JUNE 2021
MIKE PAPA REFLECTIONS ON THE PANDEMIC
SPEED UP RECEIVABLES
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JUNE 2021
CONTENTS FEATURED 8
> > > > > > 11 14
JOIN US ON SOCIAL MEDIA: Facebook.com/IABforME LinkedIn.com/company/IA_and_B Twitter.com/IA_and_B YouTube.com 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 # 2021-06, is published monthly by IA&B Service Group Inc., a subsidiary of IA&B. Copyright 2021. 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.
Q&A WITH MIKE PAPA IA&B Board Member Mike Papa reflects on the pandemic’s impact on his firm’s education, healthcare, and hospitality industry customers, as well as on the future of agency operations. SOLUTIONS FOR WORK-FROM-HOME HEADACHES Enjoy fun, tech-inspired work solutions to help find solitude in your workday, maintain coworker relations, and more. 7 WAYS TO SPEED UP YOUR AGENCY’S RECEIVABLES Learn tips for speeding up the payment process and minimizing the chance of non-payment.
MONTHLY 2
CHAIR OF THE BOARD’S MESSAGE
3
DON'S DISCUSSION
4
COVERAGE CORNER
6
NEWS & NOTES
16
PICS & POSTS
20
WELCOME NEW MEMBERS
21
UPCOMING LIVE WEBINARS 1
CHAIR OF THE BOARD’S MESSAGE
CHANGES “The only thing that is constant is change,” goes the old adage. That doesn’t make it easy, of course. In fact, change is disruptive to our operations, and change injects a dynamic to which we have to adapt. We like to try and plan “change,” but it is a wild card in so many ways. If the past year proved anything, it was that we can adapt. The pandemic triggered new ways to operate our agencies, communicate with customers and carriers, and serve our communities. Let’s face it, it came down to survival. As the world settles, it can be tempting to settle with it. But complacency won’t keep the independent agency channel competitive, and it won’t maintain our hard-earned wins of the past year. During that time, just note the explosive growth of online and mobile app auto insurance carriers and mileage-based auto insurance products. Change happened quickly, and it’s here to stay. Customers worked from home in all industries and began shopping online for all types of products, including insurance. It is no longer a predicament that is seemingly out there on our 10-year horizon. The pace of change in 2020 was frenetic. Moving forward, we can be intentional in our adaptations. This issue of Primary Agent offers a few great places to start with tips for work-from-home productivity (page 11) and ways to speed up your agency’s receivables (page 14). IA&B partner vendors RPost and ePayPolicy provided these resources. I encourage you to look into how their services can change your agency operations for the better. Then be sure to visit IABforME.com to learn about additional products and services aimed to support your agency, specifically Independent Market Solutions which provides you access to products through various markets. The story of our survival and our adaptation to our environment is being written now as we deal with “change.”
INSURANCE AGENTS & BROKERS 5050 Ritter Road | Mechanicsburg, PA 17055 191 Main Street | Annapolis, MD 21401 800-998-9644 | IABforME.com
IA&B BOARD OF DIRECTORS OFFICERS Craig S. Mader, Chair Crofton, MD Richard M. Rankin, CIC, Vice Chair Lancaster, PA
MEMBERS Gregory H. Bennett
Sarah M. Brown, CIC, CRM, AFIS Shrewsbury, PA E. Stephen Burnett, CIC, ARM Wilmington, DE N. Lee Dotson, CIC, AAI
Wilmington, DE
Andrew Enders, Esq.
Harrisburg, PA
Len Gieseler, LUTCF
Pottstown, PA
G. Greg Gunn, CIC
Lemoyne, PA
Bryan C. Hanes, JD
Hagerstown, MD
Jason R. Hess
Coraopolis, PA
Lisa A. Leach Goth, CIC
New Bethlehem, PA
Christopher J. Miller, CIC
Jonestown, PA
Michael A. Papa, CIC, MBA Hunt Valley, MD William H. Purdy
Sunbury, PA
Jason Rodriguez
Wilmington, DE
D. Bradley Rosenkilde Jr.
Hunt Valley, MD
Tara S. Silfies, CPCU
Bethlehem, PA
Robert L. Smyrl Jr., CIC
Hatfield, PA
J. Marshall Wolff, CIC, CPCU Easton, PA
NATIONAL DIRECTORS
Respectfully,
Michael P. Ertel Sr. (PIA) Columbia, MD G. Greg Gunn, CIC (IIABA) Lemoyne, PA
Craig S. Mader Chair of the Board
2
Bel Air, MD
JUNE 2021
Diane Hornung Hanby (IIABA) Wilmington, DE
DON'S DISCUSSION
DON'S DISCUSSION IA&B Legal & Corporate Affairs Director Don Bankus
Are you a member with a question? Contact Don to find the answer at 800-998-9644, ext. 603 or DonB@IABforME.com.
QUESTION: ANSWER:
Does the Americans with Disabilities Act apply to agency websites?
Recently some agencies received “demand letters” from attorneys, claiming the agencies’ websites aren’t “ADA compliant.” In the letter, the attorneys threaten litigation on behalf of their client unless the agency (a) makes its website compliant and (b) pays “reasonable attorneys’ fees and costs.” But does the Americans with Disabilities Act (ADA) apply to agency websites? While some may argue otherwise, the issue of website compliance with the ADA is not a wholly settled issue, nor is the issue as to what constitutes an “ADA compliant” website. Federal courts continue to evaluate and adjudicate ADA website compliance lawsuits on a case-by-case basis, and the outcomes of those cases vary from jurisdiction to jurisdiction. In addition, no governing or regulatory body has provided express and enforceable guidelines, rules, or regulations regarding what constitutes an “ADA compliant” website.
THE ADA The ADA initially was drafted in 1986, a time which predates the modern internet. One of the ADA’s primary purposes was to eliminate impediments which keep disabled
individuals from utilizing and enjoying businesses, including private entities such as insurance agencies, which are open to the public and provide goods and services to the public. Since the ADA’s ultimate enactment in 1990, society has undergone a sea change. With the integration of computers, tablets, and smartphones, individuals now shop, learn, interact socially and professionally, and get their entertainment via the internet as much as, if not more than, face-to-face. It’s with this overarching societal change in mind that the concept of website ADA compliance was conceived.
THE HEART OF THE MATTER: ACCESSIBILITY How can you make your website “ADA compliant” if there are no definitive court decisions or guidelines to follow? The U.S. Department of Justice (DOJ), which oversees enforcement of the ADA, was expected to announce rules in 2010 establishing guidelines on how to develop an “ADA compliant” website, but the DOJ never established such rules, and none are expected for the foreseeable future. In the absence of express governmental guidance, the World Wide Web Consortium’s Web Content
Accessibility Guidelines, version 2.1 (WCAG 2.1) are the generally accepted set of guidelines for digital/ website accessibility. Although the WCAG 2.1 aren’t official government rules, they have unofficially been adopted and are favored by the DOJ, the federal courts, and ADA accessibility advocates.
PRACTICAL STEPS TO CONSIDER Whether or not you received a prelitigation “demand letter” or were named as a defendant in an ADA website lawsuit, it may be pragmatic to incorporate an accessibility tool into your website as a proactive measure. Doing so could act as a deterrent to future demand letters or litigation, and may help resolve any current matter. In addition, if you received a pre-litigation “demand letter,” a notice of a complaint filing, or an actual complaint, you are strongly encouraged to contact your attorney.
ADDITIONAL INFORMATION For a list of accessibility tool vendors, additional educational resources, or contact information for an attorney versed on this issue, contact IA&B Corporate Affairs Director Don Bankus at 800 998-9644, ext. 603 or DonB@IABforME.com.
This document is not a legal opinion and should not be relied upon as such. The intent of this document is to provide a general background regarding the topic or topics discussed, not to provide legal advice. Producers and agencies should consult an attorney regarding specific situations and specific questions with respect to the topic or topics covered in this document. Neither the Insurance Agents & Brokers nor any of its employees shall be responsible for any errors or omissions regarding any statements made in this document, nor any errors or omissions regarding any statutes, regulations, court rules, and/or any other government documents cited in this document.
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HOW SMART IS TOO SMART? RELIANCE ON E&O IS RISKY By Kevin C. Amrhein, CIC I recently celebrated my 20th insurance birthday. When I started as a commercial producer in 2001, I was fresh out of college and possessed limited understanding not just of insurance but of business in general. I learned a lot in those early years in large part because I felt obligated to answer every question asked of me. I couldn’t stomach the thought of not having an answer for my insured and would exhaust every conceivable resource to find one. These were my insureds after all, and I thought it was my obligation to possess expertise
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on any issue vital to the success of their business. I was wrong. Reality check: I was a Property & Casualty insurance licensee providing answers to questions based in realty law, tax law, criminal law, employment law, legal liability (statutory and contractual), and financial advisory, just to name a few. Looking back, I’m shocked I made it this far without getting an insured, my employer, or myself into serious trouble. JUNE 2021
It leads me to a question I often ask my students: How smart is too smart? Here’s an example of a scenario I’ll put to them in class: Your contractor insured contacts you to ask if he can fly his drone at a jobsite to take aeriel photos of the property. How do you respond? Many will reply with a question of their own – e.g. “Are you appropriately licensed?” Some will share intricate details of aviation law. Others will simply say “no” or “sure.”
COVERAGE CORNER On occasion, I’ll get the answer I’m hoping for, one to the effect of “Questions regarding the lawful use of drones are of a legal nature and should be directed to an appropriate authority. Should your use result in a claim against you, I’m happy to discuss how your insurance coverage may respond.” Most agree that inquiries of a legal nature should only be addressed from an insurance perspective as illustrated above. Others see gray (“Exactly what is considered to be of a ‘legal nature’?”) and feel it’s their responsibility to provide insureds with any information available. The line between what’s legal and what’s insurance can be thin, and I know many successful folks who see things differently than I. (But I’m not writing this article just to opine; there’s an insurance angle here. I’m getting there, I promise!) I’ll then ask the class what they think would happen should the agent improperly respond to an inquiry of a legal nature. For example, say the agent advised the contractor that his flying the drone was a violation of federal law, the contractor says “okay” and misses out on the job. The contractor learns later that due to exceptions/changes in the law, his flying it on that jobsite would not have been a problem. He’s now furious with the agent and threatening to sue for damages. When posed the question “Now what?”, students inevitably break into a chorus of vowels. “E&O!” seems to be the universal reaction to any scenario in which an agent is accused of wrongdoing. It begs the question: In this example, would the agent’s E&O insurance policy offer defense and coverage? How
many agents have actually read the E&O insurance policy designed specifically for their role as an insurance professional? An E&O insurance policy is not intended to serve as a funding mechanism for any and all accusations of wrongdoing. Should the agent’s E&O insurer feel the agent acted outside the scope of his/ her profession or within the scope of another profession (for example – acts which require the possession of another professional license), the policy could take a pass. Far too many agents in my classes freely admit they’ve never reviewed the agency’s E&O policy nor have a clue of its limitations.
TAKEAWAYS FOR THE AGENT Ask to review the agency’s E&O insurance policy.
|
ONE HOUR WEBINARS Earn CE easily by attending 1-hour webinars. Member price: only $25. HOUR W/ KEVIN: DRONES – INSURING INNOVATORS, ENTHUSIASTS & IDIOTS
Ask agency staff to list common inquiries which may be of a legal nature. Formalize a response strategy which includes focus on the insurance component of the inquiry. Review any disclaimers currently provided or displayed to insureds regarding the extent of agent expertise and authority. Review disclaimer language with your E&O insurer for guidance.
JUNE 2 2 - 3 PM
CE
1 CREDIT
HOUR W/ NICOLE: HOMEOWNERS LOSS SETTLEMENT ISSUES
That’s all for now. Until the next round … cheers!
JUNE 23
Kevin C Amrhein, CIC, is IA&B's 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
2 - 3 PM
CE
1 CREDIT
Register today. IABforME.com 800-998-9644, option 1
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NEWS & NOTES
2021 IA&B YOUNG AGENT AWARD
OCTOBER 2020
RISING STARNGSAGENT MEET THE IA&B YOU AWARD WINNERS
Exclusive Member
Magazine
ONLINE EXPOSURES
ary Agent featuring October 2020 Prim d recipients. the inaugural awar
IA&B will recognize three rising stars in the independent insurance community in Pennsylvania, Maryland, and Delaware.
Award criteria includes:
Recipients receive:
▲ 40 years old or younger on Oct. 1, 2021
▲ Featured on the October 2021 IA&B Primary Agent magazine cover
▲ Made community contributions through volunteering or service
▲ Featured in a video on the IA&B website and social media
▲ Example of emerging-leader status in the field
▲ And more!
▲ Participated in IA&B events, education, or other happenings
Nominate yourself or someone else by June 18. Learn more at IABforME.com.
HOW TO COMPLY WITH NEW PA TRAINING REQUIREMENT All producers in Pennsylvania (residents and non-residents alike*) who hold a life and annuities license – even if they do not sell annuities – must comply with Pennsylvania’s one-time training requirement, which took effect Dec. 26, 2018. Producers licensed before the statute’s effective date must meet the requirement on or before the end of their next complete license period. (For example, if your license expired on July 31, 2019, you would have until July 31, 2021 – the end of your next complete license period – to comply.) For those who become licensed after the effective date, the requirement must be met on or before the end of their first licensing period.
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▲ Employed by an IA&B Member Agency
HOW TO COMPLY Meet Pennsylvania’s new annuities suitability training requirement with ease during our live, fourhour Annuities – Consumer Protection and Suitability webinar. Filed for 4 ANNUITY CEs in Pennsylvania and Maryland and 4 GEN CEs Delaware, this webinar will be offered: July 1, 2021 | 9 AM - 1 PM Sept. 2, 2021 | 9 AM - Noon
REGISTER IABforME.com 800-998-9644, option 1 * If you’re a Delaware or Maryland resident producer and have already completed a similar annuities course, you may want to reach out to your carrier to determine if the Pennsylvania requirement can be waived for you.
NEXT ROUND OF IA&B EDUCATION SCHOLARSHIPS Applications for the next round of IA&B Education Scholarships will be available this summer. Once again, IA&B will award two individual scholarships for employees of a member agency to receive a full CIC Designation and full CISR Designation. In addition, member agencies can apply for scholarships to send an employee to a CIC Institute, CISR Seminar, or CE Other Coverage Webinar. Watch IABforME.com for more information and applications. Applications are due Aug. 19, 2021, and the recipients will be announced on Sept. 17, 2021. Please note that IA&B also offers licensing exam prep scholarships on an on-going basis. Questions? Contact IA&B Events Manager Susan Zvorsky, CISR Elite. 800-998-9644, ext. 206 SueZ@IABforME.com
HIGHLIGHTS FROM MD LEGISLATIVE SESSION The Maryland General Assembly this spring adjourned its 2021 legislative session – a session like no other with COVID-19-related concerns dominating both the physical operation of the General Assembly, as well as much of its legislative agenda. Despite this year’s pandemic-related challenges, your Annapolis-based IA&B government affairs team remained fully engaged with state lawmakers throughout the session. Though there was less insurance-related legislation than in a typical session, IA&B advocated on numerous issues affecting agents and brokers and their clients, including:
COVID LIABILITY REFORM IA&B supported Senate Bill 210/ House Bill 508 which would have provided civil immunity from COVID-19 related claims to those acting in compliance with public health rules and regulations. These bills did not advance past the bill hearings in either chamber.
RATING FACTORS IA&B opposed HB 221 which would have prohibited the use of credit history as a rating factor for private passenger motor vehicle insurance. The bill was eventually amended with language that, instead, would have required an insurer to provide “reasonable exceptions” for applicants or insureds whose credit information was directly influenced by a major life event. The bill passed the House, but was not given a final vote in the Senate.
CLAIM PAYMENTS IA&B expressed concerns with SB 272 which would have authorized the Maryland Insurance Commissioner to require an insurer to pay a claim that was denied, in whole or in part, in violation of a provision of the Insurance Article. This legislation did not advance past the initial bill hearing in the Senate Finance Committee. In addition, several bills were passed by lawmakers in final days of session which may affect agents and brokers including:
DE APPROVES WAIVER OF SUBROGATION CHARGE Commissioner Navarro approved DCRB Filing No. 2101 this spring. The filing establishes a rate and minimum premium for the use of the Waiver of Our Right to Recover From Others endorsement for Delaware Insurance Plan residual market policies. The charge and minimum premium are approved for policies applicable to policies with effective dates as of April 1, 2021 or later. Read more in DCRB Circular No. 996. DCRB.com
MARYLAND ESSENTIAL WORKERS’ PROTECTION ACT HB 581 establishes protections for essential workers during a catastrophic health emergency and related responsibilities for employers of essential workers. “Essential employers” are those identified by the governor or federal or state agency as critical to remain in operation during the state of emergency. In addition, the essential employer must determine an employee to be critical to its operations to be determined an “essential worker.”
CORPORATE DIVERSITY Board, Executive Leadership, and Mission – HB 1210 requires a Maryland business to demonstrate either (1) diversity in its board or executive leadership or (2) support for “underrepresented communities” in its mission in order to qualify for specified State capital grants, tax credits, or contracts worth more than $1 million.
IN MEMORIAM We dedicate this issue of Primary Agent to the memory of Melissa Telesha, a nearly 32-year employee of IA&B and previously PIA of Pennsylvania. Melissa had a hand in every issue of Primary Agent (formerly ProAgent) magazine, supporting production, proofreading copy, and for many years, trafficking ads. She was a stickler for deadlines and a wealth of knowledge, and she could tell a story like no other. On behalf of the entire IA&B staff, we will miss you dearly, Melissa.
Q&A with
MIKE PAPA
Mike Papa, CIC, is senior vice president and director of underwriting for Diversified Insurance Industries Inc., a full-service firm specializing in commercial P&C insurance, based in Hunt Valley, MD. He also serves as chairman of IA&B of Maryland. Q. You began your insurance career in commercial underwriting with Aetna. What about the industry piqued your interest? A. My first reaction? The line was short…. I’d gone to a job fair at Towson University in December 1982 and was set to graduate the following year in a class with the worst prospects for employment since World War II, according to the Wall Street Journal. I had a nice college resume, but I went to college in Philly where most employer prospects were local. I needed to work out of Baltimore for family reasons. Aetna’s table at the job fair was empty, and the Aetna rep had a brother-in-law with whom I went to high school. When they needed a trainee, they remembered me. I didn’t even know what an underwriter was. I thought it had to do with the funeral industry.
Q. You worked on the carrier side and now serve on agency councils for several insurance carriers. How has the agency-carrier relationship changed over the years? And where would you like to see it go from here? The relationship has stayed very much the same. There are not many industries where one can say that. Over the years, the technology has changed, and carriers have tried to push more responsibility on agents and AI for getting account info. That said, the core of the relationship – a story (why it makes sense to write an account) and trust – is still the basis for strong relationships.
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JUNE 2021
ON THE COVER Q. Your agency has clients in the education, healthcare, and hospitality industries – industries impacted drastically during the pandemic. How did your team respond, and what lessons did they learn along the way? A. Wow – so many. We attempted to get in front of the issues as much as possible and to answer questions before they were asked. For example, when it came to the Business Interruption issue, we did not pre-adjudicate claims and facilitated their reporting. But we also researched the burden of placing the pain of a lack of a revenue stream onto an industry that (1) didn’t underwrite and price for it, and (2) would have gone bankrupt had it been forced to pay. Irrespective of the “direct physical damage” issue, six months of a lost revenue stream in an $18 trillion economy (and that is just the U.S. economy) would exhaust the reserves of the entire worldwide insurance industry many-fold. Most of our customers seemed to understand the numbers. Q. From an agency management perspective, what longterm impacts do you foresee from COVID-19? A. Many of our functions can be performed anywhere, assuming one has strong Wi-Fi and the firm has a safe VPN. I see many in our industry continuing to allow work from home while balancing the advantages that can be affected by having a team in an office environment. In some respects, we see it as an opportunity. With upwards of 25% of our industry “aging out” in the next five years, we will need to explore alternatives for finding talent. We were one of the first to take advantage of Work At Home Vintage Experts (WAHVE), which taps mostly retired folks working from home to fill staffing needs. Now “WAHVE on steroids” may be in our future. Also, agencies nearing the end of long-term office leases will have advantages over those that recently committed to, say, 10 years. Additionally, I see many future meetings taking place on video formats like Zoom and Teams.
Q. Tell us about the Diversified Insurance Industries internship program. How does it operate, and what benefits have you seen from it? We have three programs designed to attract and retain ideal people. The paid internships allow us to evaluate prospects, and vice versa, in the work environment. We try to plan for the arrival of interns by developing impactful projects before they get here. The benefits we enjoy include getting meaningful work done while having the opportunity to “try out” a prospective employee. Once they’re here, we have “new to the industry” folks start in our Rocketeer Program, where they are exposed to different disciplines within the firm and serve as a “bench” for the inevitable need when it arises. Finally, we have a Fast Track Program to facilitate team members in their career advancement. Some 30 years ago, carriers trained industry employees. Today – not so much, so we must be proactive. Q. You have college-age twin boys. Do either of them have interest in the insurance industry? A. One of my sons – maybe. Zack is interviewing with a few intermediaries and carriers. The other, Ben, secured a nice opportunity with Stanley Black & Decker – a locally domiciled, firm – although his territory will be in Philadelphia to start. Q. When this issue lands in our member agencies’ mailboxes, it will be summertime. Any vacation plans? A. Not yet. We are still figuring out how to address college graduation, as both sons are graduating the same day and time – in two different states. We are thinking of a coin flip as way to decide which parent goes where. That said, my wife and I have a small condo in North Ocean City, MD and tend to escape there on weekends. We both work from there on most Fridays since the Wi-Fi is good, and when we finish – boom, we’re at the beach.
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WORK FROM HOME
S O LU TI ONS FOR WO R K- F ROM - H OME
H E ADAC H E S By Zafar Khan, RPost CEO
A year ago, there was a sudden shock to the world that caused mass disruption in people’s normal routines, forcing an uncomfortable behavioral change for most. This pandemic-induced shift to an isolated work-fromhome (WFH) routine should become a shibboleth once vaccines flow freely. But perhaps it won’t.
and work from anywhere with a hot-spot connection.
Over the course of the last year, we’ve all acclimated to our new routines, comfy chairs, and lounging between meetings. We play with the kids at odd hours of the day
beginning to understand. So as we potentially enter an
All in all, it’s not too bad (assuming your profession or business was not too negatively impacted). This acclimation may have been genuinely transformed the way we work — permanently and in ways we’re just era of quasi-permanent remote work, we have some fun, tech-inspired work tips and solutions:
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WORK FROM HOME
Problem:
Problem:
When you had an office, you could close your door so people would leave you alone to focus. Now your teammates DM (direct message) you whenever they like, as they may have no idea that you’re busy. They are impatient, expecting to see dots immediately appear to indicate you are replying in real time. And they some take offense if you are not quick enough to reply.
All work; no play (or at least no more chit-chat about sports, movies, etc.). Remote work effectively ended those water-cooler chats we used to have about non-work subjects, which was a camaraderie-building distraction from the daily grind. What now?
Tip: Obviously, set your status to “busy” on Teams (or any app you use) and remember to set it back to “available” when ready. The key is getting your organization to actually look at and respect these statuses. Tell staff that the red light (on Teams) is the new closed office door. And even if you know the answer and can instantly reply, wait … so as not to set the expectation that you are available on demand (or that you have too much free time).
Tip: Set the expectation that virtual meeting rooms will open five minutes early and close five minutes after the meeting ends for those who want to socialize. Managers should actively encourage this as important for company morale and team building. After all, this used to happen when meetings were in conference rooms. But remember that everyone secretly likes meetings to start on time, so elegantly cut the banter off precisely at the scheduled meeting start and end time.
bonus tip: Meetings with videos and multiple parties should also be shorter than the old, hour-long conference room sessions. Meetings that were 60 minutes should now be 30 minutes; 30-minute meetings should now be 20 minutes. Attention spans are shorter, and video conferences have been shown to be more mentally taxing than in-person meetings.
Problem:
Problem:
You’re using technology more – to e-sign for remote business needs and to encrypt email for inter-office communications. You need a better way, one that is easy to use plus more affordable when used frequently.
Taking notes with pen and paper during in-person meetings used to make you look engaged and give others the confidence that what they were saying would be noted, remembered, and acted upon. Now, people see you typing on a video call and assume you’re DMing your spouse about who’s going to cook dinner later that night.
Tip: Download RMail and RSign! (What else did you think I was going to say?) Our RMail for Outlook and Gmail, RSign e-signature web apps, connectors, and API make it easy to automate or extend your business systems with seamless, feature-rich, and more affordable e-sign and e-security tools. Our features provide the best user experience. Our prices make us the most affordable. And, our services connect elegantly inside your existing email programs and business systems.
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Tip: One solution is to announce that you are taking notes before you begin, which turns your act of typing into a positive and instills old-school confidence that action items will be memorialized. Even better, encourage old fashioned paper/pen note taking during video calls. It looks better for the note-taker, and it sounds better for everyone else, as there’s less typing noise (people rarely remember to mute when typing notes).
JUNE 2021
RPost CEO Zafar Khan has been in the technology field for more than 15 years, and he has strategy and finance experience with Deloitte Consulting and Goldman Sachs. He has also worked to transfer U.S. Department of Energy National Lab technology to the private industry and was selected as one of 15 CEOs to participate in a U.S. Presidential Trade Mission. Khan has invented four U.S. patents, holds a BA degree from Wesleyan University, an International Certificate from The Georgetown University School of Business, and an MBA degree from The Wharton School.
EMAIL ENCRYPTION & E-SIGNATURES Track, prove, encrypt, e-sign, and more with RMail® and RSign® from RPost. RMail offers simple-to-use email encryption, while the intuitive, web-based RSign process simplifies electronic signatures.
®
IA&B members receive a 20% discount. Learn more and schedule a demo at Rmail.com/IAB. Questions? Contact IA&B preferred vendor RPost today. Ask for Jamie Larson. Phone: 617-213-6912 Email: jlarson@rpost,com Website: rmail.com/iab
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7 WAYS TO SPEED UP YOUR AGENCY’S RECEIVABLES By Todd Sorrel, ePayPolicy Co-Founder We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your agency’s cash flow. Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely. You may know businesses that protect themselves against accounts receivable losses with A/R insurance / trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage.
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Yet you should not need to shield yourself from lateand non-paying policyholders. The key is to speed up the payment process and minimize the chance of nonpayment. We’ve put together seven tips to help you do just that.
1. GO DIGITAL We’ve said it before, and we’ll say it again: Consumers (including businesses) have long since embraced digital payment. They live in a 24/7 digital world and they expect to pay instantaneously for purchases. The keyword here is “instantaneously.” It’s 2021. It’s time. JUNE 2021
AGENCY RECEIVABLES 2. OFFER PAYMENT OPTIONS The trends in payment choice are clear. Debit cards, credit cards, and ACH (direct payment) are on the rise. The move away from checks (and cash) was already accelerating before “touchless” payments became a public safety essential. Choice means clients are not tied to any one payment method. They can earn points on their Visa card this month, or use their AmEx or a debit card next month.
3. MAKE IT EASY TO PAY Don’t stress about having to layer an ecommerce platform onto your website. You don’t need one to make online payments a breeze for your policyholders. First, be up front about it. Don’t make people have to search for your payment page. They’ll get frustrated. A link from your invoice template and a “pay now” button on your website will do the trick. Once clients know you offer card/ACH payment, they’ll quickly convert into delighted digital payers.
4. DELIVER HELP ON DEMAND Sometimes even tech savvy clients have questions or need help making their payment. They expect instant support (because they’re used to it from the other vendors). Be prepared to answer their questions, whether it is through chat, in an email, or over the phone, and have resources in hand that can help them solve problems on their own.
5. ENABLE AUTOMATIC PAYMENTS Many policies require multiple payments, either monthly, quarterly, or semiannually. This creates multiple opportunities for clients to put off making payments. And you can never predict which client or which payment will be late! Offering recurring payments is a “set it and forget it” convenience for them. Equally important, it makes your receivables timely and predictable.
6. AUTOMATE THE DUNNING PROCESS Imagine freeing your staff from sending out hundreds of invoice reminders and late payment notices each month. It’s a necessary task but consumes a lot of staff time. Switching to automated emails makes sure these notices go out on schedule. At ePayPolicy, our invoice reminders feature makes it even easier by creating automated emails for your team.
7. INTEGRATE WITH YOUR AGENCY MANAGEMENT SYSTEM If you’re already using a management system, you know the power of automating business functions across your
agency. While there are a number of industry agnostic payment processors out there (e.g., PayPal, Square, etc.), you’ll be better served with one that is designed specifically for independent insurance agents / brokers and that integrates with your management system.
THE BOTTOM LINE I know it’s a cliché, but time really is money. Your time is valuable, and so is your client’s. When it comes to paying insurance premiums, you both have a “need for speed.” If your goal is to turbocharge your receivables, you need to minimize slow-pay opportunities. The best way to do that is with client-pleasing digital payments. Todd Sorrel is the co-founder of ePayPolicy, a digital payment processor that is changing the way independent agents collect funds. Being an entrepreneur at heart, Todd is always looking for solutions to complex problems and trying to streamline processes. When he’s not helping agents speed up receivables or working on his short game, he loves spending time with his wife Meghan and their three awesome kids Paige, John, and Redford.
ADOPT A SEAMLESS PAYMENT EXPERIENCE IA&B preferred-provider ePayPolicy gives agencies the ability to securely and efficiently accept credit cards and ACH payments online, while passing on transaction fees to the insured. ePayPolicy helps hundreds of agencies across the country each day speed up receivables and bind policies faster. Our partnership with ePayPolicy provides a simple, cost-effective way for agencies to process online payments. Start accepting credit cards and e-Checks today through your very own online, companybranded, payment portal. As an IA&B member, you receive your first two months for free. Sign up using referral code IABMember. Questions or ready to sign up? Call ePayPolicy: 844-372-9300. Request a demo: epaypolicy.com/demo Sign up: signup.epaypolicy.com
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PICS & POSTS
PICS & POSTS Facebook.com/IABforME LinkedIn.com/company/IA_and_B Twitter.com/IA_and_B YouTube.com
16
JUNE 2021
“I love spending hours trying to quote online.”
SAID NO AGENT EVER. No agent ever said they enjoy wasting time. But they have said fast online quoting with a clear understanding of appetite is key to a successful partnership. UFG Insurance listened.
Welcome to a better way to work online — because you deserve it. BOP-Pro Get down to (small) business with this robust businessowners policy, including select endorsements to take coverage to the next level. Pro-Quote Get from start to bind with fast efficiency thanks to smart tools and straight-forward appetite within this enhanced quoting experience.
Simple solutions for complex times
UFG’s rejuvenated online experience isn’t about being better than others — it’s about being better for agents like you. Explore our simple solutions for complex times and experience service aimed to exceed expectations.
ufginsurance.com/online © 2021 United Fire & Casualty Company. All rights reserved.
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SAVE TIME & MONEY on Recruiting | Hiring | Training
IA&B MEMBERSHIP MEANS
M ARK E T ACCE S S
WAHVE is an innovative contract staffing solution that matches retiring professionals to fill your staffing needs.
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Contact Bill Hunt at WAHVE today! Bill.Hunt@wahve.com • 646-807-4372 ext. 3757
Contact Tim Wonder, VP - Membership TimW@IABforME.com • 800-998-9644, ext. 351
*Mention your IA&B membership for a discount on set-up fees.
POLICYHOLDER RETENTION RATE
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When you only do one thing, you better do it well and workers’ comp is all we’ve ever done for over 30 years.
OUR DUTY IS TO KEEP WORKERS PROTECTED.
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AGRIBUSINESS CONSTRUCTION MANUFACTURING MARINE OIL & GAS ROOFING TRUCKING WOOD PRODUCTS
*Policyholder retention rate based on voluntary business that we elected for renewal quote: 93.1% in 2019. © 2021 AMERISAFE, Inc. AMERISAFE is a registered trademark of AMERISAFE, Inc. SAFE ABOVE ALL and the AMERISAFE LOGO are trademarks of AMERISAFE, Inc. All rights reserved.
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JUNE 2021
Thank You A sincere thank you to our Platinum & Gold Partners. PLATINUM PARTNERS
GOLD PARTNERS Chesapeake Employers Insurance Company
Acuity
Chubb
Erie Insurance
Donegal Insurance Group
Main Street America Insurance
EMC Insurance Companies
Millers Mutual Group
Farmers Mutual Fire Insurance Company of Marble Keystone Insurers Group Inc
Nationwide Penn National Insurance Plymouth Rock Assurance
Lackawanna Insurance Group Liberty Mutual Business & Safeco Insurance MMG Insurance Company Mutual Benefit Group Narragansett Bay Insurance Company Progressive
Interested in becoming a partner? Reach out today. Tim Wonder, IA&B VP-Membership 800-998-9644, ext. 351 | TimW@IABforME.com
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IA&B Members: Shopping E&O?
WELCOME MEMBERS & PA R T N E R S
▲ We have the plans that agencies need.
NEW MEMBERS
For personalized service, CONTACT DAVID WERTZ, CPIA 800-998-9644, ext. 506 DavidW@IABforME.com IABforME.com
Gold Line Insurance Advisors LLC Newtown, PA People First Property & Casualty Insurance Services Easton, PA
RETURNING MEMBER Kleppinger Insurance LLC Bethlehem, PA
NEW PARTNERS Pie Insurance BBSI
Have a question about your member benefits? Contact: Tim Wonder, VPMembership 800-998-9644, ext. 351 TimW@IABforME.com
20
JUNE 2021
T R A I N I N G & E D U C AT I O N |
EDUCATION UPDATE All IA&B classes are online. We will continue to monitor COVID-19 conditions and resume classroom options when appropriate. For all 2021 classes, go to IABforME.com
PRIMARY AGENT Editor: Karen Robison KarenR@IABforME.com 800-998-9644, ext. 606 Contributing editors: Jennifer Ross Megan Fioretta Sales Account Executive: Laura Gaenzle laura.gaenzle@theygsgroup.com 717-430-2351
UPCOMING WEBINARS JUNE 2021 Connect with Other Agents & Get CE Credits Online Register today! 800-998-9644, option 1 IABforME.com DATE
TOPIC
TIME
Jun 1
William T Hold Personal Lines
8AM-4PM
Jun 2-3
James K Ruble Graduate Seminar
8AM-5:15PM
Jun 2
Hour w/ Kevin: Drones
2PM-3PM
Jun 8
Flood Insurance and the NFIP
1PM-4PM
Jun 9
CISR-Personal Auto
8AM-3:45pm
Jun 10
Insurance Jeopardy! Personal & Commercial Lines
9AM-12PM
Jun 10
Commercial Insurance Coverage
1PM-4PM
Jun 15-16 CIC-Life and Health Institute
8AM-5PM
Jun 15
Insuring Commercial Transportation Exposures
1PM-4PM
Jun 15
The Evolution of Ethics in Insurance
9AM-12PM
Jun 16
CISR-Agency Operations
8AM-3:45PM
Jun 17
Agent’s E&O: Duties, Operations, Checklists, More
9AM-12PM
Jun 17
Chris Amrhein’s Adventures in Aging: SS & Medicare
1PM-4PM
Jun 22
CISR-Elements of Risk Management
8AM-3:45PM
Jun 22
Nailed It: Construction Contracts
1PM-4PM
Jun 22
Personal Lines Coverage Concerns
9AM-12PM
Jun 23
Hour w/ Nicole: Homeowners Loss Settlement
2PM-3PM
Jun 23
CISR-Commercial Property
8AM-3:45PM
Jun 24
Cyber - Evolution, Exposures, Incidents & Insurance
9AM-12PM
Jun 24
Homeowners in Real Life: Claims & Coverage
1PM-4PM
Jun 29
CISR-Personal Auto
8AM-3:45PM
Jun 30
William T Hold Commercial Lines
8AM-4PM
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