GREEN MOUNTAIN AGENT A PUBLICATION OF VERMONT INSURANCE AGENTS ASSOCIATION
February 2017
Green Mountain Agent is a publication of
In This Issue: 600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org
Seasons May Change, But Our Commitment to the Independent Agent Channel Remains the Same...
VIAA Officers President Peter Richards Vice President Erin Odell Secretary/Treasurer Paul Plunkett
IIABA & PIA State National Director Ron Bixby
Directors Chip Ams
V
ermont Mutual is proud to have served Vermont and the New England market through the longstanding partnership with our Independent Agents. It remains our privilege to work with the finest Independent Agencies in the industry … the only place you can buy a Vermont Mutual policy.
4 Message from the President 6 Top 3 Reasons for a Trusted Choice Profile 7 On the Hill 8 E-Signatures 11 Take a Sip of Tech Startup Lemonade 13 The Danger of Auto Lay-Up Endorsement 16 Help Wanted 21 YAC News Brief
Features 26 Sales Success: Sell Like a Dog 29 E&O Corner
News
Daniel Rodcliff Vermont Mutual is proud to sponsor the Vermont Insurance Agents Association’s new Education Center in Williston, Vermont.
Alan Kinney
Staff Executive Director Mary Eversole meversole@viaa.org
GMA Publication Design Thorin Markison thorinmarkison.com
89 State Street, P.O. Box 188, Montpelier, VT 05601 | 800.451.5000 | VermontMutual.com
February 2017
30 The Richards Group 33 Acuity 34 Vermont Mutual
Message from the President Stable, Rewarding, Limitless… February is a month of many observances and celebrations. The most well-known is Valentine’s Day. February also boasts Insurance Careers Month. This is a worthwhile endeavor and vital to perpetuate our agencies and the industry. What is Insurance Careers Month? Insurance Careers Month is an industry wide collaborative effort to raise awareness of the dynamic career opportunities in risk management and insurance profession.
APRIL 2017
It’s fact that millions of Baby Boomers are retiring every year. 400,000 insurance positions will be vacant by 2020. We know that Millennials are the target market to fill these vacancies. The challenge before us is less than five percent of them are interested in working in insurance. On the flip side 50% of Millennials want a stable job. Insurance is stable. Even in the worst economic times, individuals and businesses will always need insurance. Today, auto insurance coverage and health insurance coverage are required. We also know that 64% of Millennials want to make a difference. That is innate in our industry whether it is helping insureds pick up the pieces after a disaster, providing security and peace of mind, contributing to charitable causes along with supporting our local communities. Insurance offers a rewarding career path. Innovation gives insurance limitless possibilities from insuring drones to driverless cars. This creates limitless opportunities in the industry and niche markets for agents.
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The Vermont Young Agents Committee is looking for new ways to attract their peers into the industry. I believe peer-to-peer recruitment is a key strategy in addressing the talent crisis.
VIAA ECONOMIC IMPACT SURVEY
We would love to hear from our members on what your association can do to help address this issue as well. You’re suggestions are welcome or feel free to include your recommendations in the Principal Member Survey that will sent out in April.
Pete Richards, VIAA President
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Big “I” University
Top 3 reasons a Trusted Choice Profile is better than an Agency website
On the Hill
Big ‘I’ Briefs Congress on Flood Insurance Jennifer Webb
Thankfully, today most of our members have a website. However, many websites deliver less value than agencies expect. While there are a number of reasons why, there is an easy and inexpensive way to address these issues. If your website isn’t great, the easiest and least expensive way to improve your agency’s presence on the web is to purchase an Advantage profile on TrustedChoice.com.
Mobile First Too many agency websites are not mobile enabled. As anyone with a smart phone knows, more and more searches are done on mobile devices. If the searcher is using a mobile device, Google penalizes websites that aren’t mobile friendly. Why? Have you ever spent too long trying to scroll around a website that has been miniaturized to fit on your phone? How about hitting the wrong hot link a few times because the links are too small and close together to allow your fingers to hit the right one? Advantage profiles are mobile optimized, allowing searchers to interact with your agency in a much more intuitive and attractive manner.
Profile Rank Most agency websites don’t rank (show up on page one) for any search terms other than the name of the agency. Many times, they don’t even rank for that. TrustedChoice.com is considered to be a very reputable site by Google. That means that Advantage agency profiles rank very well, in some instances more highly than the agency’s own website!
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Power of Content Agencies inability to rank for insurance search terms is problematic. The number of agencies with unaided recall (the ability to remember that Smith Insurance is an agency in Lakeville MN without a reminder) is very small. Thus, anyone who is Googling the agency name already is very familiar with the agency, but a minute percentage of searchers. Real world search is more likely to involve keywords related to insurance. And when the consumer searches for volunteer board insurance, the majority of agencies have ZERO chance of being shown in the top 20 pages of the results.
With the expiration of the NFIP looming in September, the Big “I” and other insurance associations kicked off 2017 with a briefing on flood insurance fundamentals for new congressional staff. The Jan. 25 briefing on Capitol Hill focused on why the peril of flood is different than other hazards, where the nascent private flood insurance market currently stands, how the NFIP operates and why timely reauthorization is important. The briefing featured an insurance agent from the Flood Insurance Producers National Committee—in which the Big “I” participates—and representatives from Bankers Insurance and J.P. Morgan. The NFIP is up for reauthorization on Sept. 30. The Big “I” anticipates that many
members of Congress will seek substantial reforms to the program, including a larger role for the private market. However, in the absence of a viable private market alternative for current policyholders, the Big “I” will continue advocating for a long-term extension of the NFIP. The Big “I” supports the slow growth of the private market as a complement to the NFIP and will continue educating Congress on the essential role that agents play in the delivery of flood insurance. Flood insurance and the reauthorization of the NFIP will be a major topic at the Big “I” Legislative Conference, May 3-5 in Washington, D.C. Jennifer Webb is Big “I” federal government affairs counsel.
This is where TrustedChoice.com’s value proposition comes into it’s own. Today, TrustedChoice.com is one of the top 5 results on page ONE (one of the 5 best pages in the internet) for over 11,000 insurance search terms. This is due to the breadth and quality of the content (web pages) that TrustedChoice.com publishes every week. When that consumer educates themselves on their insurance issues and then looks to find a local agency with whom they can work, Advantage agencies are shown at the top of the list. Call Today! These three reasons, the breadth of content and its high rank in Google search, the added visibility to an agency’s own presence in search, and the mobile optimized profile all create significant benefit and are a very cost effective way to leverage an agency’s web presence. For more information, call TrustedChoice. com at 1-855-372-8755.
TrustedChoice.com
Vermont Insurance Agents Association SM
Big “I” University
E-Signatures
Can You Use Them on Certificates of Insurance? Big “I” Virtual University Faculty
Many agencies use a facsimile signature for certificates and evidences of insurance—a scanned image of a wet signature has replaced the old rubber stamp. Q: “Is it acceptable to e-sign these documents rather than scanning an image of someone’s actual signature? Do the same guidelines apply to a producer’s signature on applications? ACORD simply states that a signature is required in most states, but it does not address what constitutes a ‹signature.›» Response 1: “E-signature and an image of a wet signature both constitute a legal signature. As long as the signatures contain necessary components from a legal standpoint— security and authentication, proof of consent, auditability and secure retention of the document—they are legally bindable under the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act (ESIGN). The same applies to a producer›s signature, as long as they are an employed representative of the agency. Currently, 47 states have adopted e-signature laws; all 50 are likely to adopt them by the end of 2017. There›s no dispute that a legally electronically signed document is far more secure and has a superior audit trail than one with a wet signature.” Response 2: “In my experience, most agencies have pulled the appropriate signatures into their agency management systems so that they automatically drop when completing a COI, evidence of property or binder. Using integrated documents from agency systems is efficient and enables employees to fax, email or print documents as necessary. Use of portals is also increasing throughout the industry, and that works much the same way.
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Regarding a producer›s signature on an app, it normally drops in—assuming the producer completes the app in the agency management system, as the Best Practice workflow suggests. If they’re using paper, the wet signature should already be there. I hope the question does not imply that someone else is completing the application and then having the producer sign it— the producer of record should always complete the app they’re signing. In general, though, using e-signature for applications which must be completed remotely has been common practice for quite a few years in many agencies, and works well.” Response 3: “A signature is defined differently by different states, and requirements sometimes differ based on the type of document. It is my understanding that generally, an e-signature will work in this scenario. But I encourage you to check with your state. One caveat is that the e-signature should match the person actually doing the Continued on pg10
work—which is especially important if the person doing the actual work does not possess the required licenses.” Response 4: “In 2001, ESIGN confirmed that an e-signature constitutes a legal representation of an actual wet signature. A signature can be a scanned image or typed in a script font. That said, questions may still arise regarding the validity of the e-signature and who actually signed the document. A digital signature process overcomes these questions and potential problems, and most e-signature vendors provide that through their platforms.
In sum, anything you do to electronically sign a COI is legal. Just like a wet signature, it can be challenged in court, but a digital signature process has generally held up as solid evidence of a signature.” This question was originally submitted by an agent through the Big “I” Virtual University’s (VU) Ask an Expert Service. Answers to other coverage questions are available on the VU website. If you need help accessing the website, request login information.
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Independent Agents: Take a Sip of Tech Startup Lemonade IA Editors
Not long after it announced plans to go nationwide, InsurTech startup Lemonade boasted that it broke a world record with the first-ever insurance claim handled solely by artificial intelligence, from triage through fraud mitigation down to payment—all in a manner of three seconds.
Late last month, after Lemonade announced its plans to file for license in 46 states, IA published “Lemonade Goes Nationwide— But Is It the Great Disruptor?”—an article from Chris Boggs, executive director of the Big “I” Virtual University, about Lemonade’s character flaws and contradictions.
“Our team only found out about the entire thing after it was over,” wrote Lemonade co-founder Shai Wininger in the second installment of what the company calls its “Transparency Chronicles.” Asserting that “claims are fun,” the release reported that as of Jan. 18, Lemonade had handled six claims so far in the New Year, paying out $4,589 to customers.
Whenever an insurance publication responds to Lemonade’s model, it’s a safe bet that the executives at Lemonade don’t walk around wringing their hands, wondering what they’re going to do, or that they’re concerned about our opinion in any way. According to Boggs, they probably threw a party if they happened to read IA’s article. After all, all press is good press.
Lemonade also announced metrics from its first quarter in the insurance market. By the end of 2016, the company secured $60 million from investors like Aleph, Sequoia, XL Innovate, General Catalyst and GV, formerly known as Google Ventures. According to the self-reported data, the vast majority of Lemonade customers are urban dwellers in the 25-44 age range. Although only 13% of them switched over to the company from other insurers, Lemonade claims that customers love its “hassle-free switching process,” reporting that 21% switched from Allstate, 18% from State Farm, 15% from Travelers, 13% from Liberty Mutual, 13% from Assurant and 11% from GEICO. In the announcement, Wininger also shrugged off the company’s original “peer-to-peer” label: “If I had to choose one thing that didn’t work as we had hoped, it’s our use of P2P to describe what Lemonade is,” he wrote. “In retrospect, it created a lot of confusion. People seem to read so many different things into this term, so we now described ourselves using phrases like AI and Behavioral Economics.”
“Although the ‘great disruptor’ is really the ‘great deceiver,’ Lemonade—and all InsurTech startups following in its footsteps—have and will benefit the independent agency system in two key ways,” Boggs says. New technology. “Lemonade and other InsurTech firms have artfully conned venture capitalists into investing money to create technology independent agents and their carriers will ultimately use to benefit their customers,” Boggs says. “The industry is ecstatic about the potential of this new technology—the possibilities seem endless.” Passion. “Following the attack on Pearl Harbor, Admiral Isoroku Yamamoto of the Imperial Japanese Navy reportedly said, ‘I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve,’” Boggs says.” “History proves he was right.” That’s what Lemonade and others have done for the independent agency system, Boggs suggests: The sleeping giant that is the independent agency system is now awake. “We have a renewed passion, purpose and resolve,” he says. “Lemonade, we needed you—but now you’re just in the way.” 11
COULD YOUR CUSTOMERS USE A
The Danger of Auto Policy Lay-Up Endorsements This is the time of year when northern “snowbirds” winter in their southern abodes. As a result, they may want to temporarily discontinue all or some coverage on the autos they garage up north. Or someone my have an auto they’re doing a major rebuild on and want to suspend all or some coverage. In commercial lines, some insureds may want to store certain vehicles for the season and, since they’re limited to sitting on a premises for months, cover the liability under the CGL policy and drop collision under the auto coverage.
PERSONAL UMBRELLA
ISO has BAP suspension and reinstatement endorsements (CA 02 40 and CA 02 38, respectively. ISO does not have PAP endorsements for this, but many carrier have their own forms. Should these endorsements be used?
POLICY?
ACCIDENTS HAPPEN? That’s why people have insurance. However, if your customers aren’t protected by a personal umbrella policy, they could be putting their house or financial assets at risk. This low-cost policy is designed to protect families against a catastrophic lawsuit or judgment.
CONSIDER THIS: Existing homeowners and auto insurance may not be enough to cover a lawsuit or judgment. A personal umbrella policy will substantially increase your customer’s overall liability coverage beyond the basic coverage provided under homeowners and auto insurance policies. A SMART WAY TO PROTECT YOU AND YOUR FAMILY. You’ll find an RLI personal umbrella policy is a good idea. • $1 million in additional insurance • Backed by a financially secure, A+ rated company • Customers keep their current homeowner/auto insurer • Excess UM/UIM available • New drivers accepted — no age limit on drivers • Up to one DWI/DUI per household allowed • Auto limits as low as 100/300/50 in certain cases
Rated A+ by A.M.Best
You can count on some insureds forgetting to call for reinstatement. You can count on there being an unseasonably warm day when an insured is tempted to take the vehicle out for a spin.
Or, as in one real claim, you can have an insured who decides to do a little work on the vehicle, it catches on fire, burns up the vehicle (and garage/ house), and the fire spreads to cause five-figure (or more) damage to the house next door. Or someone steals the Corvette convertible during the lay-up period, kills someone, and the insured is sued. NEVER suspend the liability coverage on an auto policy. And what you save by suspending the collision coverage for a few months is peanuts compared to the potential for damage (especially if comp is also suspended). That’s my story and I’m sticking to it. If you believe there is a compelling reason FOR suspending coverage, your comments can be added below. Bill Wilson Founder at InsuranceCommentary.com
CALL TODAY
FOR AN IMMEDIATE QUOTE!
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HELP WANTED
HELP WANTED
PERSONAL LINES SERVICE Customer Service is the top priority of this position. Efficient servicing will be required in this position in order to maintain excellent customer relations. This position will coordinate the processing of personal lines new and renewal business. Essential Duties & Responsibilities: • Manage & prepare quotations. • Complete and upload new business applications. • Manage new accounts in Agency Automation System • Respond to company memos or e-mail in timely manner. • Maintain positive relationships and keep direct communication with company underwriters and staff. • Keep informed and up to date on industry and company issues. • Improve/refine sales techniques through continuing education. • Maintain account files in accordance with established procedures. • Complete performance objectives as directed by the Manager. • Perform other specific duties as requested by the Manager. • Some processing on assigned accounts, including: daily mail, ordering of renewal or new coverage’s, invoicing, binders, company and/or client correspondence, suspense and follow-up, computer information input and client and/or policy information update.
• Check policies, endorsements, and other policy documents for accuracy. • Manage adding coverages to existing accounts. • Market, quoting, and placing new and renewal risks. Set up complete policy applications and/or specifications as required for new or renewal business in conjunction with clients’ needs and in conjunction with producer instructions. • Maintain Pipeline weekly with sold business. • Coordinate with accounting department in collecting premiums promptly or taking action in accordance with agency credit program. • Individual will also process any task as needed to relieve the loads of others in the department. Education/Experience/ Licenses/Certifications • High School diploma required; college degree preferred. • Three to five years in company or agency underwriting. • Agency experience preferred • Property/Casualty License required Submit Cover Letter and Resume to: Robin Bilodeau robin.bilodeau@nfp.com
Personal Lines Insurance Agent The Crowley Agency has been in business since 1947 providing excellent service and products to our many loyal customers. We currently have an open position for a licensed personal lines agent with the opportunity to grow into commercial lines. The ideal candidate would be personable, possess excellent communication skills and really enjoy helping people. This is a full time position with office hours and basic computer skills are required. We offer competitive salary, commision & benefits based on experience and qualifications. Please send your resume to Gail McKenna at gailm@crowleyagency.com For more details regarding our products and the companies that we represent please visit our website: CrowleyAgency.com
• Maintain control on renewal expirations and binders. 16
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HELP WANTED VERMONT
Quarterly Meeting
Titus Insurance Agency in Shelburne looking for an experienced Commercial Lines Account Manager to join our team. Candidates should demonstrate enthusiasm, a positive attitude, and strong communication and problem solving skills. You will be responsible for building relationships with our clients and carriers by delivering exceptional customer service, coverage review, looking for opportunities to provide relationship value, and process endorsements and payments for existing clients. Primary Expectations: Respond to and resolve account related inquires, policy changes, handle complex customer calls in a timely and professional manner and take ownership to resolve customer issues that will foster long term relationships within the agency. Understand the carrier’s capabilities and systems, their underwriting appetite in order to remarket clients, round accounts, and write new business. Create the #1 customer
February 16, 2017
experience in the independent agency system that creates value and increases retention.
VIAA, 600 Blair Park Road, #100, Williston, VT
Requirements: Licensed individual with 3 years of P&C experience with extensive knowledge of commercial lines. Offers a VERY competitive compensation and benefits plan
Register Today!
Noon- 2pm, Includes Lunch
Check your in-box for a meeting invite!
Questions? Brady Hecht brady.hecht@fmins.com
Please send resume to Donna Wagner via email Donna@titusinsurance.net or Annette Hannah at Annette@ titusinsurance.net or mail to Titus Insurance Agency, PO Box 476, Shelburne, VT 05482.
Thank you to Vermont Mutual Insurance Group for sponsoring our meeting!
All inquiries will be strictly confidential.
Free Legal Consultation for VIAA Members – Up to 30 minutes KEIDEL, WELDON & CUNNINGHAM, LLP Attorneys at Law
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Sell Like a Dog Phil Schuman Life with my dog over the last four years has made me think about all the ways our four legged friends can be great sales teachers and sources of inspiration. In many ways dogs teach us far more than we teach them. There are countless ways Jake teaches me to be a better person and a better salesperson here are just five of them. We can learn something from them all: OPTIMISM - My dog never catches the squirrels he chases – they outrun him and they’re safely up a tree before he can reach them. But watching him run with all his might I noticed something I’d never considered before. Every time he chases a squirrel he runs with the same level of enthusiasm and belief as though he’d just caught one minutes earlier. It struck me that if salespeople could maintain this same level of optimism and conviction even when prospects are saying no, there is no doubt sales would increase. PERSISTENCE – Dogs never give up. Salespeople often do. My dog will come to me with his favorite tug toy, fully anticipating I will play with him. If I don’t’ have the time I’ll let him know and he’ll turn and walk away. But he soon circles back, never deterred by “rejection” and trots back up, tail wagging, asking again through that look in his eyes: “Ok, how about now?” He’ll repeat this until before I know it there we are playing another game of tug! He won the sale because he was persistent, patient and perfectly polite. And he fully believed that eventually I’d say yes! ENTHUSIASM – Jake can’t wait to go outside. It’s the same backyard he sees every day but somehow through the eyes of a dog it’s always brand new and exciting and he can’t wait to explore and discover. How different the sales field would seem if we could meet the opportunities that lie in front of us with 26
the same level of zest. And then Jake is equally as excited to get back into the house. No matter which side of the door he is on, he can’t wait to discover what lies behind it! ADAPTIBILITY – Dogs thrive on a regular routine and so do salespeople. When our schedule for the day is clearly laid out with goals clearly defined we have a far better shot at being successful. Yet at the same time the sales world is different every day and we have to be ready to pivot to changing circumstances. Dogs are masters at adapting and can skillfully pick up on cues to mold themselves into the routine around them and the people beside them. CURIOSITY – It doesn’t matter if the doorbell rings, the chimney is being swept, the summer furniture is being put out or the bed sheets are being changed – Jake wants to know what’s going on and be a part of it all. Dogs are naturally curious and eager to learn new things. They see the world around them as one great big adventure. If we could lose the often jaded way we view the world and instead get excited about the miraculous nature of all that is around us, just as dogs do, we would be carving ourselves a clear advantage in the world of selling when it comes to understanding and anticipating customer needs. Dogs are often described as “man’s best friend” and the greatest winner of friends. Initially they had to learn how to “sell” to survive and these skills have stood them in good stead to win us humans over in a truly miraculous way. They are always happy to see us, they never hold grudges, and they brush off disappointments almost instantly. The only place in time where they know to live is in the present moment – unlike us they don’t spend time and energy regretting the past or overly worrying about the distant future.
Living only in the now helps them stay laser focused on whatever task lies ahead of them. Dogs constantly make us feel like we’re the most important and most valued person on the planet, whether they’re greeting their owner or a passerby on a walk. That’s a great place to start when dealing with prospects and customers! The next time you wonder how dogs so often get their way, consider their great skills in selling and count the ways they teach us every day how we can be even greater at our own game! Happy Selling! The Schuman Group empowers sales teams with real world tools through sales training, coaching and consulting services.
www.schuman-group.com
Are you trying to reach Vermont’s Independent agents? Do you have a great ad that represents your company and have nowhere to place it? Are you looking to hire? Place your ad in VIAA’s monthly publication and have the opportunity to advertise and market to Vermont’s Independent Agents.
Questions on how to place an ad? Contact Mary Eversole at meversole@viaa.org for placement options and advertising rates. Vermont Insurance Agents Association ATTN: Advertising/ 600 Blair Park Road/ Suite 100/Williston, VT 05495
Perpetuate the Industry? Check.
Don’t wait until the office is empty to find new talent – support InVEST and find new recruits now. InVEST is a free, classroom to career program designed to increase awareness of the insurance industry with high school and college students. And, InVEST has been making huge strides over the last year. With a new student center, career center and more scholarship dollars than ever before, InVEST is touching more and more students daily. InVEST, a 501 (c)(3) non-profit, is supported by financial contributions from insurance companies and individuals, in addition to the active involvement of hundreds of insurance professionals. For volunteer and donor opportunities visit www.investprogram.org.
Everything you insure is on your shoulders Negligent Referrals and You Richard F. Lund, JD, Assistant Vice President, Americas Property and Casualty, SwissRe
would not be covered under her insurance agent’s errors & omissions policy.
Felix has decided to sell his house and contacts Mary, an independent insurance agent, who he knows has been in the community for many years. Felix asks Mary if she knows of a good real estate agent who can help him. Mary tells him she knows the perfect person, Rusty Nail at Nail Real Estate. Mary doesn’t hear from Felix until about 3 months later when Felix calls her and relates the following story.
What can you do to protect yourself in this type of situation? There are several options. 1. Risk avoidance - decide you are not going to continue providing referrals 2. Risk mitigation - continue providing referrals, but offer several names and be sure to include a statement or statements that specifies the scope and limits of what you are providing; for example, that the person getting your referral should look into the qualifications of anyone they choose to use to be sure their needs and requirements are met. You should consult with an attorney licensed in your state as to the use of and the specific language of a disclaimer and the legal effect of such language.
Rusty advised Felix that an open house would be a good way to show the house to prospective buyers and that it would best for Felix to be out of the house during that weekend. When Felix returned, the interior of the house had been destroyed. Felix learned that Rusty had a party that left Felix’s house in shambles with damages Unfortunately, sometimes it just doesn’t pay in excess of $10,000. When Felix approached to be nice, and in fact it can cost you. Rusty to pay for the damages, Rusty responded that he in fact was not a real estate agent, that his license had been suspended for 3 years and 1HJOLJHQW 5HIHUUDOV DQG <RX he had no insurance to cover the damages. 5LFKDUG ) /XQG -' $VVLVWDQW 9LFH Felix blamed Mary’s recommendation of Rusty 3UHVLGHQW $PHULFDV 3URSHUW\ DQG for the damages and threatened to file suit &DVXDOW\ 6ZLVV5H against her. Mary then reported the claim to )HOL[ KDV GHFLGHG WR VHOO KLV KRXVH her errors & omissions carrier. Is this covered?
DQG FRQWDFWV 0DU\ DQ
Who do you trust to have your back? VIAS offers the most prestigious Errors & Omissions carrier(s) in the country: Westport Insurance Company & Utica National Insurance Group
For a quote or for more information contact Helen Collins at hcollins@viaa.org or 1-844-609-1481
www.iiaba.net/eohappens
VIAS is a subsidiary of Vermont Insurance Agents Association viaa.org
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Agency News
Agency News
Heidi Reece to Join The Richards Group
Holden Insurance to Join The Richards Group
The Richards Group welcomes Heidi Reece as the newest member to our Employee Benefits department in the role of Senior Account Manager. Heidi lives in the Dorset area and will round out our geographic presence being based out of our Manchester Vermont office. Heidi will be integral in supporting a growing client base as well as adding strength and expertise to our team in the areas of individual life and disability. “We are very excited to add Heidi to our Benefits team,” said Tom Scull, Vice President of Employee Benefits at The Richards Group. “Each one of us possesses a unique strength on the team that collectively works to create a powerful support system for the client work we do. Heidi will bring employee benefits expertise and local service to our Manchester and Bennington clients.”
Holden Insurance is pleased to announce that the firm has been acquired by The Richards Group effective January 1, 2017. The entire Holden staff will remain at their current locations in Rutland and Middlebury and will continue to operate under the name Holden Insurance. The partnership with The Richards Group will benefit clients by ensuring that decisions and service remain local for years to come.
Heidi Reece
“The Richards Group and Holden Insurance have had a collaborative relationship for many years and we feel very fortunate that the Principals at Holden decided The Richards Group was the best fit to continue the excellent work they have done over the decades,” said Peter Richards, Vice President of The Richards Group. “We’re thrilled to
be a part of the vibrant business communities in Rutland and Middlebury.” “When we considered what firm was best for our clients, employees and the communities we work in, we knew The Richards Group was the right fit. Holden Insurance shares a lot of history with The Richards Group as leading insurance firms in Vermont and we have similar priorities and values,” commented Paul Gladding, President of Holden Insurance. “In addition, I think our clients will benefit from the new risk management resources, insurance markets and technologies that The Richards Group will make available, along with their employee benefit and retirement plan expertise.”
Heidi is an active member of her community, enjoys competitive running, and is the assistant soccer coach at Burr & Burton Academy. She can be reached at 802-254-6016 or by e-mail at hreece@therichardsgrp.com.
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Agency News
Company News Acuity Grows To New Record In Revenue, Assets In 2016
The Richards Group named one of the 2017 Best Places to Work in Vermont The Richards Group was recently named one of the 2017 Best Places to Work in Vermont, an award created by Vermont Business Magazine, the Vermont Chamber of Commerce, the Vermont Department of Economic Development, the Vermont Department of Labor, and the Society for Human Resource Management (SHRM) – Vermont State Council and Best Companies Group. This statewide survey and awards program is designed to identify, recognize and honor the best places of employment in Vermont, benefiting the state’s economy, its workforce and businesses. “We’re proud to once again be acknowledged as one of the Best Places to Work in Vermont,” said Ben Taggard, VP of Wealth Management at The Richards Group. “To be recognized speaks volumes about the culture that we all contribute to and the outstanding colleagues that we work with every day.” “It’s valuable to have the survey and benchmarking data that this process provides,” added Peter Richards, VP of Commercial Insurance and Risk Management. “It shows where our strengths are as an employer and where we have opportunities to improve. We know our success as a firm is based on our ability to attract and retain talented employees and this process provides good insight on how we can compete effectively in the job market.” The Richards Group, headquartered in Brattleboro, Vermont, has provided local Insurance, Employee Benefits and Retirement
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Plan solutions to clients throughout Vermont, New Hampshire and Massachusetts since 1867. TRG locations include Brattleboro, Bennington, Norwich, Middlebury, Rutland, Bellows Falls, Ludlow, Manchester, Burlington, Wilmington and Keene, NH. For more information about the firm and its capabilities, please visit www.therichardsgrp.com.
Acuity announced its 2016 growth results, reporting a gain of over $46 million in total written premium. The amount brought Acuity’s revenue to an all-time high of $1.38 billion for the year.
increase in personal lines and reached a record $1 billion in written premium in commercial lines. Acuity is poised to continue its growth in 2017 due to its competitive strengths and market positioning.
“For the past 17 years, Acuity has consistently grown faster than the insurance industry. Over the past six years alone, we have added $600 million to top-line revenue,” said Acuity President and CEO Ben Salzmann.
“Acuity’s financial success in 2016 is a tribute to the partnership between our dedicated staff and trusted agency force and the faith of our mutual customers,” said Wally Waldhart, Vice President - Sales and Communications. “We are thankful to everyone who helped us achieve another record-setting year, and we look forward to continued success in 2017.”
Acuity achieved balanced growth across its business in 2016. The company achieved an incredible 20th consecutive year of premium
Acuity Releases 2016 Key Financial Results Acuity released its 2016 financial results, which detail the insurer’s continued profitability, strength, stability, efficiency, and expanded policyholder base. Highlighting Acuity’s 2016 performance is a 92.9 combined ratio, nearly eight points better than the insurer’s competitors in the property/casualty industry, marking the sixth consecutive year Acuity has earned a combined ratio of less than 100. Acuity also recorded 12.4 percent surplus growth, compared to just 0.8 percent for the industry, and exceeded competitors in sales growth. For 17 years, Acuity has outperformed industry averages across key areas of measurement.
a leverage ratio under 1:1 for the eighth consecutive year, finishing 2016 with 0.82:1, the strongest on record. In 2016, Acuity also combined financial performance with sales growth that was fueled by a record-high number of customers the company protects. In personal lines, Acuity set a new record of written premium at over $371 million. In commercial lines, the insurer exceeded $1 billion in premium for the first time ever, driven by a record number of quotes received and an all-time high quote success ratio of 41.4 percent.
“Acuity is a source of strength to our policyholders and independent agents because of the year-in, year-out consistency that we achieve,” said Ben Salzmann, Acuity President and CEO. Acuity showed other areas of continued strength in 2016 as well. Assets under management increased to nearly $4 billion, and policyholders’ surplus increased to over $1.7 billion, an alltime record. Additionally, Acuity maintained 33
Company News Vermont Mutual Once Again Recognized as a ‘Best Place to Work’ Vermont Mutual Insurance Group® was once again recognized as a Best Places to Work in Vermont by Vermont Business Magazine, in conjunction with the Vermont Chamber of Commerce, the Vermont Department of Labor, the Vermont Department of Economic Development, the Society for Human Resource Management, Vermont State Council and Best Companies Group. Every year Vermont Business Magazine surveys Vermont companies to find the best places to work in the state. Taken into consideration are company policies, demographics, and systems. In addition, employees are asked to answer 78 questions on employee satisfaction. This anonymous questionnaire accounts for 75% of the overall scoring of a company. Notably, Vermont Mutual had an impressive 82% survey participation. Citing the acknowledgment, Dan Bridge, Vermont Mutual’s president and CEO, stated “We couldn’t be more pleased to again be recognized as one of the Best Places to Work in Vermont. It’s confirmation of our commitment to not only delivering superior service and exceptional operating results, but also to working together to create an environment where people support each other, have opportunities for professional growth, have their efforts recognized through a comprehensive compensation and benefits package and have some fun while they’re at it.” Susan Chicoine, Vice President of Human Resources, remarked “The two words that have remained hallmarks of the Vermont Mutual environment are supported and empowered. This recognition by our employees confirms that, for nearly two hundred years, Vermont Mutual continues to be a great place to work.” 34
The Best Places to Work in Vermont 2017 Ceremony, which will unveil the rankings of all of the companies that participated, will take place in the spring of 2017. To learn more about Vermont Mutual, both as an insurer and as a place to work, please visit: vermontmutual.com.
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