PROFESSIONAL AGENT September 2017
What's Inside? Five Tips for Reducing E&O Exposures..............................10 Why Millennials Crave Training..................................14 Practice Makes Perfect? Busting the Myth................16 Education Section..............21 New CICs & CISRs................21 DOL Fiduciary Rule............28 Would Your Client Fight to Keep You?.............................30 Clients for Life......................34 Scholarship Available.......37
Digital Editions of PIAW Magazine Available at www.piaw.org
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From the
President Jodi Cordes, CIC, CRM, CPIA — President, PIA of Wisconsin
WE ARE HERE FOR YOU. I hope you were able to attend the PIAW 68th Annual Convention last month. If not, then there are a lot of things that you missed. There was a sales seminar, continuing education, information on digital marketing for your agency, a trade show to meet with over 60 different companies, social/ network time, sponsorships given away, entertainment, motivational speaker, prizes given away, and great food. It was a blast…. One of the events at the convention is the PIAW Business Meeting. This is when we hold the meeting for any and all members to attend the meeting to hear about what is going on with the PIAW organization as well what is happening in our industry in Wisconsin and nationally from our guests; PIA National President, Gary Blackwell and PIA National EVP, Mike Becker. Also at this meeting new board members are presented and elected for a three year term. Please familiarize yourself with these fine individuals as they are volunteering to serve on the PIAW Board of Directors to represent YOU, the member. Do not hesitate to contact me, anyone on the board, or the staff at the PIAW office. We would love to hear from you with your ideas, suggestions, and concerns. The staff and the board is here to help with any industry concerns as well. If we don’t know the answer, it is likely that we can find someone that does. Let me take a quick moment to introduce you to the current board of directors.
I will start with elected officers serving the 2017-18 term: Jodi Cordes – Lake Geneva, serving as your President. Matt Cranny – Madison, serving as the Vice President. Sean Paterson – Brookfield, serving as the Treasurer. Julie Ulset – Edgerton, serving as the Secretary. Dennis Kuhnke – Milwaukee, as our National Director.
The following directors are continuing to serve: Brian MacGillis – Fredonia Sandy Hardrath – Manitowoc
Re-elected for a 2nd term:
Michael Keener – Germantown
John Klinzing – Madison Thomas Budzisz – Oak Creek Jeremy Cordova – Merrill
And congratulations to our newly elected directors: Dan Wolfgram – Waukesha
Mitchell Tarras – Plymouth
You will find all the contact information for each officer, director, and staff for the PIA of Wisconsin inside the back cover of each month’s magazine. This information is available to you so it is easy to reach out anytime. Please do so, let us know if there are things that the association can provide you to make your agency run more efficient, serve your customers better, educate your personnel, help make you more money, or address issues that affect our industry. We are here for YOU. Lastly, while I am thinking of it, mark down on your calendar the PIAW Winter Get Away, January 31st – February 2nd held in Minocqua. And our next year’s annual convention, August 1st – 3rd, in La Crosse.
SEPTEMBER 17 3
Memos from
Madison Ron Von Haden, CIC — Executive Vice President, PIA of Wisconsin
EMERGENCY RULE 1708 IS NOW IN EFFECT THE BURDEN OF mailing Annual Privacy Notices to policyholders may be soon lifted from insurance agencies. An Emergency Rule has been implemented by the Commissioner of Insurance that will eliminate the annual notice if two critical criteria apply to an agency’s operations. Emergency Rule 1708 is now in effect and public hearings will soon be held to change the Wisconsin Administrative Code regarding privacy notice requirements. The rule changes s. Ins 25.13 (4), Wisconsin Administrative Code, to track the language contained in the Fixing America’s Surface Transportation Act (FAST Act) (editor’s note: only the government could come up with a name like that!), Public Law 114-94 ss 75001, that amended Section 503, 12 U.S.C. ss6803, of the Graham Leach Bliley Act (PL 102-106) privacy notice requirements. The two requirements for suspending annual notice are: 1. that the licensee (agency, insurer, etc) does not share nonpublic personal information except as permitted in certain statutory exceptions and 2. that licensee’s business practices with regards to their disclosure of nonpublic personal financial information have not changed since their most recent disclosure of their privacy policy sent to their customers. I urge you to review the new Emergency Rule at http://oci. wi.gov/Pages/Regulation/RulesCurrentlyPending.aspx and to be alert for the public hearings and subsequent change to the Administrative Code. More information can be obtained from the Commissioner’s office at (608) 267-9586, Karyn Culver, Paralegal. Or karyn.culver@wisconsin.gov. HAIL CLAIMS jumped 48% in 2016. Hail damage fluctuates from year-to-year, but 2016 was a particularly devastating year across
the country. An analysis of insurance claims from the Insurance Services Office (ISO) Claim Search database by the National Insurance Crime Bureau (NICB) showed that after decreasing by 21% from 2014 to 2015, the number of hail claims nationwide jumped 48% to more than 965,000 in 2016. Across the nation, most hail claims, 55% were for home damage while personal auto damage claims made up 32% of all claims. Texas totaled more than four times as many hail claims as the second leading state, Colorado. Nebraska ranked third in total claims while our neighbor to the west, Minnesota, came in 7th. Fortunately, Wisconsin did not crack the top 10. A BIKER GANG in Tijauna, Mexico has been charged with stealing more than 150 Jeep Wranglers in California by using vehicle identification numbers to make pirated keys. Gang members would scout out Wranglers, note their unique VIN’s, then send the number to gang leaders who had relationships with relationships with key cutters who were able to access a proprietary database that allowed them to make duplicate keys for the vehicles. Law enforcement officials said the method was so new and technologically advanced that it was difficult to crack. Surveillance cameras at the site of one of the thefts finally helped to determine how the thieves were operating. Duplicate key requests were tracked back to a Jeep dealership in Cabo San Lucas, Mexico by Fiat Chrysler, manufacturer of the Jeeps, and the case was solved. A similar case was recently broken in Texas although it does not appear that the operations are rampant in other parts of the U.S.---yet. AND REMEMBER…..The problem with too many neighborhoods is that there are more hoods than neighbors.
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From the
Boardroom John Klinzing CIC, CPIA, Director of PIAW
What Does an Insurance Industry Designation Mean to You? CIC, CISR, CISR ELITE, CPIA, CRM, CPCU, AAI, AIS, AU, AINS, LUTCF, and on and on and on they go. Being an insurance professional in today’s world of insurance is becoming ever more complicated and complex. Agents, producers, CSRs and account managers do the heavy lifting every day. The amount of knowledge and expertise it takes to separate yourself from the competition is a daily fight in itself. From the insurance companies that market to our clients in the #1-800-No-Agent format, or the one size fits all offerings, and then lastly you have the “price only” option insurance providers; “what is an insurance professional to do”? Well, we are called Professional Insurance Agents for a definitive reason! We continually look to separate ourselves by participating in comprehensive, continuing education courses, seminars, and various coverage classes that allow us to earn the coveted designations mentioned above. Whether it's a curriculum based program from an accredited school, or better yet, Your Professional Insurance Association; starting on a path with a solid footing of insurance knowledge will put you miles ahead of the competition. Remember, the designation is just the start in helping you succeed in your career and isn't the end all to what we do. The goal is to continue professional development throughout a person's career so they can provide quality, competent insurance ideas and solutions. I truly believe that agents and insurance professionals can advance further and find greater satisfaction when they stay current and remain connected to
the industry and the changing market conditions. The Certified Insurance Counselors (CIC) Program has been the insurance industry's premier, proven source for practical, real-world education since 1969. According to the Producer Profile publication, commercial lines producers with the CIC designation earn 30% more than those without the designation. This statistic alone speaks volumes for our industry. If you have not started on a path to getting your CIC designation, I strongly encourage you to check out the many offerings in the Education tabbed section of the Wisconsin Professional Agent magazine. After three decades of continuing educational excellence, the CISR Program offers an ever expanding array of practical, skill-building opportunities for CSRs, Account Managers, Agents and all insurance professionals involved in the day to day selling, servicing of our agencies clients. With the new CISR ELITE designation now available, insurance professionals have the opportunity to see new course offerings not previously available. If you have not looked recently at these new offerings, I highly encourage you to do so! CPIA is one of the newer designation programs now being offered by PIA of Wisconsin. The three part program and seminars are designed to enhance the ability of producers, sales support staff and company personnel to efficiently create and distribute effective insurance programs. Participants leave with ideas that will produce increased sales results immediately. The program tackles real life insurance dilemmas through role playing and interaction with your industry (Continued on page 37)
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OCI Administrative
Actions Ted Nickel — Commissioner of the Office of Insurance
Madison, WI—OCI has taken the following administrative actions. In many of these cases the respondent denied the allegations but consented to the action taken. Any forfeitures paid in these administrative actions are deposited in the Common School Fund which is administered by the Board of Commissioners of Public Lands. The earnings from this fund are distributed to all public K-12 schools in Wisconsin and are used by school libraries to purchase books. Copies of the administrative action orders may be viewed online at https://ociaccess.oci.wi.gov/OrderInfo/OrdInfo.oci. OCI is responsible for overseeing the operations and marketing of insurance companies and agents in Wisconsin. OCI encourages anyone with a question or a complaint regarding an insurance company or agent to contact the office at this toll-free telephone number: 1-800-236-8517.
Allegations and Actions Against Agents D. Juane A. Anthony, 7054 Burcot #34, Las Vegas, NV 89156, had his application for an insurance license denied. This action was taken based on allegations of having a criminal conviction that may be substantially related to insurance marketing type conduct. Robert Arredondo, 12314 Abbey Park, San Antonio, TX 78249, had his application for an insurance license denied for 30 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Oklahoma on a licensing application. Lucas L. Ault, 2223 9th Ave., Chetek, WI 54728, agreed to the 31day denial of his insurance licensing application and agreed to the issuance of a 2-year conditional license. These actions were taken based on allegations of failing to disclose a criminal conviction on a licensing application and having criminal convictions that may be substantially related to insurance marketing type conduct. James A. Bond, 2237 Marshall Pkwy., Waukegan, IL 60085, had his application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Illinois on a licensing application. Goldy Brown, III, 1633 Prairie Ave., Montgomery, AL 36117, had his insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Daniel J. Burke, 80 St. Paul St., Ste. 4F, Rochester, NY 14604, had his application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Wisconsin on a licensing application. Tia L. Chanthavong, 856 Kellogg St., Green Bay, WI 54303, had her insurance license revoked. This action was taken based on allegations 8 SEPTEMBER 17
of owing delinquent Wisconsin taxes. Jason J. Ellingson, 221 S. Main St., Luck, WI 54853, had his application for an insurance license denied for 60 days. This action was taken based on allegations of failing to timely disclose an administrative action taken by the Wisconsin Department of Financial Institutions while previously licensed by OCI. Cory D. Gates, 1218 Cardinal St. NW, Bangor, WI 54614, had his insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Joshua R. Giebner, 405 S. Page St., Apt. 1, Stoughton, WI 53589, had his application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application. Daniel M. Jemison, 10540 S. Western Ave., Ste. 309, Chicago, IL 60643, had his application for an insurance license denied for 30 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Wisconsin on a licensing application. Aaron Johnson, 720 S. Marquette St., Apt. 308, Racine, WI 53403, had his application for an insurance license denied. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application and having criminal convictions that may be substantially related to insurance marketing type conduct. Teresa M. Jorgensen, 1202 S. 5th Ave., Wausau, WI 54401, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Michael A. Knox, 1062 Timbervale Trl., Highlands Ranch, CO 80129, had his application for an insurance license denied for 31
days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Wisconsin on a licensing application. Yeng Kong Lee, 3616 W. National Ave., Milwaukee, WI 53215, had his insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Melissa T. Maker, 2734A S. Superior St., Milwaukee, WI 53207, had her application for an insurance license denied and her hearing request dismissed. These actions were taken based on allegations of failing to disclose pending criminal charges on a licensing application, having unpaid civil money judgments, providing false information on a licensing application and in response to OCI inquiries, and failing to appear at a hearing as ordered. Kevin J. Mann, 3126 River Valley Rd., Waukesha, WI 53189, had his application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application. Thomas C. Moore, 1000 S. 50th Ave., Apt. 36, Wausau, WI 54401, had his application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application. Melissa Mortimer (aka Melissa Matteson), 727 Prairie Ave., Hillsboro, WI 54634, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Wanda F. Nash, 9030G N. 95th St., Milwaukee, WI 53224, had her application for an insurance license denied. This action was taken based on allegations of having a criminal conviction that may be substantially related to insurance marketing type conduct, failing to disclose criminal convictions on a licensing application, owing delinquent child support, having unpaid civil money judgments and court costs, and failing to apply for and obtain a federal crime waiver. Christopher R. Obst, 2341 S. Sunnyslope Rd., New Berlin, WI 53151, had his insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Falisa Onipede, 3723 N. 85th St., Milwaukee, WI 53222, had her application for an insurance license denied for 31 days. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application. Lisa Parker, 9803N State Rd. 27, Hayward, WI 54843, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Shawn A. Pehrson, 230 Mahtomedi Ave., Mahtomedi, MN 55115, had his application for an insurance license denied and his hearing request dismissed. These actions were taken based on allegations of failing to disclose an administrative action taken by the state of Minnesota on a licensing application, having an administrative action involving the violation of another state's insurance laws, failing to obtain and provide evidence of a federal crime waiver, failing to
respond promptly to OCI, and withdrawing his appeal request at the commencement of the scheduled administrative hearing. Julie L. Roelke, 493 Tower Rd., Unit A, Rio, WI 53960, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Brad S. Sauer, 114 N. Broadway, Apt. 2, De Pere, WI 54115, had his application for an insurance license denied. This action was taken based on allegations of failing to disclose a criminal conviction on a licensing application and having unpaid court obligations and insurance company money judgments. Catherine M. Schelter, 3150 S. Pinewood Creek Ct., Apt. 311, New Berlin, WI 53151, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Paul R. Schultz, 1912 N. Royal Birkdale Dr., Vernon Hills, IL 60061, had his application for an insurance license denied for 60 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Illinois and an employment termination for cause on a licensing application. Dino Shackelford, Jr., 4363 W. Dean Rd., Apt. 258, had his application for an insurance license denied. This action was taken based on allegations of owing delinquent child support and having criminal convictions that may be substantially related to insurance marketing type conduct. Amanda Tallent, 107 N. Pelham St., Apt. 2, Rhinelander, WI 54501, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Gregory J. Thoemke, 707 1st St., P.O. Box 365, New Glarus, WI 53574, had his insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes. Allen Thomas, P.O. Box 793, Green Bay, WI 54305, had his application for an insurance license denied for 60 days. This action was taken based on allegations of failing to disclose a criminal conviction and an administrative action taken by the state of California on a licensing application. David R. Tillou, 10226 167th St. W., Lakeville, MN 55044, was ordered to pay a forfeiture of $1,000.00, was ordered to properly and timely disclose future administrative actions, criminal proceedings, and lawsuits, and was ordered to provide OCI with fully accurate and complete information in all filings, including licensing applications. These actions were taken based on allegations of failing to timely report to OCI two administrative actions taken by the state of Minnesota and failing to disclose them in a licensing renewal application. Helen L. Whitten-Twine, 2411A N. 24th Pl., Milwaukee, WI 53206, had her application for an insurance license denied. This action was taken based on allegations of failing to disclose criminal convictions on a licensing application, having criminal convictions that may be substantially related to insurance marketing type conduct, and failing to complete a licensing application. (Continued on page 37) SEPTEMBER 17 9
5 Tips for Reducing E&O Exposures When Moving a Client’s Claims-Made Coverage to a NewCarrier by Dan Cabral, SCLA, AIC E&O Claim Supervisor Utica National often sees Agents’ Errors & Omissions (E&O) claims from insureds as the result of errors when moving a client’s claims-made policy to a new carrier. This usually occurs when a carrier decides to non-renew a risk and the agency must find a market to write replacement coverage. When securing replacement coverage for claims-made risks, there are several issues to address before coverage is written with a new carrier:
1
2
If the expiring claims-made policy is written on a claims-made-and-reported basis, advise your client to submit all potential claims to the prior carrier to avoid a potential late notice situation. Most claims made and reported policies require an insured to report losses during the policy period or within 60 days after the policy expires. Prior to placing the new claims made policy, confirm in writing that the insured has reported all known claims or incidents to the prior carrier. In addition, ensure that the claim report to the prior carrier complies with all requirements outlined in the policy. When in doubt, put your client in direct communication with the carrier to discuss the claims or incidents that are being reported.
Confirm that retroactive dates on the expiring and replacement policies are the same. Ideally, replacement coverage on a claims-made policy will not contain any retro date. However, if a retro date is applied to the replacement claims-made policy, advise your client of the implications of the retro date. In addition, report all known claims and incidents to the prior claims-made carrier.
3
Offer tail coverage to your client if an insurer will not mirror the retroactive date on an expiring policy.
4
Make sure the client reviews and signs the new application before submitting a risk to a wholesale broker or carrier. This will help to ensure that all known claims and incidents are properly disclosed and reported.
5
If the replacement policy does not mirror the prior policy, provide your insured with a specimen form of the new policy and highlight the coverage differences. Discussions regarding form differences should also be memorialized in writing. Following these simple steps will reduce your E&O exposures when moving a client’s claims-made coverage to a new carrier.
The material contained in this article is for informational purposes only and is not for purposes of providing legal advice.You should contact your attorney to obtain advice with respect to any particular issue or problem.
5-R-1201 Ed. 1-17
10 SEPTEMBER 17
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Q: How does carrier contingency work?
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Is your messaging costing you customers? If anyone believes their verbal and nonverbal business messaging is effective, they may be fooling themselves. Here's the problem: If what customers see or hear isn't clear they ignore it. Here's a short checklist on how to improve your messaging: 1. Is your message clear to the reader? It may be clear to you, but that's not enough. Have others read it and given you their feedback. "What really matters is making your meaning clear beyond a doubt," writes famed London Times editor Harold Evans.
MIC_3-625x5_PIA_1216.indd 1
12/13/2016 12:31:09 PM
Sales Talk Good salespeople have one noteworthy characteristic: they're good detectives. They are skilled at nosing around and figuring out what their customers want or need. Armed with such insight, their presentations are focused and effective. Great salespeople are different. They spot wants and needs, but don't stop there. They digest that data and present possibilities that make life and/or work simpler, more enjoyable, and more gratifying. Needs and wants fade, when great salespeople capture their customer's imagination. [Source: GrahamComm]
2. Will your message grab the recipients' attention? If it doesn't, you're done, so figure out a more effective way to express it. 3. Is your message believable? Remember, anything you say about yourself is self-serving; no one believes it. For example: "Our service is superior," "Our customer portal is second-to-none," "We have some of the best reps in the business." Let your customers tell their experience with your company. Make it even more convincing with actual quotes, photos, and their names and where they live. For online messaging, short videos (90 sec.) can be compelling. 4. Will your message move customers to action? It's story time; let an expert say it for you, someone with direct knowledge or experience. This can be particularly effective when comparing the benefits of a new product or service with an existing one. 5. Go back to #1. Check it a few more times. Good messaging takes time and thought. That's because success is the only test that counts. SEPTEMBER 17 13
Why Training Means a Lot to Millennials By: Evan Hackel When baby boomers took their first “real” jobs upon entering the workforce, their demands and expectations were ridiculously low by today’s standards. On their first day on the job they got an employee handbook that they took home and scanned while eating dinner or watching TV. Company training, if there was any, was minimal. For the most part, they accepted the idea that it was normal to feel ignorant and unskilled in the first weeks or months on a new job. They expected to “learn the ropes” by making mistakes. When it came to promotions, most boomers were equally willing to proceed by trial and error. Nobody told them, “Here is just what you need to do to get ahead in our company . . . here is the next position we’ll be considering you for.” One day in the hazy future, they hoped that their bosses would call them in and say, “We just gave you a promotion . . . you may leave early and take the family to dinner to celebrate.” Was there feedback? Of course, there was. There were quarterly, semiannual, or yearly job reviews that usually followed the script, “Here’s what you’ve been doing wrong, here’s where you need to improve—so do it, session over.” In short, many baby boomers were happy to toil away in black boxes, learning jobs and building careers in a loose way that would seem absurd to the members of today’s younger millennial workforce. Millennials Have Far Different Expectations and Demands Boy, have things changed. Today, most millennial workers would object strenuously to the same kind of conditions that baby boomers (and members of the generation that preceded them) thought were normal. If today’s millennials start new jobs and discover conditions like those in a new workplace, they are going to start looking for new jobs in a matter of hours.
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grow on the job is extremely important. In contrast, only 40% of baby boomers feel the same way. • 50% of millennials strongly agree that they plan to remain in their jobs for at least the next year. That might sound like a big percentage, but 60% of members of all other groups plan to stay in place for at least a year. Baby boomers and others are planning on sticking around, while millennials are weighing their options. Learning and Training Are Key to Retaining Millennials and Maximizing their Productivity Findings like those – and you can easily find more – document that millennials are more likely to be engaged and to stay on their jobs if they have opportunities to plan their career paths and learn. Here are the trends: • Millennials like to feel capable and confident in their jobs. Millennials do not like to feel like rookies. Many think of themselves as leaders – or as leaders who are waiting to be discovered. They want to look good, and thrive on being able to confidently contribute from the first day they arrive on the job. The right kind of training—both for new and current millennial employees—makes that happen. • Millennials are usually skilled students. They like to apply the learning skills they built while they were in school. To them, learning feels as natural as eating three meals a day. As the Gallup study found, they are eager to learn. In contrast, getting baby boomers to believe in training can be a harder sell. They tend to view training as a burden, something they have to endure. Millennials say, “Wow, when can I start?”
Ample research documents that millennial attitudes are different. One major study from Gallup, “How Millennials Want to Work and Live,” reports these findings:
• Millennials are tech-friendly. Most of them love to be trained on their mobile phones and tablets, which are the most powerful training options available to many companies today. The result is better knowledge transfer, even to groups of employees who work in multiple or far-flung locations. Baby boomers, in contrast, are more tech-resistant. They are likely to freeze and resist when they hear they are going to be taking company training on their smartphones.
• 60% of millennials say that the opportunity to learn and
Training Is the Place to Build Millennial Productivity and
SEPTEMBER 17
Retention A lot of training focuses on teaching needed skills. It should. But training can accomplish a lot more than that, if you use it to establish some of the following things that many millennials are looking for: 1. Mentoring relationships with their supervisors. Gallup found that 60% of millennials feel that the quality of the people who manage them is extremely important. With that in mind, your training for new employees can set up mentoring, not reporting, relationships between them and their managers. Explain how often check-ins and job reviews with their managers will happen, and what they will cover. And schedule frequent check-in rather than “on the calendar” pro-forma reviews that both managers and the people they manage find boring, or worse. • A sense of belonging on an energized and innovative team. This is a bit of a contradiction, but at the same time millennials think of themselves as individualist entrepreneurs, they also expect to be part of an interesting team. Letting millennials get to know their teammates during training, and fostering a sense of team/group identity, can help convince them that they have joined the right organization.
• A well-defined career path. Consider creating a personalized career development plan for all new employees (the exception being seasonal or other short-term workers who will probably not remain with your company for long). Another idea? Enroll new employees in management training programs from their first days on the job. In retail, for example, you can enroll them in training that will enable them to manage their own stores in two years, or after another stated period. Millennials like to know their next steps as they build their careers, and training is a fine place to explain them. Yes, training is important to millennials. They are the most energized, skilled and capable generation ever to enter the workforce. Train them well and they will become your organization’s brightest future. About Evan Hackel Evan Hackel is CEO of Tortal Training, a firm that specializes in developing and implementing interactive training solutions for companies in all sectors. Evan created the concept of Ingaged Leadership and is Principal and Founder of Ingage Consulting, a consulting firm headquartered in Woburn, Massachusetts. To learn more about Ingage Consulting and Evan’s book Ingaging Leadership, visit Ingage.net.
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Practice Makes…Perfect?
Busting the Myth By Elizabeth McCormick
Sometimes, there’s nothing worse than having it all figured out. You’re doing it day in and day out, and have been doing it for so long now that it’s second nature. You don’t even have to think about the mechanics of it. You know the phrases. “I can do this in my sleep,” “with one arm tied behind my back,” “flying on autopilot.” But what if there is a better way? They say that practice makes perfect. That is a myth and all kinds of wrong. What practice makes is permanent. What you do, day in and out, defines who you are and determines your results. There are reasons why you want to feel competent at what you do, reasons why you want and need activities you can do on autopilot. These are the things that, through daily repetition, people practice. But, in fact, the act of doing something over and over doesn’t ultimately move anyone toward perfection. It leads into a point of permanence, where you do what you do the same way, every day. If it’s not being done perfectly from the outset, it’s not approaching perfection. Be wary not 16 SEPTEMBER 17
to habitualize the mundane. Do You Have All the Information? You will encounter those who, good intentioned or not, stand in your way. They may block, misdirect or withhold key information. Without this, of course, you can’t perform at an optimal level. You may not even know what that level is, or through omission, know how to arrive at the destination. It could be something as simple as a single instruction, or it could come through a fundamental lack of understanding. This is where you need to trust your gut. When you know the outcome isn’t what it could be, don’t be content to meet that outcome. Ask questions. In particular, ask why. Why is it done this way? Why are you not addressing that process or concern? One of the drawbacks of experience is that those secondnature elements lose their resolution and the details fall through the cracks. It may simply be an overlooked key
point that you are no longer consciously thinking about. When something doesn’t make sense, it’s probably because that linking element is missing. Recognize your doubt as a sign of an incomplete picture and chase down the piece you’re missing. Get it right before making it permanent. The Comfort of Learned Knowledge There’s a reason people fall on the familiar, that they practice what they always practice. It’s comfortable. It’s meant to be comfortable. It starts in the physiology of their brains. Those things you know, that you’ve been doing for a long time, exist in your brain as established neural pathways. When you perform familiar tasks, these pathways kick in and take over. By contrast, learning new skills happens elsewhere in the brain, in the same part where emotions live, where the fight or flight response originates. New situations are stressful. It’s what puts your brain up at the top of the consciousness chain. Faced with new stimuli, you process, analyze, deduce and ultimately solve or contain the problem you are facing. As the process progresses, that knowledge becomes hard wired. You practice your responses and make them permanent. Consider a toddler experiencing a candle for the first time. The dancing flame delights them. Their learning skills are based around senses. They see the flame and instinctively they want to touch, taste, smell and hear the flame. So, they reach for it. You know what’s going to happen, right? Of course, you do. You’ve built those neural paths and you’re quite comfortable with keeping your hands a certain distance from flame. The toddler, however, is amassing knowledge and has not yet connected the flame with pain and danger. Burned once though, and that information is hardwired immediately, amidst significant turmoil and trauma, depending on how badly they were burned. Thereafter, the toddler retreats to the comfort and safety of avoiding flames. Increased Comfort and the Learning Process You can’t move close to a seemingly hopeless deadline without distress. People practice their emotional states too, whether they go deliberately or not, working towards its permanence. This is why you feel uneasy about a forthcoming exam in school, no matter how well you know the material. Talk around the cafeteria creates the impression that exam time is highstress, and when students commiserate, they reinforce their own distress. Yet, once you’re familiar and comfortable with information or methodology, it’s increasingly difficult to feel that distress without something triggering the emotional state. Learned
responses are stored in a different part of the brain. As you process new information, it’s tied physically to an emotional response. After learning, it’s hard wired away from emotions. That’s where the cool, calm “do it in your sleep” feeling comes from. You’re supposed to be more comfortable with familiar tasks. As you know, comfort is good, but it’s also complacent and often unexamined. It’s practice making permanent in a literal sense. Your brain hardwires your response. The Illusion of Perfection If you’re not obtaining perfect goals, that doesn’t mean that everything you’re doing is wrong. It may mean you’re missing a key piece of information as you saw above. There may be something off in your process or timing, but it’s very unlikely you’re a complete failure at what you’re doing. When you feel that unease, that discomfort from not achieving your vision of success, your brain is actively seeking new information, solutions to the disparity between reality and vision. It’s a normal part of who you are. You decide what you do with that feeling. You can ignore it. Perhaps you bake cookies or binge watch five seasons of Game of Thrones or apply yourself to other parts of jobs or duties that don’t cause distress. Or you face the unease, looking for the piece of the puzzle that unifies where you are with where you want to be. You learn through repetition. Some people need to do something 100 times before they construct the synapses necessary to move knowledge and skill to that comfortable part of their brains. Some, hateful though they may be, need only five repetitions. Many need 5,000 repetitions, most of the time, at least for the things that matter, the things that don’t come so easy, yet be desired so much. Sometimes that’s how close success really is. You may be just one piece of information or one more moment of perseverance away. About the Author: Elizabeth McCormick is a keynote speaker, author, and authority on Leadership. A former US Army Black Hawk Pilot, she is the best-selling author of her personal development book, “The P.I.L.O.T. Method; the 5 Elemental Truths to Leading Yourself in Life.” Elizabeth teaches real life, easy to apply strategies to boost your employees’ confidence in the vision of your organization and their own leadership abilities. For more information, please visit: www. YourInspirationalSpeaker.com.
SEPTEMBER 17 17
SIA of the Great Lakes, LLC Member of SIAA
To learn how we can help you increase your agency income and value, contact us today. jharrison@siagl.com | 920.494.5000 | www.siagl.com
• $6.6 Billion in Premium • Full & highest commissions • Big is Better – size, clout, stability • No minimum volume requirement for profit sharing and excess compensation • 6,100 signed member agents can’t be wrong • Your clients and companies are always yours
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Contributions are NOT tax deductible for income tax purposes. Donations must be made from Personal accounts only. NO Corporate or Business Checks or Credit Cards accepted Return to: PIAW Legislative Conduit Account PIA of Wisconsin, Inc. ● 6401 Odana Rd. ● Madison, WI 53719 Fax: 608-274-8195 ● www.piaw.org ● Email: rvonhaden@piaw.org
SEPTEMBER 17 19
---------- IT'S STILL THE PERSONAL TOUCH ---------"Technology cannot hug a repeat guest," says George Aquino, VP and Managing Director of AHC+Hospitality, in the New York Times. As he points out, it's not enough to bring customers back if staying in a hotel is a transaction, even a good one. This is why they run training programs for managers and staff so they can improve their hospitality skills, namely to serve as a "concierge corps." In other words, "hug guests." Putting the emphasis on doing the job efficiently, right, and in a timely way is the definition of a great transaction. Having the perfect hotel room isn't enough to bring guests back.That takes the personal touch - a hug. Amazons Prime seems to have figured this out. While providing customers with incredibly flawless transactions, Amazon Prime provides the "hugs" (fast free shipping, deals of the day, exclusive access to movies and TV shows, ad-free music, unlimited photo storage, and Kindle books). Here's the point: The challenge salespeople face - combining the perfect transaction with the personal touch transaction with a generous "hug." But don't forget the donuts. [Source: GrahamComm]
Since 1878
Ellington Mutual Insurance Company
Proudly providing all of Wisconsin with prompt, personal service.
PO Box 356 • Hortonville, WI 54944 920-779-4515 • 800-953-4515
www.ellingtonmutual.com
Homeowners • Farmowners • Commercial • Rental Properties • Seasonal Properties • Umbrella 20 SEPTEMBER 17
The CISR Program empowers outstanding individuals to provide exceptional customer service. Join the many thousands of insurance professionals who have already experienced the benefits.
Melanie Carius, CISR Dave Mosher & Associates Insurance Services Inc. Argyle, WI Lindsay Delvecchio, CISR Century Insurance Agency, Inc. Superior, WI Shaina Dimond, CISR American Adv. - Petersen & Assoc Inc. New Berlin, WI Kimberly Gagas, CISR, AIS, AINS Parker Stevens Agency, LLC Stevens Point, WI Stephanie Giebel, CISR Martz Insurance Agency, Inc. Wautoma, WI
Christine Miramontes, CISR, AINS R & R Insurance Services, Inc. Waukesha, WI Christine Nabbefeld, CISR Valley Insurance Associates, Inc. Kaukauna, WI Talia Schilling, CISR, AINS HNI Risk Services, LLC New Berlin, WI Amy Spielmann, CISR HNI Risk Services, LLC New Berlin, WI Samantha Zimmermann, CISR JM Insurance Services, LLC Neenah, WI
This new status is for CISRs who aspire to be more, and passed all nine CISR courses. Jacki Dahm, CISR Elite, AU, AIC West Bend - A Mutual Insurance Co. West Bend, WI Deborah Plehn, CISR Elite Diversified Insurance Solutions Brookfield, WI
Jamie Juech, CISR West Bend - A Mutual Insurance Co. West Bend, WI
NEW CICs
The Certified Insurance Counselors (CIC) Program has been the insurance industry’s premier, proven source for practical, real-world education since 1969. For insurance professionals everywhere, the 20 hour Institutes represent a thoroughly rewarding learning experience, led by accomplished insurance and risk management speakers. Are you ready to challenge yourself?
Cassie Bornick, CIC The Diedrich Agency, Inc. Ripon, WI Jason Dombrowski, CIC Amherst, WI Matthew Frato, CIC Erie Insurance Brookfield, WI James Gayton, CIC Prairie Land Insurance Agency, Inc. Madison, WI Kathleen Grossen, CIC, CISR Tri-Insure LLC Monticello, WI
Derek Hudson, CIC American Risk Management Resources Network, LLC Middleton, WI Laurie LaDuke, CIC,CPCU,AU,AIS,AINS,AIM West Bend - A Mutual Insurance Co. West Bend, WI Eric Maus, CIC, CISR Wisconsin Mutual Insurance Company Madison, WI Amber Ramsden, CIC Wisconsin Mutual Insurance Company Madison, WI
Jesse Roberts, CIC M3 Insurance, Inc. Madison, WI Toni Schaefer, CIC, CISR, AINS R & R Insurance Services, Inc. Waukesha, WI Nathaniel Troyer, CIC M3 Insurance, Inc. Madison, WI Annette Zewers, CIC, CISR Central Insurance Agency LLC St. Croix Falls, WI
SEPTEMBER 17 21
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NEW CISRs
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Choose 5 of 9 to improve your 9 to 5. CISR EDUCATION FOR INSURANCE & RISK MANAGEMENT PROFESSIONALS
It still takes 5 courses to earn a CISR designation but now you have the flexibility of 9 course options. This allows you to focus on what’s important to you. We understand not everyone learns the same way or even at the same pace, so we offer courses in the classroom, online and in-house. Find out how CISR can improve your 9 to 5. Call or visit us on the web today.
• • • • • • • • •
Commercial Casualty I Commercial Casualty II Insuring Commercial Property Insuring Personal Auto Exposures Insuring Personal Residential Property Personal Lines Miscellaneous Agency Operations Elements of Risk Management Life & Health Essentials
www.piaw.org
1-800-261-7429 22 SEPTEMBER 17
More and more owners, managers, and producers are taking advantage of the solid education provided by the CISR designation program—and for good reason. The “S” in CISR could stand for “Sales” as well as “Service.” CISR courses are a perfect blend of foundational technical training and the skills producers need to create long-term relationships. CISR courses are convenient one-day classroom courses—also available in self-paced online and in-house formats. The practical knowledge of risks, coverages, and exposures, complement the cross-selling and account-rounding skills taught in CISR courses. CISR is a solution to satisfaction for your clients, the agency, companies, and you!
Contact PIA of Wisconsin today! 1-800-261-7429 • www.piaw.org
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Certified Insurance Service Representative Open to Anyone!
7 WI CE Credits Course #69357
ELEMENTS OF RISK MANAGEMENT
Insurance professionals need training in the risk management process for two reasons. First, insurance is an integral part of their client’s overall risk management program. Second, services provided by carriers, agencies and brokerages are often significant items in the organization’s cost of risk. In this course we will cover each of the five powerful steps in this process, which protects not only the organization’s assets, but also its mission and its brand.
• • • * • •
The Risk Management Process & Risk Terms Risk Identification Risk Analysis September Risk Control September Risk Finance Risk Administration
20 • Waukesha - FULL! 21 • Madison
CLASS SCHEDULE Course Instructor Patti Gardner CIC, CRM, CPCU
Instruction Group Lunch Optional Exam
8:00 a.m. – 3:45 p.m. 12:00 p.m. – 12:45 p.m. 4:15 p.m. – 5:15 p.m.
$170 Per Course Includes Lunch
Register at www.piaw.org or call 800-261-7429
H ot T opic S eminar
ANYONE CAN ATTEND! NO DESIGNATION REQUIRED. 7 WI CE
This William T. Hold Seminar is an
approved CISR update option.
OCTOBER 10 TH John Dismukes CIC, CPCU, AAI, AIS
Radisson – Green Bay 8:00 – 4:00 p.m. • Things I Wish I Had Known 40 Years Ago! (Commercial & Personal Lines) • Certificates of Insurance and Additional Insureds Register at www.piaw.org or call 800-261-7429
SEPTEMBER 17 23
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Certified Insurance Counselor Each Approved for 20 Wisconsin CE Credits PERSONAL LINES
September 13-15, 2017 Conducted at West Bend Insurance Company $102 rate through 8/12/17 at Hampton Inn & Suites 262-438-1500
COMMERCIAL CASUALTY — REVISED! November 1-3, 2017 Crowne Plaza — Madison, WI $111 PIA room rate through 10/1/17 886-424-0835
• COMMERCIAL GENERAL LIABILITY CONCEPTS & COVERAGE Ted Kinney, CIC, CPCU, CPIA, IIA, AU, AINS, CRIS
• PERSONAL RESIDENTIAL COVERAGES Jerry Kennedy, CIC • CONDOMINIUMS • FLOOD John Dismukes, CIC, CPCU, AAI, AIS
• ADDITIONAL INSURED CONCEPTS & ENDORSEMENTS • BUSINESS AUTOMOBILE COVERAGES & ENDORSEMENTS Patrick Deem, Sr., CIC • WORKERS COMPENSATION & EMPLOYERS LIABILITY John Dismukes, CIC, CPCU, AAI, AIS
• PERSONAL AUTOMOBILE COVERAGES • PERSONAL UMBRELLA/EXCESS COVERAGES Russell Deaton, CIC
WI CE COURSE #69169 Day One: 8:00 – 5:15
Day Two: 8:00 – 5:00
WI CE COURSE #1012294 Day Three: 8:00–noon, Optional Exam 2:00 – 4:00
$405.00 per institute. Register at www.piaw.org or call 800-261-7429.
The Art of Asking Questions & What’s My Line – The Boundaries of Ethics October 19, 2017 Society Insurance – Fond du Lac
__________________
8:30 – 12:00 “The Art of Asking Questions” 4 WI CE and Utica Approved
(45 minute lunch, on your own) 12:45 – 4:00 “Ethics” 3 WI Ethics CE and Utica Approved
• •
Open to Everyone Full Day is a CPIA Update
Todd Davis, CIC
PIAW Member full day $170.00 half day $85.00 Non Member full day $200.00 half day $100.00 __________________
Do you want to avoid E&O claims, sell more insurance and become more profitable? This unique program probes how we ask questions; how we receive answers and provides startling information on how little Does notinformation includes WI CE information we actually receive. Learn the art of thoughtful questing to obtain more accurate and Fees take away great techniques to better serve your clients. The afternoon session will look at ethics, including your personal and your organization’s code of conduct.
Register at piaw.org or call 800-261-6429
24 SEPTEMBER 17
Visit the Education tab at piaw.org for a complete list of topics, descriptions, webinar demo and registration. Several approved for Utica credit. Ethics is offered each month. Fee per Webinar: $55 PIAW Member, $70 Non Member – Includes WI CE fees.
September 2017 Webinar Schedule TITLE & WI CE
DATE
TIME (CST)
INSTRUCTOR
Regarding Ethics 3 Ethics CE # 1010868, Utica Approved
9/6
1-4p
Kevin Amrhein, CIC
Money in Retirement Accounts: Options, Problems & Opportunities 3 CE # 1012436
9/7
12-3p
Jerry Rhinehart, CIC, CLU, ChFC, RHU
Worker’s Compensation Issues: Common Provisions and Rating 3 WI CE # 6000004677
9/11
12-3p
Jerry Hargrove, J.D., CIC, CPIA, SCLA, FCLA, PICS, LICS
Weatherstripping the CGL: Drafts, Gaps, Forms and Fixes 3 WI CE # 1011188
9/12
12-3p
Chris Amrhein, AAI
So You Made Some Money…Now What? Financial Planning from Salary to Social Security 3 WI CE # 1012438
9/13
8-11a
Karin Klaassen, CLU, LUTCF
Home Business vs Home Insurance 3 WI CE # 6000004680
9/13
12-3p
Nicole Broch, CC, CISR, PLCS
Health Insurance: Myths, Truths and Solutions 3 CE # 1011195
9/18
12-3p
Karin Klaassen, CLU, LUTCF
Commercial Property Claims that Cause Problems 3 CE # 1012434
9/19
12-3p
Terry Tadlock, CIC, CPCU, CRIS
Top Twelve Coverage Countdown: Answers, Evaluations & Revelations 3 WI CE # 1010873
9/20
12-3p
Chris Amrhein, AAI
Man vs. Machine: Cyber Exposures and Insurance Solutions 3 WI CE # 1011190
9/21
12-3p
Jerry Hargrove, J.D., CIC, CPIA, SCLA, FCLA, PICS, LICS
Executive and Management Liability 3 WI CE # 1010876
9/26
12-3p
Catherine Trischan, CPCU, CRM, CIC, ARM, AU, AAI, CRIS, MLIS
Commercial Liability Endorsements to Watch Out For 3 WI CE # 1010874
9/27
12-3p
Catherine Trischan, CPCU, CRM, CIC, ARM, AU, AAI, CRIS, MLIS
Register online at piaw.org or call 1-800-261-7429. Contact Brenda for in-house webinar opportunities. bsteinbach@piaw.org SEPTEMBER 17 25
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New Topics! Each Approved for 3 WI CE Credits. Live. No Test. No Proctor.
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CRM Analysis of Risk November 14-17, 2017 Milwaukee, WI Conducted by PIA and The National Alliance Register directly with The National Alliance at www.thenationalalliance.com The Certified Risk Manager courses provide you with an in-depth knowledge about today's' highest priorities identifying, analyzing, controlling, financing, and administering operational risks- as well as political risks, catastrophic loss exposures, third-party exposures, fiduciary exposures, employee injury exposures, juridical risks, legal risks, and more - whether insurable or not. The skills you learn will make you more proactive and valuable to your organization in discovering how risks can interrupt the flow of earnings and how to protect against it. • • • •
Introduction to Analysis of Risk Qualitative Analysis: Tools, Forecasting Cash Discounting Concepts Risk Analysis Applications
Take all five CRM courses and pass all five CRM exams within five calendar years after you complete your first CRM exam. Each course is 2½ days of instruction, followed by an optional exam. Any eligible individual may attend classes without taking the examinations to receive 20 WI CE.
UTICA
Gives You the Credit You Deserve! The following PIAW education classes are approved for the Utica premium credit. • Any CIC Update • CIC Agency Management • CISR Agency Operations • Dynamics of Service • Select PIAW Webinars • PIAW Conducted Ethics and E&O Seminars (classroom or in house) To register online and view upcoming CE courses visit www.piaw.org
26 SEPTEMBER 17
Please contact Heidi Hodel, CIC, CRIS, Member Benefits Coordinator hhodel@piaw.org or 1-800-261-7429 to find out how you can benefit from Utica’s E&O Loss Control Program.
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CIC RUBLE SEMINARS Exciting update options, they fill up quickly! 16 WI CE (*Includes 4 optional Ethics)
October 11 & 12 | Graduate Ruble | Radisson – Green Bay, WI* January 17 & 18 | Graduate Ruble | Crowne Plaza Airport – Milwaukee WI* Visit www.piaw.org or call PIA at 1-800-261-7429
On-Line Insurance Pre-licensing Education
Exam FX
www.piaw.org
Online Training & Assessment
Pass your insurance test fast. Start producing faster.
Insurance and Securities Pre-license Training SEPTEMBER 17 27
Insurance Agents May Be Deemed ERISA Fiduciaries - Act Accordingly
By Peter J. Richter Douglas C. Scriver
While insurance agents have long sold a variety of beneficial products, agents have generally not been considered 'fiduciaries' under the Employee Retirement Income Security Act ("ERISA"). The distinction between fiduciaries and non-fiduciaries is important because a fiduciary under ERISA is subject to a variety of rules and regulations regarding the products being sold and the sales process. However, recently enacted changes may impact a number of independent insurance agents. Effective June 9, 2017, the U.S. Department of Labor broadened its regulations such that agents are now more likely than ever to qualify as ERISA fiduciaries with respect to the sale of certain employee benefits, IRAs, and related products. As a result, agents could owe heightened duties of care and undivided loyalty to plan participants, beneficiaries, and IRA owners (duties similar to those a trustee of a trust owes to the beneficiaries of the trust). Covered agents must provide prudent advice and recommend investments based solely on the participant's, beneficiary's, or owner's financial interest. Another, and perhaps more significant, consequence of becoming categorized as a fiduciary is that insurance agents are now unable to engage in transactions in which an agent is deemed to have a conflict of interest under ERISA. An agent may have such a conflict of interest if, for example, the agent receives commissions from an insurance company in relation to a sale to a plan or IRA. Thus, unless a 'Prohibited Transaction Exemption' applies, agents might violate ERISA when they collect commissions. 28 SEPTEMBER 17
PTE 84-24: For Insurance and Fixed Rate Annuity Contracts Until January 1, 2018, agents selling any insurance or annuity contract may rely on the DOL's exemption from ERISA-prohibited transactions known as PTE 84-24 (the "Annuity Exemption"). The Annuity Exemption permits insurance agents to receive third-party payments in connection with a sale of insurance or annuities. Beginning in 2018, only agents recommending insurance contracts or 'Fixed Rate Annuity Contracts' (i.e., immediate annuities, traditional annuities, declared rate annuities, and fixed rate annuities) with respect to plans or IRAs may use the Annuity Exemption to engage in transactions otherwise prohibited by ERISA.
Impartial Conduct Standards Any agent relying on the Annuity Exemption, now or in the future, is required to comply with 'Impartial Conduct Standards.' Thus, he or she must give prudent advice that is in the best interest of the pertinent plan participant, beneficiary, or IRA owner,
avoid misleading statements, and receive no more than reasonable compensation. To give prudent advice, an agent must skillfully, knowledgably, and impartially take into account the participants', beneficiaries', or owner's investment objectives, risk tolerance, financial circumstances, and needs; investigate and evaluate investments; make recommendations; and exercise sound judgment. Conversely, the agent must not take into account his or her (or any other third party's) financial or other interests. Ultimately, the transaction the agent recommends must be on terms judged favorable to the participants, beneficiaries, or owner.
Disclosures and Recordkeeping The Annuity Exemption, as amended effective January 1, 2018, will impose specific disclosure and recordkeeping requirements on agents. Depending on the particular circumstances, the agent may have to provide to a plan's independent fiduciary or an IRA's owner a written description of: • The nature of the affiliation or relationship between the agent and the insurance company whose contract is being recommended, and any limitations placed on the agent by the insurance company; • The commission that will be paid, including in any renewal years, by the insurance company to the agent; and • Any charges, fees, discounts, penalties, or adjustments that may be imposed upon the plan or IRA. The plan's independent fiduciary or IRA's owner must acknowledge receipt of this information and approve the agent's recommended transaction before the transaction may be finalized. Once the transaction is executed, the agent must keep, for a period of at least six (6) years, all records necessary to show that the Annuity Exemption's conditions were met. Best Interest Contract Exemption: For Variable and Indexed Annuities After 2017, agents recommending variable or indexed annuities or other annuities that constitute non-exempt securities to employee benefit plan participants or beneficiaries or IRA owners must comply with the new 'Best Interest Contract Exemption,' rather than the Annuity Exemption, to collect commissions from insurance companies. As with the Annuity Exemption, any agent relying on the Best Interest Contract
Exemption must adhere to the Impartial Conduct Standards described above. However, the Best Interest Contract Exemption imposes even more strenuous contracting, disclosure, recordkeeping, and other requirements on agents and the insurance companies whose annuities they recommend. As a result, it will be very important for any agent planning to rely on the Best Interest Contract Exemption to work with those insurance companies to ensure all of the exemption's conditions can be satisfied. Working Within the New Requirements The amended Annuity Exemption and Best Interest Contract Exemption are scheduled to take effect on January 1, 2018. Nevertheless, the DOL recently issued a request for information regarding the fiduciary rule. The request hinted that the January 1, 2018 applicability date may be extended and that revisions to the Annuity Exemption amendments and the Best Interest Contract Exemption may be forthcoming. Rather than adhering to a Prohibited Transaction Exemption, some agents may find it beneficial and more practical to examine their compensation arrangements and other business operations to avoid all conflicts of interest under ERISA. Regardless of how an agent chooses to proceed, he or she has likely already been, and will continue to be, affected by the DOL's new regulations. Fiduciary status brings numerous implications, and we encourage agents to work with their companies, advisors, and attorneys to ensure they are in compliance with all of their legal responsibilities.
If you have any questions about how the information in this article may affect you or your business, please contact Peter Richter at prichter@stroudlaw.com or Doug Scriver at dscriver@stroudlaw.com or (608) 257-2281 or your Stroud attorney. DISCLAIMER: The information in this article is provided for general informational purposes only, is not necessarily updated to account for changes in the law, and should not be considered tax or legal advice. This article is not intended to create, nor does the receipt of it constitute, an attorney-client relationship. You should consult with your own legal and/or financial advisors for legal and tax advice tailored to your specific circumstances. SEPTEMBER 17 29
Quik Sales Tip
Would Your Client Fight to Keep You? How much do you think your client would protest if upper management asked them to change agents? Do you think any of your customers feel a sense of pride or even enthusiasm about their choice of you as their insurance agent? Do you believe it's even possible to engender that type of customer loyalty when the product you're selling is insurance? You should.
there is a claim, but you can reinforce it through open communication and thorough explanation of coverage.
Of course, it's easier to identify customer passion with certain brands — Harley Davidson, Coca-Cola, Starbucks — but people create a personal connection with every brand, even if they don't recognize it, can't communicate it or don't wear clothes emblazoned with the brand logo. So how can you elicit pride or even passion for your agency? It starts by recognizing that you aren't just selling policies; you're selling your expertise, your personality and your relationship.
"Appreciated" is perhaps the most important part of the above description. Let your clients know you don't take their business for granted. Take the time to know about them personally as well so that they feel recognized and equally vital to the insurance buying process. This is the point of personal connection where someone might consider going out on a limb to protect your account relationship.
What's the route to the upper tier of passion? Gallup defines four stages of emotional connection to a brand: 1. Confidence reflects the belief that the company can be trusted, always and everywhere, to keep the promises it makes. This is the point of entry. Without a prospect's confidence, you'll never close the sale in the first place. Without open communication, you'll lose footing on this initial rung and won't maintain hold of the account. 2. Integrity reflects the belief that the company will always treat its customers fairly and can always be counted on to stand behind its products and resolve any problems that might occur. Given the very nature of what you're selling — protection for what matters most to each individual customer — this level of emotional connection is vital for long-term retention. You may not have an opportunity to fully demonstrate your integrity until 30 SEPTEMBER 17
3. Pride reflects the degree to which consumers feel appreciated by the company and proud of their personal association with the brand.
4. Passion reflects the belief that the brand is essentially irreplaceable and represents a seemingly perfect fit with the customer's personal needs. With every competitive agency selling essentially the same thing you are — coverage — you will never elicit passion for what you sell, but rather for how you sell it. If your goal with every customer is to ease their burdens, simplify their job and instill a real sense of protection, you can reach the pinnacle. Yes, insurance may be considered just a business function, but your client is now invested in maintaining your relationship, not just the policies. Consider each of your current accounts and recent interactions with potential clients. Are you focused more on getting and maintaining a signed contract or do you work every day to be irreplaceable? Shoot for more than customer confidence. Strive for passion.
SEPTEMBER 17 31
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SEPTEMBER 17 33
Clients for Life:
From First Sale to Long-term Relationship
by John Chapin
I’ve had a lot of people ask me about client retention because it’s something I’ve been very successful at over the years. On that note, here’s how I did it from the initial sale all the way through the entire long-term relationship. Steps to take with the initial sale:
will. Always try to give something extra.
Step 1: Verbally thank the client for his business when you close the sale. Step 2: Review expectations and what will happen next. Whatever your particular steps are, go over these steps with the client and let him know how and when he will be kept up to date.
Step 7: Call or stop by in-person before, during, and after initial delivery of the product or service. It’s particularly important in the beginning of the relationship to communicate often. This may feel like micro-managing and it is. You have to ensure everyone does what they’re supposed to do and everything goes smoothly on this initial sale. It’s best to follow a check-list.
Step 3: Ask the client if he has any final questions, thank him once again for his business, and reiterate when he will next hear from you or someone from your company.
Step 8: Survey the client on how you did. Do this step in-person or on the phone. What did you do well and what could have been done better?
Step 4: Send a handwritten thank-you note the day you get the order. * Sign the thank-you note in blue ink and include your business card.
* - Note: Depending upon the size and significance of an order, it may be appropriate to thank a client with more than a thank-you note. You may also do this for more than just the initial order. Here are some various ways to do that: • Small gifts: golf balls, nice pens, cups, etc. • Gift certificates • A gift to one of his favorite charities • An investment in client’s business or something else they are involved in • Vacations or trips to trade shows and other industry events
Step 5: Introduce other team members they might be working with. Step 6: Follow up and deliver what you say you’ll deliver. At a minimum you must deliver what you say you will, when you say you will. Ideally you’ll deliver more than you say you 34 SEPTEMBER 17
Next, shift your focus to building a life-long relationship. Step 9: Reach out 18 to 26 times per year. Reach out in a variety of ways: phone calls, e-mails, regular mail, in-person visits, Fed-Ex, etc. a) Three contacts: Send out a holiday, birthday, and anniversary card. In addition to sending out holiday cards, you can send gift baskets, bottles of wine, champagne, and otheritems to your best clients. Also, Thanksgiving and New Year’s Cards (potential fourth and fifth contacts) stand out because few people send them, but I’d still send a December Holiday Card. b) Here are some other ways to reach out to clients 18-26 times. • Send cards for promotions, new babies, and other celebratory events. • Send Get-well cards. • Visit clients in the hospital. • Send items pertaining to their interests and hobbies such as books and t-shirts. • Act on personal information about your clients’ family members and send out notes to acknowledge graduations and similar events. • Get your clients on the mailing list for company publications. • Develop your own newsletter or monthly article and send it out to your clients. • Attend events sponsored by clients. • Do business with your client and send them business if possible. • Send copies of industry articles that may affect their business or simply be of interest. • A good business book or resource Note: You are an expert. You are expected to be learning, reading, and passing applicable and valuable information on to your clients and prospects. • Send information out on new products. • Send promotional items. • Donate money to their favorite charities or events they sponsor. • Drop by with baseball tickets. • Take clients to lunch, dinner, other sporting events,
shows, or out to play golf or some other activity. • Connect them with other companies, other people they’d like to meet, and other professionals such as lawyers, CPAs, insurance agents, and Realtors, and vendors. • Send them potential new employees. • Connect on social media. (Use discretion and your best judgment here) Step 10: Practice these overall client rules: • Always make the client your number one priority. • Keep communicating. Focus on good, solid communication. • Personalize the relationship and always seek to build and strengthen it. • Let clients know you appreciate their business and that you don’t take them for granted. • Focus completely on the client and how you can help. Always do what’s best for them. • Stay on your toes and do what you say you’ll do. • Go above and beyond. Deliver more than you say you will. Note: You don’t need to follow this plan with all your accounts, only with the clients you want to keep. Most likely your largest clients. If you follow the 80/20 Rule, you will be doing this with your top 20% of accounts that give you 80% of your business. If you care about your clients, treat them right, build strong relationships, and keep them happy, you will rarely have to worry about having enough business. Not only will they stay with you, they will also refer business associates, friends, and family. In addition, if you’re working with happy, lifelong clients all day, your work and life will be much more enjoyable. John Chapin is a motivational sales speaker and trainer. For his free newsletter, or to have him speak at your next event, go to: www.completeselling.com John has over 29 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia. You can reprint provided you keep contact information in place. E-mail: johnchapin@completeselling.com.
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. - Harold S. Geneen SEPTEMBER 17 35
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4/24/15 8:48 AM
(Continued from page 6 - From the Boardroom)
(Continued from page 9 - Administrative Actions)
peers. Part 1 provides an overview for Positioning for Success, then Part 2 provides the Implementation for Success while Part 3 creates the Sustainment of Success.
Kenya C. Williams, 3756 N. 4th St., Milwaukee, WI 53212, had her insurance license revoked. This action was taken based on allegations of owing delinquent Wisconsin taxes.
While there are many avenues to further ones education in this complicated business we call insurance, I strongly encourage you to consider earning an industry designation soon. I have heard the many excuses over the years from agents and account managers such as, “I don’t like testing”; “what will this do for me that I can’t get from other classes” and “I just am not willing to put forth the initiative or effort” to earn a designation.
Chan Xiong, 828 S. 11th Ave., Wausau, WI 54401, had his application for an insurance license denied for 60 days. This action was taken based on allegations of failing to disclose an administrative action taken by the state of Wisconsin on a licensing application and having an unpaid civil money judgment.
My answer is simply this, “Nothing ventured therefore nothing gained” Even if you fail, you have still learned something. The last time I checked, most employers compensate their employees for earning the designation along with paying for the classes. Sounds like a “win-win” to this agent.
Allegations and Actions Against Companies None to report.
SEPTEMBER 17 37
PROFESSIONAL INSURANCE AGENTS OF WISCONSIN, INC. OFFICERS Ms. Jodi Cordes, CIC, CRM, CPIA President A.F. Glass Insurance Center P.O. Box 1149 Lake Geneva, WI 53147 Phone 262-248-5555 Fax 262-248-5544 jcordes@glassinsurancecenter.com Mr. Matt Cranney, CIC, CRM Vice President M3 Insurance Solutions, Inc. 3133 W Beltline Hwy Madison, WI 53713 Phone 608-273-0655 Fax 608-273-7783 matt.cranney@m3ins.com
DIRECTORS Mr. Thomas Budzisz, CPIA BWO Insurance Group, LLC 2111 E Rawson Ave. Oak Creek, WI 53154 Phone 414-768-8100 Fax 414-768-8110 tom@bwoinsurance.com Mr. Jeremy Cordova, CIC Cordova Agency, Inc. 716 E 2nd St. Merrill, WI Phone 715-536-9576 Fax 715-539-3349 jeremy.cordova@cordovaagency.com Ms. Sandy L. Hardrath, CIC, CPIA Ansay & Associates 4712 Expo Dr. Manitowoc, WI 54220 Phone 920-370-4283 Fax 920-682-7799 Sandy.Hardrath@Ansay.com
Mr. Sean M. Paterson, CIC Treasurer Robertson Ryan & Associates 12750 W. North Ave., Building A Brookfield, WI 53005 Phone 262-782-5373 Fax 262-782-6327 spaterson@robertsonryan.com
Mr. Michael Keener, CIC Keener Insurance Solutions, LLC W 175 N11081 Stonewood Dr Ste 105 Germantown, WI Phone 262-293-9144 Fax 262-293-9254 michael@keenersolutions.com
Ms. Julie Ulset, CPIA Secretary Grams Insurance Agency LLC 103 W Fulton St. Edgerton, WI 53534 Phone 608-884-3304 Fax 608-884-9616 julset@gramsinsurance.com
Mr. John W. Klinzing, CIC, CPIA Affiliated Ins. Agencies of WI, LLC 3830 Atwood Ave. Madison, WI 53714 Phone 608-310-3924
STAFF
Fax 608-441-8787 johnk@affiliatedllc.com
PIA of Wisconsin, Inc. 6401 Odana Road Madison WI 53719 Phone: 608-274-8188 Toll Free: 800-261-7429 Fax: 608-274-8195 Toll Free Fax: 866-203-7461 www.piaw.org
Mr. Dennis Kuhnke, CIC, CPIA PIAW National Director Robertson Ryan & Associates Inc. 330 E Kilbourn Ave. Suite 650 Milwaukee, WI 53202 Phone 414-271-1561 Fax 414-271-3012 dkuhnke@robertsonryan.com
Ronald Von Haden, CIC Executive Vice President rvonhaden@piaw.org
Mr. Brian MacGillis, CPIA MacGillis Agency, Inc. W3934 County Highway H PO Box 100 Fredonia, WI 53021-0100 Phone 262-790-0000 Fax 262-790-0004 brian@macgillisinsurance.com
Heather Falk, CISR Bookkeeping hfalk@piaw.org Heidi Hodel, CIC, CRIS Member Benefits Coordinator hhodel@piaw.org
Mitchell Tarras Nett Insurance Agency LLC 607C Eastern Ave Plymouth, WI 53073 Phone 920-893-3252 Fax 920-893-3250 mitchtarras@charter.net
Mandy Penn Executive Assistant mpenn@piaw.org Becca Prestbroten Administrative Assistant bprestbroten@piaw.org
Dan Wolfgram AINS, CPIA R & R Insurance Services, Inc. 1581 E. Racine Ave. Waukesha, WI 53186 Phone 262-574-7000 Fax 262-574-7080 dan.wolfgram@rrins.com
Brenda Steinbach Education & Convention Director bsteinbach@piaw.org
Coming Events SEPTEMBER 2017 13-15
CIC Personal Lines West Bend, WI (20 WI CE)
20, 21
CISR Elements of Risk Management Waukesha, Madison, WI (7 WI CE)
OCTOBER 2017
NOVEMBER 2017
10
1-3
Hot Topic-Things I Wish I Knew 40 Years Ago Green Bay, WI (7 WI CE)
11-12
Ruble Graduate Seminar Green Bay, WI (16 WI CE, 4 of 16 are optional Ethics)
19
Hot Topic-The Art of Asking Questions & Ethics Fond du Lac, WI (7 WI CE, 3 are Ethics)
25
CISR Personal Residential Rothschild, WI (7 WI CE)
26
CISR Agency Operations Waukesha, WI (7 WI CE, 1 of 7 is Ethics) 38 SEPTEMBER 17
CIC Commercial Casualty Madison, WI (20 WI CE)
DECEMBER 2017 6
CISR Commercial Casualty 1 Waukesha, WI (7 WI CE)
7
CISR Commercial Casualty 2 Madison, WI (7 WI CE)
12-14
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6401 Odana Road Madison, WI 53719 Change Service Requested
Professional Insurance Agents of Wisconsin, Inc. 6401 Odana Road • Madison, WI 53719 (608) 274-8188 • (800) 261-PIAW • FAX (608) 274-8195 • TOLL FREE FAX: (866) 203-7461 www.piaw.org
MEMBERSHIP APPLICATION Agency Name________________________________________________________________________________________________________________ Street Address________________________________________________ PO Box_______________________________________________________ City, State, Zip_________________________________________________ County_______________________________________________________ Phone_______________________________________________________ FAX__________________________________________________________ E-mail Address________________________________________________ Website Address________________________________________________
Primary Contact Information:
The Primary Contact will receive a copy of the Wisconsin Professional Agent magazine and all mailings from PIA State and National. The Primary Contact has voting rights at PIA national meetings. Primary Contact and all agency staff have voting rights at PIA of Wisconsin meetings.
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Part-time employees count as one-half. If count ends in half, drop half. # Owners_________+ # Producers_________+ # Licensed staff_________+ # Unlicensed staff_________= Total Agency Size_____________________ DUES SCHEDULE Total Agency Size $Amount Total Agency Size $ Amount 1 385 16 1025 2 430 17 1070 3 475 18 1110 4 520 19 1155 5 565 20 1185 6 605 21 1230 7 655 22 1270 8 695 23 1320 9 735 24 1360 10 775 25 1405 11 820 26 1445 12 865 27 1490 13 900 28 1530 14 940 29 1575 15 985 30 & Over 1610 I certify that the information on this application is true and correct. Signed_________________________________ Dated_______________________
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