AUGUST 2019 | DELAWARE
ALEXANDRA YEITY
ON RECRUITING MILLENNIALS & MORE
Exclusive Member Magazine 8 STRATEGIES TO SUSTAIN A FAMILY BUSINESS
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TRUST US TO CATER TO THEIR BUSINESS Our restaurant package offers a menu of options that cover the risks of running a successful dining establishment, from food spoilage to cooking equipment protection, and more. That way, restaurant owners can focus on their bread and butter — customers. Trust in Tomorrow.® Contact us today. If you’re writing commercial business in Pennsylvania, find out what we can do for you and your customers. Contact our Pennsylvania representative, Harry Larkin, at harry.larkin@grinnellmutual.com.
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IN THIS
12 ON THE COVER: Q&A WITH ALEXANDRA YEITY Alexandra Yeity talks about joining the family business, millennials in the workforce, and her love of travel.
14 8 STRATEGIES TO SUSTAIN A FAMILY BUSINESS IA&B’s HR consultant offers tips for positioning your family business for the future.
22 A MESSAGE TO NEW AGENTS
Opportunity abounds for aspiring independent insurance agents. Read a professional behavioral analyst’s insights and recommendations for new agents to find success.
IN EVERY ISSUE 2 3 4 6 8 10 26 28 28
Chair of the Board’s Message Don's Discussion Preventing Errors & Omissions Coverage Corner News & Notes IA&B Partners Pics & Posts Education Classified Ads
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8 STRATEGIES TO SHORE UP THE FUTURE OF YOUR FAMILY BUSINESS
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LinkedIn.com/company/IA_and_B Twitter.com/IA_and_B About IA&B IA&B is the premier resource and champion for independent insurance agents in Pennsylvania, Maryland, and Delaware. Periodical postage paid at Mechanicsburg, Pa. and at additional mailing offices. Postmaster: Send address changes to Insurance Agents & Brokers, 5050 Ritter Road, Mechanicsburg, PA 17055. Primary Agent (ISSN 1543-3110), Permit # 638-620, Issue # 2019-8, is published monthly by IA&B Service Group Inc., a subsidiary of IA&B. Copyright 2019. All rights reserved. No material may be reproduced in whole or in part without written consent of the publisher. The information in this publication is general in nature and not intended to serve as legal, accounting, financial, insurance, investment advisory or other professional advice as to any reader’s particular situation. Users are encouraged to consult with competent legal, financial, insurance, investment advisory and/or other professional advisors concerning specific matters before making any decisions. We disclaim any responsibility for any decisions or actions by readers. Statements of fact and opinion in Primary Agent are the responsibility of the authors alone and do not imply an opinion on the part of the officers or the members of IA&B. Participation in IA&B events, activities and/or publications is available on a non-discriminatory basis and does not reflect IA&B endorsement of the products and/or services.
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CHAIR OF THE BOARD’S MESSAGE
BOARD OF DIRECTORS INSURANCE AGENTS & BROKERS 5050 Ritter Road | Mechanicsburg, PA 17055 800-998-9644 | IABforME.com
OFFICERS
Chair of the Board
John B. Hollister
A BITTERSWEET SIGN-OFF
T
ime flies when you’re having fun. It may be cliché, but the saying rings true as I approach the end of my two-year term as chairman and my eight years total on the IA&B Board of Directors. It’s a bittersweet time. Truly, it has been a pleasure to volunteer with so many talented insurance professionals – people who I am honored to count as friends. But at the same time, I’m leaving with great optimism for the board of directors, the IA&B organization, and the independent agency system as a whole. One reason is my confidence in incoming IA&B Chairman Craig Mader and his fellow directors, as well as in IA&B President and CEO Jason Ernest and his team. They have the momentum, drive, and commitment to make things happen. Another reason I leave with such optimism is the young talent I see coming up through the ranks. By September, we will increase the number of dynamic young producers on the Board of Directors, with more waiting in the wings. And then in October, IA&B will host its fourth annual Futures Conference for young insurance professionals. I’ve had the pleasure of attending portions of the past two conferences, and the energy and ingenuity of this crew are exhilarating. So as I sign off on my last Primary Agent message, I thank you for your support and wish you much success. To borrow one of Jason’s favorite phrases, onward and upward!
Milford, PA
Vice Chair of the Board
Craig S. Mader Crofton, MD
MEMBERS
Emory Stephen Burnett, CIC, ARM Wilmington, DE
Richard F. Corroon, CPCU Wilmington, DE
Michael P. Ertel Sr.+ Columbia, MD
Len Gieseler, LUTCF Pottstown, PA
G. Greg Gunn, CIC* Lemoyne, PA
Bryan C. Hanes, JD Hagerstown, MD
Lisa A. Leach Goth, CIC New Bethlehem, PA
Shannon Lipniskis Indiana, PA
Elizabeth H. Martin, CIC Millersville, PA
Mark J. Monroe
West Chester, PA
Richard M. Rankin, CIC Lancaster, PA
D. Bradley Rosenkilde Jr. Hunt Valley, MD
Tara S. Silfies, CPCU Bethlehem, PA
Best,
Robert L. Smyrl Jr., CIC Hatfield, PA
Glenn R. Strachan
Ft. Washington, Md
Lawrence A. Wilson, CIC, CPIA, CPCU, ARM**
John Hollister Chair of the Board
Newark, DE
J. Marshall Wolff, CIC, CPCU Easton, PA
* Pa. IIABA National Director ** Del. IIABA National Director + Md. PIA National Director
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AUGUST 2019
Don’s Discussion Claire-ification IA&B Legal & Corporate Affairs Director Don Bankus provided this month’s answer.
QUESTION: My insured incurred a cost he feels is the agency’s fault. While I don’t agree, I want to reimburse him for part of the cost. Is this OK?
ANSWER: You’ve heard the saying “No good deeds goes unpunished.” No doubt your intent to pay a fine or towing fee or to help with a deductible genuinely may be to improve an otherwise unfortunate or uncomfortable situation, or simply to try and make the customer whole again. But regulators in our three states may view your actions differently – not as an act of kindness and consideration, but rather as a violation of the respective states’ rebating laws.
HOW COULD MY STATE VIEW IT? Delaware: Under the above scenarios, applicable Delaware law provides little to no leeway and would prohibit such acts. While Delaware’s producer licensing statute is silent on the issue, its Unfair Practices in the Insurance Business statute is unequivocal, and at 18 DE Code, Section 2304(15) provides that: “No property, casualty or surety insurer or any employee or representative thereof, and no broker, agent or solicitor shall pay, allow or give, or offer to pay, allow or give, directly or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever, not specified or provided for in the policy….”
Maryland: Again, as it relates to the above scenarios, applicable Maryland law provides little to no leeway and would prohibit such acts. The issue is governed by Maryland’s Unfair Trade Practices and Other Prohibited Practices statue at MD Code, Insurance, Section 27-212, which provides: “Except to the extent provided for in an applicable filing with the Commissioner as provided by law, an insurer, employee or representative of an insurer or insurance producer may not pay, allow, give, or offer to pay, allow, or give directly or indirectly as an inducement to insurance or after insurance has become effective: (1) a rebate, discount, abatement, credit, or reduction of the premium stated in the policy; (2) a special favor or advantage in the dividends or other benefits to accrue on the policy; or (3) any valuable consideration or other inducement not specified in the policy.” Pennsylvania: Generally speaking, Pennsylvania’s anti-rebating provisions are as restrictive as those of Delaware and Maryland. However, in 2018 Pennsylvania amended a portion of the Pennsylvania Producer Licensing Act to include the following exception to its anti-rebating provisions: “Exception.—An insurance producer may offer or give to an insured or a prospective insured, on an annual aggregate basis [on a
calendar year basis], any favor, advantage, object, valuable consideration or anything other than money that has a cost of or a redeemable value of less than or equal to $100, which is not specified in the contract of insurance.” Accordingly, under the above scenarios, it would be permissible to provide the Pennsylvania insured with a gift card valued at no more than $100 (the statute does not allow for payment in cash – a prohibition confirmed by the Pennsylvania Insurance Department).
WHAT ARE THE POTENTIAL PENALTIES FOR A VIOLATION? Delaware: A fine of up to $1,000 for each violation, not to exceed $100,000; possible suspension or revocation of producer license; see 18 DE Code, Section 2308. Maryland: A fine of up to $500 for each violation; possible suspension, refusal to renew or revocation of producer license; see MD Code, Insurance Section 10-126. Pennsylvania: A fine of up to $5,000 for each violation; possible suspension, refusal to renew, or revocation of producer license; see 40 P.S. Section 310.91.
FINAL THOUGHTS While it hardly seems fair or equitable that a good deed could violate the law, the reality is that such a practice could land you in hot water.
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PREVENTING ERRORS & OMISSIONS
BUILD YOUR HUMAN FIREWALL Risk Mitigation for Cyber Loss Exposures By Utica National Insurance Group
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s the member companies of the Utica National Insurance Group introduce three new coverages as part of our Cybersurance offering, we would like to suggest some pre-loss, risk mitigation ideas to help prevent unauthorized intrusions into your agency systems. The security solutions you may have implemented may be rendered ineffective if your staff is unintentionally allowing access to your systems and information. You may be unfamiliar with the concepts of social engineering and creating a human firewall in the context of information security. Social engineering is defined as the use of deception to manipulate individuals into performing actions or divulging confidential or personal information that may be used for fraudulent purposes. A human firewall refers to the awareness level that
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all users must have to ensure that they themselves provide an effective layer of security. Employee behavior can have a big impact on information security for organizations. If those with legitimate access to your network can be manipulated into revealing their passwords or allowing unauthorized people to use their computers, all of your information security tools may be worthless. Many social engineers do not even process a high level of technical skill. It is their “people skills” – charm, trickery, or intimidation – that get them where they are not supposed to be by convincing legitimate employees to disclose information that compromises the security of data, computer systems, and networks. AUGUST 2019
LEARN ABOUT RISK REDUCTION So what can your agency do to reduce the likelihood of being the victim of social engineering fraud? • The human firewall’s best weapon is common sense. • Provide security awareness training to ensure all staff is aware of potential threats and can recognize social engineering attempts. • Use strong passwords or passphrases and implement multifactor authentication whenever possible. • Properly dispose of non-public information by shredding, and do not leave non-public information unattended. • Develop an incident response plan, and test it periodically to ensure
everyone knows how to respond to incidents and report them immediately to minimize any potential damage. • Ensure you have a comprehensive set of information security policies and methods to ensure that everyone is consistently following them.
CREATE A SECURITY POLICY
What are some key elements to include in security policies to mitigate social engineering risks?
• Perform a cybersecurity-focused risk assessment for all third-party service providers at least annually to ensure they also have implemented effective information security procedures.
ENCOURAGE AWARENESS
What are some specifics employees should think about or ask themselves in order to prevent a possible social engineering incident? • STOP and think!
• Possess strong password policies (i.e. no generic accounts, all activity must be able to be traced to an individual, no sharing of accounts, penalties for violations, etc.).
• Did you request this information?
• Data classification should clearly outline what information is considered non-public (i.e. personally identifiable information, private information, protected health information, etc.).
• Are you the right person to provide this information?
• Build in device and software controls to regulate what users can and cannot do or install on their equipment and restrictions that they are used for work purposes only. Do not mix business with pleasure. • Install anti-malware to ensure that a comprehensive solution is implemented to detect and block any malicious activity. • Implement access controls for periodic (at least biannual) review of access to all systems. Keep evidence of the review and approval of the current access list by a senior manager. • Monitor the actions of employees to validate that tasks performed are for work purposes and to detect abnormal activity. • Employ data loss prevention tools to detect exfiltration of non-public information from your systems. • Focus on physical security to ensure only authorized personnel have access to areas containing non-public information. Require that computers be locked by the user when they are left unattended. Do not rely on systematic locking mechanisms. • Execute a risk assessment at least annually to evaluate the effectiveness of security controls and to understand any gaps.
• Are you expecting this request? • Do you know the person requesting this information or asking you to act?
• Is there a specific business reason you would be asked for this information? • Are you being asked for personal information? • Be very suspicious of “urgent” requests or those that rely on your goodwill and genuine desire to be helpful to others. • Do NOT be curious. Don’t open an attachment because it looks enticing or promises to benefit you. Just delete it. • Never divulge personal information via phone or unsecured websites. • Do not click on links, download files, or open attachments from unknown senders. • Be particularly aware of phone vishing (vishing or voice phishing uses the phone to attempt to gather personal or financial information) as this tactic is becoming more popular. • Beware of pop-ups, and never enter personal information in one. • If it sounds too good to be true, it probably is. Nothing is free in the cyber world. • If you sign up for a free coupon, free newsletter, social media site, realize that all of your information is being used and sold in the cyber world in some way or another. Your most important asset is your people. That is also true when it comes to cybersecurity in your agency. Educate them. Train them. Remind them to use
their common sense. If it sounds “phishy,” it probably is.
Insurance Agents & Brokers (IA&B) is the exclusive agent for the Utica E&O program in Pennsylvania, Maryland, and Delaware. To learn more, contact IA&B at 800-998-9644, option 3. This information is provided solely as an insurance risk management tool. It is provided with the understanding that the member insurance companies of the Utica National Insurance Group are not providing legal advice, or any other professional services or advice. Utica shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of this information. You are encouraged to consult an attorney or other professional for advice on these issues.
CYBER ATTACKS It’s nOt if, it’s a matter of when. Cyber crime is a real threat to agencies and their customers. And an attack could be triggered just by an employee clicking an unsafe link. As cyber crime frequency and severity rise, cyber endorsements are less likely to adequately address an insurance agency’s exposures. A solid privacy and data breach policy is increasingly critical. IA&B now offers cyber insurance. To learn more, contact David Wertz. David Wertz, CPIA Insurance Placement Specialist 800-998-9644, ext. 506 DavidW@IABforME.com
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COVERAGE CORNER
IS MY FIL SOL? A Tale of a GC, an AWOL Sub, and Lousy Insurance By Kevin C. Amrhein, CIC
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y father-in-law (FIL) recently paid a fortune to have his house “remodeled,” a nice way of saying it was gutted and rebuilt from the slab up. But the old boy loved that old house and wasn’t keen on caving to the demands for the upgrade. He vehemently refused to “rebuild” but reluctantly agreed to “remodel,” and the family was given strict orders to use only that term when speaking to him about it.
On the day of the final walk-through, FIL peaks into the attic for a look at his glorious new air handler installed over the garage. “The thing is a beast,” he says, thinking aloud that it (and its price tag!) are too large for this house. But he’s reassured that it’s been properly installed and inspected, so all is well.
attached equipment is also damaged, as is one of FIL’s parked vehicles and riding mower. Oh, and an entire section of the new garage floor is cracked.
BORING STORY SO FAR, RIGHT? HERE WE GO!
New air handler and installation? Yep
He hired a general contractor (GC), was given an expected completion date, and made the arrangements to move his family elsewhere during the “remodel.” There were the obligatory hiccups but nothing major.
After the first several uses, the air handler collapses under its own weight and crashes through the ceiling, taking down with it and damaging some personal items stored in the attic (furniture and holiday decorations). The air handler itself and all AUGUST 2019
Tens of thousands of dollars to repair the ceiling, floor, and damaged personal property? Yep.
Loss of use while new unit is installed? Yep. The GC is beside himself, cursing the subcontractor who installed the unit and vowing that the sub will “make this right.” But apparently the sub is AWOL,
and the GC’s attempts to defer leave FIL furious and spewing words like “lawyer” and “attorney.” This guy (GC) knows FIL is his client, this “remodel” is his job, he hired the sub, and it’s on him to do something. So the GC calls his insurance company, figuring he (and his insurer) will deal with the sub if and when they find him. That’s when it got weird. This should have been a cut-and-dry case of coverage. Sure, the GC’s ISO CGL contains the typical limitations including the broad definition of “Your Work” and Exclusion l – Damage To Your Work. As a refresher, here’s that exclusion in its entirety: l. Damage To Your Work "Property damage" to "your work" arising out of it or any part of it and included in the "products-completed operations hazard". This exclusion does not apply if the damaged work or the work out of which the damage arises was performed on your behalf by a subcontractor. The exception is huge and should have sealed the deal for GC and FIL. But this GC’s CGL was different. It included ISO’s CG 22 94 – Exclusion – Damage To Work Performed By Subcontractors On Your Behalf endorsement. This simple endorsement serves a single purpose: remove the exception in Exclusion l. Yuck. Not surprisingly, there’s conflict on the breadth of Exclusion l. For example, I believe it’s clear there’s no coverage for costs associated with the damaged air handler, ceiling, or floor (all are the GC’s work). I don’t believe the exclusion applies to costs associated with FIL’s personal property or loss of use. There are those who disagree, including this insurer, using a broad interpretation of the “arising
out of it” language in the exclusion to essentially deny coverage for any property damage. To this point, FIL has shouldered most of the costs himself, and I believe he’ll be indemnified by the GC eventually. The GC will argue with his insurer, and I hope they’ll pay for a portion on his behalf. But If I had the magic bullet for you, there wouldn’t be hundreds of articles and court rulings surrounding the application of Exclusion l.
Kevin C Amrhein, CIC, is IA&B‘s newest education consultant. He works with our CISR and CIC programs, as well as our special topic seminars and live webinars. Catch him at one of our upcoming professional training offerings: IABforME.com/education.
Here’s what I do know: 1) You need to pull your contractor CGL policies and scour them for the CG 22 94 endorsement referenced above (or the CG 22 95 – its slightly less-limiting cousin – that does such only for designated sites or operations.) It’s not as common on the CGLs of trade contractors but is common for GCs/builders. 2) If either of the above endorsements are there, ensure that your contractor client is aware. Do you have documentation clearly showing that the existence of such limiting endorsements was acknowledged by the insured? If not, contact the insured immediately, then contact the insurer and ask if they can be removed. Some insurers will say they can’t take it off, others will do so subject to underwriting. In that case, your insured should prepare to defend their subcontractor vetting process and executable subcontractor agreement. 3) Remember that argument of contractor vs. employee? It’s relevant here – remind your insureds that even if Exclusion l is not limited by endorsement, the exception specifically references work performed by a subcontractor. That’s all for now. Until the next round…. Cheers!
INSURING CONTRACTORS Learn more by attending our Insuring Contractors seminar – the last seminar that legendary insurance instructor Jerry Milton, CIC, will teach before he retires! Topics include: • Contractors’ equipment policies • Builders’ risk policies • Installation floaters • Indemnification agreements • Insurance requirements • CGL exclusions Sept. 24 | Exton, PA Sept. 25 | Ellicott City, MD Oct. 3
| Pittsburgh, PA
Dec. 3
| Macungie, PA
Dec. 4 | Mechanicsburg, PA Register today. 800-998-9644, option 1 IABforME.com/ OtherCoverages
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NEWS & NOTES
WHAT TO KNOW ABOUT CYBERSECURITY BILL Delaware’s new cybersecurity law exempts agents from its most onerous requirements – under the presumption that agents already comply with numerous privacy, security, and data breach mandates. IA&B championed these improvements to the original draft bill. The Department of Insurance pushed for this legislation, so it stands to reason that regulators will assess agents’ compliance with existing requirements: 1. Written Information Security Program: The federal Gramm-LeachBliley Act (GLBA) led to state regulations governing the handling of personal information, including the need for:
MEMBERS RECEIVE SCHOLARSHIPS Congratulations to our latest round of IA&B scholarship winners. In total, four member agencies and three individuals benefited from $3,342 in education scholarships.
Individual – PA P&C Licensing Exam Prep (valued at $515 each)
Member Agency – CIC Institute Scholarships (valued at $450 each)
Louis Derloni Armstrong Insurance Agency Mercer, PA
Keller-Brown Insurance Services (recipient of 2) Shrewsbury, PA Yutz, Merkle & Lehigh Insurance Agency Stroudsburg, PA Member Agency – CISR Seminar Scholarships (valued at $200 each) The Hartman Agency Inc. (recipient of 2) Williamsport, PA The Jacobs Company Columbia, MD Member Agency – Live CE Webinars (valued at $75 each) The Jacobs Company (recipient of 3) Columbia, MD
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Meredith Albright Troast-Singley Insurance Agency Philadelphia, PA
Karen Fanelli The Lunar Agency Newtown Square, PA IA&B education scholarships are available to individuals and member agencies and can be used toward our prelicensing education (Pennsylvania only), designation, and online CE programs. Throughout 2019, IA&B granted a total of $13,079 in education scholarships. We’ll award another round of scholarships in January 2020. Details for 2020 scholarships and applications are coming soon. IABforME.com/scholarships AUGUST 2019
a. a privacy notice disclosing to customers the agency’s policy for collecting and sharing information, and b. a written information security program to formalize what the agency did to protect the information (including your general office security, your computer systems and your office procedures a.k.a.”physical, technical and administrative safeguards”). An interactive online tool is available on our website to fulfill this requirement by simply answering a questionnaire. 2. HIPAA/HITECH Information Security Rule: For those agents writing health insurance, the Health Insurance Portability and Affordability Act (HIPAA) strengthened its information security components over time. It imposes on agents significant requirements regarding data security for Electronic Protected Health Information (EPHI). Many of these requirements are also addressed in the Business Associate agreement or addendum signed by agents with their health carriers.
While the overarching concept is the same as GLBA’s Information Security Program mentioned above (with physical, technical, and administrative safeguards), the requirements are much more detailed. Information on each detailed item is available on our website as well. 3. Data breach notification: You are required to identify and respond to data breaches both under state law and under HIPAA. An explanation of the triggers, steps to take and sample notification letter are all available on our website. Access member resources (starting with “Delaware privacy compliance in a nutshell”) by visiting our website. IABforME.com/privacy/DE/nutshell
Medigap policies that cover Part B deductibles to “newly eligible” Medicare beneficiaries. “Newly eligible” is defined as those individuals who: (a) have attained age 65 on or after January 1, 2020; or (b) first become eligible for Medicare due to age, disability or end-stage renal disease, on or after January 1, 2020. The DOI, in Bulletin No. 31 dated May 15, seeks to explain the upcoming MACRA changes, as well as “to dispel myths and falsehoods” that they have learned are being disseminated. These falsehoods include statements that premiums for coverage under Plans C or F will be increasing to such an extent that individuals should purchase other coverage. The DOI explains:
transactions” and that insureds provide consent to electronic delivery. The new ACORD 68 is meant to provide those required disclosures. As a refresher, in 2013 ACORD introduced its initial iteration of the form, which failed to include several federally mandated disclosures. ACORD withdrew the form in late 2017. The new ACORD 68 meets applicable statutory requirements. For an overview of electronic transactions, and a more comprehensive electronic transactions disclosure and consent form, view our member resources. IABforME.com/electronic_transactions
This is a misleading statement designed to induce policyholders to improperly switch coverage using marketing and sales techniques that are in clear violation of the Medicare supplement insurance laws and Delaware’s unfair trade practices laws. If Delaware finds such activity, the Department will take appropriate administrative action. The bulletin took effect immediately.
DOI TAKES AIM AT MISLEADING STATEMENTS
IMPROVED ACORD 68 FORM IN EFFECT
The Department of Insurance (DOI) intends to separate fact from fiction with a recent bulletin addressing the upcoming changes to the sale of Medicare supplement insurance products.
If you deliver policies and related forms via email, take note. As previously reported in Agent Headlines, ACORD reintroduced its ACORD 68 – Electronic Delivery Supplement form to the marketplace on June 1.
In April 2015, U.S. Congress passed the Medicare Access and CHIP Reauthorization Act (MACRA). Section 401 of MACRA prohibits the sale of
Federal law requires that certain disclosures be provided to insureds prior to engaging in “electronic
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IA&B PARTNERS PROGRAM
OUR FEATURED PLATINUM PARTNER Insurance Agents & Brokers proudly recognizes The Main Street American Group as one of its Platinum Partners. IA&B Platinum Partners dedicate the highest level of sponsorship to our organization.
OUR COMPANY The Main Street America Group
CORPORATE HEADQUARTERS
Jacksonville, Florida Tom Van Berkel, CEO Northeast Region Headquarters Syracuse, New York Northeast Region President Jonathan Spacher Northeast Region Sales Director John Hwilka Northeast Region Field Representatives Steve Burns (Maryland/Delaware) Renee Tolerico (Eastern Pennsylvania) Martin Kyper (Central Pennsylvania) Dave Roshala (Western Pennsylvania) Northeast Region Markets Delaware, Maryland, New York, Pennsylvania
A.M. BEST RATING Financial Strength: “A” (Excellent) Issuer Credit Ratings: “a+”
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The Main Street America Group’s rich history began 96 years ago when we formed our company to serve the insurance needs of Grange fraternity members. Today, Main Street America’s affiliated insurance companies provide a full line of competitively priced personal lines and commercial lines products and services to individuals, families and small businesses in 37 states, and fidelity and surety bond products in 47 states and the District of Columbia.
IABforME.com/Partners2019
We annually write more than $1 billion in premium, have surplus of over $628 million and more than $2.6 billion in total assets. In 2018, Main Street America merged with American Family Insurance, the nation’s 13th-largest property/ Jonathan Spacher casualty insurance group, becoming the enterprise’s channel to distribute products through independent agents. Through our eight “A” rated property and casualty writing companies — including our largest carrier, NGM Insurance Company — we partner with 3,000 independent agents to provide superior, personalized service to over 600,000 policyholders. As the founding company partner of the Trusted Choice® brand, Main Street America is fully committed to the independent agent distribution channel. We strive to meet the needs of our customers (agents), and our customers’ customers (policyholders), better then anyone else in the market. To become our customer and represent Main Street America in your market, please visit msagroup.com and click on the “Become an Agent” link. ** A.M. Best’s rating of “A” (Excellent”) applies to The Main Street America Group and its eight affiliated writing companies. Ratings listed herein are as of Feb. 25, 2019, are used with permission of A.M. Best, and are subject to changes by the rating service, For more information about ratings, please access www.ambest.com
THANK YOU Thanks to these partners for supporting the independent agent network.
PLATINUM PARTNERS ACUITY Agency Network Exchange LLC Donegal Insurance Group Erie Insurance Group Farmers Mutual Fire Insurance Company of Marble Insurance Agents & Brokers Service Group Millers Mutual Group Penn National Insurance Plymouth Rock Assurance The Main Street America Group
BECOME A 2019 PARTNER TODAY Interested in becoming a partner? Please don’t hesitate to contact us. Jess McWilliams, Education Senior Director 800-998-9644, ext. 503 JessicaM@IABforME.com
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Q&A WITH
ALEXANDRA YEITY
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lexandra Yeity is a licensed Property, Casualty, and Life agent with Reading, PA-based CrossKeys Insurance Inc., where she has worked since 2017. She holds a Bachelor of Arts degree in Spanish and International Studies, as well as a Master of Education degree. The first recipient of IA&B’s scholarship for the Certified Insurance Service Representative (CISR) program, Alexandra currently is working toward her CISR designation. Q. You worked in higher education for several years before joining your parents at CrossKeys Insurance. Tell us about your career path! A. After high school, I went to Lock Haven University of Pennsylvania to pursue a degree in Spanish. While there, I got involved with clubs, university organizations, and campus life. Unsure about what to do after graduation, mentors and professors recommended I explore Higher Education graduate programs. I was accepted to the University of Pittsburgh’s Masters of Education program, but after two years at Pitt and three additional years in the Higher Education field, I wasn’t finding my work to be impactful and fulfilling. I took a number of personality and career assessments and kept getting the same result – insurance. After a few
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conversations with my dad, our agency’s principal and owner, I applied to CrossKeys and have worked here since May 2017. Q. You obviously grew up around insurance. How has your impression of the industry changed since you began working in the agency?
Another favorite is being able to work on marketing and advertising. I’ve always enjoyed it but haven’t had positions that really let me take charge because the organizations I worked at always had departments that would handle that piece. I think that is a huge benefit to working at an independent agency – you can be part of a few aspects of the business.
A. It has been a 180. When I was growing up, my dad didn’t talk much about work, but it seemed boring and inaccessible to me. Now I find the insurance industry really interesting and ever changing. There’s always something new to learn, which has kept me engaged in my job and the industry. While there’s a lot to learn, I also have found there is great value in being able to interpret it for our clients.
Finally, participating in community activities as a team. My dad has always stressed the importance of being part of our local community at home and work. Whenever we can participate or sponsor local organizations, it’s meaningful to me. Some of my most memorable have been sponsoring and decorating a room at a renovated women’s shelter and partnering with Erie Insurance to host a holiday party at a local homeless shelter.
Q. What’s your favorite part(s) of your job?
Q. Many of our member agencies are family businesses, which creates a unique dynamic. What advice would you give other young professionals who are considering working for their parent(s)?
A. There are a few favorites for me – first and most related to insurance would be working with younger clients and explaining policies and coverages to them. Many times in reviewing the current coverage of a young prospect, we find they have inadequate or unnecessary coverages. They really appreciate me taking the time to walk them through the policy and how it will work for them. AUGUST 2019
A. I’d say you probably won’t leave work at work, and that’s OK. But it is important to be aware and gauge it. At family events when my dad and I start going down an insurance rabbit hole, we can usually tell when everyone has tuned us out.
I’ve also found that it is important to establish your own relationships with coworkers, carrier staff, and other professionals. My last name is pretty unique, so if someone knows my dad they usually put two and two together. However, I’m making a point to build relationships and a network outside of his. Q. The IA&B team has been a fan of your agency’s Twitter feed long before we knew that you were the mastermind behind it! Can you share any lessons learned from your time managing the CrossKeys social media accounts? A. Thank you – I love a good gif! Since managing our social media accounts is just one of several responsibilities, I think having a plan and scheduling our posts has been key. Most platforms have a scheduling feature which makes it easy. Planning it out also helps to avoid sharing the same content or content type (video/photo/article). A few years ago I attended a Higher Education conference, and one of the sessions was about creating social media content. During the presentation, they said something that has stuck in my head since that day – write content for the platform. People engage differently on Facebook than they do on Twitter, etc. It’s not worth your while to copy a Facebook post and put it in a tweet. If you’re using multiple platforms, take the time to customize the content for that platform. Ask other people in your office for feedback and input. I don’t dabble in commercial lines, so I rely heavily on our commercial agents to help me share content pertinent to their clients. We also hear feedback from clients and friends that I try to incorporate, in addition to utilizing platforms’ built-in analytics.
Q. You fall squarely in the millennial age range. How can independent agencies best recruit – and retain – young professionals like yourself? A. I’ve been told (and would agree) that generally speaking millennials value local businesses and community involvement – that’s independent agencies! I think highlighting what you’re doing in your community could be a great way to attract young professionals. We typically share our community involvement on our social media pages and in our quarterly newsletters. Look for neighborhood events to sponsor or participate in. Also, reach out to your chamber. They may have a group for young professionals, and your office could host a happy hour! Another thing I’ve realized from working in the agency is that I could do my job virtually anywhere. If you’re open to being flexible, think about ways you could customize positions/roles for people. Maybe it’s showing how a commercial agent could be on the road meeting clients, or allowing an agent a certain amount of time each week to get into the community and meet people. In regard to retention, I know a lot of agencies do office contests. Talk to your staff and find out if the prizes are things they value. Maybe instead of a cash bonus they would rather work toward an extra vacation day.
destination and finding authentic spots to visit. When we were in Florence, we had an incredible dinner at a small restaurant called Aqua Al 2 - the pasta-tasting course is a must! They also have a sister location in Washington, D.C. I try to visit one new city or country each year. Hopefully next up will be Iceland or Thailand! I have read a bunch about Iceland and already have a plan of things to do, which definitely includes seeing the Northern Lights. Going to a fish spa in Thailand is not on my list, but I would love to take a cooking class in Chiang Mai and explore the bustling cities and beautiful beaches. Q. Warning: Shameless plug for the IA&B Futures Conference! Why would you recommend the conference to other young agents? A. I was really hesitant to go last year because I’d only been P&C licensed for a couple months and was worried it’d be over my head. But IA&B and the Futures Program Task Force chose topics and presenters with such intentionality. I haven’t come across another insurance conference geared toward young, emerging agents. One of my favorite parts was the roundtable chats with other agents. I walked away with great new agent connections to bounce ideas off of and met more of the IA&B staff who have been great resources for us.
Q. You’re a self-proclaimed travel junkie. What’s your favorite place that you’ve visited? And what trips are on your bucket list? A. Ronda, Spain and Florence, Italy were two of my favorites. I spent a semester abroad in Ronda, it was a unique opportunity to explore a place, and after that trip, I knew I needed to see more of the world! I like researching the
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8 STRATEGIES
TO SHORE UP THE FUTURE OF YOUR FAMILY BUSINESS By Karen DiGioia
Where do you want your agency to be five years from now? How about 10 or 20? Follow along as our HR consultant, Karen DiGioia, shares strategies to meet your agency goals through employee development.
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While there are situations out of your control that can impact your business, there are many things that you can do to increase your chances of success. — Karen DiGioia
W
1. PLAN
e’ve all seen the statistics. Two thirds of family businesses fail between the first and second generation. Another 50% of those that remain don’t make it onto generation three. While you and I have never met, I’m going to go out on a limb here and guess that, as you lead your agency, failure is not one of your goals.
Many small, family-run companies “fly by the seat of their pants.” I’m sure this isn’t true of your agency, but some of those other agencies don’t do much (or anything, if we’re being brutally honest) in the way of planning. Strategic planning. Nah. Succession planning. Nope, not that either. They are busy taking care of clients and developing new business. There’s no time for planning.
A quick aside before I go too far: While this article is written for family businesses, much of it applies to all small businesses. I encourage you to read on – family business or not. To help increase your chances of success, let’s spend some time today talking about the secrets of the organizations that succeed. Are there secrets, you may ask (and, if so, am I allow to share them with you)? Maybe it’s nothing but luck. Chance… Fate... Destiny... Karma... Kismet… Serendipity… (Aren’t online thesauruses a wonderful thing?) Good news! It’s really not a secret, and it’s not about luck. While there definitely are situations out of your control that can impact your business – economic downturns, health problems, natural disasters, werewolves (just threw that in to see if you’re paying attention) – there are many things that you can do. These things will increase your chances of success today and improve the likelihood that your agency will be one of the “fortunate few” for whom that success is sustainable into the future.
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This is a problem. To be successful you must make time for planning. Planning and being deliberate about how you run your business – today and in the future – has a lot to do with whether (or not) you’ll be around tomorrow. Let’s talk about two critical types of planning. Strategic planning: Work with your team to define and document your goals and your strategy for achieving those goals. Define your strengths, weaknesses, opportunities, and risk. Have an annual plan, a three-year plan, and a five-year plan. Make this an annual process and regularly check in to see how you’re progressing. Adjust, if you need to, as you go along. Succession planning: Be proactive about succession planning. Who will take your place? Start at least five to 10 years before you intend to exit or begin winding down. If you’re already into that five-to-10-year window, start now. Select the right
AUGUST 2019
person (based on experience, knowledge, skills, and attributes … not just bloodline) and begin grooming that individual for the role. While your plan may be to have one of your children step into your spot, realize that genetics doesn’t translate directly into ability for (or even interest in) the role. One of the quickest ways to run a business into the ground is to have the wrong person at the helm.
2. TRAIN Train your employees. Train your successor. Train yourself (more on that later). Employees: Make sure you invest in employee training. On-the-job training. Management training. Technical training. Hard skills and soft skills. As business owners, often we invest a lot in technology. We need current hardware and software to compete and work efficiently. Sometimes, unfortunately, we forget to invest in training. Technology is only as good as the way that your people use it and your people are only as good as the training that has been provided to them. Successor and family member employees: If your plan is to have a younger generation family member take over, or even just work in, the agency, chances are they have grown up in, or around, the business. Give serious consideration to having them work somewhere else for a while. Maybe it’s a summer job while they are in school. Maybe it’s two years working for another company (yes, another company) after graduation. However you do it, there’s much to be gained. First, you can ensure that they are working for the agency because they want to be there, not just because it’s an easy place to get a job. Additionally, they experience first-hand what it’s like to be a non-family member employee and understand the expectations a non-related employer has. They also broaden their perspective and sees how things are done in other companies – valuable information and perspective that they can share, if and when they decide to come back “inside.” It’s also advisable that family members are expected to learn the business from the ground up. Don’t allow a family member to step into a role that they aren’t qualified for simply because they are related to you. As we discussed earlier, it’s qualifications not bloodline that should be considered when placing someone in a position. Have the same standards for family members as you do for non-family members and allow them to truly earn their way to higher positions within the agency. And this goes beyond hire or promotion – manage their performance as you would do for a non-related employee as well.
3. INNOVATE Don’t get stuck doing things “the way they’ve always been done.” What worked 10 years ago, won’t work today. What works today, probably won’t work in five years, 10 years, 20 years. Be willing to change. Accept input. Stay up to date on changes and trends in the industry. Be open to new ideas and new approaches. Ask for opinions and listen to different perspectives. Make changes as you go along, and your agency will stay relevant and competitive.
4. DELEGATE We’ve all heard the saying, “If you want something done right, do it yourself.” This approach to running a business is one of the quickest ways to ensure that the business will fold when you are no longer there. (It’s not great for your mental or physical health either!) Be willing to let go and turn things over to others. Let’s change the saying to something like this: If you want something done right … continued on page 18
FIND HR HELP Managing employees requires more time than most agency principals have. That’s where your IA&B member benefits can help. Look to HR Solution© – a complication of products and services available exclusively for IA&B member agencies – to simplify establishing or improving your human resources program. It includes base-level consultation and discounted professional services from author Karen DiGioia, of Mosteller & Associates. Learn more by visiting IABforME.com/emp_ mgmt or by contacting Karen DiGioia. Karen DiGioia Mosteller & Associates 610-779-3870 karen@mostellerhr.com
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continued from page 17 • Assign the task to someone else, • Provide them with the tools and training needed for success, • Give them the opportunity to struggle a bit and possibly even fail the first time around, and • Provide feedback, guidance, and additional training to help them learn how to do it right. It’s not as catchy as the original saying but, trust me, it’s much more successful in the long run.
5. SEPARATE Be intentional about separating family and business. Your family: You see them at work. You see them at home. You see them during the week and also on the weekends. Vacations – yup. Holidays – double yup.
In order to ensure your own sanity and the sanity of those you love (yes, even though you never get away from them, you still love them), you need to be deliberate about separating work and home. Make rules and stick to them. No matter how tempting it is to discuss that new client over the dinner table, don’t. Those conversations can truly wait until you’re together again – at work.
6. TRAIN YOURSELF What kind of leader are you? Are you an “old school” leader or a “new school” one? (If “new school” isn’t a thing, it is now.) Old school leaders believe in tough love. A kick in the rump when something was wrong and praise, ummm, never. This form of leadership isn’t successful today (and I’m not sure it ever was). New school leaders focus on building teams, communicating vision, assisting
If this isn’t the style of leadership you’re comfortable with (and even if it is), invest in leadership training for yourself. No matter how long you’ve been doing your job, you still have things to learn. Improve yourself – improve your agency.
7. MANAGE INTENTIONALLY Have the right people in the right roles. While I’ve touched on this several times earlier in this article, it’s important enough to discuss on its own. When you hire employees from the “outside” (as in, outside your family), you interview them, assess their background, skills, education, work ethic, and so on. You want to make sure that they will be successful in the job for which you are hiring them. The same is true of family members – don’t slot a family member into a role “just because” they are related. If you think it’s difficult telling your sister-inlaw that you don’t have a job for her (lazy, good-for-nothing) son, think how much harder it will be to tell her someday if you have to fire him.
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8. RESPECT DIFFERENCES Baby boomers, Millennials, Gen X, Gen Z. Ensure that you have a clear understanding of the differences and don’t think of one generation as “right” and all others as “wrong.” It’s important to know what motivates and energizes your employees.
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employees with learning, and growth. They are empathetic and ask employees “what can I do for you” rather than “what can you do for me.” (Ask not what your employees can do for you, ask what you can do for your employees.)
AUGUST 2019
It’s also important to understand that for different generations “hard at work” can look different. You may be used to thinking that work can only happen when you’re in the office. Other generations may be comfortable and adept at working
from a multitude of locations – the office, the home office, the soccer field, the coffee shop. We all know people who are in the office from sun up to sun down and don’t accomplish a doggone thing. Manage for results, not presence. It’s also important to realize that not everyone fits into stereotypes. Not all Baby Boomers are technologically challenged. Not all Millennials are “entitled.” Not all Gen Xers are cynics, and not all Gen Z employees are risk averse. People are people. Know the trends, but get to know your people and manage each one as the individual they are. Over 50% of the United States GNP is generated by family businesses. They are the lifeblood of our economic structure. Unfortunately, they don’t tend to be long-lived. But if you combine your passion for your business, your knowledge of the industry, your commitment to your clients, and savvy financial planning with the strategies we’ve talked about today, the likelihood that your agency will be thriving once you have left the helm just got a whole lot better. And, for the record, a little bit of luck doesn’t hurt either! And, don’t forget, if I can ever provide you with some HR guidance, thanks to your IA&B member benefits, I am just an email or phone call away. You can reach me at 610-799-3870 or karen@mostellerhr.com.
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aren H. DiGioia K provided this article on behalf of Mosteller & Associates, IA&B’s contracted human resources consulting firm. HarfordMutual.com 800.638.3669
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TEAM TIPS
SUCCESS IS A JOURNEY A Message to New Agents
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By Rich Molden
AUGUST 2019
C
ongratulations! You’ve earned the opportunity to build and nurture your own book of business.
As a new agent, you have an exciting and fulfilling career ahead of you helping people protect what is near and dear to them. You have the opportunity to earn a very comfortable living, but the compensation goes well beyond the dollars. As you grow your book of business, you will become a key and trusted asset to people and businesses in the best and worst of times. You’ll be remembered as the person who provided the resources to help put their lives back together after an accident. Or the person who helped them recover and rebuild their business after a devastating storm or catastrophic event. Families will remember you as the one that helped them go on living as close to normal as possible after the loss of a loved one. The rewards are plentiful. As a prerequisite to enjoying these rewards, you will have to work both hard and smart. As a new agent, you have to be a self-starter willing to push yourself harder than anyone else will. You must put the hours in and live by the credo, “Whatever it takes.” You need to be willing to commit to making cold calls and other similarly not-so-glorious activities if that’s what it takes. Your objective should be to earn the reputation as the hardest working person in the office, and your clients eventually will regard you the same way. Ben Franklin is credited as saying, “Those who fail to plan, plan to fail.” Your success will be based on your level of commitment to planning your work and working that plan. You are running a business, and as with any new business, it’s easy to confuse motion with progress. To get caught up in being “so busy” dealing with routine activities that you miss out on the most critical major
component to becoming a successful producer: building and strengthening relationships that lead to customer engagement. Too often new agents fall into the trap of “majoring in the minors,” or trying to do everything themselves. They’re often doing activity-based tasks that are better handled by their agency’s service team. When you’re focused on activities that can and should be trusted to a member of your service team,
LEARN MORE FROM RICH MOLDEN INVEST in your agency’s future by sending new and aspiring agency management to the IA&B Futures Conference for young insurance professionals. Back by popular demand, Rich Molden will present on best practices for employee evaluation: how to engage employees, improve performance, and develop leaders to create a culture of excellence. IA&B Futures Conference Oct. 8-9, 2019 Omni Bedford Springs Resort Bedford, PA Register today. IABforME.com/FuturesConference 800-998-9644, option 1
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TEAM TIPS you are not only doing a disservice to your clients, but missing out on results based, customer engagement activities.
ENGAGE YOUR CUSTOMERS The purpose of any business is to create experiences profitably that are so compelling to customers that their loyalty is assured. Customer engagement is mission critical to setting you apart from your competitors in this highly competitive business of insurance and the keystone to ensuring customer loyalty. If there is no positive differentiation of you and your services in the minds of your clients, you will never have a sustainable business. Customer service in the 21st Century has degraded into mere customer processing. You have the opportunity and responsibility to create engaging, compelling customer
STRENGTHEN your team and, in turn, build strong customer loyalty. Join IA&B and fellow member agencies that rely on Rich Molden, of Performance Development Group, for assessment tools and expertise dedicated to identifying, hiring, developing, and retaining exceptional performers. You’ll receive customized strategies to:
This process starts well before making your first call to a prospect. Do your research. Go to their website. Find out who the key decision-makers are. Scan social media. Find out about their families, hobbies, schools they attended, service organizations they may be a part of. Look for areas of opportunity, and learn exactly how your services and product offerings might benefit them.
Avoid costly hiring mistakes
• Turn marginal employees into top performers • Reduce conflict and stress • Develop strong leaders within your agency • Keep executives, managers, producers, and other professionals from derailing Learn more by contacting Rich Molden. Mention your IA&B membership for special pricing. 203-733-4045 rmolden@HireStrength.com HireStrength.com
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Your ability to engage clients will make them feel important and valued and will move them to advocate for you and “crusade” on your behalf. Crusaders want a compelling experience that transcends mere transactions. Crusaders want to do business with an organization they can recommend with passion. This kind of unrelenting customer engagement will tip the scales back in your favor, even when your quote isn’t the lowest, ensure your ability to cross-sell, and keep referrals flowing. What are your customers feeling and saying about you? Are they so thrilled by the experience that they can’t wait to recommend you? The deeper the connection, the deeper the loyalty. The more tenuous the connection, the more the customer is looking to do business elsewhere. Your service must become compelling! If they are feeling disconnected, if they are not emotionally engaged, and if they are not saying anything to people or organizations that they influence, you are in serious trouble!
ENGAGED EMPLOYEES CREATE ENGAGED CUSTOMERS
•
experiences, thus ensuring customer loyalty. A projectCADRE study revealed only 4% of dissatisfied customers will report their problem, while 91% of dissatisfied customers will never purchase anything from that company again! Like a preventative drug, customer loyalty builds resistance to future illness.
Only after you do your research can you start to relate to your prospects needs and wants. Remember, people don’t care how much you know until they know how much you care. Make it your mission to turn suspects into prospects, prospects into buyers, buyers into clients, clients into advocates, and advocates into crusaders. Enjoy the journey! Rich Molden is a Certified Professional Behavioral Analyst and the founder of Performance Development Group, experts in employee and customer engagement. Mr. Molden has been a strategic partner of IA&B and its member agencies for over 20 years, providing assessment tools and expertise dedicated to identifying, hiring, developing, and retaining exceptional performers. Learn more by visiting HireStrength.com.
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