLIE VIETH EVIETH@INSURORS.ORG 615.515.2607

Fee: $186

CE: 7

Personal Auto Exposures Personal Auto Exposures Commercial Property Commercial Property Commercial Casualty II Commercial Casualty II Commercial Casualty II Personal Lines Miscellaneous Personal Lines Miscellaneous

Online Online Nashville Memphis Johnson City Knoxville Chattanooga Nashville Memphis

Are You More Ethical Than Politician? CE: 1 $24 NFIP Then and Now CE: 3 $72 E&O: Comm. Prop. Coverage Gaps CE: 3 $72 E&O: Roadmap to Policy Analysis I CE: 3 $72 Commercial Prop. Endorsements CE: 2 $48 E&O: Meet the Challenge of Change CE: 2 $48 Business Auto Claims Problems CE: 2 $48 Ethical Issues: Personal & Org. CE: 3 $72 Business Income and Extra Expense CE: 2 $48

Online Courses (www.iiaba.net/vu) Available from IIABA Virtual University. Member pricing shown.

CIC

Fee: $430

CE: 16

7/20-21 Ruble Graduate Seminar 8/5-7 Commercial Casualty Institute 9/16-18 Agency Management Institute 11/11-13 Insurance Company Ops Institute

Nashville Knoxville 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.

CRM

Ethics for Insurance Professionals How to Calc. Business Income in 5 Min. National Flood Insurance Program New Employee Training Course

Fee: $440

CE: 16

Nashville

ABEN Webcasts (insurors.aben.tv) Premium Auditing: Agents Must Know CE: 2 $52 The Basics of COPE CE: 3 $79 The Law of Insurance Contracts CE: 3 $79 Torts, Negligence & Liability CE: 3 $79 Double Trouble - COI and Biz Auto CE: 2 $48

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)

Legal & Ethical Requirments of Insurance CE: 4 Insuring Flood Exposures - NFIP Review CE: 4 Available from The Institutes

10/7-8 Financing of Risk

4/6 4/6 4/6 4/6 4/12

4/12 4/13 4/13 4/13 4/13 4/19 4/19 4/19 4/19

$75 $75

(insurors.ceu.com)

Insurance Principles and Policies CE: 7 Long Term Care CE: 24 Workers’ Compensation CE: 10 Employee Benefits for Small Companies CE: 4 Healthcare Reform and Affordable Care CE: 5 eCoverage CE: 15 Fundamentals of Personal Auto Insurance CE: 3 Management Process for Ins. Professionals CE: 21 Intro to Flexible Spending Accounts CE: 4 Terrorism and Its Impact on Insurance CE: 4 Toxic Mold and Homeowners Insurance CE: 15 Understanding the Industry of Insurance CE: 5

$49 $99 $59 $39 $49 $79 $29 $89 $39 $39 $79 $39

Register Online at www.insurors.org

Indicates course is presented by The National Alliance. Register for these courses at www.thenationalalliance.com The Tennessee Insuror

27

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FOR TENNESSEE

Endorsed

PARTNERS

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Leading

PARTNERS

Thank You!

Supporting PARTNERS

FOR YOUR SUPPORT OF INDEPENDENT AGENTS IN TENNESSEE

Sustaining PARTNERS

Contributing PARTNERS

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ACCIDENT FUND INS. COMPANY OF AMERICA • ARCUS RESTORATION • AUTO-OWNERS INSURANCE FFVA MUTUAL • GRAHAM-ROGERS INSURANCE • GRANGE INSURANCE • HAULERS INSURANCE CO. SELECTIVE INSURANCE GROUP, INC. • SOUTHERN INSURANCE UNDERWRITERS • STATE AUTO INS. The Tennessee Insuror

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Tennessee Tornadoes

...continued from page 12

case, it would be one of the 20 costliest tornadoes in U.S. history as adjusted for inflation.1

ee/2harvestmidtn to find out more or help support their cause.

To help prepare the industry for future disaster relief, please check out the Trusted Choice Disaster Relief Fund. The Fund was established by the Big "I" and is available to assist members and their staff in the event of unrecoverable losses caused by a natural disaster. View more information or donate now at https://www.independentagent.com/trustedchoice/Pages/disaster-relief/disaster-relief.aspx

How You Can Prepare for Future Storms The Big "I" Agents Council for Technology (ACT) wants to help you prepare your agency, employees, physical office, data and systems with procedures to implement when a disaster strikes.

Planes stack up after Tune airport damage

photo by Mitch McClary

How You Can Help There are ways to help the victims that are continuing to recover. The Community Foundation of Middle Tennessee is still providing relief efforts in the effected areas. You can find out more now at https://www.cfmt.org/ or donate to the cause.

The Second Harvest Food Bank is also accepting donations to help them suppor those who need emergency food or funding in the wake of the tornado. Please visit https://linktr.

The ACT disaster planning resource will help you navigate the things you need to consider before a disaster, such as steps to take during and the operating procedures after one strikes.

View or download it now at https://www.independentagent. com/act/pages/planning/disaster%20guide/disaster-guide. aspx 1 - per "Facts + Statistics: Tornadoes and thunderstorms" via Insurance Information Institute at https://www.iii.org/fact-statistic/facts-statistics-tornadoes-and-thunderstorms u

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The Tennessee Insuror

Layman's Terms

Advocacy Update: Legislature Adjourns Abruptly Due to Coronavirus Insurors Director of Government Relations, Jim Layman, J.D., breaks down the legal and legislative issues facing our industry.

The last few weeks in the legislature have been surreal as the Legislature and the State of Tennessee have been taking steps to fight the spread of the coronavirus. On Monday, March 16, legislative leadership announced that they would be considering a “bare-bones budget” with the intent to pass it and a few essential bills in order to quickly adjourn so that legislators and staff could go home and practice social distancing.

The legislators performed their work with only essential staff and the media present, and closed proceedings to the public.

Around 11:30 pm CT on Thursday, March 26, the Legislature finished its business and recessed until June 1, though some are skeptical on whether they will actually return this year.

The budget that was passed was drastically different than the one the Governor proposed at the beginning of session before officials were aware of the impact of the virus. The final budget slashed almost $900 million in originally planned spending increases and adjusted projected revenue growth from 3.1% to .25%.

(Chairman of Senate Commerce and Labor Committee). The group then broke off into small groups for office meetings with legislators.

At lunch, our group heard from Sen. Jack Johnson (Senate Majority Leader) and Rep. Ron Gant (House Assistant Majority Leader). We finished the day by taking in some of the discussion in the Senate Commerce and Labor Committee and a quick tour of the Capitol. Attendees I have spoken to really enjoyed the event, and legislators have told me how much it means to have our members show up on the Hill. I want to thank everyone who helped make this a special event, especially Ashley Gold, Abby Wheeler and Nick Weber from Insurors who helped ensure the day went off without a hitch. We are already looking forward to next year’s Day on the Hill.

Insurors Day on the Hill On March 10, just days before state officials closed the state legislature to the public, the Insurors of Tennessee held a very successful Day on the Hill in Nashville. We had 15 members attend to hear from legislative leaders, meet with their local legislators, and witness the legislative process.

Bills of Interest The Certificates of Insurance Legislation, SB2849/HB2161, by Sen. Paul Bailey (R-Sparta) and Rep. Ron Travis (R-Dayton), has now passed on the floor of both the House and Senate and was signed by the Governor on March 20! The bill passed unanimously in both chambers and just in the nick of time, as the final vote was the last legislative day before the legislature moved into its expedited end to session. This important legislation helps ensure that agents aren’t pressured into issuing false or misleading certificates. We’ll have more information and materials about this legislation on our website after it goes into effect. We want to give a huge thank you to our bill sponsors and all the legislators that approved this important legislation.

Our day started with a group meeting, where our agents were briefed on important legislative topics and heard updates from Rep. Robin Smith (Chairman of House Insurance Committee), House Speaker Cameron Sexton, and Sen. Paul Bailey

The bill to extend the Advisory Council on Workers’ Compensation, HB1727/SB1649 by Rep. Martin Daniel (R-Knoxville) and Sen. Kerry Roberts (R-Springfield) passed through the legislature during the final week. Insurors joined the NFIB and

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31

Tennessee Chamber in advocating for the continuance of this important council of industry experts after the Council faced criticism during a legislative audit hearing last summer. The Council will continue to operate and give recommendations on workers’ comp legislation and NCCI filings. We will continue to monitor the Council and work with legislative leaders on potential ways to improve the operations of the Council.

The Licensing Innovation Bill, HB2217/SB2148, was a bill proposed by the Department of Commerce and Insurance (TDCI) to allow the Department to waive statutes and rules for companies seeking to offer “innovative” products, while other companies would have to continue to follow the same statutes and/or rules. Insurors had concerns with the legislation as soon as it was introduced and worked with TDCI on an amendment to address those concerns. The bill was taken “off notice” just before the Legislature decided to end session early. It will not be considered again until June 1 at the earliest but more than likely not until 2021.

We are now (prematurely) entering campaign and fundraising season, which I suspect will look a lot different due to the ongoing impact of the coronavirus. No matter what economic times lie ahead, the legislature will continue to meet each year and consider legislation that could be beneficial or harmful to your business. Please continue to prioritize contributing to InsurPACTN to ensure that our advocacy efforts remain successful. Thanks and be safe.

Legislative Town Halls We have already begun planning the 2020 follow up events to our successful luncheons from last year. Please understand that we will monitor and postpone events as needed based on coronavirus updates. When they do occur, these Town Hall meetings will take place across the state and help share with our members the happenings at the State and Federal level.

Please save the tentative date(s) below for events in your area or that you would be interested in attending:

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May 20 - Jackson May 28 – Nashville June 3 – Chattanooga June 4 – Knoxville September 10 - Memphis - Insurors of Memphis luncheon Please don't hesitate to contact me if you have questions or concerns about any of the work being done.

About the Author Jim Layman, J.D. is the Director of Government Relations for Insurors. He previously worked for the Tennessee Dept. of Mental Health and Substance Abuse Services as legislative liaison and rules coordinator.

Prior to that, he worked for the Dept. of Health as a legislative liaison and the Dept. of Labor and Workforce Development as director of unemployment insurance appeals. Jim graduated from the University of Memphis Cecil C. Humphreys School of Law and received his undergraduate degree from the University of Tennessee. He may be contacted at jlayman@insurors.org. u 32

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The Tennessee Insuror

Association Update Elite Insurance Named "Agency of the Year" Elite Insurance Solutions of Franklin was named as the "2019 Agency of the Year" by Rough Notes magazine. The magazine states that, "The selection of our Rough Notes Agency of the Year is made by votes from previous Rough Notes Agency of the Month honorees. They carefully review information on each of the nominees – in this case, the 11 agencies that appeared on the cover from February through December of 2019 – and select which one they believe deserves top honor."

Allmon Named "Man of the Year" in Dyersburg Former Insurors Board member Tommy Allmon of White & Associates in Dyersburg was named as the "Man of the Year" for 2019 by the Dyersburg/Dyer County Chamber of Commerce.

Swallows Insurance Adds Cottles

The voters noted that the agency's growth and charitable efforts were among the main reasons for their selection.

Agency founder and coprincipal Mike Stansbury noted that the agencies work and those charitable efforts go hand in hand, “It’s part of our DNA. We serve our clients, our community, and our employees.”

Cookeville-based Swallows Insurance has announced the addition of Christiana Cottles as Director of Client Engagement for the agency. Christiana is a Deans List graduate from Tennessee Tech University where she obtained a degree in Psychology with a minor in Social Sciences. She will focus on digital communication, client relations and retention.

McCord Named "Rising Star" by Chamber

Insurance, Inc. Recognized by Donegal Ins.

Davis McCord, CLCS, AU, ALCS, an insurance and risk management advisor for Lester, Greene, McCord & Thoma Insurance in Tullahoma, recently received the 2019 "Rising Star" award from the Tullahoma Chamber of Commerce at their annual Membership Celebration event on February 7.

V.R. Williams Named Franklin Co.'s Finest Winchester-based agency V.R. WIlliams was recently named to the "2020 Franklin County's FInest" list by The Herald Chronicle newspaper. The honored businesses are voted on by the community.

Accident Fund President's Club Agencies Multiple Insurors members have been named as Accident Fund President’s Club Award honorees, representing an exceptional group of high-performing agent partners across the nation. President’s Club qualifications for 2019 included written premium exceeding $2 million, a cumulative loss ratio of 50 percent or less, and premium retention of 82 percent or higher.

The members named include Arthur J. Gallagher Risk Management Services; Insight Risk Management, LLC; J. Smith Lanier, a Marsh & McLennan Agency; Keystone; McGriff Insurance Services Inc.; Mountain Empire Agency Alliance and Southpoint Risk.

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Cleveland-based agency Insurance, Inc. has been named as a "Leaders" status agency by Donegal Insurance. The status is part of the company's "Agencies of Distinction" program.

Allison Named Jackson's "Woman of the Year" Suzanne Allison of The Allison Insurance Group in Jackson was named as "Woman of the Year" by the Jackson Downtown Rotary Club. The recognition was a result of her work, "serving on boards, helping out at different non-profit organizations and even taking strangers into her home with her husband Chris in the aftermath of the tornado that hit Jackson in 2003."

RSS Insurance Adds Trimble Chattanooga-based RSS Insurance has announced the addition of Arch Trimble IV, CIC as the agency's director of strategic relationships. Trimble has over 5 years of industry experience working in various roles for several agencies.

TIS Named Among "Surety Elite" TIS Insurance Services in Knoxville has been named a 2020 "Surety Elite Partner" by Merchants Bonding Company. The agency was recognized for its, "excellence and expertise," stating that, "The Surety Elite are considered among the most influential and trusted professionals in the surety industry." continued on page 41...

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Swiss Re Corporate Solutions is proud to be the exclusively endorsed Lawyer’s Professional Liability provider for the Insurors of Tennessee. For more information or to access the program, please visit www.bigimarkets.com and select the Lawyers Professional Liability Program.

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Insurors of Tennessee Ph 1 800 264 1898 E info@insurors.org

The Tennessee Insuror

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Company Spotlight MidSouth Mutual Insurance Company MidSouth Mutual Insurance Company has worked with professional independent insurance agencies and brokers since 2006 with a focus on providing workers’ compensation insurance to homebuilders and contractors.

Initially, the company only operated in Tennessee. Today, the company serves fourteen states across the South and Midwest and continues to focus on workers’ compensation. Beyond the construction industry segment, the company is leveraging its deep knowledge and expertise related to select other industry segments to expand and diversify its market reach within the workers’ compensation space.

MMIC state footprint today

Rooted in Value The company’s roots go back to the mid 1990s when self-insured trusts were being formed to serve members of the construction industry at a time when workers’ compensation insurance markets were experiencing severe turbulence. Midsouth Mutual Chairman and President James Carbine stated, “The trust was developed by builders for builders, combining their significant industry knowledge with the expertise of insurance specialists to create a successful solution."

In time, markets improved and the need for those trusts faded. Nevertheless, Midsouth Mutual continues to draw upon that business knowledge, experience and expertise to drive its success today.

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FOCUSED ON FUNDAMENTALS

Growth and Financial Strength As MidSouth Mutual continues to grow and develop, it is clearly focused on managing the fundamentals of the business intelligently as part of a strategy of sustainable quality growth.

The company is committed to doing business the right way for our insurance agency partners and clients. Carbine explains, “At a time when insurance can be a commodity business focused heavily on leveraging technology, we place great emphasis on providing a high degree of personal service and support to our independent insurance agency partners.”

In addition to the workers' compensation insurance products offered, MidSouth Mutual offers a wealth of expertise, experience and resources to help clients create and sustain a safer workplace to the direct benefit of both employees and employers. In short, a safe workplace is a more productive and profitable environment to support success.

In the event a claim occurs, MidSouth Mutual delivers forward leaning claims services designed to ensure employees are provided appropriate care with a clear focus on early-return-to work.

MidSouth Mutual Insurance Company has earned an A, Exceptional Financial Stability Rating (FSR) from Demotech, Inc. The company participated in an extensive multi-step review process to earn the rating. The process included a comprehensive financial and operational review to develop the FSR for MidSouth Mutual and is updated quarterly.

If you are interested in MidSouth Mutual Insurance Company, please visit their website at www.midsouthmutual. com or contact them by phone at 844.438.6642. u

James Carbine Chairman & President MidSouth Mutual “We understand that agency principals and staff are exceptionally busy, and we work to enhance the ease of doing business with MidSouth Mutual every day.”

About MidSouth Mutual • • • • • • • • • • • •

Domiciled in Tennessee Successfully serving clients since 2006 Sustained profitability since formation Rated A by Demotech, Inc. Expanded business into fourteen states and counting Developed advanced policy management systems to enhance services Created sophisticated safety resources to support better worksite safety Developed online quoting resource to support brokers and agencies Introduced a new responsive website to support agency partners and clients Created a comprehensive claims form library to support clients across multiple states Delivers superior service to agency partners and clients Focuses on continuous improvement to enhance and improve the company

37

TOGETHER WORKING “Exclusive member agencies, collaborating to bring the best insurance solutions to their clients.�

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 Frank E. Neal & Company, Inc. - Nashville Goss Insurance - Hixson Higgins Insurance - Clarksville/Hopkinsville, KY Inter-Agency Insurance Services - Knoxville 38

Martin & Zerfoss, Inc. - Nashville McInturff, Milligan & Brooks - Greeneville Miller | Loughry | Beach Insurance Services - Murfreesboro Ownby Insurance Service, Inc. - Sevierville Powell & Meadows Insurance Agency - Carthage Smith-Berclair Insurance, Inc. - Memphis S.N. Anthony, Inc. - Ripley Tigrett & Pennington Inc. - Dyersburg V.R. Williams & Company - Winchester Watauga Insurance, Inc. - Johnson City

Get more information now at www.securerisk.com

The Tennessee Insuror

Program Spotlight DocuSign The Global Standard for Digital Transaction Management In these times of "social distancing," ease of doing business for your clients also means ease of remote access. Trying to arrange paper signatures can put your revenue and reputation with customers at risk. Join more than a thousand insurance companies and the industry’s largest brokers to automate electronic signature and document flow with DocuSign.

Insurors members receive exclusive discounted pricing from the industry's #1 esignature solution, Docusign. DocuSign is used to accelerate transaction times to increase speed to results, reduce costs, improve customer service and reduce E&O exposure.

Save Time: DocuSign saves you significant staff time because documents get sent for signature instantly along with automated reminders so clients finish the signing process faster.

Compete Faster: The time it takes applicants to complete underwriting documents using ink and paper puts you at risk of customer defection, especially if your competitors

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can complete the process faster. With DocuSign, applicants complete and sign documents in minutes, and without errors, so your cycle time comes down dramatically with less chance that clients take their business elsewhere.

Reduce Exposure: DocuSign requires signers to fill out and sign forms completely, providing more consistency in your documents. This ensures better compliance with your agency’s E&O policy and better peace of mind.

Take it Further with Agreement Cloud The new DocuSign Agreement Cloud™ digitally transforms how you do business via contracts and other types of agreements. A suite of 12+ applications for preparing, signing, acting on, and managing agreements. You can automate agreement flow, integrate with other software, collect payments, index and search, build organization management and more.

Learn more at https://go.docusign.com/cobranded/4/iiaba/ u

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Contact Michele Bicknell: 570.473.2148 | mbicknell@keystoneinsgrp.com keystoneinsgrp.com 40

The Tennessee Insuror

©2019 Keystone Insurers Group ®. All rights reserved. This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group franchise is not registered.

Association Update (cont. from pg. 35) Denbo Named to IBA Top Producers List Will Denbo, a managing partner of Brentwood-based Commercial Insurance Associates has been named to the Insurance Business America magazine list of "2020 Top Producers." To qualify, producers must have achieved at least $750,000 in commission revenue in 2019, composed of at least 50% commercial P&C business, and have demonstrated year-over-year growth.

McDonald Ins. #6 Among Nationwide Agencies McDonald Insurance and Financial Services and their four locations across Tennessee have announced that they achieved the #6 status in the country for 2019 among 1,200 Nationwide Insurance agencies.

intentions to merge into one broker entity. The move will make the new combined agency the largest broker in the world, with revenue projected to exceed $20 billion.

HUB International Acquires HMP Insurance HUB International has added to its expansion of HUB Mid-South with the acquisition of Memphis-based agency Harris, Madden, Powell, Stallings & Brown, Inc. (HMP). HMP, which focuses on commercial, surety, employee benefits and personal lines, will keep all of its leadership team and full-time employees in their existing offices in Memphis and Oxford, Mississippi.

Strate Insurance Adds Harper

Aon and Willis Announce Massive Merger On March 9, Aon and Willis Towers Watson announced their

Morristown agency Strate Insurance has announced the addition of Jonathan Harper, CBIA, CPIA as business development manager. Harper has over 12 years of industry experience on the agency and carrier side, primarily focusing on business insurance and work comp. u

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For more than 90 years, Southern Mutual Church Insurance Company has worked with churches across the Southeast to help them meet their insurance needs. Our work is built upon long-term relationships with our church policyholders, and that starts with strong relationships with our independent agents.

If you are interested in partnering with us to serve churches in your area, please call 1-800-922-5332 to learn more.

Serving churches since 1928.

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Preferred Property Program can help you procure Umbrella coverage for your insureds with an AXV A.M. Best rated carrier for the following types of risks: Developer Sponsored Boards Master Associations High-rise Associations & Apartments to 35 stories are eligible and more Limit options ranging from $5 million to $50 million Coverage can include excess D&O ● General Liability ● Auto ● Employee Benefits Employers Liability, Including Employment Practices Liability* (*if covered under the D&O) Follow Form EPLI is available only up to $25 Million limit

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Company Briefs Arlington/Roe Revamps Website; Adds Griffin Arlington/Roe has announced a newly redesigned website which allows its agents easier navigation, cleaner look and mobile-friendly access. The site includes their application access as well as the online rating platform. View it now at www.arlingtonroe.com.

The wholesale broker also announced the hiring of Lindsay Griffin as public relations specialist and Missouri marketing manager. Griffin formerly worked as chief marketing officer for the Missouri Association of Insurance Agents for almost 15 years.

Progressive and Nationwide Named Among Fortune "Best to Work For" Insurors Associate Members Progressive Insurance and Nationwide Insurance have been named among the Fortune magazine "Best Companies to Work For." Progressive Insurance was ranked #49 on the list. Some of their highlighted advantages included, "An internal tool dubbed Own It enables workers to see the career paths of various job titles at Progressive (names are removed), providing a road map to any position at the company. Employees also appreciate an enthusiastic staff attitude that celebrates milestones and achievements."

Nationwide Insurance was ranked as #91 on the list. Among the listed highlights for the company were, "a corporate diverse board (37% are women and people of color)... 15 active resource groups, and the company operates a supplier diversity program worth $1.4 billion."

Amerisure's Chiddick a "Top 100 Marketer" Amerisure's vice president of marketing, Gerald Chiddick, was recently named a Top 100 Marketer at the 2020 OnCon Icon Awards. The awards recognize some of the top professionals and vendors in the entire world in the categories of legal, marketing and human resources. The finalists were voted on by their peers.

West Bend Continues Streak of Strong Financials Kevin Steiner, president and CEO of West Bend Mutual Insurance Company, recently reported the company ended The Tennessee Insuror

2019 with another year of outstanding financial results, making it the eighth consecutive year in which the company’s performance exceeded that of the insurance industry, as well as many of its competitors.

West Bend ended the year with a combined ratio of 93.0%, and despite a very competitive marketplace and decreasing workers’ compensation rates, grew by 7.2%. Total direct written premium at the end of 2019 was $1.359 billion, bringing West Bend’s five-year compound annual growth rate to 6.6%.

AmTrust Transfering Some PL Biz to Liberty AmTrust Financial Services has announced that it will transfer renewal rights in Texas, Louisiana, Oklahoma, Arkansas, Mississippi and New Mexico for its Republic personal lines business. Liberty Mutual will now hold the rights with its Safeco Insurance unit now handling the business.

ACUITY Announces Staff Promotions Acuity announced that, as a result of the insurer’s strong growth, that Neil Argall, Dave Hynek and Taylor Schmitz have been promoted.

Neil Argall, CPCU, CIC, ARM, has been promoted to General Manager – Staff Commercial Lines. He joined the company in 1994 and has held several roles, most recently as GM Commercial Lines.

Dave Hynek is promoted to Marketing General Manager – Commercial Products, bringing over 30 years of industry experience.

Taylor Schmitz is promoted to Manager – Central Claims.

Taylor began her career at Acuity in January 2013 as an Inside Claims Representative and was promoted in January 2017 to Senior Inside Claims Representative

Builders Mutual COO - Lifetime NAHB Delegate Builders Mutual has announced that Mike Gerber, senior VP and COO, was recognized as a Lifetime Delegate of the National Association of Home Builders (NAHB) on January 23 during the Associations recent Leadership Council meeting.

This designation recognized Gerber’s decade of service as a member of the Association’s Board of Directors, now known as the NAHB Leadership Council. Gerber has also served as a member on both the NAHB Construction Liability, Risk Management & Building Materials Committee and the Construction Safety and Health Committee. u 43

Insurors Committees Member Volunteers Help Shape the Future of the Association We have many exceptional volunteer leaders that help guide and direct the operations of the Association. In addition to our Board of Directors, the following committees are involved in supporting our efforts of our not-for-profit activities.

Leadership Committee As per the 2020 bylaws changes voted on at the Insurors 126th Annual Convention, a new Leadership Committee has been formed and 6 Insurors members have been appointed to serve. The committee members are: • • • • • • •

Norfleet Anthony III of S.N. Anthony in Ripley Kymberly Clevenger, CAWC, CPCU of The Assurance Center in Knoxville Chip Fridrich of Fridrich, Pinson & Associates in Nashville Kevin Hale, CIC, CPIA, CWCA of Hale Insurance in Nashville Andrew Maddox of Maddox Insurance in Huntingdon Matt Swallows, CIC, CRM of Swallows Ins. in Cookeville Cy Young of Young-Hughes Insurance in Alamo

• • • • • • • • • • • • •

Busch Thoma, CIC of Lester, Greene, McCord & Thoma Insurance Agency in Tullahoma Scott Ferguson, CIC, CPCU, ARM of McGriff Insurance in Chattanooga Walt Bradshaw, J.D. of Bradshaw & Co. Insurors in Dyersburg Tee Zerfoss of Martin & Zerfoss Inc. in Nashville Ed Gibbons, AAI of Watauga Insurance Inc. in Johnson City Roger Smith, CIC of Thompson & Smith in Jackson Eddie Miller III of Miller Loughry Beach Insurance Services in Murfreesboro Lou Moran III of Inter-Agency Insurance Services in Knoxville Cindi Gresham, CIC of Boyle Insurance Agency in Memphis Christie Reeves, CPCU, CPIW of Nolensville John McInturff III, ARM of McInturff, Milligan & Brooks, Inc. in Greeneville Chris Allison, CIC of The Allison Insurance Group in Jackson Joe Hunt of V.R. Williams & Company in Winchester

Government Relations Committee

This committee will collect names and develop recommendations to submit to our Nominating Committee for finalizing of our 2021 Board of Directors slate.

Our Government Relations Committee works with our staff lobbyists, Ashley Gold, J.D. and Jim Layman, J.D. to evaluate, discuss and interact on legislation that may effect our industry. The committee members are:

If you're interested in nominating a retail agent in the industry, or if you are interested in volunteering yourself, please visit https://www.insurors.org/IOT/News/Leadership.aspx to learn more and submit the online application.

•

Nominating Committee Our Nominating Committee selects the Board slate that is put forth to the greater membership for consideration. It is comprised of active past preisdents of the Association. The committee members are: • • • • • • • • • • • • 44

Jim Cunningham of Winchester John McInturff Jr., ARM of McInturff, Milligan & Brooks, Inc. in Greeneville Louis Clay of Clay & Land Insurance in Memphis Bill Wallace, CPCU of Knoxville Davis Porch III, CIC of Porch-Stribling-Webb in Waverly Lou Patten, CPCU of Cornerstone Insurance in Cleveland Richard Hollis of Hollis & Burns, Inc. in Memphis Bunny Oakes III of TIS Insurance Services in Knoxville Jim Rippy of Union City Tony Shipp, CPCU of Lebanon Tom Strate, CIC, CRM, CWCA of Strate Insurance Group, Inc. in Morristown Brad V. Smith of Smith-Berclair Insurance in Memphis

• • • • • • •

Brooks McDonald of McDonald Insurance and Financial Services of Franklin, Memphis and Jackson Graham Swafford of Swafford Insurance in Brentwood Jeff Coker, CIC of Coker-Wolfe & Assoc.in Hendersonville Jimmy Ward of Crichton Group/HUB in Nashville Johnny Griffin of Griffin Insurance Agency in Kingston Kevin Ownby of Ownby Insurance Service in Sevierville Steve Oseman of Oseman Insurance Agency in Memphis Perry Trowbridge, CIC, CRM of Liberty Mutual in Nashville

Finance Committee Our Finance Committee reviews and monitors Association financial status and budgets. The committee members are: • • • • •

Bob McIntire of McIntire Insurance and Real Estate in Cleveland John McInturff III, ARM of MM&B in Greeneville Richard Whitley, CIC of McDaniel-Whitley in Memphis Cindy Widener-Winn, CPA of Widener Ins. in Johnson City Brad V. Smith of Smith-Berclair Insurance in Memphis

Our additional committees include the Executive Committee, made up of the President, Immediate Past President and current Regional VPs; and the Young Agents Committee as on page 19. u The Tennessee Insuror

INSURING OPPORTUNITY THROUGH MUTUAL SUCCESS. ® Harford Mutual Insurance partners with independent agents in Tennessee.

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45

The New Normal: Four Perennial Cyber Threats

written by Will Jones, IA Magazine

In 2019, ransomware and business email compromise emerged as some of the biggest cyber threats around. As ransomware attacks paralyzed public entities, such as the attack that crippled Baltimore's government computer systems, and business email compromise and social engineering efforts targeted businesses from Main Street to Wall Street, the insurance industry has reacted with a host of new products and coverages.

However, by the very nature of the risk, yesterday’s cyber threat will not be tomorrow’s biggest danger. Here are four other cyber risks in the cyber liability space that will threaten businesses in 2020:

“If something like that happens, that could fall on you or your client and it becomes a huge battle,” Heebner adds. “That vendor can be your best friend or your worst enemy. Agents have to have those tough discussions with their clients so that they understand the seriousness.”

2) Regulation. The California Consumer Privacy Act (CCPA) took effect on Jan. 1 and was seen as a victory for consumers to provide them certain rights over the data that companies like Facebook, Google and data brokers collect from them.

1) Vendors. In 2017, retail giant Target was ordered to pay an $18.5 million multistate settlement to resolve state investigations of the 2013 cyberattack that affected more than 41 million of the company's customer payment card accounts.

Most of the CCPA is based on the European Union’s General Data Protection Regulation (GDPR), except for one important issue. While GDPR requires individuals to provide consent before their data can be collected, CCPA instead assumes consent and requires it to be revoked if an individual wishes to opt-out. Either way, the regulations are something that could be somewhat of a back-door risk to commercial insureds.

An investigation determined that cybercriminals gained access to Target's system through credentials stolen from a third-party vendor. Using the credentials, the attackers gained access to a customer service database, installed malware on the system and captured a host of sensitive data.

“Data breach obviously still mainly affects industries that process or store sensitive information, such as retail, healthcare, hospitality and technology, but even in this area there is change underway,” says Jacob Ingerslev, Head of Global Cyber Risk, The Hartford.

“When you look at the Target situation, the hackers got in through the vendor associated with the HVAC system,” says Ken Heebner, senior account executive, TrustStar Insurance Services, Inc. in Universal City, Texas. “Agents and insured don’t take into account the vendors, the risk exposure they bring to the table.”

“New regulations, such as GDPR in Europe and the CCPA in California, expand privacy regulation from traditionally being mostly a data breach issue to becoming a data collection and processing issue, with the potential for enormous fines and elevated litigation costs relating to non-compliance with those practices,” he says.

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The Tennessee Insuror

Be more than an insurance agent.

Be the hero your clients can count on.

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

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

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47

3) Manufacturers. Manufacturers are increasingly being targeted not just by traditional malicious actors, such as hackers and cybercriminals, but also by competing companies and nations engaged in corporate espionage, according to Deloitte, where motivations can range all the way from money and revenge to competitive advantage and strategic disruption.

INTELLAGENTS

™

INSIGHTS FOR INDEPENDENT AGENTS

In today’s business environment of increased automation, connectivity and globalization, even the most powerful organizations in the world are vulnerable, which leaves the question: What happens to a manufacturing business when its production operations suddenly grind to a halt due to a cyberattack?

“Cyber insurance continues to be a dynamic area that requires all of us – carriers and agents alike – to work to keep up,” says Timothy Zeilman, HSB vice president, Global Cyber Products. “My suggestion would be to focus the continuing shift towards increased awareness of the cyber exposure of businesses that don’t necessarily have high personal information exposure but do have a significant business interruption exposure.”

“Businesses like manufacturers that have a lower personal information exposure, but a significant business interruption exposure may just now, with the rise of risks like ransomware be becoming aware of their need for cyber insurance,” he adds.

4) The digitally connected world. The average American household has six devices connected to the internet such as a security camera, smart home assistant, smart TV or baby monitor, according to a recent study by Grange. Any device connected to the internet is at risk of being hacked, which puts every type of business at risk. The example that Heebner utilizes a lot is “elevators that are connected through the internet.”

“If something happened on that elevator that was caused due to somebody hacking into the system, you now have removed the general liability coverage because it's not a covered peril on that policy,” Heebner says.

“Agents need to have discussions with their clients about risk management and what their exposures are so that you can get down to helping them identify a pain point with their cyber risk and exposure they might have missed,” he adds.

“Claims due to first-party and third-party bodily injury, property damage and pollution could all be caused by a hacker controlling systems through the internet.”

About the Author Will Jones serves as the managing editor of IA magazine. His career background includes additional roles in insurance, finance, language and journalism. He may be contacted at william.jones@iiaba. net. u 48

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CREATE YOUR DREAM TEAM! Does the thought of hiring a new employee leave you overwhelmed? Are you seeing turnover, or posting a job, but just aren’t finding the “right” person?

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Meetings Spring Meeting Dates See Scheduling Changes Big "I" Legislative Conf. Now Online 5/13-15 The in-person 2020 Big “I” Legislative Conference has been cancelled. Instead, on the same scheduled dates of May 1315 the Big "I" will hold a Virtual Legislative Conference. The online event will feature up to date recorded addresses by members of Congress; a staff briefing on legislative, regulatory and legal developments on COVID-19; business coverage, agency assistance and other important COVID-19 issues for independent agents & agencies and more.

See more information or register now at https://www. independentagent.com/Events/LegislativeConference/ home.aspx

Agency Nation Elevate 2020 Now Virtual Agency Nation, the agent marketing and branding program of TrustedChoice.com, will now hold their annual "unconference" as a virual event on May 31 - June 2. What is it? Elevate 2020 is agents, agency owners, carriers and the most indie-friendly insurtechs, all coming together to fuel the future of insurance.

Featuring top keynote speakers and revolutionary breakout sessions, this will be a "can't miss" event for future-facing agents. Please visit www.elevateconference.com for more information.

Agency Growth Conference Now 6/11-12 The 7th Annual Insurors Agency Growth Conference has been tentatively rescheduled for June 11-12 at the Marriott Cool Springs in Franklin. The event will feature sessions, speakers and a trade show geared towards helping agents improve their sales, workflow, technology and E&O claims prevention.

This year's conference will include tracks on sales, agency workflow and E&O best practices. We have finalized several of our breakout sessions, which will include: "Ex-dates, Lies and Videotapes," led by Ashley Gold, J.D. and Stephen Holmes, CPCU, CIC, CISR of Insurors as well as Richard Lund, J.D. of Swiss Re "Marketing to Your Niche," led by Zach Emly of InBuzz Group "Building Out Your Agency's Sales Engine," led by Chris Turley of ProScout Business Development "Data Driven Agencies," led by Carey Wallace of IntellAgents.

Could your agency weather a data security breach?

A full 80 percent of businesses that experience one don’t.1 The right insurance can keep your agency from becoming part of this startling statistic.

Data breaches are common among smaller businesses, and responding to a breach is both costly and complex.

You are obligated to protect the data you collect, and package policies are often not enough.

Make sure your agency has the right coverage in place to protect you and your insureds.

Contact your Insurors E&O Specialist, Stephen Holmes, CIC, CISR, for information on Data Breach coverage.

1. Privacy Rights Clearinghouse: Chronology of Data Breaches

Stephen Holmes, CIC, CISR sholmes@insurors.org 615.515.2609

More info is available now at insurors.org. u The Tennessee Insuror

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Member Tips 3 Ways to Increase Agents' Organic Social Reach

by Molly Mahoney, Prepared Performer STEP ONE - GIVE: As my friend Sandra Yancey says, “Give first, Share always.” Pay attention to the fact that there is a social triangle happening here. It’s *you, *your ideal client plus *the platform that you are playing on.

You always want to make sure that you are thinking of ways to keep the platform happy. What does that mean? Well, it means, you should find ways to keep people on that particular platform longer, engaging more so that the platform’s algorithm gives you more organic reach because you are feeding a platform. You also want to keep your ideal client happy. So provide content that is enjoyable, motivational, educational, content that moves people forward towards something – so they want to come back and consume your content. Be mindful with what you are putting out in the world. If you’re putting out a bunch of negative garbage, while some people might like it, those might not be the people that you actually want to work with.

STEP TWO - LISTEN AND RESPOND: Paying attention to what you see and hear will help you engage in Facebook groups, LinkedIn groups, Instagram comments, Twitter posts – and then ENGAGE. Be a part of the conversation. Go into groups and see what people are asking about, what they need, what their pain points are. Doing this you can see how people respond. Take that information and record it, write it down, use a recorder for notes, whatever you like, so that you can then use it in your content.

People are going to engage when you’re putting out content that ties into what they actually want, what they’re actually experiencing, which in turn, is going to keep the platform happy, which is then going to give you more organic reach. Boom!

STEP THREE - ASK FOR WHAT YOU WANT: If you want people to engage with your content, give them a reason to. Ask, them a question so they have a reason to comment, and continue to engage. If you want them to sprinkle your stuff amongst their friends, ask them to do so. At Prepared Performer we use a really cool messenger bot technique, which allows you to automatically get more reach to your stuff, because we’re getting people to engage and we’re getting people to share. Pretty cool right?!

If you start putting These 3 Quick Ways to Boost Your Organic Reach, into place, you will see how they can truly help your business. Continue to introduce yourself to people on different platforms and show your value! It all starts when you Show Up! u

Directory of Advertisers Advertiser

Phone

Website

Page

ACUITY (920) 458 - 9131 www.acuity.com 9 AmTrust North America (877) 528 - 7878 www.amtrustfinancial.com/tnq1 6 Arlington/Roe (800) 878 - 9891 www.arlingtonroe.com 7 Bailey Special Risks, Inc. (800) 768 - 7475 www.bsrins.com 6 Berkley Southeast Insurance Group (615) 932 - 5508 www.berkleysig.com 19 Berkshire Hathaway Guard Insurance Cos. (800) 673 - 2465 x4567 www.guard.com/apply 30 Builders Mutual (800) 809 - 4859 www.buildersmutual.com 33 Delta Dental of Tennessee (888) 281 - 9396 deltadentaltn.com 42 DocuSign (877) 720 - 2040 www.docusign.com/iiaba 39 EMC Insurance (800) 447 - 2295 www.emcins.com 47 Genesee General (800) 282 - 8755 www.geneseeins.com 49 Harford Mutual (800) 638 - 3669 www.harfordmutual.com 45 Hawksoft (866) 884 - 4680 x4 www.hawksoft.com 2 IntellAgents (614) 552 - 3063 intellagents.io 48 INSBANK (866) 866 - 4268 www.insbanktn.com 11 J.M. Wilson (800) 595 - 0063 www.jmwilson.com 17 Keystone Insurers Group (800) 416 - 5498 www.keystoneinsgrp.com 40 KNK Compliance Services (615) 375 - 7419 www.knkcompliance.com 17 Markel Specialty (800) 431 - 1270 www.markelcorp.com 22 MidSouth Mutual Insurance Company (844) 438 - 6642 www.midsouthmutual.com 26 The National Alliance (800) 633 - 2165 www.scic.com 55 National Security Group (800) 239 - 2358 x213 www.nationalsecuritygroup.com 22 Nationwide Insurance (423) 927 -2060 www.nationwide.com 20 Partner Platform - SIS (800) 747 - 9273 www.sispartnerplatform.com 15 Penn National Insurance (800) 395 - 0518 www.pennnationalinsurance.com 56 Preferred Property Programs (888) 549 - 2465 www.umbrellaprogram.com 42 RLI PUP (615) 515 - 2609 www.insurors.org 32 Securerisk (770) 723 - 8096 www.securerisk.com 38 Southern Mutual Church Insurance Co. (800) 922 - 5332 www.smcins.com 41 Strickland General Agency (800) 825 - 5742 www.sgainga.com 33 Summit Holdings (800) 971 - 2667 www.summitholdings.com 13 Swiss Re Lawyer's Professional Liability (630) 213 - 9952 www.bigimarkets.com 36 Titan Web Marketing Solutions (615) 890 - 3600 www.titanwms.com 24,42 West Bend Mutual Insurance Co. (800) 236 - 5010 www.thesilverlining.com 34 Work at Home Vintage Experts (646) 807 - 4372 www.wahve.com 52

JUNE 11-12 • FRANKLIN • VISIT INSURORS.ORG FOR REGISTRATION AND MORE INFO

T H E N A T I O NA L A L L I A N C E I N F O M A P

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Rubles CIC

2

CISR Introductory Series

3

4

T H E NA T I O NA L A LLI A NC E I NF O MA P

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Rubles CIC

CISR Introductory Series

CRM

Dynamic Series

WTH Seminars

CSRM CPRM

The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals.

The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William T. Hold Seminars are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs.

1

The Certified Insurance Service Representative (CISR) designation provides quality insurance education geared toward customer service representatives, account executives, servicing agents, new producers, and other professionals.

The Certified School Risk Manager (CSRM) designation fills a need for quality risk management education for those associated with schools.

The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The Certified Risk Manager (CRM) designation is recognized as being the foremost education available in the field of risk management. The Certified Personal Risk Manager (CPRM) designation yields the best training for meeting the needs of an affluent clientele.

The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

2

Dynamic Series

CRM

WTH Seminars

3

1 CSRM

2 The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals.

The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William T. Hold Seminars are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs.

The Certified Insurance Service Representative (CISR) designation provides quality insurance education geared toward customer service representatives, account executives, servicing agents, new producers, and other professionals.

The Certified School Risk Manager (CSRM) designation fills a need for quality risk management education for those associated with schools.

CPRM

3 The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The Certified Risk Manager (CRM) designation is recognized as being the foremost education available in the field of risk management. The Certified Personal Risk Manager (CPRM) designation yields the best training for meeting the needs of an affluent clientele.

The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

2

VISIT SCIC.COM FOR MORE INFORMATION OR INSURORS.ORG TO REGISTER FOR CLASSES NOW

Helping people feel secure.

Since 1919.

A group of Pennsylvania farmers founded our company in 1919 to provide affordable workers’ compensation insurance.

Helping Today, Penn National Insurance sells property-casualty insurance in 11 states.

Just like those farmers who envisioned an insurance company that could meet their needs better than any existing insurance carrier, we look to the future of our company and make decisions that center around:

people feel secure.

All with one focus in mind: to help people feel secure and make life better when bad things happen.

• Providing superior customer experience • Responsive product offerings to fit the changing market needs • Staying financially strong

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