POLICY MAGAZINE - Summer 2022

POLICY SUMMER 2022

Oklahoma’s Magazine

Celebrating at

BIGiOK ANNUAL CONFERENCE Inside How to Know When It’s Time to Sell Five Tips for Creating Your Strategic Business Canvas

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34

COVER

COLUMNS

8 Celebrating at BIGiOK Annual Conference

4 Year Filled With Achievements and Fun Stewart Berrong, CIC, CRM, Chairman

SUMMER 2022 | VOL. 68 NO. 27 EDITORIAL STAFF PUBLISHER Denise Johnson, CIC

MANAGING EDITOR Jerri Culpepper GRAPHIC DESIGNER Brandy Akbaran

PROFESSIONAL STAFF

PRESIDENT/CHIEF EXECUTIVE OFFICER Denise Johnson, CIC CHIEF OF STAFF AND OPERATIONS Josh Reasnor SENIOR VICE PRESIDENT OF STRATEGIC INITIATIVES Sara Bradshaw Ray DIRECTOR OF MARKETING AND COMMUNICATIONS Jerry Rappe’ WORKERS’ COMPENSATION SERVICE ACCOUNT MANAGER Kortney Wahkinney DIRECTOR OF MEMBER SERVICES Shania Slavick SPECIALTY LINES PROGRAM ACCOUNT MANAGER Cindy Munden, CISR WORKERS’ COMPENSATION ACCOUNT MANAGER Jeanette Madrid

POLICY is the official publication of the BIGiOK. POLICY is published quarterly and distributed to all member agencies and other interested parties in Oklahoma. Manuscripts and contributions are welcome and will be considered for publication at the discretion of the BIGiOK Publications Committee.

Correspondence and advertising inquiries may be addressed to IIAO, P.O. Box 13490, Oklahoma City, OK 73113.

Ph: (405) 840-4426 or 1-800-324-4426

Visit www.BIGiOK.com Select images and graphics courtesy of freepik.com

Summer 2022

FEATURES 20 Education Calendar 30 Is It Time to Sell?

32 The Problem With Silence 34 Five Tips for Creating Your Strategic Business Canvas 36 NewsMakers 39 BIGiOK Annual Conference Snapshots

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7 Association Turns 115, and Still Going Strong Denise Johnson, CIC 16 Post-COVID Jury Verdicts: Double-check Liability Coverage Limits Tom Cooper 21 Young Agents Committee Chair Reviews Highlights, Looks to Future Tom Perrault 22 The Big I: Your Advocate on Capitol Hill Chris Floyd, CIC, CRM 24 “My Way”... Isn’t Always the Best Way Sara Bradshaw Ray, CIC 28 2022 Oklahoma Captive & IBT Conference Glen Mulready POLICY 3

YEAR FILLED WITH ACHIEVEMENTS AND FUN

Stewart Berrong, CIC, CRM

CHAIRMAN

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s I begin writing this last article, I realize how great this past year has been. Last month, the Young Agents hosted a fun and successful fundraiser for Palomar, Oklahoma City’s Family Justice Center.

It was great to see a lot of new people getting involved in a worthy cause while enjoying some Singo. All in the spirit of fun, some of us got a pie in the face or a bucket of ice dumped on them. There were even some memorable karaoke performances.

The coming year looks even better than the last. Denise Johnson, her staff and the board have a lot of great things planned for the coming year.

You are not going to want to miss next year’s conference, set for April 20-21 at Big Cedar Lodge in Missouri!

We were also able to do the Legislative Conference in person this year in Washington, D.C. The event offers a terrific opportunity to get involved and discuss issues that matter to our industry with the representatives from Oklahoma. We had an opportunity to discuss the ongoing cycle of having to renew the flood program

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in hopes of finding a more permanent solution. Unfortunately for now, it looks like they will continue to pass temporary extensions.

We also discussed the SAFE Banking Act, which would give a safe harbor not only for banks but also insurance agents and brokers who do business with legal cannabis-related businesses. Of course, we also encouraged them to preserve employer-sponsored health insurance as well as the importance of planning ahead to be prepared for any future pandemics, among other topics.

This conference was also a wonderful experience to meet with other agents from across the country to exchange ideas on various issues and discuss a variety of solutions. If you get an opportunity to attend some year, I certainly encourage you to go!

Most recently, we held our annual conference. The Association staff did an amazing job on a great event; in fact, it may have been one of the best ever! We had a splendid turnout, including many new attendees.

We enjoyed a fun day of golf, followed by an entertaining scavenger hunt in Scissortail Park. We had groups of people exploring the park while singing the theme from Friends,

Summer 2022

performing their best Rockettes routine, and several Forrest Gump reenactments on a park bench. It was a fantastic opportunity to meet new people, all working together toward a common goal.

Our speakers at the conference did an excellent job as well. We heard from Robert Anderson about the rapidly changing world of cyber threats and security. Carey Wallace informed us about the technologies available for us to build our digital agencies in this ever-changing landscape. Next up was Brittany Hodak, who walked us through the process of creating Superfans. Hopefully, everyone had an opportunity to walk away with things that can help them and their clients going forward.

Our Partner Showcase was possibly the most well-attended event we’ve had. The showcase offered conference-goers an opportunity to visit with the carriers and vendors that support our Association and help us all in our day-to-day

operations. Finally, we had a great dinner with a very entertaining mentalist.

I also want to acknowledge all the winners of the agent and carrier awards (featured on page 32).

There truly are a lot of great people in our industry!

In closing, I want to say thank you for this opportunity to work with our Association. I hope everyone continues to find the value of all the things that are offered and all the opportunities to meet people in our industry.

The coming year looks even better than the last.

Denise Johnson, her staff and the board have a lot of great things planned for the coming year. You are not going to want to miss next year’s conference, set for April 20-21 at Big Cedar Lodge in Missouri!

Until then, I look forward to seeing everyone at our other events, but if I don’t see you, good afternoon, good evening and goodnight. n

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Summer 2022

POLICY 5

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Association Turns 115, AND STILL GOING STRONG

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ne more conference under our belt!

Thank you so much for your attendance and participation at the Omni.

It’s hard to believe we celebrated our 115th anniversary. We’ve come so far and managed to grow and expand in this ever-changing world. Back in 1907, a small group of insurance professionals decided that they would be better together than individually and formed the Oklahoma Association of Independent Agents (aka The Big “I”). From there we have expanded to 340 agencies across the state with a focused need to work together for our state and industry and serve the Oklahoma consumers in their personal and business needs.

As we start looking toward the future, we strive to find ways to make our member agencies better. Your Board of Directors recently completed our Strategic Plan for 2025. We want to make sure we are still meeting the future needs of our members. Here’s what you’ll be seeing from your Association: •

Meaningful networking opportunities throughout our offerings

•

A robust young agents’ program

•

A sustainable partnership program

•

Increased member engagement

•

Strong lobbying

•

Recruiting and training

•

Resource-solutions that are easy to use, packaged and messaged clearly, and financially sound

Keep a lookout for the following: 1. Catalyit – technology that will allow agents to find the technology they need for the services they provide

Summer 2022

Denise Johnson, CISR, CIC

BIGiOK PRESIDENT/CHIEF EXECUTIVE OFFICER

2. MyNetwork – the best program you can find for professional development 3. Specialized Education – you’re going to see some new and informative education classes 4. Conferences – we are going to expand our horizons; watch for details!

5. Products – our E&O program is ELITE and worth looking at. It’s got the best coverage and pricing in the state!

I can’t close out this article without thanking our outgoing chairman, Stewart Berrong. Stewart is a consummate professional and understands the purpose of the Association. He has been steadfast in his support of me and the staff. He’s been an incredible leader to our board and has been available for every call and need required by this organization. There is no doubt that I consider him more than a board member, but also a good friend. He will now join the honored ranks of “past chairman” for those who have led this organization over the years.

I’d also like to welcome our new chairman, Jerrad Coots. Jerrad is with the Burrows Agency in Claremore. He and his wife, Kory, have worked in this family business for many years. They both hold a special place in my heart and he has been a partner and advocate with many legislative issues. Jerrad has the brain of a leader with a heart of gold! I’m looking forward to the upcoming year and what we’ll accomplish together. n

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Celebrating at BIGiOK

Annual Conference The Eagle Award – Gerald Keeton Our 2021-2022 Eagle Award recipient, Gerald Keeton, is a graduate of Oklahoma State University. He started his career in the insurance industry in 1973 with Battle, Whittle & Keeton Agency. Keeton was actively involved in many organizations, including the Young Men’s Dinner Club, the Lion’s Club of Stockyard City and Top Tippers. As his career continued to grow, his agency also was growing – after years with Associated Insurance they merged with Cole, Paine & Carlin (now CPC Insurance) in 2010, where he continues to work.

He has served in many capacities in the Association throughout his career, including president of the OKC

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Association in 1984-85 and chairman of the Independent Insurance Agents of Oklahoma in 2001-02. After taking a break, he came back to serve as our state director on the IIABA Board of Directors from 2014 until 2020.

His willingness to support our organization and adhere to our Code of Ethics is a feat unto itself. He has served selflessly for more than 48 years for an industry that’s been good to him and his family. He’s a great example of serving quietly and steadfastly and is very deserving of this award. Keeton shares this prestigious award with the likes of Vaughn Graham Sr., Bob Bramlett, Bruce Magill, Charles Simone, Dan Ramsey and Susan Titus.

Summer 2022

Agency Staff Member of the Year

Margaret Ramos Margaret Ramos is a valued member of the INSURICA Account Services team. Since 2012, her commitment to customer service has allowed her to build lasting relationships with many of INSURICA’s clients. Having earned her bachelor’s degree in business administration from the University of Central Oklahoma, Ramos began an entrepreneurial career in real estate sales and development. Through this experience, she learned that she loves working with people and helping her customers in any way she can.

With her attention to detail, she has become one of the most trusted senior account managers at INSURICA. Clients who are fortunate enough to work with Ramos appreciate her positivity and can-do attitude. Away from the office, Ramos likes to stay active with her two favorite hobbies: running and yoga. Community is important to her, and she actively volunteers with a variety of civic organizations in Oklahoma City.

with United States Fidelity & Guaranty Co. in June of 1980. He joined the longtime Oklahoma City agency, McEldowney, McWilliams, Deardeuff & Journey/HRH, in 1982, initially serving as the surety manager for the agency. He later become an insurance/bond producer.

Liles has concentrated his efforts on providing insurance, bonding and risk management solutions, primarily to construction industry clients, over the course of his career. In 2006, he joined Webb, Young, Webb, Liles & Tolentino, where he continued his efforts. In 2019, Webb, Young, Webb, Liles & Tolentino merged with Rich & Cartmill; he became a shareholder of Rich & Cartmill in 2021.

Liles earned his CIC designation in 1985, the Certified Risk Manager designation in 2005 and the Certified Workers Compensation Advisor designation in 2010. He has long been recognized by his clients and others within the industry as an excellent technician and advocate for his clients in all regards.

Liles and his wife, Laura, reside in Edmond, where they are active members in their local church, Faith Bible Church. They are the proud parents of five children; Campbell, Hannah, Jonathan, Emily and Faith.

Brokerage Company of the Year

One General Agency

Agent of the Year

Gary Liles, CIC, CRM, CWCA Gary Liles graduated from Oklahoma State University in 1980 and started his insurance/bonding career shortly thereafter. He began as a Fidelity/surety underwriter

Summer 2022

Since 1951, One General Agency has been dedicated to providing market access to the independent insurance agents of Oklahoma. Partnered with the top E&S markets in the industry, with access to more than 50 admitted and specialty insurance markets. OGA is licensed in over 20 states, and are on course to write approximately $80 million in premium this year. One General Agency attributes its success to a company culture that values hard work as well as relationship building. One General Agency is proud to be an independently owned and family-operated agency.

POLICY 9

agents were so excited, as many knew his previous fine work at the Big I. Barker delivers excellent customer service and is a valuable team member to IPFS. In 2019, the Oklahoma Young Agents named an award after him.

In his free time, Barker enjoys spending time with his wife, Kathy, and their children and grandchildren. His passion is fishing, and he can often be found near a lake or pond. He volunteered as a softball umpire for many years and is also a longtime member of his church.

Large Agency of the Year

Rich & Cartmill

A three-time, “Top Work Places” winner, Rich & Cartmill Insurance and Bonds carries a rich 100-year history.

Established by John R. Cartmill and Irwin D. Rich, Rich & Cartmill Insurance and Bonds has been a leading provider since 1922. A history and commitment to superior customer service have enabled Rich & Cartmill to stand the test of time.

With over 70 independent agents in the Oklahoma, Missouri, Kansas and Texas and more than 100 employees, taking care of customers, employees and relationship-building are at the top of Rich & Cartmill’s core values.

Rich & Cartmill has 200+ company affiliations across America, allowing countless customers opportunities to benefit from comfortable rates and plans tailored specifically to their individual and business needs.

Marketing Representative of the Year

Fred Barker

Fred Barker is a dedicated professional, dependable and honest, always willing to lend a hand. Barker initially sold insurance and bonds before joining the Big I. He later joined IPFS. When he started with IPFS,

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Medium Agency of the Year

ECI In 1964, Earnie Cornelius started a business with one goal in mind: to become the premier insurance agency in the greater Oklahoma City area. Since its humble beginnings, ECI has grown and flourished over the past 58 years while providing expert insurance services for commercial and personal lines, and individual and group benefits. The agency was purchased by the second generation in 2006, when siblings Scott Cornelius and Denise Johnson went into partnership. In that time, the agency quadrupled, and early adaptation of technology proved to be fruitful. In 2021, after the devastating death of Scott Cornelius, the agency was sold to the third generation and continues to thrive today.

ECI is proud to employ 14 amazing team members who make the organization what it is today. They are a proud member of Bainswest, the 17th -largest agency partnership in the nation. ECI is proud to have won Best Insurance Website in the U.S., has been featured in Independent Insurance Agents and Brokers of America Magazine, The Journal Record and Rough Notes magazine and proudly employs previous winners of the Big I CSR of the Year, Big I Young Agent of the Year and Big I Agent of the Year.

Summer 2022

Young Agent of the Year

Thomas Perrault, CPCU, AFSB, CIC

Small Agency of the Year

Riggs & Associates Group Riggs & Associates Group was formed in Ardmore in 2019. Their focus will always be to bring the best possible value to clients and the companies with whom they are proud to partner. Riggs & Associates Group believes that clients should “Expect More” from their insurance experience, and they aim to deliver a promise of protection and partnership. By nurturing the personal relationship and utilizing the right technology, Riggs & Associates Group believes exceeding the client’s expectations should be the norm. Riggs & Associates provides commercial insurance for the construction, oil and gas, medical and hospitality industries, servicing all lines of insurance, including Property & Casualty, Group Health Benefits and Bonds. Riggs & Associates is proud to be a member of Big I Oklahoma as a Trusted Choice agency.

Thomas Perrault is a property/casualty insurance and bonding agent at Rich & Cartmill, where he specializes in the area of commercial construction and commercial surety bonds. He previously served as for over 11 years as athletic director at Cascia Hall Preparatory School in Tulsa. He holds bachelor’s and master’s degrees from the University of Tulsa, and he is also a member of the Letterman’s Association, having played four years of football for the Golden Hurricane. Perrault was inducted into the Downtown Rotary Club of Tulsa in 2011 and is a trustee of the board of Friends of Catholic Education.

He is also active in the Association of Building Contractors, Association of General Contractors and American Subcontractors Association. He and his wife, Anne, have three young children.

Underwriter of the Year

Sydney Tran Sydney Tran loves the phrase, If I cannot do great things, I can do small things in a great way. Tran lives these words, and those who work with her know that whether the task is large or small, she will always give her best. Tran has been an asset to the agents who work with her and a reliable team member at CompSource Mutual, where she has worked for nearly six years. As someone passionate about staying active and getting outdoors, she often encourages her team to get up, move, and get steps in. When she’s not at work, Tran enjoys spending time with friends, family and her dog, Teddy.

Summer 2022

Company of the Year

CompSource

CompSource serves as Oklahoma’s leading provider of workers’ compensation insurance, a trusted partner to the business community and BIGiOK. They are valued for their financial stability, superior service, and innovative solutions. In 2020, they received an A (Excellent) rating from AM Best, a rating which was reaffirmed this last year. Central to everything they do is their vision statement, “to be the insurance carrier of choice within the business community by serving Oklahoma’s most valuable assets, its people.

POLICY 11

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OkPAC is BIGiOK’s political action committee. It provides financial support for state elected officials who will provide support for or have shown support of issues affecting the insurance industry and to those who share our business philosophies. Only individuals or partnerships can make contributions to OkPAC. Under Oklahoma law, OkPAC can accept no contributions from corporations.

2022 Contributors Travis Brown

Donald Hass

Kathy Reeser

Jeff Burton

Michael Hood

Michael Ross

Vicky Courtney

Denise Johnson

Joe Strunk

Scott Dull

Mark Long

Belynda Tayar

David Eaton

Bruce Magill

Thrive Insurance

Eitzen Family Trust

Pat Mandeville

Scott Wiedemann

C. Ross Harris

Sara Bradshaw Ray

InsurPac is IIABA’s political action committee. It pools the voluntary and individual financial contributions of thousands of independent insurance agents to help elect candidates to Congress who share IIABA’s business philosophies. InsurPac is the largest property-casualty insurance industry PAC in the country.

2022 Contributors Stewart Berrong

Mike Doak

Chris Floyd

Denise Johnson

Jeff Burton

Michael Scott Dull

Vaughn Graham Sr.

Michael Ross

Vicky Courtney

Philip Eitzen

C. Ross Harris

Jane Seals

Contributions as of 06/08/2022. Only gifts of $100 or more are listed, except for Young Agents, whose contributions of any amount are listed. Young Agents are denoted with an asterisk.

Is your name not on the list? Use the contributor’s statement on the back of this page to donate.

Summer 2022

POLICY 13

Independent Insurance Agents of Oklahoma P.O. Box 13490 | Oklahoma City, OK 73113 P: (405) 840-4426 | F: (405) 840-4450 | info@bigiok.com

INSURE YOUR FUTURE!

By making a contribution to OkPac, you are investing in the future of independent insurance agents across Oklahoma. Please note: All contributions must be made by PERSONAL check or PERSONAL credit card. Company or Agency accounts cannot be used.

CONTRIBUTOR INFORMATION Name: Agency:

Occupation:

Address: City:

State:

Phone:

ZIP:

Email:

Count me in! I want to INSURE MY FUTURE with a personal contribution to OkPac at the following level/amount: (select one) $5,000 - Millenium Level $2,500 - Platinum Level $1,000 - Centennial Level $500 - Gold Level

$250 - Pioneer Level $150 - Founders Level $100 - Young Agent Level Other: $______

I am including a PERSONAL check made payable at OkPac. I will submit payment online via https://okpac.epaypolicy.com National Support: I want to INSURE MY FUTURE on a national level with a personal contribution to InsurPac in the amount of: $________ I am including a separate personal check made out to InsurPac. Please process my credit card. (Note: Card information may not be provided for OkPac.) Credit Card Number: ____________________________________ Expiration Date: _______ Name on Card: ______________________________________________ CVV: __________ Contributions or gifts to InsurPac and OkPac are not deductible as charitable contributions for purposes of federal income tax. Federal and State law require IIABA and BIG I OK to use our best efforts to collect and report the name, mailing address, occupation and name of employer for each individual. Your contribution should be considered strictly voluntary. Any corporate contributions are prohibited.

Declaration: The contribution listed above was freely and voluntarily given by me from my personal property.

I have not, directly or indirectly, been compensated or reimbursed for the contribution listed above.

Signature: 14 POLICY

Date: SPRING 2015

BIGiOK LEADERSHIP CHAIRMAN Stewart L. Berrong, CIC, CRM Ed Berrong Insurance Agency, Edmond

CHAIRMAN-ELECT Jerrad Coots Burrows Agency, Claremore

TREASURER Vaughn Graham Jr., CIC Rich & Cartmill Inc., Oklahoma City

SECRETARY Vicky Courtney Ricketts Fennell & Assoc., Tulsa

STATE DIRECTOR Chris S. Floyd, CRM, CIC Brown & Brown Insurance, Pryor

IMMEDIATE PAST CHAIRMAN Christopher K. Mosley, CIC Mosley Agency Inc., Chickasha

DIRECTOR at LARGE Kathy Reeser VIP Insurance, Edmond

DIRECTOR at LARGE Ryan Teubner Rich & Cartmill, Inc., Oklahoma City

COMPANY LIAISON Jennifer Dotter One General Agency, Oklahoma City

COMPANY LIAISON John Gant Mid-Continent Group, Tulsa

BIGiOK MISSION STATEMENT As the new voice of the independent agents of Oklahoma, BIGiOK promotes and provides education, legislative advocacy, innovative concepts and practical solutions, and community and career opportunities.

YAC CHAIRMAN Tom Perrault Rich & Cartmill, Inc., Tulsa

ABOUT BIGiOK BIGiOK is the largest insurance trade association in Oklahoma. With more than 475 independent insurance agencies, we represent nearly 3,000 independent insurance agents and their employees and more than 100 company members. BIGiOK member agencies range in size from one person to some of the largest agencies in the region.

Founded in 1906 as the Oklahoma Association of Local Fire Insurance Agents, BIGiOK is a result of the consolidation of the Independent Insurance Agents of Oklahoma, Inc. (IIAO) and the Oklahoma Association of Professional Insurance Agents (OAPIA) on Jan. 1, 1992.

BIGiOK policy is set by a board of directors elected at the annual conference. Policy is implemented by a professional staff located in Oklahoma City. BIGiOK’s

mission is carried out through a variety of programs designed to enhance the business of independent insurance agencies.

BIGiOK is an active advocate on behalf of independent agents before legislative, regulatory and judicial groups in Oklahoma and at the federal level.

BIGiOK is affiliated at the national level with the Independent Insurance Agents and Brokers of America with offices in Alexandria, Virginia, and Washington, D.C. BIGiOK is an excellent source of information through POLICY magazine, published quarterly, and the Oklahoma Agent, a monthly newsletter of time-sensitive material for its members.

Post-COVID Jury Verdicts:

DOUBLE-CHECK LIABILITY COVERAGE LIMITS

Tom Cooper, Attorney at Law PIGNATO, COOPER, KOLKER & ROBERSON, P.C.

A

t its most basic level, liability coverage is protection against lawsuits – subject, of course, to the applicable terms, conditions, exclusions and monetary limits. Liability coverage protects an insured against not only the cost of defending a lawsuit, but also protects an insured against adverse judgments.

When the COVID pandemic first hit, activity in most then-pending, noncriminal (i.e., civil) lawsuits slowed significantly, if not halted completely, while the legal world (like all other industries) attempted to cope and adapt.

In personal injury cases and other similar lawsuits in which the injured/damaged party was insisting on a jury trial, a delay was unavoidable; no court system wanted to worsen the situation and create additional risk to the court staff and to the public at large by requiring a random mass of people to congregate together, in person, at the local courthouse.

During the stand-down, attorneys in the litigation community often chatted amongst themselves about whether the jury climate would be different once we were able to resume jury trials, and if so whether the scales would tilt toward claimants or instead toward defendants.

Now that jury trials have resumed, the proverbial “verdict is in,” and it is not favorable for defendants. This is particularly true for “target” defendants, such as successful corporations and other commercial entities.

For example, in a Tulsa County case that went to trial in February of 2022, the plaintiff sued the opposing driver after sustaining significant injuries in an auto accident. The medical bills totaled around $350,000. The jury awarded $10.6 million, a good portion of which included punitive damages.

In another Tulsa County case, the plaintiff was visiting a QuikTrip. While outside of his vehicle and in front of the store, another patron accidentally accelerated over the sidewalk curb and struck the plaintiff. The injuries to his right leg were such that it was eventually necessary to amputate below the knee. The plaintiff sued not only the driver of the vehicle but also QuikTrip, alleging that the company had been negligent in failing to install parking lot bollards. The case went to trial in November of 2021. While a larger-than-normal verdict might be expected in an amputation case, the jury’s award of $19 million was rather high by any standard.

Oklahoma County has seen a similar trend. In January of 2022, a dog bite case went to trial. The injured plaintiff sued the homebuilding company that constructed and then managed the property where the attack occurred. It was undisputed that the company did not own the subject dog. The jury awarded the plaintiff $5.15 million. In another Oklahoma County case, the plaintiff was in an auto accident with another driver who was at fault. The plaintiff alleged that continued on page 14

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Summer 2022

T

You’re an independent agent.

Don’t forget your helmet.

The Big “I” Professional Liability Program Prevent.

Our risk management resources keep your agency from making common preventable mistakes.

Protect.

Our superior coverage and expert claims teams are in your corner in the event of a claim.

Prosper.

When you know you have the best E&O protection, you can focus on growing your most important asset–your business.

The Big “I” and Swiss Re are jointly committed to providing IIABA members with leading edge agency E&O products and services. The IIABA and its federation of 51 state associations endorse Swiss Re’s comprehensive professional liability program.

www.independentagent.com/EO

Insurance products underwritten by Westport Insurance Corporation, Overland Park, Kansas.

Westport is a member of the Swiss Re group of companies and is licensed in all 50 states and the District of Columbia. ©2014 Swiss Re

POST-COVID JURY VERDICTS (Continued from page 12) his neck fusion surgery was caused by the accident. The case went to trial in January of 2022, at which time the jury awarded $2.5 million.

There are plenty of other examples not only in Oklahoma, but other locales that have historically been on the conservative side. Because the trend has not gone unnoticed, articles and studies come across my desk with greater frequency. Without attempting to cite to or quote any particular article or source, my take on the most likely catalysts for the trend can be condensed to two points.

First, as the COVID pandemic took hold on a global level, most industries suffered greatly, resulting in widespread unemployment or at the very least reduced pay for many workers. At the same time, after the initial negative impact on the stock market in the spring of 2020, it has since soared to new heights, making – at least from the perspective of middle-class workers – the richest Americans even richer. A sense of animosity has festered toward those who benefited.

Second, jurors in our post-COVID world are not only more sympathetic to complete strangers, but they’re also more protective of peers who legitimately need help.

When jurors are confronted with an injured plaintiff who may not be able to work or support a family, they quickly relate and instinctively want to assist. They tend to put themselves in the place of the injured party more easily than in years past. As a result, they hand down awards in amounts they feel would be necessary to ensure their own economic security if they were similarly situated.

COVID’s aftermath has left potential jurors with a heightened sense of sympathy toward individuals who are injured or otherwise damaged due to no fault of their own, as well as an equally heightened sense of animosity toward commercial, “target” defendants. It might be wise for your commercial customers to re-evaluate the nature and extent of their potential liability exposure, and to ultimately take a fresh look at the adequacy of their liability coverage limits in our post-pandemic litigation climate. n

­

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Summer 2022

More than a network

We’re a community.

There are many reasons why independent agencies turn to Keystone, but you might ask what makes them stay?

Keystone is more than just a network, we’re a community. Our goal is to strengthen independent agencies by bringing them together for peer-to-peer collaboration, industry expertise and access to national resources.

Together, we’re making each other stronger and keeping clients better protected.

That’s how independence works better together!

FOR MORE INFORMATION: Margo Mackedanz 570.473.2826 | mmackedanz@keystoneinsgrp.com keystoneinsgrp.com

©2021 Keystone Insurers Group ®. All rights reserved. This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group franchise is not registered.

2022 EDUCATION CALENDAR All classes can be offered at the BIGIOK building in OKC, as well as live simulcast of the classroom instructor.

COVID-friendly OKC classroom, and class delivery options can vary and are subject to change. Go to BIGiOK.com/Ed_Cal for updated details.

JANUARY **January 28: Free Friday Ethics

JULY **July 15: Free Friday Ethics

FEBRUARY February 1: CISR Insuring Personal Auto Exposures February 2: CISR Insuring Personal Residential Property February 3-4: CIC Commercial Casualty **February 11: Free Friday Ethics

AUGUST August 2: CISR Personal Lines Miscellaneous August 3-4: CIC Personal Lines August 5: CISR Insuring Personal Auto Exposures **August 26: Free Friday Ethics

MARCH **March 2: CISR Elements of Risk Management **March 11: Free Friday Ethics March 22: CISR Elements of Risk Management March 23-24: CIC Commercial Multiline March 25: CISR Commercial Casualty II

SEPTEMBER September 7-8: CIC Agency Management **September 9: Free Friday Ethics **September 21: CISR Elements of Risk Management

APRIL **April 8: Free Friday Ethics **April 20-21: James K. Ruble Graduate Seminar **April 22: CISR Insuring Commercial Property

OCTOBER **October 14: Free Friday Ethics October 20-21: James K. Ruble Graduate Seminar **October 26: CISR Insuring Commercial Property **October 27: CISR Life & Health Essentials

MAY **May 4: CISR Personal Lines Miscellaneous **May 5: CISR Life & Health Essentials **May 13: Free Friday Ethics

NOVEMBER **November 11: Free Friday Ethics November 16-17: CIC Commercial Property November 18: CISR Commercial Casualty I November 30: CISR Commercial Casualty II

JUNE **June 10: Free Friday Ethics June 21: CISR Agency Operations June 22-23: CIC Insuring Company Operations

DECEMBER December 1: CISR Agency Operations December 2: CISR Insuring Personal Residential Property **December 9: Free Friday Ethics ** NOTE: ONLINE ONLY CLASSES

BIGiOK.COM/EDUCA20 POLICY

2022 Education Calendar.indd 1

UPDATED: April 28, 2022 3:56 PM

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Young Agents Committee

CHAIR REVIEWS HIGHLIGHTS, LOOKS TO THE FUTURE

O

ver the past year, I’ve had the honor of meeting many of our outstanding insurance professionals, both on the agency side and on the carrier side, and every time I try to promote the great Tom Perrault work the Oklahoma Big I and Young Agents Committee YOUNG AGENTS COMMITTEE CHAIRMAN is doing for our industry. As my time as YA chairman ends, I wanted to take this last opportunity to encourage all insurance professionals, not just young agents, to The Young Agents Conference, be more involved with their Association. Together, “Be the Solution,” will be held we can continue to strengthen the independent Oct. 4-5 at the beautifully agency model and secure its future for generations to come. renovated Tulsa Club Hotel in It has been an eventful first half of 2022 for the Young Agents group. We’ve had fantastic turnouts to our lunch bunches around the state. These informal lunch meetings give us a time to discuss changes in the industry, upcoming events and more. Attendees have enjoyed our guest speakers at these events. We will have our next lunch bunch in Stillwater on July 12 at Hideaway. We look forward to seeing you and your young producers or CSRs there.

Another fun event we recently had was the fundraiser event for Palomar on April 12. This amazing organization helps victims of domestic violence by giving them a chance to heal and a place for renewed hope. It was an after-hours dinner at the Big I office in OKC where we played SINGO – which is like bingo but with different songs of different genres. There was also a raffle to win the opportunity to humiliate a Young Agent Committee member. We had a great time getting pied in the face, having ice water dumped on our head, getting a blindfolded makeover and singing karaoke. Special thanks

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downtown Tulsa. to Stewart Berrong, Chris Floyd and Joe Strunk for their participation as well. Together, our Young Agents raised over $4,000 for Palomar! It was a huge success!

Now is a great time to get more involved in the education and networking that so many are already enjoying. Our main event of the year is right around the corner. The Young Agents Conference, “Be the Solution,” will be held Oct. 4-5 at the beautifully renovated Tulsa Club Hotel in downtown Tulsa. There is an all-star lineup of speakers this year that will inspire and advance every attendee. We will have Brandon Tatum, Beth Miller and David Carothers sharing their knowledge on us.

It is shaping up to be our best conference ever. I can hardly wait!

With that said, we have a great slate of events for the second half of 2022, and I encourage everyone to come one of our events! n

POLICY 21

The Big I:

YOUR ADVOCATE ON CAPITOL HILL

Chris Floyd, CIC, CRM

STATE NATIONAL DIRECTOR

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G

overnment affairs should be a core value of any trade association, but the Big I does it better than most.

What does Big I Government Affairs do for me as an independent agent member?

The Big I advocates on behalf of the independent agent and brokers on Capitol Hill and state capitols all over the United States. This very important effort has been a central theme for decades and carried out by not only top lobbyists in our industry that represent the independent agent and broker in the highest regard, but also carried out by a volunteer grassroots army of independent agents and brokers from across the United States just like you.

A stroke of a pen and a new legislation signed into law can have dramatic impact to your business. The ongoing work of the Big I to continually monitor legislation that may have an effect on your business is just the beginning of a deliberate process that helps mitigate or eradicate problematic laws that can quickly change the future course of your business.

However, it’s one thing to identify problematic legislation. It’s another thing to be able to have a voice that is heard and respected by lawmakers. I am proud to have witnessed over the years during my involvement with the Big I the amount of high regard and consideration that is given the Big I as a trusted leader in the insurance industry. Lawmakers not only listen to the Big I, but they also often

reach out to the Big I for direction and clarity when it comes to laws that affect our industry. This respect only happens because of the decades of commitment the Big I has made toward doing the right thing for its members and doing the right thing for the general public that we all serve. This sound reputation is a formula for getting a seat at the table when important legislative matters are at hand.

The Big I annual legislative conference is one of many impactful events that takes place to show the strength of the Big I community. During the Washington, D.C., conference, Big I members from all over the country converge upon Capitol Hill to meet face to face with individual U.S. representatives and senators to discuss current issues regarding our industry. Constituents from their own state, town and districts sitting in their office has a very profound impact and has served well over the years in our ability to connect with our representatives and provide them with critical information so they can make informed decisions when enacting any laws.

Big I Government Affairs is probably the most cited benefit of being a Big I member. But Big I Government Affairs doesn’t happen without your involvement.

Your support – by attending a legislative conference, donating to INSURPAC and OKPAC, and making your voice heard through other legislative efforts – is far more important that you may think. Get involved. It’s your future. n

Summer 2022

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POLICY 23

“MY WAY”…

Isn’t Always the Best Way

Sara Bradshaw Ray, CIC

BIGiOK SENIOR VICE PRESIDENT OF STRATEGIC INITIATIVES

I

can’t remember a time when I wasn’t a Frank Sinatra fan: his classic swagger, commanding presence, the tilt of his fedora and without a doubt, his unmistakable baritone voice. When most kids in high school were listening to Maroon 5 and Nicki Minaj, mine were used to hearing “Alexa, play Frank Sinatra radio on Sara’s Pandora.” Without fail, any time the iconic song “My Way” played, anyone within earshot would belt out the infamous ending of the song, “I did it my way,” with arms outstretched as if declaring our own independence to the world.

There’s a lot to be said for independence. Doing what you want, when you want, how you want. Being creative, innovative, even daring and getting the credit for the results. Wow, what a rush! And while there’s a good deal of upside to independence, especially when you’re an Independent Agent, there’s a fair amount of downside that many don’t realize, much less put into words.

Independence, by its very nature, suggests a lack of dependence and everything that the lyrics Sinatra belted out seem to speak. I would like to offer a bit of a contrarian view, which is that the alternative to “independence” doesn’t have to be “dependance” and successful leaders know the value of balance between the two.

There’s an interesting story about the origin of Frank’s blockbuster hit. The

24 POLICY

song was originally composed as “Comme d’Habitude” (“As Usual”) by other songwriters and later adapted by Sinatra’s pianist and made famous with the title “My Way.” As leaders, think of how often the typical “As Usual” leadership mindset leads to doing things “my way” and “on my own.” That said, great leaders know that continually and independently living in a “my way” leadership mode can be dangerous and sometimes even detrimental. Perhaps that’s why 75% of all Fortune 500 CEOs meet regularly with peer-coaching groups. In leadership, especially when all eyes are on you, there can be a great sense of loneliness when it feels as though you’re the only one who’s facing a particular challenge and it seems like no one else could possibly be facing the challenges that threaten your organization. Sometimes leaders can feel a deep sense of independence … or even isolation because the issues are particularly big or threaten to force you into uncharted territory, uh hmm… like all that COVID forced us to deal with.

Other times as a leader, you just feel your well of creativity has run dry.

Have you ever thought about how helpful it would be to lean into other like-minded professionals, many of whom either are walking or have walked the same path you’re on and the opportunity to leverage their perspective and experience? If you’ve never been in an “iron sharpening iron” relationship, you might not even know how comforting

Summer 2022

and exhilarating they can be, all at the same time.

And yes, while relationships like this do in fact create dependence, it’s smart dependence because two (or more) heads are always better than one when you wisely leverage perspectives that you trust and respect, even when it involves pushing you out of your comfort zone in order to grow.

Growth like this isn’t for everyone, though. It’s only those who know they don’t have to have all the answers all the time and that it’s not just OK but smart to lean into others for perspective and be challenged to keep growing as a professional, not to mention the overflowing value to your organization.

If that’s you, then a MyNetwork facilitated mastermind group is right for you. Each group is carefully curated for a vibrant, synergistic member chemistry. Each season is balanced between activities that enhance your leadership skills with intentional networking among your own group as well as the broader network of professionals in the insurance vertical across the U.S. To learn more about

how you can take advantage of the immeasurable value of MyNetwork, visit our website at www.MyNetworkINS. com or email questions to MyNetwork@BIGiOK.com.

While doing it “my way” may have sold over 150 million records and won “Old Blue Eyes” doubledigit Grammys over the course of his career, that mentality creates a steep climb to leadership success, but it doesn’t have to be that hard. Besides being an Independent Agent, any other type of independence in our industry can create pitfalls of leadership that just aren’t necessary if you’re daring enough to avail yourself to the opportunities for growth and collaboration that being a part of a MyNetwork-facilitated mastermind group can bring. Cutting-edge leaders who want to keep growing themselves and their organizations to the next level of impact and effectiveness know that a measure of dependence on other like-minded and experienced professionals is just plain smart. What are you waiting for? Apply today to be a part of the national MyNetwork season, kicking off again in October. n

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Summer 2022

POLICY 25

“MY WAY”... (Cont. from page 21)

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Summer 2022

Part

Always thankful for the continued support of BIGiOK’s partners!

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POLICY 27 4/28/22 4:11 PM

2022

OKLAHOMA CAPTIVE & IBT CONFERENCE

Glen Mulready STATE INSURANCE COMMISSIONER

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A

s one of the fastest-growing domiciles for captives and with the most expansive Insurance Business Transfer law in the country, the Oklahoma Insurance Department is attracting many companies to do business in Oklahoma.

Since I was sworn into office in 2019, two major multimillion-dollar IBT transactions have been completed in Oklahoma with a structure that is modeled on the Part VII transfer process in the UK and EU. These transactions were the first of their kind completed by an insurance commissioner in the United States.

In addition, Oklahoma now has 40 licensed captives; more than one-third of these were issued during my first two years in office. In 2019 and 2020, captives domiciled in Oklahoma generated over $1 million in premium taxes. With OID’s supportive, efficient regulatory platform, companies of various industries around the country recognize Oklahoma as a highly competitive jurisdiction.

To help Oklahoma continue to be the hub for these two innovative tools, OID is hosting its first Oklahoma Captive & IBT Conference Aug. 24-25 at the Omni Oklahoma City Hotel. The 2022 Oklahoma Captive & IBT Conference will address new and emerging risks facing companies and organizations worldwide.

We’ll bring together subject matter experts from all over the world to share insights on captive insurance and IBTs and educate

stakeholders on the benefits of these cutting-edge mechanisms. In addition, you will be able to learn how to resolve runoff and discontinued books of insurance business through an IBT. This conference will demonstrate how captives can offer solutions that may not be available in the traditional insurance marketplace. Ten hours of Continuing Education credit will be available at the conference.

This will be an excellent opportunity to educate stakeholders on the benefits of these cutting-edge mechanisms as well as to make new connections within the industry. It’s the first in-person conference we are hosting since the COVID-19 pandemic. And I’m excited to showcase Oklahoma’s endless possibilities to risk managers, business owners, regulators, financial executives and insurance professionals. Registration is required to attend the event and limited seats are available.

I look forward to welcoming industry colleagues to the 2022 Oklahoma Captive & IBT Conference in Oklahoma City this summer.

For more information about the event, visit www.oid.ok.gov/CIBTC/ and follow OID on Facebook, Twitter, Instagram and LinkedIn. About Captive Insurance Oklahoma adopted captive insurance legislation in 2004. In 2012, changes to the legislation were adopted in order to

Summer 2022

put the state in a more competitive position with other U.S. domiciles.

The changes included a cap on premium taxes and deletion of requirements for captives to use a licensed third-party administrator or managing general agency as its registered agent. More recent updates have included statutory amendments to offer a captive dormancy provision, along with an allowable reduced minimum capital for certain special purpose captive insurers organized as a

Summer 2022

series. Between 2017 and 2021, Oklahoma’s captive premium volume increased significantly, rising to $214.4 million in 2021, up from $147.3 million in 2017.

About Insurance Business Transfer (IBT) Oklahoma’s IBT law became effective in November 2018 and is the most expansive such law in the country. Oklahoma’s IBT process closely mirrors Part VII of the Financial Services & Markets Act

of 2000 in the United Kingdom and EU, which has resulted in over 300 successful transfers. This cutting-edge mechanism allows insurers to transfer business to another insurance provider after consulting with stakeholders and holding a court hearing. IBT focuses on protecting consumers while allowing insurance companies to deploy assets to their areas of focus strategically. n

POLICY 29

By Carey Wallace with Agency Focus BIGiOK Elite Professional Network Team Member

K

nowing when and if to sell your insurance agency is a difficult decision. As an insurance agency owner, often times your agency is a big part of who you are. If you are like many of the agency owners that I work with, you are extremely passionate, and no one would ever question how much you care about your customers, staff and community.

They are the people and often the reason that make thoughts of selling your business so incredibly challenging to face. Here are a few indicators that may help you decide if it’s time to consider selling your agency.

LACK OF PASSION Has it become no fun? Are you wishing you could work less, enjoy life more? Are you starting to envision a different life?

For many agency owners, a lack of passion that they once had for the work can be a sign that it may be time to move into the next phase of your life. A lack of passion can make work feel like work. The industry is moving fast, and for some the rate of change can be overwhelming and make the industry no longer feel like home. It can make even the best of us feel like we can’t keep up. Is that feeling impacting your client relationships? Have you lost your sense of urgency and excitement when it comes

30 POLICY

to connecting with your clients regularly? Do you communicate with clients only when they need something? A lack of passion may also arise in the area of technology. Have you have lost your desire to learn and implement new technology? If any of these areas describe how you are feeling, it may be time to sell.

BOOK DECLINING A lack of passion and energy will very likely result in a declining book of business. Despite the fact that the independent insurance industry averages a 90% retention rate, many agencies have books of business that are flat or declining.

If you are losing more than you are gaining, it may be time to consider selling your business. As insurance agents, your client list incurs natural losses due to death and life changes, both expected and unexpected, every year. Ideally, your client list should grow annually despite these losses. Your declining book will not only affect your agency valuation but will also directly affect your income. Declining annual revenue is an indication that it may be time to sell. However, a declining book needs immediate attention. Develop a plan to reverse the decline or sell your business quickly to sell at the best agency valuation possible.

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FEATURE

Creating a pathway to ownership for your talented staff will strengthen your agency, relieve some of the pressure that you are under, and may help you create the legacy that you envisioned.

SERIOUS OFFERS COMING IN Are you being approached with offers to purchase your agency? Even if you hadn’t previously contemplated selling, a serious offer is worth examining. The Merger & Acquisition space is more active than it has ever been due to the low interest rates, the continued presence of private equity driving multiples to the highest levels that we have seen, and the number of agencies that are looking to grow by acquisition. A proper agency valuation is necessary to know if the offers you are receiving are worthwhile to consider. Knowing your agency’s valuation is essential to the health of your agency if you decide to keep or sell your business. However, receiving solid offers from motivated buyers is a sign that it may be time to sell.

TALENTED STAFF Do you have a person or several people on your staff who are interested in becoming an agency owner? Creating a pathway to ownership for your talented staff will strengthen your agency,

relieve some of the pressure that you are under, and may help you create the legacy that you envisioned. Starting an internal transition with the right information, time and expectations is critical to the success of that transition. It is never too early to start this process. In fact, waiting too long can result in losing the talent or making this type of transition unattainable from a financial standpoint.

Selling any portion of your insurance agency is a significant decision and one you shouldn’t face alone. It takes time, planning, preparation and thoughtful execution for a sale or any transition of ownership to go well. Taking the time to know all of your options is incredibly important. Finding someone to help you with your agency valuation is a crucial step in planning for any agency ownership transition. AgencyFocus, LLC is here to help you with your insurance agency valuation, planning, preparation, transition planning or crafting a plan for business growth for you or the future owner of the agency. Visit www. agency-focus.com for more information. n

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POLICY 31

By Carey Wallace with Agency Focus BIGiOK Elite Professional Network Team Member

I

n the midst of the most active M&A marketplace that our industry has ever experienced, oftentimes there is still a cloud of secrecy that exists inside an agency about the agency’s future. That silence can lead to unintended and unfortunate outcomes, especially in the case of talented and high-performing staff members.

Oftentimes, agency owners keep their plans and the plans that they have for their agency’s future to themselves. On one hand, this is understandable as some agency owners are uncertain about their plans. For those agency owners who do have an idea of what their plans are, they may choose to keep that plan to themselves to either keep their options open or to avoid impacting their business in the form of lost accounts or carrier relationships. Many times, that silence can be detrimental to the agency.

BUZZ IN THE INDUSTRY Any person in our industry who is paying attention knows that the opportunity to sell at a high multiple has never been greater, especially for well-run, growing agencies that are over a million dollars in revenue a year. In some instances, the opportunity exists for smaller agencies. You can open any insurance magazine, look on social media or listen to industry podcasts and learn about agencies that have sold almost on a daily basis. In addition, there is a lot of buzz and conversations that occur about this activity and the impact it has on the staff and culture of agencies that have sold. This creates a level of uncertainty and concern for the staff that works in an agency

32 POLICY

that has an aging owner and the plans are unknown, which describes most agencies.

HOW DO I FIT? When you combine silence with uncertainty, human behavior kicks in and causes many to form a story or prediction in their heads with the information that they have available to them.

Some may start to ask more questions and, if those questions go unanswered, they will look for signs, pay closer attention and fill in the gaps with the clues they see. An agency owner may interpret the questions as being nosey and avoid the question, which may create even greater uncertainty. If viewed from the employee’s perspective, the agency owner will realize that the questions are being driven by the need to know what their future is and how the future of the agency may impact the employee directly. Understanding the generational differences goes a long way in understanding and interpreting these questions and anticipating the needs of your staff. For many, being a part of something is important, and providing them with information that eases their minds and provides them with the reassurance that their environment is safe, predictable and provides them with ample opportunities is key. Silence accomplishes none of those things.

UNINTENDED CONSEQUENCES If you have a high performer, they may want to carve out a pathway to ownership inside the agency, or at a minimum have a level of comfort in knowing that the environment that they

Summer 2022

FEATURE are thriving in will continue to exist for the foreseeable future.

Silence does not bring them that comfort, and the end result could include that star employee looking for opportunities elsewhere, especially if they believe that the agency may be at risk of being sold. To avoid this situation, agency owners can take the following steps:

planning for your agency, contact your Big I Oklahoma Agency Opportunities department at AgencyOpps@bigiok.com and we’ll be happy to connect you with Carey! n

Build a Plan – Take the time to outline what would happen to the agency, staff and customers if something were to happen to you. Knowing that there is a plan in place will bring great comfort.

Communicate – Once you have a plan outlined, do not keep it a secret. Share the plan with key employees. You can protect the agency with confidentiality agreements and take other precautions, but keeping the plan to yourself does not give anyone any sense of comfort, but you.

Create a Pathway to Ownership – For those owners that want to provide an incentive for their key employees to stay with the agency and participate in success and future ownership of the agency, invest in defining that pathway to ownership.

For the agency owners who are uncertain of their plans, at a minimum focus on putting a disaster plan in place to protect the agency and all the people who depend upon that agency if something were to happen to you. For more information about

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Summer 2022

POLICY 33

5 Tips

for Creating Your Strategic Business Canvas

By Cathy McCullough with Agency Focus BIGiOK Elite Professional Network Team Member

A

s you set your strategic priorities for the upcoming year, remember an important distinction: Your “strategic plan” isn’t as important as your “planning process” to get to that plan. An absolute imperative is for you to recognize the business relevance of strategic thinking. Your annual plan isn’t just about who’s doing what. Preceding that is what the company aspires to achieve. Strategic thinking is about the company, which puts into context everything else you’re asking people to do in the coming year (especially in the first quarter!).

Strategic thinking with your team is what your annual planning session is really about, as discussions around what’s going well and what’s not going well are paramount. This is why it’s important to give your executive team the time to gather together to discuss, debate and agree. Doing this also creates a much higher degree of alignment in thinking.

Questions I frequently hear from executives about their annual plans are: • Where did all of our great ideas go?

• Why don’t all those great plans we create ever come to full fruition? What happens?

• Why did one or two of our strategic priorities do OK, but the rest of them just didn’t ever evolve?

34 POLICY

Many times, there’s simply a disconnect between your company’s plan and the strategic implementation of that plan.

In time, everybody simply goes back to doing what they’ve always done – and this usually happens in silos.

In my almost 30 years of consulting with mid-market growth companies, I’ve worked with great planners (who create beautiful strategies for growth but they get eaten alive by their day jobs, which creates a struggle when it comes to implementation of their plan), and I’ve worked with great tacticians (who are amazing managers of day-to-day operations and all the daily tasks that need to get done, but they struggle when it comes to focusing on the bigger picture of their overall strategic intent). Then there are companies that create the semblance of a plan with some loosely woven tactics to support it, but not much ever launches.

As a result, there’s a lot of frustration, feelings of selfdefeat, wondering thoughts, lack of focus, and in time lack of any clarity at all. The natural inclination is to just dwindle back to doing the day-to-day work we’ve always done. And indeed, the day job stuff is like a magnet! It will suck you in almost at will, and when that happens, literally everything reverts back to day-to-day tactics.

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FEATURE

Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before the defeat.

— Sun Tzu The question becomes, then: How do we get a grip on this? How do we get better at pulling these two ends of the strategic spectrum together?

Your weekly meetings should be designed to solve problems, issues and challenges vs. merely talking about operational items or the “status” of things.

Here are five tips to help you get a grip on strategic planning:

4. Get a grip on specificity. What does “To Be the Best!” mean? What does “To Be Customer Focused” mean? Hash it out; define it; create measurements to identify it. Discuss: How does it serve your brand? Or, “Attend five conferences this year!” Push yourself on metrics by asking, “So what will be the business result of having attended these five conferences?”

1. Get a grip on three key things as you strategically think together as a team: (a) What do we want to be when we grow up? (This is your longer-term vision.) (b) Based on our vision, then, where do we want to be in three to five years? What will the company look like?

What will it be known for? What will make us proud to have accomplished? From this discussion, what are three to five revenue-injecting winning moves we should accomplish? (c) What, specifically, do we need to start doing today to build the bridge toward our future? What annual initiatives should we get done this year? This discussion is important as it helps you know where you want to play! When life calls on you to be adaptive (which it will), you’re better ready to know which direction you need to go. Without a strategic framework, you simply make decisions on what seems like a good idea at the time. It’s the robust discussions in your annual planning sessions and weekly adjustment meetings that make the difference.

2. Get a grip on what success looks like. Set success criteria for everything. Whenever possible, stay away from due dates as success criteria. Someone can produce something by a due date, but it doesn’t mean that what was produced is any good.

3. Get a grip on transparency. Use a dashboard of some type to track your progress, and status it each week. If you don’t track your strategic initiatives, then your strategic intent gets lost in the wilderness of day-to-day, tactical work. Share your progress weekly. In other words, share with your team… (a)…if the initiative is way off-track (Red) …and what you’re doing to course-correct (or, ask them to brainstorm solutions with you, discuss roadblocks, etc.), (b)…if the initiative is stalled a bit, and why (Yellow), (c)…if the initiative is on-track to be completed by the end of the current quarter, as anticipated (Green)

5. Get a grip on the real value of “strategic thinking” followed by “strategic planning.” In MIT Sloan Management Review, Sarah Kaplan and Eric Beinhocker note their in-depth study of companies who do strategic planning. Ultimately, their study shared that while important (for a number of reasons), coming up with a plan allowed the team to also learn.

Once you know what you want to do (as a result of your strategic thinking as a team), you can create focused and aligned annual priorities and quarterly rocks (quarterly initiatives) for the company. From there, you can create your company’s individual priorities and action steps (your tactics) needed to get there, and your people will have ‘line of sight’ to why they’re doing what they’re doing.

Your strategic discussions allow you to make choices about your company’s future growth and the direction of that growth, and the right kinds of specifics, a healthy culture of collaboration, and framing your planning sessions as learning opportunities set the stage for you to get a tight grip on a proactive approach to your work. Strategies and tactics allow you to make good choices in real-time, while also keeping everyone in your company focused, aligned and clear on the value of their work.

Your BIGiOK Agency Opportunities team stands ready to help you connect with Cathy or other members of our Elite Professionals Network as your needs arise. AgencyOpps@ BIGiOK.com n Cathy McCullough, M.S., is a strategic growth consultant and facilitator with the McCullough Leadership Group and a member of the BIGiOK Elite Professionals Network.

(d)…if the initiative is ahead of projection (i.e., exceeding expectations!) (SuperGreen)

Summer 2022

POLICY 35

NEWSMAKERS NEW MEMBERS We love our BIGiOKmember agencies!

Beth Haff - AgDefense Risk Management- Elgin

P&T Management LLC dba KT Williams Insurance Group

Robert Bracken - Bracken Insurance & Financial Services Inc.- Tulsa

Brad Maroney - 4M Insurance Solutions - Oklahoma City

Murray-Wamble & Associates, Inc

Be a Newsmaker | What’s happening in your organization?

Celebrating an anniversary, opening a new branch, or have a staff member who has received an outstanding award? Send us your

36 POLICY

news, along with a photo and your logo, so we can recognize those achievements in our POLICY magazine. Please email info@BIGiOK.com if you have questions.

Summer 2022

In Memoriam David Lee Eaton, 67, died suddenly March 9 in Oklahoma City. He was born Aug. 19, 1954, in El Paso, Texas, and later moved to El Reno. He graduated from El Reno High School in 1972. At the commencement ceremony, he was seated next to Shanon Dyer thanks to alphabetical order; they were married Sept. 1, 1973, in El Reno.

When he and Shanon married at the ages of 18 and 19, he was flipping burgers. After a stint at OTASCO, David built Advantage Insurance Group into a top agency along with his sons Ryan and Geoff and dedicated staff.

In 2013 David served as board chairman of the Independent Insurance Agents of Oklahoma.

David could always be seen lending a hand throughout his hometown of El Reno.

From cooking onion-fried burgers by the thousands for Burger Day, to spearheading efforts for St. Katharine Drexel Retirement Center, where he served as chairman of the board, his impact was far reaching. He was active in Sacred Heart Catholic Church and School. Civic duties included past president of El Reno Chamber of Commerce and the Rotary Club. He was a longtime member of The Elks Lodge and the Amity Club.

Mark you calendar now!

2022 OKLAHOMA ANNUAL CONFERENCE 10/4 & 5/2022 - The Tulsa Club Hotel - 115 E 5th St - Tulsa, OK 74103 Registration Opening Soon

MYC Card.indd 1 Summer 2022

4/28/22 2:55 PM POLICY 37

Feed Your Success

With a Broad Manufacturing Appetite.

EMC provides tailored protection for the needs of countless types of manufacturers — plus robust loss control, claims and medical management services to help maximize their uptime. And as our agency partner, you can count on a high-performing program that helps your business thrive. Ask us how the EMC Manufacturing Program can feed your success today.

Check us out:

emcins.com/manufacturing-insurance

EMC Insurance Companies | Des Moines, IA | 800-447-2295 ©Copyright Employers Mutual Casualty Company 2022. All rights reserved.

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Summer 2022

CONFERENCE SNAPSHOTS PHOTOS TELL THE STORY OF A SUCCESSFUL BIGiOK CONFERENCE BIGiOK Annual Conference We hope you like this candid shot of BIGiOK members enjoying the largest attended conference yet.

With over 500 attendees, each part concluded without a glitz. Everyone had a blast and hopefully made new connections for future opportunities. Be sure to mark your calendar now for April 20-21 for the 2023 Annual Conference at Big Cedar Lodge in Branson. Hope to see you there.

Summer 2022

POLICY 39

Independent Insurance Agents of Oklahoma PO Box 13490 Oklahoma City, OK 73113

PRSRT STD U.S. POSTAGE PAID Oklahoma City, OK Permit No. 1659

RETURN SERVICE REQUESTED

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Imperial PFS® is a trade name affiliated with IPFS Corporation® (IPFS®), a premium finance company. Access to products and services described herein may be subject tochange and are subject to IPFS’s standard terms and conditions in all respects, including the terms and conditions specifically applicable to use of IPFS’s website and mobile application, and IPFS’s eForms Disclosure and Consent Agreement. *Fees may apply .

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