The Tennessee Insuror Mar/Apr '19 by Insurors of Tennessee

THE TENNESSEE

INSUROR March/April 2019 Volume 30 | Number 2

The Natives Are Restless

Insurors New Leadership Staff is Hard at Work for Their Home State

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The Rollercoaster Financial Sector Agency Growth Conference 2019 Defining Your Target Market

Expect big things in workers’ compensation. Most classes approved, nationwide. It pays to get a quote from Applied.® For information call (877) 234-4450 or visit auw.com/us. Follow us at bigdoghq.com. ©2019 Applied Underwriters, Inc., a Berkshire Hathaway company. Rated A+ (Superior) by A.M. Best.

2Insurance plans protected U.S. Patent No. 7,908,157.

The Tennessee Insuror

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THE TENNESSEE

INSUROR Vol. XXX, Number 2 March/April 2019

features

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

4 The Natives Are Restless INSURORS OFFICERS

President ........................................................................... Joe Hunt Immediate Past President ............................... Chris Allison, CIC IIABA National Director ......................................... Lou Moran III VP, Region III and President Elect ........................ Bob McIntire Vice President, Region I ................................... Norfleet Anthony Vice President, Region III .................................... Chip Fridrich Jr. Treasurer ..................................................................... Tim Roberts Secretary ................................................................. Chip Hoover Director, Region I .................................................. Tommy Allmon Director, Region I .................................. S. Keith Phelps, CIC, CRM Director, Region I ......................................... Richard Whitley, CIC Director, Region II ............................... Christy Jones, CISR, CAPI Director, Region II ............................................ John McCord, CIC Director, Region II ..................................................... Taylor Porch Director, Region III ............................................................ Tim Witt Director, Region III ................................................. Mark Slater Jr. Director, Region III ...................................... Brandon Clarke, CIC Young Agents Chair ..................................... Alan Sisk, AU, AINS

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Insurors New Leadership Staff is Hard at Work for Their Home State

Insurors Launches Government Relations Committee

My Property Flooded and it's Not Covered. Now What?

12 Keep an Eye on the Past to Avoid Future E&O Mistakes 14 Daniel Talks Agency Marketing: Finding Your Target Market 46

Do Your Standard PL Clients Need Cyber Coverage?

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

Eight Insurors Members Appointed to Committee for 2019

From Your President

The Full Court Press is On

From Your Young Agents Director

From Your CEO

Education Calendar

Layman's Terms

Company Spotlight

Broker Spotlight

Why Should I Network with My Competition? Membership is All About You

Furious Pace Continues as Session Passes Midway Mark ICW Group

Arlington/Roe

51 Meetings 53

Member Tips

How to Engage with Your Clients During the Sale

The Natives Are Restless Insurors New Leadership Staff is Hard at Work for Their Home State

For the first time in over 30 years, Insurors of Tennessee has a new staff leader in CEO Ashley Gold. One of her first initiatives was to clarify roles of her staff and update our internal leadership team. We hope you'll take a moment to read this article and get to know your State Association team.

Ashley Gold, J.D. - Chief Executive Officer Ashley is a Nashville native who graduated from the University of Kentucky and earned her Juris Doctor from Cumberland School of Law at Samford University. She and her husband, Nick, have one son, Carter, and live in the Green Hills neighborhood of Nashville. The Insuror: Describe a typical day of work for you at Insurors. Ashley: Every day of the week has a different vibe. I try to focus Mondays on the team and our goals. I do my best to check in with everyone to see whether they need help and how they are progressing on projects. With the Legislature in session, Tuesday’s are spent downtown working bills and meeting with Legislators. Wednesday and Thursday I try to answer member questions, set meetings and work on future planning. Friday’s are clean up days. But let’s be real – by 9 am on most days the plan has been replaced with whatever is most pressing at that time. Also, I have a dozen books I am trying to read. The Insuror: What do you most enjoy about working with Insurors members? 4

Ashley: I truly enjoy all of it. I enjoy the interaction with people and getting to know more about individual agencies. I love that our members primary purpose is helping others. To that end, I also enjoy being a problem solver. Members regularly call me with questions or problems and I try to help resolve those questions with relevant, accurate information. The Insuror: What do you feel makes us different as an Association? Ashley: Our resources. I think most agents are unaware of the volume of resources they have access to through the Association. Members have access to education, the Virtual University "Ask an Expert" service, contract reviews, RLI PUP product, marketing help, E&O risk management services and a variety of markets that fit niche areas to help round out accounts. In addition, IIABA has been working on helping members find talent and navigating complex federal issues. The Insuror: What’s one thing you think more agents should know about the work we do for their agency? Ashley: The importance of our government affairs work. In the past, the work we do is often behind the scenes. Whether on a state or national level, Insurors or IIABA lobbyists spend countless hours working on legislation, rules and with regulators to make sure that the independent agency system is successful and remains independent. In the state of Tennessee alone, we have passed the Agents Bill of Rights, we have worked on positive updates to the Workers’ Compensation The Tennessee Insuror

laws, and effectively beating bad laws such as Opt-Out, and keeping each licensed agent from having to pay an annual professional privilege tax. On the national level the team has worked on the recent tax changes, flood legislation and avoiding federal regulation of insurance. I hope that moving forward we are able to better educate our members on the importance of government affairs and how they can be involved on a local, state and federal level. The Insuror: What is the vision you most want to share with our members for the direction of the Association? Ashley: I want our members to be engaged with the Association, and to feel that we are here for all of our members, not just the big or small agencies. The Insurors team has spent a lot of time this year talking about how we can better market ourselves to our members so that each member has a better understanding of not only who we are but why we are here. We want to be the go to source for our members for the next generation, as we have been for this and previous generations.

and I enjoy helping them grow their agencies. Most of all, they are relatable and like to have fun. The Insuror: What do you feel makes us different than other industry groups? Daniel: Capacity. We can offer agents experience and answers on technical insurance matters, regulation, laws, agency management, CE, legal matters, E&O, marketing and more. I see other organizations and Facebook groups that offer pieces of those services, but they don't have it all under one roof. We can provide all this and more to members. The Insuror: What’s one thing you think more agents should know about the work we do for their agency? Daniel: I wish agents knew that they could reach out to us for almost anything their agency needs and we can find them a solution. So many times, I talk to an agent and they tell me, "I didn't know you guys offered that." We want our members to get as much value as possible out of the Association.

The Insuror: If you could have an all-expenses vacation to anywhere in the world, but you had to fill the trip up with our members – where would you take us and why?

The Insuror: If you could bring any entertainer from history to perform at the Insurors convention – who would it be and why?

Ashley: I would take us to Disney World. I think everyone would benefit from the experience. As a business, Disney is an excellent example of how to successfully market your business. They have excellent help and training for their employees. They spend money to make money. There is always a demand for their products and they are phenomenally successful. Besides – it’s fun. I think we could all benefit from remembering what it is like to have a good time for no other reason than the experience.

Daniel: When I first started here I would have said Elvis, because the convention was built around a muscial act and that would have obviously been a huge draw. Now, times have changed and our event has changed, and I would say Peyton Manning would be great to bring in our crowds.

Daniel Smith, CAE - Chief Marketing Officer Daniel is a Chattanooga native who attended the University of Tennessee at Chattanooga before moving to Nashville in 2004 with his wife Shea. They live in the Germantown neighborhood of Nashville and have a pet dog – a Basset/Boxer/Pitbull mix named Drago. The Insuror: Describe a typical day of work for you at Insurors. Daniel: My days generally start with a list of things to accomplish – and then I check my email. I spend most of my time helping answer questions for agents, talking to our carrier partners, planning and marketing events, working on marketing strategy and drafting our publications. The Insuror: What do you most enjoy about working with Insurors members? Daniel: The best part is the people. Our members are good people who are heavily involved and work in communities across this state. They almost always have good intentions The Tennessee Insuror

Stephen Holmes, CPCU, CIC, CISR - Director of For-Profit Stephen is a Nashville native who graduated from the University of Tennessee at Knoxville. He and his wife Allison recently purchased a new home in the Harding neighborhood of Nashville. They enjoy travel and are planning a trip to Italy for this Fall. The Insuror: Describe a typical day of work for you at Insurors. Stephen: A typical day involves keeping up with my renewal clients, answering questions about policy language or changes that need to be made to a policy, getting in touch with our members to discuss the type of service we can provide them – particularly when it comes to E&O coverage. I also will handle some other general RLI personal umbrella, cyber or EPLI correspondence. In general, I am in constant discussion with our members in some fashion. The Insuror: What do you most enjoy about working with Insurors members? Stephen: Almost without question, our members are good, decent, hard-working people who want to make a positive impact in their communities. It’s a good feeling to work with that type of person on a day-to-day basis. 5

The Insuror: What do you feel makes us different as an E&O provider? Stephen: We are a true local presence, and we care deeply about being fair and responsive to our members, as well as being strong advocates for and allies of them. E&O insurance is not anything to take lightly. I think there is a comfort level in knowing that we are here for them on a daily basis. We’re not just a phone number stuck in the middle of some policy. We’re here, for you, right now. The Insuror: What’s one thing you think more agents should know about the products we offer their agency? Stephen: Specifically dealing with the Swiss Re/Westport E&O policy I’ll give two things: 1. the risk management services that are available at no additional costs via the E&O Happens website and the E&O Claims Advisor newsletter; and 2. the Deductible Reduction feature, which can eliminate 100% of your deductible if you maintain proper documentation in your file. The Insuror: If you could relate the plot of one movie to your role at Insurors – what would it be and why? Stephen: I'd say "Inception" – the reasoning behind it all can confuse people, but by the end, it seems to be something they like.

Jim Layman, J.D. - Director of Government Relations Jim is a Nashville native who graduated from the University of Tennessee at Knoxville and earned his Juris Doctor at the University of Memphis. He and his wife, Caitlyn, have a son, James Jr. and are expecting their second child in April. They live in Goodlettsville. The Insuror: Describe a typical day of work for you at Insurors. Jim: My typical day entails primarily three things: 1. Monitoring legislation; 2. Meeting with legislators and stakeholders to advocate for or intercede on pending legislation; and finally. 3. Communicating everything that I see going on to senior staff, other stakeholders, and – most importantly – to our members. The Insuror: What do you most enjoy about working with Insurors members? Jim: I most enjoy getting to hear the insights of folks who work in this industry. They have forgotten more than I will ever know in insurance. Our members are politically active and know their communities so they are our most valuable resource when it comes to working with legislators. The Insuror: What do you feel makes us different in protecting the interests of agents and the industry On the Hill? 6

Jim: What sets us apart from the carriers and the other stakeholders in the industry is that we are the people on the frontlines. We have personal relationships with our clients and can tell members how legislation will affect customers and, often times, can better foresee how the industry and clients might be impacted by legislation. A lot of times we are a trusted resource for the practical impact of proposed legislation affecting the insurance industry. The Insuror: What’s one thing you think more agents should know about the work we do on Government Affairs? Jim: I can’t oversell the value of InsurPACTN. It is a great thing to get involved personally in politics and to know your legislators, but your influence grows exponentially when you contribute to the PAC. The PAC represents a common voice among all of our members, and shows the strength we have together. Our PAC gives us credibility and standing at the Capitol. It helps us connect with legislators and to ensure that legislators are elected that will listen to our concerns and that will work together with our members and our industry. The Insuror: If you could bring any political figure from history to work with you as a lobbyist at Insurors – who would it be and why? Jim: Coming most recently from the Haslam administration, it’s hard for me to go with anyone other than Bill Haslam. Gov. Haslam was extremely adept at seeing the big picture, and “playing chess, not checkers” as they say. He knew that his decisions had consequences, as did the decisions of others, and he was great at trying to foresee how political situations would change overtime.

Your Insurors Support Staff Members Don Cunningham, CPCU serves as our Member Development Specialist. He was born in Nashville and raised in Goodlettsville, and now lives in Gallatin with his wife, Pam. They have two adult children and enjoy traveling in their RV. Ellie Small serves as our Membership Specialist. She is a native of Evansville, Indiana and graduated from Purdue University. She and her fiance, Tyler, will be getting married this Summer and they live in the Belmont area of Nashville. Colleen Vance serves as our Accounting Specialist and is in her 23rd year with Insurors. She has an adult daughter, Emily, and a sonin-law, Frank Miller. She lives just outside of Nashville in Ashland City, where she was raised. Dakota Weatherford serves as our Marketing & Research Associate. She and her husband, James Eisengruber, just purchased their first home together in Lebanon – near her hometown of Mount Juliet – and have a dog named Thor. The Tennessee Insuror

The Insuror: What is one thing you wish more members knew about your role at Insurors? Colleen Vance: That I have not always been the Accounting Specialist for the Association. I started here 23 years ago as the receptionist. After a couple of years, I began working on the education side. Coordinating classes, working with hotels and our instructors, etc. I also helped out with RLI briefly, before moving into Accounting, where I have been since. Don Cunningham: That in addition to visiting with members and prospects, my role at Insurors has evolved to include being an Education Consultant for CIC as well as consulting with our agencies for E&O audits on behalf of Swiss Re. Ellie Small: I wish more members knew that I handle our continuing education and that I can help them with coordinating those needs for their agency. The Insuror: What do you most enjoy about working with Insurors members? Dakota Weatherford: I have really enjoyed getting to know them as people. I also appreciate how involved they are in their communities. Ellie Small: I love getting to interact with members at our inperson classes. This is a great way for me to be able to discuss the Association with them and ask if there is anything we could be doing to make their membership with us more beneficial. Don Cunningham: I have enjoyed building relationships with agents since the early 70s and still do. Those relationships mean a great deal to me, especially if I get a sense, as I sometimes do, that I have been able to help someone. The Insuror: What do you feel makes us different as an Association? Colleen Vance: I believe our Association is different because, not only are we co-workers, I feel like we are a family. We are a small Association, and that makes it easier for all of us to work together. This makes for a pleasant atmosphere and I think the members can tell a difference.

In Tennessee, it’s AmTrust for Workers’ Comp… and much more.

Dakota Weatherford: I think it makes a difference that we are out at meetings, events, receptions and visits getting to know our members and what their agencies need. Ellie Small: I feel like our knowledgeable and determined staff sets us apart as an Association. We all work very hard to make sure our members get the information they need when they need it. We are also always trying to figure out ways in which to improve our member experience. We look forward to continuing to work with our members to help improve their businesses and opportunities in Tennessee. u The Tennessee Insuror

FSC “XV,” Stable Outlook

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Visit www.amtrustfinancial.com/tnq1 or call 844.608.1613

AmTrust is AmTrust Financial Services, Inc., located at 59 Maiden Lane, New York, NY 10038. Coverages are provided by its property and casualty insurance company affiliates. Consult the applicable policy for specific terms, conditions, limits and exclusions to coverage.

Insurors Launches Government Relations Committee Eight Insurors Members Appointed to Committee for 2019 Insurors President Joe Hunt has announced the formation of a new committee for the Association. The Government Relations Committee will focus on strengthening our current work and also improve our communication of that work to members. The members of the committee will serve a 1-year term renewable by the incoming Insurors President at their discretion. The committee will discuss legislation, regulations, campaigns, PAC donations and will also serve as hosts for local "town hall" events throughout the state. More information and dates on such events will be announced in the coming weeks. We have many members who have been involved in government relations at various levels. For the committee, a diverse group was selected to represent interests at multiple levels across the state.

Government Relations Committee Members The following Insurors members have been appointed to serve on the Government Relations Committee for 2019: Bob McIntire | Chair Co-founder/Principal Agent McIntire Insurance and Real Estate Cleveland 2019 Insurors Board member and President-elect Jeff Coker, CIC | Member Principal Coker, Wolfe & Associates Hendersonville Political Activist; Member of Bill Lee's Leaders Coalition Jessica Govic, CLCS | Member Area President - Nashville/Louisville Gallagher Brentwood Specialist in Government Entity Risk Transfer Brooks McDonald, CLTC | Member Chief Executive Officer McDonald Insurance and Financial Services Franklin/Bartlett/Jackson/Germantown Political activist in multiple parts of the state 8

Kevin Ownby | Member Principal Ownby Insurance Service, Inc. Sevierville Former Insurors Board Member; Political Activist Portis Tanner | Member Chief Operating Officer Westan Insurance Group, Inc. Union City/multiple locations Former Insurors Board Member; Political Activist Greg Davis, CPCU, CIC, AMIM | Ad Hoc Member Territory Director Acuity Insurance Brentwood Former Williamson County Commissioner; District 8 Lou Moran III | Ad Hoc Member President Inter-Agency Insurance Service Knoxville IIABA National Director for TN; Past President Joe Hunt | Ex-Officio Member Chief Manager V.R. Williams & Company Winchester Insurors President Insurors CEO Ashley Gold, J.D. will also serve as an Ex-officio member of the committee, and the Staff Liaison will be our Director of Government Relations Jim Layman, J.D. We will still rely on the greater membership for feedback on specific legislative issues and direction on legislative concerns for the industry. For more information on our overall Government Relations efforts and our State and Federal political action committees (InsurPACTN and Insurpac National), please visit https://www. insurors.org/IOT/About/Government_Affairs/IOT/News/IOT_ Government_Affairs.aspx. For more information on the committee or specific legislation we are tracking, please contact Jim at jlayman@insurors.org or call 615.515.2605. u The Tennessee Insuror

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Celebrating 125 years of valued relationships with our agent partners. The Tennessee Insuror

My Property Flooded and It's Not Covered. Now What?

written by our partners at INSBANK

Many areas of Tennessee experienced record rainfall in February and March, leading to widespread flooding and damage to homes and businesses. While homeowners, renters or business owners that were properly insured against flood risk may be reeling from the damage and ensuing hassles, their property can be replaced with minimal out-of-pocket expense. Any bank or mortgage lender will of course require a policy from the National Flood Insurance Program (or comparable coverage) before issuing a loan, if the collateral property is in a designated flood zone. However, affected Tennesseans outside of designated flood zones – that never expected to experience flooding – are likely unaware of the flood insurance program administered by the Federal Emergency Management Agency and may be scrambling for solutions. One of their first post-flood calls will understandably be to their insurance agent, but it is their banker that can offer some counsel on financial services that will help them through this time, and also advise on guidance for preparing for the future.

Ideal Scenario: HELOC A home equity line of credit (HELOC) should be the first recommendation to someone in this situation, provided the homeowner has sufficient equity in his or her property. HELOCs are interest-only lines of credit so the borrower is not saddled with a large monthly payment while the capital is used, and the borrower has the ability to pay down larger amounts when desired. Typically, HELOCs have lower interest rates than alternate lines of credit and provide caps on rate increases, especially the rates of unsecured lines of credit such as credit cards. HELOCs give borrowers complete discretion over how much is used and when it is drawn to fund repairs. The best news is that as you make draws on your HELOC for home repairs, you are also making extensive improvements to your home, ultimately increasing value and overall equity of the property. Additional benefits may include the flexibility to pay it off when you like, option to convert to a fixed-rate product, in

most cases low to zero closing costs, no fees on cash draws, and pre-payment penalties. Commercial clients may be able to use a similar business line of credit to make repairs to commercial properties while also increasing the property’s value, so it is advisable that they speak with their banker about possible solutions.

Other Considerations: Savings and Access Your most fiscally prudent clients may be able to weather a financial storm using a personal or business savings, money market or certificate of deposit account. There is no better way to prepare for any type of emergency, so inquire whether the client has access to an account earmarked for a rainy day – or month – in lieu of related insurance coverage. Banking technologies can create much-needed access and convenience when a policyholder may have his or her home and overall life disrupted by a flood. Mobile banking products, for instance, allow customers to conduct virtually any type of transaction on their phone, from moving money between accounts for immediate liquidity to applying for a HELOC that can help fast track repairs. Even late adopters who are less tech-savvy may embrace a new tool if it gives them one less thing to worry about while they focus on recovering from a natural disaster. Insurance agents and agency staff know better than anyone how difficult it can be to fully protect a client’s financial interests. The best time to start a dialogue about preparing for the possibility of a flood is before a flood occurs – when you can help your clients take appropriate steps to mitigate risk. They will appreciate a trusted advisor who offers sage financial advice and resources, and the perfect opportunity to then advise them to bring their banker into the conversation. u

The Tennessee Insuror

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Keep an Eye on the Past to Avoid Future E&O Mistakes

written by Matt Davis, Swiss Re

In an era when technology is changing at a dizzying pace, rendering this morning's technology obsolete by this afternoon, it may seem counterintuitive to dwell on the past. Think again. As 19th century writer and philosopher George Santayana famously declared, "Those who do not remember the past are condemned to repeat it." No argument here. Insurance underwriters and claim managers share the conviction that the surest way to predict – and alter – the future is to study the past. To that end, let's take a look at the most recent year of errors & omissions as a way of avoiding this year's claims.

Process Step When it comes to studying where in the process errors occurred in 2018, there is good news and bad news. The good – "recommendation errors" have been on the wane for several years – not going away by any stretch, but they have declined (as a percentage of all claims). The bad – they have been replaced by "application errors" and "policy change errors," the latter of which have gone up as much as "recommendation errors" have gone down. Failure to comply with underwriting guidelines, add additional insureds and/or duplicate prior coverage are all noteworthy "application loss drivers," yet roughly one third of all application errors last year involved "inaccurate or incomplete information being provided to the carrier." Given that the application should be based on information provided by your customer, that percentage should seem high. In fairness, though, the problem we see is not so much a mistake by the agent in completing an application (although that does happen) as it is an inability to persuade a court that the misrepresentation in question originated with the customer. The solution: be sure you can prove who supplied the information communicated to the carrier – even if it's done electronically. If your customer does not see, much less sign, the application, plan on losing that fight more often than not. Policy change errors, on the other hand, tend to be the result of inadequate (or no) follow up by the agency once a change is requested. The sale already has been made and the commission check cashed, so perhaps there is a lessened sense of urgency to fulfilling these requests. Judging by the rise in such claims last year, that relaxed attitude is as unwise as it is costly. The solution: no matter how clerical or insignificant it may seem at 12

the time, treat every customer request as essential to keeping the business. All too often it is.

Coverage Type Claims involving CGL, Commercial Property, Auto and Homeowners policies continued to dominate the E&O landscape in 2018, as they have for a number of years. Though they do not present the same "severity" (resolution cost) as the other two coverage types, Auto and Homeowners claims continued to rise in 2018 – as they did the prior year – as a percentage of all claims. In all four categories, the most common error consisted of a 'failure to procure the coverage requested,' but after that the story diverges somewhat. In the case of Homeowners policies, the next most numerous errors were "failure to duplicate prior coverage" and "inaccurate information to the carrier." For Auto policies, it was "inaccurate information to the carrier" and "failure to add an additional insured/loss payee." For CGL policies, "failure to recommend a coverage type" and "failure to add an additional insured/ loss payee" led the way. And for Commercial Property, "failure to recommend a coverage type"" and "inaccurate information provided to the carrier" were most common. The lesson to be learned here is that E&O claims, like insurance policies, are not all the same when it comes to loss drivers. They have similarities, but also differ significantly, requiring a risk management approach tailored to that particular line of business.

Claimant Type It will come as no surprise that the great majority of claims are pursued by agency customers – 90% on average over the past several years. The year 2018 was no exception as roughly 7% of all claims last year were brought by carriers and other third parties, e.g., additional loss payees who got left off of a policy or recipients of an erroneous Certificate of Insurance. Those are not remote odds. Consequently, 2019 should begin with an awareness that simply because the other persons and entities you deal with in a professional setting are not your client does not mean they cannot become your plaintiff.

Error Type Agency errors (and omissions) come in many forms that are continued on page 30 The Tennessee Insuror

Doing The Right Thing Since 1964

James A. Roe, CPCU, ASLI President

Our people will earn your trust. Our service will keep it. We understand the needs of today’s independent agents, so we offer more than a diverse line of product offerings. We have personable experts who will work seamlessly with your team to meet the needs of your customers, where and when you need it. When you want service that exceeds your expectations, we’re ready.

Let us help you find the right solutions. ®

The Tennessee Insuror

Daniel Talks Agency Marketing: Finding Your Target Market Build a Segment That Your Agency Can Reach for Growth Why should agencies market themselves? How should they market themselves? In this series I will look into agency marketing techniques and strategies and how you can implement them at your agency. In the first part of this series, I discussed how to "Define Your Target Market." Hopefully you have or will take those steps and help determine who you are trying to reach. So, know you know who your target market is â&#x20AC;&#x201C; how do find them? Where do the live, shop and work? Where do they spend their leaisure time? Where do they show up online? To determine this, let's look at three examples that show how we are able to drill down using data that is now readily available online.

Example 1: Stacy - The High Net Worth Client From the work you did to define your target market, you know that "Stacy" fits right into it. She has all the demographic criteria you're looking for, including location, income level, education level and occupation. Now, how do you reach Stacy and others like her? They best way to determine that is to understand the psychographic criteria that fit Stacy, including her interests, hobbies, values, attitudes, behavior and lifestyle preferences.1 Begin to fill in the data you know about STacy to create a profile for her, Don't know Stacy personally? In today's world, that doesn't matter. A simple Google search of Stacy will give us much of this information. Scary but true, we can build a profile of Stacy just based on the below:

written by Daniel Smith, CAE

mined, or maybe he was just in an additional segment. However, Mark may have psychographic criteria that is very different. In building his profile, you may find that Mark went to college but does not have a degree, enjoys deer hunting, cares about politics (but has different views than Stacy), volunteers at his church and plays golf with friends once a month. Mark may be a very different prospect, but he still has many data points that we can use.

Example 3: The Unknown Prospect In researching Stacy and Mark, we have qualified them as prospects that fit into our target market. Now how we do find others we don't already know about? The easiest way will be to build out from your initial prospects. Who is in Stacy's network? Does she have friends and/or professional connections that fit into our target market? How do we find more prospects like Mark? You can build a list through networking and referrals, and you could even scour their Linked In and Facebook profiles and build a list up over time â&#x20AC;&#x201C; but there may be an easier way to locate these prospects and build a way to target them.

LinkedIn - Professional interests and educational background Facebook - Personal interests and network Instagram - Hobbies and interests Twitter - Social motivations Just from viewing this info, we may learn that Stacy has an MBA, volunteers at an animal shelter, cares about politics and the environment. She also has several mutual connections that could provide possible introductions. Once we find several "Stacys" we can begin to find a commonality, and that is where we can build a strategy for reach.

Finding a few qualified prospects can be a window of opportunity to finding more

Example 2: Mark - The Contractor Perhaps "Mark" more closely fit the target market you deter-

The Tennessee Insuror

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Utilize What You Have Found to Find More We know what we're looking for, and Facebook may be the answer to finding it. Facebook offers ways to reach "Custom and Lookalike Audiences" based on criteria you establish. You can combine and/or exclude these custom audiences as you see fit to build your ad target. You can then design an ad that Facebook will run specifically to show up to the selected audience. In addition, you can set up a Facebook "Pixel" to capture and retarget prospects for your agency. How does it work? When someone visits your website and takes an action (for example, completes a form), the Facebook pixel is triggered and reports this action. This way, you'll know when a customer took an action after seeing your Facebook ad. You'll also be able to reach this customer again by using a custom audience. When more and more conversions happen on your website, Facebook gets better at delivering your ads to people who are more likely to take certain actions. This is called conversion optimization.2 In addition to targeting prospects on a personal level through Facebook, you can target them directly on a B2B level via Linked In. Linked In's ad services provide you access to targeting prospects in a professional context by job title, function, industry and more. This could help you identify the decision makers at certain businesses and directly target them with ads and/or account based marketing (more on that in a future issue). Now we have some additional data to build prospect lists, and we can consider how to get a response from these targets. For example â&#x20AC;&#x201C; based on what we now â&#x20AC;&#x201C; could we interest Mark, Stacy and Prospect with the same marketing strategy? I'd say yes, then I'd build social media and email campaigns about the importance of voting and caring for the animals in our environment. Have agency-branded stickers and koozies for voters available near the polls. Offer agency-branded dog collars or toys in colors like "safety orange." Showcase agency staff volunteering and working in the community. Think campaigns like that might work? They will if Mark, Stacy and Prospect see them, and we'll discuss how you can make that happen using the tools I mentioned above in our next issue. 1 - per "How to Identify and Analyze Your Target Market in 2019" via https:// www.bigcommerce.com/blog/target-market-analysis/ 2 - per "How the Facebook pixel works" via https://www.facebook.com/ business/learn/facebook-ads-pixel

About the Author Daniel Smith serves as the Chief Marketing Officer for Insurors of Tennessee. He has a Bachelors degree in Marketing with a minor in Graphic Design from the University of Tennessee at Chattanooga, and earned his Certified Association Executive (CAE) designation in 2017. He may be contacted at dsmith@insurors.org. u 16

The Tennessee Insuror

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The Tennessee Insuror

Future Leaders Spotlight

presented by

Clement Ledbetter • Battle Page Insurance Agency - Franklin Clement Ledbetter was born and raised in Columbia and moved to Nashville for about 12 years before returning to his hometown. He is an avid hunter and supporter of the University of Tennessee. He and his wife, Katie, have a 5-year old daughter, Hayes, and a 2-year old son, Mac. He says that most of his personal time is spent chasing them Clement Ledbetter of around the park or backyard. Battle Page Ins. Clement and his wife are heavily involved in their church and community, and she serves as a domestic violence social worker. He says that victim advocacy lies at the heart of their community work.

The Insuror: Can you tell us a little about your current job title and responsibilities? Clement: I am currently an agent at Battle Page Insurance in Franklin. My responsibilities include developing relationships with business leaders, servicing client accounts and contributing to our overall agency growth. We specialize in commercial insurance.

The Insuror: What can you tell us about your educational background? Clement: After high school I graduated from the University of Tennessee at Knoxville, earning my Bachelor's degree in Political Science.

The Insuror: How and why did you get your career in the insurance industry started? Clement: After college I worked as a political consultant for several years – but like I had often been told, “If you want a friend in politics, buy a dog.” We now have an eight-yearold Brittany Spaniel. I always knew I wanted to help people, but it was not until my home was broken into that I saw how important it is to have the right insurance with the right people. At that point, I knew insurance was the career for me.

Page, the principal at our agency. I knew very little about the insurance industry when I first started, and Battle’s patience and knowledge have helped me grow into the agent I have become.

The Insuror: Is there any advice you could offer Young Agents or others in the industry to achieve success? Clement: For those new to this business, I would say to take time and really research the agency for which you are going to work. A good agency principal can make all the difference, and I am fortunate to work with Battle. His knowledge and insight have really been instrumental in my professional development. For those still developing, the big thing I would say is "find your niche." Pick a couple of classes of business, learn the coverages and target those as your primary focus. After you have gotten comfortable with those add another class or two. When you are first starting, it can be really tempting to write everything that comes across your desk but doing so is a disservice to your clients and yourself if you don’t know the class and coverage you are writing. Lastly, I think we all need to continue to educate ourselves on the ins-and-outs of our clients’ businesses to better serve their needs and limit the exposures.

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? Clement: Our agency is selective in terms of our carriers. I have been here for over five years, and we have only added two carriers. We consider each company’s A.M. Best rating, whether they will write personal and commercial, their handling of claims and overall company financial health. We know our clients put their trust in us to properly protect them and not just give them the best price. The main question we ask ourselves is, "Would I want this carrier protecting my family?" And if the answer is “yes” and they meet the other criteria above – we will seek a contract.

The Insuror: Do you have any influences/role models in the industry?

The Insuror: Thank you for giving us your time, Clement, we appreciate it and wish you continued success.

Clement: Hands down, my role model in this industry is Battle

Clement: Thank you for the opportunity. u

The Tennessee Insuror

Young Agents '19

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. Over 500 Insurors members participate in the Young Agents program in some fashion. We hope you'll join us at one of these upcoming events or contact us for info: Nashville Young Agents Reception • April 30th Mill Creek Taproom 12South • 5-7 pm CST Knoxville Young Agents Reception & Panel • May 1st Elkmont Exchange • 4-7 pm EST Chattanooga Young Agents Reception & Panel • May 2nd Naked River Brewing Company • 4-7 pm EST

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The Tennessee Insuror

From Your President The Full Court Press is On As I write this article, Jenny and I have just returned to Bell Buckle from the SEC Men’s Basketball Tournament in Nashville. March Madness is now in “FULL PRESS” across Tennessee and the Nation. Also on “FULL PRESS” are the State Legislators from across the state meeting in Nashville to conduct the business of the State. If I had a crystal ball, it appears they may stay on FULL PRESS until they are out of session around May 17th. At this time of the year, the business of Insurors includes Jim and Ashley spending lots of time working downtown. This year there are a “handful” of bills that would influence/impact our industry in Tennessee. Some of the bills we support and some we oppose. If there are any current bills that you would like further information on check out the article on page 31 of this issue and reach out to Jim at jlayman@insurors.org. The business of the Big "I" also includes a FULL PRESS on our Federal Legislators, but their efforts are more prolonged. Issues like the NFIP, ACA, Crop Insurance and taxes don't seem like they'll ever be completely resolved.

How Do We Accomplish our Government Relations Goals? To achieve our government relations goals, we have to have strong lobbyists, strong grassroots and strong political action committees (PAC). Our National PAC raised over $2.2 million dollars during the last election cycle, and InsurPACTN raised almost $100,000 and is the largest property and casualty PAC in Tennessee. In addition to supporting legislators who understand and support the insurance industry, we work to educate legislators new to insurance so they can better understand what impact legislation has on agents and the public. I hope you will consider supporting our State and Federal PACs, as this is really the backbone of our efforts. Insurors works to educate and inform members on current legislative issues. We review The Tennessee Insuror

bills that could impact our members and work with bill sponsors to avoid any negative impact. Recent legislative issues such as the agent’s bill of rights, workers’ compensation Opt-Out and tax reform all have a direct impact on our members. Education on issues helps us build strong grassroots support.

Why Do We Do The Work? Our Association Mission Statement clearly directs our Board of Directors to be, “unrelenting advocates of independent agents, while working in the public’s best interest, and to fulfill the political, educational, and business needs of its members.” In direct response to the Mission Statement, the Board recently worked on developing a Government Relations Committee. This committee has been assembled from members covering the entire state and represents some of the best talent in Tennessee. Please check out the article introducing them on page 8. The main efforts of the committee will include moving the “Politics” out of a central location to instead reach throughout the state, as well as doubling our State PAC and growing membership and engagement. The Board views this committee as a long term strategy.

"I n d i r e c t response to the Mission Statement, the Board recently worked on developing a Government Relations Committee.”

In conjunction with the work of the committee, Insurors will be hosting "Town Hall" meetings throughout the state this Summer to inform members of our efforts at the Legislature. It will be a great opportunity for you to get a closer look at why this work is so important to our industry and our roles as independent agents. I truly hope you will attend.

More "Madness" Ahead In closing, it’s a GREAT time to be in our business in Tennessee, and we'll work hard to keep it that way. As far as the "other" March Madness – I truly HOPE we have a NCAA Basketball Champion from the SEC, and God willing – From "L.A."... WDE! u

Joe Hunt 21

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The Tennessee Insuror

From Your Young Agents Director Why Should I Network with My Competition? During my time on the Insurors Young Agents Committee, I have had many discussions with other agents about this program. Through these conversations, I’ve picked up that there are a lot of agents who don’t fully understand why I enjoy brushing shoulders with my competition. I agree that we can’t have too many allies or we would be out of business, but healthy competition makes our business efforts stronger. I’m fairly certain that many business coaches would agree. Without competition, who is going to keep us on our toes, who is going to drive us to improve, and how do we compare our efforts? That's why I feel our Young Agents program is so valuable. But don’t just take my word for it – come see for yourself. Please find time to attend at least one of the events and expeirence it. I assure you that after attending just one event you will realize either a strength or weakness you never knew you had, become enlightened by something you just learned, or become freshly motivated by the energy and success you absorb.

Upcoming Ways to Get Involved We're excited to have a full schedule of activities lined up over the next few weeks. I hope you'll come out and join as at one of these events in your area: Upper Cumberland Young Agents Reception • April 23rd Crawdaddy's • Cookeville • 5-7 pm EST Nashville Young Agents Reception • April 30th Mill Creek Taproom 12South • 5-7 pm CST Knoxville Young Agents Reception & Panel • May 1st Elkmont Exchange • 4-7 pm EST Chattanooga Young Agents Reception & Panel • May 2nd Naked River Brewing Company • 4-7 pm EST West TN Young Agents Reception • May 16th Hub City Brewing • Jackson • 5-7 pm EST Our panel discussions will feature insight from The Tennessee Insuror

young professionals on how to find success in this industry early in your career. Our panelists will include Andy Roe of Arlington/Roe, Kerwin Sharp of Berkley Southeast, Ben Schreurs of Nationwide, Bill Emerick of Penn National Insurance and Dan Schilling of Nationwide. We'll be sending out more information on each event soon, and I hope to see you there.

Supporting the Community In addition to the receptions and events I've mentioned, we also have a new philanthropic goal for 2019. We are partnering with Kids' Chance of Tennessee to help support their initiatives. Kids' Chance is a charity that provides college scholarships to children who have a parent that has been severely injured or killed in a workplace accident. There is a natural tie-in to our industry with this organization, and we have an opportunity to support their programs and make a positive impact on children in our state. The first event we are supporting will be their golf tournament on Tuesday, April 18th at the Gaylord Springs Golf Course in Nashville (see their ad on page 49). This will be a great opportunity for independent agents to show our support for the community and further prove why a local agent is important in the insurance industry. I hope you'll consider joining us at this event.

“Without competition, who is going to keep us on our toes, who is going t o d r i ve u s to improve, and how do we compare our efforts?”

What Are we Trying to Achieve? The Young Agents program is building a community in this industry. Some of us are direct competitors and some aren't. Some of us are at large agencies and some of us are as small as one person shops. Either way, we have the ability to improve this industry and grow the power of the independent insurance agent by working together. I hope you'll contact me if you want to discuss it further. My phone is 615.515.3218 and email is asisk@southpointrisk.com. I look forward to seeing everyone soon! u

Alan Sisk, AU, AINS 23

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The Tennessee Insuror

From Your CEO Membership is All About YOU As you all know and experience every day, our lives are busier than they have ever been. Technology has provided us with constant 24/7 access to our email, phones and social media. We have less time, not more. With this in mind, we began the year asking – what can we do for you? Our primary goal is member engagement. What does that really mean? Put simply, we want members to use our services, products and programs to benefit their agencies. That is where real value can be found in membership. We want to be a resource for everyone in the agency – owners, producers, CSRs and other staff. We sought information from members through surveys to determine which services are most valuable to our members. We believe that Insurors and our National Association, IIABA (Big "I"), are the number one resource for independent agents and want you to know how you can find the most value out of them. Hopefully by the time you are reading this you have already taken one of our surveys. We are now compiling all that information and preparing to evaluate and then build a plan using it. I will be meeting with our Board of Directors in April to formulate what the next 3-5 years should look like for Insurors of Tennessee.

How Are We Working for YOU? This Association only exists because of independent insurance agents in Tennessee. Our only focus is helping agents succeed. If we continue to do that everything else falls into place. Big "I" has 78 staff, there are 51 state associations with staff focused on independent agents, and Insurors has 8 people specifically dedicated to helping Tennessee agents succeed. We focus on government affairs on both the State and Federal level, and we also provide education, technical resources, marketing and anything that can help address the business needs of our members. You've seen the lists of our products, services and program before, but how are we

specifically helping agents? Let's take a look at a few examples from this year: Our Big "I" Federal Government Relations team worked tirelessly to make sure the IRS did not consider insurance agents and brokers to be engaged in a “specified service trade or business.” This ensures that owners and shareholders of insurance agencies and brokerages organized as pass-through entities are now eligible for a tax deduction of to 20% on qualified business income - regardless of taxable income level. Our State Government Relations team worked – and succeeded – in having workers' compensation removed from a Bill that is aiming to alter the test for employee status in Tennessee. This would have changed the test from the current seven point test to a 20 factor test previously used by the IRS. Our State staff has already helped host 10 events in 2019 for agents in Tennessee, including 7 classes, our Agency Growth Conference, another in our series of Women in Insurance (WINs) events, and a Young Agents Reception. Over 300 insurance professionals attended these events. Our for-profit program helps agents with E&O coverage and claims every day, including several situation this year where members had potential claims and were able to begin the process and have questions answered by a claims manager in the same day the potential claim was submitted – once as quickly as 10 minutes.

“We believe that Insurors a n d o u r National Association, IIABA, are the number one resource for independent agents...”

And finally, our staff has answered hundreds of insurance coverage and regulation questions in the 1st Quarter of this year alone, including helping find coverage for difficult risks.

Let Us Know How to Help YOU! I hope that you will always take the opportunity to let us know what you need, what keeps you up at night and how we can best serve you. We are excited to keep working for YOU! u

Ashley Gold, J.D. The Tennessee Insuror

Olympia Insurance

The Tennessee Insuror

REACH YOUR GOALS

2019 EDUCATION SCHEDULE NASHVILLE

Feb. 12 - CISR: Elements of Risk Management April 10-12 - CIC: Agency Management May 7 - CISR: Personal Auto June 19-20 - JK: Ruble Sept. 11-13 - CIC: Commercial Multiline Sept. 24-26 - CRM Nov. 6-8 - CIC: Personal Lines Dec. 3 - CISR: Commercial Casualty I

MEMPHIS

Feb. 13 - CISR: Agency Operations Feb. 27-March 1 - CIC: Commercial Casualty May 8 - CISR: Personal Auto Dec. 4 - CISR: Commercial Casualty I

CHATTANOOGA April 4 - CISR: Commercial Casualty I Oct. 3 - CISR: Personal Lines - Miscellaneous

2019 EDUCATION SCHEDULE KNOXVILLE

April 3 - CISR: Commercial Casualty I Aug. 14-16 - CIC: Commercial Property Oct. 2 - CISR: Elements of Risk Management

JOHNSON CITY

April 2 - CISR: Commercial Casualty I Oct. 1 - CISR: Elements of Risk Management

Education Calendar The Insurors of Tennessee offers education opportunities to member agents across a wide range of insurance specialities 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. Registration is fast and easy at www.insurors.org. More information about each class can also be found online.

WWW.INSURORS.ORG Register online or Contact our Membership Specialist Ellie Small at esmall@insurors.org or 615.515.2607

CISR 4/2 4/3 4/4 5/7 5/8 9/24 9/25 9/26 12/3 12/4

Fee: $186

Commercial Casualty I Commercial Casualty I Commercial Casualty I Personal Auto Personal Auto Elements of Risk Elements of Risk Personal Lines Miscellaneous Commercial Casualty I Commercial Casualty I

CIC

Fee: $430

4/10-11 Agency Management Institute 8/14-15 Commercial Property Institute 9/11-12 Commercial Multiline Institute 6/19-20 Ruble Graduate Seminar 11/6-8 Personal Lines Institute

CE: 7

Johnson City Knoxville Chattanooga Nashville Memphis Johnson City Knoxville Chattanooga Nashville Memphis

CE: 16

Nashville Knoxville Nashville Nashville 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.

ABEN Webcasts (insurors.aben.tv) 4/10 4/10 4/10 4/10 4/17 4/17 4/17 4/17

Premium Auditing: Agents Must Know CE: 2 $52 Why Agents Aren't Risk Managers CE: 3 $79 The Law of Insurance Contracts CE: 3 $79 Torts, Negligence & Liability CE: 3 $79 Ethical Issues: Personal & Org. CE: 3 $72 Business Income and Extra Expense CE: 2 $48 E&O: Meet the Challenge of Change CE: 2 $48 Business Auto Claims Problems CE: 2 $48

CRM

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Dynamics 10/17

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Dynamics of Selling

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Nashville

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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

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

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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 e-Coverage 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

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Keep an Eye on the Past...

...continued from page 8

relatively consistent from year-to-year, but we do see some fluctuations. In 2018 we saw some modest overall declines in the percentage of claims resulting from "inaccurate or incomplete information being provided to the carrier" and "failure to recommend a coverage type," which made up 20% of all claims the year before. Filling the gap left by those improvements were claims arising from "failure to adequately explain policy provisions" and "failure to communicate the insurer's requirements to the customer." Those adverse developments are of interest because of the apparent similarity between them â&#x20AC;&#x201C; the carrier's expectations are not being conveyed to the customer. In contrast to some of the loss drivers discussed above, here we tend to see policy provisions that are significant to a particular customer, e.g., 'no torch-down roofing' or 'no vacancy' not being brought to the customer's attention. In other words, the agency's error is substantive rather than a simple failure of documentation. That can be a problem even in an 'order taker' state if you have taken on the burden of managing those communications thru a 'special relationship' or agency agreement. Line of Business - Claim Count

It's true that no two agencies are the same, but that doesn't mean the errors discussed above can't happen to you. Consider Mark Twain's pithy observation: "History doesn't repeat itself but it often rhymes." Be careful out there. If you're not mindful of your colleagues' past mistakes, you may soon be singing the same, sad tune that led them to their E&O carrier's door. About the Author Matthew Davis is a vice president and claims manager at Swiss Re Corporate Solutions, working out of the office in Kansas City, Missouri. This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. u

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Layman's Terms

Furious Pace Continues as Session Passes Midway Mark Insurors Director of Government Relations, Jim Layman, J.D., breaks down the legal and legislative issues facing our industry.

relations team will be working diligently to meet with legislators and stakeholders to advocate for its passage.

We are now right in the middle of session, and things are moving at a furious pace. Committees are beginning to close down, and legislators are working through the budget process. Passing a balanced budget is really the only act that the legislature is constitutionally required to do every year. Everything besides that is discretionary, which makes you wonder how we wind up with almost 1,500 bills filed every year. Over the next few weeks, the legislature will continue to consider legislation and will work towards passing a balanced budget. Session will likely adjourn sometime in mid-May.

HB1126/SB1227 – Association Health Plans and Rebating Insurors lobbyists worked with officials from the Tennessee Society of Association Executives to help pass HB1126/SB1227 by Representative Rick Tillis and Senator Frank Nicely. This bill creates an exception to the rebating law so that it is not illegal if a rebate is given to a 501(c) trade or professional association. The bill has now passed both chambers and is awaiting the Governor’s signature.

There are several pieces of legislation that have either passed this session or we are actively engaged on, and I wanted to take this chance to update you on some of the most important ones. HB0272/SB1299 – Insurance Agent Referral Fees Insurors lobbyists approached sponsors Representative Ron Gant and Senator Mark Pody at the beginning of session about sponsoring a bill that would allow agents to more easily share commissions with unlicensed individuals that they either employ or are affiliated with. This is something that we previously thought was allowed under another provision of the law but have realized needs revisiting in the Code to clarify what is allowed. The bill also would clear the way for agents to work with associations in administering association health plans under the new federal pathway. This bill is still working its way through the Committee system and our government

The Tennessee Insuror

HB0176/SB0309 – Crop Insurance Limited Lines License Insurors lobbyists worked with sponsors Representative Mark Hall and Senator Jon Lundberg on a bill that would clarify that individuals with a crop insurance limited lines license can sell multi-peril crop insurance. The bill has passed in the Senate and is currently in the House Finance, Ways & Means Subcommittee due to a $1,300 decreased state revenue fiscal note. Our team is working with the sponsor and with the administration to find funding for this bill and, if funding is secured, we are confident in its eventual passage in the House. HB0539/SB0446 – IRS Test for Work Comp A bill has been filed to change the test for determination of employee status for the purposes of workers’ compensation, as well as other labor laws such as unemployment insurance and wage regulations, from the seven point test to a 20 factor test previously used by the IRS. The stated goal of SB0446 by Senator Roberts and HB0539 by Rep. Howell is for “harmonization” amongst the various labor laws that employers have

to comply with; so that they will only have to comply with one test for this determination. Insurors lobbyists, as well as other stakeholders, have been engaged on this issue to remove workers’ compensation from the bill to avoid confusion in the industry. Through those efforts, we were able to have work comp removed from the bill before it passed the House Employee Affairs subcommittee. We will continue to engage to ensure that it remains out. I wanted to take just a second to thank you all for the opportunity to go to the Capitol and advocate for the interests of our members. Over the last few weeks, I have heard from several members letting me know about legislative developments that they have heard about and asking for updates on legislation that could impact their business. I encourage you all to keep an eye out, and to let me know if you ever hear of any legislation that is concerning to you. 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

www.summitholdings.com Policies are underwritten by Bridgeﬁeld Casualty Insurance Company and Bridgeﬁeld Employers Insurance Company, authorized insurers in AL, AR, FL, GA, IN, KY, LA, MS, NC, SC, TN and TX; BusinessFirst Insurance Company, authorized in FL, GA, KY, NC, SC and TN. ©2018 Summit Consulting LLC | 2310 Commerce Point Drive, Lakeland, FL 33801

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THANKS TO BUILDERS MUTUAL I CAN GIVE MY CUSTOMERS WHAT THEY NEED WHEN THEY NEED IT. Whether it’s the voice in your head or the one right beside you, Builders Mutual is always there, at work with you. BuildersMutual.com The Tennessee Insuror

Coun t on us to be there, there ...

A strength that sets EMC apart from other insurance companies is the local service we provide. We cover policyholders in more than 40 states and we have 20 offices strategically located around the country. So when you partner with us, you not only get the stability of one of the countryâ&#x20AC;&#x2122;s top insurance organizations, but you also get a familiar face close to home.

We look forward to seeing you soon.

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The Tennessee Insuror

Association Update Big "I" Features Fred Davis Longtime Insurors member and former Insuror of the Year winner Fred Davis of Fred L. Davis Insurance in Memphis was recently featured by IA magazine for his storied career. Davis was the first African-American member of the Big "I" and sold insurance door-to-door before finally being allowed the opportunity to take the licensing exam and get appointed with a carrier. He then opened his agency in 1967, becoming the first African-American independent agent in six states: Tennessee, Arkansas, Mississippi, Kentucky, Alabama and Missouri.

Fridrich, Pinson & Associates Adds Ballenger Nashville-based Fridrich, Pinson & Associates has announced that Carol Ballenger has affiliated with the agency as an independent contractor focusing on life, health (both group and individual), Medicare supplement plans, and long term care insurance. Ballenger graduated from Vanderbilt University and has made Nashville home ever since. She and her husband have two daughters and have deep roots in the Nashville community.

Bartoe Named as a 2019 "Power Broker" Sollie Bartoe, Area Senior Vice President for Gallagher in Brentwood, was recently named as a "2019 Power Broker" by Risk & Insurance. Bartoe was recognized in the "Health Care Broker" category, and his highlighted work included efforts on professional liability and hospital building coverages.

Gurley Joins CIA as a Producer Christopher Gurley has joined Brentwoodbased CIA as a producer. He has worked in insurance since 1996, after graduating from Auburn University at Montgomery. Christopher has worked as a claims specialist, but is a generalist and can write anything from construction to manufacturing, automotive car lots, garages, hospitality, and habitational. The Tennessee Insuror

Denbo, Vaughan Named "Top Producers" Trade magazine Insurance Business America recently released its "Top Producers 2019" issue, and two Insurors members were featured. Will Denbo, a principal agent at Commercial Insurance Associates in Brentwood, and Trae Vaughan, a Vice President of Brock Insurance Agency in Chattanooga, were both featured in the issue, which recognizes producers who are among the top in revenue-producing agents in the country. The entire group of 65 agents was responsible for $32.4 million in revenue in 2018.

Mosby Insurance Recognized by Erie Erie Insurance recently announced that Memphis-based Mosby Insurance was the recipient of the company's 2018 Bronze Life Recognition Award. District Sales Manager of Tennessee, Ivan Jackson, presented Joel Mosby with the award, which recognized the agency as a top life insurance producer in Tennessee.

J. Smith Lanier Promotes Cooper to Producer J. Smith Lanier & Co. - a Marsh & McLennan Agency, LLC company, has promoted Will Cooper to be a Benefits Producer at its Murfreesboro agency location. Cooper started with J. Smith Lanier & Co. as an intern and then was hired as an Assistant Benefit Advisor. For the past year he has served as an Account Manager on the Benefits team. He graduated from MTSU with a Bachelor's Degree in Finance and an Insurance Concentration.

Gallagher Named as Accident Fund Agency of the Year Accident Fund Insurance Company of America and United Heartland have recognized Arthur J. Gallagher as 2018 Agency of the Year, the first time both AF Group brands have recognized the same agency with this prestigious honor. “Gallagher has been an outstanding partner,” said Al Gileczek, president of Accident Fund and CompWest. “Like Accident Fund, the Gallagher team is clearly committed to their customers and the communities they serve.” u 35

Your insights

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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 visit www.bigimarkets.com and select the Lawyers Professional Liability Program.

Insurors of Tennessee Ph 1 800 264 1898 E info@insurors.org

The Tennessee Insuror

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

Company Spotlight ICW Group Insurance Cos.

Creating the best insurance experience possible

For nearly 50 years, ICW Group Insurance Companies has been committed to protecting business owners and their employees, while building profitable relationships with its agents and brokers. As a top 20, full service carrier, ICW Group provides comprehensive workers’ compensation and property insurance products and services nationwide.

management, claims handling and antifraud expertise, ICW Group work comp policyholders also enjoy free unlimited access to human resource advice with HR OnDemand.* HR OnDemand provides policyholders with knowledge, compliance tools and live human resource experts to help guide them through their most complex HR challenges.

ICW Group is an industry leader in helping policyholders save on the cost of their premium by achieving fewer and less costly claims. The company accomplishes this through extensive in-house risk management expertise, highly proactive claims handling and aggressive fraud monitoring. The company’s success is directly related to the strong partnerships forged with its national network of independent agents.

A Culture of Giving

Delivering Exceptional Value The company prides itself on delivering products and services that are truly customer-centric, consistently striving to exceed the expectations of its 15,000+ policyholders. ICW Group understands that the most effective way to lower the total cost of workplace risk is to prevent accidents from occurring in the first place. The company’s dedicated Risk Management Services team, partners with clients to assess their business, identify exposures, and make customized yet practical recommendations that mitigate risk. Whenever an injury does occur, ICW Group is there to help every step of the way. Their specialized Triage and Claims Management teams guide policyholders through the entire claims process; while helping their injured workers return to work as quickly as possible.

ICW Group's commitment to helping others is woven into the fabric of its company culture. Team Members are provided paid time off each year to volunteer, and the company offers up to a 10:1 employee donation match. In fact, since 2014, ICW Group’s charitable donations have exceeded $360 million.

Gary Morin Branch Manager 407.804.6374 gmorin@icwgroup.com

Get Appointed with ICW Group

Cam Roach Business Development Underwriter 615.568.1980 croach@icwgroup.com

ICW Group’s insurance products and services are offered exclusively through its network of experienced and professional independent agents. The company is proud to help agent partners provide clients with the trusted advice they need when choosing their work comp carrier. With a broad underwriting appetite across hundreds of class codes and minimum premiums starting as low as $2,500, ICW Group agents can easily meet the diverse needs of their clients while significantly growing their business. When you partner with ICW Group, you’ll get up to 15% commission, enjoy high client renewal rates and work with a responsive underwriting team committed to your success. ICW Group is dedicated to help you build strong client relationships by offering its policyholders more value for their work comp dollar.

Free HR Advice

For more info on becoming an appointed agent, please visit icwgroup.com/join. u

In addition to receiving outstanding risk

*HR OnDemand® is used under license; ICW Group is not affiliated with HR On Demand, LLC.

The Tennessee Insuror

Tennessee Contacts

Nicole Poole Business Development Underwriter 865.268.6709 npoole@icwgroup.com

About ICW Group ICW Group Insurance Companies is the largest privately held insurance company domiciled in California. Quoting more than $3 billion annually, ICW Group represents a group of Workers’ Comp, Property and Auto insurance carriers, including Insurance Co. of the West and Explorer Insurance Co. ICW Group is recognized nationally as an industry leader in helping policyholders achieve fewer and less costly claims while elevating the trusted agents who advise them. ICW Group’s strong operating performance and underwriting results has earned the company an “A” (Excellent) rating from A.M. Best. Additionally, ICW Group has consistently outperformed A.M. Best’s “A+” peer composite over the last 10 years. For more info, visit ICW Group’s website at ICWGroup.com 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 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 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

The Tennessee Insuror

Broker Spotlight Arlington/Roe We Look Forward to Helping You Find the Right Solutions In 1964, Jim Roe’s father started a family-owned insurance business in Indianapolis. Today, Arlington/Roe is a third-generation family business with offices in nine states including Tennessee. President & CEO Jim Roe believes that the company’s success stems from independence and relationships. “Our corporate values shine through our people,” Jim said, “and we thank our Tennessee agency partners for the trust you place in us.”

2008 2018 190 200+ 9 50

Arlington/Roe Values

Specialties include: Aviation, Bonds, Commercial Binding, Commercial Brokerage, Farm, Healthcare & Human Services, Personal Lines, Professional Liability, Standard Lines, Transportation & Garage and Workers’ Comp.

• • •

Customer centric relationships with our agencies and suppliers that stress reliability, transparency and honesty Diversification of product lines in a changing environment A culture anchored in trust, the Golden Rule and the development of our stakeholders

The Story in Numbers Arlington/Roe values quantity, but quality is their benchmark.

Managing General Agents | Wholesale Insurance Brokers

$109 million in premium $220 million in premium Committed associates Select markets Offices: IN, IL, MI, OH, KY, TN, MN, MO and WI State licenses including surplus lines

Their Specialties

Arlington/Roe's TN team participating in their company-wide day of service

Find the Tennessee Contact Directory at ArlingtonRoe.com or call 1.800.878.9891 for more information. u

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THANK YOU TO ALL OF THE PRIOR BOARD MEMBERS FOR YOUR EXCELLENT SERVICE AND CONGRATULATIONS TO ALL OF THE INCOMING BOARD MEMBERS. WE ARE LOOKING FORWARD TO A WONDERFUL YEAR!

The Tennessee Insuror

Independence works better together With Keystone, the best resources are at your fingertips to

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connect you to a community of like-minded independent agents and provide access to relationships that extend beyond your geographic reach.

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With 14 divisions and more than 100 corporately employed insurance professionals, we employ the expertise that expands opportunities for you and your clients. We focus on innovation, recruiting and training new talent, and guiding future agency owners allowing you to focus on what is important.

Financial Services Captives Emerging Leaders Claims Management Bonds Employee Benefits

Success is a journey. Let us be your guide.

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Contact Michele Bicknell: 570.473.2148 | mbicknell@keystoneinsgrp.com keystoneinsgrp.com ÂŠ2018 Keystone Insurers Group ÂŽ. All rights reserved. This does not constitute an offer to sell a franchise in any state in which the Keystone Insurers Group franchise is not registered.

The Tennessee Insuror

Company Briefs Whitney Now Head of U.S. Agents at Swiss Re Elizabeth (Beth) Whitney, has been named as Head of U.S. Agents at Swiss Re Corporate Solutions. She will succeed Sabrena Sally, who is retiring. Sally indicates that she is “confident you will find Beth to be sharp, pragmatic, customer focused and a fair negotiator.” Whitney was previously the Head of Small and Mid-Sized Lawyers business at Swiss Re Corporate Solutions, based in Chicago. During her 17 years at Swiss Re Corporate Solutions she has also held positions as the Head of North America Agents & Lawyers Products, Lawyers Risk Manager and Client Operations Leader, Lawyers Claims Team Leader and Lawyers Claims handler. Beth earned her Juris Doctorate at DePaul University. Before joining Swiss Re Corporate Solutions, she practiced insurance defense at a large Chicago law firm where she successfully tried numerous jury trials to verdict. Beth also holds a Bachelor's degree in Civil Engineering from Virginia Tech. Prior to attending law school, she worked for Raytheon Engineers and Constructors in Philadelphia in their nuclear and environmental groups.

Key Risk Names Rayburn Regional Director

D’Alessio will take on an expanded role as Supervisor of both Middle Market and Large Accounts. C.J. has grown into this position after seven years with the company. He began with Harford Mutual in 2011 as a Renewal Underwriter and proved himself a strong asset to the company through his diligence. He became supervisor of the Large Account Unit by 2017.

Shinnick Recognized with Governor's Award Mike Shinnick, Workers' Compensation Policy Analysis Manager for the Tennessee Department of Commerce and Insurance, was recently recognized by Governor Bill Lee for his efforts with an Excellence in Service Award. Shinnick has worked on the State's efforts within the Department for a for over 17 years.

Builders Mutual Distributing $2.5M Dividend Builders Mutual Insurance Company has announced distribution of a $2.5 million dividend to eligible policyholders in Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C.

Key Risk (a Berkley Company), a leading provider of workers' compensation insurance products and services for employers throughout the United States, has announced the appointment of Chad Rayburn to Regional Director, Southern Region effective immediately.

Builders Mutual has returned dividends totaling more than $55 million in 30 of the 34 years the Company has been in existence. This year, Builders Mutual is returning a dividend to more than 10,000 eligible Workers’ Compensation policyholders. "Returning a dividend to our policyholders is one way we are able to recognize their focus on safety in the work place and the positive results of our company," the company said in a release.

Since coming on board with Key Risk in 2014, Mr. Rayburn has provided outstanding year-over-year results in the role of Senior Territory Underwriting Manager in Tennessee. He has consistently demonstrated relationship building as a key to success and is excited to further develop this approach across the entire region.

“Builders Mutual is proud to consistently return a dividend to our policyholders who make job-site safety and risk management practices a priority. Their commitment to safety, coupled with our financial stability as a company, make this dividend distribution possible,” stated John Boggs, President/ CEO of Builders Mutual.

Rayburn graduated from Bethel University with a Bachelor of Science in Organizational Leadership and Management and brings over 14 years of Workers' Compensation industry knowledge and experience to his new role.

Auto-Owners Agrees to Acquire Capital Ins.

Alessio Named Supervisor at Harford Mutual Harford Mutual Insurance Company has announced that C.J. The Tennessee Insuror

Auto-Owners Insurance has announced that it has entered into a definitive agreement to acquire Capital Insurance Group. Auto-Owners is an A.M. Best A++ (Superior) rated multi-line property & casualty insurer, operating solely through independent agencies in 26 states. They are based in Lansing, Michigan. 41

committed to mutual success. Harford Mutual Insurance partners with independent agents in Tennessee.

We insure restaurants, contractors, mercantile, and other commercial entities. Weâ&#x20AC;&#x2122;re committed to protecting your clientâ&#x20AC;&#x2122;s business and building yours.

HarfordMutual.com 800.638.3669 42

INSURING BUSINESSES SINCE 1842 The Tennessee Insuror

Capital Insurance Group (CIG) is the leading regional property & casualty insurer, serving the western U.S. since 1898. CIG insures personal lines and a wide range of commercial and agricultural businesses in California, Washington, Oregon, Nevada and in Arizona, where Auto-Owners also writes insurance. CIG recently celebrated its 120 year anniversary. The acquisition is currently pending regulatory approval.

Evolve MGA Nominated for Cyber Award Evolve MGA has been nominated in Advisen's 2019 Cyber Risk Awards ceremony as this year's Cyber Newcomer Of The Year. Evolve MGA is an international cyber coverage team united by a shared mindset and drive to change the insurance world forever. Their contemporary outlook on the insurance industry is complimented by highly touted designations and years of experience at Lloyd’s of London, Domestic Carriers, Reinsurance Providers and IT Security Firms. Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks.

Berkshire Hathaway Set to Sell Applied Und. Recently, parent company Berkshire Hathaway confirmed its plan to sell off subsidiary Applied Underwriters due to "chan-

nel competition" according to sources for Property Casualty 360. Applied Underwriters General Counsel Jeffrey Silver said that until a sale is completed it would be, "business as usual,” for the carrier. Per the 360 article, in addition to Applied Underwriters, in which Berkshire Hathaway purchased majority ownership more than a decade ago, Warren Buffett’s flagship holding also owns the workers’ compensation insurers Homestate, GUARD, biBerk and Berkshire Hathaway Direct. Applied Underwriters’ subsidiaries include California Insurance Co., Continental Indemnity Co., Pennsylvania Insurance Co., Illinois insurance Co., and Texas Insurance Co., which are collectively known as North American Casualty Co.

J.M. Wilson Adds Jefferson in Transportation J.M. Wilson is pleased to announce the addition of Jasmine Jefferson as Transportation Underwriter in their North Charleston, South Carolina office. Jefferson is responsible for underwriting new and renewal commercial transportation business, corresponding with carrier underwriters, and assisting independent agents in Georgia, North Carolina, South Carolina and Tennessee. Jasmine has 6 years of experience as an insurance profession-

PROFESSIONAL LIABILITY BROKERAGE PROPERTY & CASUALTY GARAGE LIABILITY TRANSPORTATION SURETY PERSONAL LINES

(800) 666-5692 | JMWILSON.COM The Tennessee Insuror

al, with 2 years as a Producer and 4 years as a Personal Lines Underwriter. A University of South Carolina-Aiken graduate, Jasmine earned her Bachelor’s degree in Marketing & Communication with a minor in Business Management.

Acuity Announces Record 2018 Profits Acuity released its 2018 financial results, which showed that the insurer set new records across key areas of measurement while exceeding the industry’s performance in those areas. Highlighting Acuity’s 2018 performance is a 93.5 combined ratio, over 8 points better than the insurer’s competitors in the property & casualty industry. This marks the 8th consecutive year Acuity has earned a combined ratio of less than 100. Acuity showed strength and growth in many other areas in 2018 as well. The company continued to add to policyholders’ surplus—essential for fulfilling its promise of financial protection to customers—ending the year at a record $2.034 billion (GAAP). Assets increased to $4.465 billion (GAAP). Additionally, Acuity generated a net income of over $200 million for the first time in its 93-year history.

Main Street America Promotes Kusch & Listau The Main Street America Group, a super-regional property/ casualty insurance company, has announced the promotions of Jeff Kusch and Chris Listau to president roles of their respective divisions. Kusch, president of field operations, and Listau, president of Main Street America’s insurance operations, will both remain based at the company’s home office in Jacksonville, Florida, and report to CEO Tom Van Berkel. Van Berkel said Kusch and Listau will focus on the company’s day-to-day operations, as well as the long-term strategies of our operating units. As the president of field operations, Kusch will continue to oversee Main Street America’s field sales function, as well as assumed reinsurance and bonds. In his role as president of insurance operations, Listau will be responsible for the company’s commercial and personal lines product areas; and information technology, claims/integrated customer solutions, and business technology operations functions, as well as human resources and strategic planning/ governance.

Management teams can select one or more of the following coverage parts on a shared or separate limits basis: directors, officers and entity liability; employment practices liability; fiduciary liability; and crime (soon to be released). The policy is expected to roll out in all 50 states this year.

GuideOne Adds Former CNA Sr. VP Huber GuideOne Insurance, headquartered in West Des Moines, Iowa, has appointed Rob Huber as senior vice president, Sales & Field Operations. In this role, Huber is responsible for leading GuideOne’s sales, marketing, field underwriting and product development strategies and functions, including distribution, agency partnerships and compensation, branding, new business and renewal underwriting, coverage innovation and policy enhancements. Huber joins GuideOne from CNA Financial Corp., where he served as senior vice president, Zone Officer for the Southern Zone. In that role, Huber led the strategic direction and operational oversight for 11 branch offices across 11 states. Prior to that, he held leadership roles with Ace USA and AIG, and also spent time as a retail producer with Wachovia Insurance Services and Sedgwick. u

DON’T GET BITTEN!

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.

www.independentagent.com/EOHappens

Berkley Launches Private Company Primary Management Liability Policy Berkley Professional Liability, a Berkley Company, has expanded its product offerings to include a primary private company management liability policy. This comprehensive package policy offers coverage designed to address growing exposures facing private companies. 44

Visit the E&O Risk Management website at www.independentagent.com/eohappens The Tennessee Insuror

What YOU do is what WE protect. Want the opportunity to grow your business in niche industries? BITCO is your perfect partner. We’ll help you get new clients and protect them with the best insurance for their industry. We offer you the industry experience and in-depth knowledge that attracts new customers. You can count on us for 100% support including local underwriting delivery, proactive risk control services, premium audit functions and efficient claims handling – all on a personal level. Nashville Branch Office 535 Marriott Drive, Suite 200 Nashville, Tennessee 37214 615-871-9042 or 1-800-342-5786 Fax 615-871-0783

Insurance contracts are underwritten and issued by one or more of the following: BITCO General Insurance Corporation and BITCO National Insurance Company, rated A+(Superior) by A.M. Best, A2 Stable by Moody’s, and A+ Strong by Standard and Poor’s.

Programs for:

General Contractors Transportation Construction Contractors Utility Construction Contractors Land Improvement Contractors

Construction Materials Suppliers Onshore Oil & Gas Exploration Forest Products Manufacturers/Wholesalers & Distributors

All programs may not be available in all states.

www.BITCO.com

The Tennessee Insuror

Do Your Standard Personal Lines Clients Need Cyber Coverage? The Exposures are Out There

written by Jacquelyn Connelly, IA Magazine Senior Editor

The average American household has six devices connected to the internet, such as a security camera, smart home assistant, smart TV or baby monitor, according to a recent study by Grange. Any device connected to the internet is at risk of being hacked, so perhaps it’s no surprise that about one in four individuals have been victims of a cyberattack, Grange reports. But that number becomes more startling when you consider that three of four people who have experienced a cyberattack had previously taken safety measures to prevent the attack, like installing security software. While 77% of people are at least somewhat concerned about the risks of accessing the internet from their devices, only 10% would go to a property-casualty insurance company for advice about cyber protection, according to Grange. “Cyber is something consumers still aren’t taking seriously,” says Lisa Lindsay, executive director, trustee and founding member of the Private Risk Management Association. “People are still using password123 as a password, they’re still using their children’s names – what we’re seeing is a need to continue to educate and have that cyber conversation with clients so they take cybersecurity as seriously as they take the physical security of their home.”

high net-worth market to their standard clientele – eventually. “As you get down to the middle market, they’ll charge a fair price for it, and because of that huge spread of risk, they’ll make money on this,” Rockefeller says. “The industry sells on fear. We’re all scared of prying eyes and ransom and people messing around with our data, so protection against that is going to be very valuable.” Personal lines carriers like Grange and Cincinnati have already developed cyber endorsements for the standard homeowners client. “We are rolling out cyber solutions for both the high net-worth and standard personal lines customer segments, just with lower limits for the latter,” explains Will Van Den Heuvel, senior vice president, personal lines, The Cincinnati Insurance Companies. “We think that exposure will be hitting all segments of the population.” In an immature market, Hourihan warns agents to watch out for policies that are more fluff than substance. “Don’t be fooled by the bells and whistles and marketing around some of these coverages,” he cautions. “Many offer very limited reimbursement or very limited services, yet they’re touted as

What Coverage is Available? Cyber endorsements have been available in the high networth market for several years, but insurers have not been as quick to respond with coverage developments for the standard personal lines space. Why? Perhaps the greatest deterrent is that cyber risk is evolving faster than most insurers can develop protection against it, even in the commercial market. “Insurance companies are slow to move as a group,” says Jerry Hourihan, president, AIG Private Client Group. “But as new needs emerge, new products become available, and oftentimes they do get embedded into more mass-market type of products.” Todd Rockefeller, principal of Private Client Services for BNC Insurance & Risk Advisors in Rye Brook, New York, agrees that personal lines carriers will “absolutely trickle this down” from the 46

The Tennessee Insuror

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

For more information contact our team of Underwriters

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• Integration with Applied Systems, ConceptOne, Insurance Management Systems, Jenesis Agency Management Solutions, The Agency Advantage, and Vertafore (AMS Prevail). AccuAgency and many more coming soon. Custom integration options are also available! • Credit card and ACH down payment* • IPFS Connect® mobile app - make payments**, update account information, receive push notifications and more (convenient for trucking and construction).

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*IPFS’s down payment processing service is provided as a convenience only and is subject to prior agreement to IPFS’s terms and conditions. **Fees may apply where allowed by state law. Copyright © 2018 IPFS Corporation. All rights reserved.

The Tennessee Insuror

something that might really solve cyber issues.” As the coverage becomes more mainstream, “that will raise education levels, but also raise awareness among clients who might be buying the wrong thing,” Hourihan adds.

Precautions to Take Now In the meantime, you can help your personal lines clients be more aware of their cyber risk by encouraging them to take a few risk management precautions with their private data, says Fran O’Brien, division president, Chubb Personal Risk Services. For starters, be alert to ransomware – an attack on a computer or network that locks up or encrypts data, holding it hostage until the hacker is paid a ransom. “Cybercriminals can easily crack a home Wi-Fi network to gain access to personal data,” O’Brien explains. Similarly, watch out for phishing scams, which often start from email. “To defend against them, individuals should not click on emails or links within an email if the message seems urgent for no reason,” O’Brien says. “If it’s coming from an unknown sender or if seemingly from a well-known company and is somehow out of the ordinary, sloppy or poorly worded, it’s likely a scam.” Note, too, however, that phishing emails “are becoming increasingly sophisticated,” O’Brien adds. “If in doubt, call the company and ask if they are trying to contact you regarding your account.” To prevent access through Internet of Things-enabled devices, consider “turning off internet-connected toys when not in use and never discussing anything private in front of home voice-activated smart speakers,” O’Brien says. Finally, insist your clients adhere to a number of simple, easyto-follow best practices, including regularly changing passwords; using two-step verifications; restricting the information they must share to download the latest app or software update; and backing up their data on a regular basis. “Cyber is a risk that affects everyone,” Lindsay says. “If we think about homeowners insurance and how it’s evolved over the years, cyber is something we’ve got to see eventually become part of every policy. The threat is out there, it’s real, and it’s going to become even more and more sophisticated as time goes on.”

YOU’RE INDEPENDENT. BUT YOU’RE NOT ALONE. A STRONG POLITICAL ACTION COMMITTEE SERVES AS A CONDUIT TO GIVE YOUR ASSOCIATION ACCESS TO THE MEMBERS OF THE TENNESSEE GENERAL ASSEMBLY. INSURORS THEN CUTS THROUGH THE RED TAPE TO GET YOUR VOICE HEARD. HELP US WORK FOR YOU “ON THE HILL.”

About the Author Jacquelyn Connelly is the Senior Editor for the Big "I" IA magazine, and frequently writes and contributes content for coverage and technical insurance articles. She may be contacted at jacquelyn.connelly@ iiaba.net. u 48

DONATE TODAY AT INSURORS.ORG The Tennessee Insuror

Kids' Chance of Tennessee Inaugural Charity Golf Classic

Thursday, April 18th • Gaylord Springs Golf Course • Nashville Kids’ Chance of Tennessee is a charity dedicated to financially helping young people in our state pursue higher education at a university, college or vocational school who have had a parent catastrophically injured or killed in a work related accident. Help professionals from the insurance industry and other Tennessee businesses make a difference in these children's lives through hope, opportunity and the providing of educational scholarships. The event will begin with a lunch at Noon CST, followed by a 1:30 pm shotgun start. Sponsorships, packages and individual registrations are available now.

Visit www.kidschanceoftn.org for more information, contact info@kidschanceoftn.org or call (615) 319-3921 to register now.

The Tennessee Insuror

Which tool does over half of IIABA’s Best Practices insurance agencies use? Caliper. Best Practices agencies know the bigger you want to be, the better you need to manage your #1 asset… Your people. Caliper does that. Did you know that the average IIABA Best Practices Agency

spends well over half its revenues on compensation? Did you know

that the larger the agency, the more they spend on people? Did you

know that 55% of IIABA Best Practices agencies are Caliper clients? Let’s face it, the people in your agency are your biggest asset.

maximize top performers.

helping insurance agents successfully navigate today’s challenges

by deploying the best talent. Find out what Best Practices agencies know and many members have known for over 30 years.

5Oyears

25,OOO companies

For member-exclusive pricing, go to www.iiaba.net/caliper. 50

3,OOO,OOO individuals assessed The Tennessee Insuror

Meetings A Busy Spring Schedule Lies Ahead 2019 Big "I" Legislative Conference May 8-10 The annual Big "I" Legislative Conference will be held May 8-10 at the Renaissance Washington Hotel in Downtown D.C. Attend a one-of-a-kind legislative event for the independent agency system and educate members of Congress on issues important to you and your clients. Registration includes an indepth issues briefing, legislative breakfast with high-profile Congressional speakers, a general session and networking opportunities. Regiter now or get more information at https://www. independentagent.com/Events/LegislativeConference/ home.aspx

Local Events Fill Up Spring Schedule Multiple local events around the state have been scheduled, including the below golf tournaments: April 15 - MTSU Martin Chair of Insurance Golf Tournament The Grove Golf Course 6200 Wildings Blvd, College Grove Visit https://mtsu.edu/martinchair/golftournament.php April 18 - Kids' Chance of Tennessee Inaugural Charity Golf Classic Gaylord Springs Golf Course 18 Springhouse Lane, Nashville Visit www.kidschanceoftn.org/events/ Kids' Chance provides scholarships to children whose parents were severely injured or killed in workplace accidents May 6 - Insurors of Nashville Golf Tournament and Social Old Natchez Country Club 115 Gardengate Dr, Franklin Visit https://www.insurorsofnashville.com/site/event/2019golf-tournament/ May 14 - Insurors of Memphis Picnic and Golf Tournament Windyke Country Club 8535 Winchester Rd, Memphis More info TBA June 4th - Insurors of Northwest Tennessee Golf Outing Dyersburg Country Club at the Farms 2100 Club House Dr, Dyersburg Visit http://www.insurors.org/pdf/InsurorsNWTN19.pdf u The Tennessee Insuror

Could your agency weather a data security breach? A full 80 percent of businesses that experience one donâ&#x20AC;&#x2122;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.

1. Privacy Rights Clearinghouse: Chronology of Data Breaches

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

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The Tennessee Insuror

Member Tips How to Engage with Your Clients During the Sale written by Cam Bob III, Infinity Leads Once a prospect decides they’re interested, that’s when they want to engage – so it pays to remove any reason they may find for taking their business somewhere else. Ask yourself a few questions here: Is it easy to engage with my brand? What’s it like to walk into my office? Does my website follow a logical flow? Are the people answering the phone friendly and professional? Is there any type of promotion I can run? The answers to these questions will lead to new ideas for improving your sales process. Here are four that will put you on the right track toward improving your customers’ experience during the sale: 1) Audit your inbound system. Pick up the phone or go online and make an interaction with your agency. Pay attention to how long it takes, from beginning to end, to service your query. Most quotes take between five and ten minutes, while the average sale takes about 17 minutes, according to internal data here at Infinity Leads. Maybe your team moves too slow, or clients don’t like your hold music. Auditing your systems will give you food for thought on how you might be able to improve your services. 2) Survey your team. Everyone surveys their customers, but how many survey their own team? Your employees are the ones on the front lines, so ask them what they think about your selling processes. For example, maybe your millennial staffers would leave because they’re tired of paperwork, which could be a sign that you should upgrade to DocuSign. Your team knows better than you – ask them for the truth. 3) Host VIP-style meetings. If your office is like most, it’s not getting much foot traffic. But for clients with in-person appointments, think about how you can take it up a notch and deliver them VIP service. For example, put their name up on the welcome screen, address them by their first name as they enter and offer them refreshments from a well-stocked fridge. 4) Give free gifts. One way to entice more clients is with giveaways for quotes. Sure, giving away a free gift card or small gift to get a quote decreases profitability upfront. But what’s giving away five $20 gift cards to win a client that will bring you $50 a month?* *TN law allows up to $25 in gifts not dependent on sale

About the Author Cam Bob III is the founder of Infinity Leads, an insurance customer acquisition agency, and author of The Digital Insurance Agent. u

Directory of Advertisers Advertiser

Phone

Website

Page

ACUITY (920) 458 - 9131 www.acuity.com 15 ABEN (877) 602 - 9877 insurors.aben.tv 16 AmTrust North America (877) 528 - 7878 www..amtrustfinancial.com/tnq1 7 Applied Underwriters (877) 234 - 4450 www.auw.com/us 2 Arlington/Roe (800) 878 - 9891 www.arlingtonroe.com 13 Bailey Special Risks, Inc. (800) 768 - 7475 www.bsrins.com 33 Berkley Southeast Insurance Group (615) 932 - 5508 www.berkleysig.com 19 Berkshire Hathaway Guard Insurance Cos. (800) 673 - 2465 x4567 www.guard.com/apply 24 BITCO Insurance Companies (800) 342 - 5786 www.bitco.com 45 Builders Mutual (800) 809 - 4859 www.buildersmutual.com 33 Caliper (609) 524 - 1200 www.iiaba.net/caliper 50 Donegal Insurance Group (800) 877 - 0600 www.donegalgroup.com 17 EMC Insurance (800) 447 - 2295 www.emcins.com 34 Genesee General (800) 282 - 8755 www.geneseeins.com 22 Harford Mutual (800) 638 - 3669 www.harfordmutual.com 42 Imperial PFS (859) 630 - 7369 www.ipfs.com 47 INSBANK (866) 866 - 4268 www.insbanktn.com 11 InsurPACTN (800) 264 -1898 www.insurors.org 48 J.M. Wilson (800) 595 - 0063 www.jmwilson.com 43 Keystone Insurers Group (800) 416 - 5498 www.keystoneinsgrp.com 40 Kids' Chance of Tennessee (615) 319 - 3921 www.kidschanceoftn.org 49 KNK Compliance Services (615) 375 - 7419 www.knkcompliance.com 39 The National Alliance (800) 633 - 2165 www.scic.com 55 National Security Group (800) 239 - 2358 x213 www.nationalsecuritygroup.com 22 Nationwide Insurance (423) 927 -2060 www.nationwide.com 20 Penn National Insurance (800) 395 - 0518 www.pennnationalinsurance.com 56 Preferred Property Programs (888) 549 - 2465 www.umbrellaprogram.com 47 RLI PUP (615) 515 - 2609 www.insurors.org 30 Securerisk (770) 723 - 8096 www.securerisk.com 38 StoneTrust Commerial Insurance Co. (800) 311 - 0997 www.stonetrustinsurance.com 32 Summit Holdings (800) 971 - 2667 www.summitholdings.com 32 Swiss Re Lawyer's Professional Liability (630) 213 - 9952 www.bigimarkets.com 36 Titan Web Marketing Solutions (615) 890 - 3600 www.titanwms.com 26 West Bend Mutual Insurance Co. (800) 236 - 5010 www.thesilverlining.com 9

BIG "I" LEGISLATIVE CONFERENCE RENAISSANCE WASHINGTON DOWNTOWN â&#x20AC;¢ MAY 8-10

VISIT IIABA.NET FOR REGISTRATION AND MORE INFORMATION

T H E N A T I O NA L A L L I A N C E I N F O M A P

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Rubles CIC

CISR Introductory Series

T H E NA T I O NA L A LLI A NC E I NF O MA P

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Rubles CIC

CISR Introductory Series

CRM

Dynamic Series

WTH Seminars

CSRM CPRM

The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals. The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William T. Hold Seminars are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs.

The Certified Insurance Service Representative (CISR) designation provides quality insurance education geared toward customer service representatives, account executives, servicing agents, new producers, and other professionals. The Certified School Risk Manager (CSRM) designation fills a need for quality risk management education for those associated with schools.

The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The Certified Risk Manager (CRM) designation is recognized as being the foremost education available in the field of risk management. The Certified Personal Risk Manager (CPRM) designation yields the best training for meeting the needs of an affluent clientele.

The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

Dynamic Series

CRM

WTH Seminars

1 CSRM

2 The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals. The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William T. Hold Seminars are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs.

CPRM

3 The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The Certified Risk Manager (CRM) designation is recognized as being the foremost education available in the field of risk management. The Certified Personal Risk Manager (CPRM) designation yields the best training for meeting the needs of an affluent clientele.

The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

VISIT SCIC.COM FOR MORE INFORMATION OR INSURORS.ORG TO REGISTER FOR CLASSES NOW

Helping people feel secure.

Since 1919. A group of Pennsylvania farmers founded our company in 1919 to provide affordable workers’ compensation insurance.

Helping Today, Penn National Insurance sells property-casualty insurance in 11 states. Just like those farmers who envisioned an insurance company that could meet their needs better than any existing insurance carrier, we look to the future of our company and make decisions that center around:

people feel secure.

All with one focus in mind: to help people feel secure and make life better when bad things happen.

• Providing superior customer experience • Responsive product offerings to fit the changing market needs • Staying financially strong

PennNationalInsurance.com