POLICY MAGAZINE - Winter 2023

POLICY WINTER 2023

Page 16

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WINTER 2023 | VOL. 74 NO. 33

EDITORIAL STAFF Publisher

Denise Johnson, CISR, CIC

COVER

COLUMNS

18 Why Is the “Hard Market” so Hard After-all

4 Association Heading Into Critical Legislative Session

Managing Editor

FEATURES

Graphic Designer

12 Chris Floyd Honored by Young Agents of Oklahoma

Jerri Culpepper Denise Canon PROFESSIONAL STAFF President/Chief Executive Officer

Denise Johnson, CISR, CIC Chief of Staff and Operations

Josh Reasnor, MSSL, CISR, CKC Senior Vice President of Strategic Initiatives

Sara Bradshaw Ray, CIC, CKC

Workers’ Compensation Account Manager

Jeanette Madrid

Director of Member Services

Shania Slavick

Director of Marketing and Communications

Jerry Rappe’

13 Young Agents Conference 24 Nurturing Leadership & Growth: Why Coaches Need Coaching, Too 26 Newsmakers

Vaughn Graham Jr., CIC, Chairman

7 New and Unique Events and Workshops Planned Denise Johnson, CISR, CIC

10 The Importance of Being Proactive Krista Kautz

16 The Hard Market: The Biggest Challenges Require the Biggest Responses Chris Floyd, CIC, CRM

Specialty Lines Service Account Manager

18 Why Is the “Hard Market” so Hard After-all

Cindy Munden, CISR

Director of Professional Liability

Cari Senefsky

Sara Bradshaw Ray, CIC, CKC

Education Coordinator

Katie Jones

22 AI in the Workplace: Ensuring Safe and Effective Usage Glen Mulready

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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 BIGiOK, 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 and clipartmag.com

From the Chairman

Association Heading Into Critical Legislative Session Members Encouraged to Contribute to State and National PACs

It’s amazing we are in the fourth quarter of 2023! I seem to say this often, but the year is flying by! I hope everyone has had a great year and is looking forward to a great 2024.

Your state Association is in good shape. The fall has been a busy season for us as a good number of members recently attended the IIABA National Fall Conference and Young Agents Institute in Grand Rapids, Michigan.

As you probably saw on social media, our Education team in Oklahoma won the 2023 Spirit of Education Award and our BIGiOK Young Agents Committee won the 2023 Outstanding Committee Innovator Award. Congratulations to those involved with those groups as you continue to make our members and state association proud!

I highly encourage young agents to attend in the future.

From a state Association standpoint, as I mentioned in my first article, the upcoming legislative session is going to be critical for our industry, most notably discussion regarding school insurance throughout the state of Oklahoma and tort limits. Denise and her team have been very involved in these discussions with key legislators from the beginning.

Fortunately, BIGiOK is looked at by our Legislators as the “go to” for any insurance-related issues and topics. This is a result of many years of hard work and relationship building as well as a strong state PAC supported by our members.

Our PAC fundraising (federal and state) this year will be as important as ever, and the board has committed to making it a

Vaughn Graham Jr., CIC Chairman get involved. Please mark your calendars on May 7-8 for our Annual Conference at the Convention Center in Oklahoma City.

More details forthcoming!

Finally, I encourage everyone to get involved. Your participation level is up to you, but any is better than none. And, as a result, our Association and all of its members will benefit. Please don’t hesitate to reach out to me if you have any questions or concerns about the association.

Please consider donating some amount, as it truly affects the careers of everyone in insurance. I like to call it an investment in your career.

Following the Fall Leadership Conference, our Young Agents Committee put on their annual Young Agents Conference at the end of September at the Colcord Hotel in Oklahoma City. Krista Kautz, our current Young Agents chair, and her committee put on a wonderful conference. It was a huge success, with 124 people in attendance, of which there were 45 first-timers. It was a great combination of fun, networking and education/content.

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POLICY | Winter 2023

priority. Please consider donating some amount, as it truly affects the careers of everyone in insurance. I like to call it an investment in your career. If you are an agency owner, please encourage your producers and staff to donate because every dollar counts.

Please continue to follow us on social media, as we will have various young agent events in Tulsa and Oklahoma City, education opportunities through the Association and other opportunities to

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HONORARY MEMBER : Denise Johnson, President & CEO of IIAO

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BIGiOK.com

Winter 2023 | POLICY

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From the President/CEO

New and Unique Events and Workshops Planned in 2024

Denise Johnson, CISR, CIC BIGiOK President/Chief Executive Officer

BIGiOK.com

Happy winter everyone! Hope everyone is enjoying the holiday season and can get ready for a new year!

I’m so excited for 2024 – we have so much going on and so much to offer to our members. Here are some NEW and unique events and workshops we’ll be offering to our members: • Agency Perpetuation and future owners “Crafting Your Agency Ownership Journey” Our purpose is to inspire, educate and equip agency owners to embrace the importance of planning now for the future generations of their agency ownership. We will have speakers addressing agency valuation, legal issues and financing options. Mark your calendar for Jan. 24! BIGiOK.com/ Education ∙ Legacy Blueprint Conference – targeting current agency owners ∙ Blueprint for Success – targeting future agency owners • EmpowerHER Women’s Conference – for women in our industry who want to focus on female leadership and networking BIGiOK.com/EmpowerHER • agencyWISE Webcasts – we’ll be offering these webcasts for members that are designed to answer many challenges of agency management and growth BIGiOK.com/agencyWISE • BIGiOK Consulting – if your agency needs assistance with strategic planning, we have an entire department that can help! BIGiOK.com/consulting We are incredibly busy with legislation this year and expect to be advocating for you at the Capitol. It’s imperative that you get to know your Legislators in your

district and let them know that you are available as an expert in your industry.

Many of our Legislators have actively worked to understand the importance of the insurance industry and how it benefits our state. You can show your support by supporting OKPAC at BIGiOK.com/pac There’s never a better time or easier way to get some CE! Be sure to check out our ongoing classes – many are available online or in our conference center. We can’t make it any easier!

BIGiOK.com/Education Be sure to mark your calendars for our Annual Conference, to be held at the OKC Convention Center May 7-8.

We have booked so many incredible speakers and set up many events and breakout sessions for you to get the most out of this conference!

As you know, we work tirelessly to find ways to make your agency better and to assist you with any needs that you may have. Please feel free to contact me with any questions you may have (denise. johnson@bigiok.com).

Winter 2023 | POLICY

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OKPac is BIGiOK’s state 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.

2023 Contributors Wes Becknell Jeff Burton Debbie Burton Jim Carson Vicky Courtney Eitzen Family Trust

Ana French Vaughn Graham Jr. Michael Hood Kenneth Hunger Denise Johnson Ashley Mitchell

Jon Moon Avery Moore Mike Mosley Jeremy Pounds Steve & Sara Bradshaw Ray

Kathy Reeser Stephen Scace Randolph Scott Daniel Somers Paige Stockton

InsurPac is BIGiOK’s national 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 BIGiOK’s business philosophies. InsurPac is the largest property-casualty insurance industry PAC in the country.

2023 Contributors Jonathan Baggs Wes Becknell Stewart Berrong Travis Brown Marilyn Risner Burke Deborah Burton Jeff Burton Mark Carlin Vicky Courtney Philip Eitzen Vaughn Graham Jr. Vaughn Graham Sr.

Austin Greenhaw C Ross Harris Alan Hodges Tony Holmes Denise Johnson Krista Kautz Mark Long Jeffrey Lynch Patrick Mandeville Mark McPherson Avery Moore Thomas Perrault

Kathy Reeser Arthur “Drew” Rickets T.J. Riley Benjamin “Seth” Robbins Michael Ross Daniel Somers Belynda Tayar Ryan Teubner Brad Warwick Tamara “Tammy” Watson

See more information and quantifiable examples of contributions by going to: OKPac - BIGiOK.com/OKPac InsurPac - BIGiOK.com/InsurPac

Is your name not on the list? Make contributions today at BIGiOK.com/pac Contributions as of 10/1/2023. Only gifts of $100 or more are listed, except for Young Agents, whose contributions of any amount are listed.

BIGiOK.com

Winter 2023 | POLICY

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From the Young Agents Committee

The Importance of Being Proactive

Hey, everyone!

The Young Agents had a successful 2023 conference Sept. 28-29! The energy, enthusiasm and shared knowledge were truly inspiring. The conference, as many found out, became sold out quickly.

The space was limited, but we ended up with 45 first-time attendees. Thank you so much to all who attended and an even bigger thank you to those who completed the survey afterward! For those that don’t know, we review your feedback after each conference to find out how to improve upon the conference for the next year.

has been better to come at it with the proactive approach to show that you are really in this battle with them.

Young Agents, the future is ours, and we’re going to be so unstoppable once this challenging market is over. It’s easy to get discouraged by rate increases and market fluctuations, but we must remain steadfast and resilient. Our commitment to serving our clients and our dedication to our profession will see us through.

As we enter the holiday season, I hope you all find time to relax and rejuvenate, surrounded by loved ones. Let’s take this opportunity to recharge our batteries

Krista Kautz Young Agents Committee Chairman

the Young Agents and to the limitless possibilities that await us in the year ahead!

Young Agents, the future is ours, and we’re going to be so unstoppable once this challenging market is over.

One of the many things I learned, and that I believe all of us can benefit from, is the importance of being proactive with our clients. Instead of waiting for the client to call us, we should take the initiative and reach out to them. It can be as simple as, “Hey Bob, I noticed your insurance went up this year. We’re still working on seeing if there's a better option for you, but either way, we’re doing our best to take care of you.”

Kelly Donahue-Pire instilled in me an amazing rule when it comes to discussing rates with clients: “Remember, never say ‘I’m sorry your rate went up.

After all, we don’t control the rates, and the moment we apologize, we take accountability for something that is out of our control.” Based on my implementation of this rule, it really 10 POLICY | Winter 2023

and return in 2024 with a renewed sense of purpose and determination. The challenges we face in our industry will continue to evolve, but so will our skills and knowledge. Together, we can tackle 2024 head-on, armed with the lessons and inspiration we gained from the 2023 conference.

Speaking of 2024… Several of your surveys mentioned wanting activities to be all on-site, and we’re going to deliver! If I were you, I’d start saving up NOW because the 2024 Young Agents conference will be held at Shangri-La in Afton, Oklahoma, just off Grand Lake.

Bring the family!

Here’s to wishing you all a wonderful holiday season and a prosperous New Year. Let’s make 2024 a year of growth, success and positive change. Cheers to BIGiOK.com

Young Agents

Our young agents had an absolute blast during an axe-throwing session at Got Wood Axe Throwing in Downtown Tulsa! This engaging team-building activity delivered an unforgettable experience for everyone involved. We want to express our immense appreciation to IPFS & Comp Risk Management for their generous sponsorship of this event!

BIGiOK.com

Winter 2023 | POLICY

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Young Agents Conference

Great Young Agent's Conference 2023

JANUARY 24 - Oklahoma City 1PM to 5PM

The “Accelerate Your Career" Oklahoma Young Agent's Conference marked a resounding success, boasting an impressive turnout of 114 attendees, including 77 agents. The conference commenced with an engaging speed networking bingo session at Social Capital, sparking many delightful conversations and shared laughter.

Notably, we introduced our inaugural first-time attendee dinner, generously sponsored by IPFS, which brought together approximately 50 participants.

The event featured an impressive lineup of influential speakers, including Ciara Gravier, Peter MacDonald and our keynote speaker, Kelly DonahuePiro, who delved into such diverse topics as branding, sales and renewals, technology, and more. Furthermore, we celebrated the accomplishments of 16 graduates from our 2023 Future Insurance Leaders of Oklahoma (FILO) Class. We extend our immense gratitude to all who attended and contributed to the success of this event.

A heartfelt expression of gratitude is extended to our dedicated young agent's committee for their diligent efforts in organizing this exceptional event.

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Crafting Tomorrow’s Insurance Agency Today Crafting Your Agency Ownership Journey

Dream of leading your own insurance agency one day?

Chart your course, learn from the best, and unlock the potential to transform your ambition into a BLUEPRINT FOR SUCCESS!

Full details at BIGiOK.com/Education POLICY | Winter 2023

“Do you want to ensure that your agency’s legacy is not just preserved, but also primed for prosperity?”

JANUARY 24

Oklahoma City , 8AM to NOON Full details BIGiOK.com/Education BIGiOK.com

Young Agents Conference

"We extend our heartfelt congratulations to Chris Floyd of Brown & Brown Insurance for being honored with the esteemed Fred Barker Award,”

said Shania Slavick, BIGiOK director of member services. “This recognition celebrates Chris’s unwavering commitment and tireless efforts in

support of our Oklahoma Young Agent's Programs. Notably, in 2008, he initiated the renowned Future Insurance Leaders of Oklahoma (FILO) Program."

Future Insurance Leaders of Oklahoma

2024 Class Beginning March BIGiOK.com/Filo_INFO BIGiOK.com

/YA

BIG

Scan and listen now!

com OK.

i

Winter 2023 | POLICY

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More From the Young Agents Conference

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POLICY | Winter 2023

BIGiOK.com

About BIGiOK

BIGiOK LEADERSHIP Chairman

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

Secretary

Scott Dull

Omega Insurance Agency Choctaw

Chairman Elect

Treasurer

Ricketts Fennell & Assoc.

Tulsa

VIP Insurance Edmond

Vicky Courtney

State Director

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

Kathy Reeser

Immediate Past Chairman

Jerrad Van Coots

Burrows & Burrows Agency Claremore

Director at Large

Director at Large

Director at Large

INSURICA Tulsa

Arnett Insurance Agency Durant

Cornerstone Insurance Group Oklahoma City

Guy Griggs

Rob Piearcy

Trent Willis

Company Liaison

Company Liaison

YAC Chairman

One General Agency Oklahoma City

CompSource Mutual Oklahoma City

Ed Berrong Insurance Agency Edmond

Jennifer Dotter

Brad Owens

Krista Kautz

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.

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 BIGiOK.com

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.

Winter 2023 | POLICY

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From the State National Director

The Hard Market: The Biggest Challenges Require the Biggest Responses

The biggest challenges require the biggest responses.

The hard market is certainly one of the biggest challenges for independent agent members today. Many IAs who have never experienced a hard market may be feeling a bit perplexed and defeated with the many challenges that now stand in their way of delivering the outcomes that seek in order to best serve their customers.

So, what is a hard market?

A hard market in the insurance industry refers to a period characterized by high insurance premiums, reduced

1. Economic Conditions: Economic factors, such as inflation rates, interest rates and overall economic stability, can impact the duration of a hard market.

A prolonged period of economic uncertainty and high inflation can lead to a longer hard market.

2. Catastrophic Events: Natural disasters, large-scale accidents and other catastrophic events can have a significant impact on the insurance industry. A string of such events can extend a hard market cycle, especially if insurers face substantial losses.

3. Regulatory Changes: Changes in insurance regulations can also influence

By understanding the market dynamics, offering tailored solutions and educating clients, agents can not only weather the storm but also thrive and expand their business. coverage and stricter underwriting standards. This contrasts with a soft market, where premiums are lower, coverage is more readily available and underwriting standards may be less strict. The insurance industry experiences cycles between hard and soft markets, and these cycles are influenced by various economic, regulatory and industry-specific factors.

A hard market may typically last for approximately two to five years, but this is a broad estimate and not a rigid rule.

Its actual duration can vary significantly.

Here are some factors that can affect the duration of a hard market: 16

POLICY | Winter 2023

the length of a hard market. Stricter regulatory requirements may lead to a prolonged hard market as insurers adjust to new rules and standards.

4. Investment Returns: Insurance companies often rely on investment income to offset underwriting losses.

The performance of investment markets and interest rates can affect the duration of a hard market. If investment returns improve, insurers may ease underwriting restrictions and reduce premiums more quickly.

5. Competition: The level of competition in the insurance market can impact how quickly a hard market

Chris Floyd, CIC, CRM National Director

transitions to a soft market. If more insurers enter the market or existing insurers become more aggressive in pricing, it can lead to a shorter hard market cycle.

6. Underwriting Practices: Insurers’ underwriting practices and risk assessment play a role. If they continue to tighten underwriting standards during a hard market, the cycle may persist longer.

7. Industry-Specific Factors: Developments within specific lines of insurance or geographic regions can also affect the duration of a hard market. For example, the duration of a hard market for property insurance may differ from that of health insurance.

Although hard market history dates back to the pre-20th century through Post-World War II with three identifiable cycles, the past 50 years shows us a more relevant subset of data.

Here are some notable hard market periods in the past halfcentury: Late 1970s and Early 1980s: This period marked a significant hard market cycle. Rising inflation and increasing BIGiOK.com

From the State National Director claim costs, particularly in the auto insurance sector, led to higher premiums and more stringent underwriting standards.

Late 1990s and Early 2000s: Another hard market cycle emerged that was driven by a series of natural disasters, such as Hurricane Andrew and the Northridge earthquake, which resulted in significant insurance losses. Insurers raised premiums and reduced coverage options.

Mid-2000s to Early 2010s: During this period, factors such as the 2008 financial crisis and a rise in catastrophic events contributed to higher premiums and tighter underwriting standards.

The history of hard markets in the insurance industry reflects the dynamic nature of the sector, with cycles driven by external economic, financial and industry-specific factors. These cycles impact both insurance companies and policyholders, as premiums and coverage availability fluctuate. Insurers must carefully manage their portfolios and underwriting standards to navigate these market conditions.

BIGiOK.com

What can I do about it as an independent agent?

To navigate a hard market successfully, independent insurance agents can take several steps: 1. Stay Informed: Keep abreast of industry trends, regulatory changes and underwriting guidelines to better serve clients.

2. Educate Clients: Communication and education are key. Agents should explain the reasons behind premium increases and help clients understand the value of their insurance coverage.

3. Offer Alternative Solutions: Seek out and offer alternative insurance options to clients, including exploring different insurance providers, policy structures and coverage levels.

4. Provide Exceptional Customer Service: Outstanding customer service can help agents retain clients and build long-term relationships, even in challenging market conditions.

5. Diversify Your Portfolio: Diversifying the types of insurance you offer can help spread risk and reduce reliance on a single line of business.

In summary, a hard market can present both challenges and opportunities for independent insurance agents. A hard market, while presenting challenges, can also be seen as an opportunity for independent insurance agents to showcase their expertise and provide even greater value to their clients.

By understanding the market dynamics, offering tailored solutions and educating clients, agents can not only weather the storm but also thrive and expand their business. Embracing these challenges with resilience and adaptability can set agents apart as trusted advisors and enable them to build stronger, lasting relationships with clients, ultimately growing their business in the face of adversity.

The Big I is here to help you navigate this challenging time with exclusive member resources, products and services.

Learn more about your National Big I (IIABA) by going to: independentagent.com

Winter 2023 | POLICY

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From Strategic Initiatives

Why Is the “Hard Market” so Hard After-all Understanding the Challenges and Navigating the Uncertainties of Our Industry

Our industry has a term that we’ve seen creep into our conversations of late: the “hard market”. For many a consumer and those new to our industry, this term seems quite perplexing as we all see premiums rising, while available coverage becomes scarce.

The recent data that I’ve seen is truthfully quite alarming! A nationwide Insurance survey found that 26% of consumers plan to decrease their coverage, 23% are looking for a new

increase and the availability of coverage diminishes.

This lack of clarity can also highlight our customer's unawareness of their role. Many customers don’t realize they play a pivotal role in their own risk management. They must stay updated on policy changes, new product offerings and any other changes affecting their coverage. We all know our best customers keep us in the loop as live changes occur, but most need to be

Let’s be honest: none of us like shelling out extra money ... we all are reluctant to pay more. It's a universal sentiment, even amongst our colleagues. agent and 20% will remove coverage from their policy in the next six months.

In this light, the question often comes my way: “What makes this market ‘hard,’ and how do we navigate its intricacies?”

Hard for our valued customers

The hard market is indeed a challenging time for our devoted customers. Why is that? When something hits their wallet, and they don't understand why, even our most dependable customers have reason to pause. This lack of clarity leaves most customers scratching their heads, not fully grasping why prices are skyrocketing. It's essential to break it down simply for them, starting with the term “hard market,” which refers to the insurance market cycle where premiums 18

POLICY | Winter 2023

trained to be “good customers” – which is our job!

Let’s be honest: none of us like shelling out extra money ... we all are reluctant to pay more. It's a universal sentiment, even amongst our colleagues. However, our job is to help our clients know that the increases they are experiencing aren’t arbitrary. Factors like changing weather patterns, legal developments and rising inflation drive these increases.

Hard for our teams

Our teams, the backbone of our operations, also feel the strain. Every phone call during a hard market can be an emotional roller-coaster. Customers are worried and often distressed, and our teams face the brunt of these sentiments.

Managing what’s pouring in from the

Sara Bradshaw Ray, CIC, CKC BIGiOK Senior Vice President of Strategic Initiatives

other end of the line is challenging, especially when clients are genuinely upset.

As we coach our teams, it’s key for them to recognize that timing is everything. A common team sentiment during a hard market is often, “Did we start reviewing with our clients too late?”

That said, it's never too late to initiate these conversations. Strategizing conversations based on client tiers and specific criteria can make the process smoother. For example, starting with the top 20-25% of clients is a good strategy.

It's equally important to discern whom to approach proactively and whom not to, based on specific criteria such as those with less than a 15% increase.

Insurance is a multifaceted domain.

Instead of just hopping from one provider to another for a better deal, we all need to remember to explore options beyond re-shopping. Sometimes, the better answer is focused on revisiting coverage options, exploring different deductible amounts and understanding the value of self-retention.

BIGiOK.com

From Strategic Initiatives Hard for agency principals to keep moving forward

If our teams are on the frontline, agency principals are the strategists, planning the next move. But it's not without challenges. I've been there ... it’s so easy in a hard market to land in a continuous loop of “reacting”.

Now more than ever, shifting from reactive to proactive is essential. A forward-thinking approach, anticipating market trends and customer needs, can set agencies apart in any market,

need reinventing. There are all sorts of available resources to be utilized and leveraged, like the IIABA Hard Market Guide, that can be invaluable in navigating this market cycle.

Lastly, and perhaps most importantly, this journey doesn’t have to be solitary.

Collaborate, seek advice and know your support systems can be the gamechanger. We are in this together!

To that end, our kick-off session of a new series called agencyWISE webcasts will address this very issue. Save the date

There are all sorts of available resources to be utilized and leveraged, like the IIABA Hard Market Guide, that can be invaluable in navigating this market cycle. especially the one we live in today.

While stepping off the “reaction loop,” there’s also the temptation to reinvent the wheel. But the wheel doesn’t always

now, Jan. 11, 2024 @10:30, and plan to attend Being a Hard Market Hero Doesn’t Have to Be That Hard on all BIGiOK social media platforms.

e v i L

Join BIGiOK

A Seasoned Perspective

At press time, yours truly has weathered four-plus Hard Markets, and yes, I’m fully aware that I’m showing my age! I want to encourage you that IT CAN BE DONE regardless of which of the five generations in our workplace you represent! We've all heard the adage What doesn't kill you makes you stronger.

I'm convinced (and living proof ) that Hard Markets don’t have to kill us. Like every other market cycle to date, it’s our opportunity to be superheroes for our clients if we just step out of the fray for a bit, take a deep breath and do what we do best. Prove the value of what makes the independent agency system unique – the relationships, our expertise and, most importantly, our desire to be there for our clients when bad things happen.

For more on how to “be there” for your clients and help them navigate this market cycle and much more, let us know how we can help you. The opportunities and resources to grow your agency to the next level through BIGiOK Consulting are myriad. Give us a shout! Sara@BIGiOK.com or 405.880.2920

You won’t want to miss the first episode beginning January 11th Learn more at BIGiOK.com/agencyWISE

Quick “In it to Win it” Sidebar: How many times have you seen the words “don’t” and “doesn’t” while reading so far? Use this QR code to report your answer and qualify to win a FREE Kolbe A Index and a seat at the next Kolbe Strengths (virtual) Workshop for yourself or your staff.

BIGiOK.com

Winter 2023 | POLICY

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Education at BIGiOK

JANUARY Ja nuary 24, 2024: Legacy Blueprint: Crafting Tomorrow’s Insurance Agency Today – Perpetuation Workshop – Various speakers Ja nuary 24, 2024: Blueprint For Success: Crafting Your Agency Ownership Journey – Perpetuation Workshop – Various speakers

FEBRUARY Fe bruary 20, 2024 - CISR Insuring Personal Auto – Brandi Anderson

Fe bruary 21-22, 2024 - CIC Commercial Casualty – Brandi Anderson and Jay Williams

MARCH Ma rch 19, 2024 - CISR Commercial Casualty 1 – Patrick Deem Ma rch 20-21, 2024 - CIC Commercial Multiline – Patrick Deem and Tim McClendon

More information at BIGiOK.com/education

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21

From the State Insurance Commissioner

AI in the Workplace: Ensuring Safe and Effective Usage

In today’s fast-paced business world, artificial intelligence is becoming common in various industries. It's like having a helpful friend in your corner, from customer service chatbots to predictive analytics, offering the potential for more efficient operations and improved customer experiences.

However, as AI becomes more of a buddy than a stranger, organizations need to check in on its role among employees and make sure everyone is on the same page about using it safely, especially in industries like insurance, where AI plays a big role.

Your Silent Colleague:

AI is probably already working quietly in your organization, often without formal introductions. Everyday workplace tools, like email filtering systems and virtual personal assistants like Siri or Cortana, rely on AI. While these applications may seem harmless, they show how AI is quietly joining the work environment.

Boosting Productivity with AI:

Advanced AI tools, like virtual meeting assistants, can boost productivity among employees. They can also raise questions about data privacy and security. Are your team members aware of the potential risks when they share sensitive information with AI-driven virtual assistants?

The Importance of Guidelines and Training:

To ensure safe and responsible AI usage, organizations should provide clear guidelines and training. Many employees might not be best buddies 22 POLICY | Winter 2023

with AI, not fully understanding how it works and handles data. Training programs should cover the basics of AI, what it can do, what it can't, and the best ways to handle data securely.

Ethical Considerations:

AI brings up some ethical questions, especially when it comes to decisionmaking algorithms. Organizations need a plan for weighing the ethics of AI applications. This includes issuing clear guidelines on data privacy, transparency and bias mitigation. It's crucial to weave ethical considerations into your AI strategy.

Taking Care of Data:

Data is the lifeblood of AI, so keeping it in good shape is essential. Strong data governance procedures ensure AI algorithms train on accurate and secure data. This covers everything from collecting data to storing it safely and controlling access, preventing AI from producing misleading or biased results.

Regular Check-Ins and Upgrades:

AI isn't a “set it and forget it” deal. It's a friendship that needs nurturing. Regular check-ins are necessary to gauge how AI algorithms are performing and if they're fair. Just like you’d update your friend with the latest news, AI needs continuous improvements to align with your goals and standards.

The National Association of Insurance Commissioners established the Big Data and Artificial Intelligence Working Group to study the development of AI, its use in the insurance sector and its impact on consumer protection and privacy,

Glen Mulready State Insurance Commissioner

marketplace dynamics and state-based insurance regulatory framework. The Working Group developed regulatory principles on artificial intelligence that were adopted by the full NAIC membership at the 2020 Summer National Meeting. After an analysis of a recent survey was released in August 2023, the Working Group is considering creating a risk hierarchy to prioritize the need for more model governance and insurer oversight.

AI is already part of your organization, whether you realize it or not. To leverage this friendship and avoid misunderstandings, you need to establish procedures for safe and effective usage. This includes setting some guidelines, training your team, considering ethics, taking good care of your data and regularly checking in to make sure everything's going smoothly.

Be a smart user of AI.

BIGiOK.com

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At Stonetrust, we value relationships and work hard to be a great partner for our agents—and that makes all the difference.

Consider Stonetrust as your “first choice” for workers’ compensation coverage.

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Nurturing Leadership & Growth

Nurturing Leadership & Growth: Why Coaches Need Coaching, Too

Amie Haar Elite Professional Network Member, BIGiConsulting Growth Coach & MyNetwork Facilitator

"In the world of coaching, those who are most successful are those who are willing to be coached themselves." — Howard Schultz The field of coaching (including mentoring, managing and leading) thrives on the premise of guiding individuals through personal and professional challenges. Coaches are dedicated to fostering the growth and development of their clients, but in the process, they often overlook their own needs for guidance and support.

Recognizing the significance of self-care and personal development, coaching for life coaches has emerged as a pivotal tool for nurturing resilience, enhancing empathy and maintaining balance within the realm of personal growth.

So how do we, as the coaches, the leaders, the managers, the mentors, do that?

24 POLICY | Winter 2023

WE. HAVE. OUR. OWN. COACHES. As coaches, we are instrumental in helping others navigate through life's complexities, yet we, too, grapple with our own personal and professional dilemmas. Engaging in coaching ourselves allows us to delve into our own emotional landscapes, understand our strengths AND limitations, and work toward personal growth. By fostering a culture of self-awareness and continuous improvement, we have the opportunity to set an example for our clients, demonstrating the significance of introspection and ongoing development on the journey of self-discovery.

When we have our own coaches, we can enhance our abilities

of both empathy and effective communication. These two areas combined, and the knowledge within them, enable coaches the opportunity to understand their clients, teams, mentees, etc., at a much deeper level, offering more perspectives to support them through their struggles.

That being said...maintaining empathy amidst the challenges of coaching sessions and conversations can be daunting. By creating space for our own coaching, we are able to not only practice, but experience active (TRUE!) listening, improvement of communication techniques, hone-in on our own approaches to come alongside and walk with those we are leading rather than BIGiOK.com

Nurturing Leadership & Growth metaphorically pulling them along behind us and hoping they will catch up. Sharpening tools for these areas not only enhance our effectiveness in helping those we coach, it fosters a more compassionate, understanding and trustworthy environment…one that nurtures growth.

And what about this burnout epidemic we are all aware of, experiencing, or both?

Well. Coaches being coached can aid in the prevention of burnout and sustained well-being. The demands of leading, coaching, mentoring, etc., can be emotionally taxing. We are exposed to increased knowledge and awareness of client/team/mentee hardships and struggles, which can take a massive emotional toll if not managed properly. By engaging in coaching relationships ourselves,

BIGiOK.com

we have increased space to process experiences, set boundaries and develop self-care strategies that in turn create that same space for those we coach.

At BIGiConsulting, we have a team of Growth Coaches who are ready, willing and continuously sharpening their own tools so they can show up at their best for you.

By making our mental and emotional well-being a priority, we have more capacity for maintaining the things we are called to do…to help others – ESPECIALLY when we can operate from a place of not only authenticity, but also vitality. What a concept!

We would love the opportunity to provide a space for YOU to grow.

For YOU to be nourished.

For YOU to be poured into…

Because coaches need coaches, too.

One of the many things we as coaches love to be able to say is, “I can help with that.”

And so, we would like to say those exact words…to YOU. If you are in a space of leadership, management, mentorship, coaching, and could use someone to come alongside and lead you well, we can help with that.

Winter 2023 | POLICY

25

Newsmakers

BIGiOK’s Education Department Wins Prestigious National Award

Congrats to the incredible BIGiOK Education Team (from left): Sara Bradshaw Ray, senior vice president, strategic initiatives; award presenter Nancy Germond, executive director, risk management and education, Big "I" National; Katie Jones, education coordinator; Shania Slavick, director, member services; and Denise Johnson, president and CEO.

From blog by Jerry Rappe in Awards, IIABA - Big "I" National

As the Big I Oklahoma representative, we are truly humbled to announce the recipient of the 2023 Spirit of Education Award from the Independent Insurance Agents & Brokers of America Inc. at their annual award luncheon in Grand Rapids, Michigan, on Sept. 8.

to honor those who work closely with the national association, dedicating themselves to providing high-quality education to our members across diverse platforms.

This recognition is a testament to our unwavering commitment to education, and I want to express my heartfelt gratitude for your support, as well as my congratulations.

It symbolizes the profound contribution of time, energy, expertise and patience required to make an education program truly successful. There are countless unsung heroes in our community, and we hold each one of you in high regard.

The Spirit of Education Award, crafted by the Big "I" Education and Research Department, holds a special place in our hearts. It was designed

This year, the award was bestowed upon our state Association in recognition of our collaborative efforts with other states to support

26 POLICY | Winter 2023

their education programs. We firmly believe in the power of mentorship and are elated to have achieved Diamond Status for the ninth time this year. This recognition reflects our deep-seated commitment to education and empowerment.

In closing, I want to reiterate our profound appreciation for this honor and for all of you who have supported us along the way. We are deeply committed to advancing education and empowerment in our community, and we are excited about the future possibilities that lie ahead.

Let us continue to collaborate, learn from each other and inspire positive change through education.

BIGiOK.com

Newsmakers

Celebrating 60 Years of Service With Omega Insurance

In a heartwarming moment captured in the photo, we see Shania Slavick, director of membership at BIGiOK, joining Lu and Scott Dull from Omega Insurance Agency, as well as Denise Johnson, president and CEO of BIGiOK, in a joyous celebration. This special gathering took place Oct. 20 at The Lumber Shack in Harrah, marking a significant milestone of 60 years of unwavering service to the Choctaw community. It’s an occasion that truly embodies the spirit of community and dedication, and we extend our warmest congratulations to Omega Insurance for six decades of meaningful impact and support to the Choctaw community. Here’s to many more years of shared success and service!

Kick-start Your Week With Denise!

We've got exciting way to kick-start your week! Every Monday morning, we invite you to join us for weekly informative video featuring Big I Oklahoma President/ CEO Denise Johnson and other guests.

Denise is on YouTube, Facebook and LinkedIn, so you can catch her no matter where you prefer to tune in. She’s covering a variety of topics, including the upcoming Association schedule and, on occasion, delving into some hot-button current issues.

Get ready to brighten your Mondays and stay in the loop with Denise Johnson's weekly updates. Trust us; you won't want to miss this!

BIGiOK.com

Winter 2023 | POLICY

27

Newsmakers

Young Agents of Oklahoma Bring Home National Award

The Independent Insurance Agents & Brokers of America presented the Outstanding Innovator Award to the Oklahoma Young Agents Committee in recognition of their exceptional perseverance and unwavering dedication. Their innovative approaches to problem-solving have not only set a new standard within their state young agent's program but have also inspired others to strive for excellence. Their ability to persevere, adapt and deliver results, even in the most demanding circumstances, truly embodies the spirit of this prestigious award. This recognition highlights the committee as a shining example of resilience, innovation and unwavering dedication to our industry.

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Newsmakers

Young Agent's Night at the Ballgame

Our September Oklahoma City Young Agent's Dodgers Game in a suite drew an impressive crowd, and we want to express our heartfelt appreciation to all those who joined us and the sponsors whose support made this event possible.

BIGiOK.com

Winter 2023 | POLICY

29

We’re sure other networks are great.

But do they come with all the extras?

Aggregation? Check. National carrier contracts? Check.

Basic networks can do a lot for an agency.

Keystone does all that and more.

Learn more about how Keystone can sweeten your agency offerings

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This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group franchise is not registered.

YES WAY.

From time to time we meet a Big “I” member who hasn’t yet learned about the market access solutions available through Big “I” membership. After hearing about our stellar product lineup and competitive commissions, the reaction can often be summed up as, “No way!” But we assure you–yes way.

Big “I” Markets, featuring Big “I” Eagle Agency, has been working with our member agents to make insurance magic since 2002. As part of your national association, it’s our mission to bring you the best solutions to help your agency thrive. We know you because we are you. Find out how to plug into the power of cyber, affluent, bonds, umbrella, standard & non-standard personal lines, and small commercial today.

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ALWAYS THANKFUL FOR THE SUPPORT OF THESE GREAT PARTNERS. BIGIOK.COM/PARTNERS

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The Hanover Insurance Group ~ The Hartford ~ Cornerstone National Insurance ~ BRONZE PARTNERS HawkSoft ~ Southwest Risk, LP ~ AMERISAFE ~ Pie Insurance ~ Berkshire Hathaway GUARD Insurance Companies ~ Specialty Insurance Managers of OK Inc ~ Employers ~ Burns & Wilcox ~ Comp21 ~ Skyward Specialty Insurance ~ Patriot National Underwriters, Inc. ~ Equity Insurance Company ~ CRC Insurance Services ~ Central Insurance Company ~ Hallmark Financial Services, Inc. ~ National General, an Allstate company ~ Taber Brokerage ~ Producers XL ~ Stonetrust Workers’ Compensation ~ Berkley Management Protection ~ Gainsco Auto Insurance ~ Farmers Alliance Mutual Insurance Company ~ Main Street America Insurance ~ Risk Placement Services, Inc. ~ RT Specialty ~ Keystone ~ Openly ~ Jencap Insurance Group ~ Traders Insurance Company ~ Philadelphia Insurance Companies ~ Columbia Insurance Group ~ Convelo Insurance Group ~ Markel ~ Med James, Inc. ~ ChrisLeef General Agency, Inc ~ WORKS24 ~ Peoples Premium Finance ~ ePayPolicy ~ Johnson & Johnson ~ Equipment Insurance International ~ Berkshire Hathaway Homestate Companies (BHHC) ~ Savvital ~ AFCO Premium Finance ~ Sola Insurance ~ Old Republic Surety Company ~ State Auto Insurance ~ HoundDog - COI Tracking Automation ~ BondExchange ~ Texas Specialty Underwriters, Inc. ~ Oklahoma Schools Insurance Group

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