GREEN MOUNTAIN AGENT A PUBLICATION OF VERMONT INSURANCE AGENTS ASSOCIATION
November 2015
7
th
Green Mountain Agent is a publication of
In This Issue: November 2015
600 Blair Park Road Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org
4 Message from the President
President Daniel Lussier
20 5 Key Strategies for Growing Your Business
VIAA Officers Vice President Peter Richards Secretary/Treasurer Erin Odell
IIABA & PIA State National Director Ron Bixby
Directors
Features 8 VIAA Young Agents News Brief 11 Selling Your Agency May Be Hazardous to Your (Financial) Health 28 Marketing Can’t Be A Sometimes Thing 30 Sales Success: Why and How to Cold Call 36 E&O Corner: Protecting Your Business For the Long Term
News
Chip Ams
39 Union Mutual of Vermont
Alan Kinney
41 S&H Underwriters
Paul Plunkett
Staff Executive Director Mary Eversole meversole@viaa.org
GMA Publication Design Thorin Markison thorinmarkison.com
Message from the President
Your Resource. Your Association. We’ve set our clocks back an hour. The sun is setting earlier and we are all wearing warmer coats. Some of us have beaten the rush and gotten our snow tires mounted. It’s also that time of year at our agencies when we watch news stories on home fires and ask “is it ours?” Hoping our insureds are safe and have not experienced a total loss. We are also watching the calendar with the looming 1/1 renewal deadlines. While we toil away in our agency world VIAA continues to find meaningful ways to fulfill its mission. Sometimes I forget how many resources are available as a member of the association. One of the biggest benefits of membership is access to the award winning education program. In February 2016, the doors will open at the Vermont Insurance Agents Association Training Center. It’s an exciting time for the association and we are thrilled about providing this new resource for our members. As the current President of VIAA my favorite resource is the Vermont Young Agents Committee. Your board of directors has made an on-going commitment to this diverse group and growing our future leaders. In their first year,
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the YACs have met our congressional delegation, raised money for MakeA-Wish, networked with YACS from around the country, helped twenty-four agents from across the state get their first designation by sponsoring the CPIA program and impressed us with their Casino Night during convention. I can’t wait to see what they do next year! Our market place has changed rapidly over the last three years with mergers and acquisitions. This is an issue that the association and members grapple with frequently. There are so many questions to answer when faced with the decision to perpetuate or sell. We’re fortunate to have a financial partner like InsurBanc to help answer some of these tough questions. How many industries have a bank designed just for them? We do and it’s another significant membership benefit.
Dan Lussier, VIAA President
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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“
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Perpetuating Your Legacy Your agency is your legacy and an investment in your future. Now is the time to start thinking about how you will prepare to harvest that wealth and keep your legacy alive. By doing so, you are also helping to keep the independent insurance agency system thriving. It’s never too early to begin preparing a perpetuation plan. Consider the age of principals with 20%+ ownership in their agency. Agency principals as young as 40 should be thinking about their succession. Preparation for a perpetuation starts years in advance of the actual event. It is an ongoing process that begins with building value and remaining profitable and ends with choosing the right successor within a sound perpetuation plan. An insurance agency must build value over time if at some point the owner is going to look to harvest that value. The owner needs to nurture the business and run the operation in a manner that creates value. It is important to understand what drives value and how you apply these to your agency. Start now by taking a look at your drivers of value such as brand, quality of staff and specializations. A solid perpetuation plan is vitally important and cannot be one-sided. The plan should allow the seller to achieve retirement goals and enable the successor to achieve their own business goals. The plan should be created well in advance of the actual event. It should be thought of as a process that creates value for both the seller and buyer. When shopping for a lender for your agency, you should look for an institution with insurance industry knowledge. The more a lending institution’s decision-makers recognize the unique aspects of the agency business and their intangible assets, the more likely they will be able to create a financing solution for your perpetuation transaction. A knowledgeable lender will recognize that no two agencies are alike, and therefore, the financing structure should be just as unique. A good lender is like a good insurance agent. Each looks at the whole picture of a situation, considers the client’s objectives and prepares a professional recommendation based on experience and expertise. A lender who understands the insurance industry will ask for strong business financials and personal financials of the buyer, the efficiency of your operations and your carrier relationships. Capital for the perpetuation deal can come from different sources including the seller, banks, personal resources of the buyer, other institutional sources or some combination of these. The structure of the deal should benefit the individual needs of both parties. Remember, a financially sound agency has more options, is more valuable, and has an easier time obtaining financing. Agencies are all unique and each merger and acquisition requires an independent approach. Be willing to seek the help of experts and arrange financing before you need it. When successful agencies need capital for agency acquisition and perpetuation, they turn to InsurBanc. The Bank of Choice for Independent Insurance Agents. Visit us at www.insurbanc.com or contact us at 866-467-2262.
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VIAA Young Agents News Brief 24 Vermont Young Agents Receive American Insurance Marketing & Sales (AIMS) Society’s Certified Professional Insurance Agent (CPIA) professional designation During the month of October young agents from across the state attended a series of Insurance Success Seminars in order to earn the Certified Professional Insurance Agent designation. The Vermont Young Agents Committee offered the program as part of their Outreach & Education goals free of charge to committee members or those interested in joining the committee. Vermont Mutual Insurance Group® sponsored the program.
REMINDER: Young Agents Annual Meeting
Where: Burlington Hilton, 60 Battery Street, Burlington, Vermont When: November 19, 2015 - 2 pm – 5 pm
What: Elections of 2016 Officers, Program Updates, 2016 Planning, Networking Happy Hour Who: Members of the Vermont Young Agents Committee or interested young agents whose agency is a member of VIAA. RSVP: Pat Cahoon pat.cahoon@nfp.com Sponsored by
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Selling Your Agency May Be Hazardous to Your (Financial) Health An Economic Case for Internal Perpetuation By Robert J. Pettinicchi If you just sold your agency to one of the many private equity backed brokerage firms, congratulations, but you may want to flip this page. Now that the former agency principal has moved on to the next article, I would like to tell you why I believe there is a good reason for you to strongly consider perpetuation for your agency. Our agency seller colleague, who is now reading the next article, may regret having sold the agency his or her family built over the last three generations. There is a sound and understandable economic justification that suggests that there is as much value to be realized over time by retaining and investing in your agency. After doing the math, you may find that a perpetuation is potentially more attractive than an outright sale, even given the recent frothy deal valuations. Consider what happens when you completely sell your agency to a third party. In exchange, for likely a very tidy sum, you give up all of the future cash flows of the agency, and all of the clients you and your family have amassed. Chances are that the guaranteed portion of the sale is all that may be realized because there is risk of achieving the full earn-out beyond your control. Also, since you no longer own the shares, you cannot enjoy any future appreciation in the value of the stock. When you take the sale proceeds, besides purchasing a sailboat, you will need to make investments in other assets, such as securities, which will probably not produce a yield as great as the return from running and owning a good performing agency. You will certainly not be able to duplicate the return you would receive from owning the agency with any alternative investment approaching a similar risk profile. If you perpetuate your agency, even if you sell a small share to employees, chances are that you will have a more valuable agency in the coming years such that your (smaller) ownership share is worth more down the road than the full share would be worth today. Here is a brief description of the math exercise you may wish to attempt. The impact of taxes will not be considered. If one assumes an agency with commission revenue of $5.0 million with relatively good performance delivering a 22.5 percent EBITDA (earnings before interest, taxes, depreciation and amortization) margin, the value on an outright sale may be $9.5 million. Conversely, the value for an internal sale, of less than a full interest, would be $5.6 million. The EBITDA valuation multiples used are conservative — 8.5 and 5.0 times, respectively. Now assume that you sell 30 percent of the shares of your agency to your best producers. Because you were able to retain your best people with an equity stake, they are even more productive and your agency revenue records organic growth of 5 percent per year and grows to $6.4 million revenue in five years. At the 22.5 percent EBITDA margin and same 5.0 multiple, the agency is now worth $7.2 million and your 70 percent interest is worth $5.0 million. But, over the same period, you Š2015 Insurance Journal | Originally Published May 18, 2015 (Redistributed with Permission)
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received annual cash flows from your 70 percent stake totaling $4.5 million. Add the cash flows received to the projected value and your “total investment” is worth approximately $9.5 million. While the numbers are simplified and ignore taxes and the time value of money, a case can be made that perpetuation can be very attractive since modest growth and retention of cash flows yields a similar value after five years. The best part is that you can continue to do this serially for as long as you care to bring on additional owners or allow the widened group of owners to increase their shares. In addition, you always have the ability to sell out in total, should you want to. This is the equivalent of having the best of both worlds. Naturally, you would need sound legal advice to craft the share purchase and redemption agreements. Attractive Choice Here is another thought worth considering but I can’t model it out for you. Why are agencies so attractive? Besides the fact that there is a lot of capital in search of a return hoping to tap into your reliable and recurring cash flow stream, agencies own something that lends great value to the cash flow. Agencies are in the enviable position of “owning the customer.” The ability to own the customer is exactly what is driving entrants such as Google into your industry. They desperately want a piece of the insurance distribution space. Google is not setting out to be an insurance carrier since that risk is too great. Don’t be afraid of Google entering your industry but ask yourself why they are entering and you will realize that you have something very special. That is why they want a part of it. Think next for a moment of the Amazon model. Amazon is doing all it can do to become the distributor of choice to the consumer for all types of goods. The ultimate value of, and success of, Amazon will be realized when one no longer thinks of driving to Walgreens to purchase deodorant, but simply orders it online from Amazon over their tablet and it is delivered to their door, with free shipping. Being the distributor is the preferred, and far less risky, place to be than being the manufacturer or producer of the product. Clients are satisfied when given wide choices, with excellent guidance and support, preferring to repeatedly purchase through a single point of sale. Does this sound familiar to your business? Perpetuation Scenarios There are a variety of perpetuation scenarios that are available. I will focus on the simplest and easiest to implement. Consider approaching perpetuation candidates at an earlier age by offering equity ownership in your business. It has been said that talent flows to equity. I would advise you that the opportunity to purchase equity in your business only be extended to those individuals that have demonstrated that they are high performers. Those who are able to produce business, manage relationships and exhibit the same passion you have for your business and want to be part of its future. Those who are willing to devote some of their financial resources to buy into your business. Equity ownership is a proven way to attract and retain the best talent. Those potential owners are encouraged to obtain a loan from a specialty lender such as InsurBanc secured by the stock purchased. As a seller, you want the purchasers to actually “buy” the equity. This places the exercise of financial discipline on the part of the buyers and readies them for greater financial responsibilities in the future. 12
To facilitate the financing, as a seller, you would agree to the bank that you would repurchase the shares to regain control of the stock, likely at a discount, in the event that one of the minority principals defaulted on their loan. The downside risk to you as a seller is therefore greatly diminished. Now, you may ask, “What is the best way to start the process of planning for and implementing a perpetuation based on a sale of stock to your future leaders?� The agency principal who is considering what I have discussed will need to have a very good assessment of the current value of their agency and a projection of the value of the agency several years from now after the implementation of the perpetuation plan and making appropriate investments in the business. We would be very pleased to provide some advice to you and provide referrals for qualified valuation consultants. Always seek accounting and legal advice from the best qualified professionals. We have all been reminded repeatedly of the challenges facing the industry. Crafting and implementing a perpetuation strategy cements your chance for a solid financial future by widening ownership in your agency and diversifying the ages of the owners, while giving you the best options to maximize your investment. Pettinicchi is Executive Vice President, Chief Lending Officer, at InsurBanc. Email: rpettinicchi@InsurBanc.com.Phone: 866-467-2262. Web: InsurBanc.com.
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Case Studies in Agency Financing Case #8: BNC Insurance Agency: Construction Specialist Agency Puts on New Addition Summary: Two captive agents who shared an office started BNC Insurance Agency from scratch in 2000 to gain access to a wider choice of carriers and advocacy for their clients. Adding people and products, the two agency principals grew the agency into a “Best Practices” firm with a specialty in construction insurance and risk management. The firm recently purchased a peer agency using guidance and funding from InsurBanc. With more than 600 clients in its construction insurance practice, it makes sense that BNC Insurance Agency of Rye Brook, N.Y., would be skilled at designing and planning an addition. Indeed, the firm’s deal to add an agency worked out just the way the firm drew it up: BNC’s fall 2014 acquisition of a peer firm went off without redesign or regret. The independent agency worked with InsurBanc to gain financing for the agency acquisition. “As far as acquisitions go it worked out very well,” recounted Brian Colby of BNC Insurance, who started BNC in 2000 along with partner Onofrio (“Noff”) Colabella. The business partners, who shared an office when they both worked for a captive insurer, formed BNC to gain wider access to product and carrier choice, better advocacy for clients, and to develop and deliver additional value-added products and resources to clients. The transaction made sense in a number of ways: BNC was located just 10 miles away from the
acquired firm, which was formed in 1947 and based in the nearby New York suburb of New Rochelle, N.Y. The two firms also had in common a construction insurance specialty and an agency technology system. “We are a growth-oriented firm,” pointed out Colby. “And there really are only a couple ways you can grow: You can either grow organically or you can grow inorganically. The organic part, which is from within—that’s what we have been doing through the years.” With more than 50 staff, including seven producers, it’s the “sales culture” of the firm that drives success, said Colby. “We are all in our own way, shape or form looking to grow the company through sales. It just streams throughout the entire company.” “I think the real key for us is constant planning, measuring our results and adjusting to make sure we meet our goals,” Colby pointed out. Colby explained: “A huge piece of our growth has been in our niche, which is our construction division, by far our largest unit.” The agency also enjoys a diversified book of commercial lines business (which makes up 75 percent of revenues) InsurBanc 10 Executive Drive • Farmington, CT 06032 Toll Free 1-866-InsBanc (1-866-467-2262) www.InsurBanc.com
Owners’ Profile Who: Brian Colby and Onofrio (“Noff”) Colabella, CIC, principals of BNC Insurance Agency What: Growing through acquisition of a peer firm in the New York region to add to their diversified business base including a construction niche. How: Working with InsurBanc to finance the acquisition loan and gain access to a line of credit for working capital. along with personal lines and employee benefits clients. “We’re very in tune to how to write construction in New York. We are deeply entrenched in the construction associations as well as the deliverables needed to set us apart. We represent just about every carrier out there that is writing construction in the New York area.” But the agency leaders wanted more growth, and saw a good opportunity with their recent acquisition. The scale of it, though, required the facilitation of external financing, because it brought a 40 percent addition to BNC’s revenues. The firm also sought a bank line of credit for working capital. “I knew [InsurBanc] specialized in lending to the M&A marketplace for insurance agencies” from seeing trade magazine ads and speaking to others in the industry, explained Colby. Having earlier met David Tralka, InsurBanc’s CEO, at an industry conference, Colby turned to him when exploring how to finance the acquisition. “We reached out to four or five lenders and had conversations with them prior to making a final decision to move forward with InsurBanc.” The lending officers at InsurBanc were “fantastic from day one,” commented Colby. “We just really connected from the start. What I did notice from
InsurBanc is they are very much in tune with the independent insurance agent, and they know what to look for in an insurance operation when they are underwriting a loan. This is something most commercial banks don’t understand.” Added Colby: “The terms that InsurBanc brought forward to us were extremely competitive.” With the acquisition in the rear-view mirror—along with a complicated process of combining two firms with different legal structures—BNC aims for further growth, both through organic growth and acquisition. “For our next acquisition, InsurBanc will be the first call I’m making. They really do a great job,” emphasized Colby. “The team that we worked with over there was really on the money with everything. If there were any questions I had, they answered them right away. I knew if I sent them an email with a question, within two hours I had the exact answer I needed. And they really understood what to look for. They asked some really, really good questions when they underwrote the loan. The process was great. On the other side, having our financials in good order was also a key factor in moving the process along in a timely manner so that we could provide them with the information they needed.” BNC Insurance and Risk Advisors 111 South Ridge Street • Rye Brook, N.Y. 10573
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.
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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.
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5 Key Strategies for Growing Your Agency Stand out among competition and achieve growth and success through strategic recruiting, perpetuation, technology, marketing and sales programs. By ROSALIE L. DONLON & MELISSA HILLEBRAND, PROPERTYCASUALTY360.COM With many P&C rates remaining low and competition fierce among independent agents, every possible edge must be exploited in helping your agency remain successful. Consider: According to the Accenture Independent Agent Survey, There are approximately 38,500 independent agencies in the U.S. These agencies generate $5 to 6 million in annual premiums, which earn commissions of less than $1 million, and they employ seven to 12 full-time employees. Of all P&C premiums in 2013, 58% was generated by the independent insurance agent channel. If an independent agency wants to achieve continued growth and success— and stand out among its peers—it must develop specific and strategic recruiting, technology, marketing, sales and perpetuation programs. One of the “secrets” to growth is to be creative and open to new ideas, says Barry Seigerman, a producer for People’s United Insurance Agency, Hartford, Conn., who built a multimillion dollar agency from the ground up. “Look at every encounter as an opportunity,” he says. “Everyone is a potential partner, employee or prospect for insurance.” Here are five key strategies for managing your agency’s growth and enabling its success. 1. Continually hire the right employees. The first step in an agency’s growth process is hiring and retaining the best employees available. But where do you find them? How do you recruit the next generation into an industry that has a reputation for being staid and boring? “Look for people who can do what you can’t do,” advises Seigerman. “If you’re good at sales, hire someone with underwriting and technical skills.” He believes that professional designations aren’t strictly necessary. Instead he asks, “What’s your experience?” and “What can you bring to the table?” Agents should work with their schools to find and develop their own talent. “We’re forging relationships with several universities and trying to open up the options for our clients and recent graduates,” says Kevin M. Burch, CPC, president and CEO of Questpro Consultants, an insurance recruiting firm, and Q TEMPS, a temporary staffing agency for the insurance industry. Often, the right employee for an insurance agency is a mid-career professional with experience in an industry other than insurance. Burch notes that his company places many professionals who have been downsized from non-insurance companies every day. The jobs can be temporary, contract or permanent hires. Another source for talent: military veterans. “Everyone’s going to the same well,” Seigerman says. “You need to look in different places.” He urges agencies to hire veterans, taking advantage of the many organizations dedicated to helping recently separated service members find jobs. A U.S. Army veteran himself, he believes the leadership and teamwork skills the military teaches are invaluable. 20
Agents also should speak with people who are looking for work-at-home, job-sharing or other flexible arrangements. Seigerman pioneered the idea of flextime more than 25 years ago in his first agency on Long Island, initially because he couldn’t afford full-time employees. Those who started working part time with flexible hours or shared jobs eventually became permanent employees or partners. Without them, he says, he wouldn’t have had the success he has had in his career. Seigerman attends as many insurance organization meetings, conventions or conferences as he can to meet people and recruit new employees. “It’s one of the best sources for finding qualified talent,” he says. He met one of his future partners at an insurance technology conference 25 years ago. 2. Upgrade your agency’s tech tools. “New business brings growth, but operations bring profitability,” says Steve Anderson, president of The Anderson Network, Inc., a Franklin, Tenn.-based agency technology, productivity and profitability consulting firm. Agency management systems (AMS) are much more robust and dynamic than in years past, and they’re one of the most expensive technology investments in an agency budget. As such, producers must maximize the potential of their systems, which can include proposals and templates, carrier communication and downloads, and customizable reports, regardless of vendor. “We work predominantly with smaller agencies—those that are local, family-owned, and independent,” says Matt Masiello, executive vice president and chief operating officer for SIAA, a national insurance agency alliance headquartered in Hampton, N.H., with more than 5,300 member agencies. “We see quite a few of them not using their AMS effectively.” Don’t know how to maximize AMS technology and where to look for upgrades? Anderson advises an agency owner to: Inventory manual processes that your agency performs—digital solutions may exist; Speak with your AMS vendor and research what is actually available within your system— new functionalities may have been added from the time of your original purchase; and Join a user group and ask others for their three favorite features in their AMS. The truth is, premium growth is a lot easier to come by when an agency uses its AMS to full potential. “No matter what the AMS is, it has tools and offers data that agencies need to grow their business,” says Masiello. However, your AMS is only as good as the data you put into it. One of the major issues that inhibits sales and growth, Masiello says, is an agency’s failure to “use the data in its system to identify customers, build marketing plans, and target its customers, prospects and lost customers.” Populate as many data fields as possible with more than the standard information (name, address and type of coverage, for example). Does a personal lines policyholder also own a business, and if so, what lines of coverage would apply? Who are the policyholder’s family members and what are their ages? Is the policyholder open to referring your agency? What are the policyholder’s interests and hobbies? Let your carrier “talk” to your AMS through downloads (which occur when a carrier issues a policy, and adds that data into your system electronically) and communication.
For example, based on carrier download data, allow your AMS to flag a policy’s renewal date and remind you a month or two in advance. Have your AMS also note whether the policyholder can expect a coverage or price difference. In this case, reach out to your client well before the renewal date. “If you’re proactive in informing the client about the changes they should expect ahead of renewal, the chances of retaining that account are much higher,” Anderson says, “and retention is one of the best ways to grow long-term.” Use Your AMS for Marketing Automation If your system vendor doesn’t offer that capability, turn to a third party, such as Agency Revolution, AgencyBuzz or Nexsure. The software from these vendors works with an AMS to target specific individuals and automatically deploy e-mails or newsletters on a predetermined schedule. Set your marketing campaigns to be triggered by the data you have on each policyholder: birthdays, holidays, renewals, claims, new prospects, cross sales, prospects and quotes, lost clients and recaptured clients, for example. Masiello recommends that e-mails, postcards or newsletters be kept to once a month and that marketing campaigns include this information: Additional policies that apply, based on the policyholder’s personal interests and hobbies Reminders to update policies during life changes (such as marriage or the birth of a child) Links to agency blogs on particular topics Helpful hints that help a policyholder protect the family,home or possessions during bad weather, such as during tornado season or winter storms. Do not use the agency’s servers or providers to send out e-mails in an automated campaign, however. In this case, an agency must work with a third-party vendor or run the risk of being “blacklisted” or having its communications marked as spam. “If you’re sending an e-mail to four, six, eight people—that’s fine. But if you’re sending a bulk message to 250, 1,000 or 5,000—that’s a dangerous and expensive thing to do,” Masiello says. “The recipient’s server will refuse to accept your bulk e-mail. Then you have to pay each of their server providers to ‘unblacklist’ you.” 3. Get serious about social media marketing. Internet word-of-mouth and social media campaigns play a huge role in the ways that consumers evaluate their current and prospective insurance agents. Millennials, especially, trust their friends, families and strangers on social media when weighing insurance products and carriers, according to Accenture’s report, “The digital insurer: Unleashing the potential of social media in insurance.” But considering that your clients and prospects surf a plethora of social media sites, establishing and maintaining a social media presence that’s tailored to each site can seem daunting—and in actuality, it is. But the challenge isn’t insurmountable. Paradiso Insurance in Stafford Springs, Conn., started its social media presence in 2008. The agency has three employees—two full-time and one part-time—to oversee its Facebook (3,170 followers), Twitter (2,700 followers), LinkedIn, YouTube, Google+, Instagram and Pinterest pages. The agency brings in about $24 million in premium annually, but has grown 50% during the last four years. So, when owner Chris Paradiso says that all independent agencies can boost agency growth through social media, he knows what he’s talking about—and he knows how to do it.
Regardless of which platforms you choose to establish a presence, it’s important to have the right people watching you, Paradiso says. “I post a lot about my kids [on social media]. Why do I do that? Because I insure families.” Rick Morgan, senior vice president of Aartrijk, a boutique communications firm and social media specialists for the insurance industry headquartered in Springfield, Va., agrees with Paradiso’s approach. “Identify and know who your customer is,” he says, “and make sure that your social activity targets that customer and shows your personality. When your customer or prospect finds you [on social media], you want to already be showing that you’re knowledgeable.” Show that you’re a trusted and valuable resource by posting links to blog posts, offering safety tips, and letting policyholders know of any changes to coverage forms. Spotlight photos of agency staff (and pets!) and highlight when a client commends the agency on its service. Those who place coverage with you want to know that your agency is made up of real people—and that it’s not just a business. For those who want to go beyond the basics with their social media campaigns, some platforms offer additional advantages: Facebook Do more than establish an agency page on Facebook; advertise as well. “You can pay Facebook to have your ad and your information put in front of a target group of people,” Anderson says. Target Facebook users by income, ZIP code, demographics and psychographics (personality, lifestyle, interests). Consider your carriers’ appetites when formulating your Facebook ads—it’s not enough to simply target “drivers.” Be specific when you target these Auto insurance accounts: Your carriers may want drivers who are between 40 and 60 years old, have a high income and own luxury cars. Provide a call to action in your ad. Don’t say “I can save you money on Auto insurance.” Instead write, “Here’s some information you may not know about buying Auto insurance,” or “If you haven’t looked at your Auto insurance policy in a few years, here’s what you need to do.” The cost varies. “I know several agencies that spend $200 to $400 a month just on Facebook advertising,” Anderson says. LinkedIn Like Facebook, this social platform has advertising capabilities. Anderson suggests targeting commercial accounts through LinkedIn. The cost to advertise on LinkedIn is greater than it is on Facebook, “but the payoff is greater,” he says, because “you can target CEOs or CFOs of a particular industry.” Pinterest “We get a lead every two days on Pinterest,” Paradiso says. “We hashtag the daylights out of our posts.” Paradiso emphasizes that promoting an agency brand is an opportunity to show some personality. The agency has folders called “A Great Place to Work,” “Mad Max,” which is the office dog, “Customer Reviews,” “Forever a Yankee Fan,” “Wise Words” and “Amazing Places to See,” among others.
On the pictures of quotes, Paradiso will hashtag the agency name and also #positiveattitude. “These get shared—you’ll be shocked who thinks the same way,” he says. On pictures of classic cars, the agency adds hashtags indicating that it writes Auto insurance in the Connecticut area. Going one step further, he includes the agency phone number in the description as well. And your posts are seen by more than just target demographics—they’re also seen by carriers. Remember those pictures of classic cars? Recently, a carrier executive saw those photos and is in the process of developing a relationship with Paradiso Insurance. Twitter Unless you’re an active participant, you may not believe that financial services companies—including the insurance industry—are one of the most prolific industries on Twitter. But this platform comes with a challenge: You must display your personality and knowledge in 140 characters or less. Retweet studies, facts and figures offered from your carriers, with a short note to your policyholders. Follow the Twitter profiles of any business accounts you insure. Retweet their successes and remind your clients and prospects about the lines of coverage the agency provides. Does your agency have strong ties to the community? If so, post or retweet local news. Twitter also is a great place to warn policyholders about any forthcoming and potentially damaging weather. Provide a link to your webpage and include emergency phone numbers and safety tips. “Frequency is not the issue,” Morgan says. “But clutter and consistency are. Don’t post just to post.” 4. Expand into new lines of coverage. There are two ways to grow your business, says Seigerman. You can sell new insurance products or you can target new markets. But you can’t do everything at once. Seigerman is a firm believer in the 80/20 rule: 80% of your business comes from 20% of your clients. You don’t have to get caught up in using technology, you can keep it simple, he says. Your first step is to look at your existing client base and see what’s missing. Work with one or two industries that you have hands-on experience with, Seigerman advises. He recommends attending their association meetings and trade shows, and taking out ads in trade organization publications. “This helps you understand where the gaps are,” he says. “Eventually, you become known as a resource, and business with this market segment grows.” Start with what you know. Look at whether you have a homogeneous group of clients in the same or similar industries. “In my early days, I found that I was representing bagel bakeries,” Seigerman explains. “I worked with carriers to bundle coverages that applied specifically to their needs.” He and one of his producers who liked cars put a similar program together for car washes, building on their existing client base, and the business grew from there. “You can create a new business segment out of almost anything.” Stan Logan, owner and sales manager for the Logan Lavelle Hunt agency, headquartered in Louisville, Ky., agrees with Seigerman about targeting what you know. “I tried to start a trucking division from scratch,” he says. “I quickly found out that my service people weren’t comfortable with that type of client, didn’t understand their business and were reluctant to learn. Trucking markets weren’t willing to appoint me without a track record, and my existing markets had no interest.” Lesson learned: Do what you do best.
Chris Dik, vice president of the Knight-Dik Insurance Agency in Worcester, Mass., used digital marketing to grow the Workers’ Compensation line from practically nothing and tripled his WC commission in just the first year. About five years ago, the agency, which writes about $2.5 million in commissions each year, decided to target the Workers’ Compensation market. It branded a program called Workers’ Comp Results, which has its own dedicated website and offers third-party services with the biggest impact on reducing premiums, such as reserve reductions, audits and HR support. With help from agency interns, Dik builds data profiles—including experience mods, rating systems and current premiums—on these potential insureds from free and public information from the state, and puts all that information into an Excel spreadsheet. “We’re taking the old way of marketing—of getting the data first—and then letting the system work,” he says. When thinking about adding a product line to existing coverage, Seigerman looks at a group of clients to see what kinds of coverage they might be missing. For example, he has a millennial client who owns three restaurants. He contacted the client to say, “I’ve read about the increase in wage-and-hour lawsuits targeting restaurants and tipped employees. You’re vulnerable, and I recommend employment practices liability insurance [EPLI].” After checking with his lawyer, the client agreed and now has added EPLI to his existing coverage. As Seigerman explains, the client needs you because you take the time to understand his business. It’s your obligation to be sure the client is aware of the coverage he needs.” 5. Establish a solid agency succession plan. Most independent agency owners don’t think about perpetuation as one of their avenues toward premium growth—but they should. “Often, perpetuation is thought of as a succession plan—an owner decides to sell to monetize a lifelong investment in the agency,” says Dave Tralka, president and CEO of InsurBanc, a division of Connecticut Community Bank, N.A., a full-service bank that was founded by agents in cooperation with the IIABA, headquartered in Farmington, Conn. “But perpetuation can—and should—be used in a growth strategy. An agency with an internal perpetuation plan can use it to engage employees in the agency’s future. It can put stock or ownership in the hands of employees so they can think like an owner and be more engaged in controlling expenses or growing revenues.” The keys to a successful program, according to Tim Cunningham, co-founder of OPTIS Partners, a Chicago financial consulting firm that represents both insurance buyers and sellers in transactions, is to treat perpetuation as an evolving, ongoing process, and to ask for professional help. This process will take between five and 10 years to establish, and should be started well before it’s time to sell. Using the acronym “PACT,” Cunningham details four components to the perpetuation process: People, Agency value, Capital discipline and Time. An agency can be sold internally or externally (to a competitor or unaffiliated individual or firm). Most agency owners would like their life’s work to remain in the family, so to speak, and sell to a partner, junior staff member or family. “We recommend having a 20-year spread
between buyer and seller,” Cunningham says, while also noting that “The younger generation, the 25-year-olds, this will give them an opportunity to have an equity stake, which will impact growth positively. They have a bigger reward—it’s more than a paycheck now.” When a buying candidate has been established, the two parties should work with a valuation firm, which can determine a fair market purchase price. When done right, selling the agency won’t occur until years in the future, but until it happens, an owner can look for ways to increase the value of the agency, for example, through best practices, reduced expenses, increased revenue and continuous monitoring of cash-flow projections. Each additional percent in premium growth has a multiplier when it comes to agency value, Tralka says. “Hiring and training a new producer costs money. But if you can get that new producer up and running in five years, he or she will add tremendous value to your agency when you’re ready to sell.” The buyer can either purchase the agency with personal funds—“Unlikely, but possible,” Tralka says—the seller can finance the purchase, where he or she takes a note back and is paid out over time in an installment sale, or the buyer can acquire funds through lenders like InsurBanc, which provides financing to independent agencies. Transactions vary with installment sales. For example, if a seller holds 100% ownership in the agency, a buyer could purchase 10% of the ownership every year for 10 years. Or the seller could fix the price, and the buyer could pay a portion down, and pay the balance over a period of six to eight years, Cunningham says. Work with a tax advisor and attorney during this time, as there may be tax benefits to the seller. “By selling, you’re monetizing your largest asset on your personal financial statement. Good tax advice is worth what it costs,” Tralka says. The seller, who is probably a great producer and mentor, can remain on staff after implementing the buyout, adds Cunningham. “Continue to let them have a book of business,” he says. “Just because you sell doesn’t mean you retire.” Property Casualty 360
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Marketing Strategies with John Houle Marketing Can’t Be A Sometimes Thing Effective marketing does not take six-month sabbaticals or the summer off. At the most, it can get away with two-week vacations, as long as it returns to the daily grind.
that enables you or someone you designate to update it. As the focal point from which all your marketing is executed, your website is essential to your company’s future.
Just like with any hard work, the ultimate reward comes after tireless travails, not from pie-in-the-sky long shots. There is no onesize-fits-all marketing solution, one that will distinguish your small business from the many fighting for that same piece of attention in an over-saturated media market.
Number 3: Redesign your marketing materials. When you or your salespeople hit the street to sell new business, make sure they have the right tools when they show up to win that new job. I recommend a new brochurefolder to package all your products, which will also serve as the signature profile piece of your agency. This new agency prospectus should include new tri-fold brochures written and designed for specific product lines.
Then what is the answer? While there is no secret recipe for effectual advertising and public relations, there are some fundamental principles you should follow. Why, you ask, would I simply turn over the marketing playbook for free in this column? I owe much of my own agency’s success to Trusted Choice and independent insurance agents. I also know that even the best ideas are meaningless unless they are executed. I have presented the plan below for you to follow. It’s up to you to figure out the best way to execute it. Number 1: Start with a plan. Your marketing plan should include a communications audit and detailed list of monthly marketing activities. Your audit needs to include everything you spend for marketing: pens, coffee mugs, golf sponsorships, TV, radio, memberships, as well as everything else you categorize under the marketing budget. You should evaluate what you have to work with, judging each expense and determining whether it could be reallocated to fund more effective marketing. Number 2: Fix that website. You need an interactive website that is easily found by your potential customers, is simple to navigate, and professionally displays who you are as a business today. Your website should have a content management system 28
Number 4: Harness the resources right in front of you. There is gold in your database of customers. You need to implement a direct mail and e-mail cross-sell campaign to round-out policies through letters, postcards, and targeted emails. You should send customized e-blasts to clients every month to cross-sell policies and to inform them on how to prevent losses, which is also helpful from an E&O perspective. Number 5: Reach out to the thousands of prospects who don’t know you.Through effective Search Engine Optimization (SEO), you can ensure you’re found on Google and other major search engines. Your SEO campaign needs to be complemented with a targeted Search Engine Marketing (SEM) campaign with monthly reporting and analysis to determine what key words and products you should market. Number 6: Take advantage of free media. It’s no longer a question of should you implement a Social Media campaign, it’s now about how effective you can make it. All social media handles need to be integrated into your website with regular weekly posts. Central to your campaign is the development of your own Blog, integrated into your website, with monthly (weekly if you can manage) writing and posting of articles of interest to your current and future
customers. In addition, write regular press releases on news related events such as new employees, new certifications, new products, and charitable donations, and then distribute to local and statewide news outlets. Local news outlets are always in need of quality content. Number 7: Showcase your agency through video. If you haven’t taken advantage of the Trusted Choice campaign, which allows you to receive three times the advertising exposure for your investment, you are missing the proverbial boat. But, there’s even more you can do. Air your message during the months when Trusted Choice takes its hiatus (late Fall and the Winter), so you essentially can be on the airwaves most of the year in some capacity. Since you now have realized that you don’t have to be an actor to effectively communicate through video, you can take it a step further. Bring back the videographer to tape and produce a one minute web video, integrate it into your website, and place it on your own YouTube Channel. Then send it out to all your contacts in a video e-blast communication. While each and every one of these activities I have outlined are, in fact, things you can do yourself, you should consider bringing in a professional to execute. You’re too valuable to your own business to also wear the marketing hat, and your company’s image is far too important to be left to amateurs.
John Houle is the president of JH Communications and can be reached at 401.831.6123 or at john@jhcom.net.
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Sales Success with John Chapin Why and How to Cold Call There continues to be controversy as to whether or not cold calling works and whether or not you should do it. First, yes, it does still work. Second, yes, you should still do it. Here’s why and here’s how. Why You Should Cold Call Cold calling is the most difficult sales task and that’s exactly why you should never stop doing it. It’s simple, if you can effectively contact people cold and get results, you’ve conquered the most difficult sales task and you can learn and do any other part of the sales process. The reason why the vast majority of salespeople fail is because they do not have enough qualified prospects. They don’t have enough qualified prospects because they don’t do enough prospecting. They don’t do enough prospecting because they are scared and uncomfortable doing the hard work of prospecting. This is also the reason why many people say cold calling doesn’t work. They are simply afraid of the hard work of cold calling and they use the “doesn’t-work” excuse to avoid facing their fear. If you can ring tons of phones and knock on tons of doors cold, you’ve conquered the biggest fear in selling. Staying sharp and staying on top of your game is another reason you should never stop cold calling. Cold calling is simply the best way to stay on your toes and stay sharp. Cold calling is when you will face the most resistance and the most challenges and it’s when you have to be at your best. In addition to the above, we all know that changes happen in every business and every industry. Markets change, economies shift, competition changes, and when any of those happen, you’d better be ready to change, adapt, and most important, get back to work. If you’re floating along, riding the wave of a favorable business environment, resting on your laurels, 30
you won’t be ready when the wave crashes and you have to get back to work. You won’t go from 1 to 100 overnight, next week, or even by next month, and if you’ve been resting too long, you may never get back. If you’re prepared and sharp, you can go out, create business, and build almost immediately. The most effective way to be prepared to get back to work and get results quickly is to be great at cold-call prospecting. Another reason to cold call is that unless you have all the prospects you need via referrals and other preferred methods, and very few salespeople do, you need to cold call to fill the gap. All of the above said, is cold calling the best, most effective way to get prospects? No. Is it the preferred method? No. Yet, even when you are at the top of your game, have tons of business and prospects and perhaps even when close to retirement, you should still do some cold calling from time to time. Cold calling will keep you alive, engaged, and in the game. The primary point behind the exercise of pure cold calling, even with no warming effect as we’ll discuss below, is not to actually get appointments, even though you’ll still get a few. The primary point is to stay sharp and to continue to conquer fear, which is what stops most salespeople. Everyone should get good at stepping out of their comfort zone and facing fears. Pure, unvarnished cold calling will achieve that end faster than any other activity you can partake in. How to Cold Call Step 1) Prepare
Who are you calling on and what is important to them? Why should the prospect be interested in listening to what you have to say and why should they be interested in eventually meeting with you? You have to know what the most important benefits are to your audience and design your cold call around those benefits.
Step 2) Get scripted Once you know what’s important to them and what you want to say, you need to get it down word for word. In addition to a scripted cold call, you also want to have scripted answers to questions, concerns, and anything that might come up during your call. You then need to practice these until you are at the point someone could wake you up at 3 a.m. and these answers would roll off your tongue verbatim. Step 3) Make the call, get their attention, and ask for the appointment. Make a big claim centered around the top benefit that will mean most to the prospect and ask for a meeting. Your call might sound like this, “Hi Joe, John Chapin. We’ve been saving companies like yours 56% on auto parts. All I need is 20 minutes to see if we can do the same for you. Will tomorrow morning or afternoon work better?” Step 4) Warm up the call in any way you can. Unless you are doing unvarnished cold calling for the point of staying sharp and overcoming fear, you should warm up your cold calls. You can do this by name dropping, mentioning a benefit related to something you got off their website, or by using some other information that lets the prospect know the call has been customized to them.
you a better product and better service at a price equal to or better than your getting right now, would that be worth investing 20 minutes of your time to investigate?” Step 6) Be persistent If you are cold calling for prospects, be prepared to make lots of calls. You’re in a contact sport and never is that more true than with cold calling. Persistence also comes into play if you are targeting a particular account, one or two calls usually won’t do it. You’re going to have to reach out to them 9 to 13 times. Do this with a combination of phone calls, mailings, e-mails, and in-person visits. 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
Step 5) Test the reflex response at least two times. Most people have a natural “not-interested” response to a cold call. When this happens, test the response to see if it is a true response or pure reflex. For example, after they say they are all set or not interested, you might ask a question centered around the three most important aspects of anything that people buy which are: product, service, and price. For example, “Joe, if I could offer 31
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Protecting Your Business For the Long Term James C. Keidel, Esq. Christopher B. Weldon, Esq. Keidel, Weldon & Cunningham, L LP
In the past several months, when we’ve spoken with Vermont agents and brokers, a couple of issues have consistently come up. The first has to do with the concern as to whether their practices and procedures are sufficient to help protect against an E&O claim or lawsuit, or to allow them to establish key facts to mount a defense if a claim or lawsuit is filed against them. The second issue concerns what steps agents or brokers can take to protect their interests and limit their liability in the event that they sell, purchase or merge with another agency or brokerage. The Benefits of a Loss Control Audit The answer to the first issue is easy. During the past decade, we have conducted over five hundred E&O loss control audits for insurance agencies and brokerages, from the smallest local agencies to the largest agencies with a national presence. We have conducted these audits for agencies and brokerages throughout the United States and its territories. Sometimes, an agency and brokerage may be required to perform an audit by its E&O insurer as a condition of policy renewal, and sometimes the agency or brokerage simply desires to have an audit done in order to determine the ways in which it can reduce its E&O exposure, but in either case the feedback we have received about the audit process has been overwhelmingly positive. Most agencies and brokerages tell us that they are glad to have gone through the process because it provides a unique analysis into the inner workings of their employees and their businesses as a whole. An E&O audit can increase productivity and efficiency, enhance customer service, and benefit the bottom line. Additionally, some E&O insurers provide substantial discounts and credits to agencies and brokerages that perform E&O audits. 36
During the audit process, we examine in detail the areas of an agency or brokerage where our experience has taught us that E&O claims and lawsuits most often arise. The following are some of the areas that are typically reviewed during the audit process: Agency Systems: This is a critical part of the audit process, in which we review the agency’s computer systems and agency management system to determine how each is structured, backed up, and used by the employees of the agency or brokerage. We also examine how emails and voicemails are used by employees for both external and internal communications and whether certain key procedures are being followed with regard to both. In our defense of Vermont agencies and brokerages that have been served with a claim notice or a civil lawsuit, in particular we have found that many agencies and brokerages have not kept reliable email records, mailing logs, or other means to prove that certain conversations did or did not take place. These kinds of records can be the difference between having a case dismissed and having to engage in expensive and lengthy litigation. In this regard, an ounce of prevention is truly worth a pound of cure. Producers: When reviewing the practices followed by insurance producers, we look closely at how the producers work with both potential and existing customers. Our review focuses on the procedures by which producers gather information from customers, which can be crucial to the defense of an E&O claim or lawsuit. We also examine the involvement that a producer may continue to have even after an insurance policy is procured. Customer Services Representatives: In this aspect of the audit, we conduct a detailed review of how the CSRs perform their jobs on a daily basis. Our examination covers the procedures that are followed for policy review
and delivery, and also the steps taken when handling various types of policy changes. During this analysis, we take a close look at the documentation that is retained in both customer files and the agency management system. Claims Handling: Because many E&O claims and lawsuits arise out of the claims process, we closely examine how claims and potential claim questions from a customer are handled by the agency or brokerage. We also examine the procedures followed for claims reporting and any actions taken to follow up on claims and lawsuits. Past E&O Issues: During the course of the audit, we examine any E&O issues or problems that an agency or brokerage may have had in the past, and the steps that they have taken – or should take – to help prevent similar issues from arising in the future. We also take a close look at the procedures that an agency or brokerage may currently have in effect to identify and handle potential E&O issues, and we offer our recommendations to improve on these procedures. Recommendations: This section is probably the most important part of our report as it provides guidance concerning the practices and procedures that the agency or brokerage should implement in order to help protect itself against E&O claims and lawsuits. Very often the procedures that we recommend an agency or brokerage implement will also have the added benefit of improving customer service while at the same time help sell more insurance. If you are interested in scheduling an audit for your agency or brokerage, or learning more about the audit process, please feel free to contact us or the Vermont Independent Insurance Agent Association for more information. There are advantages to having us conduct an E&O audit of your agency or brokerage rather than having it done by other auditors. First, we are attorneys who
have handled over 6,000 insurance agent and broker E&O claims and lawsuits. As such, we know firsthand the practices and procedures that work to protect an agency or brokerage. Additionally, since we are attorneys, the communications that we have with your agency or brokerage concerning the audit can get the attorney-client protection if you were to be involved in an E&O lawsuit. Protecting Your Interests with Tail Coverage Secondly, many agents and brokers have asked us what would happen with their claims-made E&O policies if they were to retire, or buy or sell an agency or brokerage. The problem, of course, is that a claims-made policy can cause problems in the event that a claim or lawsuit is filed years after the alleged error and omission. In Vermont and potentially every state, a plaintiff who alleges an error or omission against an insurance agent or broker has several years to file a lawsuit, and can usually even wait several years after they first learn of the alleged error. However, the typical claimsmade policy requires that the claim must first made against the policyholder and reported to the insurer during the policy period. Many policies provide a limited period of time in which to report a claim after the expiration date, usually around 30 to 60 days. However, given the fact that a claim may not be filed until years after the underlying events that gave rise to the claim, this amount of time is often insufficient. To extend the duration of your E&O policy’s reporting period, agencies and brokerages should strongly consider purchasing an extended reporting policy, also known as a tail policy, for their businesses. Tail policies are typically available for anywhere from one to five-year terms, or even longer and the length should be dictated by the applicable statute of limitations for the potential claim the agency or brokerage 37
may face. For example, if the statute of limitations is six years for a potential claim, then the agency or brokerage should consider purchasing tail coverage of at least 6 years. Tail coverage can be particularly important if you plan to buy or sell an agency or brokerage, or retire. In the context of the sale of an agency or brokerage, the purchaser of an agency will typically require that the seller purchase a multi-year tail, and the seller should agree to do so because otherwise both the seller and buyer are at risk of exposure if an E&O claim or lawsuit should arise from a past occurrence.
should explore purchasing a tail policy as a part of the transaction. By doing so, the prudent insurance agency or brokerage will be protected in the event a claim is made after the transaction closes that concerns an occurrence that took place before. Copyright 2015, Keidel, Weldon & Cunningham, L LP
Accordingly, if you are contemplating buying or selling an agency or brokerage, you
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Company News Union Mutual of Vermont Companies Promotes Markolf to Director of Marketing Union Mutual of Vermont Companies has promoted Alexis Markolf to Director of Marketing. Markolf joined Union Mutual in 2012 as the Marketing Coordinator. “Alexis is an integral part of the Marketing team,” said Robert F. Glass, Senior Vice President, Products and Distribution. “Her background and experience with the company will serve her well in her new leadership role.” She holds a bachelor’s degree from the University of Vermont. “I am pleased to accept the Director of Marketing position with Union Mutual,” Markolf said. “I’ve been fortunate to work within the Company’s marketing team over the past three years, developing relationships with our network of independent insurance agents. I look forward to continuing to develop those relationships and take on a more active role in the New England Mutual Insurance community. I feel that I bring a lot of energy to the position and to the Company’s marketing strategy for 2016 and beyond.”
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Company News Union Mutual of Vermont Companies Partners with U.S. Olympic Skier and Native Vermonter Andy Newell Union Mutual of Vermont Companies is proud to announce its sponsorship of three-time Olympian and native Vermonter, Andy Newell. Newell is in his 15th season of competitive skiing on the international stage, and as part of his sponsorship commitment with Union, will be making two stops at schools in the Capital City on Monday, Nov. 2. Newell will speak with Montpelier High School students at 8:30 a.m. and 4th grade-students at Union Elementary School at 1:30 p.m. Both presentations will include information on pursuing your dreams, goal setting, overcoming adversity, etc., things a three-time World Cup podium winner knows well. The sponsorship is the latest in a string of family- and community-based projects Union Mutual of Vermont Companies has embarked upon in the last year, coming off a tremendously successful sponsorship of the 2015 Special Olympics Vermont Summer Games. Please join us for either presentation to hear Newell speak during a rare training break as he prepares for 2015-16 World Cup competition. More information on Newell can be found at: http://nordic.usskiteam. com/athletes/andy-newell.
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Company News Haylee Glennon Named VT IAIP Member of the Year S&H Underwriters Inc is proud to announce that their own Haylee Glennon, CIIP has been named the Vermont recipient for the International Association of Insurance Professionals Member of the Year. Haylee was nominated for this award by other members of the Association. The recipient is chosen by a panel of Vermont members of IAIP. Haylee has helped others with networking with their peers in the industry. She has been actively involved in the association on all levels since she became a member of her local chapter, the Vermont Association of Insurance Professionals in 2002. She is the immediate Past President of her local association. She was instrumental in planning the Region I Conference for IAIP in 2014 that was held in Essex, Vermont. She served as Co-Chair of the conference committee. Haylee is a devoted member and rarely misses a local chapter meeting. She has grown into a confident leader and insurance professional. She is currently working towards her Certified Leadership Professional (CLP) designation. She works as a Personal Lines Underwriter for S&H Underwriters, Inc. in East Montpelier Vermont. Betty Sikora President of S&H Underwriters states “We are so proud of Haylee, she deserves this award. She works so hard for the Association, for us and especially for her own family. We are honored to have her as part of our S&H family.” Haylee resides in Williamstown, Vermont with her “newlywed” husband Lucas and two children Tavien and Kristian.
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