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We your business. Bring your business home to New Mexico Mutual and celebrate with a 5% increase in commission on NEW BUSINESS* bound with effective dates through February 2013. We appreciate your business and our partnership! We look forward to providing your clients the opportunity to put their business with a New Mexico company. If you have any questions, please contact your sales representative.
SM
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New Mexico’s Experts in Workers’ Compensation Insurance. 3900 Singer Blvd. NE • Albuquerque, NM 87109 • 505.345.7260 or 800.788.8851 • www.NewMexicoMutual.com *Excludes accounts that were insured with New Mexico Mutual in the previous 6 months, short-term policies, rewritten policies, and renewal policies.
“La Voz” is the official monthly e-publication of the
a L
Independent Insurance Agents of NM 1511 University Blvd. NE Albuquerque, NM 87102. (505) 843-7231. Fax (505) 243-3367. Web site www.iianm.org. This publication is intended to provide accurate and authoritative information on the subject matter covered, but is distributed with the understanding that neither IIANM, nor any contributing author, publisher, contributor or advertiser is rendering legal, accounting or any other professional service and assume no liability whatsoever in connection with its use. Further, the electronic links to our advertisers and/or contributors found in this publication are provided as a courtesy to our readers and do not necessarily indicate an endorsement by IIANM.
Features
o VZ
"The Voice" of Independent Agents since 1934
2013 - Become an IIANM Company Partner
04
Annual Education Seminar - Get Your 15 CE Hours
05
‘Slow & Steady’ P&C Rate Increase Likely to Continue in 2013
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Save the Date for Convention!
09
Free Webinar ‘Getting a Grip’
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News items from members of Independent Insurance Agents of New Mexico and the general insurance industry are encouraged. The advertising deadline is the fifteenth day of the month, preceding publication.
Reacting to a Carrier Downgrade or Carrier Assessment Decision
11
Agencies Expand Use of Market Access Providers
14
Why Your Agency Needs a Social Media Policy
17
Advertising rates are available upon request.
‘What’s In A Name?’ Title Your Emplyees Appropriately
18
Please contact Rachel Sheffield at rachel@iianm.org for details
Can One CGL Insured Sue Another One?
20
How to Have Your Best Year Ever
22
Industry Tidbits
24
IRS New Mileage Rates & Deductibility of Dues
25
Will Rates Continue to Firm in 2013
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IIANM Staff President/CEO Thom Turbett Vice President of Member Services Consuelo Trujillo
In Every Issue
Vice President of Insurance Programs Julie A. Franchini
Tech Talk
12
Communications Director Rachel Sheffield
January's Clickable Calendar
30
Odds n Ends
31
Member Services Associate Renee Trujillo
2012-2013 Officers
Advertiser Index Acuity Burns & Wilcox
06
Back Cover
Litchfield Special Risks
16
Lovelace Health Plan
21
Vice-Chair Diana Hobbs
Market Finders, Inc.
10
MexiPass
19
Secretary/Treasurer Gabe Portillo
Mountain States Insurance Group
Chair PJ Wolff
National Director Sam Conlee Immediate Past Chair Scott Jones
New Mexico Mutual
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Become a Partner! We invite companies to experience the enormous networking, recruiting and branding opportunities presented by becoming an IIANM Corporate Partner. Our Associate's Partnership program puts supporters front and center in a meaningful and memorable fashion.
The Partners Program is a win-win situation for both IIANM and its Partners. Our Partners appreciate this "one-stop" approach to supporting IIANM and its members. From IIANM's point of view, it saves time and resources formerly spent soliciting for event sponsors.
Benefits to you: • Support the Agency Distribution System: Your backing makes it possible for IIANM to develop affordable, quality programs that enhance the professionalism of New Mexico's independent insurance agents. • Substantial Savings: The value of the various benefits you receive as an IIANM Partner far exceeds the cost! • Unique Perks: Many of the perks you receive as an IIANM Partner are not available to other companies - at any cost. • First Pick: Diamond, Platinum, and Gold Partners are guaranteed first pick of sponsorships and exhibit space at IIANM events. • No Hassle: We will not solicit money from you again this year! Six levels of participation are available:
Diamond
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For more information, to view a graph with a breakdown of what each level is entitled to, and for a pledge form, click here. Contact Consuelo Trujillo at 505-999-5804 or consuelo@iianm.org with any additional questions.
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Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
March 19th & 20th, 2013 Crowne Plaza, Albuquerque, NM
One Day One Morning
Day One Afternoon
Business Income
BOP
3/19/13
Commercial Lines
3/19/13
The Mystery & How to Solve It Bob Pratte, CIC
Betsy Carlson, RPLU, CIC, ASLI
E&O Risk Management - Meeting the Challenge of Change
Personal Lines Young Agents Professional Development Life & Health
Jeff Straight, CIC, LUTCF, AAI *Policyholders of Swiss Re/Westport Insurance and Fireman’s Fund, this E&O course has been approved for credit on your E&O renewal. The number of required participants is based on agency staff size. Contact Julie Franchini at Julie@iianm.org or 505-999-5802 to determine your agency attendance requirement.
Goal Setting & Goal Getting PJ Wolff
Ethics
3/20/13
Day Two Afternoon 3/20/13
Anatomy of a Claim / Green Insurance Coverage
Selected Problems & Solutions
Commercial Insurance
Jeff Straight, CIC, LUTCF, AAI
Bob Pratte, CIC
Personal Insurance
Parents:
Dilemmas, Issues & Solutions
Your Kids & Your Personal Lines Policies
Bob Pratte, CIC
Jeff Straight, CIC, LUTCF, AAI
NM Legislative Update
The Insurance Industry Leader
Thom Turbett
Dr. Theresa Cross, Phd
NM Health Connections
Disability Income
Affordable Care Act & Exchange Update
Michael Stark
Patty Padon, LUTCF, CIC, AAI
two Day Two Morning
Brian Taylor
COBRA Compliance Update
History of Health Insurance
C. Sue Bisbee
C. Sue Bisbee
4pm - 5pm
4pm - 5pm
Click here to view full brochure and to register Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
Page 5
RELAX. WE’VE GOT YOUR BACK.
FOR ALL
THAT MATTERS
www.acuity.com Page 6
facebook.com/acuitywow Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
‘Slow and Steady’ P&C Rate Increases Likely to Continue in 2013
The market turn in 2012 is different from the dramatic hard market of 2001-2005, MarketScout says. by Victoria Goff, IA online editor
P
roperty-casualty rates for personal and commercial lines rose gradually in 2012, a sign that pricing increases
may continue at a “sensible pace” over time, the latest MarketScout Barometer report shows.
sonal lines insurers “smooth the impact of losses” from Su-
In December, commercial P&C rates were 5% greater on
perstorm Sandy, which ravaged that region in late October.
average than December 2011 pricing, according to Mar-
Still, “those insurers writing excess and/or primary flood
ketScout, a Dallas-based insurance distribution and under-
were hit hard,” he adds. “We project rate increases for flood
writing company that releases the monthly pricing report. In
insurance at +15% to +20%.”
the first month of 2012, the average rate increase was 1% over January 2011 levels. Personal lines showed a similar trend: In December, personal P&C rates were 4% higher on average than December 2011 rates. Pricing at the start of 2012 was 2% greater than rates of the same period in 2011. MarketScout CEO Richard Kerr notes the firming rates follow more than seven years of a soft market, but cautions that the “turn is not like the last hard market of 2001 to 2005, when rates spiked as much as 30% in the early stages.” “For the 2012 market turn, rates have adjusted slowly and steadily without any dramatic spikes,” Kerr says in the re-
Commercial P&C Pricing By coverage class, auto finished 2012 with the greatest rate increase at 6%, compared to December 2011 pricing, according to MarketScout. It was followed by property and general liability, which both were up 5%. By account size, small accounts of up to $25,000 had the largest rate hike in December at 6%, and jumbo accounts of more than $1 million had the smallest rate increase at 3%. By industry, transportation, manufacturing and service led December rate increases, with pricing up 6% over December 2011 levels.
port. “This slow and steady pace could foretell rate increas-
Personal P&C Pricing
es at a more sensible pace and for a longer period of time.”
In December, on average, personal articles rates were 4%
Meanwhile, Kerr points to underwriting profits from areas
greater than December 2011 rates, according to Mar-
outside of the Northeast as a factor that helped large per-
ketScout. Homeowners was up 4% and auto was up 3%.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
Page 7
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Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
ACT TO HOST FREE WEBINAR:
“GETTING
A GRIP:
HOW TO MANAGE YOUR INDEPENDENT AGENCY'S SOCIAL MEDIA”
Webinar to address how independent agents can manage their social media spaces to best communicate with customers and grow their business. Friday, Feb. 15, 2013 at 1:00 p.m. EDT. This webinar will provide “best practice” advice from agents and other industry leaders on how to successfully manage a social networking initiative and provide options for making social media management easier for agencies. REGISTRATION: Go to https://www1.gotomeeting.com/register/126186488 COST:
Free
ADDITIONAL INFORMATION: An interactive panel of industry experts will answer questions regarding such topics as: • How do I budget time on social media? • Where do I get content? • Who should manage my firm’s social media? • How do I protect myself from negative comments and take advantage of positive comments? Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
REACTING TO A CARRIER DOWNGRADE OR CARRIER ASSESSMENT DECISION
Y
ou placed the business in an approved market per your agency’s market selection process. In placing the business you informed your client of the available options with alternate markets, and if the policy was assessable, provided full details. In summary, you acted in a fully prudent manner by placing business in a market to protect both yourself from claim and your policyholder from financial loss. NOW, due to your agency’s current procedures that monitor the ratings and activities of your carriers, you discover that one of your carrier’s financial ratings has dropped significantly to a level below that approved by the agency’s selection process, or that it is considering assessing its policyholders due to financial problems.
WHAT TO DO? The following checklist recommends actions to be taken to provide the best service to your policyholders while at the same time reducing the potential for claims against the agency. PROTECT YOUR POLICYHOLDERS • Notify them in writing about what has happened and respond to any queries without delay. If a rating downgrade or potential insolvency issue, be prepared to explain the reasons given for the downgrade by referencing the comments of the rating agency. If an assessment issue, also notify any prior policyholders affected. • If a potential insolvency issue, make them aware of what protection exists via any state or other guarantee fund. • Keep policyholders informed as events transpire, including any open hearings that are scheduled. Let them know that you are concerned with keeping them informed.
• If coverage is moved midterm, attempt to secure prorated cancellation terms from the existing carrier due to the circumstances outside the policyholder’s control. • Maintain positive relationships with both the carrier and policyholders. Policyholders should understand that you are looking out for their interests by doing all you can do to protect and inform them. PROTECT YOURSELF • Immediately review the facts concerning the ratings downgrade or assessment action using your agency’s market selection and review process. Decide on a course of action and apply it consistently to all policyholders. Document all decisions reached and develop a written plan to follow. • Check with your Association concerning the issue and any recommendations or loss control measures it may recommend. • Consult with your own legal counsel regarding your actions and the content of what is sent to policyholders. • Document all actions taken by the agency in responding to the situation. • Keep informed about the issue in order to answer policyholder questions without delay and to demonstrate full and accurate knowledge to the policyholders. • In letters to policyholders consider using wording such as:
• Keep informed as to what the carrier is doing to notify your policyholders of its actions.
“As we discussed when you selected this coverage option…”
• Use carrier supplied or approved notices whenever possible.
“Per the summary sheet provided you/that you initialed…”
• Avoid conflicting information being sent to the policyholders. • Inform the policyholders about the implications of a midterm coverage move, a move at expiration, or remaining with the current carrier. Explain the possible loss of unearned premium if the carrier does become insolvent and coverage must be replaced midterm or the possibility of short rate cancellation terms if moved prior to actual insolvency or in an assessment situation. • Offer the policyholders the option to move coverage midterm, and if declined, advise them that you will investigate replacement coverage at renewal with their agreement. • Let the policyholders make the decision regarding coverage. Have them confirm the option selected in writing.
The intent is to remind them that THEY made the decision and were properly informed as to all options available. • Maintain a positive relationship with the carrier. Avoid any negative references regarding it or its actions. • Clear any correspondence with the carrier if required. Check your contract with the carrier to determine what your duties or limitations may be in regards to the issue. • Be consistent! If you do something for one policyholder, do it for all of them. For more valuable agency E&O risk management information and tools available exclusively to Swiss Re policyholders, visit www.independentagent.com/EOhappens.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Steve
Anderson.com by, Steve Anderson (Always feel free to email me with comments, new ideas or products that have worked for you. I will check them out and spread the word!)
Five Ways Agencies Can Use Google+ Hangouts If you are not familiar with Hangouts, it's a feature within Google's Social Platform, Google+, that allows for live group chats with video webcam support. For insurance agencies this is a great, free tool for quick feedback and interaction. It's easy to put together small groups. But, as you experiment, you may find that there are so many more ways to use Hangouts once you begin playing with it. It is definitely poised to help agencies of all types increase productivity through new ways of working and collaborating. Here are five ways using Google+ Hangouts can increase productivity within your insurance organization.
1. Collaborate instantly with Google Docs
Hangouts allow for a seamless connection with Google Docs. You can easily collaborate on documents with other employees (like proposals) within the same office or in another location across the country. Create a new doc or simply click the + symbol at the top of the sidebar to access your existing documents.
2. Connect with customers or prospects
Like collaborating with other employees, you can also connect with clients who have a Google+ profile. Using Google Docs, you can now go over a new business proposal or review a renewal with an existing customer. A webcam helps provide a better visual experience and connection.
3. Share your screen with one click
Sharing your screen with a colleague in the office, a cusPage 12
tomer, or vendor is no longer a hassle. Now you can just ping that person or group and share your screen with them inside a Hangout. How about walking a customer through the claims process on the insurance company website? You could just take the information, but sharing a screen teaches them how to do it and ultimately streamlines your workflow.
4. Internal training
Utilizing all of the above functionality, Hangouts can be a great way to implement training sessions, archive, and follow up with employees inside and outside of the office.
5. Sales tool
It is easy to put together small group webinars using Hangouts. You can promote an upcoming Hangout where you will talk about a specific topic of interest to your target group, maybe for only 30 minutes. Topics are only limited by your creativity. A few examples of using webinars as a sales opportunity can include topics such as health care reform, what happens to homeowners' insurance when a parent goes into a rehabilitation facility, or 5 common limitations for a business owners policy. For every Hangout, Google+ provides details after each as to who attended and who didn't. Follow-up is simplified by allowing you to contact those who were present, and invite those who were not to another hangout session. Google also posts about the Hangout in the participant's streams, which encourages discussion afterwards and keeps an ongoing dialog.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
Should You Insure that New Gadget?
Did you receive a new gadget this holiday season? Or perhaps you gave one to a family member? If your new gadget is an Apple product, you might be wondering if the warranty from Apple was the best choice, or if a third-party warranty company might be a better option. SquareTrade is one of the third-party warranty programs you might want to consider. One thing that seems to be an advantage with SquareTrade is their focus on delighting their customers. Part of this customer service focus is to make sure their customers receive a fair price, and not making customers jump through hoops to get a claim approved. Customers can file a claim online or over the phone, and track their progress every step of the way online. There are thousands of customer reviews on sites like Amazon, the Apple App store, and Google that give credibility to this claim. SquareTrade provides warranty coverage for all sorts of products, including all Apple products and all generations of the iPhone and iPad. To get a quote, simply visit SquareTrade. It's currently $99.00 for a two-year iPhone warranty (normally $124.00), and $89.00 for a two-year iPad warranty (normally $119.00). There are two deductible options for the iPad warranty, and plans can be for two or three years. Their warranties cover a user from drops, spills and other accidents, which are responsible for 90% of all device failures. They also cover normal hardware malfunctions. You can read the full warranty details for iPhones and iPads.
term “jailbroken” can be used to refer to iPods and other devices that have been modified to let the user install applications that are not released through Apple®’s “App Store). Apple voids their AppleCare warranty if the iPhone or iPad was ever jailbroken. SquareTrade's warranty covers jailbroken iOS devices. However, if a claim is made, you will be required to restore the factory software settings if the problem is something that could be caused by the jailbreak. It's easy to file a claim online or over the phone, and it takes less than two minutes. In most cases, you have the option to send in your broken device for repair or you can take your device to your local Genius bar or repair shop, and they will reimburse you the cost of repair. If you decide to send it in, you can download a prepaid express shipping label or they'll send you a special padded box ensuring safe transport. They fix most devices and express ship it back to you the same day it is received. In the case of most iPhones, they'll also give you the option for an "advance exchange" - they will overnight you a replacement phone, and you just ship your broken phone back to them. That way, you don't have to go a day without your iPhone. You just pop out your SIM card and put it in your replacement phone and you're ready to go. The SquareTrade warranty program covers most any type of electronic device. You should do your own research and decide if a warranty is right for you. As I mentioned above, you can read experiences from thousands of SquareTrade customers on Facebook, the iTunes App Store, or Google Reviews.
They also have a super helpful customer support team that can be called at any time at 877-WARRANTY (877-9277268). An interesting difference between the AppleCare and SquareTrade warranties involves jailbroken devices (The Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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More agencies are now pooling their resources for benefits beyond carrier relationships.
Agencies Expand Use of Market Access Providers When many large property-casualty insurers restricted their direct appointments with smaller independent agencies in the 1990s, clusters—agencies that joined together to pool their premium volume to attract quality insurance markets—became a new phenomenon. Now, two decades later, 80% of more than 2,500 agencies surveyed for the latest Agency Universe Study reported using market access providers to place some commercial and personal lines business. Market access providers call themselves aggregators, networks and franchisors, and some have grown into giant enterprises, posting hundreds of millions of dollars in combined written premiums. But many of their member agencies have direct appointments with major carriers. Some of these agency principals say they did not join these entities as a means of accessing additional markets, but rather, they’re leveraging them as a way to grow agency profits. Among them is John Wheeler, owner of The Wheeler Agency in Lake City, Fla., which joined a network five years ago. Wheeler, whose agency has been in business for 43 years, says his firm has “good markets” on its own, but his network’s compensation contract with carriers is better than what the agency could have negotiated alone. “That first year since joining, we got an immediate bump in our profits, and it’s been the same thing since,” he adds. Beyond the potential for bigger profits, agents tout other reasons why joining their peers in such organizations is valuable: sharing best practices, improving agency perpetuation possibilities, tapping risk management and underwriting expertise, and accessing wide-ranging, value-added services from accounting to public relations assistance that smaller agencies would have difficulty paying for on their own. “Providing markets is only part of what we do—we are a multipartnering concept,” says Jim Masiello, chairman and CEO of network SIAA.
Agencies are increasingly using market access providers, according to the 2012 Agency Universe Study, which based the above data on 2011 operating results reported by more than 2,500 agencies. Page 14
Aubie Knight, CEO of the Independent Insurance Agents of Georgia, agrees that market access is only one of several membership attractions. In Georgia, he estimates nearly 30% of IIAG members are involved with a market access provider. “Most agencies that we see joining aggregators are not necessarily doing so in order to access markets,” Knight
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
says. “They’re doing it to aggregate volume to enhance commissions and profit-sharing.” The benefits of membership come with risks, including a steep financial penalty for ending a contract with a provider. Still, some agents maintain that the potential downsides are well worth the upsides.
Do you and your staff want to increase your technical expertise and customer service skills? Earn the ACSR personal, commercial or life/health designations through The Institutes.
“You lose a little control,” says Steve Horton, president of Steve Horton Insurance Agency in Longview, Texas. “There is a portion of your commission they take, but to be honest, the market access more than makes up for this.” Horton also cites risks from other aggregator members. “I’m in a part of East Texas that isn’t prone to hurricanes and flooding but other members are vulnerable, and the carriers can get a bit antsy,” he says. “So far, this hasn’t yet been a problem, but it [could become one].” Another agent who uses a network, Mary Pursell, says she’s concerned about a potential loss of personal contact with carriers. “I was a bit worried that my company relationships were jeopardized,” says Pursell, president of Abbate Insurance Associates, Inc. in New Haven, Conn. “I had heard that if you join an aggregator you no longer have the direct relationship—they do.” “I also didn’t want my staff or fellow agency principals to perceive that my agency was having trouble getting direct appointments or was weak,” she adds. “And, of course, I was concerned that the provider would take a percentage of my commissions.” But as it turns out, none of these issues reared into a fullblown problem. “The profits I’ve pulled in over the past two years have more than offset the monies paid,” she says. It is also the latest in an occasional series on independent agency channel trends identified in the Agency Universe Study, which was released in October 2012. Read an overview of the study’s top 10 findings and how agencies are marketing to sell to diverse prospects.
Russ Banham is an IA senior contributing writer. This story is an excerpt of the Independent Agent magazine article, “More than Market Access.” Read the full story in the January IA print edition. It is also the latest in an occasional series on independent agency channel trends identified in the Agency Universe Study, which was released in October 2012. Read an overview of the study’s top 10 findings and how agencies are marketing to sell to diverse prospects.
Why ACSR? No annual dues No reaccreditation or mandatory update to maintain designation. More concentrated study in your area - personal, commercial, or life and health. Recognition by NAIW towards CPIW designation
ACSR's are better prepared with: - Increased product knowledge - Improved selling and account rounding skills - Enhanced productivity and confidence - Higher levels of professionalism and customer service Choose the ACSR designation that's right for you (only 5-6 courses): Personal Lines - Mod. 1 - Homeowners - Mod. 2 - Personal Automotive - Mod. 3 - Personal Lines Related Coverage - Mod. 4 - Agency E&O - Mod. 5 - Professional Development Commercial Lines - Mod. 6 - Commercial Property - Mod. 7 - Commercial Liability - Mod. 8 - Commercial Automobile - Mod. 9 - Commercial Lines Related Coverages - Mod. 4 - Agency E&O - Mod. 5 - Professional Development Life & Health - Mod. 10 - Life Insurance - Mod. 11 - Retirement Planning - Mod. 12 - Disability and Health Insurance - Mod. 4 - Agency E&O - Mod. 5 - Professional Development Click here for more information.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
by Robert Allan Paul, VP of marketing for Project CAP
Why Your Agency Needs a Social Media Policy Discover how a policy on social media usage and engagement can benefit your agency.
S
ocial media has shifted control to consumers. Not only do they have much greater influence over brand messaging, they demand respect and quick feedback. In short, they expect a “conversation.” This requires monitoring on your part to understand what’s being said about your brand by others—because someone is talking about you. It also means you need to plan ahead. Social media should be as strategically planned as formal advertising or public relations. It should never be a fly-bythe-seat-of-your-pants or a I’ll-get-to-it-when-I-can kind of activity. These online conversations are happening with many eavesdroppers. You have a free audience, so make it count. Your potential buyers are consistently making reference checks even before your first meeting. They’re looking at online reviews of your reputation. Trovus.co.uk reports 83% of B2B or professional services buyers research online before making a purchase decision. And where do people look for information about a company, brand or product? According to Marketo’s Definitive Guide to B2B Social Media, fully 70% visit social media sites, compared to 68% visiting company websites, 57% checking online news and 49% going to review sites. It’s also important to remember that the Internet is like a spider web—one bit of information leads to another. Hubspot found that companies that blog have 55% more website visitors than those that don’t, and B2B companies that blog get 67% more leads. Companies that use Twitter? They get an average of two times more leads per month than those that don’t. Equally important to participating in online conversations is understanding how to participate. Many companies, including Project CAP, have created a social media usage policy, outlining expectations for employee use of social media both at work and on personal accounts. Far fewer have outlined a social media engagement policy, which identifies who is authorized to represent the company online in an official capacity, who needs to be notified when negative comments appear and how all replies should be handled. Don’t leave it to chance.
Any engagement policy should: • Identify one key individual to handle all replies and a back-up person when needed. Ideally, this person should control other marketing messages and outlets as well. If not, your online “responder” should receive marketing supervision. • Clarify brand voice. In other words, replies should be consistent and within your brand character. • Outline reply-time expectations. How much time is acceptable between comment and response? Is there a different expectation for positive versus negative customer remarks? Regardless of the details of your engagement policy, this is the number one rule for every brand: Be sincere. Yes, you’re interacting through a piece of technology, but there is a real person on the other end who has taken the time to reach out to your brand. They are looking to establish a connection. Reach back. If they’re unhappy, make things right. If they’re complimentary, take the time to thank them. Handle each interaction as if it was occurring face-to-face, and you may find you have a real fan—or friend—for life.
Project CAP provides digital marketing tools an d services to help independent agencies, brokers and carriers build their online brands and visibility. It was created through an alliance of the Big “I” and state affiliates, Trusted Choice® and insurance carriers to expand the independent agent's share of the personal lines.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
Page 17
“What’s in a name? That which we call a rose by any other name would smell as sweet.” ~William Shakespeare
What’s in a NAME? Title Your Employees Appropriately
time for the CSRs.” For what? To service more new business the producers are not producing? When agency owners start giving them their own business, they’ll rationalize it as, “It’ll free up more of my time.” To do what? Rarely have I seen 55-65 year old agency owners give away chunks of their book and then replace it with all new sales. It happens, but rarely. Or another rationalization is, “They just need more experience working with clients.” What have they been doing the last 10 years?
By Chris Burand
A
sentiment is conveyed by the modern version of an 18th century expression: “You can put lipstick on a pig, but it’s still a pig.” And like putting lipstick on a pig, many agency owners try to make producers out of employees simply by giving them the title “producer”. Even if these employees are not producing, they are given the title “producer” –– and voila! they are magically producers! Once that title has been bestowed, agency owners will often go to great lengths to rationalize their producers’ lack of success. In some agencies, the rationalization is so obvious it reminds me of Garrison Keillor’s Lake Wobegon sign-off where all the children are above average (which is an obvious impossibility). It’s as if once the title is given, the owners have to convince themselves their producers are successful. Agency owners will rely on conversations they’ve had with people who know nothing about the situation and they will use the wrong benchmarks to prove their producers are above average. If the situation is really bad, they start giving their producers call-in and walk-in business. Then they give their producers business their customer service representatives (CSRs) can handle on their own. Then they give them house business. Then they give them personal lines books. When agency owners start giving their producers the CSRs’ business, they’ll often rationalize it as, “It’ll free up
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I’ve also found it interesting how many of these same agency owners want their agencies valued high, like a high performance agency. But high performance agencies have producers who can sell. Rather than hiding behind a false title, doesn’t it make more sense to manage people better? Doesn’t it make more sense to give people appropriate titles? This means giving the title “producer” ONLY to people who do produce. A problem with a generic title is it carries expectations and cost. No agency is going to achieve true success until the owners recognize and accept reality. If their producers cannot produce, they should not be producers. Even if the agency cannot find anyone who can produce, very often the better solution is to leave the position open. A huge number of agency owners though will never accept reality, so the opportunities for those who do get this point are great. For those willing to try, a good place to begin is by recognizing and accepting that not all producers are created equal, and the differences are great, not small. Next, recognize and accept that people with very different talents and skill sets should have different titles and pay scales. Let’s get past political correctness and deal with reality. Just because that’s the way it has always been is not a legitimate reason for not changing things going forward. The fact that producers may be paid commission rather than salary is no excuse either because it ignores the following realities: 1. Many producers, especially poor producers, are paid a salary whether the agency calls it that or not.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
2. Many producers, especially poor producers, are given business upon which they earn commissions.
ited because the producers can’t produce? It is so much more fun to work on a winning team.
3. Agencies have de facto fixed costs to cover and producers have to generate enough of their own sales to cover those costs.
Title your people with appropriate titles. Don’t let wishful thinking get in the way. Manage reality and success will follow.
A first string quarterback makes more than a second string quarterback. This fact does not mean the backup quarterback is not important, just not as important. So why pay producers as if they all have the same importance to the agency? Why give a $100,000 producer the same title as a $1,000,000 producer? Why give them the same perks? Are you afraid of hurting their egos? How much is this worth to you?
Chris Burand is president of Burand & Associates, LLC, an insurance agency consulting firm. Readers may contact Chris at (719) 485-3868 or by e-mail at chris@burand-associates.com.
The agencies that get this are doing much better in this economy than those that do not. The agency owners that understand this reality have historically saved enough money (by not wasting it on producers who cannot produce) so they can afford to continue to hire people who can produce. Their morale is higher because everyone in the agency is contributing and their higher morale contributes further to their success. Even when a producer who cannot produce tries hard to produce, morale is still injured because everyone sees the person is in the wrong position. This employee can only come into work with a great attitude for so long.
NOTE: None of the materials in this article should be construed as offering legal advice, and the specific advice of legal counsel is recommended before acting on any matter discussed in this article. Regulated individuals/entities should also ensure that they comply with all applicable laws, rules, and regulations.
This does not mean a producer who can’t produce is not valuable as a servicing producer or account manager. (Do not let any biases cause you to make the wrong decision just because the “producer” is male.) An agency can be successful with just servicing producers, but the model and cost structure must change. Agency owners that get this have defined clearly what a producer is in their agencies. They do not give the same title to employees based on what they should do, but based on what they actually achieve. To me, a producer produces at least $300,000 of his or her own commissions. It is inappropriate to call an experienced person who produces less than this a producer. Such a distinction pays huge dividends, including the ability to attract better people to the agency. Who wants to go to work at an agency where the future is limIndependent Insurance Agents of New Mexico - www. - * February 2013
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iianm.o
Virtual University’s Ask an Expert
ulty
VU Fac
by Bill Wilson, VU Director
Can One CGL Insured Sue Another One?
Agents are often asked to provide cross-liability coverage. But does it exist?
One of the most common questions received by the Big “I” Virtual University’s Ask an Expert service is how to provide “cross-liability” coverage under commercial general liability. The question typically arises from a certificate request for the coverage or, more often, a request to remove a crossliability exclusion.
statutory provision prohibiting the use of cross-suit exclusions in most basic liability policies. Most likely, you’re dealing with attorneys or consultants who either aren’t up on things or don’t know what they’re asking for—they’re just looking at an outdated “cheat sheet” that says they should ask for this.
The term “cross liability” deals with whether or not one insured can sue another under a liability policy. The bad news is that, under the ISO program, there is no endorsement to provide cross-liability coverage. The good news is that there’s no endorsement because none is needed; it’s included in the CGL policy itself and has been since 1986:
Ask an Expert is a Big “I” Members Only resource.
7. Separation Of Insureds Except with respect to the Limits of Insurance, and any rights or duties specifically assigned in this Coverage Part to the first Named Insured, this insurance applies:
Members using the Big “I” University sometimes need answers to questions that they can’t find in the Research Library, Classrooms or Student Lounge. In such instances, we have a volunteer faculty of experts who can usually answer, or find an answer, to your questions.
If you are a Big “I” Member, Ask Your Question Now!
a. As if each Named Insured were the only Named Insured; and b. Separately to each insured against whom claim is made or “suit” is brought. Why people still ask for a “cross-liability” endorsement to remove a nonexistent exclusion (unless they want to limit such suits) is a mystery. In fact, some states may have a Page 20
If you need help with your log-in information, email rachel@iianm.org. Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
s . m e smi ile. fe v . o l e le. feeelltthheelov AWARDS & RECOGNITION AWARDS & RECOGNITION TOp RANkED ppO IN NEW MExICO NCQA’s Private Health Insurance Plan TOp RANkED ppO IN NEW MExICO Rankings, 2011-2012 NCQA’s Private Health Insurance Lovelace Insurance Company,Plan Inc. Rankings, 2011-2012 4-STARInsurance RATING Company, Inc. Lovelace Center for Medicare & Medicaid Services 4-STAR RATING Lovelace Health Plan Center for Medicare & Medicaid Services BEST plACES TO WORk Lovelace Health Plan Modern Healthcare Magazine for 2011 BEST plACES TO WORk Lovelace Women’s Hospital Modern Healthcare Magazine for 2011 Lovelace Westside Hospital Lovelace Women’s Hospital ROADRuNNER RECOGNITION Lovelace Westside Hospital Quality New Mexico ROADRuNNER RECOGNITION Lovelace Women’s Hospital Quality New Mexico Lovelace Westside Hospital Lovelace Women’s Hospital BREAST IMAGING CENTER Of ExCEllENCE Lovelace Westside Hospital College of Radiology BREAST IMAGING CENTER Of ExCEllENCE Lovelace Women’s Hospital’s Diagnostic College of Radiology Imaging Center Lovelace Women’s Hospital’s Diagnostic Only hospital in Albuquerque recognized as Imaging Center TOp pERfORMER ON kEy QuAlITy MEASuRES Only hospital in Albuquerque recognized as The Joint Commission TOp pERfORMER ONHospital kEy QuAlITy MEASuRES Lovelace Westside The Joint Commission Only hospital in New Mexico Lovelace Westside Hospital CARf ACCREDITED IN SIx pROGRAMS Only hospitalRehabilitation in New MexicoHospital Lovelace CARf ACCREDITED IN SIx pROGRAMS GET WITh ThE GuIDElINES Lovelace Rehabilitation Hospital STROkE SIlvER pluS pERfORMANCE AChIEvEMENT AWARD GET WITh ThE GuIDElINES American Heart Association/STROkE SIlvER pluS pERfORMANCE AChIEvEMENT AWARD American Stroke Association American Heart Association/ Lovelace Medical Center American Stroke Association BEST plACES WORk Lovelace Medical TO Center New Mexico Business Weekly for 2011 BEST plACES TO WORk Lovelace Health Plan New Mexico Business Weekly for 2011 Lovelace Health Plan
things just keep getting better. things just keep getting better. A few years back, we began telling you that you’re going to
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How to Have Your Best Year Ever by John Chapin
B
y the time you read this we’re more than a month into 2013, one twelfth of the year is already gone. How’s it going so far? How are you doing with your New Year’s Resolutions if you made any? Are you on track to achieve your personal and professional goals this year? If you’re not on track, these ideas will get you on track and caught up. If you are on track, these ideas can help you achieve your goals even faster and go even further.
Five Keys to a Highly Successful 2013 1) Why do you want to have your best year ever? Before you take on any endeavor, you have to know why you’re doing it. This one factor will determine whether or not you are successful. What are you capable of if you set your mind to it? Pretty much anything, right? So in order to wake up every day driven and motivated to do what must be done in order to achieve your goals and dreams, you must have powerful reasons for doing so. Find your WHY in positive reasons for achieving your goals and negative consequences if you don’t. The start of all great achievement is a burning desire in your heart and soul that simply must be fulfilled. 2) Have goals and a plan. You’ve heard it a million times but this is still the biggest factor that the most successful people on the planet attribute their success to, so, if you haven’t done this yet, DO IT! The top 3% of people on the planet have goals, a plan for their achievement, and they work on those goals every Page 22
day. They are worth more in financial terms than the other 97% combined. You don’t need a huge list of goals in each area of life with elaborate plans for their achievement, in fact, the simpler you can make it, the better. At a minimum, pick one major professional goal and one major personal goal, put a simple, straight-forward plan together, and take action on both goals daily. 3) Do what you must do. Now that you know why you want to have your best year ever and you have goals and a plan, it’s time to get to work. Not tomorrow, not later today… NOW! The most successful people are people of action. They don’t put things off and they rarely hesitate once they have decided upon a goal. You must work on your goals every day whether you feel like it or not. You must work on your goals when you’re tired, sick, and beaten down. Should you rest occasionally? Yes. Should you take a vacation and have balance in your life? Yes. But assuming you have the burning desire necessary to achieve your goals and dreams, you will pick yourself up in the most tiring and difficult times and press on. Anything worth acquiring in life usually requires that we work hard, get uncomfortable, and face some fears. Also, contrary to popular belief, WILL POWER DOES WORK. It’s simple, you’re either going to eat that donut or you’re not based upon a simple decision that your parents, the economy, or your relationships have nothing to do with. Speaking of that, I give you point #4… 4) Stop making excuses and giving up control of your life. Over the years I’ve heard every excuse as to why people don’t achieve their goals. I’ve heard reasons related to health, emotions, past traumas and negative events.
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
People blame the economy, other people, and bad breaks growing up. I have two words of advice: Stop it! Assuming you are reading this right now and comprehend it, you have no excuses. Once you hit the age of 25 you are responsible for where you are in life. While a 13 year old can blame his or her parents, and a couple other outside factors for their present position in life, anyone 25 or older can go no further than the mirror. The faster you “get” that you determine your outcome, not the economy, your parents, or your boss, the quicker you will grab control of your life and live it on your terms. If you continue to blame others and outside circumstances, you will be a victim and the things you don’t want will continue to show up. You are responsible, you are in control, and you decide where you end up. 5) Follow Winston Churchill’s advice. You remember his advice, right? “Never, never, never give up.” Another saying is, “Quitters never win and winners never quit.” If you hang in there long enough, you’ll make it. Life is simply a game of deciding what you want, developing a plan to get it, taking daily action on that plan, seeing what works and what doesn’t, and adjusting your approach until you get to your destination. You can do, be, and have anything you want, but it’s going to take hard work and sacrifice. The question isn’t can you have your best year ever, the questions are: Are you willing to put in the time, effort, energy and money that’s necessary? Are you willing to give up the excuses and other crutches and pay the price for success?
For access to John's free monthly newsletter and white paper on what it takes to be successful in sales, visit John's website at http://www.completeselling.com/ Have a sales question? E-mail John at johnchapin@ completeselling.com John Chapin’s specialty is helping salespeople and sales teams double sales in 12 months. He is an award-winning sales speaker, trainer and coach, a number one sales rep in three industries, and the primary author of the gold-medal winning "Sales Encyclopedia". In his 24+ years of sales, customer service and management experience, he has thrived in some of the toughest markets and economies. John Chapin Complete Selling, Inc. Helping you find and get all the business you want Cell: 508-243-7359 johnchapin@completeselling.com www.completeselling.com
Big “I” Young Agents The future of the independent agency system YAC Chat Webinars We have a welcoming and educational environment for young agents entering the insurance industry. The national Young Agents Committee is offering a series of free webinars presented by award-winning young agent committees from all across the states.
• February 14 - 11am MT: Outstanding Political Involvement, The Emerging Leaders of the Insurance Brokers & Agents of California • March 14 - 11am MT: Outstanding Membership Development, The Young Agents Committee of the Independent Insurance Agents of Indiana, Inc. • April 11 - 11am MT: Outstanding Communications: Young Agents Committee of the Independent Insurance Agents of North Carolina
Click here to read full descriptions and to register
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Health Exchange Plan Could Land in Court by Gary Gerew Assistant Editor- Albuquerque Business First Democratic legislators in the House and Senate have their own plan for implementing a health insurance exchange that could lead to a challenge for Gov. Susana Martinez. The Democratic-controlled Legislature and Republican Gov. Susana Martinez could be headed to a debate over the administration’s plan to implement a state-run health insurance exchange. At issue is whether state law must be changed for the exchange, according to the Santa Fe New Mexican. Under federal law, the exchange must be ready to enroll people starting in October and be fully operating by next January. The governor says no legislation is needed to create the exchange. It’s moving to have the exchange operated by the New Mexico Health Insurance Alliance. But Democratic legislators in the House and Senate have their own plan for implementing an exchange. Their proposal will revamp the alliance’s governing board to add more consumer representation, the New Mexican reports. “We have serious reservations not just about the legal basis of an executive moving without legislative involvement, but also about the substantive content of what’s in her exchange,” Sen. Gerald Ortiz y Pino of Albuquerque, chairman of the Senate Public Affairs Committee, told the New Mexican. The dispute could end up in court, and the governor’s chief of staff, Keith Gardner, said that could cause New Mexico to miss the deadline for implementing the exchange. The federal government could be forced to step in and run the exchange if the state’s plan is tied up in a legal fight, Gardner said, according to the New Mexican report.
Liberty Mutual, one of the largest insurance companies in the country, plans to phase out its regional brands this year, including Peerless Insurance in the Northeast, so it can focus on using the Liberty Mutual brand nationwide. In addition to Peerless, the Boston insurance giant is also eliminating the following brands: America First Insurance, Colorado Casualty, Golden Eagle Insurance, Indiana Insurance, Liberty Northwest, Montgomery Insurance, and Ohio Casualty. All of the units sell commercial insurance through independent agents. "The decision was influenced by agents' desire to align their business with the stronger, more recognizable Liberty Mutual brand," said Liberty Mutual spokesman Glenn Greenberg. Liberty Mutual was the second largest property and casualty insurance in the country in 2011 - trailing only State Farm -according to the most recent data from the Insurance Information Institute. It is best known to consumers for its auto and home insurance, though it also offers a variety of other products.
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Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Insurers started the first nine months of 2012 with fewer insured catastrophe losses than those of the same period in 2011. But in late October 2012, Superstorm Sandy rolled ashore in the Northeast, ruining what had been a decent underwriting year.
Will Rates Continue to Firm in 2013? Superstorm Sandy’s losses could raise the industry’s 2012 combined ratio to that of 2011. by Paul Buse, President of Big I Advantage®
I
ndustry combined ratios for the first nine months of 2012 could now be tarnished with possibly 5 percentage points from Sandy’s losses—which would take the industry back to results of 2011, the fifth-costliest year for insured disaster losses when adjusted for inflation. (Figures for the entire 2012 year were unavailable as of press time because insurers have yet to release fourth-quarter results.)
So what could this mean for insurance pricing this year? Similar to 2012, 2013 may be another year of 4%-5% rate increases in commercial lines. Could 2012’s combined ratio match that of catastrophe-ridden 2011? On an accident year basis, 2011’s 109.5% combined ratio could now be equaled in 2012, according to Big I Advantage® consultant ALIRT Insurance Research, which used figures from its property-casualty industry composite that includes 50 U.S. personal and commercial lines writers. With insured loss estimates of $10-$25 billion—excluding federal reinsured flood losses—Superstorm Sandy could add upwards of 5.4% to the industry combined ratio for 2012. When 5.4% is added to 104.2%, the accident year combined ratio for the first nine months of 2012, the result is approximately that of 2011 at 109.5%. The chart below shows annual industry combined ratios dating back to 2006, according to ALIRT. Data is on an accident year basis, which means each ratio excludes the impact on underwriting earnings of prior year reserve additions or releases. “Accident year results are an expression of the near-term profitability of business written in a current year period as they remove the impact of prior year reserve additions or releases from the equation,” ALIRT principal David Paul says. “They are especially useful for gauging the impact of catastrophe losses on any accident year.” If high-end estimates for Sandy’s losses are added to the 2012 accident-year combined ratio for nine months, 2012’s results are similar to those of 2011. *2012 is estimated based on nine-month results for the composite, plus 5.4% for potential impact of an estimated $25 billion in Superstorm Sandy losses on the entire P&C industry with net-earned premiums of approximately $465 billion in 2012. Source: ALIRT Insurance Research, LLC, based on its p-c composite comprised of 50 large U.S. P&C insurers, representing about 53% of total industry net written premium. Page 26
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
“Of course, if you add back the favorable impact of prior year reserve releases (currently around 4 percentage points), that helps reported profitability, but insurer CEOs know that, long-term, counting on prior year reserve overestimates is not always a sound pricing strategy, as such redundancies can peter out or even turn into reserve deficiencies that end up damaging earnings in future years,” Paul says. He calls Sandy “a game changer for 2012,” adding he expects the storm’s industry insured losses to be on the high end of the catastrophe modelers’ estimated $15-$25 billion range. IN&V examined reported losses from Sandy, and after adjusting insurer’s reported losses from Sandy to a pre-tax basis, estimates already exceed $20 billion. “Naturally many of the insurer reports are based on estimates and they could be off,” Paul says. “But when you take the current reports and consider they don’t include all insurers, and then add in average losses per report to several big insurers that only reported total claims, you could easily exceed $20 billion in pre-tax losses, net of reinsurance, from Sandy… and those losses will weigh on the 2012 insurer combined ratio.”
The first three quarters of 2012 show average increases in the 4%-5% range, after average price decreases since 2005. Source: ALIRT Insurance Research, LLC. What could this mean for pricing in 2013? “Predicting pricing swings is always problematic, given the overall complexity of the U.S. P&C market,” Paul says. “But given what we know today, we could see a second consecutive year of industry combined ratios in the 105%-110% range. And with the industry earning investment income of just around 3.5% on invested assets, these underwriting estimates would translate into not such a great year for the industry.” “Given such a lackluster financial performance, there’s reason to believe that price firming will continue in 2013,” he adds. Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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Clickable Calendar
February 2013 Click on class title to register
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P&C Pre-Licensing Exam Review
Office Closed
L&H Pre-Licensing Exam Review
AAI 83-A Principles Agency Management 8 CE
AAI 83-B The Insuance Production Environment 8 CE
IIANM’s Job Bank Looking to fill a position within your agency? Trying to find a job but don’t know where to look? Whether you are looking for somewhere new to share your special skills or an employer looking for quality, professional employees, we are here to lend a helping hand. Click here to take advantage of IIANM’s Job Bank. Do you have an agency you’re trying to sell, or in the market to buy one? Check out our Classifieds! Page 28
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
ODDS&ENDS Miscellaneous items, remnants, or pieces.
Things to Do on Your Lunchbreak (That Don't Involve Facebook or Lean Cuisine)
ts cu e t r o im Sh ou T g Y n rni ave o S M 29 t Will a Th
• Have a picnic • Hit up your local book store • Meet up with a friend • Try a new ethnic restaurant • Take a stroll (snap some pictures) • Go window shopping • Try every restaurant within walking distance • Go to the public library • Donate blood • Visit a pet store • Nap in your car
Valentines Gifts - that don’t cost a cent The Gift of Listening - but you must really listen. The Gift of Affection - Be generous with hugs, kisses, pats on
25 clever ideas to make life easier Why didn’t I think of that?! We guarantee you’ll be uttering those words more than once at these ingenious little tips, tricks and ideas that solve everyday problems … some you never knew you had!
the back and hand holds The Gift of Laughter - Tickle your kids. Tell jokes with your loved one in bed. The Gift of the Written Note - Leave them everywhere for your loved ones to find! The Gift of a Compliment - Tell your loved one how handsome or beautiful they are. Tell your kids how awesome they are. The Gift of a Favor - Everyday go out of your way to do something kind. The Gift of a Happy Heart - Give thanks & smile often.
Forget About It... Charlie Kaufman was onto something: It turns out that the surreal memory-erasing procedure in Eternal Sunshine of the Spotless Mind may soon be a reality. According to an article on Popsci.com, Stanford University researchers have figured out a way to vanquish painful memories while you sleep. There haven't been any human studies yet (just rats so far), but results are promising and experts say that, with more research, the treatment could be an option for patients with post-traumatic stress disorder. (No word on when it might be available to treat a broken heart.)
Independent Insurance Agents of New Mexico - www.iianm.org - * February 2013
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