2023 January Louisiana Agent Newsletter

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LOUISIANAAGENT

J A N U A R Y 2 0 2 3 A M O N T H L Y P U B L I C A T I O N O F T H E I N D E P E N D E N T I N S U R A N C E A G E N T S & B R O K E R S O F L O U I S I A N A

IIABL STAFF

JEFF ALBRIGHT

Chief Executive Officer

jalbright@iiabl.com

(225) 236-1366

BENJAMIN ALBRIGHT

Vice-President of Strategic Initiatives balbright@iiabl.com

(225) 236-1357

KAREN KUYLEN

Director of Accounting & Finance

kkuylen@iiabl com

(225) 236-1353

JAMIE NEWCHURCH

Director of Insurance Programs

jnewchurch@iiabl.com

(225) 236-1350

KATHLEEN O'REGAN

Director of Communications & Events

koregan@iiabl.com

(225) 236-1360

BRANDI VAN PELT

Insurance Programs Administrator

bvanpelt@iiabl.com

(225) 236-1358

DUSTIN WAMBSGANS

Agency Consultant

dwambsgans@iiabl.com

(225) 236-1361

LISA YOUNG-CROOKS

Director of Member Relations

lyoung@iiabl.com

(225) 236-1351

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Special

Incentive Program

5 Tips to Creating Effective Goals for Your Agency

Big 'I' Research Shows The Ind Agency Channel is Strong

2023 Trusted Choice MRP

How a Hard Market Can Impact Your Agency's Profitability

Revealed - The Form of Cyber Attack on the Rise

How to Build a Strong Budget for Your Agency

The Expansion of IMS Products

Property Loss: Climate Change or Building Codes?

Set Producers Up For Success by Avoiding These Mentoring Pitfalls

Using Tech Tools in the Fight Against Bank Fraud

Spend Your Time Where It Matters to Build Relationships

Annual Convention

Continuing Education Offerings

Upcoming Events

Advertiser Index

2023 Industry Partners

IIABL Officers & Board of Directors

CONTENTS LOUISIANAAGENT SPECIAL SESSION TO FUND INSURE LA INCENTIVE PROGRAM 06 TABLE OF CONTENTS & FEATURED STORIES 10 14 18153 E Petroleum Drive Baton Rouge, LA 70809 Ph: (225) 819-8007 www iiabl com BIGIRESEARCH SHOWSTHE INDEPENDENT AGENCYCHANNEL ISSTRONG PAGE 4 5TIPSTOCREATING EFFECTIVEGOALS FORYOURAGENCY 03 06 10 14 21 24 26 28 33 34 37 40 42 44 45 46 48 49 50 IIABL Staff
Session
Louisiana
to Fund Insure

Special Session to Fund Insure Louisiana Incentive Program

Jeff Albright

January 2023

The property insurance crisis in Louisiana will be one of the biggest issues in the legislature this year.

The legislature convened a Special Session on Monday, January 30th. Governor Edwards called the session with only one subject…funding the Insure Louisiana Incentive Program.

IIABL is asking the Louisiana Legislature to approve funding for the Insure Louisiana Incentive Program in the Special Session and consider additional insurance reforms in the Regular Session to improve the Louisiana insurance market environment to attract new insurance companies to our state.

The reality is that A M Best “A” rated Homeowners insurers are not going to return to the Louisiana market any time soon. The Insure Louisiana Incentive Program will attract some Demotech “A” rated coastal Homeowners insurers to ease our market problems in the short term, and it will encourage some companies already writing in the state to deploy additional capital and write more policies.

SPECIALSESSION

IIABL has worked with Commissioner Donelon and legislative leadership to include provisions in the funding bill to regulate the financial solvency of insurers that are issued a grant under the Incentive Program. In addition to the traditional risk-based capital financial evaluations of insurer solvency, the Commissioner will evaluate the adequacy of insurer reinsurance programs using catastrophe model stress tests against their books of business. The Commissioner will take whatever action is necessary to ensure that insurers that receive grants under the Incentive Program remain financially solvent.

The House Appropriations Committee heard HB 1, which would provide $45 million in funding for the Insure LA Incentive Program on Tuesday, January 31, 2023. The bill passed out of committee without objection.

The program is almost identical to the one created after Hurricanes Katrina & Rita to attract

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Homeowners insurers back to Louisiana. Insurers who are willing to commit capital to write new Homeowners policies are eligible to receive a matching grant from the state. Insurers who receive grants must write 50% of Homeowners policies in south Louisiana. Grant money is put in an escrow account and is earned 20% per year for five years…IF the insurer writes the required number of policies. If insurers do not meet the requirements the state can claw back grant money.

The three-hour committee hearing focused on two questions. Will the incentive program really result in insurers writing new policies and moving policies out of LA Citizens to the private market? And will the insurance companies attracted by the incentives be financially stable?

Commissioner Donelon testified that he already has 7 insurers that want to participate in the Incentive Program and would collectively request the full $45 million Insurers identified included

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Continued from page 7

Allied Trust, Centauri, Cajun Underwriting Reciprocal Exchange (CURE), Elevate, SafePoint, Sure Choice, and an insurer who asked to remain

insurance reforms to improve the insurance market environment to make Louisiana more attractive to insurers in order to attract new insurers to our state.

Tort reform is still important, but the political reality is that tort reform is not possible until we have a new governor in 2024.

Some of the insurance reform ideas would reduce excessive “social inflation” of claims. The bad faith claims statute needs to be clarified to avoid unnecessary litigation. Roofers, appraisers and building consultants need to be licensed, permitted, and regulated. Insurers should be able to require policyholders to sign a sworn statement of proof of loss.

Additional reforms would ease regulatory burdens on insurers. Insurers need more flexibility in the rate approval process so that they can charge the premiums they need to continue to write business. Approval of rates and forms need to be streamlined to improve speed to market.

Funding of the Louisiana Fortify Homes Program would improve construction and improve the longterm claims experience from catastrophe claims.

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LOUISIANAAGENT
SPECIALSESSION
Watch Jeff Albrights testimony at the House Appropriations Committee Meeting on Jan. 31 in the video linked below.

5 TIPS TO CREATING EFFECTIVE GOALS FOR YOUR AGENCY

Creating effective company-wide goals is a challenge that most agency owners face. Having effective goals will help guide your team in their day-to-day tasks. It helps align everyone to work toward a shared objective, and keeps the team driven and motivated to achieve these goals each and every day they come into work. It is through the achievement of your goals that you make constant progress, moving you closer to your company vision (which is essentially just your long-term goal) That is why it is necessary for you to first define your agency-wide goals for the year so that you know exactly what you want to achieve not only in the long run but in the shortterm as well That said, company goals can be pitfalls to your company if they lack certain characteristics

Ineffective goals can be harmful to you and your team For instance, impossible and unrealistic goals can demotivate you precisely because it doesn't seem like something you can achieve, which can, in turn, negatively impact you and your team's confidence. While the right agency management training can help you avoid this and give you more tips on creating effective goals, you may not have the time or finances to invest in it. We'd still recommend looking into such options like the IA-MBA, but for the meantime, here are five tips you can use to create effective company goals.

Keep your company vision in mind.

Your company vision reminds you of where you want to be not only in a year but in three to five years (we recommend to not go too long-term i e a 20-year vision, as it’s hard to predict that far into the future) It's the vision you had that motivated you to start your agency and is driving you to grow the agency every day your team serves your target market By keeping this vision in mind, you can create goals that make the journey there more manageable and, at the same time, more achievable Your yearly company goals help you visualize the path to getting there, which helps in keeping you and your team on the right track.

Challenge yourself and your employees.

A good goal is one that drives you to be better and to achieve more. Even if you're tempted to keep the goals small and achievable, there's value in challenging yourself and your employees. Results from a review of laboratory and field studies on the effects of goal setting on performance show that in 90% of the studies, specific and challenging goals led to higher performance than easy goals, "do your best" goals, or no goals. When you've given all your effort to achieve a seemingly challenging goal, you and your team can feel the satisfaction that will keep you going for the next goal and the one after and so on. It also keeps your team engaged and motivated because the reward is proportionate with the work that was put in to achieve the goals.

Be realistic.

The third defining factor of an effective goal is that it is realistic. It should not be too easy as to make your employees feel like they cannot achieve more. Alternatively, your goals should also not be too challenging as to discourage your team even before the battle starts. In being realistic, consider the resources – both physical and non-tangible –you have and what your employees can give in

terms of time, effort, and skills. Keep in mind that while determination is essential in achieving goals, you and your employees will also need time to recuperate. Account for this time accordingly when you're trying to set deadlines for tasks or distributing work to your team.

Make sure your goals are measurable.

In creating your goals, you need to get as specific as possible, particularly in terms of how you're going to measure your progress Avoid being vague Instead of "improve customer service," you may want to go for something along the lines of "achieve a score of at least 80% on our quarterly customer service survey." The latter goal gives you a way to check your progress and a score that can strive to achieve. In so doing, you and your team will know exactly what to look for and be instantly aware when you've achieved your goal.

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Re-evaluate regularly.

Your goals must adapt and adjust to your growth

As such, the final tip to creating an effective goal is to re-evaluate its effectiveness regularly Does it still apply to your current situation? Are you in a position where you can achieve more? Are your goals still in line with the company vision? These are some of the questions you can ask when you feel that your goals have either been achieved or are no longer applicable to your team This helps in making sure that you can keep creating goals that bring you closer to realizing your company vision

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Creating goals requires you to be aware of where your agency is currently at in terms of your vision and how your team is doing in terms of their performance. As such, the final, and perhaps most important, tip to creating effective goals is to be knowledgeable about the ins and outs of your agency and the team you have so that you can strive to achieve outcomes that can improve your overall performance.

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IAMBA

As we look back on 2022, here are three studies from the Big “I" on the state of the independent agency channel and the lessons that can be drawn from them as we move into 2023:

Agency Universe Study: Number of Independent Agencies Grows

The number of independent insurance agencies increased and business conditions for agencies remained favorable in 2022, according to the 2022 Agency Universe Study, which illustrated the resilience of the independent agency distribution channel.

“The 2022 Agency Universe Study shows the resiliency of the independent agency system as it continues to grow and adapt through the challenges of the last couple of years," says Bob Rusbuldt, Big “I" president & CEO. “It is amazing that during the pandemic the independent agency system added nearly 4,000 new agencies. The study also offers insights on how agencies can better prepare themselves for the future. Staffing

and marketing are issues for agencies, and the Big 'I' continues its support of independent agencies through resources, programs and guidance to face these challenges head-on."

However, while the majority of agencies reported revenue increases, the percentage was lower than in the previous study released in 2020. While the agency universe may be finding itself at the tail end of the coronavirus pandemic, COVID-19's impact on agency revenue is just now starting to be felt.

“We see a little bit less growth in some of the agency revenue," said Kristina Witzling, executive vice president at Zeldis Research Associates, during the “2022 Agency Universe Study Highlights" webinar. “2020 was really an uncertain time … they were impacted in their operations, but they didn't really see the revenue changes until 2021-2022, and it's starting to hit now."

The Agency Universe Study by Future One, a collaboration of the Big “I" and leading independent agency companies, is hailed as the

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Annemarie Mcpherson Spears

SOLIDGROUND

most comprehensive look at the independent agency system. The 2022 iteration of the study marked a triumph in agency adaptability in the face of adversity.

“As the independent agency channel recovers from the coronavirus pandemic and weathers economic uncertainties, technology adoption continues to prove itself critical to continued success," says Chris Boggs, Big “I" vice president of agent development, education and research. “Agencies are demonstrating flexibility and progress in digitalization as the insurance industry works together to incorporate tech solutions that support agents' roles as trusted advisers."

Here are six findings from the 2022 Agency Universe Study:

1) The number of independent agencies increased. In 2022, the estimated total number of independent property-casualty agents and brokers in the U.S. stood at 40,000, an increase from 36,000 in 2020. While mergers & acquisitions

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activity continued to impact the agency channel, the increase in the number of agencies was driven by small agencies, as agents established their own agencies or moved from the captive to independent space.

2) Business conditions were generally favorable. The majority of agencies 62% reported increases in total revenue between 2020 and 2021, but this proportion was lower than the 70% in 2020. Twenty-five percent reported a decline in revenue, with an average decrease of 22%. In particular, fewer agencies reported personal lines revenue increases in 2022, 60% compared to 67% in 2020. More than 1 in 5 said the pandemic impacted their operations and revenue.

3) Technology has become a crucial part of operations and customer service. Nearly half (47%) said they have offered more digital solutions to clients due to the pandemic. Usage of mobile apps from carriers increased to 40%, up from 32% in 2020, and apps for clients doubled, now 20% up from 10%.

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SOLIDGROUND

Yet, challenges with technology continued, with 41% of agencies cited dealing with multiple carrier interfaces as a challenge. While only 7% used a commercial lines rater, 23% planned to do so. Onethird saw the need for more carrier application programming interface (API) integration with agency management systems (AMS) and 51% sought more operating efficiencies to help service customers.

4) Principal aging remained stable. The average age of agency principals was 54 years old, with 17% age 66 or older. More than 8 in 10 agencies had a perpetuation plan, on par with 2020, but it often centered around children and family. Meanwhile, similar to 2020, 4 in 10 agencies anticipated some ownership change in the next five years.

5) Finding qualified staff and marketing were key agency challenges. Forty-one percent found it challenging to find and screen job candidates with strong potential, the No. 1 challenge of 2022, which gained slightly from 39% in 2020. The second most challenging issue was having a significant marketing or advertising budget at 36%, up from 30% in 2020.

6) Inclusion gains some ground. In 2022, 47% of agency principals were women, a gain from 42% in 2020, and 83% were white, compared to 88% in 2020. Medium-sized and larger agencies were especially likely to have male principals or senior managers. One in 4 agencies added staff in 2022, and 19% leveraged independent contractors, primarily producers.

In addition to the Big “I," the Future One coalition includes the following company partners: National General, an Allstate company; Amerisure; Central Insurance Companies; Chubb; CNA; Foremost, a Farmers Insurance Company; Grange Insurance; Hartford Steam Boiler (HSB); Liberty Mutual Insurance/Safeco; Nationwide; Progressive Insurance; Selective Insurance; The Hanover Insurance Group; The Hartford; Travelers; and Westfield Group.

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Market Share Report: Independent Agents Dominate Commercial Lines

The independent agency channel placed 62% of all property-casualty insurance written in the U.S. in 2022, according to the Big “I" 2022 Market Share Report, which also pointed to independent agencies' dominance in commercial lines, finding that nearly 88% of all commercial lines written premium was placed by the independent agency channel.

The annual Market Share Report compiles and analyzes property and casualty premium data from AM Best and provides insights for agencies and carriers on current market shares by distribution type.

While independent agencies were the clear leaders in commercial lines, independent agencies in the U.S. also placed 37% of all personal lines premium. Overall, independent agents placed approximately 62% of all p-c premium written in the U.S.

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SOLIDGROUND

Of the $765 billion in total premium written in the U.S., personal lines accounted for approximately 50% of the total premiums, just over 38% came from commercial lines, and the remaining 12% was “unclassified" coverage that could not easily be categorized as either personal or commercial lines. Independent agents place approximately 85% of this “unclassified" business.

“The demise of the independent agency channel has been predicted by various sources for many years, but the Market Share Report affirms the reality that independent agents have and continue to place the majority of all p-c business," Boggs says. “In particular, independent agents continue to prove their dominance in commercial lines."

Within the top 10 lines written by independent agents, workers compensation was the only line that did not see at least some growth in the percentage written by the independent agency channel between 2017 and 2021. All other lines saw the percentage written by independent agents remain steady or grow.

Best Practices Study: Highs in Organic Growth and Profitability

As the independent agency channel moves past the coronavirus pandemic and into uncertain economic headwinds, Best Practices agencies demonstrated strong organic growth and profitability, according to the 2022 Best Practices Study by the Big “I" and Reagan Consulting.

The Best Practices update is the first one in its three-year cycle, examining the newly qualified Best Practices firms throughout the nation that have been recognized for outstanding management and financial achievement. The annual study, conducted jointly in a longstanding partnership between the Big “I" and Reagan Consulting since 1993, provides critical performance benchmarks in six agency revenue categories ranging from under $1.25 million to over $25 million.

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“The past few years have brought challenges for independent agencies and their clients, but topperforming agencies have demonstrated resiliency as they've weathered these obstacles to grow their businesses and even break study records in numerous categories," Boggs says. “These industry leaders are setting the bar and demonstrating the independent agency channel has never been healthier."

Best Practices agencies are writing the playbook for success and agencies can look to these strategies to guide them toward operational excellence as they seek to better serve their clients. In particular, the organic growth and profitability metrics are the cornerstones of Best Practices agencies.

Most notable, Best Practices agencies charted a significant increase in organic growth. “This performance in a pandemic is nothing short of remarkable," said Tom Doran, a partner with

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SOLIDGROUND

Reagan Consulting, in the “2022 Best Practices Highlights Webinar" held after the study's release.

Key findings from the 2022 Best Practices update include:

1) Organic growth surges. At 9.2%, organic growth was 2.5 times last year's results of 3.7%. Organic growth increased in all six revenue groups in this year's study.

2) Profitability remained at all-time highs. At 26.2%, Best Practices agency profitability went up slightly from 26.0% last year.

3) The Rule of 20 achieved a record high. The Rule of 20, calculated by adding 50% of profitability to organic growth, reached a record high of 24.0 in this study versus 18.0 in the previous study. The Rule of 20 is the best metric to gauge overall agency health, according to Reagan.

4) Mergers & acquisitions bolstered growth. In the 2022 study results, 22.3% of Best Practices agencies acquired a business, up from 16.4% in the previous study.

5) Producer recruitment and development proves challenging. Net unvalidated producer payroll (NUPP), a measure of producer recruitment and development, remained at 1.1% of net revenues compared to 1.2% in the previous study. A healthy NUPP investment would be 1.5%-2.0%, according to Reagan, which is an indication that agencies should consider redirecting a portion of today's record profits toward investing in new producers.

6) Shareholder and producer ages hold steady. The weighted average shareholder age (WASA) was 53.2 years, and the weighted average producer age (WAPA) was 48.6. Agencies should manage these two metrics carefully as lower WASA and WAPA are critical to long-term agency perpetuation.

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As the independent agency channel heads into an uncertain 2023, Doran encourages agencies to focus on the metrics in the Best Practices Study. “We encourage our industry to continue getting younger," he says. “One of the dynamics that we've struggled with for the last three decades of this study is that we've struggled to track and develop enough young talent in the industry."

“Profitability is super important, but growth is really the most important driver of our economic viability, and so we want to continue to focus on new business activity," he adds.

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GUIDELINES

Trusted Choice will reimburse a portion of expenses incurred in 2023 by Big “I” members for co-branding advertising and marketing materials or making certain digital improvements for your agency.

Reimbursement Allotment

All agencies are eligible for up to a $1000 reimbursement for co-branded marketing and certain digital improvements. This is a 50% match base on one allotment per member agency (limited to one location.)

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Ways to Qualify

P R O G R A M ( M R P )

Co-branding: Use of the Trusted Choice logo on consumer facing advertising. For access to pre-produced advertising materials visit our Marketing Campaigns that can be customized for your agency free of charge by Trusted Choice staff. There are print, digital, video and radio ads available.

Digital Co-branding: Use of any of the Trusted Choice customizable marketing materials or brand creative that includes the Trusted Choice logo. This includes video production and advertising costs (display ads, social media ads, YouTube etc.)

MARKETINGREIMBURSEMENT

Traditional Co-branding: Certain traditional advertising options are eligible for reimbursement (billboards, radio, print, client incentives, and some sponsorships), provided they are co-branded with the Trusted Choice logo. Stationary, business cards and other office supplies are NOT eligible for reimbursement. We encourage you to seek guidance from a Trusted Choice staff member with questions regarding eligibility via trusted.choice@iiaba.net

Digital Improvements: Reimbursement is available for your agency to make strategic digital improvements for your agency using one of the providers listed on our vendor comparison site as "Preferred Provider”. You can utilize the funds with multiple vendors during the year up to the limit.

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Guiding Principals of the Marketing Reimbursement Program

The program allows for any eligible activity involving the Trusted Choice logo in external messaging with consumer impact for members; and for an updated digital presence for members.

The application must provide reasonable documentation that an expense was incurred and paid.

All reimbursements are 50% of the amount spent to the maximum of $1000 reimbursement. To qualify for the full $1000 reimbursement, the member must provide documentation that $2000 was spent. Applications for reimbursement can be made all at once, or as expenses are incurred. In no case will a member be reimbursed more than $1000.

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MARKETINGREIMBURSEMENT

The nature of the expense is reasonably correlated to the external messaging and promotes the Trusted Choice brand to consumers or qualifies for digital improvements by a preferred vendor. Reimbursement for a website requires that the Trusted Choice logo be displayed on the website’s home page. Only expenses and invoices incurred in 2023 are eligible for reimbursement.

The MRP will not reimburse ongoing expenses like directory listing, expenses for phone-book type advertising or website hosting/maintenance outside of our preferred vendors.

Important Application Information

To apply for reimbursement, a member must submit to Trusted Choice:

A completed reimbursement form. Applications can be submitted on our website or emailed to Trusted.Choice@iiaba.net. For applications requesting reimbursement for co-branding, a design proof/sample/picture of each of the materials to be reimbursed (please send in color.)

For applications requesting reimbursement for digital improvements, invoices or receipts showing proof of payment are required. Please include a description of the work that was done.

All reimbursements are paid via direct deposit only, so members will also need to submit their W9 and banking information (voided check).

Applications are considered in the order in which they are received until available MRP funds have been depleted. A submitted application is not a guarantee of reimbursement. Applications will be accepted through February 2024, however the program may close sooner at Trusted Choice’s sole discretion. Please allow 8 weeks for processing.

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Trusted Choice reserves the right to deny any request for reimbursement for any reason including use of the Trusted Choice logo in a manner that is not consistent with the Trusted Choice Brand Style Guide or the guidelines of the MRP. Only the Trusted Choice logo is eligible for reimbursement. If you are unsure about an item or use of the logo, want to get pre-approval of an item, or need to check if your agency is eligible for any reimbursement, please contact us at Trusted.Choice@iiaba.net or call (800) 221.7917.

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M A R K E T C A N I M P A C T Y O U R A G E N C Y ' S P R O F I T A B I L I T Y

A hard market is a term used in the insurance industry to describe a period of time when insurance premiums are generally increasing, and underwriting standards are becoming more stringent. A hard market may be the result of a variety of factors, including increased claims and losses, rising costs for insurance companies, and increased regulation. In this environment, an independent insurance agency's profitability may be impacted in several ways. That impact can be positive for some agencies and negative for others based on how well an agency responds to their customer’s needs.

During a hard market, insurance companies may experience increased commission and fee revenue provided that their customers can withstand the rate increases. This can also occur due to their customers incurring higher claims and losses, which can lead to higher premiums for policyholders. As a result of these increased premiums, independent insurance agencies may find it more difficult to sell policies to potential customers and retain their current customers as the higher premiums may be less affordable for some consumers. This can lead to lower sales and retention revenue for the agency.

Additionally, during a hard market, insurance companies may also be more selective about the risks they are willing to cover, which can result in a decrease in the number of policies that are available to sell. This can also lead to lower sales and revenue for the agency. Independent insurance agencies may also face increased competition from other

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H O W A H A R D
Carey Wallace Agency Focus LLC

AGENCYPROFITABILITY

agencies as they try to win business in a challenging market. This can lead to lower profit margins for the agency. There are several things that independent insurance agencies can do to minimize the impact of a hard market on their agency:

1. Focus on providing excellent customer service: Providing outstanding customer service can help to retain existing clients and attract new ones, even in a challenging market.

2. Build and execute a strong retention strategy: Communicate clearly to your current customers about the market conditions and be proactive in your approach. This is a time when your advice and guidance are key to building a strong relationship with your customers.

3. Diversify the types of insurance products offered: Offering a variety of insurance products can help to mitigate the impact of a hard market in any one specific area. For example, if one type of insurance is experiencing higher premiums due to increased claims, the agency may be able to offset this impact by selling more policies in a different area where premiums are stable or even decreasing.

4. Develop a strong digital presence: In today's world, having a strong presence online is essential for businesses of all types, including insurance agencies. By improving your website, maintaining an active social media presence, and using digital marketing techniques, agencies can reach new customers and expand their reach.

5. Look for opportunities to save money: In a hard market, it may be necessary to look for ways to reduce expenses in order to maintain profitability. This could include negotiating lower rates with suppliers, finding more cost-effective ways to advertise, or streamlining operations to reduce inefficiencies. Investments in your agency’s efficiency are key, and those agencies that have made these investments will be well-positioned to perform well in a hard market situation.

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6. Consider joining a network: By joining a network an agency can expand the range of products and services offered and increase the number of customers they can serve.

By implementing these strategies, independent insurance agencies can minimize the potential negative impacts of a hard market and continue to operate successfully. Agencies that anticipate and prepare for the changing insurance environment are able to be better equipped to meet the needs of their customers.

By simply having the infrastructure, procedures, and foresight to be proactive they will be able to outperform agencies that continue to operate the way they always have. The ability to be nimble and adjust as the market conditions change will be appreciated by their customers and will serve agencies well in a hard market.

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Fraudulent instruction as a form of cyber attack is on the rise, according to new data from specialty insurer Beazley.

The report includes data gathered between 2020 and Q3 of 2022, including cause of loss by industry, ransomware vectors, business email compromise, and data exfiltration. Beazley analyzed these data points to reveal the current state of cyber risk.

According to the report, professional services firms experienced more fraudulent instruction and almost as many business email compromise incidents so far in 2022 as they did in the entirety of 2021. Claims caused by fraudulent instruction are rising this year despite an overall decline in incidents, Beazley said.

On the other hand, system infiltration overall is down this year due to a combination of factors, including better risk selection, improved security practices, and threat actor attention being focused elsewhere, Beazley said. This breathing room gives organizations time to get their cyber assets in order before a resurgence in attacks, Beazley said. The insurer said that organizations needed to be alert to the ways gaps in inventory could slow down detection and response capabilities, both on-premises and in the cloud.

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PAPCHANGES

“The past two years of pandemic-driven remote work have led to decreased interdepartmental communication and less oversight overall, making the likelihood that an organization has an incomplete asset inventory greater than ever,” said Bala Larson, head of client experience at Beazley “Good asset management is good governance, and as such, it needs to be built into business decision-making. Organizations that fail to do so inherently expose themselves to cyber breaches that result in higher costs and more liability.”

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HOW TO BUILD A STRONG BUDGET FOR YOUR AGENCY

Budgeting is the practice of trying to reasonably estimate a company’s future expenses and revenue streams so you can monitor the company’s financial health and make informed decisions. “When you set a budget, you are taking control of your future ” – Unknown

Budgeting does not need to be hard, and in this article we are going to do our best to simplify it for you. With a little time and consistency, a budget can be one of the most powerful tools you’ll ever have inside your agency Let’s break it down!

Start with Goals

Creating a budget should start with a list of goals. Ask yourself, what are the long-term goals for the Agency? What will success look like in the near term? Make sure that the goals that you set are (SMART) Specific, Measurable, Achievable, Relevant, and Time-based. These goals will have an impact on your revenues and will also determine where you will need to allocate your resources in the next year Your goals will help identify the specific areas that you want to invest in to ensure that you are making progress. Many agencies operate without a budget and instead

rely on their gut instincts, or worse, have to wait until the end of the year to determine if the resources needed to invest in new tools or resources are available. Having a budget can provide you with greater clarity and allow you to act with confidence

We realize that building a budget is not easy for everyone, so we have created a budgeting tool that can be used to help you build one for your agency.

This tool is separated into several tabs that work together and are designed to simplify the budgeting process. On the first tab, you can categorize your expected expenses. Once these are entered there they will automatically fill in the “Expense” portion of the next tab, Annual Budget

After adjusting and completing your Annual Budget tab, it will automatically break these expenses down by month in the Monthly tab. In this tab, you can fill in your actual revenue and expenses every month, and it will automatically compare them with the amounts you budgeted. The monthly income statements pull to the Annual tab, which provides an overview of how

Lauren Washington

AGENCYBUDGET

well you have maintained your budget during the year.

Here is an overview of the sections in the tool:

#1: Components of the Income Statement

Income statements are split into two major sections: Revenues and Expenses

Revenues can be further categorized into Commissions & Fees, Contingency/Bonus, and Other Income:

Commissions & Fees: This category can include any revenue resulting directly from sales of insurance to Agency customers. This includes direct bill commissions, agency bill commissions, agency fee commissions, and any commissions received from insurance brokers. Only the agency’s portion of commissions and fees belong in this category Any revenue collected in an Agency Bill

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situation that is to be remitted to a carrier should not appear on any part of the income statement because it is not owned by the Agency. This portion is collected and held in a Trust Account on the Balance sheet until it is remitted to the carrier.

When

budgeting for Commission and Fee

Revenue consider:

Expected renewal income. This should be based on last year’s performance, your agency’s retention rate, expected rate increases, and any other expected changes from carriers. Be sure to eliminate any polices that you know have been lost or by their nature are not expected to renew (for example bonds). New Business. Include the new business you expect in the coming year based on the goals that you have set for your team.

LOUISIANAAGENT PAGE 29

AGENCYBUDGET

Contingency/Bonus: This category includes all contingency income received from carriers, and any bonus income received from a cluster/network/aggregator/alliance. It differs from Commission & Fees income from a budgeting standpoint, because, although it is an indirect result of sales, it is contingent upon your performance and the guidelines set by each carrier for new business production, retention, loss ratios and other factors. It can also be impacted by the performance of a network/aggregator/alliance that the agency is a member of. As you know, contingencies can vary and are not guaranteed. We strongly recommend that agencies do not include contingencies in their operating budget.

Fee Income: Any fee income can be estimated based on the previous year performance as well as the goals for the upcoming year.

Other Income: Oftentimes, Agencies will have revenue streams resulting from activities not related to the sale of insurance. For example, if the Agency owns their office building, they may have rental income.

Expenses are categorized into four categories: Payroll & Benefits, Selling Expenses, Operating Expenses, and Administration Expenses:

Payroll & Benefits:

Payroll: This category should contain any wages, commissions, salaries, and bonuses paid to the Agency’s owners/employees and any amounts paid to 1099 Employees (outside contractors). It should not contain any dividends paid to shareholders, which are considered administrative expenses.

Benefits: This category contains any expenses associated with employee benefits. It can include items such as retirement plans, employee insurance, and the employer portion of payroll tax expense (This does not include employee withholdings, which should not appear on the income statement.)

Continued from page 29

Selling Expenses: Selling expenses are expenses that result from efforts to make sales or retain customers. The most common categories in this section include marketing, promotions, advertising, travel, meals, and automobile expenses. It should not include expenses that are necessary for the day-to-day operations of the Agency. For example, although an office renovation may increase sales by improving customer experience, the main result of the renovation is not increased sales but providing a safe and effective work environment. A customer referral program, by contrast, increases sales directly. For this reason, the entertainment, meals, travel, and automobile expenses that should appear in this section are expenses directly associated with sales activities, not personal meals, travel, or vehicles.

Operating Expenses: Operating expenses are expenses incurred to ensure that the Agency can continue to operate effectively. Some common

Gulf States Insurance Company

PAGE 30 LOUISIANAAGENT

AGENCYBUDGET

expenses included in this category include, rent, utilities, technology, licenses, business insurance, and professional services. For example, telephones are necessary in order to ensure that the Agency is able to contact clients, potential clients, and carriers. Therefore, telephone expenses can be considered operating expenses. However, personal cell phones should not be included in this expense if they are not used for business purposes (similar to automobile expenses, discussed above).

Administration

Expenses: Administration

expenses are expenses that cannot be directly attributed to the operation of the agency. For example, Officer Life Insurance (also known as Key-Person life insurance) is included in this category because this expense is not a result of the Agency’s efforts to sell insurance and is not necessary to maintain the day-to-day operations of the Agency. It also includes expenses like Depreciation, Amortization, Interest Expense, and Shareholder Distributions. In calculating EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), many (if not all) administrative income and expenses are removed or added back in that calculation.

#2: Projecting the Future

When budgeting for any business, it is important to estimate any increases/decreases in expenses, capture new expenditures that are expected in order to accomplish your stated goals as well as the estimated increases or decreased in revenue.

Typically, agency revenue cannot increase without agency expenses increasing as well. For example, your business plan for next year might be to increase Agency Commissions by 10%, but how are you going to achieve this goal? You will need to consider what amount of your current book of business you expect to retain. Remove any accounts that will not renew, like bonds for example. In addition, apply a reasonable assumption for your retention rate based on past performance. Then plan out how you will achieve that goal, for instance, you might need to hire a new producer, start a local ad campaign, or invest

Continued from page 30

in a tool or technology to help create capacity on your team. When planning for revenue goals, keep in mind that revenue can also change due to circumstances like economic conditions, but these changes are harder to predict.

Changing circumstances can affect multiple parts of the income statement. For example, if a producer is retiring, this will decrease next year’s compensation expenses, but it will also decrease next year’s revenue. When making an adjustment to revenues or expenses, remember to consider how this circumstance may affect other parts of the income statement.

Sometimes the effects of changing circumstances can be hard to predict, such as the effects of local economic conditions. For example, if a large company opens up a new manufacturing facility in your area, it will likely improve the local economy, but it is hard to calculate the effect it will have on your Agency. In creating a budget for your

PAGE 31 LOUISIANAAGENT

AGENCYBUDGET

Agency, it is better to only include increases in revenue when you can easily estimate them and when they have a fairly high likelihood of occurring

Remember: Your Agency’s expected revenue will set the “tone” for your Agency’s expected expenses. Overestimating future revenue may result in overspending if you are not cautious.

#3: Use Reputable Information Sources

Ideally, estimates for specific expenses should draw on real data.

One method for estimating your future expenses is to obtain estimates directly from the business(es) you are expecting to purchase goods/services from. For example, the price of a new Agency Management Software can usually be obtained by either going to their website or by contacting the manufacturer directly. This is the ideal method for estimating expenses because it reflects the cost of the item right now.

Occasionally, a new expense may not have a “market price”, or the market price may be difficult or

Continued from page 31

impossible to obtain. For example, you may be expecting to add a new producer, but are not sure how much you will have to pay them in their first year, and furthermore, you are not sure how it will affect your revenue. The best option in this case is to look at past data and use it as a benchmark. Historically, how much have you paid producers in their first year on average? How much revenue have new producers generated in their first year on average?

Once you have built your budget, be sure to share the goals and measurement metrics with your team. One of the benefits to establishing a budget is determining the key performance metrics that you can use to assess your overall and individual performance across the team. By mapping out the year, you can have welldefined metrics that you can use as a gauge all throughout the year. This oversight and management will allow you to adjust or pivot if something unexpected occurs or if a new opportunity arises.

Give

the budgeting tool a try and let us know what you think!

LOUISIANAAGENT PAGE 32

Independent Market Solutions Jan 2023

If you’re looking to grow your business, expanding your agency’s product offerings is a great way to generate more revenue. Whether you’re looking to diversify your current book of business or just need a little head start securing company appointments, Independent Market Solutions (IMS) can help.

IMS was created with the goal of providing member agents access to quality insurance markets. Since its creation, the number of participating carriers has grown each year and in 2022, IMS added six new carriers to its roster of company appointments. Looking ahead to 2023, the program will continue working to grow carrier partnerships to include more carriers that offer personal, commercial, and various specialty lines.

Unlike some other market access arrangements, there are no subscription fees and low to no volume commitments with IMS. Agents who gain appointments through IMS can maintain a direct working relationship with carriers, all while taking advantage of competitive commissions, 100 percent ownership of expirations, and participation in any earned program contingencies.

IMS market availability in Louisiana includes several participating carriers. If you’d like to apply for an appointment or learn more about the carriers IMS can get you connected with, click here.

LOUISIANAAGENT PAGE 33

Property Loss: Climate Change or Building Codes?

I saw a headline stating that Florida building codes are at the root of Florida's property insurance problems. I doubt that building codes are the root of the problem, but are they a contributing factor?

Prior to Hurricane Andrew that wiped buildings clean of their foundations for miles, Florida's building codes were weak. Considerable angst was expressed among all concerned parties regarding the inadequacy of Florida's building codes. The state's politicians, to their credit then, worked with knowledgeable construction and engineering experts to develop much tougher building codes which, of course, increased building costs. From what I see and hear and based on the claims incurred, while no hurricane as destructive as Andrew has since struck Florida, the homes built to those new codes have generally withstood the storms.

Burand's Insurance Agency Advisor

December 2022

Volume 27, Number 8

Instituting even tougher building codes now could also help, but frankly, fixing the litigation issues in Florida are far more important.

N O M A D I C | 2 4

PROPERTYLOSS

Building codes, however, should not be ignored relative to climate change. A good portion of Miami is in visible danger as a consequence of rising waters. Tougher building codes could address the problem. However, a different coding issue is perhaps more important. Waters are rising because some of the land is sinking due to the over pumping of ground water which is a regulatory issue and a building code issue regarding the regulation of water sources. It is not a climate change issue.

In California, wildfires are not necessarily or even primarily a climate issue. Building codes are the issue. California acquiesced to builders who wanted to build homes close together. When the wildfires struck, the fire spread from home to home to home. The loss of so many homes is an apt illustration of not learning the lesson of the Great Chicago fire of 1871 and Mrs. O'Leary's cow. Build wood buildings next to each other, too closely, and

Continued from page 34

when one goes up in flames, the others go too The adequate spacing of buildings is important and fixing that issue does not require the population to stop burning fossil fuels.

Another example of a building code issue is that wood fences provide a trail for a fire to spread That fix is simple enough. Override the homeowners association's rules and force metal fencing by outlawing wood fences. Leave the wood and save some trees in order to further mitigate climate change if that is of concern to insurance commissioners who worry about how climate change is a danger to the insurance industry.

Around 25 years ago in Colorado, shake shingles and cedar siding were banned in new construction within many wildfire zones. That code makes complete sense It is a commonsense solution regardless of whether climate change is a factor in the wildfires.

LOUISIANAAGENT PAGE 35

PROPERTYLOSS

Another wildfire issue is allowing grass to grow too tall in urban parks. When fire hits, it spreads rapidly through the tall, dry grass. Tall dry grass has always existed west of the Mississippi and has always caught fire. Historically, the grass was knocked down by grazing animals, whether buffalo or cows or both. Also, Indigenous people set fires to protect and cultivate the land. To pretend that tall grass fueled fires are a climate change issue is baloney. Mow or graze the grass.

Climate change is such a convenient excuse for incompetency and now COVID is being used as an excuse in the same way. I saw a report from a carrier stating their numbers were wrong because of COVID. I don't think people understand how ridiculous they sound when they use climate change or COVID as an excuse for the failure to use simple math and logic.

From an insurance coverage perspective, if regulators use common sense to address these problems, agents had better be aware of how inadequate most ordinance and law throw-in coverage is today. Rebuilding to new codes will cost far more than the 10% most carriers give away. In fact, if your local building codes have materially changed already, 10% is likely inadequate. Have this discussion with your insureds and offer them increased limits as they almost certainly need more coverage.

While it may take forever to address weak building codes and perhaps even longer to convince those who religiously believe that reversing climate change, rather than learning how to mitigate the impact of the inevitable, is the solution, you can build your organization and better protect your clients through basic risk management recommendations.

Suggest that your insureds use metal to build their fence, if allowed, install an underground electric fence, or use fire resistant materials. Or, clear ground around the house. Perhaps they should live where the municipality is not causing the land to

Continued from page 35

sink or at least not allowing it to sink. They could move to a place where some space exists between buildings. If your insureds are planning upgrades to their homes, suggest that they use more fire resistant materials such as replacing their roof with metal roofing material. Metal may not be the homeowner's ideal material but at least you gave them great advice. If they live next to tall grass, and are not allowed to cut it, suggest they move or take extra precautions.

There is a house in southern California that survived a wildfire about 30 years ago. Dozens of homes all around that home burned to the ground, but not that house. The owner had taken precautions because he knew he could not control his neighbors' actions and his voice was not going to be heard by the local politicians or building department. I will bet that no one, upon rebuilding, followed his example.

You can lead a horse to water but you can't make it drink.

PAGE 36 LOUISIANAAGENT

Investing in the development of new producers is not only essential for retention and growth but is necessary to ensure clients and prospects are receiving accurate, timely and valuable insights and recommendations.

Many agencies are investing significantly in developing training platforms and initiatives, or outsourcing producer coaching and training to reduce underperformance and producer failure rates. While these efforts are to be applauded, it is also important to ensure investments made are not eroded.

A common strategy used by agencies to develop new producers is establishing a mentor-mentee relationship. These relationships can either be informal or formal and typically pair seasoned

producers with unvalidated producers. Sometimes, agencies pay a stipend to the mentor for the time they spend answering questions, supporting their mentees growth and helping them achieve success.

In addition to or in lieu of a stipend, some agencies incentivize mentors by paying them a portion of the commission generated through the sales developed by their mentees. However, depending on how the compensation split is structured, it can lead to misaligned incentives.

For example, let's say a mentee does a great job in developing a good flow of first appointments. Determining who leads the sales process is critical. Will it be the mentor or the mentee?

MENTORINGPITFALLS

If the mentor receives a majority of the compensation for closed or won business, this could lead to a conflict. The primary goal of the mentor is to develop the mentee, yet they are being remunerated for closing business. In these cases, I have seen how a misaligned incentive can lead a mentor to be more focused on closing business than developing the skills of their mentee.

Still, new producers need real-life practice. They need to learn to lead meetings, respond to objections, navigate challenges and gain the skills necessary to compete. They cannot gain that experience if their mentor is always leading.

I'm not suggesting there isn't space to learn by watching. Modeling the right behaviors is important, but when incentives are misaligned, the mentee pays the cost.

Another scenario that often plays out, usually unintentionally, is when a mentor undermines the agency's established sales process. This typically occurs when a new producer is in a formal training

Continued from page 37

program and seeks the advice of a seasoned producer who is not part of the training initiative. In their attempt to help the new producer, the seasoned producer either overtly or otherwise instructs the producer to follow a different process than is being taught. While likely well-intentioned, the outcome is a confused student who is uncertain of which process they should follow.

One of the benefits of an agency-adopted sales process is that it provides a common set of standards and procedures that can be coached. If the approaches are not aligned, producer confusion will ensue.

If an agency has developed a process that is intended for new producers to follow, it is important that all producers utilize that approach when coaching, even if they don't follow it themselves.

Mentors and sales processes bring tremendous value and often make the difference in a new producer's career. Aligning incentives and

PAGE 38 LOUISIANAAGENT

MENTORINGPITFALLS

coaching consistency will ensure that lessexperienced producers have the support and structure they need to enjoy a long and rewarding insurance career.

Susan Toussaint is vice president, growth solutions with ReSource Pro. For more than a decade, Susan has

been training, coaching and developing programs to help insurance professionals overcome barriers to organic growth.

Continued from page 38

PAGE 39
LOUISIANAAGENT
...

USING TECH TOOLS IN THE FIGHT AGAINST BANK FRAUD

Independent agents recommend the best solutions to protect their clients throughout life's unforeseen events. However, they sometimes fail to follow their own advice particularly when it comes to protecting their agency against financial fraud.

It's vital for agents to protect their bank accounts against fraud because bad actors move quickly. Each day an agent waits, it increases the risk of operational disruptions and financial losses that cannot be recovered.

Criminals only need routing and account numbers to access an agency's accounts. They steal this information via business email compromise, malware that records keystrokes, stolen paper checks and other means.

Most agencies send or receive wire transfers and use automated clearing house (ACH) transactions for carrier payments, commissions, accounts payable and payroll. They also often use tools such as remote deposit capture and smartphone apps to deposit checks.

Often, criminals target their victims by using ACH, too For example, an agency receives and sends money via ACH in transactions with carriers, vendors or clients. Fraudsters who have obtained the agency's account information then attempt a debit on the agency's account. Once the funds are successfully transferred from the agency's account, the transaction is no longer traceable and the fraudster has obtained the funds.

With the use of Positive Pay, a banking industry tech tool, agencies have the ability to combat fraud. This tool enables ACH transactions to be defined in the banking system by vendor, payment amounts and other parameters. Those that don't match are flagged for approval before payment is made.

Positive Pay is also important because old-school fraud techniques remain popular among criminals

For example, an agency mails a $15,000 check to a vendor to upgrade its management system. A criminal steals the check from the mail and uses a popular fraud technique called “check washing" that uses chemicals found in household cleaning

Patricia Smith, VP & Director of Cash Management Services & Business Development, InsurBanc

products to erase the payee information. They then reuse the check, changing the payee to themselves.

Next, the criminal goes to their own bank to cash or deposit the check. Once the check clears, they withdraw the funds and close the account. In this scheme, the dollar amount, signature and check number do not change, making the fraudulent behavior difficult to detect since most people only verify check numbers and dollar amounts when reconciling bank statements.

Often the crime isn't noticed until the vendor notifies the agency they haven't been paid. At that point, it is too late to recover lost funds. Positive Pay can work with both electronic and paper check transactions and agency principals shouldn't hesitate to put such tools and procedures in place to fight bank fraud.

Start by understanding that criminals attack via email, phone calls, faxes or even letters in the mail. Don't assume it's only a cybersecurity problem. Train employees to recognize, question and verbally authenticate changes in payments and payment methods.

PAGE 41
TECHTOOLS
Patricia Smith is vice president and director of cash management services and business development officer at InsurBanc, a division of Connecticut Community Bank N.A.

As a business owner, you know that time is money. But when it comes to providing services to your clients, the quality of the time you spend with them to build relationships can be just as important as the quantity.

Too good to be true?

This is something that one of our insurance agents learned firsthand when she was quoting a painter the other day. As she worked on the quote, she realized that she wanted to spend more time on it to ensure that she was providing the best possible service to the client. As she put it, she didn’t want it to be a “too good to be true” scenario – she wanted to give the same amount of time and attention to this client as she would to any other, even if it meant spending a little extra time upfront.

This got us thinking about the value of quality time in the business world. In today’s fast-paced society, it’s easy to get

Coterie Insurance 03 Jan 2023

BUILDRELATIONSHIPS

caught up in the hustle and bustle and rush through tasks just to get them done. But when it comes to providing services to your clients, taking the time to do things right can make all the difference.

Quality of your time

At Coterie Insurance, we believe that the quality of the time we spend with our clients is just as important as the quantity. That’s why we make sure to give every client the same level of attention and care, no matter how big or small their project may be. And we believe that this commitment to quality sets us apart.

So, the next time you’re working on a project for a client, take a moment to think about the quality of the time you’re spending on it. Are you rushing through it just to get it done, or are you taking the time to do things right and provide the best possible service? By prioritizing quality over quantity, you can build stronger relationships with your clients and provide a level of service that sets you apart from the competition.

Build relationships

Insurance agents play an important role in helping businesses and individuals navigate the complexities of the insurance industry From selecting the right policy to making sure claims are handled in a timely manner, insurance agents provide a valuable service to their clients

Yet, in order to be successful in this field, insurance agents must focus on building relationships with their clients Building strong relationships with clients is essential for insurance agents By taking the time to understand each client’s individual needs, agents can provide tailored advice that will help them make the best decision for their business or personal circumstances.

By cultivating relationships with clients, insurance agents can ensure that their clients feel comfortable and secure in the knowledge that they have an experienced and knowledgeable

Continued from page 42

person in their corner. The insurance industry is highly competitive and it’s important for agents to distinguish themselves from their competitors.

Insurance agents who prioritize and build relationships demonstrate that they are more than just another insurance provider, but rather a trusted advisor who will help them make the best decisions for their needs.

In the end, building relationships is one of the most important skills for any insurance agent to possess. Agents who take their time building relationships can provide a higher level of service that will help them stand out from the competition and create long-lasting relationships with their clients. And Coterie Insurance is here to help.

If you would like to read an online version of this blog, click here.

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UPCOMINGEVENTS

Event Date Location

IIASB March Luncheon

March 7

The Shreveport Club, Shreveport

IIABR March Luncheon

IIAGNO BBQ Social

March 23

March 30

Jubans, Baton Rouge

Central City BBQ, New Orleans

IIAGNO Golf Tournament

April 27

IIASB May Luncheon

May 3

Audubon Golf Club, New Orleans

The Shreveport Club, Shreveport

IIABR TopGolf Charity Event

May 18

TopGolf, Baton Rouge

IIABL Annual Convention

June 18-21

Hilton Sandestin, Miramar Beach, FL

LOUISIANAAGENT
Register Coming Soon Register Coming Soon Coming Soon Coming Soon Coming Soon Book Hotel Room PAGE 46 Registration
Accident Fund Ins Company of America Agile Premium Finance Amerisafe AmTrust North America AmWINS Access Insurance Services, LLC Aspera Insurance Services Berkshire Hathaway GUARD Ins Cos Burns & Wilcox, Ltd. Commercial Sector Insurance Brokers CRC Group EMC Insurance Companies FCCI Insurance Group Forest Insurance Facilities Gulf States Insurance Company Homebuilders SIF Imperial PFS 36 35 32 12 5 46 41 29 8 43 18 45 47 30 17 13 LOUISIANAAGENT ADVERTISERINDEX PAGE 48 COMPANY PAGE Iroquois South, Inc. LA Workers Compensation Corporation Lane & Associates, Inc. LCI Workers' Comp Louisiana Restaurant Association (WC) LUBA Workers' Comp National General, An Allstate Company Progressive RISCOM RLI RPS/Risk Placement Services Safepoint Insurance Company Stonetrust Commercial Insurance Co. Summit Consulting, Inc. The Gray Insurance Company UFG Insurance Wright Flood 20 2 46 7 31 22 25 9 48 27 41 16 39 19 38 15 23 PAGE COMPANY

IIABL 2022-2023

BOARD OF DIRECTORS & OFFICERS

PRESIDENT, MICHAEL SCRIBER

PRESIDENT-ELECT, ARMOND K. SCHWING

SECRETARY-TREASURER, BRET HUGHES

NATIONAL DIRECTOR, JOHNNY BECKMANN, III

PAST PRESIDENT, DONELSON P. STIEL

YOUNG AGENT REPRESENTATIVE, KRYSTAL GATHE

ANN BODKIN-SMITH

MATTHEW DEBLANC

CHRISTY DESOTO

ROB W. EPPERS

MATT GRAHAM

CHRISTOPHER S. HAIK

STUART HARRIS

ROSS HENRY

CHARLES H. LEBLANC

CRAIG MARTEL

LYDIA MCMORRIS

A. EUGENE MONTGOMERY, III

JOE KING MONTGOMERY

HARTWIG "ROBBY" MOSS, IV

ROBERT LOUIS PALMER, JR.

RANDY PERISE

ROBERT G. RIVIERE

ROBERT STONE

Scriber Insurance - Ruston

Schwing Insurance Agency, Inc. - New Iberia

Hughes Insurance Services, Inc - Gonzales

Assured Partners - Metairie

David H. Stiel, Jr. Agency - Franklin

HUB International Gulf South, Ltd. - Baton Rouge

Thomson Smith & Leach Insurance Group - Lafayette

Continental Insurance Services - Marrero

1st Insurance of Marksville - Marksville

Risk Services of Louisiana - Shreveport

Lincoln Agency - Ruston

Higginbotham Insurance - Lafayette

McClure, Bomar & Harris, LLC - Shreveport

Henry Insurance Service, Inc. - Baton Rouge

Bourg Insurance Agency, Inc. - Donaldsonville

Insurance Unlimited of LA, LLC - Lake Charles

Alliant Insurance Services - Baton Rouge

Community Financial Insurance Center, LLC - Monroe

Thomas & Farr Agency, Inc - Monroe

Hartwig Moss Insurance - New Orleans

Insurance Underwriters, Ltd. - Metairie

Blumberg and Associates - Ponchatoula

Riviere Insurance Agency - Thibodaux

Stone Insurance, Inc. - Metairie

LOUISIANAAGENT PAGE 50

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