Tyra Dressel | Executive Director tyra@bigioregon.com
Christine Muduryan | Member Engagement Director christine@bigioregon.com
Lyra Roberts | Agency E&O Senior Account Executive oregoneoteam@bigioregon.com
Melissa Reed | Director of Agency E&O oregoneoteam@bigioregon.com
April Pitz | RLI Administrator April.Pitz@iiaba.net
Roger Beyer | Big I Oregon Lobbyist roger@rwbeyer.com
Jill Tieu | Bookkeeper jillt@bigioregon.com
Marie Toney | Senior Account Executive (E&O/Cyber) oregoneoteam@bigioregon.com
Summer Cole | AVP, Agency Incubation and Development, Big I Advantage summer.cole@iiaba.net
ADVERTISER INDEX
AUGUST 18-20
Unmasking Opportunities: Thriving Through the Hard Market at the Mardi Gras of Insurance PAGE
By: Jennie Weiland
I Oregon President HUB International Northwest
REFLECTIONS ON THE 2024 BIG I LEGISLATIVE CONFERENCE
I am not a politician. I am not an activist by nature. I am not a scholar of our Country’s history. (Not particularly proud of that fact.) However, while I stood at the foot of our Nation’s Capital Building, climbed the steps of the Lincoln Memorial, and strolled the National Mall, I was awestruck. Completely awestruck. While I was reminded of all the things I had learned from 5th grade US History class and through various experiences in my life, I was completely overwhelmed with all that I do not know. Museum placards of information never were so valuable, unfolding both visual and emotional responses to the rich complicated history of our Nation.
And then there is Arlington National Cemetery. The movie scenes we have all seen do not do it justice. The videos posted of the extraordinary reverence at the Tomb of Unknown Soldier are but mere post-it notes to awesomeness of the experience. As the proud daughter of a Retired Naval Officer, it sits a little different. Again, awestruck.
Have you ever had an experience that you just aren’t sure how to articulate when it has passed? When there doesn’t seem to be the words or photos that can adequately explain its impact? That is the position I find myself in. We are so incredibly privileged to live here, in the United States of America. To have the freedoms and access that we do. Maybe you will understand this, maybe it resonates with you, but I am acutely
aware of how I take it for granted more often than not.
Why am I telling you all of this? The initial reason for my trip to Washington DC was rooted in attending the National Big I Legislative Conference. We walked the halls of our Capital, talked with Representatives from all over our State and advocated for our Industry and our Clients. We exercised our freedom to be heard. We met Insurance professionals from all over the Country, networked with Carrier Partners, and contributed to priority setting discussions for the future of our Industry. Being present mattered. If you have always wanted to attend, and something has held you back, please consider leaning in.
I would like to personally thank our Oregon contingent who represented us so well. (Stephen Smelley, Goldfinch Consulting and Big I National Director, Russ Schweikert, Ashland Insurance and Immediate Past President, Lyndsay Kooistra, LaPorte Insurance and Past President, Angela Williams, Huggins Insurance and Big I Oregon NextGen Chair and Board Member, and Tyra Dressel, Big I Oregon Executive Director.) We had experienced and novice attendees. Several opportunities to listen and learn from each other, as well as challenging each other to step into the uncomfortable. Once again, I am very proud of the work we do, but more than that, the people we get to work with.
As I mentioned earlier, minimal qualifications are necessary. Be curious. Be present. I hope to see you at INSURCON2024, August 18-20 in beautiful Sunriver!
Big
THANK YOU FOR ATTENDING
Drives for Dreams 2024
By: Tyra Dressel Executive Director of Big I Oregon
JOIN US FOR INSURCON2024!
Ready to have fun, gain valuable information and secrets for a hard market you can use immediately? Then mark your calendars for August 18-20, 2024, and join us at Sunriver Resort in beautiful Sunriver, Oregon, for Big I Oregon’s INSURCON2024 –Unmasking Opportunities: Thriving Through the Hard Market at the Mardi Gras of Insurance!
Why Attend?
INSURCON2024 is not your average conference. It’s a dynamic extravaganza tailored specifically for insurance professionals like you, offering a unique blend of education, entertainment, and networking opportunities. Whether you’re a seasoned industry veteran or just starting out, INSURCON2024 has something for everyone.
Top Highlights
• Mardi Gras-Themed Fun: Get ready to be dazzled as we roll out the purple, green, and gold carpet for a Mardi Gras-themed event like no other. From bayou-inspired outfits to masquerade masks, embrace the festive spirit and let your creativity shine.
• Networking Opportunities: Connect with fellow professionals, exchange ideas, and forge new partnerships. Whether you’re participating in the golf tournament, cornhole tournament, trivia competition, or cocktail-making session, INSURCON2024 provides ample opportunities to expand your network.
• Legislative Insights: Gain firsthand knowledge from key figures in the industry, including Oregon Insurance Commissioner Andrew Stolfi. Stay informed about the latest legislative developments and their impact on the insurance landscape.
• Entertainment Galore: From live music to interactive games, INSURCON2024 promises non-stop entertainment from start to finish. Don’t miss the Jazz Masquerade Closing Night Party, where you can dance the night away in your finest masquerade attire.
• Educational Sessions: Gain valuable insights and strategies to thrive in today’s challenging market. Learn about time management secrets, cybersecurity, workplace leadership, and more from industry experts and thought leaders.
• Stephen Harrington-Descoteaux, Agency Performance Partners (APP) - Efficiency in Chaos: Time Management Secrets for Navigating a Hard Market; Hard Market Hero Workshop
• Gage Maddox & Anthony Rushton, Coalition - Help your business spot, prevent, and mitigate cyber threats.
• Mike McBride, Chairman Big “I” National & William Jones, Editor-in-Chief, Independent Agent - Persepctives of the hard market and member benefits to assist you.
• Summer Jelinek, Leadership Employee and Customer Engagement - Beyond Tomorrow: Leading the Workplace of the Future; AI; Rethinking the Workforce
• Andrew Stolfi, Oregon Insurance Commissioner - Recent changes in legislation and how they affect the insurance industry.
• Tom Wetzel, Thomas H Wetzel & Associates - The AI Revolution – What It All Means for Agents (3 hours of approved CE in OR, WA, ID)
How to Join
Ready to experience the excitement of INSURCON2024? Register today at BigIOregon.com and secure your spot at this premier event. Scan the QR code to book accommodations at Sunriver Resort or call 855-420-8206 for assistance.
Final Thoughts
INSURCON2024 is more than just a conference – it’s an opportunity to elevate your knowledge, expand your network, and unlock new possibilities in the insurance industry. Don’t miss out on this unforgettable experience. Join us at Sunriver Resort from August 18-20, and let’s unmask the opportunities together!
Join us for Big I Oregon’s INSURCON2024
“Unmasking Opportunities: Thriving Through the Hard Market at the Mardi Gras of Insurance” at Sunriver Resort August 18-20!
Get ready to be dazzled at the premier event of the year tailored specifically for you – INSURCON2024!
We’re rolling out the purple, green, and gold carpet for an unforgettable Mardi Gras-themed extravaganza designed to elevate your knowledge, network, and business.
Sunday, August 18
Golf Tournament at the Award-Winning Meadows Course
Shotgun Start • Boxed Lunch and Drink Ticket Included
Alternate Activity: Cocktail/Mocktail Making, Tasting & Competition • Lunch Included
Rendezvous at the Bayou Opening Night Dinner & Party
• Come dressed in your best bayou outfit!
• Prizes will be awarded to the most creative!
Cornhole Tournament, Pitchin for PACs - Hosted by NextGen and Open to Everyone• Pick your team of two and give it a name fit for the bayou!
Monday, August 19
Business Sessions: Unmasking Opportunities to Thrive Including:
• Efficiency in Chaos: Time Management Secrets for Navigating a Hard Market
• Spot, Prevent, and Mitigate Cyber Threats
• Big “I” National featuring Mike McBride, Big “I” Chairman interviewed by William Jones, Editor in-Chief, Independent Agent
• Hard Market Hero Workshop
• Beyond Tomorrow: Leading the Workplace of the Future
Lunch
Trivia Competition - Hosted by NextGen and Open to Everyone
Beads & Business Exhibitor Showcase
• Appetizers & Cocktails
• Visit Exhibitors to earn your beads and a chance at winning $1,000 cash in our Heads to Tails game at the Jazz Masquerade!
Jazz Masquerade Closing Night Party - Dinner & Entertainment
• Come adorned in your masquerade mask reflecting the festive spirit of Mardi Gras!
• Prizes will be awarded to the most creative!
August 20
Legislative Breakfast featuring Oregon Insurance Commissioner, Andrew Stolfi, facilitated by Big I Oregon Lobbyist, Roger Beyer
CE Workshop - The
Revolution - What It All Means For Agents
2024 Premier Partners
THERMAL RUNAWAY: HOW LITHIUM BATTERIES CHANGE COMMERCIAL PROPERTY RISKS
By: Benjamin Peetz
The use of lithium-ion batteries is rising—and so are the potential hazards linked to them. Known for powering everything from smartphones to electric vehicles (EVs), when damaged, these batteries can enter a state of “thermal runaway,” a dangerous condition that leads to hotter, more challenging and intense fires, posing a significant risk for commercial property management.
What Is Thermal Runaway?
Thermal runaway happens when a damaged lithiumion battery overheats and ignites. Because lithium is a highly flammable metal, the damaged cells can become extremely hot, rapidly heating the cells adjacent to them until they ignite, setting off a chain reaction. Adding to the difficulty in managing these fires is the fact that lithium self-oxidizes, generating its own oxygen, which can further intensify the fire.
While the risk of a lithium fire may be more likely in manufacturing facilities, the potential for thermal runaway poses a significant threat across warehouses, retail environments and distribution centers that handle electronics and similar devices. For example, a simple accident like a warehouse forklift puncturing a battery in a product being stored there can trigger a thermal runaway—resulting in a catastrophic event.
Basically, any business involved with electronic products faces heightened risks. This includes distributors and retailers of electronics, as well as companies using lithium-ion battery-powered equipment.
Further, certain industries are starting to find that the engineering that worked well in the past is rapidly becoming ineffective against these new hazards. For example, some covered or underground parking structures are now banning EVs because the facilities were not designed for the exposures posed by this new technology. The hard-to-control fires that can arise from their batteries may not be easily extinguished with standard firefighting equipment
and the structure of parking garages—often enclosed and with limited access—exacerbates the difficulty in controlling such fires.
Moreover, the design of many parking facilities does not account for the specific needs required to safely accommodate EVs. For instance, the ventilation systems in many garages may not be sufficient to clear the heavy smoke and potentially toxic fumes produced during a lithium battery fire and the intense heat produced by thermal runaway can cause significant structural damage that was not anticipated when the garage was engineered to handle internal combustion engine (ICE) fires. This creates increased risk not only for the property itself but for the safety of drivers and firefighters as well.
Managing Lithium Battery Risks
There are several key strategies to mitigate the risks associated with lithium-ion batteries. In the case of a parking structure, property managers and developers may consider retrofitting the existing structures with improved fire suppression systems specifically designed to handle lithium battery fires. These systems might include enhanced sprinkler systems capable of delivering more water to cool the fires or specialized fire-extinguishing agents tailored to these types of fires. Better ventilation systems can also help. Additionally, implementing strict parking guidelines for EVs—such as designated parking areas equipped with appropriate fire safety measures—can isolate the potential exposure to an easily accessible area and help minimize the risk of a fire spreading.
Similarly, in a storage setting such as a warehouse, having designated, secure areas where lithium batteries are kept can help to control and minimize fire risks. It is important to keep these areas away from other highly combustible materials and support structures. These settings should also include adequate sprinkler systems to help quash thermal runaway risks. Also, specialized response procedures and equipment should be in place where batteries may potentially become damaged or pose a fire threat.
Regular checks and maintenance of equipment powered by lithium-ion batteries are other ways
IA Content Editor
to stay ahead of fire risks. Routine maintenance can prevent malfunctions that can lead to fires. Any damaged equipment should be reported immediately and taken out of service to an isolated fire-safe area.
A commercial property manager’s greatest friend is continuing education and employee training. From safety managers to warehouse staff, understanding the hazards of this technology as well as the mechanisms for dealing with thermal runaway is crucial to significantly mitigate the risks. Insurance carriers and agents can position themselves as great sources for their clients on risk management education.
Evolving Coverage and Engineering
Although commercial property insurance typically covers fire damage, the unique risks posed by lithium-ion batteries can often necessitate additional policy endorsements. The insurance industry is still
adapting to this emergent risk, continually refining policies to effectively address its specific challenges.
While insurance is one piece of the puzzle, ongoing advancements in product engineering and emergency response training are anticipated when it comes to lithium batteries. As safety measures continue to improve, businesses are becoming better equipped to handle the potential risk of thermal runaway. Embracing a proactive risk management approach from the onset is indispensable to safeguard commercial properties.
Ben Peetz is a seasoned fire service veteran and risk control consultant at Westfield Insurance, focusing on commercial property and agribusiness exposures, providing expert inspection and technical analysis across the U.S.
Originally published on IAMagazine.com in June 2024
Lisa Cheek Secretary
Denise Moore, CIC Regional Manager
Oregon & Idaho (503) 396-2225
dmoore@iroquoisgroup.com iroquoisgroup.com
Your Agency, Only Stronger
Give your agency a competitive edge by joining The Iroquois Group, a network of independent insurance agencies that allows you to partner as much as you want. Despite our size — we
have over $3 billion in premium with our carrier partners — and national scope — we pride ourselves on our boutique-like approach, which means you get highly personalized service.
good reasons to consider becoming an Iroquois Member: 4
• No upfront fees or monthly dues.
• Stay independent — we don’t take an equity position in your agency, and you continue working directly with your carrier reps and underwriters.
• Earn more. Grow your business — increase your revenue and add needed markets to your agency’s suite of insurance products.
• You don’t need to go it alone — your local regional manager brings additional resources, relationships, and vendor partner deals to enhance your agency's value.
PROACTIVE EDUCATION CREATES OPPORTUNITIES IN THE HARD MARKET
Olivia Overman
Through proactive communication, diversification and investment in their agencies, independent agents are successfully navigating the hard market and laying the groundwork for future growth, according to the “2024 Agent-Customer Connection Study,” the latest research by Liberty Mutual and Safeco’s Agent for the Future.
The report explores how the hard insurance market is impacting both agents and customers, with 83% of agents saying this is the hardest market they can remember seeing. Also, 89% of customers said their insurance rates increased in the last year and 21% said it increased “significantly.”
Yet, customers don’t fully understand what’s causing rate increases, the report said. Only about 20% of insurance customers say they understand the market forces behind rising insurance rates. Insurance clients want their agents to help them understand, as 62% said it’s important for their agent to educate them on the changing market dynamics.
However, while 70% of independent agents say they are proactively communicating with their clients about market conditions, only 20% of customers said they first heard about a rate increase from their agent. More than half (58%) said they first learned about the increase when they noticed their bill amount changed.
There is an opportunity for agents to communicate their value as trusted advisors through improving proactive communication. Agents could improve customer satisfaction and retention by adapting their communication strategies, particularly when it comes to customers who have experienced significant rate increases, the report says.
“Insurance is a relationship business,” said Luke Bills, president of independent agent distribution at Liberty Mutual and Safeco Insurance. “In a hard market, those relationships have become even more important. We already know that customers rely on their independent agents for advice and expertise on their insurance coverage. But this research goes further to show that today’s customers are turning to their agent for even more. They want their agent to educate them on changing market conditions, help them better understand policy changes and provide advice on risk mitigation.”
According to the research, forward-thinking agents have stepped up to today’s challenges, adapting to meet clients’ needs and finding growth opportunities. Agencies that experienced an annual revenue increase of more than 10% reported three strategies: diversifying and shifting toward markets less impacted by the hard market; investing in new retention programs to keep existing clients happy; and positioning themselves for future growth by continuing to invest in new client acquisition programs, as well as hiring additional staff.
Amid the hard market, 65% of agents say their retention rates are the same or better than they were a year ago, and 69% say they are acquiring new clients at the same rate or better than the previous year.
“Hard insurance markets are challenging, but they don’t last forever,” Bills said. “It’s with a sense of optimism that I can say—and this research validates—that independent agents are well-positioned to weather this market and come out stronger, more resilient and customer-centric.”
This article was originally featured on iamagazine.com inMay 2024.
IA Content Editor
2024 EXECUTIVE COMMITTEE
JENNIE WEILAND President
HUB International - Portland Portland, OR 23 Years
RUSS SCHWEIKERT
Immediate Past President
Ashland Insurance, Inc.
Ashland, OR 30 Years
DALLAS ROSS President-Elect
Timmco Insurance, Inc.Cornell Portland, OR 11 Years
TIM CUNDARI Finance Chair
Cundari Insurance
Portland, OR 29 Years
TYRA DRESSEL Executive Director
Big I Oregon
Portland, OR 31 Years
DELLAS WALDO Vice President
Field-Waldo Insurance Ontario, OR 7 Years
STEPHEN SMELLEY National Director
Goldfinch Consulting Beaverton, OR 37 Years
2024 BOARD OF DIRECTORS
KAITY BLACKSHER
NextGen Immediate Past Chair
Atkinson Insurance Group Portland, OR 19 Years
KRISTON COLLIER
JUUL Insurance Agency North Bend, OR 26 Years
ED DAVIS Maps Insurance Services, LLC Salem, OR 59 Years
JOE EGLI Brown Insurance Woodburn, OR 18 Years
MICHELLE GALLARDO
The Partners Group Tigard, OR 20 Years
HUWALDT MarshMcLennan Agency McMinnville, OR 29 Years
IRWIN k.p.d. Insurance Springfield, OR 22 Years
“MK” KHOTHULE Agape Community Insurance Aloha, OR 12 Years
Oak Tree Insurance Lake Oswego, OR 40 Years
LaPorte Insurance Portland, OR 22 Years TJ SULLIVAN Hagan Hamilton Insurance Solutions Salem, OR 27 Years
WILLIAMS NextGen Chair Huggins Insurance Salem, OR 21 Years
CHRIS
CARLYE
MPALENG
LYNDSAY KOOISTRA
STEVE LACESA
ANGELA
BOOKENDING TALENT: TAKING ADVANTAGE OF GENERATIONAL KNOWLEDGE
There was a time when job seekers found their way to the insurance industry by chance. Even today, a surprising 54% of today’s insurance professionals say they stumbled into the industry, according to a new Business Insurance survey of insurance professionals. Gen X (those born between 1965 and 1980) has the highest percentage, with just over 60% of professionals saying their insurance careers came to them by chance, followed closely by baby boomers (born between 1955 and 1964), with just over 58% finding their insurance careers accidentally.
An unexpected talent source
Surprisingly, the millennial insurance professional came to insurance by intention. The BIsurvey reveals that only 37% of millennials did not actively seek an insurance career. There’s good reason for it, too. Millennials have much more exposure to the insurance industry thanks to a growing number of programs that place the option squarely in front of them. Today there are 58 colleges and universities offering RMI (risk management and insurance) programs to their students, up from 55 schools in 2022.
The presence of risk management and insurance on campus is shown in the survey results, too. This year, 85% of insurance professionals surveyed have earned a bachelor’s degree or higher. And nearly 31% of millennial insurance professionals attended or graduated from RMI programs, up from just under 14% in 2019.
Double dipping in the talent pool
What does that mean for insurance? There is a golden opportunity for savvy organizations to recruit new talent. But there’s also a chance to stack the deck at both ends of the employee demographic. If you combine new talent with the skills and career knowledge of a retired insurance professional, your team can be one of the most productive and profitable imaginable.
Yes, a retired worker. More retired insurance professionals are re-engaging in the workforce each year. A recent Bureau of Labor Statistics report shows that 27% of today’s job seekers are people aged 65 to 74. They are the fastest-
growing employee segment. These insurance professionals bring a wealth of experience that can’t be taught in school. Soft skills, such as relationship management, collaboration, problem-solving, leadership, communication, and a strong work ethic are just some of the attributes that older workers can bring to your workplace. They can also serve as mentors to your younger workers, helping them attain the same soft skills while introducing them to a vast network of industry contacts that they have built over their careers.
The benefits of multi-generational teams
Your entire workforce can benefit from the sharing of skills across departments and generations. And your organization can benefit, too. When employees are engaged and collaborating regularly, they are:
More motivated. Employees who are connected and engaged in a common goal report more motivation. That’s because the work culture feels more positive and inclusive rather than segmented and status quo.
More productive. Motivated employees are happier and are 20% more productive than unhappy employees, according to the Social Market Foundation[1]. With knowledge sharing, every employee feels empowered and capable of better results.
More satisfied. Motivated employees are 87% less likely to look for another job, says a Corporate Leadership Council study of 500,000 participants.
More profitable. When your employees are engaged and productive, the result is better customer satisfaction, lower turnover, and a better opinion of your company’s work culture, which can attract even more talent to your organization. That can add up to a 21% increase in your organization’s profitability, according to Gallup research[2].
Concluding thoughts
In today’s tight labor market, harnessing the talent you have and mentoring the new talent coming on board is key to your success. As the talent gap continues to widen, bringing an experienced pre-retiree on board can help engage your entire workforce.
Updates on Noncompetes and More
By: Roger Beyer Big I Oregon Lobbyist
Legislative committees began work in the last week of May after taking a couple of months off so members could campaign before the primary election. The committees were primarily focused on reviewing what has happened since session ended and taking care of standing business.
One item of interest for Big I members, the current status of non-compete agreements, was presented to both House and Senate Business Committees. This law was changed in Oregon in 2021 to limit these agreements to 12 months and make the employer prove they are valid if challenged by the employee. The rest of the meeting focused on what has happened at the federal level.
The Federal Trade Commission (FTC) has filed new rules, set to go into effect on September 4 of this year, prohibiting non-compete agreements altogether for businesses who are regulated by the FTC. These rules apply to any person doing business with the regulated business, including independent contractors and unpaid persons. This is much broader than current Oregon law which only applies to employees of businesses. We will need to watch this carefully to see if the committees are
planning new legislation for 2025 which might seek to mirror the new federal rules.
Other than that issue and the quarterly revenue forecast, there was not much of interest for insurance producers. Speaking of the forecast, the new numbers show the state economy is holding steady with little change since March. The state economist did say that there is not likely to be any interest rate cuts now until December and that fact means a recession is more likely now than it was three months ago. Oregon’s economy is dominated by manufacturing, and, with the exception of computers and electronics, all other manufacturing industries are in a slump. Because computer and electronics are the largest manufacturing sectors of the state and the state now has more than $2.5 billion in reserves, they are holding the revenue forecast steady at this time. The September forecast will be very interesting to see if these predictions are coming true.
Legislators will now spend the rest of this year focused on elections. With no Governor race this year, the focus will be on the 60 House races and the 15 Senate races. There will be many new faces, especially in the Senate where nearly all Republicans are prohibited from running due to unexcused absences in 2023. In the House, some
past key committee chairs are not running so there will also be new faces in key positions. The make-up of both chambers will dictate what will be on the agenda for 2025.
Big I members should pay attention to what is happening in their districts as we approach the Fall election time. In some of these races your support of time, money or votes could swing the balance of power one way or the other. In the meantime, members can focus on the upcoming INSURCON2024 in August at Sunriver.
I am happy to announce that Andrew Stolfi, the Director of the Department of Consumer and Business Services (DCBS) and Oregon Insurance Commissioner, will again be our guest for the final day breakfast session. Director/ Commissioner Stolfi has been in this role since 2020 and prior to that he was head of the division of financial regulation with DCBS for two years. He has worked in insurance regulation for many years, both overseas and in other states before coming to Oregon.
Director/Commissioner Stolfi will update us about the industry and what he sees as the
most important issues for the coming year. The new committee on universal health care should be up and running by then so will hopefully have an update on that important issue.
We might even be able to get some advanced information from him about what legislation the Division plans to introduce. This is earlier than they normally unveil their bill list, so if we can convince him to share the information, it will be hot off the press.
As this is prior to the legislative drafting deadline, hopefully he will also have some information about legislation that others will be introducing. In addition, any ideas that are brought forward during the event we could have drafted into bills and prepared for introduction in January. So, everyone please put your thinking caps on and be prepared for a lively and informative session.
We will also address audience questions, so don’t miss this opportunity to have your questions answered by Oregon’s Chief Insurance Regulator on August 20th in Sunriver. Looking forward to seeing you there!
Choice
7 Investments to Fuel Remote Insurance Sales and Client Management
By: Sam Bowman
The insurance sector is transforming due to technological advancements, including in relation to remote work. After the pandemic prompted many insurance professionals to work from home, remote work has continued post-COVID-19 for many agencies.
This makes it more important than ever for agents to embrace tech tools and tactics that enable them to succeed in a constantly evolving field. Technology is reshaping insurance sales and client management, providing new opportunities for success for insurance professionals. Here are seven ways to make effective use of technology:
1) Effective workstation. Before any sales concerns are addressed, remote insurance agents working from home should focus on a workstation that promotes productivity and efficiency. Hopefully, by now we’ve all graduated from the early pandemic days of working at the kitchen table, but your workplace likely could still use improvements.
Bring in ergonomic furniture that will provide comfort and efficiency, personal touches to the room, such as pictures or paintings on the walls, and focus on setting up the best possible lighting, especially in a naturally darker space like a den or garage.
2) Virtual client interactions. Video conferencing tools have become essential for communication in the insurance industry, enabling agents to interact with clients smoothly regardless of location. Programs like Zoom and Microsoft Teams facilitate face-to-face conversations, offering adaptable communication methods while providing an improved client experience.
Insurance agents can also present information, review policy specifics, and address client questions over video calls or recordings. Additionally, sharing visuals and documents during client meetings can speed up the decision process by making it simpler for clients to grasp insurance concepts.
3) Automation. Many insurance agencies are turning to automation technology, including artificial intelligence (AI) and machine learning programs, to
transform the practice and speed of online customer service.
Robotic process automation (RPA) employs software bots to take over time-consuming, routine and repetitive tasks, freeing agents to dedicate their time to more strategic activities. This simple change drives efficiency, speeds up the insurance process and ultimately elevates the customer service experience.
Artificial intelligence (AI) and machine learning programs streamline daily business processes through chatbots. AI can also assist insurers with underwriting and other basic policy-related tasks. By automating these tasks, insurance agents can devote their attention to the value-driven aspects of client relationships.
4) Predictive analytics. Data holds significant value, and predictive analytics is vital to the future of independent agencies and the insurance industry. Insurance experts can use predictive analytics programs to identify and predict data patterns, empowering agents to make wellinformed decisions. This technology allows insurance professionals to anticipate client needs, pinpoint potential risks and customize policies to suit each client’s situation.
Most importantly, agents can use predictive modeling for customer segmentation. This process allows agents to target specific demographics with tailored marketing and sales strategies. This approach boosts the effectiveness of sales efforts but also builds more trust and a stronger bond with customers. Through data-driven insights, insurance agents can stay aware of marketing trends and offer proactive solutions to their customers.
5) Cybersecurity. Cybersecurity ensures a company’s data is safe from internal and external attacks. With the addition of remote and hybrid workers, corporate attack surface areas continue to increase. IT departments must secure various systems and endpoints within and outside the organization so hybrid or remote employees can access networks safely from their homes without jeopardizing sensitive agency and client information.
As more insurance professionals work from home, protecting sensitive consumer data becomes
necessary for any agency. To keep client data safe and ensure their trust, agencies must employ advanced cybersecurity programs such as encryption, secure virtual private networks (VPNs) and multifactor authentication.
Additionally, insurance agencies must stay informed of the latest cybersecurity threats and continuously update or upgrade security programs. Agencies should require all agents to attend regular cybersecurity best practices training sessions. This training helps remote agents to identify, mitigate or prevent potential attacks, protecting and ensuring the integrity of client information.
6) Customer relationship management (CRM) and project management programs. The future of technology in insurance brings exciting new ways for agencies to change and improve their digital strategy. Agents often focus on applications and renewal experiences, which takes up valuable time. However, with tech management tools, they can also enable simple online interactions, such as client portals that manage all information in a central space.
Working remotely requires agents to use a system that efficiently handles client relationships. CRM programs are invaluable tools for insurance professionals looking to streamline customer interactions, track leads and effectively manage policies. CRM systems consolidate client data while also automating routine tasks so agents can put their time to better use on high-value activities. Workflow automation may include sending policy renewal reminders and follow-up emails so that clients receive timely, personalized communication.
Project management is another critical need for agencies, with remote teams working together on complex processes and workflows. Agencies should use project management software that provides tools for task management, project visualization, resource allocation, reporting functionality, and collaboration.
7) Training and development. Automating insurance sales training and development is critical for a successful remote agent; however, many agencies don’t have the technology or training resources to support end-to-end training. This means
there are always issues with gaps in knowledge between an agent’s approach and a client’s needs. These insurance agencies can bridge those gaps with appropriate technological tools, such as online training modules.
Through automated training, agents can take small training modules that cover all aspects of agency work, from prospecting to closing. Agencies can also create assessments for each module to ensure their agents have studied the course and thoroughly learned the material. Internal certification courses will continue to foster remote agents’ skills in cold calling, drawing proposals, writing cold emails or closing sales.
All training modules could be saved in a cloud information repository on the agency’s CRM platform and app so that agents can access these resources and policy information anytime.
Sam Bowman writes about careers, tech, insurance, and how they merge. He enjoys getting to utilize the internet for a community without actually having to leave his house. In his spare time, he likes running, reading, and combining the two in a run to his local bookstore.
Originally published on IAMagazine.com in April 2024.
Consolidate Premium Finance & Payments
AI & E&O EXPOSURES
By: Mallory Cornell
Swiss Re Approved Auditor, Virtual
Agency
As many of you know, we cannot discuss the excitement of AI without including information about the E&O risks and exposures. Not to worry, however. There shouldn’t be too much that would keep you up at night or be a barrier to moving forward on your AI journey.
When considering AI for your agency, I believe there is much more upside than risk, particularly for the agency itself. Many risks can be mitigated through strong risk transfer language in contracts or engagement with the companies and the data produced.
1. Data Quality Issues: AI models heavily depend on the data quality they are trained on. If the training data is biased, incomplete, or inaccurate, the AI system may produce flawed results, leading to errors and omissions. The agency’s responsible for managing the workflows and processes associated with inputting data. More proactively, review your agency data before exploring AI for the agency.
2. Algorithmic Bias: AI algorithms can inadvertently learn biases in the data, leading to discriminatory or unfair outcomes. This can result in legal liabilities and reputational damage for organizations using AI systems. Your knowledge and experience becomes essential as you review the outcomes and prepare any client-facing documents generated by AI.
3. Model Complexity: AI models, especially deep learning models, can be highly complex and difficult to interpret. If users cannot identify how AI arrived at its decisions, fixing errors may
be challenging. This ranges from customers receiving marketing materials to product recommendations on insurance coverage.
4. Regulatory Compliance: Organizations using AI must comply with various regulations and standards related to data privacy, security, and fairness. Again, enlisting the help of professionals in this space is essential as you consider how and where your data and intel will be used.
5. Cybersecurity Risks: AI systems may be vulnerable to cybersecurity threats. Completing a cybersecurity scan and utilizing the appropriate means to protect your agency and its data should be at the forefront of the business – even if you’re not using AI.
6. Deployment and Integration Challenges: Implementing AI systems into existing workflows and processes can be complex. Integration issues can lead to unintended consequences and E&O risks, so once again, reviewing your agency data to ensure complete and accurate client files should be an ongoing task of the agency.
To effectively mitigate E&O risks, an agency should continue regular E&O risk mitigation activities, focus on data integrity, and educate internal staff on the goals of utilizing AI. Whenever new technology or workflows are introduced within an agency, the team typically receives ongoing training, workflows, and tools to help successfully onboard the process. It should not be any different with AI. Ensure the team is ready to accept the change and there is 100% buyin where it is needed.
Agency owners do not need to be experts in AI; they should seek external assistance from AI companies, Big I Oregon staff, and their SwissRe E&O providers.
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