The Tennessee Insuror July/August 2020 by Insurors of Tennessee

THE TENNESSEE

INSUROR July/August 2020 Volume 31 | Number 4

Insurors 127th Annual Convention What is Your Agency Building?

8 10 12

3 Takeaways from a Decade of Digital...

PPP Forgiveness and the BCPP The Impact of COVID-19 on Quote Volume

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THE TENNESSEE

INSUROR Vol. XXXI, Number 4 July/August 2020

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Phone (615) 385-1898 Toll Free: 1-800-264-1898 Email: info@insurors.org Editor: Daniel D. Smith Jr., CAE Publisher: Daniel D. Smith Jr., CAE

4 Insurors 127th Annual Conv. INSURORS OFFICERS

President .................................................................... Bob McIntire Immediate Past President .............................................. Joe Hunt IIABA National Director .............................. Cindi Gresham, CIC VP, Region I and President Elect ................... Norfleet Anthony Vice President, Region II ................................................... Vacant Vice President, Region III ........... Kym Clevenger, CPCU, CACW Treasurer/Secretary ......................................... John McInturff III Director, Region I .................................. S. Keith Phelps, CIC, CRM Director, Region I ......................................... Richard Whitley, CIC Director, Region I ........................................... Jamie Williams, CIC Director, Region II ............................................ John McCord, CIC Director, Region II ..................................................... Taylor Porch Director, Region II .................................................... Reno Benson Director, Region III ................................................. Mark Slater Jr. Director, Region III ...................................... Brandon Clarke, CIC Director, Region III ........ Cindy Widener Winn, CPA, CIC, CBIA Director, At-Large .......................................... Laura Ann Howell Director,. Young Agents ............................................... Cy Young

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What is Your Agency Building?

3 Takeaways from a Decade of Ins. Digital Transformation

PPP Forgiveness and the BCPP

12 The Impact of COVID-19 on Quote Volume 14 Daniel Talks Agency Tech: Agency Management Systems pt.4

What's the Difference?

Should an Agency Purchase E&O from Appointed Carriers?

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From Your President

The Only Thing Constant in Life is Change

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The Tennessee Insuror is provided to all Insurors of Tennessee members and associate members as a member service.

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CORRECTION In the May/June issue of The Tennessee Insuror, we mistakenly left Thompson & Smith off the list of InsurPACTN donors. We regret the omission.

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INSURORS OF TENNESSEE 2500 21st Avenue South, Suite 200 Nashville, TN 37212-0539 www.insurors.org

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Insurors 127th Annual Convention What is Your Agency Building?

This year has a lot of firsts, and this will be another one. For the first time since the 1890s, Insurors of Tennessee will not host an in-person annual membership meeting. As much as we want to be with our Insurors members, friends and families – the current state of the pandemic will not safely allow it. Our Board made this difficult decision with you all in mind, as we cannot meet safely without strict safety measures that would take away what makes our Convention so valuable – the face-to-face discussions. However, we still feel there is an opportunity to provide value to members through our Convention, and that's why we have developed a virtual event to allow as many of you to participate as possible. In keeping our Bylaws in mind, our Board has also passed a Resolution to allow our 2020 Annual Meeting to take place via a virtual format. Even better, this event will be presented free to our members thanks to our 2020 Partners Program participants. Here is our current schedule (all times CT): Tuesday, October 13 8:30 - 8:40 am Welcome and Association Update: Insurors President Bob McIntire presented by Insurors Endorsed Partners 8:40 - 9:40 am Virtual General Session: Dale Steinke, “Grow by Being an Agent for the Future” presented by Liberty Mutual/Safeco 10:00 - 11:30 am Virtual Keynote: Coach Michael Burt, “Acti vate Your ‘PREY’ Drive” presented by Insurors Supporting Partners 4

1:00 - 1:30 pm Virtual Association Day presented by Insurors Sustaining Partners 1:30 - 2:00 pm Virtual Annual Meeting presented by Insurors Leading Partners

Virtual General Session: Safeco's Dale Steinke Dale Steinke is the Director of Independent Agency Marketing Programs for Safeco Insurance and Liberty Mutual Business Insurance. His team’s mission is to help personal and commercial insurance agents grow their overall business through more effective digital and relationship marketing. Steinke has been in the industry for over 10 years after a previous career in interactive news media. He will present to Insurors attendees virtually on the topic, “Grow by Being an Agent for the Future,” which will focus on: • • • • • • • • • • •

Changing consumer expectations The rise of the millennials How you can attract and convert more customers Virtual office Social Reviews Content Video proposals Targeting niche lines Weaving authenticity through all of this Who you are, why you do it The Tennessee Insuror

Virtual Keynote Speaker: Coach Michael Burt Coach Micheal Burt is considered “America’s Coach,” a unique blend of a former championship basketball coach combined with a deep methodology of inner-engineering people to produce at a higher level in the business world. Coach Burt found his unique voice early in life at the age of 15 by starting his basketball coaching career with a junior pro basketball team. He would go on to become a basketball coach and win his first championship at 18 years old at the same elementary school where he attended as a child. At 18 he would also begin a deep study into the work of Dr. Stephen Covey, author of “The 7 Habits of Highly Effective People.” Burt quickly gravitated toward Covey’s “Whole Person Theory,” learning to inner engineer people to produce at higher levels by speaking to and coaching their body (skill), mind (knowledge), heart (desire) and spirit (confidence). This would become a staple of Burt’s coaching philosophy and one that would separate him from many of his contemporaries and create a niche for Burt even to this day. At 19, while Coach Burt was in college he became the head freshman basketball coach at Riverdale High School. His first team went 17-0 and he would quickly get the attention of the head coach and the principal. After three years of being an assistant coach, and at age 22, Burt was named as the youngest head coach in the state of Tennessee at the second largest high school. He would employ “The Whole Person Theory” to begin building a national power house with seven 25+ win seasons, four conference titles, and one state championship – the first in the school’s 30+ year history. He would go on to win over 74% of all of his games by using his strategies and deep motivational skills. Because of Burt’s unique knowledge of building a “competitive intelligence” into his players and how his teams performed people around the world would begin asking, “What are you doing with those kids?” He would say, “We are building our own little 'Greatness Factory' by coaching the whole person.

tention and begin hiring Burt to speak, coach, and train their people to higher levels of performance. At 31 years old and after winning a championship, Burt would retire from athletic sports to build a multimillion dollar coaching business and form the Monster Producer coaching program, which is a systematic and consistent program that teaches sales professionals, business owners, and those interested in rapid growth the five big areas to get a significant lift in their business. Burt’s goal for each person is a 43% increase in a one year cycle and he routinely gets it. Now at 42 years old, Burt speaks around the world on his books and growth methodologies and is the personal coach to some of the top performing companies in the world. His popular programs, online Monster Growth Academy, and structures are used by business people who want to get a significant increase in their business by using a specific formula which Coach Burt has cultivated over the last 27 years. He will speak to Insurors attendees virtually on the topic, "Activate Your 'PREY' Drive," which will focus on: 1. Activation of PREY DRIVE – this is an INSTINCT to go get it daily 2. How you explain your services – A six step framework to explain your value in a very compelling way 3. How you work a SELLING SYSTEM to generate leads and new customers 4. How you FOLLOW UP to secure business 5. How you EXTRACT REFERRALS from every transaction 6. How you become a PERSON of INTEREST You won't want to miss this session, and you'll want your producers to view it as well.

Virtual Association Day Annual Meeting Each year, our bylaws require us to have an annual membership meeting to formally complete the business of the Association. Despite what has happened in 2020 – this year is no different in this regard. What will be different is that we are offering this meeting virtually, making it accessible to more members than ever before. During the meeting we will hear updates on our National Association from Big "I" Executive Committee member Mike McBride, elect our 2021 Board of Directors, highlight our 2020 award winners and complete the Association's annual business. Every member agency gets one vote in this process and we encourage all of you to participate. Thanks to our Partners, we may even have some door prizes to give out to attendees online...

Coach Burt speaks at one of his popular sales coaching events: Monster Producer

At 25, he would begin writing the first of 14 books on his methodology. Companies who wanted to grow would pay atThe Tennessee Insuror

Register Now or Get More Information All of our virtual functions – the General Session, Keynote and Association Day annual meeting – are being presented 5

to Insurors members FREE OF CHARGE thanks to our 2020 Partners:

Summit West Bend Mutual

ENDORSED ePayPolicy Host My Calls Imperial PFS INSBANK IntellAgents KnK Compliance Services RLI Selective Flood Swiss Re Corporate Solutions Titan Web Marketing Solutions WAHVE

SUSTAINING Agents for Hope AmTrust North America Burns & Wilcox Central Insurance Group Delta Dental of Tennessee EMC Insurance The Hanover Insurance Group Hippo ICW Group Keystone Insurers Group Markel Specialty MidSouth Mutual Insurance Company North Point Underwriters Progressive RT Specialty

LEADING Arlington/Roe Berkley Southeast Insurance Group Penn National Insurance SUPPORTING ACUITY Bailey Special Risks Encova Insurance Liberty Mutual/Safeco The National Security Group Nationwide SecureRisk

CONTRIBUTING Accident Fund Arcus Restoration Auto-Owners Insurance Berkshire Hathaway GUARD Celina Insurance Group Columbia Insurance Group Evolve MGA FCCI Insurance Group

FFVA Mutual Graham-Rogers Insurance Grange Insurance Haulers Insurance J.M. Wilson KeyRisk | A Berkley Co. Method Insurance MetLife Auto & Home Openly Safeway Insurance Selective Southern Insurance Underwriters State Auto SIS PartnerPlatform Swiss Re Lawyers Professional Liability The event will be hosted on our online education platform by the Agents and Brokers Education Network (ABEN). The virtual classroom will be presented by our Contributing Partners. You'll be able to view the videos on your own computer or device by logging in from wherever you are located. Groups wanting to watch the Convention together can also arrange that. Register for the events now or get more info by visiting insurors.org today. u

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3 Takeaways from a Decade of Ins. Digital Transformation

written by Mikhail Palatnik, CoreLogic

As 2020 marks CoreLogic’s 10th anniversary, we’re reflecting on the insurance industry’s transformation over the last decade.

experience metrics for insurance quoting and claims management processes and AM Best has introduced a ranking for innovation.

I did not even begin to realize that at the start of my career, this industry and all its nuances, peculiarities and intricacies would become my passion. Part of what drew me to the insurance industry, and what has kept me here well over two decades, was knowing how much of this industry was ready to be disrupted.

A challenge in the shift to digital is the expectation of immediate gratification. As with nearly every aspect of our lives today, we all expect things to be instant, digital and easy to access. So, it becomes even more important to build a relationship with the customer by discussing their risk to help offset any extra time that may be necessary to complete the quote and perform a thorough analysis of their overall exposure.

Here are three ways we’ve seen the industry transform over the past decade:

1. Digital Modernization and the Evolution of Customer Experience With any disruption, all parties must adapt. Agents are now challenged to operate differently and to find ways to increase value for consumers in the face of fierce competition in the direct-to-consumer business models. Underwriters are becoming more tech-savvy and developing solutions to simplify the consumer experience. Claims officers are moving more of their capabilities from the field to the desk, as they face constant pressure to reduce loss adjustment costs and streamline the claims process for consumers. Emerging InsurTech carriers continue to push the boundaries by operating with a small physical or fully digital agency footprint, forcing established carriers to innovate. The consumer experience has moved front and center as insurance interaction experiences begin to mimic all other digital interaction that consumers have grown accustomed to like Amazon, Uber and Airbnb. J.D. Power introduced consumer

2. Climate Variability and Advancement of CAT Event Management Just a decade ago, private flood insurance was rarely thought about, but events like Hurricane Harvey in 2017 highlighted the need for private flood insurance, especially for homes outside of designated flood areas. For an accurate assessment of risk, the need for properly assessing the risk of a property itself – as opposed to the risk of a property centroid – is now available with high-resolution granular risk data. Significant improvements have been made in catastrophe risk modeling for wildfire and flood – relatively new modeled perils – along with hurricane, earthquake and severe convective storms.

3. Progression from Risk Avoidance to Risk Management Products With so many new ways to predict and prevent, there are also continued on page 30

The Tennessee Insuror

OPEN SEMCI Single-entry, multiple-company interface (SEMCI) is like magic!

Acuity, long recognized as a leader in agency interface technology, is committed to supporting SEMCI in commercial lines. SEMCI drives efficiency in the quote and application process and allows you to choose how you want to do business with Acuity. Acuity currently partners with several of the leading commercial lines insurtechs. We are building, exploring partnerships, or expanding with numerous other independent agency technology solutions. And Acuity is on the forefront of integration technology, continually building the connections necessary to be ready to connect to new insurtechs as they emerge.

The Tennessee Insuror

PPP Forgiveness and the BCPP written by Wyatt Stewart, Big "I" Sr. Director of Gov. Affairs sponsored by our partners at

In early June, Congress passed and the President signed into law H.R. 7010, the Paycheck Protection Program Flexibility Act, sponsored by Rep. Dean Phillips (D-Minnesota) and Chip Roy (R-Texas). The bipartisan Paycheck Protection Program Flexibility Act was strongly supported by the Big “I” and creates additional Paycheck Protection Program (PPP) flexibility for Big “I” members and their clients. Specifically, the legislation will extend the expense forgiveness period from eight weeks to 24 weeks, reduce the 75% payroll ratio requirement to 60%, eliminate the 2-year loan repayment restrictions for future borrowers, allow payroll tax deferment for PPP recipients and extend the June 30 rehiring deadline. Earlier this week, the Department of the Treasury and the Small Business Administration (SBA) issued a statement thanking President Trump and Congress for their work on this important legislation. They have now released a new EZ loan forgiveness application, as well as a revised full forgiveness application for PPP loans. The new information makes clear that the provision reducing the 75% payroll ratio to 60%, will not be a “cliff.” That means that if a borrower spends less than 60% of the PPP loan amount for expenses that otherwise would be forgivable "payroll costs," then that borrower will benefit from partial forgiveness for their “payroll costs,” instead of no forgiveness. Previously, there had been questions about how the Treasury and the SBA would interpret that provision. The new EZ version of the application applies to borrowers that meet one of the following requirements: • • •

Are self-employed and have no employees. Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of hours of their employees. Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.

The BCPP - A Plan for Future Pandemics The PPP has been a necessary supplement for businesses in this time, but what about future planning? Recently, Bob Rusbuldt, Big “I” president and CEO, joined with David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA) and Charles Chamness, president 10

and CEO of the National Association of Mutual Insurance Companies (NAMIC) in writing an op-ed in The Hill newspaper titled "A Plan for Future Pandemics." The op-ed explains the difficulty of insuring pandemics and notes that pandemics, “are too widespread, too severe, and too unpredictable for the insurance industry to model or underwrite. A nationwide economic shutdown of millions of businesses simultaneously is beyond the capacity of any private industry to provide protections.” While insuring for future pandemics would be extremely difficult, if not impossible, the Big “I” remains committed to finding solutions that work for policyholders, agents and brokers, and carriers. That is why the Big “I,” APCIA and NAMIC released a plan to create the Business Continuity Protection Program (BCPP). As outlined in the op-ed, the BCPP is designed to bolster the country’s economic resilience by providing simple, timely, and efficient financial protection and payroll support to the private sector in the event of a future declared health emergency. Businesses would purchase their desired level of revenue replacement assistance through state-regulated insurance entities that voluntarily participate with the BCPP. The BCPP would be subsidized and look more like a prospective PPP than an insurance product. In addition to making rates affordable for businesses, this would allow for immediate funding to businesses when they need it most, without having to go through the time-consuming insurance claims process. The op-ed goes on to to say that, “the BCPP is a solution that can work for everyone – customers of all sizes and structures – to provide protection against widespread economic shutdowns due to a future viral outbreak.” Additionally, the op-ed details that, “the BCPP would provide revenue replacement assistance for payroll, employee benefits, and operating expenses following a presidential viral emergency declaration. The BCPP would reimburse up to 80% of payroll, benefits and expenses for three months.” As Congress begins to look at options to deal with future pandemics, the Big “I” and its company partners at APCIA and NAMIC look forward to working with the business community to meet their needs in this vitally important public policy discussion. About the Author Wyatt Stewart is Big “I” senior director of federal government affairs. He may be contacted at wyatt.stewart@iiaba.net u The Tennessee Insuror

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The Impact of COVID-19 on Quote Volume written by Laird Rixford, Insurance Technologies Corporation (ITC) The past four months have been a whirlwind of change for the entire nation. There are national health concerns about the spread of COVID-19 and how we contain it, as well as the concerns about the impact of COVID-19 on our economy. The insurance industry is not immune to these concerns. I’m here to say that there is a basis to that concern—we all feel it—but the insurance industry is strong. Now is the time to show strength and capture the essence of what makes working with an independent agency great. Through its personal lines comparative rater platform, TurboRater, Insurance Technologies Corporation (ITC) collects millions of carrier rates every month. That data, combined with our business intelligence and analytical products, provides valuable insight regarding the state of consumerism in the insurance industry. Many concerned agencies and carriers have reached out to ITC to gain understanding of this insight and what is happening in the industry. We have included what we have found below.

two weeks representing 2.6% over the expected volume. The following two weeks saw quotes 28.3% below expected volumes. The final week of March settled in the mid-30% range below the projection. April: Throughout April, quoting volumes consistently improved, but at the beginning of April, things were looking dire: quoting volumes were 32.4% below expected numbers. The second week of April looked even worse with quoting numbers falling to 34.7% below expectations. The industry was reeling and reacting with carriers offering refunds to customers under the scrutiny of lower claim numbers. The last two weeks of the month signaled a marked change with the introduction of stimulus checks. Consumers were building confidence and were starting to shop. Rating activities for the weeks of April 13 and April 20 ended at 22.9% and 25.1%, respectively.

Traditionally, the insurance industry receives an uptick in quoting volume in late February and early March because the IRS delays tax refunds until then that include the Earned Income Tax Credit or the Additional Child Tax Credit. This uptick usually peaks during the first week of March—this year is no different with the heaviest day being March 2.

Month-by-Month Data March: For the full month of March, ITC’s clients recognized a 13.5% decrease in expected quoting volumes, with the first

This noticeable bump in the middle of the month signaled that consumers are still out there – it is the financial hardships consumers are feeling that is depressing insurance spending. May: Throughout May, quoting volumes continuously improved week over week with the first week averaging 11.5% behind expectations, the second week 10% behind, the third week 7.6% behind and the final week settled at 7.4% below expectations. While all states showed improvements, there were states that performed at higher than expected levels. Those states that reopened late April or early May showed drastic improvement continued on page 44

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Daniel Talks Agency Technology: Agency Management Systems pt. 4 What's the Difference?

What are the key pieces of technology for the modern agency? How should you implement them and train your staff to use them? In this series I will look into agency technology and specific systems and how you can implement them at your agency. In the third article in this series, we continued with what questions you should be asking to sort through the systems and find the one that's best for your agency. In this edition, we're going to look at some of the differences between these systems.* To determine this information, we researched the system companies' websites, talked with member users and studied independent user reviews of each product.1 This overview is based on information available through reviews, websites and user forums and is not official software company information. It should be used for perspective and research only.

Applied DORIS®, Epic® & TAM DORIS: Applied states that DORIS, "delivers the fundamental capabilities, workflows and insurer connectivity you need to efficiently and securely run your growing agency within a single system." In user reviews, DORIS rates highly in Ease of Use and Quality of Support. It had its lowest reviews in the categories of Accounting and Innovation. Epic: Applied states that Epic allows you to, "Power your agency with the only system in the industry that has integrated capabilities to manage P&C, Benefits and Sales in a single application." Also claiming that Epic is the, "world’s most widely used agency management system," this is the system we most frequently hear about being used by Insurors members. In user reviews, Epic rates highly in the categories of Ease of Use, Quality of Support and Meeting Requirements. It had its lowest reviews in the category of Ease of Setup. TAM: Applied states that TAM, "offers visibility into your clients and day-to-day operations." In user reviews, TAM rates highly in the areas of Policy Management, Contact Management and Invoicing. Its user concerns seem to be focused on Sales Tools, Commission Management and Product Direction. 14

written by Daniel Smith, CAE

What's the Difference?: Most users seem to agree that Applied is an industry leader in agency management software, and they have some of the most widely used systems in the industry. There are concerns from users on the price vs. value aspect of their systems, and additional concerns that Applied has shifted its focus to the Epic platform. Applied seems to have a three-tier option for agencies, with DORIS being the entry level online system, TAM being the middle market system and Epic being the more scalable solution for medium to large agencies. That being said, Applied has one of the most robust catalogs of tools and add-ons available in the industry, and can likely accommodate any management technology issue that an agency faces. Cost to value and extent of training needed are still issues that come up when discussing the systems with users. The Applied user groups, networks and events do seem to have great value to agents. In addition, third party systems commonly try to offer integrations for their systems. Projected Cost: $$$$$

Overall User Reviews: DDDDE

EZLynx Agency Management EZLynx states that their agency management system, "allows you to maximize your agency's potential by increasing your ability to retain current customers while acquiring new business. Find all of your customer's quotes, policies, and documents in one organized place and easily remarket with up-to-date information that is synced from your daily policy downloads." In user reviews, EZLynx rated highly in Innovation, Workflow and Integration. People often praise their Rater and its integration. Its user concerns seem to be focused on the Quality of Support and Ease of Setup. What's the Difference?: EZLynx seems to provide a lot of innovation to the agents that utilize their system and especially those that integrate their other programs for rating, marketing and online quoting. Concerns seem to be in the area of support, which agents say can be troubling when multiple contacts are needed to provide a solution. Projected Cost: $$$$$

Overall User Reviews: DDDDA The Tennessee Insuror

Hawksoft

With our system you can focus on what you are best at â&#x20AC;&#x201C; selling insurance and growing your agency."

Hawksoft states that its insurance agency management system, "...gives you an unfair advantage by improving the overall efficiency of your agency." In user reviews, Hawksoft rates highly in Ease of Use, Flexibility and Growth capacity. Its user concerns were generally based around stability of the program (some minor crash reports) and the accounting functions not being robust enough. What's the Difference?: Hawksoft has solid reviews and seems to provide great functionality for policy management, claims management, documentation and ease of use. Concerns may be in the reporting and accounting functions, but we have talked with agents who have said those areas are improving. Projected Cost: $$$$$

Overall User Reviews: DDDDE

ITC AccuAgency & Agency Matrix AccuAgency: ITC states that the AccuAgency Agency Management System is, "A complete web-based system that integrates agency management and document storage all in one easy-to-use service." Agency Matrix: ITC states that Agency Matrix, "...is simple and easy to use for the efficiency and effectiveness you need.

In user reviews, ITC's systems rated highly in Ease of Use, Customer Service and Features. Its user concerns seem to be in the areas of Training, Updates and Scalability. What's the Difference?: ITC offers many great products for agents that integrate with its other systems. TurboRater and their various agency marketing systems provide opportunities for agents to add to their management system capabilities. The AccuAgency rater is often praised as well. Concerns seem to be in the area of commercial lines capabilities and the ability to scale up with rapidly growing agencies. Projected Cost: $$$$$

Overall User Reviews: DDDDA

Jenesis Jenesis states that their software is designed to, "help insurance agents manage existing clients, market to potential prospects, increase efficiency and build strong relationships with their policyholders." In user reviews, Jenesis rates highly in Ease of Use, Quality of Support and Ease of Setup. It also had several positive reviews highlighting their customer service. Its user concerns were generally based around stability of the program (some minor crash reports) and data conversion.

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What's the Difference?: Jenesis seems to provide an affordable option with solid support and a lower learning curve. Concerns may be around scalability with agency growth and processing of downloads. Projected Cost: $$$$$

Overall User Reviews: DDDDE

Strategic Insurance Software (SIS) Partner Platform SIS states that their Partner Platform, "...integrates multiple communication methods including Outlook Email Integration, Integrated Text Messaging, Document Management, Personalized Workflows, and Carrier Downloads so you can trust and rely on the Partner Platform as the heartbeat of your agency." In user reviews, Partner Platform rates highly in Support, Ease of Use, Features and Ease of Setup. Its user concerns were generally based around specific errors on search features and notes. What's the Difference?: Partner Platform is known among its users as a platform that provides excellent service. When issues arise, they tend to be very aggressive in helping agents find a solution. The value level seems to be high with agents praising the cost relative to the functionality. Concerns may be in the area of forms, but it appears they are working through those issues on a case-by-case basis. Projected Cost: $$$$$

Overall User Reviews: DDDDE

Vertafore AMS360, QQCatalyst & Sagitta Vertafore states that AMS360, "...provides the foundation for independent agencies to grow their businesses and boost their profitability.It helps streamline workflows , improve renewals and retention, and drive new businessresulting in improved employee productivityand superior customer experience." Vertafore states that QQCatalyst, "...provides operational, marketing, and sales pipeline management tools. It enables agencies to strengthen customer relationships and ensure effective business management, so they can focus on growing their book of business." Vertafore states that Sagitta, "...provides the foundation for independent agencies to grow their businesses and boost their profitability.It helps streamline workflows, improve renewals and retention, and drive new businessresulting in improved employee p roductivityand superior customer e xperience." In user reviews, AMS360 rates the highest in the areas of Policy Management, Tax Management and Invoicing. Its user concerns were generally based around Sales Tools and Email Integration. In user reviews, QQCatalyst rates the highest in the areas of Ease of Use, Quality of Support and Ease of Setup. Its user 16

concerns were generally based around System Lagging and Accounting. In user reviews, Sagitta rates the highest in the areas of Ease of Use and Quality of Support. Its user concerns were generally based around Functionality and Marketing tools. What's the Difference?: If you had to break it down into sections, it appears that Vertafore has a tiered approach of offering QQCatalyst as a solution for small to mid-size agencies, Sagitta for medium agencies and those growing through aquistion, and AMS360 for medium to large agencies. The concerns with Vertafore continue to be centered around costs and extensive training needs. The company provides very powerful tools for agents, and agencies that invest in training and user groups can really benefit from the many features and functions of their systems. They have integrations with many carrier and third party systems, but they also limit some of those integrations. Their networks and events provide a very valuable tool for agents, and they are still considered a market leader for a reason. Projected Cost: $$$$$

Overall User Reviews: DDDDE

Xanatek IMS4 Xanatek states that IMS4, "Provides the capability to effectively manage all of your customers, prospects, and carriers. There is no limit on the amount of space to store your data and documents. As your business grows, IMS will help increase the overall success of your business." In user reviews, Xanatek rates highly in Features, Ease of Use and Downloads. Its user concerns were generally based around Accounting and general interface design. What's the Difference?: Tailored for small to medium agencies, Xanatek IMS4 seems to offer value with useability and support. They appear to be willing to work with their agencies to offer solutions that aren't readily available. Projected Cost: $$$$$

Overall User Reviews: DDDDE

Which One is Best for Your Agency? Which system is right for your agency? It depends on your size, goals and needs. The systems discussed in this article all have pros and cons, but they all seem to be viable options for the right agency. Take your time and do you research and you'll find the answer may be more obvious than you realize. *Based on information available as of 6/20/20. This is not a comprehensive report and is based on author research. 1-aggregated from G2.com software reviews, "Best Insurance Agency Management Software 2020" section and Capterra.com "Insurance Agency Software." u The Tennessee Insuror

4/3/20 9:27 AM17

Future Leaders Spotlight

presented by

Trey Powell • RSS Insurance - Chattanooga Trey Powell grew up on Signal Mountain just outside of Chattanooga. He attended The McCallie School (high school) and then Auburn University. After college, he moved back to Signal Mountain with his wife Laurel and their four sons; Preston, who is 8, Miller, who is 6, Meade, who is 2 and Ham, who is just 4 months. Laurel Trey Powell of owns an architecture firm, RSS Insurance so the family stays extremely busy between both parents working and having 4 small children. Their kids love sports, so when not at work the family can usually be found at a little league baseball tournament, flag football game, basketball camp, or cheering on the Auburn Tigers in-person. Trey and his older sons also love to hunt and fish as time allows.

The Insuror: Can you tell us a little about your current job title and responsibilities? Trey: I am one of the Owners/Principals at RSS Insurance, so I have many responsibilities in addition to being a Producer for the agency. Day-to-day you can find me managing agency operations, facilitating carrier relationships, helping mentor our younger producers, and producing/servicing my own book of business. It is a lot of different "hats" but it has been both challenging and rewarding for me.

The Insuror: What can you tell us about your educational background? Trey: I graduated from Auburn University with Degree in Business Administration.

The Insuror: How and why did you get your career in the insurance industry started? Trey: I always knew I wanted to be in sales because I have always been very social and loved being around people and meeting new people. I took some insurance classes while I was in school at Auburn – which I enjoyed – so I decided that insurance was a career I wanted to pursue. In 2008, I got my first job in insurance working as a producer 18

for my uncle's agency. He sold his agency about a year later and I ended up talking with Tom Rowland and John Slaten and taking a position with RSS Insurance. My role has obviously evolved from there but I definitely think I have found my calling.

The Insuror: Do you have any influences/role models in the industry? Trey: I have absolutely had some mentors that have impacted my career and my personal outlook. Happy Powell, Tom Rowland and John Slaten were all extremely important mentors for me when I first started in this industry. And then again in 2013 – when I first became an agency principal – their help was invaluable.

The Insuror: Is there any advice you could offer Young Agents or others in the industry to achieve success in their careers? Trey: Other than hard work and putting in the hours to allow yourself to succeed, I would tell any young agent that a key to success is to find a couple of good mentors. My suggestion would be to have one in the insurance business and one in another industry. Meet with those mentors regularly and constantly ask them for help and advice. This will help you develop guidelines as well as ways to measure your progress and success.

The Insuror: As an independent agent, you have many partners in this industry, including carriers, MGAs and many more. How do you determine which ones are the right relationships? Trey: At the end of the day this is a relationship business. You have to find partners that you have a strong relationship with and that you enjoy doing business with. Also, always check yourself and make sure you are being a good partner to your carriers and MGAs as well – building a solid relationship takes work from both sides. I think sometimes as agents we can get caught up in just looking at what we need, and we have to do some work for our carrier and MGA partners as well. It will definitely pay dividends in the long run.

The Insuror: Thank you for giving us your time, Trey, we appreciate it and wish you continued success. Trey: Thank you for the opportunity to participate in this series. u The Tennessee Insuror

Young Agents '20

Are you making the Right Choice for their Business?

Upcoming Events and Information Our Young Agents Committee strives to offer young insurance professionals with opportunities to network and develop in the industry. We accomplish this by hosting receptions, classes and volunteer opportunities designed to meet the needs of insurance professionals under 40 years of age across Tennessee. Over 500 Insurors members participate in the Young Agents program in some fashion. With most of our 2020 events cancelled or postponed, our committee will revisit opportunities to hold local events in the next available window of scheduling. We hope you'll join us at a future scheduled Young Agents event or contact us for more information. In the meantime, we have put together a virtual event we think will provide a lot of value to attendees: Virtual Panel Discussion: “How to Emerge from a Pandemic Ahead of Your Competition” presented by our partners at Berkley SE and Penn National Ins. Thursday, August 27 • 3 pm CT/4 pm ET Featuring Ashley Fitzsimmons, Bradley Flowers & Ryan Hanley Register now at insurors.org

BSIG Makes It Easy With Choice Classes For Middle Market Risks

Middle Market Choice Classes* Below is just a broad listing. If you don’t see what you’re looking for, please contact us.

• General Contractors • Building Trade Contractors • Utility Contractors • Land Improvement Contractors • Pavement Maintenance-Non DOT

* All classes may not be available in all states.

Our Claim Commitment • 24/7/365 loss reporting-including online •

Young Agents Committee Cy Young - Chair President Young-Hughes Insurance Alamo cy@younghughesinsurance.com

• Accelerated auto and property estimating and repair options • • “Fast Track” medical only claims handling program • • Tele-emergent medicine program-connects injured workers to medical care, not “triage” •

Want to know more?

Forbes Harris - Region I Producer Harris, Madden & Powell Insurance Memphis fharris@hmpins.com Matt Felgendreher - Region II Executive Vice President W.C. Dillon Company & Insight Risk Management Nashville mfelgendreher@irmllc.com Derek Wright - Region III Agent/Principal Graham & Cook Insurance Knoxville derek@grahamandcook.com For more info, or for any questions on the Young Agents Committee and its programs, please contact Daniel Smith at dsmith@insurors.org or call 615.515.2601. u The Tennessee Insuror

• Services Contractors • Building Cleaning & Maintenance Contractors • Construction Material Suppliers • Manufacturing • Wholesale and Distributing

Bill Vanderslice, Regional Vice-President 615-932-5508 | bvanderslice@berkleysig.com or your Middle Market Underwriter

Your Back-in-Business Insurance Company®

berkleysig.com

Berkley Southeast Insurance Group is a member company of W. R. Berkley Corporation, whose insurance company subsidiaries are rated A+ (Superior) by A.M.Best. Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. A M

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The Tennessee Insuror

From Your President The Only Thing Constant in Life is Change WOW. It is hard to believe it's already time to start talking about this year’s convention. It seems like only yesterday we were all gathered in Chattanooga for last year's convention, my how time flies. This year’s convention is obviously going to be a little different. Through our monitoring of CDC and Metro Nashville guidelines, your Insurors Board of Directors has determined that we would be unable to have the October event in-person. However, because we already had some great content lined up for you, we will be hosting a virtual version of our 127th Annual Convention. Even better, thanks to the great support of our Partners Program companies, this event will be free for Insurors members. This is a great opportunity for all of agency members to participate. On Tuesday, October 13, our Virtual Convention will feature America’s Monster Coach, Michael Burt, and he will share with us ways to “Activate Your Prey Drive.” We'll follow that up with our partners from Safeco presenting, “Grow by Being an Agent for the Future,” as led by Dale Steinke, Director, Independent Agency Marketing Programs. That afternoon we will hold our annual Association Day meeting to ratify the actions of your Board and elect our 2020 Officers and Directors. We'll also give out our 2020 awards and have some great door prizes and some other special guests.

Big "I" Eagle Award & Insurpac National A big thank you is in order for Cindi Gresham, your National Director. Thanks to her hard work and your contributions Tennessee achieved Eagle status for the third year in a row. This represents average total contributions of $100 per member agency and we are currently 2nd among all states in total dollars raised! Way to go Cindi! The Tennessee Insuror

This is obviously a very important year with regards to providing funding for the National PAC with many key Federal elections upcoming. To learn more, please visit https://www.independentagent.com/GovernmentAffairs/InsurPac/ default.aspx

State Government Concerns The Legislature adjourned its short session without passing COVID Liability Protection, which was a huge disappointment. We are hopeful that the Governor will request that they return after the August 6 elections to work out their differences and pass this very important piece of legislation. It appears the retroactive date of March 5, 2020 is the biggest issue between the two chambers. This is a critical piece of the legislation that needs to be in the bill for the protection of our customers. Please reach out to your legislators and encourage them to support this legislation. Jim Layman has worked very hard on this and is ready to answer any questions you might have about this very important piece of legislation. To learn more about the difference in our two PACs, please visit http://www.insurors.org/pdf/ Two_Pacs_Final.pdf

“I t s e e m s like only yesterday we were all gathered in Chattanooga for last year's convention...”

Search Committee Update A new Executive Director search committee has now been formed. It includes two Past Presidents from each region and will be chaired by Cindi Gresham, your IIABA National Director. Region One members are Brad Smith and Walt Bradshaw. Region Two members are Davis Porch and Eddie Miller and Region Three members include Tom Strate and Scott Ferguson. These individuals are great leaders in our Association and industry, and I am confident they will do an excellent job in helping us find our next executive. I look forward to seeing everyone (virtually) in October. In the meantime, please stay safe and feel free to reach out to me with any questions you might have. u

Bob McIntire 21

Insuring the life you live and the home you live in for over 60 years. National Security has provided competitive, affordable insurance to policyholders for over 60 years. We also provide our agents with competitive commissions, excellent customer service and experienced company adjusters. As a Southeastern based regional company, National Security prides itself on fast, efficient service from a friendly small town company. Our agent website provides fast quotes, online policy issuance, and real-time policy information. Find out more about our products by calling 1-800-239-2358 or visiting nationalsecuritygroup.com.

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The Tennessee Insuror

From Your IIABA National Director Why the Big "I"? The year 2020 has proved to be a very trying one for us all and not one most of us want to repeat. Now more than ever being an Independent Insurance Agent and a member of the Big "I" and Insurors of Tennessee is so important. Your membership to the Big "I" provides you with all of the information that you need to help you navigate the Coronavirus pandemic, help your office become more diverse, assist your office in hiring and a plethora of other information to help you be a resource not only for your office but for your clients as well.

Pandemic Response Logging into the IIABA website will give your agency access to the Coronavirus Resource Page for the disaster planning tool kit provided by ACT. This guide will help your office with preparedness for a pandemic, help you set office procedures, show you how to work with carriers and Trusted Choice will help you use social media to communicate with your customers. Want a better knowledge of Business Income as it applies to the COVID-19 virus? Chris Boggs has a very useful article to assist your customers understanding on how the policy responds to this virus. There is also information on how this pandemic applies to Workers’ Compensation. Is it a disease or Illness? Could be. It must be a disease or illness, must be occupational and must arise out of or be caused by conditions peculiar to the work. The Big "I" website provides updates from the World Health Organization (WHO), Center for Disease Control and Prevention (CDC) and John Hopkins University and Medicine including videos, travel updates, Best Practices for Employers and Employees and the John Hopkins Coronavirus Resource Center. Carrier Responses to the COVID-19 virus are also listed. Trusted Choice has FAQs and other consumer content to share with your customers and you can find out how to simplify the PPP Loan Forgiveness program. Everything you need to know about this pandemic is there. All you need to do is login. The Tennessee Insuror

Diversity in Our Industry 2020 has also been a year of diversity awareness. Big "I" has created a 9 step guide to cultivate inclusion and focus on equality in your agency. For example, 60% or more of our workforce is women but only 11% are in an executive position. This guide will help your office better represent our workforce and help you focus on change. Make a conscientious effort to change how you operate your agency. Have a succession plan. Get employee feedback. Your employees are insightful and this will identify your future leaders. Leverage your business resource groups. Reconsider how you recruit and remember a cultural shift takes time. Encouraging change in your office will help change the entire Independent Agency system. The Big "I"’s Whitnee Dillard has a very good article, "Navigating Inclusion Leadership During Times of Crisis." Take time to view the information provided on this topic.

Big "I" Hires Can Help The Pandemic response and the renewed focus on diversity may have your agency considering new roles or even new employees. With remote working and other opportunities, this may actually be a good time to bring on new staff. Conversely, the marketplace is now flooded with out-of-work individuals - so how do you determine who is the right fit for your agency?

“M a k e a conscientious effort to change how you operate your agency.”

The new Big "I" Hires program can help you develop a job post, sort through résumés, prequalify candidates and target those that are the best match. Several of our members are already using this with success. Check it out now at www.bigihires.com.

Take Advantage of Resources Now is the time to utilize the resources provided in your Big "I" membership. The Big "I" is available to help us navigate this crazy 2020 year – so why Big "I"? A multitude of reasons for Independent Agents. u

Cindi Gresham, CIC 23

Endorsed Partner of

The Tennessee Insuror

From Your Interim Executive Director What Did We Ever Do to 2020? "Who am I? Why am I here?" - Admiral James Stockdale, in his opening remarks at the 1992 Vice Presidential debate. By now we should probably all just get used to the may twists and turns of the year 2020, but that is easier said than done. In spite of all that had been happening, our Association was off to a strong start in the first half of this year – and then change struck again. On June 30, Ashley Gold resigned and I was asked to fill this role in the interim.

Who Am I? For over 13 years, I have filled various roles for the Association, and I am no stranger to taking on new challenges for this organization. One of my first tasks as a staff-member was driving the Insurors van filled with golfers to a local board outing in Memphis. We got pulled over leaving the office on the on-ramp to 440, and there was no insurance card in the van. A strong start! My first Insurors Convention happened 90 days into my new role. I attempted to learn the names of hundreds of new (to me) people, help implement the events and even coordinate a volleyball match between Titans players, cheerleaders and our attendees. I still remember getting yelled at about not giving someone an extra beach towel! Those seem like distant memories now, but as the years went by, I began to know the real people of this Association – the members. These are good people who work hard for their communities and help a lot of their fellow citizens when trouble strikes. I was very humbled by the many calls and texts I received after the announcement that I had been appointed to this role. It just shows you that the relationships you build in this industry really matter. I think that one area where Insurors really excels is providing those relationship building opportunities, and I am hopeful we can continue that in-person again soon. I have become friends with many of you over these years, and I will work hard to keep us moving in the right direction. The Tennessee Insuror

What Direction is That? We've implemented some changes in the last year and a half at Insurors that I am very proud of. We have a focus on new members and have added over 30 since last year's Convention. We have developed a new onboarding process, continued to grow our E&O program, added events and participation numbers on our Young Agents program and had amazing numbers for our Women in Insurance events. We transitioned our Agency Growth Conference to a virtual event and had our largest registration ever. We have amazing improvements to our website and social media, the highest InsurPACTN giving on record and our Partners Program continues to grow year-over-year. All those things have been possible because your Insurors staff works together to fulfill the strategy given to us by the Board. None of that will change. The Board and staff are committed to helping as many independent agents succeed in this state as possible.

What Now? We have a lot of work to do, I am not going to kid myself there. There is a skillset that I did not fully have that is required to succeed in this role, and I will commit to developing that. We still have a virtual Convention planned this year on October 13, and I am glad we have at least that opporunity for our members.

“...I a m n o s tr an g e r to taking on new challenges f o r t h i s organization. ”

Generally in these situations, I imagine people ask for patience and support. While I would appreciate both of those, I want to take a little different tact. Let me know the things that I and we can do to improve. If it is something I can work on – I'll work on it. The only way to improve on what we do is to learn from our members and set new goals. Other than that, my role will be to fulfill a promise: Insurors of Tennessee Educates, Protects and Supports independent agents – and we'll continue to do that. Please let me know any other ways that we can. u

Daniel Smith, CAE 25

Workers' compensation insurance for contractors, construction companies, home healthcare, restaurants and additional select business segments.

Doing business in: AL, AR, GA, IN, KY, MI, MO, NE, NC, OK, SC, TN and VA

Learn more at www.midsouthmutual.com 26

The Tennessee Insuror

EDUCATION SCHEDULE

Education Calendar

NASHVILLE

2020

FE B . 5 - 7 - CIC: Com m e rcia l Ca s ua lty FE B . 1 1 - CISR: Pe rs ona l Res identia l M AY 6 - 7 - CIC: Ruble M AY 1 2 - C ISR: Com m e rcia l P roperty SE P. 1 6 - 1 8 - CIC: Age ncy M a na gem e nt NOV. 1 1 - 1 3 - CIC: Com pa ny Operations D EC. 1 - CISR: Pers ona l L ine s

KNOXVILLE APR I L . 1 - C ISR: Pers ona l Auto AUG . 5 - 7 - CIC: Com m ercia l Ca s ua lty SE P. 3 0 - CISR: Com m e rcia l Ca s ua lty II

The Insurors of Tennessee offers education opportunities to member agents across a wide range of insurance specialties that satisfy individuals at many different experience levels. If you are looking to further your career, seeking a professional designation, or need to satisfy continuing education requirements, check out the variety of courses available.

C H AT TA N O O G A A PR I L 2 - CISR: Pers ona l Auto O C T. 1 - CISR: Com m ercia l Ca s ua lty II

MEMPHIS FE B . 1 2 - CISR: Pe rs ona l Res identia l M A RCH 4 - 6 - CIC: Com m e rcia l P roperty M AY 1 3 - C ISR: Com m e rcia l P roperty D EC. 2 - CISR: Pers ona l L ine s

Registration is fast and easy at www.insurors.org. More information about each class can also be found online.

JOHNSON CITY

M A RCH 3 1 - CISR: Pers ona l Auto SE P. 2 9 - CISR: Com m e rcia l Ca s ua lty II

AB EN: Webcasts fo c using o n different lines o f business ins uro rs. aben.tv

C OM ING SOON: Insurors & New L evel Partners a nnounce learning so lutio ns fo r New E m ployee Educatio n, inc luding bundles o n: I nsuranc e Basic s, Persona l L ines & C o mmerc ial L ines

CISR

Fee: $186

CE: 7

9/29-30 Commercial Casualty II 12/1 Personal Lines Miscellaneous 12/2 Personal Lines Miscellaneous

CIC

Fee: $430

Online Nashville Memphis

CE: 16

9/16-18 Agency Management Institute 11/11-13 Insurance Company Ops Institute

Online Nashville

The National Alliance for Insurance Education & Research is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org. Advanced Curriculum Rating = 20 CPE Credits. For more information regarding administrative policies such as complaint and refund, please contact our offices at 800-633-2165.

CRM

Fee: $440

10/7-8 Financing of Risk

CE: 16

Nashville

ABEN Webcasts (insurors.aben.tv) 7/8 7/8 7/8 7/9 7/9 7/9 7/9 7/10 7/10 7/10 7/10 7/10 7/10

Cyber Security and Insurance Risk CE: 2 $48 Double Trouble - COI and Biz Auto CE: 2 $48 Are You More Ethical Than Politician? CE: 1 $24 E&O: Roadmap to PAP and PUP CE: 3 $72 E&O: Roadmap to HO Endorse. Pt. 1 CE: 3 $72 E&O: Roadmap to HO Endorse. Pt. 2 CE: 3 $72 Flood Program Overview: NFIP CE: 3 $72 Premium Auditing: Agents Must Know CE: 2 $52 The Basics of COPE CE: 3 $79 The Law of Insurance Contracts CE: 3 $79 Torts, Negligence & Liability CE: 3 $79 NFIP Then and Now CE: 3 $72 E&O: Comm. Prop. Coverage Gaps CE: 3 $72

7/11 7/11 7/18 7/18 7/18 7/18 7/18 7/19 7/19

E&O: Roadmap to Policy Analysis I CE: 3 $72 Commercial Prop. Endorsements CE: 2 $48 E&O: Meet the Challenge of Change CE: 2 $48 Business Auto Claims Problems CE: 2 $48 Ethical Issues: Personal & Org. CE: 3 $72 Business Income and Extra Expense CE: 2 $48 Are You More Ethical Than Politician? CE: 1 $24 E&O: Roadmap to PAP and PUP CE: 3 $72 E&O: Roadmap to HO Endorse. Pt. 1 CE: 3 $72

Online Courses (www.iiaba.net/vu) Available from IIABA Virtual University. Member pricing shown.

Ethics for Insurance Professionals How to Calc. Business Income in 5 Min. National Flood Insurance Program New Employee Training Course

CE: 3 CE: 3 CE: 6 CE: 9

$75 $50 $80 $100

*check VU site for current information on CE and pricing

Available from The National Alliance

(www.scic.com)

Legal & Ethical Requirments of Insurance CE: 4 Insuring Flood Exposures - NFIP Review CE: 4 Available from The Institutes

$75 $75

(insurors.ceu.com)

Insurance Principles and Policies CE: 7 Long Term Care CE: 24 Workersâ&#x20AC;&#x2122; Compensation CE: 10 Employee Benefits for Small Companies CE: 4 Healthcare Reform and Affordable Care CE: 5 eCoverage CE: 15 Fundamentals of Personal Auto Insurance CE: 3 Management Process for Ins. Professionals CE: 21 Intro to Flexible Spending Accounts CE: 4 Terrorism and Its Impact on Insurance CE: 4 Toxic Mold and Homeowners Insurance CE: 15 Understanding the Industry of Insurance CE: 5

$49 $99 $59 $39 $49 $79 $29 $89 $39 $39 $79 $39

Indicates course is presented by The National Alliance. Register for these courses at www.thenationalalliance.com The Tennessee Insuror

Partners

000

FOR TENNESSEE

Endorsed

PARTNERS

000

Leading

PARTNERS

Thank You!

Supporting PARTNERS

FOR YOUR SUPPORT OF INDEPENDENT AGENTS IN TENNESSEE

Sustaining PARTNERS

Contributing PARTNERS

ACCIDENT FUND INS. COMPANY OF AMERICA • ARCUS RESTORATION • AUTO-OWNERS INSURANCE FFVA MUTUAL • GRAHAM-ROGERS INSURANCE • GRANGE INSURANCE • HAULERS INSURANCE CO. SELECTIVE INSURANCE GROUP, INC. • SOUTHERN INSURANCE UNDERWRITERS • STATE AUTO INS. The Tennessee Insuror

INTELLAGENTS

™

INSIGHTS FOR INDEPENDENT AGENTS

FLOOD INSURANCE



• BERKSHIRE HATHAWAY GUARD INS. • CELINA INSURANCE GROUP • COLUMBIA INSURANCE GROUP • EVOLVE MGA • FCCI • • J.M. WILSON • KEY RISK | A BERKLEY COMPANY • METHOD INS. • METLIFE AUTO & HOME • OPENLY • SAFEWAY INS. • • STRATEGIC INSURANCE SOFTWARE - PARTNER PLATFORM • SWISS RE LAWYER'S PROFESSIONAL LIABILITY

3 Takeaways from a Decade

...continued from page 8

new ways to protect. Parametric insurance for earthquakes, hail, home system failure, wind, flight delays, website failure, audit coverage and flood has become very important for independent agents. Independent agents can contract with with up-and-coming carriers to add these additional coverages to their current portfolio of offerings.

valves that detect changes in pressure, doorbell monitors for theft deterrence and sound detection and temperature change detectors for your home. Technology continues to evolve with new devices to monitor every part of our homes and properties. Through digital transformation, agents can more easily stay on top of any new regulatory modifications, which is critical as regulation regarding the assignment of benefits in certain states like Florida, wildfire coverage availability in California and no-fault mandates in Michigan are all examples of regulations facing changes. In a short decade, the world has transformed, and our industry with it. There is no more status quo, no more doing business in a manner it was conducted for the last few hundred years. Industry players who are not willing to evolve will unequivocally be disrupted as the momentum propels us all through this age of innovation. About the Author

Many "smart" home devices now offer access to controls that improve risk management

On the path to establishing a relationship as a trusted advisor, the advent of the Internet of Things (IoT) can help reduce the frequency and severity of claims. New technology has emerged, including instruments like water detection devices under sinks and next to water heaters, automatic shut-off

Mikhail Palatnik is executive of product management at CoreLogic. Prior to joining CoreLogic, Mikhail had extensive experience with working for large, multi-national management consulting companies including Accenture and CapGemini to deliver complex business and technology transformation programs for Fortune 500 clients. u

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The Tennessee Insuror

Layman's Terms

Advocacy Update: 111th General Assembly Adjourns with a Wild Finish Insurors Director of Government Relations, Jim Layman, J.D., breaks down the legal and legislative issues facing our industry. At about 3:00 am on Friday, June 19, 2020, the Tennessee General Assembly concluded their two-year session sine die which means, barring any specially called sessions, the legislature should not return until January 12, 2021. It was a dramatic and tense end to session, and disagreements flared between the House and the Senate up until the very end. Following disagreements on how to address a significant state revenue shortfall in the Stateâ&#x20AC;&#x2122;s budget, the two chambers also quarreled over a proposal to provide liability protection to businesses from frivolous lawsuits related to COVID, as well as a proposal to expand reimbursement requirements for telemedicine. Ultimately, the Chambers came to an agreement on the budget fueled in part by the Senateâ&#x20AC;&#x2122;s willingness to consider an extensive abortion restrictions proposal. The chambers passed the budget and the new abortion restrictions, but failed to come to an agreement on telemedicine and liability protections. This was truly a unique year for the Tennessee General Assembly. On March 16, as the virus spread and session was entering its final 4-6 weeks of the year, the Legislature decided to bar the public from legislative offices. On March 19, the Legislature passed the budget and recessed until June 1st. When the Legislature resumed in early June, leadership from the House and the Senate disagreed strongly on what the scope of its work should be during the midst of this health crisis. The Chambers never resolved their disagreement on the scope, and several pieces of legislation were passed in the House and not taken up in the Senate.

The Tennessee Insuror

Virtual Legislative Town Hall Set for August 11 Due to the timing of legislative session and ongoing COVIDrelated restrictions, we have moved our Legislative Town Hall event to a virtual program that will be held on Tuesday, August 11 at 10 am CT. The program, provided free to members by our partners at Arlington/Roe, will include a legislative update on important pieces of legislation from last year, a political update and news on the elections this Fall, and addresses from legislators and other government officials. You can check out insurors.org for more details and registration information for this event. Prospect of Special Session on COVID Liability Looms The day after session ended, Lieutenant Governor Randy McNally (R-Oak Ridge) took to social media to chastise House members for failing to pass the liability protection measure and supporting a call for a special session to reconsider this issue. Much of the criticism came from the fact that the two chambers could not agree on whether it should be retroactive. A conference committee produced a report that left the retroactivity piece in. The bill then passed again in the Senate, but failed in the House by 4 votes when the billâ&#x20AC;&#x2122;s sponsor and several members of House leadership came out against the inclusion of retroactivity. Insurors joined the TN Chamber of Commerce, NFIB, and a coalition of over 30 associations and stakeholders in support of the measure to provide protection to businesses, nonprofits, schools, and other entities from frivolous lawsuits related to COVID exposure. On July 1, 2020, Governor Bill Lee issued Executive Order 53 which provided limited liability protection to healthcare providers, but not to businesses, schools, churches, and the other entities the liability bill originally addressed. Right now, it appears likely

that a special session will be called for the week following the state and federal primary election on August 6th to address the liability issue and possibly a handful of other issues such as telemedicine. While the liability bill may have been the single biggest issue for the association when the legislature reconvened in June, there were several other important issues we worked on prior to the recess: Certificates of Insurance On March 20th, Governor Lee signed Public Chapter 608 into law. This law defines what a certificate of insurance is, and makes it violation of the law to prepare, issue, or request a certificate that purports to alter, amend or extend the terms of the underlying policy or that is otherwise unlawful. Insurors advocated for the passage of this legislation, and it passed through both chambers unanimously. We wish to thank our sponsors, Sen. Paul Bailey (R-Sparta) and Rep. Ron Travis (RDayton) for their hard work in passing this bill. The law took effect on July 1, 2020. Workers’ Compensation Bills Insurors worked on several proposals related to workers’ compensation this year. The first was a bill that grew out of the efforts of the Employee Misclassification Advisory Council (EMAC) which Insurors has served on for several years. This administration bill brought by the Bureau of Workers’ Comp and the Lee administration seeks to expand the Bureau’s enforcement efforts related to misclassification penalties, to help ensure that construction workers are appropriately covered.

provide coverage for diminution of value of vehicles following accidents. The law currently allows for injured parties to recover either the monetary value of their vehicle immediately prior to the accident (which would include diminution) or to have the car repaired to substantially the same condition before the accident, but not both. We watched this bill closely – as the carriers opposed the bill – and it was ultimately defeated. Now is a time of great uncertainty in the legislative and regulatory landscape here in Tennessee as COVID continues to make an impact. It is more important than ever to contribute to InsurPACTN to make sure we elect leaders who understand the benefits of the independent agent system. Please contribute today at insurors.org or by reaching out to jlayman@ insurors.org. About the Author Jim Layman, J.D. is the Director of Government Relations for Insurors. He previously worked for the Tennessee Dept. of Mental Health and Substance Abuse Services as legislative liaison and rules coordinator. Prior to that, he worked for the Dept. of Health as a legislative liaison and the Dept. of Labor and Workforce Development as director of unemployment insurance appeals. Jim graduated from the University of Memphis Cecil C. Humphreys School of Law and received his undergraduate degree from the University of Tennessee. He may be contacted at jlayman@insurors.org. u

The bill requires construction service providers working on projects located in Tennessee to have 3A coverage in this state. Additionally, the bill makes it easier for the Bureau to enforce monetary penalties against successors-in-interest to bad actor companies that misclassified workers. Just before the legislature recessed in March it passed an extension of the Advisory Council of Workers’ Compensation, a small state agency that provides input and recommendations on work comp proposals and the annual loss cost multiplier. Other Issues One of the more concerning proposals of the legislative session was a proposal by the Department of Commerce and Insurance to create what is called a “regulatory sandbox” by allowing insurance companies and other professions the Department regulates to pilot an innovative product or service by allowing the company to not follow laws or regulations which stand in the way of its delivery or implementation. Insurors expressed many concerns with the proposal to the Department and worked to amend the bill to make it more equitable and provide additional safeguards. Ultimately, the Department dropped its pursuit of the legislation and the bill did not pass. Another bill was proposed by a member of the House Property & Casualty Insurance Subcommittee to require carriers to 32

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Strickland General Agency

New! Strickland General Agency is excited to announce they have a new market offering Personal Lines for Tennessee, Georgia, Alabama, and Mississippi. SGA will be offering coverages in Tennessee for Manufactured Homes, HO -6, HO3, DP-1, and DP-3.

Don't Forget, SGA can also help with your Commercial P&C, Garage and Commercial Auto Risks as well!

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The Silver Lining® shines through on claims survey West Bend is Number 12 and earns B+ on Crash Network’s 2020 Insurer Report Card

When more than 1,000 collision repair shops around the country graded auto insurers on how they handle claims, West Bend ranked Number 12 of 79 and earned a B+ rating! This ranking highlights West Bend’s exemplary claims service, not just price and brand recognition. We’re proud to be included on this list as it shows repair shops how we take care of our customers. Crash Network is an independent source of news, views, and information vital to the collision industry. Find out more at https://www.crashnetwork.com/irc.php.

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Association Update Evans & Gresham Named to Big "I" Committees Big "I" has recently announced that Insurors members Mel Evans and Cindi Gresham have been named to national committees for the upcoming 2020-21 term.

their presence within the transportation and logistics space. Cannon joined Reliance Partners in 2016 with more than 15 years of experience in insurance and marketing. Jamie has always been involved in the transportation industry through her involvement with her family’s trucking company based out of Knoxville. Prior to her career in insurance she worked in real estate and property management.

Evans, the principal agent of Insurefit RM in Knoxville, has been appointed to another term on the National Diversity Council, with the term beginning September 1, 2020 and ending August 31, 2021.

Layman Graduates from Leadership Sumner

Gresham, the president of Boyle Insurance in Memphis and an Insurors Past President as well as current National Director, has been appointed as a member of the Trusted Choice, Inc. Board of Directors to serve for one year, beginning September 1, 2020 and ending August 31, 2021.

Insurors Director of Government Relations, Jim Layman, J.D., has graduated from the Leadership Sumner program. The program offers a practical, supportive platform for community and business leaders to focus on enhancing the quality of life for all citizens of the county. Layman will continue to serve in Leadership Sumner by serving on the organization’s Board of Directors and Alumni Committee.

HUB and Marsh & McLennan on Hanover President's Club List Insurors members HUB (which has several Tennessee agency locations) and Marsh & McLennan (which operates the J. Smith Lanier agency locations in Tennessee)have been named to the 2020 President's Club by The Hanover Insurance Group. Agencies named to the company’s President’s Club are recognized for delivering outstanding value to their customers through insurance expertise and responsive service.

Former TIS Insurance Services Division HCS Finalizes Deal with Propel HealthCare Services (HCS), a risk management and insurance consulting firm that was previously part of TIS Insurance Services in Knoxville, has been acquired by Propel Insurance, a retail insurance agency and a portfolio company of Flexpoint Ford. The combined agency will generate over $120 million of annual revenue in 2020 and will have seven offices across the U.S., including Southeast offices in Knoxville and Charlotte.

Reliance Partners Names Cannon VP Chattanooga-based Reliance Partners has announced the promotion of Jamie Cannon to Vice President of its 3PL Division. Jamie will lead Reliance’s logistics and freight brokerage division with a focus on business development strategy and overall client education and well-being. She will drive Reliance’s mission forward, with a goal of increasing The Tennessee Insuror

Swallows Insurance Adds Poston Cookeville-based Swallows Insurance Agency has announced that Madison Poston has joined their staff as a commercial lines account manager. She graduated from Tennessee Tech University with a degree in General Management, and previously worked in insurance while in college.

Rende Joins Brock Insurance Brock Insurance in Chattanooga has announced the addition of Derek Rende to their agency as a commercial and personal lines producer. A local Chattanoogan, he earned his Bachelor's degree from UTChattanooga and was previously a VP of Sales after spending time as a professional golfer.

White & Associates Helps Donate $5,000 White & Associates Insurance has announced that the Dyer/ Lake County Carl Perkins Center for Prevention of Child Abuse has received a $5,000 donation from Liberty Mutual and Safeco Insurance. as part of an Emergency Community Support Grant to help independent agents give back to their local community during the COVID-19 crisis. The organization was nominated by Whitney Allmon, the agency's COO. u 35

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Your attorney clients know their firm inside and out. You know your markets and your competitors. At Swiss Re Corporate Solutions, we have the capabilities and the financial strength to meet the risk needs of insureds for Lawyer’s Professional Liability. Whether the risk is basic or complex, we believe there’s only one way to arrive at the right solution. And that’s to work together and combine your experience with our expertise and your strengths with our skills. Long-term relationships bring long-term benefits. We’re smarter together.

Swiss Re Corporate Solutions is proud to be the exclusively endorsed Lawyer’s Professional Liability provider for the Insurors of Tennessee. For more information or to access the program, please contact administrator Jeff Severino of Lockton Affinity at JSeverino@locktonaffinity.com or 913.652.7520.

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Insurance products underwritten by Westport Insurance Corporation, Overland Park, Kansas, United States, a member of Swiss Re Corporate Solutions.

Company Spotlight Hippo Insurance Hippo Insurance Services proudly launched in Tennessee in May 2018 with our HO3 and HO6 home insurance products. Hippo is thrilled to work with agent partners, providing modern coverage to Tennessee’s homeowners.

Modern Coverage for Homeowners •

•

About Hippo Insurance Hippo Insurance Services was founded in 2015 by Assaf Wand and Eyal Navon, who knew homeowners deserve better home insurance. By streamlining what it takes to get home insurance, Hippo developed the first solution to effortlessly buy it online - in under five minutes. Hippo also modernized its policies to offer protection for how people live their lives today, often with greater savings. That was then. Now, Hippo is transforming how people think about home insurance. The company’s proactive approach to home insurance means home care, helping homeowners maintain their homes and keep them as a source of pride. With smart home devices included as part of its insurance policies, home maintenance services that include wellness checkups, and personalized outreach during bad weather, Hippo provides the kind of innovation and service that benefits its customers.

•

Dedicated Claims Concierges are with Hippo’s homeowners every step of the way when things happen and a claim is needed. Likewise, the Claims team goes the extra mile to recommend vetted contractors to help homeowners quickly get things back to normal with little hassle. With Hippo’s smart home program, eligible homeowners can choose to use the complimentary smart home devices provided to further protect their homes while earning a discount on their home insurance premiums.

These benefits define Hippo’s dedicated focus on customers and their homes and make it a top choice for many homeowners. It’s also why agents choose to sell Hippo home insurance to their clients because of the range of coverage options to match the diverse lifestyles of homeowners.

Financial Strength Hippo works with top-rated insurance carriers rated “A-Excellent” or better by A.M. Best, the gold standard of the industry. These carriers are backed by reinsurers with a collective 700+ years of experience and combined $200 billion in assets.

The Hippo Difference

Valuing Agency Partners

Hippo strives to make home insurance purchasing as straightforward as possible for customers and agents alike while providing options that set the company apart from competitors.

Hippo recognizes the service and care agents deliver to their clients is of the utmost importance. The company works hard to partner with agents, equipping them with the knowledge and materials needed to better serve their clients and provide them with the kind of home insurance they deserve.

•

Hippo leverages innovative technology which streamlines the quoting and binding process for both agents and customers. Pulling information from multiple public sources, quotes are delivered in under 60 seconds and policies can be bound in less than 5 minutes. Hippo’s home maintenance services provider, Hippo Home Care, helps homeowners find and prevent small issues from becoming costly repairs.

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Hippo has a dedicated Agent Support team in addition to direct support from experienced Territory Managers. Coupled with quick quote and bind times as well as complimentary smart home devices, Hippo makes it possible to offer valuable coverage to clients.

Tennessee Contacts Edward Tillman Regional Territory Manager, SE Region 980.253.6528 etillman@myhippo.com Tony Daniels Director of Producer Channel 650.305.7881 tdaniels@myhippo.com Hippo Insurance Services is on a mission to transform home insurance for the modern household. The company brings homeowners closer to a modern home insurance experience with an efficient online purchase experience using trusted data sources, a smart home device kit included with eligible policies and even more coverage for possessions like appliances, electronics and home offices. Hippo Insurance is part of Hippo’s family of companies that brings together home wellness and home insurance for today’s homeowners. Headquartered in Palo Alto, California, the company’s policies are available to over 65 percent of homeowners in the U.S. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit www.hippo.com.

For more info, please visit hippo.com. u 37

TOGETHER WORKING â&#x20AC;&#x153;Exclusive member agencies, collaborating to bring the best insurance solutions to their clients.â&#x20AC;? The Allison Insurance Group - Jackson Assured Insurance Consultants, LLC - Morristown Bagley & Bagley Insurance - Fayetteville Boyle Insurance Agency, Inc. - Memphis Burke, Powers & Harty - Bristol Carnal-Roberts Agency, Inc. - Lexington Cate-Russell Insurance, Inc. - Maryville Frank E. Neal & Company, Inc. - Nashville Goss Insurance - Hixson Higgins Insurance - Clarksville/Hopkinsville, KY Inter-Agency Insurance Services - Knoxville 38

Martin & Zerfoss, Inc. - Nashville McInturff, Milligan & Brooks - Greeneville Miller | Loughry | Beach Insurance Services - Murfreesboro Ownby Insurance Service, Inc. - Sevierville Powell & Meadows Insurance Agency - Carthage Smith-Berclair Insurance, Inc. - Memphis S.N. Anthony, Inc. - Ripley Tigrett & Pennington Inc. - Dyersburg V.R. Williams & Company - Winchester Watauga Insurance, Inc. - Johnson City

Get more information now at www.securerisk.com

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Broker Spotlight Strickland General Agency Strickland General Agency (SGA) is a family owned and operated Insurance Wholesale Broker proudly serving the Southeast. For over 55 years, Strickland General Agency has been helping independent agents “Think Strickland First” by providing coverages in Commercial P&C, Garage, Commercial Auto and Personal Lines. SGA is dedicated to offering service beyond their agents' expectations. They pride themselves on the ease of doing business with their agents. In order to offer this, they have experienced and knowledgeable underwriters that are only a phone call away. They also offer the SGA ePortal, which offers a variety of resources that are readily available and at the agent’s fingertips 24/7. Agents can quote General Liability, Property, Inland Marine and Personal Lines straight from the ePortal. Through the ePortal agents can also access forms, contact information for all departments and download needed documents.

Personal Lines New! Strickland General Agency is excited to announce they have a new market offering Personal Lines for Tennessee, Georgia, Alabama and Mississippi. SGA will be offering coverages in Tennessee for Manufactured Homes, HO-6, HO3, DP-1 and DP-3.

Commercial General Liability Strickland General Agency can offer Excess and Surplus Insurance for many Difficult-To-Place or Specialty Classes of Business on an Excess and Surplus Lines basis – Secure e-Portal on the website with over 600 classes you can rate and request binding.

Think Strickland First Commercial Auto segment of the industry by offering flexible coverage and value-added service. SGA will work with you to provide the very best coverage at the most reasonable price. They are truly your “one-stop shop” for auto coverage and service. With SGA's coverage and available options there is no reason to bother with multiple auto policies. Strickland General Agency can tailor an insurance program for you without sacrificing quality, protection or service. Areas of expertise include Commercial Trucking, Public Transportation and Business Auto.

Contact Strickland General Agency The experts at SGA are ready to work with you to place Specialty and Surplus Lines Insurance for your customers. Check out their new website and get more information by visiting www.sgainga.com or call them at 1.800.825.5742 for immediate assistance. u

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DON’T GET BITTEN BY AN E&O CLAIM YOU COULD HAVE AVOIDED. Swiss Re policyholders written through the Big “I” Professional Liability Program have access to an exclusive risk management web site. Log on today to fish for E&O claims frequency data, real-life case studies and analysis, sample client letters, sample agency procedures, agency E&O self assessments, podcasts on important E&O topics, and much more.

Garage For over 30 years, Strickland General Agency has been providing a complete line of insurance products that meet the needs of the automotive service industry. SGA writes many classes of garage business including the following: Gas Stations, Auto/Truck Repair Shops, Body Shops, Motorcycle Sales and Repairs, Used Auto Dealers, Valet Services, Mobile Repair and Trailer Sales.

Commercial Auto Strickland General Agency has maintained leadership in the The Tennessee Insuror

www.independentagent.com/EOHappens

Visit the E&O Risk Management website at www.independentagent.com/eohappens 39

Independence can’t happen alone Independence means freedom, but it also means responsibility. It is about staying true to the commitments you’ve made - to your clients, your colleagues, and your community. Keystone connects you to a community of like-minded independent agencies. Our mission remains unchanged: to provide access to the expertise, resources, and relationships that sustain independent insurance agencies over the long haul. Keystone. Independence works better together.

Contact Michele Bicknell for more information: 570.473.2148 mbicknell@keystoneinsgrp.com keystoneinsgrp.com

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Company Briefs J.D. Power Highlights Digital Experience

general counsel, as well as chief audit & compliance officer.

In June, J.D. Power released its 2020 U.S. Insurance Digital Experience Study, and several Insurors Associate Members were highlighted. J.D. Power researchers determined that insurers have made significant technological strides in the nine years since the firm began looking at digital user experiences, although many carriers still struggle with exactly how to present themselves and their product in the digital space.

Welch’s many accomplishments include the development of FCCI’s Data Security Incident Response and Information Security programs; building a robust Enterprise Risk Management program; managing FCCI’s Business Continuity Management program – including the corporate COVID-19 response; and leading the company’s geographic expansion efforts.

Among the carriers excelling, based on the study, are AutoOwners Insurance, Progressive, Travelers, The Hartford, MetLife, Liberty Mutual and Allstate.

INSBANK Parent Adds Echlov to Board

FCCI Announces Welch as New CEO The FCCI Insurance Group board of directors recently announced its selection of Christina ‘Cina’ Welch as president & CEO. Welch began her career with FCCI in 1998 as attorney in the legal department and has held varied and progressively complex roles during her tenure, taking on the role in 2018 of executive vice president,

InsCorp, Inc. – the parent entity of our endorsed banking partners at INSBANK – shareholders elected Russell Echlov to join the company's board of directors at its annual meeting. Echlov, a graduate of Dartmouth College, has more than 20 years' experience in analysis and investing in the financial services sector. Since 2016 he has represented one of the bank's larger investors, Mendon Capital.

AIG Moving Certain PL Business to Safeco American International Group Inc. has announced a deal with Safeco Insurance and Heritage Insurance Holdings Inc. to

We help churches navigate an uncertain world. For more than 90 years, Southern Mutual Church Insurance Company has worked with churches across the Southeast to help them meet their insurance needs. Our work is built upon long-term relationships with our church policyholders, and that starts with strong relationships with our independent agents. If you are interested in partnering with us to serve churches in your area, please call 1-800-922-5332 to learn more.

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Preferred Property Program can help you procure Umbrella coverage for your insureds with an AXV A.M. Best rated carrier for the following types of risks: Developer Sponsored Boards Master Associations High-rise Associations & Apartments to 35 stories are eligible and more Limit options ranging from $5 million to $50 million Coverage can include excess D&O ● General Liability ● Auto ● Employee Benefits Employers Liability, Including Employment Practices Liability* (*if covered under the D&O) Follow Form EPLI is available only up to $25 Million limit

In 2016 we partnered with American Union Risk Underwriters (AURA) located in Florida. With our new partner we can now also offer our comprehensive Umbrella, with unsurpassed service and for the following types of risks: Hotels ● Motels ● Timeshares ● Lessor’s Risk Enclosed Malls Shopping Centers Retail ● Office Buildings ● Warehouses ● Light Industrial Apartments Limit options ranging from $5 million to $100 million For information on our AURA program, contact our experienced underwriter Tom Clementi at 877-506-1430 or visit our website, www.aurains.com A subsidiary of

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offer AIG Private Client Group’s agents the ability to transition their upper middle market personal insurance business to Safeco and Heritage. Subject to regulatory approval, a "select portion" of personal lines business with home, auto and umbrella insurance policies may be moved in the 4th Quarter of 2020.

Allstate to Acquire National General Recently, Allstate announced that it has reached a deal to acquire National General Holdings Corp. for a deal reported to total nearly $4 billion. When the transaction closes in early 2021, pending regulatory approval and other closing conditions, Allstate will become the fifth largest independent agency carrier. The merger promises to provide independent agencies with a broader, more modern suite of products, including non-standard auto coverage. In addition to increasing Allstate’s presence in the nonstandard auto market, the deal will also provide agents with the ability to utilize National General’s innovative and highly intuitive technology platform, increasing customer satisfaction and the ease of doing business with independent agents.

Hippo Raises $150M in Funding Round Palo Alto, California-based insurance technology business Hippo Insurance has just completed a round of financing that raised $150 million. Hippo, which is now valued at about $1.5 billion after the new funding, is preparing for a potential initial public offering, said Chief Executive Officer Assaf Wand. Hippo is on track for more than $100 million of revenue in the next year, according to Wand. Hippo’s goal is to have “a clear path to profitability” by next year when it expects to be ready to go public, he said.

TDCI Adds Fortman as Captive Leader The Tennessee Department of Commerce & Insurance (TDCI) has announced that nationally recognized captive insurance executive and global leader Belinda Fortman will join TDCI as Captive Insurance Section Director. Fortman, who moved to Tennessee from Vermont in 2013 to support the growth of captive insurance in Tennessee, draws on decades of experience in the industry – most recently leading her own captive management firm. Captive insurance is an option for companies to self-insure certain aspects of their business. The captive insurance sector has an estimated economic impact in Tennessee of $31 million in direct annual spending and employs more than 100 full-time professionals. The Tennessee Insuror

Ryan Specialty Group and All Risks Merge Ryan Specialty Group, LLC (RSG) and All Risks, Ltd. (All Risks) have announced they have signed a definitive agreement to merge. The two firms are insurance specialists with strengths that complement one another. Both have proven track records of excellence in transactional wholesale distribution and managed underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities. RSG is headquartered in Chicago, IL and All Risks in Delray Beach, Florida; each entity has a national U.S. footprint complemented by RSG’s European operations. RSG is approaching $12 billion in premium in 2020, while All Risks is projecting $2.6 billion in premium for the year.

Arlington/Roe Announces Promotions Arlington/Roe has announced the promotions of Carrie Heinlein, John Immordino, Amanda Koluch and Patrick Roe. Heinlein is now Vice President, Commercial Lines Team Lead for the wholesaler. She joined Arlington/Roe in 2014 as a Commercial Lines Assistant Underwriter. Since then, she has held a variety of positions within the Commercial Binding area. Immordino is now Senior Vice President, Professional Liability. He rejoined Arlington/Roe in 2012 as Vice President, leading the Professional Liability department and affinity program initiatives. Koluch is now Vice President, Marketing & Communications. She was previously promoted to Marketing Operations Leader and Executive Assistant in 2018. She works closely with Jim and Patrick Roe and oversees agency relations, events and communication. Roe is now Senior Vice President, Marketing & Sales. Following in the footsteps of grandfather, Francis “Leo”, and father, Jim, Patrick joined his brother Andy at Arlington/ Roe in 2003 as the second member of the third generation of the Roe family. He first began working as a Personal Lines Assistant Underwriter and Underwriter.

Central Promotes Pfeifer to Senior VP The Central Insurance Companies have announced the promotion of Jocelyn Pfeifer to Senior VP of Underwriting. In this new role at Central, Pfeifer will lead the entirety of the company’s underwriting organization including CL, PL, Loss Control and Underwriting Operations. u 43

Impact of COVID-19 on Quote...

...continued from page 12

compared to states that reopened toward the end of May.

Nonstandard Markets Nonstandard markets could be adversely affected above and beyond the current impact of the industry, according to J.D. Power. Their report shows a couple of factors could be driving this: nonstandard shoppers can be less aware of premium relief, or they are more likely to encounter financial hardship. Both of these could cause a higher incidence of shopping. This argument doesn’t take into account an important component—nonstandard consumers are the regular and savvy price shoppers, and therefore there are already higher quoting and rating activities in nonstandard markets.

June: As predicted, rating activity in June continued to improve as states reopened further. The month was the closest to projected rating volume since early March, ending at only 6% below expectations. But toward the end of the month the number of positive COVID-19 cases started to grow again in certain states and we saw this reflected in the decrease of rating activity in those states and continuing into July. The above data is only the rating activities agents were doing in TurboRater and does not include any consumer-driven rating activities. Through our website platform Insurance Website Builder, our consumer rating platform TurboRater for Websites, and the TurboRater Rate Engine API, we’ve seen a different story. For the month of March, online rating activities were 3% higher than expected versus the 13.5% decrease seen within agency quoting. As shelter-in-place directives continued during April, consumers used online resources to transact their day-to-day business, including insurance. The numbers of consumers shopping for their insurance policy online outperformed the historical model of calling or stopping by the agency office. Traffic to Insurance Website Builder clients was up 3%. Online quote requests and goal completions jumped considerably with these two online activities as high as 25.2% above expectations. Agencies and InsurTechs that have invested in online properties with consumer-driven quoting have not been as significantly affected within their online activities as much as agencies that rely on foot, referral or phone traffic. Online insurance offerings are a significant opportunity for insurance agencies and carriers during the current situation. I highly recommend that agents and carriers invest in their online properties. This may include insurance agency websites, automated agency marketing, and online comparative rating portals. 44

An argument can be made that nonstandard agencies are better prepared for a shift in buying habits. In the same J.D. Power report, consumers are looking to their agents and carriers for better rate management options. These include reducing premiums, forgiving missed payments, and suspending coverages at will. These actions are nothing new to agencies focused on volume sales. I’ve had discussions with agencies across the nation, and those focused on nonstandard shoppers have seen a minimal downturn in business with active renewal, rewriting and education campaigns replacing any decrease in quoting. Agencies that have focused on value selling are now facing the reality that their long-term clients have become price shoppers. These agencies will need to use assistive technologies to aid their client base at scale.

Methodology ITC maintains a regular baseline of expected quoting volume for TurboRater. We also maintain an expectation of submission and traffic on the Insurance Website Builder, TurboRater for Websites and TurboRater Rate Engine API platforms. We built the baseline on a model that reflects multi-year historical performance, usage of the platform, state demographics and market conditions using data from ITC’s business intelligence and analytical products. The margin of error for the agency quoting and rating baseline averages less than 1.5% as calculated daily. The data analysis excludes rates returned without a premium. The margin of error for the online properties and submission volumes averages less than 5%, as calculated weekly. All models only attempt to predict Monday through Friday. Agency operations over a weekend have too much variability. About the Author Laird Rixford is CEO of Insurance Technologies Corporation (ITC), a provider of websites, marketing, rating and management software and services to the insurance industry. u The Tennessee Insuror

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Should an Agency Purchase E&O Coverage from Appointed Carriers? written by Chris Boggs, Big "I" Virtual University Proper placement of an agencyâ&#x20AC;&#x2122;s errors & omissions (E&O) coverage is of utmost importance. Protection provided by an E&O policy can be the difference between an agency's continued success and financial ruin. Agencies have many options available for the placement of their E&O coverage. For some, one of the options is purchasing E&O coverage directly from one of their appointed carriers. In fact, these carriers constantly solicit their appointed agents for placing their E&O coverage with exclusive perks, such as points towards carrier incentive plans, reductions in deductibles for E&O claims and application of the E&O premiums toward overall production. On the surface, this seems like a good deal, especially since the agency already has a relationship with the appointed carrier. The agency trusts them to protect its customers, they are highly rated and they have a great reputation for paying claims. But serving the agencyâ&#x20AC;&#x2122;s clients and defending the agency from E&O claims are two separate and distinct relationships. The line between what is best for the agency and best for the customer becomes blurred â&#x20AC;&#x201C; the two aren't always compatible. Further, what is best for the carrier and best for the agency may not be the same either. It's seldom spoken of when this happens, but it's always lurking in the background and it's called: "conflict of interest." Before placing E&O coverage with any carrier the agency is appointed to represent, there are several factors that must be considered:

1. Agent or Direct The Big "I" considers promoting the value insurance agents bring to their customers as part of its mission. Independent agents know the value they add to customers, so why would the agency not want the benefit of a trained professional liability agent working on its behalf?

Professional liability can be tricky and just because an agent knows the coverage needs of his or her customers, doesn't necessarily translate into knowing the nuances of agents' E&O coverage. Big "I" state association personnel whose only focus is professional liability work closely with the agency to service its E&O needs. Yes, even the best agency benefits from the professional service and knowledge offered by a dedicated E&O professional.

2. Carrier Relationships The intrinsic value of agencies is their book of business and carrier appointments. A disagreement about the handling of an E&O claim has the potential to severely strain that relationship and may hamper any long-term representation. If the agency is embroiled in an E&O claim involving the same carrier, maybe even forcing the carrier to fight both for and against its agent, relationships are harmed.

3. Application Data E&O applications necessarily contain large amounts of sensitive and proprietary information necessary for underwriting, including premiums by line of business, revenue, staff count, appointed carriers and descriptions of office procedures. In addition to knowing all the carriers with which the agency is appointed, the E&O carrier will also know the amount of business with each carrier. Will the E&O department keep this information confidential, or is it shared with other departments? The hope is that the information is kept confidential, but there may be no guarantees. It is easy to imagine the carrier's field underwriter hounding the agency for more business because of this inside information.

4. Increasing Carrier Claims Against Agents E&O claims data is analyzed regularly to reveal claim trends. One clear trend that began nearly two decades ago is the steady in-

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crease in carriers suing agents for mistakes that result in damages to the carrier. In such a scenario, defending an agent against itself creates a clear conflict of interest for the carrier.

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Once the carrier is convinced the agent is guilty of the E&O incident, all the years of a pleasant and profitable business relationship are quickly forgotten. The carrier only has one purpose in mind, forcing the agent to pay the claim. If the E&O is with that same carrier, there is an immediate conflict of interest because the E&O contract places the sole duty of defending the agency on the carrier. But if the carrier is also trying to lay blame on the agency; how can it, in good faith, also defend the agency? What kind of defense can the agency expect when the carrier is defending the agency against itself?

5. E&O Claims History Protection Many potential E&O incidents involve, "he said, she said" accounts of the incidents. What happens when a customer written by same carrier is the subject of the potential E&O incident? Even if the agency didn’t make a mistake, the customer may misrepresent the facts in an attempt to secure payment from the E&O policy. The E&O carrier must make the decision to defend the agent or pay the retail customer's underlying claim to appease them. Maybe the carrier just decides to pay the loss as an E&O claim under the agency’s account because it is less expensive than defending it. There are two problems with this approach for the agency. One, the agency’s E&O policy has a deductible and the E&O carrier can use the claim to justify future rate increases or simply cancel the policy. Two, the loss will show up on the agency’s loss history and will likely have a negative impact on the agency’s ability to shop E&O coverage in the future. Agencies have a choice to make regarding the placement of E&O coverage. These are just a few factors that must be considered when making this very important decision. Although placing the coverage with a carrier the agency represents may seem safe and convenient, the ultimate risk may be too high.

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Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Big "I" Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry. u 48

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IBA Magazine and Agents across the nation rate Genesee FIVE-STAR ALL STAR recognizing our expertise in various specializations! Genesee is Independently operated with National Capabilities giving Genesee the ﬂexibility to be the go to MGA/Wholesaler for the independent agent. « « « « «

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Meetings Fall Events May See Online & In-Person Functions Big "I" Leadership Conference 9/10-13 The Big “I” Fall Leadership Conference is set for September 10-13, and it will feature the Agents Council for Technology (ACT) Meeting, the Young Agents Leadership Institute and the Education Convocation, all in a virtual format. The ACT Meeting will provide expert perspectives on the evolution of the insurance industry, including contingency planning, cybersecurity and other emerging technology trends to equip agencies with toolkits, improved digital workflows and secure client service. Attendance at our ACT Meeting is FREE for Big "I" Agents and supporting ACT carriers and vendors. Attendance at the virtual meeting will also give you the opportunity to participate in concurrent meeting sessions presented by the Young Agents Leadership Institute and the Education Convocation. Virtual programs begin each day at 11 am ET and will feature a mix of panel discussions, keynoters and sponsored material. Visit the Big “I” Fall Leadership Conference page at https://www. independentagent.com/Events/FallLeadership/home.aspx

New Date of Sept. 22 for NW TN Golf The Insurors of Northwest Tennessee local board has announced the postponement of their annual golf tournament, with a new date set of Tuesday, September 22. Please visit https://www.insurors.org/pdf/InsurorsNWTNFlyer0920.pdf or contact Matt Russell at mrussell@westan.net for more info.

Could your agency weather a data security breach? A full 80 percent of businesses that experience one don’t.1 The right insurance can keep your agency from becoming part of this startling statistic. Data breaches are common among smaller businesses, and responding to a breach is both costly and complex. You are obligated to protect the data you collect, and package policies are often not enough. Make sure your agency has the right coverage in place to protect you and your insureds. Contact your Insurors E&O Specialist, Stephen Holmes, CIC, CISR, for information on Data Breach coverage.

Insurors 127th Annual Convention Oct. 13 The Insurors 127th Annual Convention will now take place on Tuesday, October 13 as an online event. The event will be hosted on our online education platform by the Agents and Brokers Education Network (ABEN). The virtual classroom will be presented by our Contributing Partners. All of our virtual functions – the General Session, Keynote and Association Day annual meeting – are being presented to Insurors members FREE OF CHARGE thanks to our 2020 Partners Program companies!

1. Privacy Rights Clearinghouse: Chronology of Data Breaches

Stephen Holmes, CIC, CISR sholmes@insurors.org 615.515.2609

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Member Tips Steering Clear of UM/UIM E&O Claims by Kristina Miller, AVP of Swiss Re Corp. Sol. In today's litigious society, drivers need uninsured/underinsured motorist insurance, and even umbrella coverage. Certain states have minimum auto liability coverage requirements while some states make UM/UIM coverage a requirement. However, often an at-fault driver that carries state minimum coverage limits cannot adequately compensate the injured party for their loss. Therefore, UM/UIM and umbrella coverage is an important aspect of any insurance agency that procures auto liability policies for its customers. Agents need to be careful and take appropriate steps to avoid E&O claims that they failed to offer UM/UIM and umbrella coverage. Such steps include: 1) Verify state requirements. All agencies that write auto insurance need to keep abreast of any changes in its state laws. 2) Make sure the client understands who is insured. A recent E&O claim resulted when an agency failed to clarify the coverage under a law firm's commercial auto policy, which included UM/UIM. The firm was the named insured under the policy and provided coverage to the partners when occupying a scheduled vehicle. When one of the partners suffered significant injuries after being hit by an uninsured driver returning from court, the carrier declined UM/UIM coverage for the loss because the partner did not occupy a scheduled vehicle at the time of the loss. The claim against the agency alleged negligent misrepresentation regarding the existence of UM/UIM coverage and failure to procure portable UM/UIM coverage. An additional claim alleged that the agency failed to offer excess UM/UIM coverage. 3) Communicate the necessity of UM/UIM coverage. Best practices for agencies is to have written documentation with clients regarding coverages. Certain states require an agency to obtain an executed document from any customer that declines UM/ UIM coverage. Failing to document could cause an agency to face a claim on the basis that the agency failed to offer coverage. 4) Understand state umbrella insurance coverage requirements. Recently, an agency received an umbrella claim after the carrier denied coverage because the customer did not maintain the required underlying auto liability limits. The customer had been hit by an at-fault uninsured driver and was severely injured. The customer brought a claim against the agency for damages due to the agency's failure to procure $1 million in umbrella UM/UIM coverage. The agency also failed to confirm the customer's underlying automobile policy had the appropriate underlying limits by obtaining a current declarations page of that policy. u

Directory of Advertisers Advertiser

Phone

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ACUITY (920) 458 - 9131 www.acuity.com 9 Arlington/Roe (800) 878 - 9891 www.arlingtonroe.com 7 ATA/ATA Comp Fund (334) 834 - 7911 www.atacompfund.com 26 Bailey Special Risks, Inc. (800) 768 - 7475 www.bsrins.com 6 Berkley Southeast Insurance Group (615) 932 - 5508 www.berkleysig.com 19 Berkshire Hathaway Guard Insurance Cos. (800) 673 - 2465 x4567 www.guard.com/apply 30 Big "I" Hires (800) 221 - 7917 www.bigihires.com 50 Builders Mutual (800) 809 - 4859 www.buildersmutual.com 33 DocuSign (877) 720 - 2040 www.docusign.com/iiaba 39 ePayPolicy (844) 372 - 9300 www.epaypolicy.com/insurorstn 47 Genesee General (800) 282 - 8755 www.geneseeins.com 49 Harford Mutual (800) 638 - 3669 www.harfordmutual.com 45 Hawksoft (866) 884 - 4680 x4 www.hawksoft.com 2 Hippo Insurance (800) 845 - 6466 www.hippo.com 55 IntellAgents (614) 552 - 3063 intellagents.io 48 INSBANK (866) 866 - 4268 www.insbanktn.com 11 J.M. Wilson (800) 595 - 0063 www.jmwilson.com 17 Keystone Insurers Group (800) 416 - 5498 www.keystoneinsgrp.com 40 KNK Compliance Services (615) 375 - 7419 www.knkcompliance.com 17 Markel Specialty (800) 431 - 1270 www.markelcorp.com 22 MidSouth Mutual Insurance Company (844) 438 - 6642 www.midsouthmutual.com 26 National Security Group (800) 239 - 2358 x213 www.nationalsecuritygroup.com 22 Nationwide Insurance (423) 927 -2060 www.nationwide.com 20 Partner Platform - SIS (800) 747 - 9273 www.sispartnerplatform.com 15 Penn National Insurance (800) 395 - 0518 www.pennnationalinsurance.com 56 Preferred Property Programs (888) 549 - 2465 www.umbrellaprogram.com 42 RLI PUP (615) 515 - 2609 www.insurors.org 32 Securerisk (770) 723 - 8096 www.securerisk.com 38 Southern Mutual Church Insurance Co. (800) 922 - 5332 www.smcins.com 41 Strickland General Agency (800) 825 - 5742 www.sgainga.com 33 Summit Holdings (800) 971 - 2667 www.summitholdings.com 13 Swiss Re Lawyer's Professional Liability (630) 213 - 9952 www.swissre.com 36 Titan Web Marketing Solutions (615) 890 - 3600 www.titanwms.com 24,42 West Bend Mutual Insurance Co. (800) 236 - 5010 www.thesilverlining.com 34 Work at Home Vintage Experts (646) 807 - 4372 www.wahve.com 52 Photo credit: Bruce Cain/Elevated Lens Photography

INSURORS 127th ANNUAL CONVENTION OCTOBER 13, 2020 â&#x20AC;¢ ONLINE & FREE for MEMBERS MORE INFO AT INSURORS.ORG

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