Insurance Business America issue 7.05 by Key Media

IBAMAG.COM ISSUE 7.05 | $12.95

TOP TECHNOLOGY REPORT 2019 Which tech tools are delivering the innovative features producers have come to expect?

CYBER RISK AND THE C SUITE

How to keep business leaders attuned to the risks presented by M&As

00_OFC Spine OBC-SUBBED.indd 2

RISK MANAGEMENT FOR SPORTS ORGANIZATIONS Mitigating exposures around head traumas, abuse allegations and more

COMMERCIAL PROPERTY 101

Experts examine the latest nuances of this essential coverage

10/05/2019 3:25:04 AM

IFC-01_Ad.indd 16

10/05/2019 3:39:05 AM

IFC-01_Ad.indd 17

10/05/2019 3:39:23 AM

ISSUE 7.05

CONNECT WITH US Got a story or suggestion, or just want to find out some more information? twitter.com/InsuranceBizUS

CONTENTS

24 TOP TECHNOLOGY REPORT 2019

plus.google.com/+Ibamag facebook.com/InsuranceBusinessUS

UPFRONT 04 Editorial

Are the industry’s moves toward diversity and inclusion all talk?

06 Statistics

Key data that should be on your radar

08 Head to head

The pros and cons of California’s plan to purchase private wildfire insurance FEATURES

HOW TO DO PROPERTY PROPERLY

What should a comprehensive commercial property policy look like?

09 Opinion

Succeeding as a broker in the cannabis space requires a nuanced approach

10 News analysis

Cyber risk is putting increased pressure on companies’ boards and executives

12 Intelligence

This month’s big movers and shakers

14 Workers’ comp update

Data and analytics are giving workers’ comp insurers an edge in a soft market

SPECIAL REPORT

TOP TECHNOLOGY REPORT

Producers’ expectations of their tech providers are greater than ever – and only a handful of companies are meeting them. IBA reveals where technology vendors need to step up their game PEOPLE

PEOPLE

INDUSTRY ICON

It was the time he spent away from insurance that helped define Arch Insurance Group EVP Mark Lange’s customerfocused approach

18 2

A BLOSSOMING BUSINESS

Hub International’s TJ Frost explains how carriers can continue to make inroads in cannabis insurance

16 Technology update

An industry software provider teams up with Google to drive innovation

FEATURES 22 Putting data to work

How to maximize your client data

44 Why you don’t need motivation to succeed

No motivation? No problem – if you have the right systems in place

PEOPLE 47 Career path

FEATURES

LET THE GAMES BEGIN

A look at the emerging exposures for clients in the sports and leisure space

Simon Oddy’s circuitous route from forensic accounting to cyber insurance

48 Other life

A trip to Guatemala took Dawnmarie Black’s charity work to the next level

IBAMAG.COM CHECK IT OUT ONLINE

www.ibamag.com

02-03_TOC-SUBBED.indd 2

10/05/2019 3:41:19 AM

We’re Here for You. Every day, across the globe, our team strives for one thing – to exceed our clients’ expectations. As experts in loss adjusting with proven skills in a range of disciplines, we provide proven technical solutions and premium-level claims service that deliver value and earn trust. We’re expanding our international team, adding complementary services, and enhancing our expertise so we can serve our clients better than ever.

Quality solutions. World-class service. That’s our commitment to you. That’s McLarens.

mclarens.com | 800.813.mclarens

02-03_TOC-SUBBED.indd 3

10/05/2019 9:32:01 PM

UPFRONT

EDITORIAL

Striding into a PR disaster

nsurance Business America has made no secret of our support for women in the insurance industry, whether it’s through our weekly Women in Insurance newsletter or our highly successful Women in Insurance conferences (which have proved a massive success worldwide, with events in Atlanta and Miami already on the books for this year). It’s clear that our readers, too, have a desire to see women succeed in the industry. However, when does the talk turn into legitimate, measurable action by those in power? Recent reports suggest that for all the posturing from the industry and the handful of inspiring female CEOs who have emerged, there is still a significant problem to be solved. Bloomberg’s recent exposé into the Lloyd’s market highlighted a “deep-seated culture of sexual harassment” that one industry player described as “basically a meat market.” “Women at Lloyd’s [are] still being called names, including ‘totty,’” and are rated from 1 to 10 on “shagability,” an insurance PR specialist claimed. Most in the industry reacted to the report by noting that any form of sexual harassment is “indefensible,” and many were also quick to point to the “strides” the industry has made with its diversity and inclusion agenda. Yet having an agenda isn’t the same thing as taking real action.

Perhaps we can talk about “strides” when measures are introduced as standard rather than on the back of a shameful report Take Lloyd’s as an example. To its credit, it responded to the Bloomberg report with a “wide-ranging and robust” plan of action – making a commitment to hearing the accounts of the women in the article, incorporating women into its nomination board, and promising a comprehensive review of its policies and practices, including a confidential channel through which to report inappropriate behavior. Steps in the right direction? Absolutely. “Strides,” however? Perhaps we can talk about “strides” when measures such as these are introduced as standard rather than just on the back of a shameful report. It’s one thing to hurriedly attempt to counter a PR disaster – it’s another to implement a truly open and diverse culture where anyone, regardless of gender, ethnicity, race or sexuality, has the same opportunities to achieve success. In this regard, insurance might have finally found the right path – but make no mistake, it still has a long trek ahead before it claims true success. The team at Insurance Business America

www.ibamag.com MAY 2017 EDITORIAL

Managing Editor Paul Lucas Journalists Alicja Grzadkowska, Nicola Middlemiss, Bethan Moorcraft, Ksenia Stepanova News Writers Lyle Adriano, Krizzel Canlas, Terry Gangcuangco, Mina Martin, Gabriel Olano Staff Writers Tom Goodwin, Libby MacDonald, Joe Rosengarten, Ryan Smith, Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS Daniel Garcia Jr., Aytekin Tank

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Traffic Manager Ella Dayandante

SALES & MARKETING Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Media Sales Managers Chris Anderson, Desiree McCue Global Head of Communications Lisa Narroway

CORPORATE Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley President Tim Duce Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Editorial Inquiries paul.lucas@keymedia.com Subscription Inquiries subscriptions@keymedia.com Advertising Inquiries cathy.masek@keymedia.com, chris.anderson@keymedia.com, desiree.mccue@keymedia.com Key Media 78O7 E. Peakview Ave., Suite 115 Centennial, CO 80111, USA

‘

tel: +1 720 316 0151 www.keymedia.com Offices in Denver, London, Toronto, Sydney, Auckland, Manila, Singapore, Seoul

Insurance Business America is part of an international family of B2B publications, websites and events for the insurance industry Insurance Business Canada john.mackenzie@kmimedia.ca T +1 416 644 874O Insurance Business UK luther.rahman@keymedia.com T +44 20 7193 0935 Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO Printed in Canada Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

4 www.ibamag.com

04-05_Editorial-SUBBED.indd 4

10/05/2019 3:25:56 AM

UPFRONT

EDITORIAL

‘

When it’s grim, you need Great

Your client’s construction incident is a painful way to learn the carrier you recommended has less than stellar claims service. Great American’s strength of specialization gives us the rare ability to see risks, write coverage and handle claims in a way that gives your clients greater satisfaction. Don’t settle for less. Turn grim to great with Great American.

Protecting hundreds of niche industries with expert insurance solutions

Visit us at GAIG.com.

Great American Insurance Group, 301 E. Fourth St., Cincinnati, OH 45202. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company, Great American Insurance Company of New York, Great American Spirit Insurance Company and Great American Security Insurance Company, authorized insurers in www.ibamag.com all 50 states and DC. © 2018 Great American Insurance Company. All rights reserved.

04-05_Editorial-SUBBED.indd 5

10/05/2019 3:26:00 AM

UPFRONT

STATISTICS INSURERS’ FIRST-QUARTER RESULTS

100%

WHO’S WILLING TO SHARE DATA?

60%

AIG’s increase in gross written premium for Q1 2019 Sources: AXA XL, Swiss Re, Chubb, AIG

59%

58%

40%

20%

Pioneers

Pragmatists

Skeptics

Traditionalists

Willing to share data to receive advice that’s more relevant to their personal circumstances

Willing to share data to receive faster, easier services

DO CONSUMERS WANT INTEGRATED PROPOSITIONS? Across all consumer types, around half of those who responded to Accenture’s study were interested in integrated propositions, such as a home security package that includes insurance, remote home monitoring, financing and security tips. However, only 30% of consumers, on average, are prepared to pay extra for the convenience of these bundled services.

INTERESTED IN INTEGRATED PROPOSITIONS

11%

82%

Swiss Re’s increase in net premiums earned for Q1 2019

10.9%

87% 81%

80%

5.5%

Chubb’s increase in P&C underwriting premium for Q1 2019

95% 87%

The willingness to share data (or not) was one of the most marked points of difference among the four customer types insurers are likely to encounter, according to Accenture’s latest global study of financial services consumers. The study identified four key consumer personalities based on their approach to technology: pioneers (tech-savvy and hungry for innovation), pragmatists (trusting and channel-agnostic), skeptics (tech-wary and dissatisfied) and traditionalists (avoid tech and value the human touch). Of these, the pioneers were by far the most likely to be willing to share data than any other customer type, although skeptics and traditionalists were more enticed to do so if it resulted in lower prices.

AXA XL’s increase in total gross revenues in Q1 2019

95%

WILLING TO PAY FOR THEM

80%

60%

57%

32%

43%

21%

20% 0%

7% 20%

40%

60%

80%

Pioneers

100

Pragmatists

Skeptics

20%

40%

60%

80%

100

Traditionalists Source: Accenture Global Financial Services Consumer Study, 2019

www.ibamag.com

06-07_Stats-SUBBED.indd 6

10/05/2019 3:29:11 AM

95%

94%

96%

94%

89%

87% 82%

LEADING SOURCES OF CYBER LOSS

95%

According to Beazley Breach Response Services, hacking or malware incidents among the insurer’s clients rose 10% between 2017 and 2018, and the average ransomware demand soared to $116,000.

86%

84%

82%

81% 79%

76%

77%

TOP CAUSES OF LOSS DUE TO CYBER INCIDENTS

63%

50%

59%

47%

54% 50%

40%

45%

30%

20%

9% 10%

Willing to share Willing to share data Willing to share data to receive to receive a priority data to receive personalized offers service such as discounts on nonbased on their fast-tracked insurance-related current location claims settlement products or services

Willing to share Willing to share data to receive data to receive more competitive/ personalized services lower prices or information that helps reduce the risk of injury, loss, etc.

The gender pay gap at Lloyd’s of London dropped considerably between 2017 and 2018, but a gulf remains between the salaries of men and women – due in part to the fact that the majority of the highest-paying jobs at the company are held by men.

Mean gender pay gap, 2018

27.7% Mean gender pay gap, 2017

35%

UPPER QUARTILE

34% 65%

Men

LOWER QUARTILE

Hack or Accidental Insider Social Portable Physical malware disclosure engineering device loss/nonelectronic record

Source: 2019 Breach Briefing, Beazley Breach Response Services

BOMBINGS TOP THE LIST OF EVENT THREATS Terroristic threats to sports and entertainment events in 2018 were most likely to take the form of a bombing at an event, according to the Risk Advisory Group and Aon.

TOP TERRORIST THREATS AT SPORTS/ENTERTAINMENT EVENTS

LLOYD’S EMPLOYEES BY PAY QUARTILE

19.9%

Source: Accenture Global Financial Services Consumer Study, 2019

THE GENDER PAY GAP NARROWS AT LLOYD’S

Bombing

Unknown

Knife attack

Chemical attack

Shooting

66%

Women Source: Lloyd’s 2018 Gender Pay Gap Report

Vehicle impact

Source: Aon and The Risk Advisory Group, 2019

www.ibamag.com

06-07_Stats-SUBBED.indd 7

10/05/2019 3:29:18 AM

UPFRONT

HEAD TO HEAD

Should California have private wildfire insurance? Does the state need its own coverage to help with the increasing costs of wildfires – and if so, what would that look like?

Susan Preston

Founder and president Professional Program Insurance Brokerage “California needs to purchase fire insurance. Researchers have determined that Southern California Edison was responsible for the Santa Barbara fire after determining that PG&E was responsible for Paradise and other fires. Our state utilities can’t pay for all fires; there is simply not enough money. This leaves the majority of costs to the state. California has a surplus currently, but the state could be in a financial mess with another major fire, which surely will happen. By buying insurance, the state will know fire costs, which takes away the uncertainty for budget preparation. The time is now for California to do this.”

Peter Whalen

Ron Abram

Partner Clyde & Co.

President and CEO Abram Interstate Insurance Services

“It makes sense for California to investigate obtaining insurance to assist it with tackling climate change issues. Insurerbacked financial arrangements to protect government entities against wildfires and other climate change problems could provide incentives to fund preventive measures, which are critical to reduce risk. If California moves forward, questions it may consider include whether it can make this type of innovative arrangement. Potential barriers include insurers wanting to lock in a multi-year package. Also, will the insurance be available to pay for potential subrogation claims, which have driven PG&E to seek bankruptcy protection?”

“Discussions underway may provide wildfire-only coverage for affected areas, similar to how flood and EQ are currently administered; unfortunately, no viable predictive analytics currently exist to support this. There is interest in presenting new alternatives, some of which are underway, primarily along similar lines as historic coverage with some modifications. The products remaining are the same products with greater underwriting scrutiny and pricing adjustments. There has been additional movement towards increasing deductibles or excluding wildfire, but not attritional fire losses, coupled with sublimits to mitigate the wildfire exposure and loss.”

GOING PRIVATE One solution to the damage imposed by California’s increasingly severe wildfires (which cost the state $677 million last year) could come in the form of private insurance purchased by the state. The solution has the backing of both California Insurance Commissioner Ricardo Lara and State Treasurer Fiona Ma, who told reporters it would “work just like your home insurance, but for our actual state.” The concept isn’t without precedent: California’s neighbor to the north already has such a private insurance arrangement in place. Over the past four decades, Oregon has paid premiums to the tune of $61 million while recouping more than $100 million in payouts. Lara also alluded to the $1 billion in flood insurance bought in 2017 by FEMA, the benefits of which flowed to the federal government the following year.

www.ibamag.com

08_H2H-SUBBED.indd 8

10/05/2019 3:32:13 AM

UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email iba@keymedia.com

Changing the conversation Adapting your approach to the customer is crucial as the cannabis industry moves from the black market to Main Street, writes Daniel Garcia Jr. TO BE a successful cannabis insurance professional in the current industry is to be a chameleon. While this could be said for a number of industries, it is especially so in the cannabis industry. Throughout college, during the end of the black-market years, I worked weekends as a cannabis ‘trimmer,’ removing the large leaves from the buds. This experience gave me an inside look at how the black-market cannabis industry worked: what challenges the businesses faced, what the job roles were, even a personal understanding of the workplace injury risks. This background has given me insight into the business of cannabis insurance. About three years ago here in California, as Proposition 64 was gaining momentum leading up to the 2016 vote, we began to see an influx of interest from the cannabis industry about their business insurance options. This early interest was primarily curiosity, though a small number of operators, mostly dispensaries, did procure insurance packages. However, even as curiosity turned into buying intentions, it was a very cost-driven conversation and transaction, as opposed to a coveragedriven one. To this day, one of the most common questions we get from longtime cannabis operators who are finally looking to buy commercial insurance is, “Does it really pay out on claims?” The old-school cannabis operator is still skeptical of the process, and many have a lack of faith in the insurance product itself, at least initially. We’re beginning to see a different

cannabis client. This new client typically has significant investment dollars behind it, potentially even an investing group with a board of directors. That board hired a professional from the corporate world to head up and manage the business. This new team has been tasked with a laundry list of business management assignments, including placing appropriate levels of insurance to protect the investment. This individual walks into our office with a very sophisticated understanding of business insurance and likely even the experience of seeing insurance in

they’re looking to see quotes for. They have specific and sophisticated questions about the language that might be in a given policy, what specialized policies are available to the cannabis industry and even requests for large excess liability limits. Regardless of the client, our goal is to build a comprehensive insurance and loss control program. The challenge we face is relating very different motivations from very different individuals back to the need for that comprehensive program. There are instances every day where a grandfathered cannabis operator is turned off and walks away from doing business with an insurance professional because that broker is using ‘insurance speak’ or presents a comprehensive insurance package without explaining and relating the coverages back to that client’s initial motivation. On the flip side, business has also been lost because an agent underestimated a particular client’s understanding of business insurance and failed to articulate the depth of coverage, services and insurance tools they could provide. The solution to this conundrum? Be a chameleon. We need to listen to our prospects and ask the right questions, with an eye to understanding where they fall on the cannabis

“The old-school cannabis operator is still skeptical of the process, and many have a lack of faith in the insurance product itself” action through paid claims in their previous corporate role. The issue we face as insurance advisors is that we work every day with both of these insurance buyers. At times, we are challenged with instilling trust and understanding in a buyer who has gone decades without insurance. With the state of California now implementing regulations for maintaining certain lines and levels of insurance, this client walks in reluctantly and skeptical of what we can do and what they should or shouldn’t tell us. Often times, this client has the same feelings about insurance as they do about their taxes. In other instances, we have a client walk in with an extensive list of insurance

insurance buyer spectrum. As they open up to us, we must change the color of our conversation to match their motivation. All cannabis businesses’ motivations relate back to loss control and the need for insurance solutions. It’s a matter of speaking the same language to show them how such a program will provide immense value to their business, no matter where they are on the cannabis client spectrum. Daniel Garcia Jr. is a commercial insurance broker who heads up Vantreo’s cannabis business insurance division, VanCann Insurance. Based in Northern California, Garcia has been a commercial insurance broker for six years.

www.ibamag.com

09_Opinion-SUBBED.indd 9

10/05/2019 3:27:18 AM

UPFRONT

NEWS ANALYSIS

Cyber meets executive risk Whether it’s from M&A activity or a rise in regulation, boards and C suites are more exposed than ever to cyber fallout

CYBERSECURITY CAN’T just become a priority after an incident has brought a company to its knees. According to Aon’s 2019 Cyber Security Risk Report, cyber risks continue to escalate in number, severity and sophistication, which means today’s boards, C-suites, and security and risk leaders need to be preparing for attacks by continually assessing their vulnerabilities, fixing their security gaps and proactively mitigating their risks. “The nature of the risk is constantly changing,” says Alessandro Lezzi, focus group leader of international cyber and tech at Beazley, which recently announced it was combining its cyber insurance and executive risk capabilities into one division. “Now, every single crisis goes viral very quickly

CEO losing their job after an incident to the share value of a company dropping postbreach. Equifax’s stock, for example, plunged after 143 million of its US customers were impacted by a cybersecurity breach. Lately, cyber risk has also come up in merger and acquisition activity. Marriott experienced a massive breach that impacted hundreds of millions of people after hackers went after the Starwood reservation system to access guest data. The hack affected around 300 million guests and emphasized how important due diligence is during an M&A transaction. “The due diligence around information security in an M&A transaction has been somewhat limited,” says Rob Rosenzweig, national cyber risk practice leader at Risk

“The nature of the risk is constantly changing. Now, every single crisis goes viral very quickly” Alessandro Lezzi, Beazley and then normally affects the reputation of the company. This can be a cyber incident, a class action after a cyber incident, a #MeToo crisis. Because of this, we’re seeing that all of these risks, which are changing all the time, pose extreme complexity at the board level.” Cyber incidents can impact the heads of companies in a variety of ways, from a

Strategies, “so what we like to see our clients that are engaging in M&A activity do is a few things: Ask for information around the IT infrastructure that the acquisition target is currently deploying. Understand what, if anything, they’re doing from a risk management standpoint ... things like penetration testing or network assessments. If so, see

the most recent reports from those audits to understand what, if any, vulnerabilities have been identified and if some of those vulnerabilities have been resolved or if they are still outstanding. We also want to dig a little bit more in terms of information governance and policies and procedures – what sort of information does the acquisition target collect on its customers or employees, how are they protecting that information, and how are they storing that information?” Doing due diligence doesn’t mean that a potential buyer should walk away from the transaction if red flags are identified, but it does put the acquiring company in a position where they know more and can thus be better prepared. That includes uncovering and addressing the gray areas in insurance coverage before discovering that both policies cover cyber claims – or neither of them do. “There needs to be some clarity as to

www.ibamag.com

10-11_News Analysis-SUBBED.indd 10

10/05/2019 3:27:59 AM

CYBER RISK BY THE NUMBERS

59%

of companies in the US and UK have experienced a data breach via a third party

35%

of companies described their third-party risk management program as “highly effective”

75%

of board directors say they’re more involved with cybersecurity than they were a year ago

how an issue that’s uncovered post-close is going to be dealt with,” Rosenzweig says. If Company A acquires Company B and a cyber attack occurs post-acquisition, for instance, there could be questions of whether that

landscape, both in terms of the threats that are out there and the regulatory environment,” Rosenzweig says. The regulatory landscape is also increasing the interconnectedness between

“There needs to be some clarity as to how an issue that’s uncovered [postacquisition] is going to be dealt with” Rob Rosenzweig, Risk Strategies should be picked up under the buyer’s policy or whether the claim can be addressed under the policies the seller had in place at the time the transaction closed. Nonetheless, sometimes even the most prudent due diligence in the world will still miss underlying issues. “This is still somewhat uncharted territory and a developing

cyber risk and the C suite. For example, the EU’s General Data Protection Regulation [GDPR], which applies regulations to any company offering goods or services to EU residents or monitoring the behavior of EU residents, mandates that certain companies need to appoint a data protection officer, which adds D&O exposures.

53%

of cybersecurity professionals revealed in a 2018 survey that their organizations had suffered an insider attack within the last year Source: Aon 2019 Cyber Security Risk Report

“Rating agencies are also taking into account cybersecurity when rating a company, which again poses a challenge to companies because if they want access to the market to increase their capital to get money from investors, they need to take care of their cybersecurity posture,” Lezzi says. In this environment, he adds, putting Beazley’s cyber and executive teams together just made sense. “The two risks are more and more interlinked. This is also the reason why we’re putting these two divisions together – to match the risks and be able to provide effective solutions to clients.”

www.ibamag.com

10-11_News Analysis-SUBBED.indd 11

10/05/2019 3:28:04 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Applied Systems

TechCanary

TechCanary is an insurance CRM system built on the Salesforce platform

AssuredPartners

Cohen-Ballie Insurance and Donald H. Ballie Agency

Both acquired agencies are located in Augusta, Georgia, and together bring in $2 million in annualized revenue

Distinguished Programs

ProHost USA

ProHost USA offers a specialty insurance program for restaurants and related risks

The Hilb Group

eBenefits Group Northeast

Connecticut-based eBenefits is a full-service employee benefits firm

Hub International

Corey Steinbach Insurance Agency

The Minnesota-based agency focuses on crop insurance and agribusiness

PCF Insurance Services

Grosslight Insurance

Grosslight is one of the top 20 brokers in Los Angeles

Randall & Quilter

Global U.S. Holdings

Randall & Quilter has finalized its $80.5 million purchase of Global Re’s parent company

ReSource Pro

Oceanus Partners

Oceanus Partners is a Florida-based insurance training, coaching and consulting firm

AssuredPartners snaps up two Georgia agencies

AssuredPartners has acquired Cohen-Ballie Insurance and Donald H. Ballie Agency, both located in Augusta, Georgia. The two agencies boast a combined annualized revenue of $2 million and will remain under the leadership of existing agency president Hal Cohen after the merger. “With 200 years of combined insurance experience, our clients have remained our principal focus,” Cohen said. “We maintain a collection of personal and commercial insurance options, catering to the varied needs of our community. Our passion to find clients the best policies and rates to accommodate their needs is the heart of our company and has been instrumental to the success of our organization. It is refreshing to be a new partner of AssuredPartners, and we see a lively partnership ahead.”

Allstate brings pay-as-yougo auto insurance to Ohio

Vehicle owners in Ohio now have access to Milewise, Allstate’s pay-as-you-go auto insurance policy. The policyholder’s daily and per-mile rate is determined by factors such as vehicle type and driver history, and a daily cap prevents charges for additional miles spent on longer trips. An app allows policyholders to track their trips and current balance. Allstate spokesperson Trinity Slabbekoorn told The Columbus Dispatch that drivers who drive around 77 miles per week can save around 25% compared to a traditional policy.

AXA XL enhances pollution legal liability cover

AXA XL has added complimentary hostage/ assault crisis response coverage to its pollution insurance policy designed for real estate businesses and portfolios. AXA XL’s Pollution and Remediation Legal Liability [PARLL] policy offers coverage for loss remediation and legal defense expenses for sudden and gradual pollution conditions. The new endorsement, offered in partnership with global risk consultancy S-RM, includes coverage for costs incurred during a hostage or assault incident, including ransom delivery, legal liability, consultant services and extra expenses.

www.ibamag.com

12-13_Intelligence-SUBBED.indd 12

10/05/2019 4:21:32 AM

PEOPLE Cannabis program gets green light in Colorado

CannaBOP, a cannabis business owner’s policy from the American Association of Insurance Services [AAIS] has been approved by the Colorado Department of Insurance. Introduced in California last year, the insurance program offers a package policy that combines both property and liability coverage for qualifying cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and private cannabis testing facilities and laboratories. AAIS said it chose to expand the program to Colorado because it’s one of “the most experienced recreational markets in the US.”

SoFi partners with Lemonade and Root

Online lender SoFi has announced two insurtech partnerships that will expand its portfolio to include homeowner’s and renter’s insurance through Lemonade and auto insurance through Root. “Protecting yourself and your assets is a critical and often overlooked piece of your overall financial wellbeing,” said SoFi CEO Anthony Noto. “People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency and efficiency.”

Coalition offers cyber for healthcare companies

Coalition, a provider of cyber insurance solutions for small and mid-size businesses, has announced a comprehensive cyber coverage product specifically designed for healthcare companies. The offering provides coverage for costs related to business interruption, restoration of digital assets, response to extortion incidents, funds transfer incurred by a security failure or social engineering attack, and replacement of computer systems, as well as the mandatory security assessment and program companies must undertake following a breach that violates HIPAA privacy and security rules.

NAME

LEAVING

JOINING

NEW POSITION

Tony Cicio

Samsung Electronics

Argo Group International Holdings

Chief human resources officer

Kurt Close

Travelers Insurance

Valent Group

Senior vice president of property & casualty

Jonathan Colello

AXIS Re

PartnerRe

Chief executive officer, P&C Americas

Janelle Edem

N/A

Liberty Mutual Global Risk Solutions

Chief of staff

Michael Ferber

ICAT

Dovetail Insurance

CEO

John Farley

Hub International

Gallagher

Managing director and cyber practice group leader

Jay Hooley

State Street Corporation

Liberty Mutual

Board member

Andy Hottinger

N/A

AXIS Re

President, EMEA LatAM

Chris Rash

N/A

StarStone Group

Deputy group CEO and chief executive of StarStone International

Gallagher names new cyber head

Gallagher has tapped John Farley to serve as its new managing director and cyber practice group leader, responsible for developing and executing strategy for cyber insurance and related lines across Gallagher’s global footprint. Farley brings 27 years of industry experience to the role, including a stint as VP and cyber risk consulting practice leader at rival North American brokerage Hub International. “As cyber practice leader at Gallagher, I’m going to spend a lot of time educating our staff, especially those who are client-facing, about the latest threats as they evolve, the latest insurance products as they come out and the latest regulatory requirements around the world,” Farley said.

Dovetail appoints new CEO

Dovetail Insurance has named Michael Ferber as CEO. He succeeds Gregory Martin, who will retire at the end of May. Ferber joins Dovetail from ICAT, a highly specialized digitalbased underwriter of US catastrophe insurance, where he most recently served as chief information officer. Both Dovetail and ICAT are member companies of Victor, a global managing general underwriter. “We believe the future of insurance in the small commercial sector is for agents to be able to fulfill all of their clients’ insurance needs in one digital experience,” Ferber said. “Dovetail is well positioned to be their go-to digital marketplace for business coverage in the United States, and I’m excited to lead the firm.”

www.ibamag.com

12-13_Intelligence-SUBBED.indd 13

10/05/2019 4:21:34 AM

UPFRONT

WORKERS’ COMP UPDATE NEWS BRIEFS US businesses spend $1 billion each week on workers’ injuries

Workplace injuries cost US companies more than $1 billion per week, according to Liberty Mutual. The insurer identified the five costliest causes of workplace injury and illness as overexertion involving outside sources, falls on the same level, being struck by an object or equipment, falls to a lower level, and other exertions or bodily reactions. “The latest ranking helps employers, risk managers and safety professionals improve workplace safety by highlighting its financial impact,” said James Merendino, Liberty Mutual’s general manager of risk control, national insurance.

Acuity Systems to develop cloudbased workers’ comp system

Acuity Systems has been awarded a contract by the US Department of Labor [DOL] to develop an integrated cloud-based platform to allow the Office of Workers’ Compensation Programs [OWCP] to manage and administer compensation and disability programs. The new platform will modernize the OWCP’s four disparate workers’ compensation systems and allow the DOL to simplify the review, distribution and administration of wage replacement benefits, medical treatment, vocational rehabilitation and other benefits to workers or their dependents.

Almost a third of US work sites have wellness programs

The recently released Workplace Health in America report, sponsored by the Centers for Disease Control and Prevention, found that nearly 30% of work sites nationally offered some type of health promotion or wellness

program designed to address physical activity, fitness or sedentary behavior. The 2017 survey of nearly 3,000 work sites also revealed that 19% offered a program to discourage employees from using tobacco products, while 17% offered a program that addresses obesity or involves weight management. The report noted that workplace health promotion programs can save companies money by reducing healthcare and absenteeism costs, as well as improving worker productivity.

Michigan attorney general launches payroll fraud unit

Michigan Attorney General Dana Nessel has launched a new payroll fraud unit to weed out employee misclassification. The new unit will coordinate with other state agencies to investigate complaints. “These are companies that fraudulently report employees as self-employed and independent contractors, or they’re paying workers under the table,” Nessel told reporters at a news conference in Lansing. “They refuse to pay overtime, benefits, health insurance and workers’ compensation – and because they cheat on time cards to keep costs off the books, they’re not paying their taxes.”

Florida Senate greenlights benefits for firefighters

The Florida Senate has voted unanimously in favor of SB 426, legislation that increases insurance benefits for firefighters diagnosed with cancer. Described as a “presumptive cancer law,” the bill presumes that if a firefighter in good health get cancer, the disease stemmed from or was influenced by their work as a firefighter. This has been an ongoing challenge for firefighters in the workers’ compensation space, because it’s difficult to prove a direct link to cancer for firefighters.

Data can open doors Data and analytics are providing a new way for workers’ comp insurers to gain an edge in a soft market Valen Analytics, a provider of data, analytics and predictive modeling for P&C insurers, recently reported 57% year-over-year growth in its workers’ compensation data consortium, which marries detailed policy and claims data from more than 60 carriers in the US with dozens of external data sources. This data enables carriers and brokers to make evidence-based decisions and create measurable results, which is particularly beneficial in workers’ comp, where carriers are looking for new ways to differentiate themselves in a soft market, says Valen Analytics president Kirstin Marr. “Our workers’ compensation consortium has grown from $33 billion to $52 billion in the past year, and there are a couple of factors driving that growth,” she says. “The first is that the insurance industry is moving into a period of rapid adoption of data and analytics. It has been a hot topic for a long time, and lots of insurers have been studying this for a number of years. I think the industry overall is moving out of studying data and analytics and towards making it part of their overall corporate strategy and understanding that they need to become more analytically driven organizations.” The data consortium’s growth in the workers’ compensation industry, Marr adds, has been driven by the industry’s strong performance in recent years. “Companies are looking for ways where they can create and sustain a competitive edge,” she says. “When you have an industry that’s performing very well overall, finding the next incremental lift

www.ibamag.com

14-15_Workers Comp Update-SUBBED.indd 14

10/05/2019 3:29:49 AM

in performance becomes harder and harder, so you have to start using sophisticated tools and evolve your approach so that you can continue to compete in a competitive environment.” Marr points to the small business space as another area where data and analytics can really add value. The small commercial market in the US is estimated between $100 billion and $150 billion in premium, but no single carrier reaches even 5% of the market, and there are lots of small businesses that don’t buy very many insurance products.

“You have to start using sophisticated tools … so that you can continue to compete in a competitive environment” “The issue with the small commercial market is that insurance companies can’t put expensive manual processes and people into it because they will lose money,” Marr says. “They can’t have underwriters look at every policy or run every policy through a lot of agent and underwriter touches because they will lose money – so they have to use data and analytics to assess the risk in that market. I think that’s driving a lot of the growth in Valen’s workers’ compensation data consortium, which includes a good segment of small commercial risks.” Valen’s data consortium also gives insurers an opportunity to leverage a comprehensive workers’ compensation data set, rather than relying on their book alone. “A consortium gives you a much broader view of the entire market’s experience,” Marr says, which leads to more accurate modeling and reduces the risk of bias.

Q&A

Joe Rubinsztain CEO CHRONWELL

Years in the industry 2 Fast fact One of the participants in ChronWell’s Recovry Central pilot program for California Farm Management experienced a 28% reduction in workers’ compensation claims despite an increase in payroll

Complete injury management How would you describe Recovry Central, ChronWell’s injury management program? In the workers’ compensation industry today, most technology solutions are geared around the claim. There are risk management systems, claim management systems and triage services for injured workers – but there’s absolutely nothing that ties the whole experience together. We decided to build an injury management platform that guides the injured worker along the path to recovery. Our program keeps every stakeholder informed at all stages of a worker’s injury and automatically prompts them to move the case along and reduce the risk as necessary. Our Recovry Central platform empowers humans with advanced technology, including artificial intelligence, mobile apps and cloud-based computing. It addresses on-site injuries, engages injured workers and helps deliver care throughout the entire accelerated cycle of the claim to minimize the impact of workplace accidents on insurers, employers and injured workers.

What feedback have injured workers given you about the program? Injured workers have told us they like the program because they have access to a third party who isn’t in conflict with them. They can establish a relationship and express any concerns to that third party without having any negative impact. They also like that we go to bat for them to accelerate their appointments and to get them to return to work. The common belief in the industry is that the injured worker wants to take advantage of the workers’ comp system. While that remains true in a minority of cases, our experience is that the majority of injured workers don’t want to take advantage of the system; the problem is, they’re not receiving feedback or information from adjusters, and they feel like the whole system is against them. In contrast, they like the transparency of our program.

Is this a general advocacy play or something different? Advocacy is part of our program. At the beginning, our intention was to set up a system where people could establish connections with injured workers and advocate for them. The problem was, while everybody says they want to build a great relationship with the injured worker, if that’s as far as you go, you get stuck. This concept of hiring two or three employees to pick up the phone and get closer to the injured worker must be followed by action – and the only way you can get action is to create accountability across all stakeholders. If you don’t have some technology that provides visibility and accountability into the follow-up actions that come from establishing relationships with the injured worker, then that relationship only has a spark at the beginning, and then it dies down quickly. Our biggest learning has been that accountability, which is brought on by visibility from technology, is what makes this a full-blown injury management program and not an advocacy program.

www.ibamag.com

14-15_Workers Comp Update-SUBBED.indd 15

10/05/2019 3:29:51 AM

UPFRONT

TECHNOLOGY UPDATE

Leveraging the power of Google Applied Systems is exploring “the art of the possible” through its partnership with the tech giant

nologies, applications and new ideas. The fun part for us is getting our heads around what those potential innovations are and trying to conceive what use cases might bring to bear some value in the insurance industry.” Howe explains that Applied Systems is approaching Google’s “unbelievable array of technology, products and expertise” through two lenses: the tactical and the transformative. A tactical example would include something like Google Maps and geospatial

“The fun part for us is … trying to conceive what use cases might bring to bear some value in the insurance industry”

Insurance software provider Applied Systems is seven months into an investment partnership with CapitalG, the growth equity investment fund of Google parent company Alphabet. The investment was a major statement by the tech behemoth that insurance is an industry with ample opportunity for innovation and perpetuation of Google technology. With the backing of CapitalG, Applied Systems has gained access to Google’s exceptional expertise and a vast array of technology and products. The onus now lies on the insur-

NEWS BRIEFS

ance software provider to take advantage of Google’s offerings and figure out where they’re most relevant to the insurance business. “One thing I’ve learned from working with Google is that they’re unbelievably innovative, to the point where they’re constantly innovating things without yet fully knowing how to commercialize things – and I don’t mean that in a negative way,” says Michael Howe, SVP of product management at Applied Systems. “They have such a strong gene around innovating and coming up with tech-

Starr Companies funds Amenity Analytics

Starr Companies led the recent $18 million Series B funding round for Amenity Analytics, which uses natural language processing to help institutional investors, insurance companies, media organizations and others process and comprehend complex text documents and discover real-time actionable insights. Rival insurer Allstate also invested in the round. “We’re excited to partner with Amenity Analytics to further develop use cases for insurance and accelerate AI innovations,” said Starr Companies CEO Hank Greenberg.

data, while a transformative example might involve tapping into Google’s expertise around machine learning and artificial intelligence. “We sit in an industry with tremendous amounts of data, so volume of data is not a problem in insurance,” Howe says. “The challenge is coming up with algorithms and use cases to apply machine learning. We have to figure out what kinds of problems insurance brokers or carriers are trying to solve and how to apply machine learning to best meet their needs. We can now bring to bear some of [Google’s] world-class expertise and worldclass knowledge, as well as some of the technologies they’ve developed in order to help insurance agents build those products.”

Northwestern Mutual wins technology award

Northwestern Mutual has been awarded Celent’s 2019 Model Insurer Award for Innovation and Emerging Technologies. “We’re honored to have our digital innovation efforts recognized,” said Karl Gouverneur, Northwestern Mutual’s head of digital innovation. “Over the past decade, we’ve formalized our innovation program and continue to invest in digital technologies to create solutions that help accelerate our transformation into a company that offers a full array of financial services. This award reinforces the success of our efforts.”

www.ibamag.com

16-17_Tech update-SUBBED.indd 16

10/05/2019 3:30:24 AM

Q&A

Tim Cunningham Chief information officer GRANGE INSURANCE

Tom Walker CEO REV1 VENTURES

Fast fact Grange Insurance is a P&C insurer with more than $1 billion in annual revenue, and Rev1 Ventures is an investor startup studio; the two have joined forces to create G-Force Innovations

Ramping up innovation in insurance What is G-Force Innovations? Tim Cunningham: G-Force Innovations is the innovation arm of the Grange enterprise. It will focus on identifying, developing and adopting emerging technologies that will drive new insurance products and capabilities for our independent agent partners and end consumers. Partnering with Rev1 Ventures helps us to speed up that process.

Why should independent agents be interested in G-Force Innovations? TC: We’re fully committed to our independent agency partners, and we want to empower them to be more effective in generating new business and servicing policyholders. The world is changing rapidly with things like Big Data and the Internet of Things, and the need to have solutions and capabilities around that is imperative, especially as the industry advances more towards artificial intelligence and machine learning. Through G-Force Innovations, we’re looking to advance solutions and capabilities that eliminate friction points and make it easier for our customers to do business with us. Tom Walker: There are lots of different data analytics plays in the market and tons of advancement around AI. G-Force Innovations is really an opportunity for entrepreneurs and early-stage companies to work with an insurance company that has been a market leader for over 85 years. It’s a unique test bed to build those partnerships.

Applied Systems acquires TechCanary

Insurance software provider Applied Systems has acquired TechCanary, an insurance CRM system built on the Salesforce platform. The acquisition expands Applied’s sales and marketing services and will drive greater automation for clients. TechCanary’s insurance CRM will be integrated with the Applied Epic agency management system, allowing users to manage their sales and marketing activities on the Salesforce platform. Users will also be able to access thousands of applications on the Salesforce AppExchange.

What are your goals with G-Force Innovations in the first year? TC: Historically, Grange has had the capacity to evaluate 15 startups a year. In partnership with Rev1 Ventures, we want a big multiplier of that. They have the experience of accelerating corporate innovation, and they can review hundreds of startups every year. For example, if you’re a baseball player, it’s not likely you’re going to be able to hit a home run on the very first swing of the bat. The more swings you have at the plate, the better. Rev1 Ventures can bring us that scale capacity. TW: From my perspective, the way Grange Insurance’s culture changes in a positive manner in terms of reviewing and assessing the sheer number of technologies is something I really look forward to seeing.

Why is it important for insurance companies to embark on this digital journey? TW: The trends are true in terms of how much this industry is being disrupted, and the companies that embrace change and innovation from the top down are going to be the ones that are victorious in the end. TC: It’s never too late to get started and to reach out and try innovative things. You’re not going to be successful sitting on the sidelines and watching the whole industry change and evolve, so take the step forward if you haven’t already.

QBE launches new artificial intelligence tool

QBE North America has rolled out an artificial intelligence-based service called TextQBE, designed to enhance conversations with customers during the claims process by assigning an AI virtual assistant to provide immediate responses and updates throughout the process. “We know that speed and convenience of communication is key to delivering the experience of excellence for our customers, and this intelligent conversation platform helps us take it to the next level,” said QBE North America SVP Alyssa Hunt.

American Family enters smarthome partnership

American Family Insurance has announced a partnership with UKbased startup Neos to help customers protect their homes using smart-home technology. “This value-added approach aligns with American Family’s strong focus on proactively protecting customers,” said Andy Kearns, state product director for American Family. “It’s one thing to be there for customers to provide payment after an unforeseen event, but it’s another to help prevent a major incident – which benefits us both.”

www.ibamag.com

16-17_Tech update-SUBBED.indd 17

10/05/2019 3:30:29 AM

PEOPLE

INDUSTRY ICON

ENTREPRENEURIAL SPIRIT Arch Insurance Group EVP Mark Lange has built his expertise in insurance brick by brick – but his insight on what it means to be a leader came from an unlikely source

BUILDING THINGS from the ground up is one of Mark Lange’s specialties – so much so that as he ascended the insurance ladder, he took a hiatus from the industry to run his own business. Lange spent five years as the owner of Valley Sports Center in Canton, Connecticut, a 28,000-square-foot indoor sports facility that focused on youth sports and speed and conditioning training. “I had three sons, and I was very heavily involved in coaching them, and I really enjoyed that and took a lot of meaning out of it,” says Lange. “At the same time, I always had this desire to start a business and build something, so I was able to put those two things together.” Lange spent seven days a week at the facility, setting up basketball hoops, interacting with parents and their kids, and driving business, along with the many other hats he wore as the owner. Now that he’s re-entered the insurance industry, he’s found that his entrepreneurial instincts translate well to his current role as executive vice president of strategy and distribution for Arch Insurance Group in North America. “One of the things that I’m able to use today is the fact that I was right there every day with customers, and I was well-known in the community because I ran it,” Lange

says. “My reputation was on the line every time we delivered any program, and I had a very strong focus on making sure we delivered the right experience for everybody who came in the door. Today, I have a very strong orientation toward customers as a result – and customers are widely defined, whether it’s internal customers, external customers, distribution partners or insureds – so it’s really transitioned with me to this role.”

good fit for my skill set and career aspirations,” he says, adding that while the insurance industry isn’t widely considered to be glamorous, there are tons of great opportunities within it. “That’s what really kept me in it – the ability to continue to learn and grow and develop as an individual, and make contributions to wherever I happened to be working. That’s kept me very engaged and excited about what I’m doing.”

“One of the things that I’m able to use today is the fact that I was right there every day with customers ... Today, I have a very strong orientation toward customers as a result” Owning and running a sports facility was far from the only valuable experience Lange picked up on his way to Arch. After completing an MBA at Duke University, he worked as a business planning consultant at ITT Financial Corporation until the company spun off its insurance subsidiary, ITT Hartford, where Lange took on a new role as vice president. “That was 20-plus years ago, so time flies, and I’ve enjoyed it – it’s actually been a really

Onward and upward In 2015, Lange joined Arch as senior vice president of P&C programs. Once again, building something new was on his to-do list. “It was a very gratifying role because I was able to bring ... a new vision to the organization for that particular role, and the company gave me the opportunity to execute that vision, and I think it’s put us on a really good path from both the way we serve our clients, our distribution partners, as well as

www.ibamag.com

18-21_Industry Icon-SUBBED.indd 18

10/05/2019 3:31:16 AM

MORTGAGEBROKERNEWS.CA

PROFILE Name: Mark Lange Title: Executive vice president, strategy and distribution, North America Company: Arch Insurance Group Based in: Hartford, Connecticut Years in the industry: 24 Career highlight: Owning and operating an indoor sports facility during his hiatus from the insurance industry

www.ibamag.com

18-21_Industry Icon-SUBBED.indd 19

10/05/2019 3:31:22 AM

PEOPLE

INDUSTRY ICON

the way we generate underwriting income,” Lange says. Over the course of his time at Arch, Lange and his team have been able to develop a tighter alignment with the company’s distribution partners by listening to their concerns on a regular basis, which in turn guides the company’s priorities on a global scale. November 2018 brought another big change when Arch Capital Group acquired McNeil & Company, an MGA that’s now a stand-alone affiliate of Arch Insurance Group. The move gave the company ownership of a large and profitable book of business while enhancing its capabilities. That book has proven to be resilient to the many challenges

in new employees to address the insurance industry’s looming talent shortage. “The McNeil family has endowed Le Moyne College, which is near McNeil’s operation, a sum of money in order to start up a school of insurance, which we’re really excited about as a way to generate talent coming into the McNeil organization, [and] which we also think can then spread out into the broader Arch organization,” Lange explains. “We’re trying to think about this very strategically. We know it’s an issue – we know that Arch is considered to have very strong talent and very good people with a lot of expertise in the marketplace, and we want to continue to fill that pipeline with people who will help us

“We know that Arch is considered to have very strong talent and very good people with a lot of expertise in the marketplace, and we want to continue to fill that pipeline” facing the broader insurance industry, from natural catastrophes to the debate around concussions that’s dominating the world of sports today. “We’ve been very thoughtful as we’ve approached the marketplace and have been able to navigate our way through some of these emerging issues, such that we can focus in on building solutions for the marketplace rather than cleaning up our book,” Lange says. “We understand something like head trauma, for example, and how that applies to our book – not just in one area, but across the whole organization – and address it in a proactive way before it becomes a big problem for us, and then [we can] focus in on investing in other areas.”

The talent pipeline The acquisition of McNeil & Company also lines up with Arch’s strategy on bringing

build upon that into the future.” Establishing long-lasting relationships with people, whether it’s internal team members or distribution partners, is a key focus for the company as Lange looks toward the coming years. “We’re first and foremost focusing on strengthening our relationships with our current partners,” he says. “Whether it’s our MGA channel, our wholesale or our retail channel, it’s a concerted effort across the organization because we write a lot of specialty products, and we see opportunities across our channels to be able to distribute more of our products through the channels we already write. At the same time, Arch has a unique value proposition, so we are interested in continuing to explore opportunities to partner up with new distribution sources that find that appealing and [with whom] our value proposition resonates.”

ARCH CAPITAL GROUP BY THE NUMBERS

2001

Year that Arch Capital Group began its current operations

$6.53 billion

Total gross premiums written by Arch in 2018

Number of countries where Arch has insurance offices

3,500+

Insurance professionals employed by Arch across the globe

www.ibamag.com

18-21_Industry Icon-SUBBED.indd 20

10/05/2019 3:31:29 AM

ARC-

Innovation, Expertise, Collaboration.

To learn more about our products and how our specialized underwriting team can help your business please visit: archinsurance.com

ARCH INSURANCE GROUP | ONE LIBERTY PLAZA, NEW YORK, NY 10006 | ARCHINSURANCE.COM ÂŠ2019 Arch Insurance Group Inc. Insurance coverage is underwritten by a member company of Arch Insurance Group. This is only a brief description of the insurance coverage(s) available under the policy. The policy contains reductions, limitations, exclusions and termination provisions. Full details of the coverage are contained in the policy. If there are any conďŹ&#x201A;icts between this document and the policy, the policy shall govern. Not all coverages are available in all jurisdictions.

ARC-1560 Insurance Business America, Corporate Print Ad, May.indd 1 18-21_Industry Icon-SUBBED.indd 21

4/22/19 2:57 PM 10/05/2019 3:31:32 AM

SPECIAL PROMOTIONAL FEATURE

DATA

Putting data to work Brenna Johnson, director of product management at EZLynx, tells IBA why taking advantage of data should be every agent’s top priority

WHEN IT comes to data, the insurance industry is, in many ways, ahead of the curve. Insurance has long relied upon the collection of qualitative and quantitative information – it was heavily data-driven before other industries even knew how important data was. But things change quickly in the 21st century, and modern agents can use data to do so much more than even a decade ago. Technology is, unsurprisingly, playing a central role. The latest iterations of agentfocused solutions have completely changed the way client data is accessed, processed and interpreted by insurance agents. The reality is that data in itself doesn’t necessarily provide any benefits; it’s how agents use it and what conclusions they draw from it that determines its usefulness. To keep up with and take advantage of the changing data landscape, agents need to use data to improve three crucial aspects of their business: sales, retention and business direction. Sales is the core of insurance – it’s the heartbeat of what agents do on a daily basis – and most agents are incredibly good at it. However, many struggle to use the data that’s already in their systems to push their sales goals to the next level.

“Common knowledge would say that the more touchpoints you have with customers to make a sale, the more familiar they’re going to be to your brand and the more likely they are to buy from you, but we’re not seeing agents use data in that way,” says Brenna Johnson, director of product management at EZLynx. “Looking at the data, they should be able to identify who their clients are, what they’ve done and what additional policies they might need. Even though all that data exists for agencies, we don’t see a lot of agencies effectively using it to mine out and uncover those opportunities.” Retaining an existing client base is fundamental to the success of an insurance agent, and according to Johnson, this is an area where data can play a pivotal role. Effective data management and analysis can create the cue for an agent to give a customer some much-needed extra attention just when they need it. Proactively identifying clients who might be at a crossroads and then reaching out proves to that client that they’ve made the right decision to work with an independent agent. “One of the things we’re doing is communicating with every single account at the

time of renewal,” Johnson says. “It means the agent can make sure that their coverage is what they need to protect what they value most. The agent can find out if the service the client is receiving is still suitable for them at whatever stage they are in their life. The agent should be acting as an advisor and looking over the entire risk of a client and understanding what they value and how the agent can help protect that. Using data to review and automate lets the agent focus on connecting with the insured.” More and more agents are beginning to realize that when collecting data, there are critical differences between using metrics and key performance indicators [KPIs]. Although both are quantifiable measures, metrics aren’t always actionable, while KPIs can be applied and used to make business decisions. There are some common and relatively simple KPIs that have been proven to

www.ibamag.com

22-23_EZlynx-SUBBED.indd 22

10/05/2019 3:32:42 AM

“Using data to review and automate lets the agent focus on connecting with the insured” Brenna Johnson, EZLynx be massively successful, Johnson explains. “One that we’ve seen with significant success is as simple as having contact information for all the customers and prospects in their system that is valid and enables me to communicate with them,” Johnson says. “That’s something fairly simple that a lot of agencies wouldn’t necessarily look at, but it truly determines whether they will be successful at reaching out to that client or prospect or if they are just sitting infinitely in their system.”

Many of the technological breakthroughs needed for agents to leverage their data have already been made. While they’re relatively new to insurance, machine learning, deep learning and artificial intelligence have all been around for some time. On the horizon, Johnson says, are new and innovative ways that these technologies can be used to improve agencies and make them more competitive. “The right technology can mean that most of the problems in insurance are really no

problem,” she says. “Technology can solve those problems at the same time as helping agents become more productive, better at leveraging their data, more profitable and better positioned to service their customers more effectively.” One of the biggest obstacles agencies have in leveraging their data is that they are incredibly busy – every person in an agency is already working hard to fulfill their own role without the added burden of trying to mine through data. This is where software designed for the insurance industry can help. “I truly believe that the more vendors are able to seamlessly integrate these uses of data within their software, that takes the pressure off of agents to find a way to mine and leverage their data,” Johnson says. “The right software does that seamlessly and enables an agent and their staff to concentrate on the stuff that really matters.”

www.ibamag.com

22-23_EZlynx-SUBBED.indd 23

10/05/2019 3:32:47 AM

SPECIAL REPORT

TOP TECHNOLOGY

TOP TECHNOLOGY REPORT 2019 What are producers’ biggest pain points with their technology – and which tech tools do they find most useful? IBA surveyed them to find out MANY IN the insurance community like to label emerging technologies as ‘disruptive,’ but technology has given many agencies and brokerages around the world a competitive edge. With innovation happening in every corner of the industry, producers have taken notice, and some technology providers are struggling to keep pace with producers’ increasing standards. To discover what insurance professionals love and hate about their tech tools, IBA surveyed hundreds of agents and brokers from around the country, asking them to rate how satisfied they were with seven of the most common systems and technology offerings: agency management systems, comparative raters, customer relationship management systems, e-sign software, digital marketing

providers, website providers and VoIP. Across all seven categories, just 18 systems earned a spot on IBA’s Top Technology list – a remarkable decline from the 30 systems listed in 2018. Such a drastic shift should be a huge wake-up call to tech providers who have remained stagnant in recent years. “Why is the market changing so much? It’s because agents are starting to realize the value and power of technology in their agency,” says Laird Rixford, CEO at Insurance Technologies Corporation [ITC]. “They are no longer satisfied with the old tried-and-true that they always had. They see very forward-thinking agencies, carriers and insurtechs coming out in the market that are leveraging technology and able to do more with less. Whenever you’ve been using the same system for 15 to 20 years, and

it does the same thing it has been doing for 15 to 20 years, you start to look at what technology can help improve your business.” While IBA’s Top Technology survey asked producers to rate multiple technologies, there is one offering that Rixford identifies as most in need of improvement: agency management systems. “Innovation does not track consistently with price increases for a lot of management systems,” he says, “and that’s where people are having a real struggle. What we hear from the market itself is, ‘I’m paying more, and I’m getting the same thing, and I don’t feel like I’m engaged as a customer.’ It causes frustration. That’s the biggest thing we’re seeing – the frustration with current agency management systems not growing and charging more.”

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 24

10/05/2019 3:33:36 AM

HOW WELL ARE TECHNOLOGY SYSTEMS MEETING PRODUCERS’ EXPECTATIONS? IBA asked producers to rate how satisfied they are with the performance of their technology systems on a scale of 1 (not satisfied) to 10 (very satisfied).

WHICH TECHNOLOGY SOLUTIONS DO PRODUCERS USE? Agency management systems

E-sign software

81%

7.98 8.30

19%

Comparative rater/quote tools

Website providers

80%

7.91 7.71

20%

CRM systems 27%

Comparative rater/quote tools

73%

Digital marketing

7.56 5.99

37%

63%

E-sign software

Digital marketing

52%

7.41 7.50

48%

VoIP providers

57%

7.15 N/A

43%

Website providers 72%

Agency management systems

28%

Yes

7.04 7.30

Customer relationship management systems 6.88 7.25

2019

2018

THE SURVEY RESPONDENTS AT A GLANCE 1% 5% 13%

“Agents are starting to realize the value and power of technology in their agency. They are no longer satisfied with the old tried-and-true that they always had”

Less than 25

NUMBER OF EMPLOYEES 81%

Laird Rixford, ITC

100 to 499 500+

7% 7%

Constant innovation is also bringing new technologies to the table, such as application programming interfaces [APIs], which allow users to access data anywhere and at any time. This capability is why Rixford predicts APIs will be the next big tech investment for insurance agencies and brokerages. “[API] is having the ability for all systems

25 to 99

to become interconnected and using the best of technologies to make sure we are continually growing this market and growing agents, brokers and carriers,” Rixford says. So what do producers want from their technology providers? Read on to find out what they had to say and to see which tech offerings received the highest ratings from producers.

TYPE OF INSURANCE OFFERED

Commercial lines only Personal lines only Both

86%

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 25

10/05/2019 3:33:41 AM

SPECIAL REPORT

TOP TECHNOLOGY AGENCY MANAGEMENT SYSTEMS Average score, 2019 7.04

Average score, 2018 7.30

TOP TECHNOLOGY WINNERS Agency Advantage EZLynx HawkSoft InsurancePro (ITC) Agency management systems have changed the way insurance agencies do business – but according to this year’s survey results, AMS providers are failing to keep up with producers’ expectations. Only four agency management systems received an average score of 8 or greater – a stark decline from the nine systems on the Top Technology list last year.

Producers’ biggest pain point? Price – specifically, price increases that come with little to no improvement in capabilities. “It’s too expensive and essentially the same as 20 years ago,” one producer complained. Another noted that it’s “extremely costly for a small agency to move to their digital platform; as a result, we are still using their server-based system, which is much more restrictive.” Agency management systems with à la carte functions also lead to higher costs for producers, who have to pay for additional features that come standard with some providers. Despite their resentment, a few producers were vocal about not wanting to turn their agency “upside down” by switching AMS providers just because of price. Instead, they’d prefer for their providers to upgrade existing systems. Suggested improvements include making platforms more intuitive, expanding interactivity with other systems and incorporating rating capabilities. One producer wanted their AMS to organize information by client instead of by policy so “everything is under one name.” Another had a more detailed wish list: “Link directly to carrier, offer a dashboard for managing policy tasks and create pop-up notifications for upcoming tasks.”

Get Inspired! The industry’s top marketing & communications professionals will be sharing their ideas at the IMCA Annual Conference... Don’t miss out!

June 23-25 | Minneapolis, MN www.imcanet.com

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 26

10/05/2019 3:33:43 AM

24-33_Top Technology report 2019-SUBBED.indd 27

10/05/2019 3:33:45 AM

SPECIAL REPORT

TOP TECHNOLOGY COMPARATIVE RATER/QUOTE TOOLS Average score, 2019 7.56

Average score, 2018 5.99

TOP TECHNOLOGY WINNERS AccuAgency (ITC) EZLynx TurboRater (ITC)

Although fewer comparative raters made it onto the Top Technology list in 2019, overall producer satisfaction has gone up from 2018; the average score rose from 5.99 last year to 7.56 this year. Despite garnering a better score this year, comparative raters still have a lot of room for improvement. A few producers have resorted to using two or more rating systems in order to fulfill all their clients’ needs,

such as using one rater for standard carriers and another for nonstandard carriers, which led one producer to lament, “Wish I could use one comparative rater that covers both. Sometimes the client has to be quoted in both to determine what’s best.” In general, producers are annoyed by having to juggle multiple raters to find the right option for clients. Producers also identified quote accuracy as a quality in need of improvement. “Quote accuracy, particularly on the property side, has declined over the years,” one respondent said. Another added, “It can be more accurate and not provide us with quotes based on what the carriers want to sell, but rather provide quotes based on the coverage limits we enter.” Inaccuracies within comparative raters often result in carriers not adhering to the systems’ quotes, which can be problematic for producers, who then have to tell clients that their insurance will cost more than originally estimated. AMS integration, more carrier options and online binding capabilities were some of the additional ways producers would like to see comparative raters improve.

CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS Average score, 2019 6.88

Average score, 2018 7.25

TOP TECHNOLOGY WINNERS AgencyBuzz (ITC) Salesforce

CRM systems’ overall score fell from 7.25 to 6.88 this year, and just two systems earned the honor of being named a Top Technology. A few producers raved about their CRM, though – one respondent said that

even though their CRM was difficult to get used to, it was all worth it due to the system’s capabilities and the customer service behind it. Other producers agreed that their CRM was the most difficult system to acclimate to. One producer said they got “lots of information on how to use it, but [it was] really hard to get a grasp of everything since we don’t use it as much as the trainers do.” They advised tech vendors to create tutorial videos to walk agents through all of a CRM’s functions. Other comments like “more guidance” and “can’t understand how to use it after two months” further suggest that not all CRMs are user-friendly. Respondents who gave their CRM system poor marks cited limited functionality and redundancies as reasons for not rating their technology higher. And as with comparative raters and other systems, producers also wish that their CRM could work more harmoniously with other technologies.

WHAT OTHER TECHNOLOGY HAVE YOU USED THAT YOU WOULD RECOMMEND?

Video communication

Cloud solutions

Multi-platform secure password manager

State filing management solutions

Office collaboration hubs

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 28

10/05/2019 3:33:54 AM

WHAT’S YOUR COMBINATION FOR SUCCESS?

Websites | Marketing | Rating | Management

Find your agency’s combination at GetITC.com

24-33_Top Technology report 2019-SUBBED.indd 29

10/05/2019 3:33:57 AM

SPECIAL REPORT

TOP TECHNOLOGY DIGITAL MARKETING Average score, 2019 7.41

Average score, 2018 7.50

TOP TECHNOLOGY WINNERS ITC Rocket Referrals

Search engine marketing, social media and other content providers were all considered part of the digital marketing category, but only ITC and Rocket Referrals were named to the Top Technology list this year, down from the four providers that were featured in 2018. Generally, producer satisfaction has declined slightly in this area, likely due to the increasingly saturated field of companies vying for attention on the internet, which gives producers the upper hand when selecting the right marketing partner. Improving Google rankings was producers’ number-one request. But one producer said that even though their marketing provider had

helped their Google ranking, a lack of transparency has motivated them to find a new provider: “They did a great job making changes and getting us more visibility, which resulted in leads. However, I was not told the truth about renewing, and I am not going to use them again.”

The increasingly saturated field of companies vying for attention gives producers the upper hand when selecting the right partner One producer commented that their digital marketing provider delivers little impact with SEO and email marketing, so they work with an additional provider to produce social media content at a more affordable rate to keep overhead costs down. In addition, several respondents believe their providers could do more to better understand the needs of individual agencies and brokerages and offer more tailored marketing solutions.

E-SIGN SOFTWARE Average score, 2019 7.98

Average score, 2018 8.30

TOP TECHNOLOGY WINNERS AdobeSign DocuSign InsureSign E-sign software’s average score declined in 2019, and based on producers’ comments, there are numerous ways e-sign providers are coming up short. “Software can be faster” and “overcomplicated for the money” were among the comments from frustrated producers. Low-scoring e-sign software had the common denominator of being unable to capture signatures from multiple individuals: “[I would like] the ability to send forms to multiple people who each need to sign different pieces of various forms,” said one producer. But even with that

capability, producers still encounter glitches in the system. To make matters worse, some producers reported that they’ve received feedback from clients who complained about e-sign software being unresponsive within certain browsers or devices, which isn’t great for customer morale. Respondents also expressed issues around cost. “Massively overpriced” is how one producer described their e-sign software, while

Low-scoring e-sign software had the common denominator of being unable to capture signatures from multiple individuals another complained that they couldn’t afford to add additional features to their software. Another producer suggested integrating e-sign with other systems, advising providers to “allow users to send documents for signature directly out of Outlook.”

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 30

10/05/2019 4:36:05 AM

24-33_Top Technology report 2019-SUBBED.indd 31

10/05/2019 4:36:09 AM

SPECIAL REPORT

TOP TECHNOLOGY VoIP PROVIDERS Average score, 2019 7.15

Average score, 2018 N/A

TOP TECHNOLOGY WINNERS Nextiva RingCentral

New to this year’s Top Technology survey, VoIP (voice over internet protocol) provides users with functionality and flexibility at a more affordable cost than a conventional phone system. Scoring an average score of 7.15 out of 10, VoIP has an enthusiastic following among producers; just over half of respondents said they currently use VoIP in their business. Because VoIP relies on the internet and other internet protocol networks for sending messages and making phone calls, it can be susceptible to outages and other glitches. Overwhelmingly, dropped calls were the most common complaint among producers. “We seem to have lots of dropped calls, bad-quality calls and product outages,”

one respondent said. “Fix the technical glitches that cause calls to go in and out,” suggested another. As with other systems, producers also want their VoIP to integrate with existing agency technologies. One producer commented that

Overwhelmingly, dropped calls were the most common complaint among producers their VoIP provider promised to integrate with their AMS but has yet to do so, adding that it would also be ideal if the VoIP could “sync with our management system with easier storage of recorded calls and better tracking of calls from clients who answered/did not answer.” Other complaints included the inability to use multiple lines, a lack of call recording and unsatisfactory customer service. However, it wasn’t all bad news: One producer loved how their VoIP is “much cheaper than a landline service, and the service is on the cloud, so no hardware is needed … I can be in my car and make and receive calls from the office line.”

WEBSITE PROVIDERS Average score, 2019 7.91

Average score, 2018 7.71

TOP TECHNOLOGY WINNERS Advisor Evolved ITC

Despite a decrease in the number of website providers on this year’s Top Technology list, producers are generally satisfied with the service and results they’re receiving from their providers, which is evident in the jump in the average score in this category from 7.71 to 7.91. “This is the most amazing website provider around” and “they are the best” were among the effusive comments from respondents. While most website platforms are meeting producers’ needs, several chose to evaluate their website providers on the service rather than the product, resulting in some low marks. “When we get an error message from Google or a problem that needs to be fixed, they could be more helpful; we aren’t trained in how to fix problems, and when they give us an answer on how to fix it, it’s sometimes unclear,” one producer

reported. Another wished for “better customer service and a more user-friendly system.” Comparable to the training they get on CRMs, producers feel that website providers don’t offer enough education around how to manage their sites, which causes frustration. “I like the website but wish it were

Producers feel that website providers don’t offer enough education around how to manage their sites, which causes frustration easier to manage and make changes,” one producer said. “I’m not a programmer,” said another, “and I would like them to do more of the website updates rather than sending me a video.” Another respondent added that while videos are helpful to a degree, they often don’t have the time to review videos and perform changes on their own. In addition, tutorial videos at the beginning of a partnership are great, but only if they provide comprehensive information – which, as one producer pointed out, is not usually the case.

www.ibamag.com

24-33_Top Technology report 2019-SUBBED.indd 32

10/05/2019 3:34:16 AM

IBALX

IB EX A M CL AG US Ge I t 2 AZ VE tic INE OF ke F US E C ts f SUB ER o r OD S FO E: the p CR R IB I A2 rice o BER 4 f1 S

THE WESTIN MICHIGAN AVENUE

JUNE 6, 2019

EMPOWERING INSURANCE LEADERS IN AN EVOLVING MARKET KEY NOTE SPEAKER

PATRICK RYAN Founder, Chairman & CEO Ryan Specialty Group

Connect with industry leaders for a day of unparalleled learning and opportunity at the Leadership Exchange Summit Chicago on June 6th, where you’ll:    

Access proven tools for success you can implement immediately to increase profitability Utilize digital channels for smarter business development Discover proven methods of attracting top talent for continued success Maximize your business’ potential in the disrupted market FEATURED SPEAKERS

TRACY BERNARD

PATRICK COSTELLO

DEANN FRENCH

MARK LEE

RICK DENNEN

SVP of Strategy and Program Development Tangram Insurance Services

Principal Evolve

VP of Communications Independent Insurance Agents of Illinois

Managing Director Higginbotham

Founder, President & CEO Oak Street Funding

ibleadershipexchange.com/chicago IBALX Summit Chicagoreport - IBA241 Code.indd 8 24-33_Top Technology 2019-SUBBED.indd 33

29/04/2019 10/05/2019 6:03:13 3:34:21 PM AM

FEATURES

SECTOR FOCUS: COMMERCIAL PROPERTY

How to do property properly The commercial property market is thriving, but specialist knowledge is a must for agents who want to take advantage

AS WITH MANY other areas of insurance, the commercial property market is linked to the wider domestic economy. While the strength in the commercial property space might not be tied as closely to wider economic performance as the commercial casualty or auto market, where premium quickly correlates to a great sales year or fleet expansion, it has definitely had a positive impact in many areas. “The commercial property market is continuing to grow; the economy has been very good, and there is a lot of building work and new construction going on,” says Barry Whitton, managing director of Burns & Wilcox Brokerage. “For a number of years, that activity was only in certain pockets, but now there is a lot of growth nationwide.” Whitton attributes some of the recent building boom to shifting demographics as millennials take over the workforce. While it was common for professionals in previous generations to live out in the suburbs and commute into urban centers for work and

entertainment, millennials generally prefer to live closer to work and want to be able to walk to a restaurant, a bar or even to the office. “In certain urban area like Chicago, Boston or New York, they have good transit systems, but in places like Atlanta, we don’t have that,” Whitton says. “So, a lot of the urban areas

are being repurposed into living spaces and dining spaces, and we are finding old industrial complexes being turned into condos and restaurants and retail spaces.” The healthy economy has had another effect: As the private sector flourishes, tax revenues increase, giving the public sector more funds to build schools and other government structures, as well as make long-overdue capital improvements. According to Wes Robinson, president of national property brokerage at Risk Placement Services [RPS], “this has a twofold effect in that the capital improvement plans need be insured, and the insurance industry ends up, at the end of the day, with a better risk on their books.” Although the property insurance segment is somewhat sheltered from the ebbs and flows of the general economy, it does manage take advantage of its benefits, and with the exception of a few pockets, there is still ample capacity out there to insure all of the current asset growth.

Crafting policies Commercial property policies are structured differently depending on the industry class and region of the country.

THE RAPID URBANIZATION OF THE UNITED STATES In 1920, just over half of Americans lived in urban areas. By 2050, it’s predicted that nearly 90% of Americans will live in urban areas, which will continue to drive evolution in the property insurance space. 100% Urban

80% 60% 40% 20%

Rural 0%

1810

1850

1900

1950

2000

2050

Source: OWID, based on UN World Urbanization Prospects (2018) and historical sources

www.ibamag.com

34-37_Sector Focus_Comm Property-SUBBED.indd 34

10/05/2019 3:34:59 AM

ORDINARY PEOPLE GETTING THE EXTRAORDINARY DONE

“A good commercial property policy has to have terms and conditions focused specifically on what the client’s exposure base is, and that differs across all sectors,” Whitton says. “A manufacturing client has different exposures than a real estate agent client, a restaurant client or a hotel. Each has a unique set of exposures for their occupancy, and property programs need to be designed accordingly.” Even clients within the same sector often need different types of policy features. Whitton gives the example of two hotels, one in Detroit and the other in Miami. The one in Miami will likely need a named wind/hurricane exposure, while the Detroitbased hotel will probably need a snow

new car, you can add on all of these different options, depending on the client’s appetite.”

The effect of extreme weather Catastrophic weather events continue to impact the commercial property space. Robinson says the carrier community has been fairly vocal about undervaluation after the storms in recent years – Hurricane Michael in particular. “The result is that more focus is being put on proper valuation in the underwriting process going forward, especially on larger schedules where blanket coverage is required,” Robinson says. “It’s a tough problem to solve because replacing a hotel

“Each [industry] has a unique set of exposures for their occupancy, and property programs need to be designed accordingly” Barry Whitton, Burns & Wilcox Brokerage collapse exposure. Another important factor that agents should consider when placing commercial property policies is making sure the client can withstand the deductible. Going back to the example of the hotel in Miami, if the hotel is a $100 million building and has a 5% wind deductible, the client will be facing a $5 million bill if they need to make a claim. “Can the client withstand that loss? Focusing on and identifying those issues and making sure the policy is designed for the client’s appetite is crucial in commercial property,” Whitton says. “For the smaller-sized clients, there are ‘one size fits all’ policies, but as you get to larger-sized clients, it becomes very specific and detailed, and you can make various add-ons. Like when purchasing a

in March after a fire will cost much less than replacing that hotel in September after a catastrophic hurricane. So, finding the right amount to insure it for can be up for debate.” The core structure of policies hasn’t really changed in recent years, although there has been increased focus paced on coverage language primarily due to claims activity. Hurricane Katrina, for example, exposed the need to have storm surge wording included in the named storm definition to avoid dispute around flood versus wind damage. This eliminated the need to adjust both perils, allowed for one clearly stated deductible and gave flood limits equivalent to the named storm limit. For the larger CAT-exposed accounts, Robinson explains, it’s fairly commonplace

www.ibamag.com

34-37_Sector Focus_Comm Property-SUBBED.indd 35

Industry-Leading Wholesale Broker & Program Manager

Let us go to work for you today. Email your next risk to submit@midman.com where you’ll have access to the world’s foremost carriers and programs.

Since 1990

midlandsmgt.com

www.ibamag.com

10/05/2019 3:35:03 AM

FEATURES

SECTOR FOCUS: COMMERCIAL PROPERTY

to have this on broker manuscript forms, but carrier forms still need to be reviewed to see how each carrier addresses it. “Two more items that have become more common are the focus on wind-driven rain coverage and the usage of named hurricane deductible wording versus named storm,” Robinson says. “Hurricanes Matthew and Irma saw many wind-driven claims, and not all carriers treat this the same way, so it’s important to know what you’re selling. With the firming market, there is great pushback on moving away from named hurricane wording and getting back to named storm deductible wording since the former effectively gives the insured an AOP deductible for tropical storms.” While policies have seen minimal changes, the wider commercial property insurance market is currently experiencing a tangible shift. All carriers are pushing for rate increases, many of which are in the double digits, Robinson explains. Capacity is being cut, terms and conditions are being looked at more closely, and several carriers are completely re-underwriting their books of business. “This is all occurring at the same time when most of the demand for CAT coverage

“This industry has always has significant competition, but there is a noticeable trend in carriers letting business walk out the door if they cannot get their price or terms” Wes Robinson, Risk Placement Services takes place – before July 1, or the beginning of hurricane season,” Robinson says. “This industry has always has significant competition, but there is a noticeable trend in

carriers letting business walk out the door if they cannot get their price or terms. There is still plenty of capacity out there, but the market is demanding adequate premium in

order to deploy it.” For Michelle McLaughlin, EVP and property and marine manager in commercial insurance at Chubb North America, the most consequential change in commercial property in the last decade has been how policies now respond to terrorism losses, particularly since the introduction of the Terrorism Risk Insurance Act. “In addition, the growth of cyber exposures, developing knowledge of how natural catastrophes play out, continued evolution of biological exposures, the intense focus on environmentally friendly facilities and equipment, and a relentless focus on emerging risks – such as drones, legalization

www.ibamag.com

34-37_Sector Focus_Comm Property-SUBBED.indd 36

10/05/2019 3:35:10 AM

ESTIMATED INSURED LOSSES FROM 2018’S NATURAL DISASTERS Wildfire, heat waves and drought: $18 billion Tropical cyclones: $15.6 billion Severe thunderstorms: $14.1 billion Winter storms and cold waves: $3 billion Flood/flash floods: $1.2 billion Earthquakes and geophysical events: $400 million

Source: Munich Re

of cannabis, climate change, cross-laminated timber and other new construction types, and solar panels and other new energy sources – are driving innovation in the ways in which property policies respond to and value losses,” McLaughlin says. “Producers and policyholders should be looking for insurers that are at the forefront of these developments and able to provide appropriate solutions to these and other emerging exposures.”

www.ibamag.com

34-37_Sector Focus_Comm Property-SUBBED.indd 37

www.ibamag.com

10/05/2019 3:35:15 AM

PEOPLE

BROKER INSIGHT

A blossoming business A family hardship led Hub International’s TJ Frost into a budding career in cannabis insurance. He tells IBA what insurance needs to do to keep pace with a booming industry

IBA: What led you to a career in cannabis insurance? TJ Frost: In 2012, my father was diagnosed with prostate cancer. At the time, I was doing corporate finance and insurance. A good friend of mine was working for Hub and kept telling me to come work for them. When I came on board in 2014, I had a passion to work in the cannabis industry because when it became legal in Washington, my father turned to cannabis edibles, CBD and THC to get off the opiates originally prescribed to him for battling cancer. Unfortunately, my father lost his battle with cancer in February 2015. Thankfully, cannabis did provide a level of comfort to him that opiates could not. Originally, Hub corporate was on the fence about cannabis. They weren’t sure if they wanted to brand themselves as a cannabisfriendly insurance company; however, my local office in Seattle was all for it. After a couple years of success in the industry, corporate made the huge announcement [that] they will insure cannabis. This was a major stance for a top-five insurance firm. We took the program national in 2016–2017 and international in 2018.

IBA: What are the major misunderstandings about cannabis insurance? TF: When states pass for legal medical or recre-

ational marijuana, the biggest misconception is [whether] insurance is available. Yes, it is, and we can insure every cannabis company just like any company. It doesn’t matter if you’re a cultivator or a dispensary – we can insure every level of your business. This includes, but is not limited to, workers’ comp, product liability, crop, equipment, theft/crime, cargo, auto, employee benefits, property, etc. Another misconception with clients is that the insurance is too expensive. We currently have about 28 carriers that will insure one line item or another; there are very few carriers that will do a whole package. The problem is that some carriers will come in the market and then will go out. We have had some companies that insured the space, then they left the market, and now they want to come back in. That just doesn’t work for us. As a broker, you have to talk to the carriers and say, “What

is your three-year plan with this account?” We want to paint a big picture. The hardest part is switching carriers, so when we talk to them, we want to build a future with them.

IBA: Is insurance keeping up with the needs of cannabis clients? TF: We insure cannabis facilities that have $100 million into them, and the most that we can show clients on property limits is $25 million to $30 million. That’s a tough pill for clients to swallow, but that’s just where it is. When they legalized cannabis in Canada, carriers came right out of the gate and said they will give $75 million in property limits as a start and go up from there. Until this year, we were getting max $15 million in limits per location. Now we have to tell clients that we know they put in $100 million into their facility, but we can only present them $25 million in limits.

FROM SEED TO SALE Available in Canada and all US states where cannabis is legal, Hub International’s cannabis insurance offering supports the current and emerging risks of this rapidly growing industry. Launched internationally in 2018 under Hub’s agribusiness and farm specialty practice, the comprehensive program provides coverage to medical and recreational cannabis organizations throughout the supply chain, including cultivation and harvesting, distribution, manufacturing, laboratories, wholesale, retail outlets and dispensaries, and ancillary businesses such as technology, equipment and software firms.

www.ibamag.com

38-39_Brokerage Insight-SUBBED.indd 38

10/05/2019 4:22:27 AM

FAST FACTS: THE US CANNABIS INDUSTRY

Recreational marijuana is legal in 10 states and Washington, DC; medical marijuana is legal in 33

The cannabis industry employs between 125,000 to 160,000 full-time workers

“Is the insurance where we want it to be? No, but we are making progress. We work daily on building the right partnerships with our carriers”

The legal cannabis market is projected to grow to more than $20 billion by 2022 – a 200% increase from 2017

By 2022, the marijuana industry could create an annual economic impact of $75 billion Source: Annual Marijuana Business Factbook 2018, Marijuana Business Daily

My job is to build a program and let the client know that they are underinsured but that we’re still working on improving it. Is the insurance where we want it to be? No, but we are making progress. We work daily on building the right partnerships with our carriers, and we are confident that we will have a full solution soon.

IBA: How does legality play into carriers’ appetite in the space? TF: If cannabis was federally legal, I think limits would be higher and more carriers would

stick their toes in the water. Like the tech boom or in oil and gas, carriers just kind of dabble in the market to see where it’s going. The industry doesn’t have a whole lot of claims that they can diagnose and see if it’s a favorable industry or not. Again, there are more and more carriers coming in, and that’s always a good sign.

IBA: What’s the toughest challenge you face in this space? TF: There are challenges with the insurance limits and educating our client base, but a major challenge is when clients are in current

programs that could be the right fit for them but were presented in the wrong way by their broker. In this industry, you have to be an expert in not only the business, but also the insurance industry and how it protects the cannabis industry – the cannabis industry is very different in numerous ways. We find that all the time, so that’s a very big problem. It’s important for clients to have an insurance broker as a partner who knows the industry inside and out, and for brokers to find the right partners and resources to help clients financially succeed.

www.ibamag.com

38-39_Brokerage Insight-SUBBED.indd 39

10/05/2019 4:22:33 AM

FEATURES

SECTOR FOCUS: SPORTS AND LEISURE

Let the games begin The sports and leisure space is vast and offers a great opportunity for agents, but emerging trends are adding a new layer of complexity

IMPORTANT COVERAGES FOR A SPORTS ORGANIZATION Accident Crime Cyber liability General liability, including sexual abuse/molestation Directors & officers Equipment

BUSINESSES IN the sports and leisure industry are in the midst of a rapid and testing evolution. Heightened awareness around the long-term effects of concussions, combined with several high-profile cases of sexual abuse and misconduct, have left the industry reeling. The industry’s main risks used to be related to medical accident exposures; now, teams and organizations are being forced to change the way they operate in order to properly protect team members and customers. The insurance policies they buy are also being forced to change. “Things are changing fast, and this is an interesting year for insurance for sports organizations,” says AJ Morgan, vice president at Bollinger Sports & Leisure. “Anyone who picks up a newspaper is reading about the accusations that sports organizations are defending themselves against – most notably, concussions and abuse/molestation. The space has changed so much since I got into it 20 years ago. These are really delicate times.” Sports organizations are facing a deluge of liability claims stemming from accusations that they’re responsible for head traumas that weren’t treated properly and from alleged cases of sexual abuse or misconduct. Organizations and facilities are having to get proactive in how they prevent and treat injuries and protect their members, especially the younger ones. “Sometimes there is truth in these allega-

tions and sometimes there isn’t, but the suit comes nevertheless,” Morgan says. “There has been a sharp rise in the past few years. Scandals in the newspapers are often on a big level, but small organizations are also being impacted. That is a more recent development; there has been a trickle-down accusation of liability.”

The insurance industry’s response Insurance policies have had to change quickly to address these new issues. Morgan is seeing restrictions in coverage on head traumas and sexual abuse/molestation, as well as a reduction in the availability of excess limits. Ten years ago, an insured would think nothing of buying $5 million of excess liability over their underlying coverage, but that’s hard to come by now. “Five years ago, the main focus would have been on the accidental medical risks associated with sports organizations, but now I start with liability because if an organization isn’t thinking about their liability first, then they’re not in step with their exposures,” Morgan says. “In the past, every sports and leisure organization would promote their accident plan as the way to protect kids, and we still have that – it is still a required part of the program and still very important. But now parents are equally interested in the safety aspect of the program that’s related to concussions and sexual abuse, so organizations are more watchful on the

Event cancellation Tournament coverage

liability side.” In addition to being guided toward the right policy, some sports and leisure organizations need help implementing risk management procedures to protect themselves and their members. Those who are unable show that they have good prevention protocols in place are having a hard time getting the coverage they need. On the abuse/molestation issue, this means properly vetting all employees. Background checks are now mandatory – if an organization isn’t doing those, it’s not in step with the minimum standard. “You also need the prevention procedures, which include no one-on-one activity between coach and player, because obviously a background check only catches people who have been caught in the past, and that’s not the entire world,” Morgan says. “On the head trauma and concussion side, the Centers for Disease Control and Prevention has a standardized education, prevention and returnto-play procedure for concussions that is easy

www.ibamag.com

40-43_Sector Focus_Sports-SUBBED.indd 40

10/05/2019 3:35:59 AM

to adopt. Some sports organizations will need to have even more robust procedures in place if their sport involves more contact or is more dangerous.” Unsurprisingly, the emergence of these trends has impacted pricing of insurance policies for sports and leisure organizations. Rates have gone up, and coverage for abuse/molestation has especially gotten more expensive. Availability has also been reduced significantly, and some carriers have stopped offering any real limits in the abuse area. “Pricing has gone up, and organizations should expect to pay more, unfortunately; it’s a bigger line item in their budget,” Morgan says. “This has led some carriers to exit the space in the past few years, although those who are left [are] the stable programs. It’s really down to handful of carriers who are remaining committed to this space and who have a lion’s share of the total exposure, because they have enough premium to sustain themselves in this new atmosphere.”

Specialized expertise The sports and leisure space encompasses many different types of companies and events, many of which need different policy features.

The coverages needed by a health club, for example, differ greatly from those needed by an amateur sports team. Organizations that attract thousands of spectators to their event need specialized underwriting and, potentially, claims experts with deep knowledge of the specific risks they will encounter. The same goes for those working with children. “Liability and property are coverages typical to the sports and rec industry, but

that insures 1,000 camps/sports associations/ bowling centers/facilities versus a partner that has three or four of the same kind. We don’t know what we don’t know.” The risks faced by sports participants during practice and on game day vary widely from claims that occur at festivals or campgrounds. There are, however, some common claims, such as slips or trips caused by wet walking surfaces or a hazard that wasn’t

“Scandals in the newspapers are often on a big level, but small organizations are also being impacted … There has been a trickledown accusation of liability” AJ Morgan, Bollinger Sports & Leisure what expanded coverages are included in the policy for a campground or optional coverages offered for a youth sports association?” says Ron Norton, chief underwriting officer at K&K Insurance Group. “Most insureds agree they would rather be with a carrier partner

Personal Lines l Commercial Lines l Agri-business

e t s

visible. Some of the easiest claims to prevent are simply overlooked, Norton says. “A good walk-through of the facility is a simple way to reduce potential claims,” he says. “Look down for potholes or uneven grassy surfaces, check to see if stairs are well

Mixed Use Apartments Lessor’s Risk

Offices

i e s Older Properties

Submit Now to m apps@abraminterstate.com www.ibamag.com

40-43_Sector Focus_Sports-SUBBED.indd 41

10/05/2019 9:33:59 PM

FEATURES

SECTOR FOCUS: SPORTS AND LEISURE

FAST FACTS: CONCUSSIONS AND SPORTS There are 1.6 million to 3.8 million sports and recreation-related concussions each year in the US 10% of all contact sport athletes sustain concussions each year

“It’s important to choose an insurance provider with extensive specialty claims experience to resolve the less-frequent but challenging claims within the sports and leisure industries” Ron Norton, K&K Insurance Group lit, and look up for dead branches or other low-hanging obstacles that could cause injuries. It’s important to choose an insurance provider with extensive specialty claims experience to resolve the less-frequent but challenging claims within the sports and leisure industries.” Despite the emergence of sensitive of risks and the tightening in the market, Norton is

adamant that the sports and leisure space continues to be “an excellent market” for agents and brokers, especially younger agents, who have a real opportunity to grow their business with smaller events and local amateur sports teams and facilities. “The universe of special events is almost unlimited, with fairs, festivals, family gatherings, sports leagues, camps, campgrounds

Injuries associated with the brain occur in one out of every 5.5 football games An athlete who has sustained a concussion is four to six times more likely to sustain a second concussion Up to 86% of athletes with a concussion will experience a posttraumatic migraine or another type of headache pain Source: Brain Injury Research Institute

and other recreational activities taking place across the country in large cities to small towns,” Norton says. “For agents new to the sports and leisure insurance business, working with an experienced underwriter is a plus for advice and information that will quickly bring the agent up to speed.”

www.ibamag.com

40-43_Sector Focus_Sports-SUBBED.indd 42

10/05/2019 3:36:06 AM

www.ibamag.com

40-43_Sector Focus_Sports-SUBBED.indd 43

10/05/2019 3:36:06 AM

FEATURES

MOTIVATION

Why you don’t need motivation to succeed Aytekin Tank offers three foolproof ways to get things done without relying on motivation

I’M NOT highly motivated. I don’t have amazing willpower or self-control. I don’t get up at 6 a.m. to read, meditate, drink a green smoothie and run a 10K. That’s because I don’t believe in motivation. Instead, I’ve built systems and habits that remove my internal drive from the equation. So whether or not I feel ‘motivated,’ I can still be productive. I realize that systems and habits are not a glamorous topic, but honestly, they work. They’ve fueled every step of my entrepreneurial journey over the last 12 years. If you create reliable systems and continue to improve these systems (instead of your willpower), you don’t even have to think about motivation. Let’s break it down a little. First, what the

heck is motivation, anyway? In the simplest terms, motivation is your desire to do something. It’s a sense of willingness that exists on a spectrum, from zero interest to a burning desire to take action. When your desire is strong, motivation feels effortless. But when you’re struggling, just about anything sounds better than starting the assignment, making a tough phone call or hitting the gym. Procrastination takes over – until the agony becomes overwhelming. As Steven Pressfield writes in The War of Art, “At some point, the pain of not doing it becomes greater than the pain of doing it.” I love this quote because I suspect we’ve all felt this painful moment – when it’s harder to stay on the couch than to get up, put on your sneakers and go outside.

In his 2011 book Drive: The Surprising Truth About What Motivates Us, author Daniel Pink splits motivation into two different types: extrinsic and intrinsic. Extrinsic motivation is external. It’s money or praise or trying not to look clumsy on the tennis court. Intrinsic motivation comes from within. It’s the desire to act, even when the only reward is the activity itself (or completing a task). Intrinsic motivation implies that you’re acting for authentic, honorable reasons. For example, you start a business to help people or solve a problem, not because you’re dazzled by visions of fame and fortune. Motivation gets in the way, though, when we rely too heavily on it. No matter how much you love your business, there are probably moments when you don’t want to take action. Maybe it feels scary or impossible, or the task at hand is downright boring. That’s when systems can do the heavy lifting. Here are a few strategies that have helped me to build sustainable systems so I don’t have to rely on motivation.

Choose your focus areas – and ignore the rest Focus and motivation might seem like two different topics, but they are closely intertwined. For example, last year I had three work priorities: hiring really great people, creating quality content and equipping our users to work more productively. These themes informed everything I did. If a project or an opportunity didn’t fit into one of these three buckets, I said no. Distractions slipped away, and I could make real progress. For example, I spend the first two hours of every workday writing out my thoughts. It might be a problem I’m trying to solve or a new idea. I don’t book meetings during

www.ibamag.com

44-46_BIZSTRAT-Motivation-SUBBED.indd 44

10/05/2019 3:36:47 AM

Your feelings don’t have to match your actions — especially when you truly want to move forward this period, and I definitely don’t answer emails. But if I arrive at work feeling less than inspired, I give myself permission to do something else — as long as it fits within my three focus areas. Instead of writing and

problem-solving, I can read articles or books on these topics, meet with a product team or watch a lecture. All that thinking and exploring soon makes me feel more engaged. Once I’m

engaged, I come up with better ideas. And good ideas inspire me to take action. This process isn’t accidental. It’s a simple feedback loop I use to get moving on days when my brain feels stuck in neutral.

Remember that motivation is optional In a 2016 article for The Cut, author Melissa Dahl wrote that “the only motivational advice anyone has ever needed [is] you don’t have to feel like getting something done

www.ibamag.com

44-46_BIZSTRAT-Motivation-SUBBED.indd 45

10/05/2019 3:36:55 AM

FEATURES

MOTIVATION

in order to actually get it done.” It’s surprisingly brilliant. Your feelings don’t have to match your actions – especially when you truly want to move forward. You could feel tired but still put on your goggles and go for a swim. You could feel like you’d rather staple yourself to the chair than build another PowerPoint deck – and you still get the presentation done. Dahl also quotes Oliver Burkeman, author of The Antidote: Happiness for People Who Can’t Stand Positive Thinking, who writes: “Who says you need to wait until you ‘feel like’ doing something in order to start doing it? The problem, from this perspective, isn’t that you don’t feel motivated; it’s that you imagine you need to feel motivated.” Once again, this is where routines can outsmart feelings. Sure, you might feel like watching cat videos, but every morning, you sit down at your computer and open a blank document. You write for two hours (or whatever your routine entails) and you don’t bother taking your emotional temperature. Progress ensues. Then you repeat, repeat, repeat.

Delegate whenever possible The other day, I had a great idea during my morning workout. It was one of those eyebrow-raising light-bulb moments. Unfortunately, it had nothing to do with my three focus areas I mentioned above. So I made a note in my phone and asked our COO to follow my mental thread. I was tempted to chase it myself, but I knew I had to stay focused. I realize that delegation isn’t always possible, especially when you’re just starting out or money is tight. But when it’s possible, delegation can pay off big time. Offload an activity if: • You can regain precious time, energy or focus and apply it to something that will truly move the needle for you. That kind of work is priceless. Stretch yourself

a little and measure the results. You can always test delegation in baby steps. • Someone else can do it better. In my case, there’s almost always someone on our team who has more knowledge or niche expertise than I do. They’ll create a stronger result in less time – and again, I don’t get distracted from my goals.

The importance of enjoying the ride I’ve talked a lot about everyday motivation, but how do you sustain your drive for the long run? It’s an important question. The answer will look a little different for

but the experience was nearly effortless. “Yes, discipline is critical, just like all the teachers say,” Piver says. “And there is definitely stuff that needs doing that is just never going to be fun, like paying bills and cleaning the cat box. But I suggest that instead of being disciplined about hating on yourself to get things done, try being disciplined about remaining close to what brings you joy.” Talk about a perspective shift. We all go through tough times, work at jobs we don’t love and endure genuine unfairness. But if you’re struggling to do something you care deeply about, go easy on yourself. Tap into why you started your business or why

If you’re struggling to do something you care deeply about, go easy on yourself. Tap into why you started your business or why you’re flexing your creative muscles in the first place. It’s a much happier way to move through your days everyone, but ultimately, we’re all motivated by joy and meaning. The Antidote author Oliver Burkeman first led me to Buddhist teacher Susan Piver. Tired of forcing herself to be ‘good’ and master the daily to-do list, Piver decided instead to focus on the pleasure of her work. “Once I remembered that my motivation is rooted in genuine curiosity and my tasks are in complete alignment with who I am and want to be,” she says, “my office suddenly seemed like a playground rather than a labor camp.” She asked herself what would be fun to do and then focused on what she loved about each activity. In the end, her day looked the same as it did when she was ‘disciplined’ –

you’re flexing your creative muscles in the first place. It’s a much happier way to move through your days. To recap: Establish your systems and habits. Stay focused on what matters. Delegate and tune out the noise. Your motivation will grow. And if it doesn’t? You don’t need it anyway. Aytekin Tank is the founder and CEO of JotForm, an online form creation software with four million users worldwide and more than 100 employees. A developer by trade but writer by heart, Tank shares stories about how he exponentially grew his company without any outside funding. For more information, visit jotform.com.

www.ibamag.com

44-46_BIZSTRAT-Motivation-SUBBED.indd 46

10/05/2019 3:37:04 AM

PEOPLE

CAREER PATH

NEW FRONTIERS

Simon Oddy is no stranger to new lands, new fields of interest and new challenges A UK native, Oddy followed in the footsteps of his accountant father, studying for a degree in accounting at Huddersfield. His choice of degree was also heavily influenced by the course’s emphasis on economics. “The course contains elements of both fields – I had done A-level economics and enjoyed it, so the degree was a natural progression from there. But I had no real idea of what I was going to do with that once I finished.”

1991

STUDIES ACCOUNTING

1998 FINDS FORENSIC ACCOUNTING Restless in a regional accounting firm, Oddy contacted a headhunter, who connected him with RGL Forensics, which gave him both a more interesting role and the chance to move to London. “The recruitment agent told me about forensic accounting – I had no idea what that was; I had to look it up. This forensic thing was really diverse: a real mix of different projects, different problems. There’s little repetition in what we do.”

2009 ENCOUNTERS HIS FIRST FOOD RECALL CASE A complicated claim from a Japanese food supplier, involving an Australian supply chain, European coverage and American exposure, resulted in a massive recall and opened up a new field for RGL.

“Product recall is a growing market, and people were impressed with the job we did; it was a turning point. The work snowballed from there” 2018 LOOKS TO THE FUTURE When RGL joined forces with Baker Tilly, Oddy saw the merger as a chance for great advancement in client service delivery. “I’m hopeful we can take what we’re known for and look to deliver it in a more innovative way. We have increased access to technology and resources and a platform to drive efficiencies and improve the client experience.”

1995

SEES THE WORLD Following a short stint in accounting, Oddy spent two years traveling the world, ultimately ending up in Australia, where he was introduced to insurance for the first time. “It was more exciting than the traditional accounting job I’d experienced. I remember the days when I had to take files up to the 37th floor – it was exciting going on the executive level to mingle on the high-powered floor where everything was happening. I always volunteered.”

2003 COMES TO NEW YORK The events of 9/11 had a major effect on the future of RGL’s New York operations, causing several employees to leave the small office. Oddy stepped in, ultimately relocating across the Atlantic. “It changed the landscape of our company significantly. New York was looking for staff assistance to stabilize and rebuild our presence. The office was in a very different market position compared to my London experience; I had to become entrepreneurial and accelerate the firm’s opportunities.”

2013 MANAGES CYBER CLAIMS At a time when several big names hit the news as a result of large-scale cyber attacks, Oddy turned his attention to the similarities between that and product recall. “The idea of cyber coverage was growing across the US. Our services can transition well – business continuity is a big focal point in the aftermath of these events. Cyber has many similarities to crisis management product recall and has continued to grow.”

www.ibamag.com

47_Career Path-SUBBED.indd 47

10/05/2019 3:37:41 AM

PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email iba@keymedia.com

ALLIANCE OF FRIENDS Dawnmarie Black’s charity work reached a new peak when she visited Guatemala in support of La Alianza DAWNMARIE BLACK was already an experienced fundraiser for homeless teen charity Covenant House when she decided to travel on a service trip. La Alianza, the Guatemalan branch of the charity, seemed a perfect choice. “They focus on protecting young girls from human trafficking,” says Black, a

Black’s trip included visiting a La Alia nza alu mna who is now ru nning a bakery with the help of a micro-loa n, business education a nd support from the charity

regional director for Lloyd’s. “The trip allowed me to learn these people’s stories.” The five-day trip included one-on-one time with the girls who benefit from the organization’s comprehensive approach, which includes hands-on learning as well as legal, emotional and educational support. “We spent hours in the barrios, where

a lot of trafficking happens, with the outreach workers,” Black says. “That was an eye-opener: seeing kids put to work sorting coal who should be in school or a woman cooking in a tent, making 2¢ a meal to support her family. Even in those conditions, there was such kindness and strength; there’s a lot of love there.”

649

Girls cared for by La Alianza since it admitted its first resident in 2011

$20,000

Amount Black has raised for Covenant House over the last five years

$4,700

Average amount raised by each of the trip’s 10 participants

www.ibamag.com

48-IBC_Other Life-SUBBED.indd 48

10/05/2019 3:38:15 AM

Wom

After sold out events in Atlanta, Miami, Houston and Los Angeles – IBA’s Women in Insurance Conference comes to

Chicago | New York | San Francisco Female or male, join us to celebrate, empower and boost the careers of women in insurance with:    

Essential speaker sessions and panel discussions from industry experts Networking opportunities with empowering industry leaders Strategies for becoming a bold female leader – or mentoring the next generation The lowdown on the biggest issues that women in insurance encounter today

September 10

September 17

October 3

Hyatt Regency Chicago

Millennium Broadway New York

Marriott Union Square San Francisco

“Attending this event reinforced the importance of my role as a woman in the Insurance industry. I left with key takeaways to drive efforts to give back to others and encourage development of talent and recruitment initiatives.” - Women in Insurance Alumni

women.ibamag.com 48-IBC_Other Life-SUBBED.indd 49 WomenInInsurance_FP Ad_IBA 7.05.indd 9

10/05/2019 3:38:22 AM 3/05/2019 11:21:11 PM

Expect big things in workers’ compensation. Most classes approved, nationwide. It pays to get a quote from Applied.® For information call (877) 234-4450 or visit auw.com/us. Follow us at bigdoghq.com. ©2019 Applied Underwriters, Inc., a Berkshire Hathaway company. Rated A+ (Superior) by A.M. Best. Insurance plans protected U.S. Patent No. 7,908,157.

00_OFC Spine OBC-SUBBED.indd 3

10/05/2019 3:25:17 AM