GREEN MOUNTAIN AGENT A PUBLICATION OF VERMONT INSURANCE AGENTS ASSOCIATION
January 2016
7
th
Green Mountain Agent is a publication of
In This Issue: January 2016
600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org VIAA Officers President Daniel Lussier Vice President Peter Richards Secretary/Treasurer Erin Odell IIABA & PIA State National Director Ron Bixby
Directors Chip Ams Alan Kinney Paul Plunkett
Staff Executive Director Mary Eversole meversole@viaa.org
GMA Publication Design Thorin Markison thorinmarkison.com
4 Message from the President
Features 6 John Hollar’s Legislative Update 9 VIAA Young Agents News Brief 13 What would you do if you had a data breach? 17 Sales Success: Set Yourself up for Significant Sales Success in 2016
E&O Corner 22 New Year’s Resolutions
News 24 Wills Insurance 25 Allstate 26 Ohio Mutual 27 Acuity
Are you trying to reach Vermont’s Independent agent’s? 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/ PO Box 1387/ Montpelier, VT 05601
Message from the President New Year’s Resolutions for Your Agency We’ve probably made a few resolutions since the New Year began. I’m sure Tom Brady’s resolution is to win the Super Bowl. Some of us have resolved to shed a few pounds or make more money. But what resolutions have been made for your agency? We can all come up with a few resolutions for our agency. The list could be endless. One of the best resolutions I think we can make is to protect your agency from Cyber Attacks. This is a hot topic at all levels of government. The National Association of Insurance Commissioners is tackling this issue to protect consumers. A data breach can bring agency production to a halt. That’s why VIAA is now offering Big “I” Agents Cyber Secure Program. You’ll find more information about the program inside this issue. I’d like to thank Paul Kendall, Vermont’s InsurPac Chair, and our donors for helping us reach our fundraising goal in 2015. This helps strengthen the independent agency system and allows the Big “I” to rack up many legislative wins on our behalf. The VIAA Education Center will open next month! We will be offering our award winning education programs at this location and throughout the state during 2016. The education center will also be available for rental as well. Stay tuned for more details.
Dan Lussier, VIAA President
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John Hollar’s Legislative Update After Initial Distractions, Lawmakers Settle In The legislative session opened in the midst of two separate spectacles that distracted lawmakers from the more mundane business of lawmaking. The first was a Senate proceeding to suspend Sen. Norm McAllister, John Hollar R-Franklin, based on charges of criminal sexual assault, McAllister’s defiant presence in the Senate for the first half of the week unsettled virtually everyone. A bipartisan group of senators made impassioned arguments that due process should prevent his temporary ouster, but the suspension resolution passed 20-10, with the majority of lawmakers motivated by the abhorrent nature of his alleged conduct. Presidential candidate Donald Trump’s surprise appearance in Burlington on Thursday night also dominated Statehouse conversations and further distracted lawmakers from the business at hand. News that Trump’s campaign had oversold the 1,400-seat Flynn Theater by about 20,000 tickets led to speculation about the potential for chaos in downtown Burlington, but in the end the scene was rowdy but relatively civil. After the initial activity, including the usual bustle surrounding the Governor’s State of the State Address, lawmakers settled down to business. And settle they did. It quickly became apparent that this is going to be anything but a workhorse session. Lawmakers are showing no appetite to take on grand initiatives after nearly two decades of groundbreaking legislation in the areas of taxes, renewable energy, health care, gay marriage and education. 6
The reticence of lawmakers is likely due to concern about the state’s economic climate, but there has been little interest in tackling new pro-business initiatives, such as tax or permit reform. Gov. Peter Shumlin’s final State of the State address gave further evidence that this would be a year of low expectations. The governor’s speech was filled with applause lines and emotional tributes to accomplished Vermonters, but it called for no major initiatives and only a handful of minor ones. He railed against PhRMA for selling pain-killers and oddly blamed the Food and Drug Administration for the nation’s opiate crisis. He called for the state’s divestiture of coal and ExxonMobil stock. And he asked the legislature to repeal the caps on education spending that were passed last May. Like many lawmakers, Shumlin has walked back from his full support for marijuana legalization, and passage of a bill this year looks increasingly doubtful. One of the few issues that has widespread support is reform of the state’s independent contractor laws. Efforts to modernize the definition of “independent contractor” have proven to be perennially vexing, despite the growing complaints lawmakers hear from business owners, including insurance agents, about how the current law is a trap for the unwary, ensnaring legitimate businesses in a morass of regulatory and insurance obstacles. Virtually every member of the House Commerce & Economic Development Committee has identified this issue as one of their top priorities. Labor Commissioner Annie Noonan has submitted a proposal that would revise the Supreme Court’s Chatham Woods decision. The Court in Chatham Woods adopted a “nature-of-the-business” test, holding that if a subcontractor’s work is in the “nature” of the
general contractor’s business, the subcontractor is an employee and not an independent contractor. The decision has resulted in a wide range of independent businesses being considered as employees of general contractors. Under Noonan’s proposal, a subcontractor’s work need not be distinct and separate from that of the general contractor, so long as the “individual or … partner owners operate a separate and distinct business from that of the person with whom they contract….” The
proposal would preclude an employer from hiring multiple sole proprietors to perform the same work on a project or jobsite. Noonan’s proposal is only a starting point for a discussion that is likely take up a large part of the session in the House Commerce and Senate Economic Development Committees. If lawmakers solve this challenge it could make up for what could otherwise be a lackluster year.
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VIAA Young Agents News Brief Next YAC Meeting February 18, 2016, Noon, Vermont Mutual, 89 State Street, Montpelier Lunch sponsored by Vermont Mutual Insurance Group RSVP Kerri O’Connor koconnor@nwjinsurance.com
We are now located at 600 Blair Park Road, Suite 100, Williston, Vermont 05495 Our phone number remains the same: 802•229•5884 Our fax number has changed: 802•876•7912
Mailing & Office Address: 600 Blair Park Road, Suite 100, Williston, Vermont 05495 Phone: 802.229.5884|Fax: 802.876.7912
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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.
10 Reasons to Attend the Big “I” Young BESTAgents Leadership Institute OF A REGIONAL. September 24-25 at the Fairmont San Francisco
üLocal relationships 1. Find answers to social media questions—from time management to ROI ü Local claims staff 2. Find out how to tap your inner creative side to increase sales YOU NEED THE PRODUCTS ü 100% dedicated underwriter From auto, home and umbrella
3. Make connections with other young agents—share your successes and challenges to watercraft, classic car and more. ® 4. Hear from top insurance carrier executives on issues to your agency has the products your Safecoimportant 5. Network with industry and association leaders customers need most. OF A NATIONAL. 6. Take away tools to help you work smarter products you need ü7.TheDiscover new marketing best practices claims ü8.24/7Spend time with good friends and get great ideas in class quote and ü9.Best Play a little jeopardy with our friends from the ACT issue platform 10. Check out the sights and sounds of San Francisco, Calif.
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Interested in becoming a Safeco agent? Reach out to our VT Territory Manager, Deb Bissell, at Deborah.Bissell@Safeco.com for more information. www.independentagent.com/events www.independentagent.com/events Safeco Insurance, with a principal place of business in Boston, Massachusetts. © 2014 Liberty Mutual Insurance.
What would you do if you had a data breach? John Immordino CIC, CRM, RPLU, CIPP/US
When it comes to discussing privacy laws, the best approach is to keep it simple. There According to recent Symantec research, are numerous state and federal privacy laws 60% of small businesses will close that business must comply with, but I usually within six months of a cyber-attack. Are focus on one: state notification laws. There you prepared to handle a breach? are currently 47 different state notification One of the first questions that I ask clients is laws. In a general sense, these laws state that “What would you do if you had a breach?” The if a business collects private information on response is usually along the lines of a glazed state residents, they are required to protect that over look, followed by eyes rolling into the backs information. If the business fails to protect of heads. I usually know at this point that I will the information and there is a breach, they need to educate my client. I start by informing must notify the affected individuals within a them that 60% of businesses fail to recover from certain time frame. If the residents are not a breach. Why? Because those businesses are notified within that time period, the business not familiar with state data breach notification can be assessed civil money penalties. laws, the costs associated with a breach, and the The challenge is determining when the reputational harm that the business will incur. business has to notify the affected individual The majority of business owners consider and when the clock starts ticking. Most reputation one of their most important assets. states specify that they must notify “without Small business owners work in the same unreasonable delay.” Some states will actually communities that they live, shop, go to church provide a number of days that can range from and where their kids go to school. When five to 45 days. The new national legislation clients provide their private information, they being proposed will be 30 days. So, to keep expect the business to keep it safe. If the client from getting fined up to several hundreds suffers a breach of this information, the client, of thousands of dollars, the business must and, by extension, the local community, lose notify the residents as soon as possible. faith in the business. As a matter of fact, 38% The notification will consist of three steps: of clients will leave after a breach and 46% of them will advise friends and family to be careful forensics, legal and mailing. The first step is to find a forensic investigator to assess the breach. sharing information with that local business. Forensics will determine what happened This is why the number one concern is to and identify the individuals whose private help my clients protect sensitive information information has been compromised. This and prevent a breach from happening. Many list will then go to a legal counsel specializing insurance carriers will offer risk management in privacy laws. Counsel will determine web portals as part of their insurance policy. which laws are applicable to the situation, These are excellent resources for companies that and suggest compliance methods, including need assistance in identifying and protecting how to structure the notification letter. the private information they have. These All states have specific requirements on how portals also provide useful tools in training these letters need to be written. After the the business employees on the importance draft is completed, the letters are then mailed of privacy. Some of these same carriers will to the affected individuals. This is a complex provide the insured with a public relations firm process that must be completed in a certain to help them announce the breach in a way time period. Because of this, clients that do that will mitigate their reputational harm. not have a formalized response plan are best
What would you do if you had a data breach? served by being placed with a carrier that will provide one for them. Several carriers will offer turn-key breach responses or otherwise assist an insured through the breach response process. The costs associated with handling a breach can cripple any business. Depending on the report being reviewed, these costs can range from $1,000 to $13,700,000. The important thing to remember is that the cost of the breach is not relative to the size of a company. Instead, the cost associated with each breach has to do with the type of information compromised, the regulatory climate and how the information was compromised. According to a 2014 NetDiligence report on 111 actual cyber liability insurance claims, the average claim payout is $733,109. This amount is inclusive of forensics, notification, legal guidance, public relations, legal defense, legal settlement, regulatory defense, regulatory fines and PCI fines. Because the notification costs can vary so greatly, we usually recommend carriers that will respond to the notification obligation on the basis of
a record count outside the limit of liability, instead of a set, static dollar value limit. It has often been said that it is not a matter of if you will have a breach but when. Educating, training and insuring are the key components to helping your organization be part of the 40% survival rate. The Vermont Insurance Agents Association has partnered with Arlington/ Roe® to offer their members the Big “I” Agents Cyber Secure Program. This program was developed for insurance agents to provide them with the tools to reduce their exposures and the insurance to respond to a breach. For more information on this product, please contact Helen Collins at 1.844.609.1481. John Immordino is a vice president of professional liability at Arlington/Roe, a wholesale Insurance broker. He is the administrator of the nationally endorsed Big “I” Agents Cyber Secure Program. This program is only available to member agencies through their IIABA state associations. He can be reached at jimmordino@ arlingtonroe.com or 800-878-9891, Ext. 8732.
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Sales Success with John Chapin Set Yourself up for Significant Sales Success in 2016 If your business runs on the calendar year, it’s that time of year again. As of January first the “new-business” slate has been wiped clean and the pressure is on to produce. We all know the basics: come up with goals and objectives, develop a plan, determine why you absolutely have to make it happen, and then get to work. That said, if you want 2016 to be significantly better than 2015 it’s going to take an attitude shift and massive action. And while you’re charging ahead every day getting done what needs to be done, it will be helpful to keep these three lesser-known success ideas in mind.
You won’t be as successful as you otherwise could be if…
…you’re not uncomfortable and scared every day. In order to grow personally and professionally you must step out of your comfort zone and face your fears every day. If you’ve read my past articles, you know I proselytize that the inability to deal effectively with fear and discomfort is the main reason people fail in sales. Both lead to a lack of activity in the three most important sales areas: prospecting, follow up, and closing. The solution is to get comfortable being uncomfortable and to act in spite of fear. Make that call you’ve been putting off for months. Forget the e-mail and go see that prospect in person. Find the biggest, scariest prospect you can, and make the call. You know who and what your demons are. You know which dragons you’re afraid to face. If you don’t face them you’ll always wonder what might have been. You’ll lie on your deathbed with regrets and ultimately take those regrets to your grave. We all know the saying that, “The coward does a thousand deaths, the hero only one.” The reality is, while the coward imagines the worst, never makes call, and does the face the death of their self-esteem and sales career, the hero usually wins and doesn’t die at all. The hero discovers that the dragon or demon they thought was so bad wasn’t, it was just their imagination giving in to fear and discomfort. Finally, as long as we’re digging up old sayings and clichés, remember, for most people the ship doesn’t come in, they have to swim out to it.
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…you’re not making any mistakes.
…you’re not running into new problems.
There’s a quote that reads, “To discover the limits of the possible, you must go beyond them into the impossible.” All great skiers, skaters, and race-car drivers know that if you don’t fall or crash, you’re not pushing the envelope and you probably aren’t getting any better. In sales, if you’re not making mistakes, you aren’t taking enough action. When you try new things, push yourself to new heights, and put yourself in uncomfortable situations in order to get comfortable, you are going to make some mistakes. Part of the growing process is finding out where the edge of the envelope is and then coming up with more efficient and effective ways to deal with that edge. As a side note, keep in mind that I’m not talking about careless mistakes due to indifference or mistakes that you keep making over and over again. That’s pain ignorance and those mistakes are inexcusable. Again, I’m talking about the kind of mistakes that come from taking calculated risks and massive action.
As your business grows, your problems naturally change and get bigger. Your goal is to create new problems, big problems, because the bigger the problem, the bigger the opportunity associated with it. Growing your customer base to a size that’s too large to handle is an example of a good problem. Realizing that you have too many appointments on a given day is a good problem. Having to significantly increase your estimated tax payments because you’re making too much money is another example of a good problem. Any problem you run into in business has a solution, though the solution may not be easy and it may not be without pain. That’s okay, small problems and no pain equals a small business with very little revenue. Again, your goal is big, new problems.
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John Chapin is a sales and motivational speaker and trainer. For his free newsletter, or if you would like him to speak at your next event, go to: www.completeselling.com John has over 26 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia. For permission to reprint, e-mail: johnchapin@completeselling.com
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Stay ahead of the curve with information and updates from Big “I” Flood. Being knowledgeable of NFIP coverages and changes is crucial in communicating the need for �lood insurance to your clients� Fortunately, Selective and Big “I” Flood leverage a variety of channels to keep members up to speed, including:
Continuing education classes offered by state
associations and taught by Selective Territory Managers or other industry experts
Regularly issued communications from Selective about NFIP legislative changes and how they impact agents and customers
Numerous publications providing industry updates:
Insurance News & Views weekly e-newsletter Two for Tuesday weekly e-newsletter Big I Advantage® Newsletter quarterly publication Independent Agent magazine special features NFIP reform announced in state association publications
Free topical webinars hosted by Big “I” Flood,
including a monthly “Oh, By The Way Flood Sale” webinar, as well as access to a virtual university dedicated to �lood insurance�
To learn more about Big “I” Flood visit www.independentagent.com/Flood today.
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E&O New Year’s Resolutions James C. Keidel, Esq. Christopher B. Weldon, Esq. Keidel, Weldon & Cunningham, L LP
Every New Year, people make resolutions concerning changes which are intended to improve their lives. In the past, we have offered resolutions that agencies and brokerages may want to consider in order to provide better customer service and also help prevent E&O claims and lawsuits. While each agency and brokerage knows the specific areas in which it may need to resolve to make changes, below are our suggested resolutions for possible changes for the New Year: 1. Resolve not to write business that is beyond your knowledge or experience. 2. Resolve to follow the state law and insurance company procedures when issuing certificates of insurance. 3. Resolve to provide timely notice to all appropriate insurers of any incident, claim, or lawsuit that is reported to the agency or brokerage by a customer. 4. Resolve to respond to customer questions or inquiries promptly and accurately and provide the best customer service possible. 5. Resolve to get signed applications from all customers even if a signed application is not required by the insurer. 6. Resolve to seriously consider your need to continue business relationships with customers who are chronically difficult. 7. Resolve to do business with insurers that have a strong financial rating, and keep current on any changes in those ratings. 8. Resolve to place business with insurers that have a history of paying claims and that do not have a reputation for taking unreasonable coverage positions. 22
9. Resolve to be prudent when it comes to the E&O coverage for your agency or brokerage. Insure with an E&O insurer that has a strong financial rating and reputation and make certain that your limits are high enough. 10. Resolve to be committed to E&O loss control. Provide education to employees and adopt procedures concerning the best practices to follow to help prevent potential E&O claims and lawsuits. 11. Resolve to have all employees consistently document and confirm all communications with insureds and insurers. 12. Resolve to report in a timely manner to your professional liability insurer, any potential claim or lawsuit against your agency or brokerage. 13. Resolve to make certain that the required procedures are followed when placing coverage in the excess and surplus lines market. 14. Resolve that your agency or brokerage will have a happy, prosperous and E&O free New Year! The law firm of Keidel, Weldon & Cunningham, L LP specializes in the defense of insurance agents and brokers in connection with E&O claims and lawsuits and regulatory matters. You can contact James C. Keidel by telephone at 914-948-700 and by email at jkeidel@kwcllp. com or Christopher B. Weldon by telephone at 203-8692200 and by email at cweldon@kwcllp.com.
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
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VIAS is a subsidiary of Vermont Insurance Agents Association viaa.org
Agency News
Wills Insurance Is Joining The Richards Group Wills Insurance has joined The Richards Group effective January 4th, 2016. The Richards Group, headquartered in Brattleboro, Vermont, provides Insurance, Employee Benefits and Retirement Plan solutions for clients throughout Vermont and New Hampshire. With the exception of Peter Donavan, who is retiring after 50+ years in the business, the entire Wills staff will remain at their current 116 South St location and will continue to operate under the name Wills Insurance. The partnership with The Richards Group will benefit clients by ensuring that decisions and service remain “local” for years to come and will be especially good news for business customers as they will have access to more insurance carriers and broader risk management services. As part of the transaction, the Wills building is also being purchased, ensuring continuity and stability of one of Bennington’s most prominent downtown office buildings. “The Richards Group and Wills Insurance have been “business friendly” for over 25 years with a long history of collaboration. We are thrilled to be a part of the Bennington business community and to make a significant investment in the future of its downtown” said Peter Richards, Vice-President of The Richards Group. Wills President David Newell said, “We’re excited to provide the same excellent service going forward that Wills has been providing for the past 100 years while at the same time remaining local and improving on our ability to deliver value to clients.”
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Company News Congratulations to Chuck Goller from Allstate on his retirement Chuck Goller retired at the end of 2015 after more than 38 years with Allstate and was the guest of honor on December 30 at a surprise retirement celebration hosted by grateful agents and friends from our industry. Shawn Rogerson, Allstate Regional Sales Leader for the Northeast Division, sent a letter to congratulate Chuck on his retirement. While I personally only had the opportunity to work with Chuck over the past two years it certainly was inspirational to see a leader who truly exemplifies what it means to serve. Simply put, Chuck cares. He puts his heart into everything he does. Chuck’s advancement through his 38 years with Allstate speaks for itself, what doesn’t show up in the “numbers” is his dedication and loyalty to not only Allstate, but to his peers and you all. The relationships and personal connections will be what are most meaningful after thoughtful reflection on a long tenured career. On behalf of Allstate and myself, it gives me great pleasure in congratulating Chuck Goller on a well-deserved retirement! Goller was presented with a gift from Orvis after lunch, stories, and laughs! Chuck will keep busy on the slopes, in the brooks, streams and lakes and on the links.
Chuck Goller (3rd from left) & the Goller Family.
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Company News Ohio Mutual Adds Chief Analytics Officer Ohio Mutual Insurance Group has named Susan E. Kent to serve as the company’s Vice President & Chief Analytics Officer, effective February 1. Kent brings an extensive portfolio of experience and skills to this new position, having served in a number of roles on the research and development team over the past 16 years for Nationwide Insurance and Nationwide Bank. Her previous experience includes seven years as an actuary for Shelby Insurance Companies and two years as an actuarial analyst for Nationwide Insurance. Kent earned a Master of Science from the University of Michigan, is a fellow of the Casualty Actuarial Society (FCAS), and is certified as a Chartered Property Casualty Underwriter (CPCU).
More than a promise . . .
“Susan is a key strategic addition to Ohio Mutual,” said Mark Russell, Ohio Mutual President & CEO, “and we are thrilled to welcome her to our management team. Her diverse and broad industry knowledge and experience will be an enormous asset to our organization as she leads our efforts to remain in front of constant changes in the insurance market, regulatory environment, and consumer needs.” As Chief Analytics Officer, Kent will be charged with obtaining and leveraging industry analytics to help the company drive business success – including competitive analysis, claims and marketing analytics, product strategy, and reinsurance modeling. She will report to the company’s chief executive officer and manage a team of actuarial and statistical analysts.
1725 Hopley Avenue, P.O. Box 111 Bucyrus, Ohio 448 419.562.3011 800.686.3011 omig.com
FOR IMMEDIATE RELE January 11, Contact: Todd B 419.563 tboyer@omig
Ohio Mutual Adds Chief Analytics Officer SUSAN KENT TO JOIN MANAGEMENT TEAM ON FEB. 1
BUCYRUS, OH – Ohio Mutual Insurance Group has named Susan E. Kent to serve as the company’s Vice President & Chief Analytics Officer, effective February 1. 26
Kent brings an extensive portfolio of experience and skills to this new position, having served number of roles on the research and development team over the past 16 years for Nationwide
Company News ACUITY Grows To New Record In Revenue In 2015 ACUITY announced its 2015 growth results, reporting an overall gain of nearly $90 million in total written premium. The amount represented a 7 percent increase over 2014 and brought ACUITY’s revenue to an all-time high of $1.33 billion for the year. “Over the past 16 years, ACUITY has grown 250 percent faster than the insurance industry. In the past 48 months alone, our company added nearly $500 million to its top-line revenue,” said ACUITY President and CEO Ben Salzmann. ACUITY achieved significant growth across all lines of business and throughout the company’s operating territory in 2015. The insurer wrote over $200 million in new business for the fourth straight year, driven by increases in both personal and commercial lines. In personal lines, ACUITY achieved double-digit growth and marked an incredible 19th consecutive year of premium gain. In commercial lines, the company set a new record for percentage of quotes that became issued policies. As a result of ACUITY’s continued strong growth, the company added 135 staff members in 2015 and plans to hire 120 more over the next six months. After the latest round of staffing is completed, ACUITY will have hired 700 employees over just a five-year span. The company is poised to continue its growth in 2016 due to the company’s competitive strengths and market positioning. “ACUITY’s financial success in 2015 is a direct result of the efforts of our dedicated staff and trusted agency force,” said Wally Waldhart, Vice President - Sales and Communications. “We are extremely grateful to all our people for helping us achieve another record-setting year, and we look forward to continued success in 2016.” ACUITY, headquartered in Sheboygan, Wisconsin, is a property and casualty insurer that operates in 24 states through 1,000 independent agencies, and manages over $3.5 billion in assets. Named the #3 large company to work for in America, ACUITY employs 1,200 people.
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Helen Collins hcollins@viaa.org