GREEN MOUNTAIN AGENT VERMONT INSURANCE AGENTS ASSOCIATION | FEBRUARY 2019
Vermont Insurance Agents Association is a statewide trade association representing nearly 100 independent insurance agencies in Vermont, with more than 900 employees. VIAA member independent insurance agents represent more than one insurance company, and as a result, can offer clients a wider choice of auto, home, business, life and employee benefits.
Seasons May Change, But Our Commitment to the Independent Agent Channel Remains the Same...
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.
89 State Street, P.O. Box 188, Montpelier, VT 05601 | 800.451.5000 | VermontMutual.com 02
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Vermont Mutual is proud to sponsor the Vermont Insurance Agents Association’s new Education Center in Williston, Vermont.
Green Mountain Agent is a publication of
CONTENT FEBRUARY 2019
04 600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org VIAA Officers President Paul Plunkett, CIC Vice President Alan Kinney Secretary/Treasurer Dan Rodliff National Director Ron Bixby
Directors Chip Ams
Letter from the President
07 On the Hill
10, 14 Features: Knowledge
12, 16, 20, 24 Features: Agency Operations
18 Feature: Opinion
22 E & O Corner
Michael Barrett
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Erin Odell, CIC
Company & Agency News
Staff Executive Director Mary Eversole mary@viaa.org
GMA Publication Design LONDONmiddlebury londonmiddlebury.com
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LETTER FROM THE PRESIDENT FEBRUARY 2019
What we know as the shortest month of the year, February, is here! It is the bridge to Spring. Until the 700s BC February as we know it didn’t exist. Historically, Romans didn’t demarcate winter until the second King of Rome changed that. We can all appreciate that this time of year. Strangely enough, February use to be known as Solmonath (mud month) or even better Kale-monath (cabbage month). February is also officially insurance careers month in our industry. It’s a good time to remind our members about our talent solutions. 44% of independent insurance agency owners say finding qualified new recruits is their top challenge, according to the latest Agency Universe Study. The same is true in Vermont. That’s why we’ve partnered with WHAVE to help agencies with interim staffing solutions and are excited to offer Big “I” Hires to our members as a new benefit. Big “I” Hires is a one-stop resource for independent insurance agencies to identify, hire and assess top-performing producers and CSRs. Recruiting just got easier with Ideal Traits. It is an insurance-agency specific recruiting portal that helped more than 6,000 agencies nationwide successfully source top performing sales and service staff. Agents can post jobs, receive resumes, send assessments and identify the right recruit. Posted jobs will appear on top recruiting sites like Indeed.com,
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Paul E. Plunkett, CIC VIAA President
Zip Recruiter, glassdoor, Google for Jobs and hundreds more. Agencies can also find DIY Hiring Tool Kits on Big “I” Hires, with member only pricing, along with superior professional development tools. We hope that you will take advantage of these member benefits to help build your dream team in the short-term or long-term.
Recruit. Assess. Train. Retain.
CREATE YOUR DREAM TEAM! Does the thought of hiring a new employee leave you overwhelmed? Are you seeing turnover, or posting a job, but just aren’t finding the “right” person? You’re not alone. According to the Agency Universe Study 44% of independent insurance agency owners say finding qualified new recruits is their top challenge. Find the right recruits with Big "I" Hires, a one-stop resource for independent insurance agencies to identify, hire and assess top-performing Producers and CSRs.
Find Your Next Top Employee: BigIHires.com
Empowering Trusted Choice® Independent Insurance Agents.
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Profit Growth Reputation
Set the tone to sell.
independentagent.com/30seconds About 80% of your future business won’t leave a message after the beep. Boost profit, experience growth, and cement your reputation with The Power of 30 Seconds, a free, online training series ® designed exclusively for Trusted Choice agents.
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ON THE HILL: AFTER BIG ‘I’ ADVOCACY, IRS REVISES DRAFT GUIDANCE By Jennifer Webb
On Monday, the IRS issued a draft worksheet form Publication 535 to help taxpayers calculate a 20% deduction on qualified business income from pass-through entities for 2018.
The worksheet aligns with the draft regulation, noting that insurance agents and brokers are not considered a “specified service trade or business.”
The worksheet is still in draft form because regulations outlining how the qualified business income deduction should apply are not yet final. In August, the IRS issued a draft regulation. While changes are likely to occur to any final regulation, the IRS has confirmed the draft regulation can be used for tax planning purposes until final regulations are issued.
A previous version of the 535 worksheets— released mid-December—stated that insurance agents and brokers would be consitaxedered a “specified service trade or business,” contrary to the draft regulations, meaning that some agents and brokers would lose the benefit of the 20% tax deduction based on their taxable income levels. The Big “I” took immediate action, alerting other key stakeholders and contacting key officials at the Treasury Department and the White House to identify the error and request a correction. This advocacy resulted in the revised worksheet being issued this week.
Final regulations are expected in January or February; however, the ongoing partial government shutdown could cause a delay. Under the draft regulation, most owners and shareholders of insurance agencies and brokerages can take a 20% tax deduction on qualified business income—regardless of their taxable income levels—because the draft does not consider insurance agents and brokers to be a “specified service trade or business.” The Big “I” advocated before Congress and the Treasury Department for insurance agencies and brokerages to not be considered a “specified service trade or business” in the draft regulation.
The Big “I” will continue to work with the Trump Administration on the draft regulations and will alert members via the News & Views e-newsletter when the regulations are final. More information for Big “I” members on the deduction and the tax law is available in the tax section of the Big “I” website. Jennifer Webb is Big “I” federal government affairs counsel.
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Designations of Distinction In Vermont & New England
Click Here to Choose a Location Near You and Register Today!
The Certified Insurance Service Representative (CISR) designation program is a nationally recognized education program directed at a very particular job description in the agency—the customer service representative. CISR COURSES MAY BE TAKEN FOR CE CREDITS FOR THOSE NOT SEEKING THE DESIGNATION.
CISR Elite status now offers an even higher distinction for those eager to gain greater skills and knowledge of insurance service and sales.
The CIC Program is for agency and company personnel -- owners, producers, agents, account managers, brokers, underwriters, and marketing or claims personnel. Participants should be licensed agents, brokers, adjusters, or solicitors; or have at least two years of full-time experience in the insurance industry or as a risk management professional; or have served for at least two years as a full-time insurance faculty member at an accredited college or university. CIC COURSES MAY BE TAKEN FOR CE CREDITS FOR THOSE NOT SEEKING THE DESIGNATION. ATTENDANCE REQUIRED FOR ALL DAYS TO RECEIVE CREDIT FOR INDIVIDUAL CLASSES.
James K. Ruble Graduate Seminars are designed specifically for CIC Designees and feature a variety of topics along with real-life applications in a seminar that is designed to satisfy the CIC annual update requirement. YOU MUST BE A CIC OR CRM AND A DUES-PAYING MEMBER OF THE SOCIETY TO ATTEND A RUBLE SEMINAR.
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FULL VALUATION REPORT Strategic Business Partner
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Gain an unbiased understanding of your agency’s value and make more informed decisions about the future of your business using IntellAgents’ Valuation Services, exclusively developed for independent agencies. Let us be your trusted advisor. We’re here to ensure small- to mid-sized agencies are empowered with the right tools to plan their agency’s perpetuation. What we need: -
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24 QUESTIONS FOR BUILDING BETTER RELATIONSHIPS WITH CO-WORKERS By Keith Rosen
KNOWLEDGE
ment needs to create mutually beneficial and supportive relationships with sales, sales needs to play nicely with operations, operations need to work with finance, and so forth.
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Butting heads with co-workers you can’t stand working with? Stressed and frustrated because they prevent you from getting your job done? These situations stagnate growth, productivity and revenue. There’s no reason to tolerate toxic relationships when all it takes is a conversation to repair and reinvent it. Everyone has their own agenda at the office, and employees don’t always respect other people’s role and goals. For example, the salesperson in the field needs an internal resource to close a deal or serve a customer, so they contact the person who can help them. In the moment, they’re focused on what they need—not what they can give. And they’re not considering the fact that their request isn’t the only request the customer service rep has received today.
So, what’s the solution to breaking down these silos to foster profitable collaboration instead of competing with other departments? A conversation is all it takes. Here are a handful of questions and conversation starters you can use with your colleagues to build the relationships that will help you successfully work with others: 1) I’d love to learn more about your responsibilities. Would you mind sharing your job description so I can be more respectful of your role? 2) By what criteria is your performance measured? 3) Do you have a defined set of performance indicators? 4) Can you help me understand the expectations the company and your manager have of you? 5) What part of your role or the work we collaborate on is most frustrating for you?
This type of departmental siloing adds pressure and strain to every relationship. Departmental silos shut down collaboration, cause distention and compromise the results each person is looking to achieve. And the irony is, at the end of the day, everyone is focused on the same goal—to serve customers well.
6) What do we need to do to work together in the most productive way?
Imagine what would be possible if everyone at your agency was unconditionally supportive of each other and took personal responsibility for developing healthy, empowering relationships with their colleagues? Working within the confines of your team is one thing. But for a business to generate results, the marketing depart-
9) What’s your biggest concern regarding the immediate, timely requests I make?
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7) What do you see that works well when we work together? 8) In your opinion, what’s not working that we need to address?
10) If we were to redesign how we can work together, what would that look like to you? 11) How would you define exemplary,
Looking to Take Your Personal five-star customer service?
We Want You!
12) What is your approach to dealing with a
South Burlington, VT customer issue?
NFP, a leading insurance broker and 13) If I need you for something, what reconsultant provides employee benefits, sponse timethat should I expect? property & casualty (P&C), retirement, and 14) How doinsurance you typically to communiindividual andlike wealth management cate? solutions is currently seeking an experienced Personal Lines Producerthat to needs advance his or 15) If there’s a challenge to be her career as a Commercial Lines addressed, what’s the best way for usProducer to approach and resolve it? office. This position in its South Burlington is responsible for generating new sales for 16) If I’m unable to contact you, who else all Lines and requires canCommercial I contact in case of apolicies timely need or the abilitywithout to workoverstepping closely withyou clients, challenge and your role? service representatives, producers, customer management, and insurance carriers. The 17) If we don’t agree on something, what work environment professional very approach works bestisfor us to createand alignsupportive. The ideal candidate should have ment? excellent interpersonal skills, {2+} years of 18) How canand I best support you in to your role? experience, ability to adapt emerging technology. will be supported with 19) What are They your thoughts on scheduling a commercial lines and continually mentoring for weekly meeting totraining ensure we’re aligned in our approach and objectives and and prospect/planning, sales calls, proposals avoid potential problems? education. A property and casualty license is required. NFP offers a highly competitive 20) What can we do to maintain our positive compensation relationship? and benefits package.
Lines Experience to the Next Level? 21) What would compromise our working relationship? 22) If we notice that we’re reverting to toxic behaviors, how can we communicate that without offending each other? 23) What strategy can we put in place to
ensure we’re achieving what Please send your resume to:we both want most?
Dan Rodliff Vice President, NFP P&C 24) What concerns do you have at this point?
PO Box 2243 South Burlington, VT 05407 The next step is up to you. You can retreat and give up, or you can redesign healthy, Or
supportive relationships with people you
may have given up on.@nfp.com Email: dan.rodliff
Keith Rosen, CEO of Profit Builders and founder of Coachquest, has delivered his programs to hundreds of thousands of people in practically every industry in over 75 countries. Rosen has written several bestsellers, including “Sales Leadership,” “Own Your Day” and the globally acclaimed “Coaching Salespeople into Sales Champions,” winner of five international best book awards and the No. 1 bestselling sales management book on Amazon for eight consecutive years.
Free Legal Consultation for VIAA Members – Up to 30 minutes KEIDEL, WELDON & CUNNINGHAM, LLP Attorneys at Law
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AGENCY OPERATIONS
HOW DEFINING STAFF ROLES CAN BOOST YOUR BUSINESS John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. Oftentimes, today’s employees don headphones and send emails rather than chatting with colleagues, and work from home as much as they can. Even though we all tout “working as a team,” many employees have become a silo of one. For a business to be competitive and flourish in the future, employees must take on new and different team roles beyond their usual job-related activities. The goal of these “meta roles” is not to get everyone on board, reading from the same playbook, agreeing with the boss. Instead, they serve to make people less compliant and more engaged. Rather than trying to get employees to do a better job, meta roles aim to motivate them to enhance their value so they can become more aware of what’s going on around them and move themselves and their business forward. Here’s a breakdown: 1) The Diagnostician. Businesses have long been the undisputed spawning grounds for employee complaints. While a certain amount of venting may be therapeutic, it normally goes nowhere. However, some of what is affectionately known as “blowing off steam” could actually consist of helpful ideas and insights, which means it could also be a missed opportunity. Much like the medical internist who is skilled in identifying problems and prescribing treatment to keep patients healthy, the Diagnostician’s task is not only figuring out what needs attention, but coming up with workable solutions as well. 2) The Dreamer. Dr. June McCarroll, a physician in Indio, California, had had enough of being pushed off the road by inconsiderate
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truck drivers. She proposed putting center lines on highways. But the year was 1917, and the all-male county board of supervisors didn’t recognize the need. Undeterred, McCarroll got on her hands and knees and painted a two-mile long white stripe down the middle of the road in front of her house. It’s in a company’s best interest to urge employees to dream up new ideas and challenge old ones. Some will work and some won’t, but it’s the excitement and satisfaction of dreaming that makes a difference. 3) The Dissenter. We call them rebels, outliers and obstructionists. They not only rain on our parade, but can also be disruptive to the status quo—and that’s usually not acceptable. Most employees get the message: Stay in line, or else. But not the dissenter. In the Harvard Business Review, Wharton School’s Adam Grant contends that “con-
formity is dangerous because it means following other people not because you believe in their ideas or agree with them, but because you want to fit in instead of standing out.” While we may enjoy being around agreeable people, they are often the least effective in moving an organization forward. Being on the same page doesn’t necessarily translate into progress. 4) The Deliberator. How many mistakes in business result from failing to analyze and understand the implications of decisions? The answer: a lot. Often, the urge to act trumps being reflective. Getting input is confusing, causes delays and derails plans. It’s almost as if some people fear deliberation because it may lead to altering or rejecting their ideas, which is why potentially helpful and useful ideas get a bad rap. Good ideas frequently fail because of overlooked details and miscalculations. The Deliberator helps prevent that outcome by vetting them first. 5) The Doer. While analyzing problems, dreaming about possibilities, taking exception and arguing issues all create a dynamic that spurs involvement and innovation, the first four meta roles are useless unless someone follows through and acts. Enter: the Doer. As someone says at the end of every meeting, “Who’s going to make the coffee?” In other words, who’s going to do what and when? Making decisions only has value if there’s action behind them.
For a business to be competitive and flourish in the future, employees must take on new and different team roles beyond their usual job-related activities. W W W.V I A A .O R G
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YESTERDAY, TODAY AND TOMORROW: TRACING THE HISTORY OF EPLI
KNOWLEDGE
By Peter R. Taffae
It was not that long ago that a justice was sitting in front of a U.S. Senate confirmation hearing dominated by talk of sexual harassment: The year was 1991, and the justice was Clarence Thomas. At first, the insurance industry responded by assigning employment practices liability underwriting to directors & officers underwriters. But due to the different pattern of EPL claims compared to D&O claims—the former tend to be both high frequency and high severity, whereas the latter tend to be low frequency and high severity—that decision did not work out well for insurance companies. One early lesson learned was that retentions are an underwriting tool for addressing perils of frequency in the EPLI space. Another was that EPLI accounts require highly specific expertise. Within three to five years, EPLI-focused underwriters developed and started running with EPLI underwriting, and more and more insurance companies wanted a share of the fast-growing market—resulting in competition which drove premiums down even as claims frequency continued to increase. Race discrimination, wrongful termination and sexual harassment were the most frequent allegations. As time went on, new types of discrimination claims also came to light, such as those alleging gender and sexual preference discrimination, as well as retaliation. In 2011, wage and hour litigation became
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the latest phenomenon with Wal-Mart v. Dukes, in which the U.S. Supreme Court overturned a district court’s decision to certify a class-action lawsuit in which 1.6 million women with a history of employment at Walmart stores alleged gender discrimination in pay and promotion policies and practices. Since then, wage and hour-related claims have increased in both frequency and severity: According to the annual Workplace Class Action Litigation Report, the top 10 settlements in 2017 totaled $2.72 billion—up significantly from $1.75 billion in 2016. Finally, in 2017, the EPLI community was stunned when Harvey Weinstein was accused of sexual harassment by more than 70 women. With the launch of the viral #MeToo movement, similar allegations against other entertainers and politicians came to light. #MeToo took sexual harassment out of the closet and into the streets. Victims were encouraged and supported to share their stories. Over a year later, victims of harassment in workplaces at all levels, from Fortune 500 companies to small firms, are still coming forward in unprecedented numbers. The Clarence Thomas hearings were a tipping point for the insurance industry in the early 1990s. #MeToo is a tipping point today. Litigation frequency is up, victims are no longer content with silence, and corporate America is taking notice. Numerous companies have lost CEOs and other high-ranking leaders because of allegations of sexual harassment. It’s no surprise, then, that today’s EPLI market is tightening, with the most dramatic changes occurring in California, Florida, Illinois, New York and Texas. As insurers reevaluate their EPLI portfolios, particularly in those five states, they must find new ways to make money. This generation of EPLI underwriters has never experienced a hard market, and now, they have a great deal of influence. If these trends stick, the bar for EPLI premium increases will only go higher and higher. Peter R. Taffae is managing director at Executive Perils, Inc.
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AGENCY OPERATIONS
WHY YOUR JOB POSTING ISN’T GETTING RESULTS By John Hill Why don’t most insurance job ads perform?
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Insurance Sales, Amazing Pay, Career Growth
Since 2015, I have written more than 2,000 ads for insurance positions. What I’ve learned through epic failure is that the answer is usually attributable to one of two major factors:
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Insurance Sales, Experience A Must, Signing Bonus
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Sales Opportunity, Uncapped Earnings, Will Train
1) The job title. It’s too generic. If you’re like most agents, you probably include a very brief, self-explanatory job title in your ad—something like:
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Customer Service, Progressive Leadership, Salary + Bonus
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Insurance Sales
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CSR
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Licensed Insurance Producer
These are the common job titles many agencies use—and that’s exactly the problem! What’s differentiating you from the other agencies looking to make a new hire? Your job ad is your first impression with a great candidate. Don’t let them pass you by simply because you couldn’t think of anything more creative than “Insurance Sales.” Hook the right candidate by giving them a reason to click on your ad. Descriptive words about your agency’s compensation, culture and growth potential are all great ways to entice a rock-star candidate to find out more.
The change is simple, but right off the bat, your candidates will be more aware of why they would want to work for your agency. 2) The job description. It reads like an invoice instead of an explanation of why people like working for you and your agency. Instead of describing the mundane tasks and obligations of the job in extensive detail, explain why your long-term employees continue to work for you. Tell your prospective recruits about your culture, how you can help them grow in their career goals, how much more money they can make—anything that accurately sets you apart from the other insurance agencies. On that note, do yourself a favor and check out the ads that are currently running in your zip code so you can find out what your competition is doing. This will help you further define the unique reasons someone would want to come work for you instead. The result: an uptick in not only candidates, but the right candidates—the kind you actually want to hire. John Hill is director of sales at Ideal Traits, a Big “I Hires partner. Big “I” Hires offers cutting-edge tools to help agents hire top-performing sales and service staff.
Here are a few examples that I’ve found to be successful:
THE MEETING SPACE YOU’VE BEEN LOOKING FOR
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HOW INSURANCE CAN PROMOTE MORE WOMEN LEADERS By Will Jones, IA assistant editor. On Jan. 3, 127 women were sworn into Congress—a new record for female representation in American politics and an increase of 15% from the previous Congress. But the same progress hasn’t been reflected in the financial services sector, particularly among leadership roles.
OPINION
In North America, women account for over half of the entry-level workforce in financial services but represent fewer than one in five positions in the financial services C-suite, according to McKinsey research. Even though men and women begin their careers at the same point, women tend to steadily lose ground to their male peers. The biggest drop occurs early in their tenure, when women are 24% less likely to obtain their first promotion than their male peers, even though they request promotions at similar rates, according to McKinsey. In the insurance industry specifically, women represent over 60% of the 1.6 million workers-strong workforce. But only 11% of women are named officers, 19% are directors and 12% are in top officer positions of CEO, COO or CFO, according to STEMconnector. Moreover, only 35% of independent agencies are led by a woman agency principal or senior manager, according to the 2018 Future One Agency Universe Study. The impact is acutely financial: STEMconnector reports that in 2016, women in insurance earned 62 cents for every dollar earned by men—less than what women in the U.S. earned in 1951 compared to men. What barriers are holding women back on their professional insurance journeys? 1) Unconscious bias. Discrimination against women for demonstrating the very characteristics that are integral to being considered for and succeeding in leader-
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ship roles is a no-win scenario for aspiring women in finance. “Unconscious bias leads some people to believe that behaviors normally thought of as belonging to a leader, such as being assertive, confident and outspoken, can be viewed differently in women versus men,” says Jeff Grange, president of specialty and commercial insurance, QBE North America. 2) Work/life balance. A historic and institutional bias around family responsibilities impacts many organizations, and Grange says this “lack of work-family balance and lack of flexibility” is a leading barrier in accounting for the needs of working women. While many fathers contribute to their families in ways that are non-traditional for men, the expectation of responsibility for home and family still lies predominantly with women—leading to difficulties with work/life balance. “Many women express that they feel guilty when they are focusing on their family for fear that they will be judged at work, and that they feel guilty when they are focusing on their jobs because they are not paying attention to something they could be attending to at home,” says Cyndi Sax, senior vice president, professional services at Caliper, an employee-assessment and talent-management-solutions company. If a woman leaves work in the evening while her counterparts are burning the midnight oil, “there is a chance that her physical absence in the office could be negatively perceived by her boss or peers—even if she’s putting in the same number of hours by checking email and taking phone calls from home in the evening,” Sax says. 3) Internal structure. A company’s culture can also exclude women. Consider a female client of Sax’s, who worked in an
environment described as an “Old Boys Club.” Frequently, her “male counterparts would leave the conference room together after a meeting and make decisions about topics discussed in the meeting without her perspective being represented,” Sax says. “Whether intentionally or not, those norms can often leave women standing on the sidelines or having to work twice as hard in order to accomplish the same recognition at work.” Businesses that don’t intentionally look into ways to promote women into senior roles are missing out: McKinsey’s research shows that companies in the top quartile for gender diversity on executive teams were 21% more likely to outperform on profitability and 27% more likely to demonstrate superior value creation. Companies can take proactive steps to improve gender parity and close the pay gap by “supporting women and opening the pathway for more women to hold leadership positions,” Grange says. In addition to supporting a healthy work-life balance by offering flexibility in hours and ensuring that networking settings are neutral and appeal to a diverse audience, insurance businesses can track “clear diversity and inclusion goals and metrics across the entire organization, including among officer and management levels, which are historically male roles,” Grange explains. Another way to address female underrepresentation is maintaining “a culture which actively analyzes its practices and protocols to sustain transparency in its hiring practices,” Grange says. QBE, for example, has “role mandates for all roles, at all levels, with corre-
sponding salary ranges associated with each role to ensure that total compensation is fair, equitable and free of any gender bias.” Sax encourages women to seek mentorship or sponsorship from other colleagues and reminds aspiring women leaders that “it is not simply what happens to them, but how they respond to those events that have the greatest impact on their success. Regardless of the challenges that she faces, building resiliency is one of the most impactful developmental activities that any woman can take.”
But importantly, sexism in the workplace can’t be overcome with determination alone. “Women have been fighting for equality in and outside of the workplace for generations,” Grange says. “The challenge for men is to become champions of change and make diversity and inclusion a strategic priority, not just a program.” To that end, organizations must “commit to the promotion and advancement of women into senior leadership roles and the corporate boardroom,” Grange says. “They must champion equal pay at every level of the organization and create compensation frameworks that reward all leaders for results and outcomes around clear, measurable, diversity and inclusion goals.”
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AGENCY OPERATIONS
WHAT’S AGE GOT TO DO WITH IT? in a remote work arrangement. Here are some of the advantages of employing retiring workers to complement a workforce that includes millennial workers:
Apparently, far too much. Today’s companies, looking to fill an ever-growing list of open positions (31 million by 2020, according to Georgetown University), are turning to millennials. Attracting the younger workers has become the focus of companies as they try tapping into the energy and enthusiasm of the generation they’re trying to sell to in many cases. While having young, eager employees may be good in the short term, it also poses some unexpected issues. As more and more Baby Boomers head for retirement (the Bureau of Labor Statistics estimates 10,000 turning 65 each day), companies are losing a key component to their success – knowledge. Many retiring professionals have amassed a career’s worth of knowledge that younger generations simply don’t have yet. In a perfect world, keeping the knowledge within the company while grooming a new generation to take their places would be ideal. Luckily, that ideal just became a little easier to achieve. We at WAHVE started our entire business on the idea that combining the knowledge and skills of the retiring and retired workers with the fresh perspectives of the younger generation is a winning combination. And that’s proven: statistics show that companies that employ an age-diverse workforce have higher productivity, a wealth of new ideas, and a wide knowledge base. Finding the veteran workers is easier than one might think. The BLS says that the number of workers aged 65 and older who are still on the job grew 117% between 1994-2014. As people live longer, they want to remain engaged and on the job. And even more of them are willing to do so
Better work habits. Older workers are reliable – Max Planck Institute for Social Law and Social Policy data show that older workers are more focused, less distracted, and can concentrate better on the job they’re performing. Also, a Shift: The Commission on Work, Workers, and Technology report found that older workers value doing what they enjoy. Companies hiring older workers get a high level of commitment because older workers are choosing jobs they want. Lower turnover. Older workers stay on the job. They’ve amassed the skills and have built areas of expertise within their positions. When workers are employed in a work-at-home position, they stay on the job longer, miss fewer days, and deliver a higher level of productivity than in-house staff. Mentoring potential. Veteran workers have plenty to share with their colleagues. Companies that hire veteran workers, even in remote working arrangements, are benefitting from the knowledge that is passed from older worker to younger staff. In the same way, younger employees can teach their older colleagues plenty. They can share their deeper knowledge of technology, programs, and methods, and can bring new perspective to brainstorming and team efforts. Hiring retiring (we call them “pretirees”) or retired workers is now even easier. WAHVE is an innovative contract talent platform that matches these veteran workers with a company’s needs. Companies get the right skills and experience, and workers get a work-from-home extension of their careers. And with access to a national pool of talent, the benefits get even better. Is today the day you take that step to boost your team’s performance and knowledge? Contact WAHVE today.
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Work At Home Vintage Experts (WAHVE) is an innovative contract staffing talent solution that matches retiring, experienced, trained and knowledgeable insurance professionals with insurance firms nationwide based on specific job needs. WAHVE delivers “pretiring” talent to fill most any insurance position and at a cost savings. Our screening and placing process provides a complete and effective solution to talent qualifying, hiring, and HR administration. We match the right vintage talent, wherever they may live, to the needs of our clients wherever they are located. With WAHVE, you can • • • •
Fill staffing needs when you can’t find the talent, whether part-time or full-time. Save on hiring, training, managing, overhead and turnover costs. Free up highly-paid staff for more time with clients and prospects. Generate operational efficiencies and drive growth.
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Wahves are highly trained insurance professionals with 25+ years of experience. We match the best “pretiring” talent to fit your staffing needs. You interview them and choose the right person for the job. Your wahves are ready to go with minimal training. They are highly productive, have a great work ethic and are tech savvy. They are there for you for the long-term and on a dedicated basis.
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CALL: (646) 807-4372 EMAIL: pretirement@wahve.com LEARN MORE AT: www.wahve.com
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IS YOUR AGENCY ‘GOOD’ OR ‘LUCKY’ REGARDING E&O? By Curt Pearsall, CPCU, AIAF, CPIA, President – Pearsall Associates, Inc. and Consultant to the Utica National E&O Program
There are many agencies that have not experienced an errors and omissions (E&O) claim in the last 10 years. Does that mean they are a good agency from an E&O standpoint? It certainly speaks to the fact that they must be doing some things well. Unfortunately, many of those agencies seem to feel they are immune and that an E&O claim will never happen to them. And then one day, a lawyer shows up at their office and presents them with a summons and complaint. That is when they possibly discover that they were not as good as they thought. When they look at the allegations being made against them by their client, typically the agency will discover that the claim could have been avoided or, at a minimum, the agency could have built a more solid defense to increase their chances of prevailing on the E&O matter. When it comes to E&O, relying on luck is definitely not suggested. It is best to have some element of an E&O loss prevention program in place. Some agencies may feel that developing a strong E&O prevention program is an overwhelming task, so they do nothing. A better approach would be to start by designing and implementing a plan. Then, every year look to strengthen the program by adding new loss prevention measure or building upon the ones already in place. Some of the building blocks for a strong program would include: › Documentation of the conversations with the clients. The documentation should not only be in the agency system but also the essence of the discussions should be memorialized in a document back to the client. › Exposure analysis checklists/questionnaires. Since exposures change, a review of the exposures should be done when the risk first becomes a client and then each year (at 22
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a minimum every other year) through the use of a questionnaire that is sent out to the clients or done in a face-to-face environment. › Solid marketing efforts to ensure the applications reflect the current exposures and that all carrier and wholesaler proposals are reviewed to compare the coverage requested with the coverages proposed. › Adherence to securing written confirmation of purchase decisions and mid-term changes. › Policy checking. The policies being issued by your carriers and wholesalers are not always perfect. They should be checked to compare the policy to the coverages requested by the client. › A solid commitment to education and training. Too often, E&O claims develop as a result of incorrect information being provided to the client. Clients are relying on your knowledge and expertise. Ensure that the appropriate staff are getting the training necessary. By adhering to solid E&O practices, you are increasing your chances of success.You may be able to achieve E&O success and never have to read a summons and complaint. You are certainly increasing your chance of E&O success by being “good” and “good” just doesn’t happen. It takes hard work and personal commitment. There is no doubt that you will enjoy many benefits that a strong program brings.
Helen Collins hcollins@viaa.org
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AGENCY OPERATIONS
TEETHING PROBLEMS: OVERCOMING THE CHALLENGES OF HIRING INTERNS By Will Jones, IA Assistant Editor Opening your doors to interns can be a gamechanger for you and your agency. But finding the right fit and utilizing them to their maximum potential can be a difficult task. Many independent agencies do not take advantage of the wealth of talent available on their doorstep, because they are daunted by the prospect of inviting someone young and inexperienced to join their team. During a recent NetVU webinar, How Agencies Can Use Interns, three independent agents shared what they’ve learned from utilizing interns—and how your agency can benefit from the practice. Why Bother?
erybody contributes.”
At Stolly Insurance Group, an independent agency headquartered in Lima, Ohio, “we really questioned why we would even need an intern,” said Mark Stolly, principal.
Hiring an intern for the first time is a learning curve for any agency. But once you make the leap, the process of bringing interns into your office on a regular basis becomes much easier.
“We got together with the local Big ‘I’ association, and from that moment on, we opened our doors. Once we understood we were opening our doors to these younger millennials, we quickly found out that the intern’s brain brings new ideas and things you don’t necessarily think of.” Todd McCredie, president of McCredie Insurance Agency in Flint, Michigan, also believes “interns can actually help the morale of the company.” During the webinar, he said his agency has had “instances where we see our staff come out of their shell because they want to help this younger person who really doesn’t understand the business. Ev-
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Independent agency Lipscomb Insurance belongs to the Independent Insurance Agents of Dallas, which is heavily involved with the InVEST® program. “That’s how we got started, and it’s been true trial and error,” said Shyla Lankford, vice president of operations at Lipscomb Insurance. “I feel bad for our very first intern, but we’ve made improvements,” Lankford added. “Don’t give up on the first one—if you think you’ve failed, it’ll get better. Keep going. We get better at picking interns, as well as finding ways to actually utilize them.”
business, so we use those for interns, too. It solidifies our relationship with the person making the referral.” Stolly suggested looking to your own agency staff to find interns. “We’ve got enough younger producers in our office that are networking in that age group,” he explained. “We’ll find someone who is not necessarily on our radar that comes in through people within our agency, so we try to promote that.” Making It Work Finding a suitable intern is only the first step. Using them to their fullest is a different matter entirely. Doing this normally involves playing to the strengths of today’s graduate, and don’t overlook a young intern’s ability to pick up new skills quickly. “No. 1, they are computer-savvy,” Lankford said. “I give them a project that would normally take someone days to do, and all of a sudden they’re in my office four hours later, saying ‘I’m done. What can I do next?’”
McCredie agreed: “Initially, it’s easier to say no, but you just have to draw the line. [Over time], they seem to get better because the agency learns a little bit and learns how to work with them.” Where to Find Them Lipscomb Insurance relies on the InVEST program and its local Big “I” association for help finding interns, but the agency also has relationships with local college professors. Two local risk management programs “give us a step up, because those interns are already interested in the industry,” Lankford said.
Lankford also relies on interns to maintain her agency’s social media presence. “I come from a very old family agency where our principal is 92 years old, so social media was an unknown until I started putting it together,” she said. “It fell to me to work on in my spare time, so it doesn’t get the time is should. We’ve used interns to build some momentum on various social media pages.” Stolly agreed that “kids today are smart, competent, technology-savvy and willing to learn. They pick up on things quickly.” He recalled one intern “who was very outgoing, liked to meet people and loved to talk, so we put that person on the phone making cold calls. We watched them for a while, but this person did a better job than a lot of our producers.”
Another effective recruitment strategy: referrals. “Everything in this business is referral-based,” Lankford said. “We spend a lot of time getting referrals for our own
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Leasing: A Seamless Customer Experience
But don’t take it from us. Listen to your peers. Agents Express Leasing is an effective solution to manage your clients needs with today’s best equipment technology. Jay Byrnes of Byrnes Agency experienced how easy our leasing solution is for his agency: “As a longtime member of the “Big I”, I always knew of InsurBanc and their commitment to the independent insurance agent. Recently we wanted to update the agency with a new computer network and desktops, so I turned to InsurBanc for leasing options.
Please visit our web site at www.insurbanc.com or contact one of our leasing professionals at 800.957.0858.
From start to finish I experienced firsthand how seamless it was to conduct business with them. We have a 35 person agency so to update everyone’s computers was a decent size upgrade. InsurBanc made the process very easy and offered attractive terms and competitive rates which helped to manage the agency’s cash flow”. – Jay Byrnes ~ Byrnes Agency How it works: • Lease terms are 24, 36, 48 or 60 months with a minimum transaction of $5,000 • You are looking for 100% equipment financing, including certain soft costs such as software, shipping, installation and maintenance* • No down payments or advance payments are required • Monthly payments can be customized to meet your special business needs • You are looking for potential tax benefits associated with equipment financing**
We invite you to see for yourself. Contact us today for help preserving your cash flow with an equipment lease solution. These materials are for informational purposes only. The availability of any financing described herein is subject to approval of applicant’s credit, the equipment supplier and the equipment. *Soft costs are limited to 20% of the total amount financed. **Nothing herein constitutes tax advice and customers are advised to consult with their own tax advisors prior to electing specific rates or options. Agents’ Express leasing is a program of De Lage Landen Financial Services, Inc., a third party not affiliated with InsurBanc, a Division of Connecticut Community Bank, N.A.
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Access the members-only Big “I” Virtual University, at
Rea l Qu esti o n s , Rea l A nswers
independentagent.com. Our experts explore and explain real issues and policy coverage questions in four areas: commercial lines, personal lines, life/health and agency management. Users can also dive into talent recruitment, tips for starting an agency and much more.
Yo u r Insu ra nce Technic a l So l u ti o n
Can’t find what you’re looking for? Ask an expert and get an answer! If you can’t find an answer to your insurance query in the more than 17,000 pages of content in our extensive online library, just use our “Ask an Expert” service. A member of our faculty comprised of more than 50 industry experts will respond to you with a personalized answer.
Live and On-Demand Education The Big “I” Virtual University offers a wide range of live and on-demand education taught by leading insurance industry experts from across the country developed specifically for independent agents. All VU webinars include access to the live event and a link to the post-event on-demand recording, and our 90-minute deep dive sessions also include a transcript, a valuable and value-added reference tool.
New Agent Training Solution Pick and choose from 8 modules or follow the BASICS or BEYOND tracks.
OPERATIONS
BASICS OF CONTRACTUAL RISK TRANSFER
LAWS OF INSURANCE CONTRACTS
CERTIFICATES OF INSURANCE
REGULATIONS
PREMIUM AUDITING COPE COINSURANCE
The learning curve for a new insurance professional is steep, but the Big “I” Virtual University is with you every step of the way. Our experts have developed on-demand, online education to help agents with one or two years of experience get ahead. *Presented through Agents & Brokers Education Network (ABEN) platform with a variety of attendance options to work for any schedule. (May vary by state)
independentagent.com/BasicsandBeyond
SM
Find all of this and more at
INDEPENDENTAGENT.COM/VU
COMPANY & AGENCY NEWS
Vermont Mutual Designated A+ Superior by A.M. Best Company MONTPELIER, Vermont (January 22, 2019)—A.M. Best Company, the global rating agency for the insurance industry, has once again affirmed the Financial Strength Rating of A+ (Superior) for Vermont Mutual Insurance Group®. A.M. Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. A.M. Best noted that Vermont Mutual’s Enterprise Risk Management capabilities are appropriate for their size, their Business Profile is favorable and Operating Performance is strong. Vermont Mutual’s Balance Sheet and Capitalization were noted to be very strong. Given these results, which have consistently outperformed the industry composite, Vermont Mutual’s outlook is categorized as stable. Vermont Mutual’s President and CEO, Dan Bridge, stated “The A+ “Superior” rating represents a comprehensive evaluation of our company and reflects Vermont Mutual’s favorable underwriting and operating results. This year’s evaluation was particularly rewarding as A.M. Best’s rating methodology had changed, requiring additional analysis and presentation to most effectively communicate our strategy, results and financial strength.” Bridge continued “The recognition is further testament to the positive collaboration we enjoy with our Independent Agency Partners.” Executive Vice President & COO, Mark McDonnell added “We could not be more proud of the dedication and efforts of both our employees and our Independent Agents for their contributions in making Vermont Mutual a financially stable and predictable company.” This is the fourth consecutive year that A.M. Best has awarded the A+ (Superior) rating to Vermont Mutual and its two fully reinsured subsidiaries, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company.
Vermont Mutual Donates $11,800 to the Boys & Girls Club of Burlington BURLINGTON, Vermont (January 17, 2019)—The Boys & Girls Club of Burlington, Vermont, received a donation from Vermont Mutual for $11,800 as part of the ‘Cats Win, Community Wins’ initiative between Vermont Mutual Insurance Group and the University of Vermont. Formed by Vermont Mutual and UVM in 2018, the ‘Cats Win, Community Wins’ program was developed as a way for both institutions to give back to local charitable organizations and support UVM athletics. As part of the multi-year agreement, Vermont Mutual donates $100 for every Catamount win to a local charity. For 2018, Catamount teams enjoyed 118 wins which resulted in the $11,800 donation for The Boys & Girls Club of Burlington, VT. This brings the total 2018 donations awarded through Vermont Mutual’s Charitable Giving Fund to $352,000 to 115 worthy organizations. The check was presented at UVM’s Patrick Gymnasium during the January 12, 2019 basketball game between the Vermont Catamounts and the Hartford Hawks. Presenting the check to Tanya Benosky, executive director of the Boys & Girls Club’s, Burlington, VT was Vermont Mutual President and CEO, Dan Bridge and Executive Vice President and COO, Mark McDonnell. “‘Cats Win, Community Wins’ is an extraordinary program that has provided much fun and opportunity for the kids of the Boys & Girls Club. Both UVM and Vermont Mutual are top notch organizations with generous hearts for the community” said Tanya Benosky, Executive Director, Boys & Girls Club of Burlington. Benosky added “It was also a treat for us to be guests of the Cats at tonight’s game, the kids had a wonderful time.” Vermont Mutual’s President and CEO, Dan Bridge, noted “Vermont Mutual is very proud to support local community organizations such as the Boys & Girls Club of Burlington, VT.” Bridge continued “Their commitment and tireless efforts contribute to our community in innumerable ways and helps to create a positive future for our community’s youth.” The Vermont Mutual and UVM’s “Cats Win, Community Wins” multi-year program will continue; with the 2019 charitable beneficiary being Make-A-Wish, Vermont. 30
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Everything you insure is on your shoulders
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 W W W.V I A A .O R G
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The Richards Group Named One of the 2019 Best Places to Work in Vermont The Richards Group was recently named one of the 2019 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. “At The Richards Group we are always looking for new ways to build and maintain our great company culture and this process is incredibly valuable to our continued growth,” said Antonia Crawford, Human Resources Manager at The Richards Group. “Our employees are our most important asset and it is key that they enjoy not just the work they do, but the teams they are a part of and the culture we have created, so they can be their best for our customers. I take a lot of pride in being able to say that we do a really good job of caring for our staff and supporting their growth. We are incredibly honored to have been recognized for the fourth consecutive year as one of the Best Places to Work.”
Ben Salzmann Marks 20 Years as Acuity CEO
On January 25, Ben Salzmann marked his 20th year as Acuity’s President and CEO. Over the past 20 years, Acuity has experienced a period of growth and financial strength unparalleled in the industry. The insurer has grown at more than twice the industry average rate from less than $250 million in 1998 to over $1.5 billion in revenue under Salzmann’s tenure. Its policyholders’ surplus, a key indicator of financial strength in the insurance industry, has grown at nearly three times the industry average and surged from under $190 million in 1998 to $2.1 billion at year-end 2018. This growth has led to robust hiring, including plans to hire more than 160 employees in 2019 alone. Over that same period, Acuity has nearly tripled its geographic footprint. Additionally, Acuity’s consistent, strong performance has garnered much recognition over the past two decades. The company has been named for 19 consecutive years to the Ward’s 50 list of top-performing property-casualty companies, one of only three insurers in the nation to achieve that accomplishment. Acuity has earned multiple Stakeholder Team Accomplishment Recognition™ (STAR) Awards from independent financial analysis firm Demotech, Inc., putting the company among the top 1 percent of insurers nationwide. Acuity has also received numerous recognitions from independent agents, including the prestigious 2018 PIA National Company Award of Excellence. Over the past 20 years, Acuity has also consistently been ranked as a top employer, including by Forbes magazine, Fortune magazine, and the American Business Awards. The insurer has been featured in national publications for innovations in recruiting and employment and maintains an average voluntary turnover rate of just 2%. “It is an honor and a privilege to serve Acuity,” Salzmann said. “We have a tremendous team of staff and agents who are committed to doing what is right for our customers and working toward our mutual success. I simply could not ask to work with better people, and I am truly thankful each and every day.” Salzmann first joined Acuity in 1990. Prior to Acuity, he served at Foremost Insurance in Grand Rapids, Michigan, and was part of early development efforts utilizing artificial intelligence in insurance. He is a Phi Beta Kappa graduate in liberal arts from the University of Wisconsin, has a computer information systems degree from Aquinas College in Grand Rapids, Michigan, and earned a master’s degree in business administration from the University of Wisconsin. 32
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Titus Insurance Agency Now Hiring for Personal Lines Customer Service Titus Insurance Agency in Shelburne looking for a Personal Lines Customer Service Representative 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 experience in the independent agency system that creates value and increases retention. Requirements: Three years’ minimum experience preferred but willing to train the right individual. Licensing will be required to perform duties as described. Offers a competitive compensation and benefits package. 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. All inquiries will be strictly confidential.
The Essex Agency Now Hiring for Commercial Lines Customer Assistant We are a Prominent Property & Casualty Insurance Agency in Essex Junction Vermont. We are currently seeking a motivated, enthusiastic, and reliable Customer Service Assistant to join our ever-growing team of professionals. In this role, you will interact with our clients, process renewals and endorsements, asking for endorsements from our carriers, assisting other Commercial Lines Customer Service Representatives in their daily duties. To be successful in this position, you will be self-motivated, persistent, and knowledgeable, with a friendly yet professional demeanor. Minimum 1 year prior insurance agency experience required. This is a full-time position, open immediately. The Essex Agency Inc 2 Railroad Street, PO Box 239 Essex Junction, VT 05453 P: 802-878-5334 F: 802-288-8012 To apply please send your resume to davidholton@essexagency.com or jhandy@essexagency.com.
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