May La Voz 2015

www.iianm.org

1

SM

NEW MEXICO’S EXPERTS IN WORKERS’ COMPENSATION INSURANCE

SM

3900 Singer Blvd. NE • Albuquerque, NM 87109 • 505.345.7260 or 800.788.8851 • 2

www.NewMexicoMutual.com www.iianm.org

a L

“La Voz” is the official monthly e-publication of the

Independent Insurance Agents of NM 1511 University Blvd. NE Albuquerque, NM 87102.

(505) 843-7231. Fax (505) 243-3367.

Web site www.iianm.org.

"The Voice" of Independent Agents since 1934

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.

IIANM Events

IIANM Staff President/CEO Thom Turbett VP of Member Services Consuelo Trujillo Insurance Programs Administrator Cheryl Weddle Business Strategist Mia Logan Communications Director Rachel Sheffield Member Services Associate Renee Trujillo

Secretary/Treasurer Mike Parisi National Director Sam Conlee Immediate Past Chair Diana Hobbs www.iianm.org

May’s “What’s Happening” Clickable Calendar

06

WCA of NM Foundation Golf Tournament

14

Save the Date for IIANM’s Convention

27

CSR - Understand Your Marketplace 10

Please contact Rachel Sheffield at rachel@iianm.org for details

Vice-Chair Connie Sevier

05

Non-Resident Licensing Reform 09

Advertising rates are available upon request.

Chair Gabe Portillo

Southern Seminar in Las Cruces

Features

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.

2014-2015 Officers

VoZ

CSR - The Ten Commandments of Customer Service

12

Should Officers Exempt Themselves From Workers Comp Coverage?

16

IIANM Benefits @ a Glance!

19

PRINCIPAL - 40% of Small Business Will File a Claim by 2025

20

PRODUCER - Top Five Flood Insurance Issues to Watch This Year

22

FEMA Releases Video on NFIP Changes

23

PRINCIPAL - How to Find the Top Fourteen Percenters

24

PRODUCER - The Future is Bright for Independent Agents

28

In Every Issue IIANM 2015 Company Partners!

04

Tech Talk 18 Snap Stats - Personal Lines Marketshare 1195 - 2013

27

Odds n Ends

29

Advertiser Index Acuity Burns & Wilcox

11

Back Cover

Litchfield Special Risks

13

Market Finders, Inc.

07

MHI General Agency

08

Mountain States Insurance Group

21

New Mexico Mutual

02

Trustco / HCIT

25

Union Standard

17

Click here to reserve advertising space in an upcoming issue of La Voz magazine.

3

These carriers have partnered with our association to support the vitality of the independent agent system in New Mexico.

Take a moment to visit their new page on our site and take advantage of their varied products and services.

Independent agents have the freedom to choose!

4

www.iianm.org

ATTENTION Southern New Mexico Agents!

Come and get your 15 hours of Continuing Education in Las Cruces, NM

May 13th & 14th, 2015 Springhill Suites by Marriott Class List:

Full Seminar (15 CE hrs): Member: $200 / Nonmember: $240

May 13

One Full Day (8 CE hrs): Member: $105 / Nonmember: $140

Morning Class 8:00 - 12:00pm / Homeowners

One Half Day (AM 4 CE hrs / PM 3 CE hrs): Member: $70 / Nonmember: $75

Afternoon Class 1:00 - 4:00pm / Commercial Crime

Half Day with Ethics Member: $90 / Nonmember: $100

4:00 - 5:00pm / Ethics Hour

Ethics Only (1 CE hrs): Member: $35 / Nonmember: $45

May 14

NextGen Registration (15 CE hrs): Member: $150

Morning Class 8:00 - 12:00pm / Liability for Contractors Afternoon Class 1:00 - 4:00pm / Personal Lines Related Coverages

CHECK OUT OUR NEW PRE-LICENSING PROGRAM FOR THE ONLINE LEARNER NEW COU ONLIN RES RSES E OUR & CES

www.iianm.org

5

May

2015

Click on a class to register: Monday

Tuesday

Wednesday

Thursday

Friday

1

sts a c web

4

5

6

7

(No CE Credits)

8

IIANM Board Meeting

11

12

13

Webcast: Employment Law & the Insurance Age nt

19

Webcast: Procedures Manual 1, 2, 3 – An E&O Overview

20

e c i f f O osed Cl 6

15

26

21

22

28

Reagan Consulting Guides to Training and Perpetuation An Errors and Omissions Mock Trial Business Body Language CSR Essentials - Personal Time Management

Jeff Straight

27

P&C Exam Review Kitty Leslie

L&H Exam Review

3CE

25

14

IIANM’s Southern Seminar in Las Cruces

2CE

18

Reaching Diverse Customers Marketing Series - Introduction

29

CSR Essentials Relationship Management CSR Essentials - Verbal Communication Skills: Phone Etiquette & Client Interaction

www.iianm.org

Check out our new website! www.market-finders.com

Proudly Serving the Independent Agents of New Mexico since 1977

5201 F Venice Ave NE - P.O. Box 90280 Albuquerque, NM 87199-0280 (800) 530-8711 (505) 822-8711 Fax: (505) 822-1165 www.iianm.org

www.market-finders.com

7

Are You Tired Of Manufactured Housing Insurance Companies Cutting Commissions And Canceling Contracts?

…Is Your Solution!

800-999-4556

• High Commissions • Online Quoting and Binding Authority • Manufactured Home and Dwelling - Any Age - Any Location

Why MHI General Agency?

• Owner Occupied, Rental, Seasonal and Vacant • Only A Rated Companies

• No Credit Checks or Hidden Fees

• EFT,• Credit Card and Monthly Payments Available High Commissions • Co-op Advertising Save 50% on Advertising!

• Online Quoting-And Binding Authority

“Your Specialty

• Book Rolls - Conversion Programs Made • Manufactured Home and Dwelling - Any Easy Age - Any location • Owner Occupied, Rental, Seasonal and Vacant • Only A Rated Companies • No Credit Checks or Hidden Fees • EFT, Credit Card and Monthly Payments Available • Co-Op Advertising - Save 50% On Advertising!

Specialty Lines Insurance Specialists” • Book Rolls“Your - Conversion Programs Made Easy

neral Agency?

Authority

MHI General Agency 16399 S. Golden Rd. Golden, CO 80401

Founded in 1981, MHI General Agency has been serving agents across ng - Any Age - Any location

sonal and Vacant

ees

8

New Mexico, Arizona and Colorado for over 30 years.

MelissaMHI McKenzie Melissa McKenzie General Agency PRSRT STD

Erin Johnson

www.mymhionline.com • PAID 800-999-4556 16399 S. Golden Rd. US POSTAGE

Golden, CO 80401

POSTMARK PRO

www.iianm.org

Non-resident Licensing Reform In the biggest legislative win for the Big “I” in over a decade, Congress passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, which extends TRIA for six-years. The law also authorizes the creation of a non-government, nonprofit corporation known as the National Association of Registered Agents and Brokers (NARAB). Participation in NARAB is voluntary and open to all agents in good standing in their respective state.

SOURCE: Big I Washington

The primary benefit of NARAB is that is creates a portal, mechanism, or central clearinghouse that enables individuals and business entities to satisfy the licensing requirements that exist in nonresident states. Once approved for membership, an insurance producer can utilize NARAB to obtain the regulatory authority needed to operate in any state and do so in an efficient and expedited manner. The process will operate in this manner: • A NARAB member will identify the jurisdictions in which he/she/it seeks the authority to operate as an insurance producer, and that individual or entity can utilize NARAB to operate as a producer in any number of states.

• NARAB will collect the licensing fees for the states selected by the NARAB member, and these fees will be remitted back to the appropriate jurisdictions.

While state licensing fees are not eliminated by this statute, the fees collected from NARAB members may not be higher than those imposed on nonresident producers that are not members of NARAB. • Once a NARAB member designates a state and pays the appropriate fee, then that individual or entity is authorized to engage in producer activities (e.g. the sale, solicitation and negotiation of insurance) in that jurisdiction. The authorization granted is the equivalent of that provided to nonresident producers that are non members NARAB.

• NARAB will notify state insurance regulators and the NAIC when a NARAB member is newly authorized to operate in one or more states or when a person is no longer authorized to operate.

• While the mechanics of this process will be specified in procedures developed by the board of directors, the expectation is that this will be an electronic and instantaneous process. An individual or entity who utilizes the NARAB platform in this manner will obtain the authorization to act as an insurance producer in a particular state as soon as the fee associated with that state is collected.

Insurance agents and brokers who utilize NARAB to obtain the authorization necessary to operate on a nonresident basis are not exempt from state oversight. NARAB simpliwww.iianm.org

Although the enactment of the NARAB II legislation is a significant step forward and a sign of progress for the countless producers who struggle with the inefficiencies, unwarranted expense, redundancy and lack of true reciprocity associated with the existing licensing system, it is important to recognize that the desired reforms will not be implemented overnight. The law establishes an important and much-needed framework, but there is considerable work that must be completed and hurdles that must be cleared in order for the NARAB vision to be realized as intended. The state calls for NARAB to be operational within two years of enactment or the date of NARAB’s incorporation, whichever comes later, and meeting that time-line will require extraordinary work from many different parties. The good news is that the legislation had widespread support from the agent, carrier, and regulator communities, and these constituencies appear to be equally committed to establishing a successful NARAB.

BENEFITS

• Nonresident jurisdictions may not impose any licensing, application, or market entry-related requirements on NARAB members. In addition, these states are also prohibited from requiring any NARAB member to register as a foreign corporation.

fies and streamlines the licensing and market entry process, but NARAB members must comply with state marketplace requirements. The law does not limit or restrict the ability of state regulators to enforce marketplace, unfair trade practice, and consumer protection laws and states will continue to investigate complaints and take enforcement and disciplinary action against any nonresident producer who violates the law.

Implementation of the NARAB II legislation will require the ongoing work of the Big “I” We are committed to making this law work for our members across the country.

This new reform is an example of the advocacy component of your membership. Visit this section to see your membership dues working for you.

9

Understand Your

MARKETPLACE Local agents — longstanding integral parts of the property-casualty (P&C) insurance landscape — continue to play important roles as advisors and intermediaries. However, there has been a gradual shift in the value that carriers and customers (both retail and small business) place on many activities traditionally performed by local agents, which is increasingly calling into question what role they will play in the future.

As Bob Dylan sings, “Times, they are a changin’.” The customer/agent relationship has been affected in many ways: Communication • The Internet has shifted sizable power to the consumer, as access to information has exploded and demand for real-time information has solidified.

• Consumers once began and completed their entire insurance shopping experience with and through their agents.

No one contemplated “going it alone.” Today, customers can research information independently, when they choose and via multiple channels (phone, online, click-to-chat, self-service portals, etc.).

• Customer service expectations have risen — the internet has created a demand for nearly instantaneous response.

Carrier role • Just one decade ago, agents placed 80 percent of personal auto policies and nearly 100 percent of homeowner and small business policies.

• Heavy carrier investment in technology has enabled direct contact between consumers and carriers. Customer care centers allow clients to ask questions or conduct transactions directly. This replicates the feel of traditional agent roles (and often eliminates the customer’s perceived need to even have an agent).

her local agent. Today, after 10 to 20 years during which carriers have invested billions of advertising dollars building and strengthening their brands, customers are far more likely to answer the same question with the name of the carrier instead.”

Customer research isn’t something you do one time when you launch your agency or enter into a new market niche.

Business conditions change continually, so your research of existing and potential customers should be continuous as well. Otherwise you run the risk of making decisions for growth and change in your agency based on out-of-date information, potentially leading to failure.

The more successful you are in growing your agency, the more competitors notice - and react to - what you are doing.

A very successful sales approach could be no better than average in a short few months after launching. Even loyal customers can be quick to change when offered something newer and more innovative Information sources Published information can provide useful insights into market conditions and trends, and even the changing demographics of your community and/or marketing area. As an established agency, your own experience can be even more valuable. You will be able to build up an in-depth picture of what customers want, how they behave and which of your marketing approaches work best. Nobody should know your customer better than you!

Taking the time to talk to key customers pays off. Your social relationships, your community and philanthropic involvement and your professional memberships can be important sources of market information. You should encourage your employees to share what they know about existing and potential customers, changes in the community and areas of growth opportunity.

CSR

• The sophistication of today’s computerized predictive So how does the independent agent remain relevant and models have also diminished the role agents once played in support growth? Begin by accepting that it isn’t business providing local risk insight to carriers. as usual — that the traditional lines between agent and carrier have blurred. Work to build customer awareness for The end result? According to McKinsey: “Not too long ago, the unique advantages you still provide and be continually the average insurance consumer would respond to the adapting and changing to meet the needs of the customers question, “Who is your insurance policy with?” by naming and communities that you serve.

10

www.iianm.org

For All That Matters

www.iianm.org

facebook.com/acuitywow 11

of Customer Service

The Ten Commandments

1.

Know who is boss. You are in business to service client needs, and you can only do that if you know what it is your clients want. When you truly listen to your clients, they let you know what they want and how you can provide good service. Never forget that the client pays our salary and makes your job possible.

2.

Be a good listener. Take the time to identify client needs by asking questions and concentrating on what the client is really saying. Listen to their words, tone of voice, body language, and most importantly, how they feel. Beware of making assumptions - thinking you intuitively know what the client wants.

3.

Identify and anticipate needs. Clients don't buy products or services. They buy good feelings and solutions to problems. Most client needs are emotional rather than logical. The more you know your clients, the better you become at anticipating their needs. Communicate regularly so that you are aware of problems or upcoming needs.

4.

Make clients feel important and appreciated. Treat them as individuals. Always use their name and find ways to compliment them, but be sincere. People value sincerity.

It creates good feeling and trust. Think about ways to generate good feelings about doing business with you. Clients are very sensitive and know whether or not you really care about them. Thank them every time you get a chance.

5.

CSR

Help clients understand your systems. Your organization may have the world's best systems for getting things done, but if clients don't understand them, they can get confused, impatient and angry. Take time to explain how your systems work and how they simplify transactions. Be careful that your systems don't reduce the human element of your organization.

6.

Appreciate the power of "Yes". Always look for ways to help your clients. When they have a request (as long as

12

By Susan A. Friedmann it is reasonable) tell them that you can do it. Figure out how afterwards. Look for ways to make doing business with you easy. Always do what you say you are going to do.

7.

Know how to apologize. When something goes wrong, apologize. It's easy and clients like it. The client may not always be right, but the client must always win. Deal with problems immediately and let clients know what you have done. Make it simple for clients to complain. Value their complaints. As much as we dislike it, it gives us an opportunity to improve. Even if clients are having a bad day, go out of your way to make them feel comfortable.

8.

Give more than expected. Since the future of all companies lies in keeping clients happy, think of ways to elevate yourself above the competition. Consider the following: • What can you give clients that they cannot get elsewhere?

• What can you do to follow-up and thank people even when they don't buy?

• What can you give clients that is totally unexpected?

9.

Get regular feedback. Encourage and welcome suggestions about how you could improve. There are several ways in which you can find out what clients think and feel about your services.

•Listen carefully to what they say.

•Check back regularly to see how things are going.

•Provide a method that invites constructive criticism, comments and suggestions.

10.

Treat employees well. Employees are your internal clients and need a regular dose of appreciation. Thank them and find ways to let them know how important they are. Treat your employees with respect and chances are they will have a higher regard for clients. Appreciation stems from the top. Treating clients and employees well is equally important www.iianm.org

www.iianm.org

13

The WCA of NM Foundation presents

A Day on the Links

FORE

21st Annual Toby Wright Memorial Scholarship Golf Tournament

Mark your calendar for Wednesday, May 13 and make plans to be at The Isleta

Eagle Golf Course to participate in the 21st Annual Toby Wright Memorial Scholarship Golf Tournament, sponsored by the WCA of NM Foundation. This fundraising tournament helps kids whose families have been negatively impacted by a work-related injury.

Last year’s tournament raised $42,300.00 and was the highest amount yet. Since its inception in 1996, the Foundation has assisted 49 students with more than $746,000 in scholarship funds, helping these students to realize the dream of a higher education after high school.

One such student is Amber Michelle Carrasco. Amber is 19 years old and has a sister and two brothers.

Amber Carrasco

In 2010, Amber’s dad was killed in a rollover accident returning from work. Amber is pursuing a criminal justice degree at New Mexico Junior College in Hobbs and this scholarship allows her to pay for school without having to work, which gives her time to spend with her 2 year old son, A’donis.

Help us to make this year’s golf tournament another smashing success. Let’s keep turning dreams into realities for kids like Amber! Our goal is to sell out both players and hole sponsors again this year.

You may use the attached registration form or register and pay online at www.wcaofnm.com.

Please call Brock Carter at 1-800-640-0724, or (505) 881-1112 if you have any questions.

14

Meet the students the Foundation has helped since 1996: Staci Garcia Cynthia Cline Stephanie Martinez Angelina Sanchez Anthony Paul Romero Monica Uriate Jeff Lamkin Charles Chambers Sherri Garcia Sandoval Patrick Stephen Blea Rebakan Kelly Kelly Miera Bianca Castillo Emeterio Rudolfo Irene Garcia Karen Marteniz Michale Patscheck Christoper Patscheck Voorbach Since the IIANM/New MexicoSheila Mutual Scholarship Alex Lavato Marcos Benally Fund the WCA of NM Foundation Jessieand Mierra Eva Lucero held similar Lucero Antonia Marcos golf tournaments with related Ada goals, the Scholarship Symone Kelsey Andres Sanchez Fund Board made a decision to combine forces Nicholas Marrujo Samantha Garza Wilfred Sanchezto the Arianna with the Ware WCA. We have donated $50,000 Adriana Blea Michael Galik WCA Foundation, which will continue to be used Lauren Bednorz Katrina Dee Kayleigh Malone whose toCody fundAshby scholarships for deserving students A.D. Richens Ondrea Pecos families have been negativelySalomon impacted by a work Alires Brian Sandoval Celina Baca Pamelainjury.

Sandoval related We would like to encourage our Nicole Miera Amber Carrasco agents to support this worthy cause by participating Domonique Garza Justin Lillywhite Valdez inSandra this excellent event, now in its 21st year.

WCA of NM Foundation is a 501 C-3 non-profit organization.

www.iianm.org

A Day on the Links

FORE

Isleta Eagle Golf Course Wednesday, May 13, 2015 Presented by

21st Annual Toby Wright Memorial Scholarship Golf Tournament

The WCA of NM Foundation

Registration Options (please check all that apply):

a 501 C-3 non-profit organization

Flight 7:30am  or 1pm   Sponsorship I $2,500 Includes two teams (list names below), two hole sponsorships (list names below), and 16 mulligans

 Sponsorship II $1,500 Includes one team (list names below), a hole sponsorship (list name below), and 8 mulligans

 Team $600 Players Names

Phone Or Email Contact

 Individual $150 Name

 Hole Sponsor $250 Individual or Company Name(s)

 Hole Concessionaire $350 Individual or Company Name

 Mulligans (2 For $20) Max 2 Per Player — May Be Purchased At The Course Or Included With Registration Fee

Total Amount Due: $ Check One:

MC

Visa

American Express

Credit Card Number:

Exp:

SIC Code

Authorized Signature: 1. Fax registration form to reserve your spot/s: 505.889.3747 2. Mail payment & form to: WCA of NM Foundation, 3207 Matthew, NE, Albuquerque, NM 87107 For further information, call Brock Carter at 505.881.1112 or email Brock@safetycounselling.com. Entry fees may be tax-deductible in full or in part as allowable by law.

www.iianm.org

15

Virtual University’s Ask an Expert

ulty

VU Fac

Should Officers Exempt Themselves from Workers Comp Coverage?

Most businesses today are looking for ways to cut expenses in order to bolster the bottom line. The following "Ask an Expert" question illustrates one tactic being used: "If an owner of a business excludes himself from WC coverage and he is injured on the job, will his medical insurance respond?"

"If an owner of a business excludes himself from workers compensation coverage and he is injured on the job, will his medical insurance respond?"

This is an important question because, given today's dire economic conditions, most businesses and consumers are looking for ways to cut their insurance costs. Unfortunately, this could be a potentially catastrophic way to do it. The reasons are outlined below by the VU faculty. However, before we move on, one quick note....

IMPORTANT: We often get questions like, "Will his medical/homeowners/BOP/auto insurance respond?" Keep in mind that when we get question like that, all we can do is respond in generalities and/or reference ISO forms. It is impossible to provide substantive and definitive answers to very broad, general questions. In this case, there are many types of "medical insurance" and policies within each type. The only way to answer coverage questions is by close examination of the policy form(s) involved. For that reason, we ask users of our "Ask an Expert" service to provide specific ISO form numbers (including edition dates) or email non-ISO forms.

FACULTY RESPONSE Of course, without the health insurance policy it would be difficult to answer this definitely. The policy might have an occupational exclusion or exclude loss that should be covered by workers compensation.

FACULTY RESPONSE

tion to not be covered wouldn’t trigger the exclusion. But it depends on the specific medical policy.

FACULTY RESPONSE 1. Medical plans exclude expenses covered under workers' compensation.

I know that this issue arose in my state for the first time in late 2002, and the WC law was changed to allow certain officers of a corporation to “opt out” and for sole proprietors and partnerships to “opt in” to the workers’ compensation system. A major health insurer had a policy provision that its health coverage did not apply if an employee was “eligible” for workers’ compensation benefits.

2. In self funded medical plans, the reinsurance providers exclude expenses covered under workers' compensation.

Initially, the health insurer interpreted “eligible” to mean that the person had the option to purchase workers’ compensation. However, later on I believe that the health insurer, after an uproar, changed its interpretation of “eligible” to mean the injured person had the right to collect WC benefits at the time of the injury.

4. I had a recent occasion to see the outcome of a corporate plane crash that contained officers from two companies suffering permanently disabling injuries. One company exempted their officers and the other did not. Workers' compensation paid the medical AND major league costs for rehabilitation. The rehabilitation included extended stays in assisted living facilities. The health plan paid the medical but did not pay out of hospital rehab. The WC medical was UNLIMITED; the health medical was limited.

This is anecdotal, but I think the lesson is to find out from each specific health insurer how they will treat injured persons who chose to exempt themselves from WC benefits.

FACULTY RESPONSE I know some policies exclude coverage if covered by WC or if they’re “required by law” to be covered. A statutory elec16

3. State statutes related to exemption from workers' compensation vary by state. You can have an officer exempt in one location and not in another. There is plenty of room for problems.

Click here to view additional faculty responses and also other related articles.

You will need to log-in to view, so if you do not know your log-in info, send Rachel an email. www.iianm.org

the next big advantage for small business

USadvantage is our new and proprietary product that replaces BOP for new business and is an option on package accounts. With over 280 eligible classes of business available, you can grow your business easily and quickly. USadvantage allows you to provide your customers with comprehensive and flexible coverage, tailored to meet their needs.

USadvantage is easy!

Our online rating system, Express Rate, will take the guess work out of determining if an applicant is USadvantage eligible. You can also bind coverage online for certain classes. Best of all, you still have a dedicated underwriter to assist with coverages and pricing as needed.

Want to know more?

For more information on eligibility and coverage, contact your local Union Standard branch office today!

A M

BEST

Commercial Insurance >> Done the Right Way >> By a Company of People >> Who Care 6501 Americas Parkway NE, Suite 600 | Albuquerque, NM 87110 P 505-830-0038 | TF 888-387-0038 | F 505-830-0033 | usic.com

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

www.iianm.org Union Standard Insurance Group is a member company of W. R. Berkley Corporation, a Fortune 500 company.

17

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!)

Getting Online Medicare Information Just Learning Got More Personal Visual Rather than long blocks of information that are hard to diIn 2011, the first baby boomers started turning 65 — what used to be a normal retirement age. And for the next 18 years, it's estimated that 8,000 people per day will turn 65.

Many of these new, retirement-age people are your clients.

Even if you are not going to retire when you turn 65, there are important decisions to make regarding your continued health coverage that have to be made when you turn 65.

If you neglect to enroll during the enrollment window, you could lose important benefits. Helping someone to better understand Medicare is a great way for every insurance agent to engage with his clients.

And thanks to MyMedicareMatters.org, the National Council on Aging’s Medicare education website, it has become easier to provide more personalized tools, information, and enrollment advice to anyone in search of Medicare information.

MyMedicareMatters.org has always offered this age group a trusted and friendly guide to help them evaluate their individual needs, compare their options, enroll in a plan, and sustain the best coverage. The unbiased information and assistance of MyMedicareMatters.org remains the same, but now the site has been updated to make it much easier to use.

“The redesigned MyMedicareMatters.org website is optimized to help consumers access the information most useful and important for them,” said Jay Greenberg, ScD, Chief Executive Officer of NCOA Services, LLC. “Most Medicare websites provide large chunks of hard-to-understand information and leave the consumer on their own to figure out their options. MyMedicareMatters.org is now a personal experience from the homepage to enrollment.”

The updated site includes these important consumer tools:

18

gest, important topics are presented in a more visual form.

Technical subjects are now easy to follow infographics. Research has found that people are more comfortable when information is presented in a visual way and are more likely to share the information electronically with others.

Pick-Your-Situation Navigation Rather than guessing where to start accessing information, the homepage now offers easy routes to getting started.

Consumers simply have to pick their stage in the Medicare journey and the site will point them in the direction of the most relevant information.

People Like Me This new tool is a story-based guide to Medicare. Characters from different life situations guide users along the decision journey by sharing their stories and discussing the steps they took choosing Medicare coverages.

What Matters Today Blog While the basics of Medicare remain the same, consumers need a place to turn to find out about the small changes.

The new What Matters Today blog will provide information, reminders about upcoming Medicare changes, and will address the misinformation about Medicare that often accompanies discussed changes.

Enhanced MedicareQuickCheck (MQC) Utilizing visual learning techniques, the enhanced MQC can now dynamically guide users to a personalized report of their Medicare options, whether they are new to Medicare, eligible for a special enrollment period, or reviewing optimal coverage options during the annual enrollment period.

Resource Library A new collection of resources including videos, easy to understand infographics, a glossary of Medicare terms, and FAQ partly based on questions MyMedicareMatters has received from consumers.

MyMedicareMatters.org is available at no cost to the consumer — who only pays for the insurance they choose.

www.iianm.org

www.iianm.org

19

40% of small businesses will file an insurance claim by 2025

Source: Insurance Business

According to Chubb, a full 27% of private companies experienced a D&O lawsuit in the past 10 years, as compared to 33% of public companies.

The full list of claims most often filed by small businesses include: About four in 10 small businesses are likely to file claims under their property or general liability insurance policies over the next decade, an analysis of claims data from The Hartford Financial Services Group reveals.

The insurer gathered data from more than 1 million claims it received between 2010 and 2014 to make the deductions, which were released this week. According to the report, the most common property and liability claims are for burglary and theft, which average $8,000 per claim.

PRINCIPAL

The claims most costly to small business clients, however, are for libel, slander and violation of privacy; these averaged $50,000 per claim and could reach an average of more than $75,000 per claim if they result in a lawsuit.

That happens about one-third of the time, according to The Hartford.

And while most small businesses will carry the proper policies to answer these eventualities, many are still underinsured or experience coverage gaps that can pack a big financial punch.

In fact, more than 65% of private companies do not choose to purchase directors & officers liability insurance, according to a survey from Chubb Corp., which could leave small business clients footing a hefty attorney’s bill if any of those lawsuits are directed against a company owner or executive.

• • • • • • • • • •

Burglary and theft: 20% Water and freezing damage: 15% Wind and hail damage: 15% Fire: 10% Customer slip and fall: 10% Customer injury and damage: Less than 5% Product liability: Less than 5% Struck by object: Less than 5% Reputational harm: Less than 5% Vehicle accident: less than 5%

The most costly claims and their average costs, meanwhile, include those involving: • • • • • • • • • •

Reputational harm: $50,000 Vehicle accident: $45,000 Fire: $35,000 Product liability: $35,000 Customer injury or damage: $30,000 Wind and hail damage: $26,000 Customer slip and fall: $20,000 Water and freezing damage: $17,000 Struck by object: $10,000 Burglary and theft: $8,000

And that’s a significant possibility, says Gerald Maatman of employment firm Seyfarth Shaw.

John Kinney, chief claims officer at The Hartford, reminded small business clients that proper insurance is only one part of the solution.

“I think in the last three years, we’ve experienced more private and personal charges of discrimination than ever before,” Maatman said. “I think that’s more in the plaintiff’s trick bag now than ever before, especially with closely-held corporations.”

“A small business owner can take steps to avoid these types of claims,” Kinney said. “By making simple modifications to operating procedures or following a few safety tips, a business can be better positioned to prevent accidents and property damage.”

20

www.iianm.org

We Look at the Whole Landscape When it Comes to Premium Audits Mountain States understands the needs of our regional policyholders and their businesses. Our in-house premium audit services offer your clients convenience and the advantage of working with auditors they know and trust.

Our state-of-the-art audits are thorough and consistent. This results in a final premium assessment that parallels your clients’ actual business exposure.

For more information about our Premium Audit advantages, contact Amy Podsednik at 505.764.1445 or apodsednik@msig-nm.com.

The Mountain Stands Behind You.ÂŽ www.msig-nm.com Albuquerque, New Mexico 505.764.1400

Sandia Mountain Range Central New Mexico

www.iianm.org

21

Top 5 Flood Insurance Issues to Watch This Year

BY JACQUELYN CONNELLY 2) Remapping. “There’s a lot of remapping going on right now across the country,” says Amanda Ruppel, personal lines manager at Burns & Wilcox, Corp Headquarters. “Zone remapping understandably takes time to survey and implement—this has been going on for years and will continue. In addition to HFIAA changes, remapping and rates associated with these zones may also surprise consumers.”

A number of changes that took effect April 1 will impact the overall cost of many flood policies in the U.S. As FEMA continues to implement portions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), here’s what to keep an eye on when serving your flood insurance clients.

PRODUCER

1) April 1 HFIAA changes. Expect to receive calls about the April 1 changes associated with HFIAA. “There’s going be some sticker shock for some folks when they see these new premiums,” says Bruce Bender, specialist in outreach and risk communication services and a national consultant for FEMA’s FloodSmart marketing campaign and FEMA’s Risk MAP effort. “Agents need to make sure they’re up to date on the latest changes because they have to be able to explain why these premiums are going up.”

That means understanding the increase in Reserve Fund, the implementation of surcharges and the new $10,000 deductible, says Cassie Masone, vice president of flood operations at Selective Insurance Company of America. “In regards to the new deductible option, they will want talk to their clients about the pros and cons,” she notes.

In particular, agents need to make sure their clients understand that separate deductibles apply to the building coverage and the contents coverage - so a client could be looking at a $20,000 deductible if they have a claim, Masone warns.

“Also, if their client has a mortgage, they should make sure the higher deductible will be acceptable to their lender,” she adds. “This may be a great way for some people to reduce their premium, but they need to understand the risks and make an informed decision.”

22

For properties newly mapped into a high-risk area, the NFIP will allow a low-cost preferred risk rate for the first 12 months after the new map takes effect, Bender says. “So instead of going straight to using a Zone A rate, they can continue to use the Zone X preferred risk rate, and then it will increase 18% annually until it reaches the property’s equivalent full-risk rate,” he explains.

Although FEMA already established a similar solution called a “Preferred Risk Policy Eligibility Extension,” Congress has now formalized it into an official procedure and process, Bender says. “This newly mapped procedure financially helps those who are newly identified as being in high-risk areas,” he explains.

3) Community Rating System (CRS) credits. As premiums continue to increase in many parts of the country, CRS credits have become an increasingly popular route for keeping costs at bay. “Many towns, municipalities and different jurisdictions provide a credit for taking preventive measures beyond what you’re required to do,” explains J. Fletcher Willey, Jr., president of The Willey Agency, who has testified before committees of Congress several times about flood insurance.

Willey says in Nags Head, North Carolina, community members have a very active zoning officer and policyholders enjoy a 10% discount thanks to CRS activities. A 14-member committee staffed by realtors, emergency management people, community association members and more is working on increasing the discount to 20% through a variety of initiatives, including airing 20-minute instructional videos on a local TV station about how property owners can reduce their flood insurance exposures and costs. Topics will include knowing your flood hazards, map information and proper precautions to take before, during and after a flood.

In addition, local municipal building inspectors meet with repetitive loss property owners and help them with initiatives www.iianm.org

like installing flood vents in enclosures. “I had a client who was paying $2,014 a year, and by putting in vents at the ground floor enclosure, his new premium is $290,” Willey says. “Any time you have a ground floor enclosure in an AE zone, you need to look into the value of venting that area.”

4) Private market stagnation. While Congress has gently pushed FEMA toward helping the private market become more involved in the flood insurance program, “we have not seen an increase in the availability of private market products at this point in time,” Masone observes.

What might be slowing down private flood insurance market development? “There are some companies that have tried to carve out a niche based upon the reform legislation, but after HFIAA came out, one of those programs had to quickly change their rating structure,” Bender explains.

For example, “one of the programs came out with really competitive rates compared to how the pre-FIRM subsidies were really rocketing off after Biggert-Waters,” Bender says. “But when HFIAA came along and slowed that path down dramatically, suddenly those rates weren’t that cheap anymore. What it will really come down to is as long as the risks are not fully actuarial or full-risk rates, you’re not going to find the major players jumping in.”

5) Cross-sell opportunities. According to Bender, more than 90% of homes in the U.S. are located in moderate lowrisk areas that could qualify for a cheaper flood policy.

“On the marketing and sales side, there’s a fabulous opportunity out there,” Bender says. “Even with a small surcharge of $25, a Preferred Risk Policy still is a bargain.

I would strongly recommend agents look at what I call the low-hanging fruit. A lot of them have existing homeowners and BOP clients they could cross-sell easily.”

And agents should take care to secure coverage prior to high loss season in spring, when snow melt, hurricanes and droughts start to wreak havoc on property. “If the agent already has access to the account, this is a great way to round it out and avoid losing the account down the road to another agent,” Ruppel says, noting that offering excess flood is particularly valuable for high-value clientele, who are already more susceptible to other agents trying to move the account. “And if they don’t have access to the account, this could also be a good way to lead into getting all the other lines.”

“This is where the independent agent can really make a difference and add value to the coverage provided to their clients,” Masone agrees. “Our best advice for agents to become more successful in flood insurance in 2015 is to make sure they are offering flood on every account. For those clients that are not interested in purchasing flood insurance, the use of a basic rejection form will help cover the agent’s E&O.” www.iianm.org

FEMA Releases Video on NFIP Changes

by John Prible As previously reported in both the News & Views and Markets Pulse e-newsletters, significant NFIP changes took effect yesterday due to implementation of the Homeowner’s Flood Insurance Affordability Act of 2014 (HFIAA) and continued implementation of Biggert-Waters.

FEMA released a four-part video series highlighting the Flood Manual changes effective April 1: • Part one of the video provides an overview of premium increases resulting from the implementation of HFIAA and the continued implementation of Biggert-Waters.

• Part two reviews the surcharges, deductibles and fees due that took effect April 1.

• Part three discusses new procedures for properties newly mapped into the Special Flood Hazard Area.

• Part four addresses the new rating structure, new guidance on substantially improved buildings, and additional rating guidance on Pre-FIRM buildings.

Agent Training: Click here for NFIP Agent Training Webinar Schedule.

Please send your NFIP training-related questions to nfiptraininginfo@h2opartnersusa.com or call (888) 3185112.

23

Testing for Producers...

How to Find the Fourteen Percenters feel pressured to take non-standard risks at preferable rates.

By, Al Diamond

Is there a Sales Personality? Yes. That’s why it takes a charismatic person to become a good salesperson.

And, unfortunately, some sales personalities don’t end up in sales roles in their lives. What that means is that most of the salespeople we encounter do not have the unique set of traits that would only make 14% of them successful. How did they get into sales?

However, the answer is not to avoid ever hiring producers, fearing a repeat of past mistakes. If we consistently followed that formula, none of us would be able to ride bicycles or have driver’s licenses.

The reason we have trouble hiring producers is that we are looking for the wrong things in our search.

We have helped hundreds of agencies bring new producers/Relationship Builders into their agencies by avoiding all but the very best and unusual insurance experienced salespeople and seeking, instead, people of all ages and experience levels who bear the personality and characteristics of a good salesperson and who has the right attitude.

Personality and attitude trumps experience every time.

PRINCIPAL

Is insurance experience essential? No. It is preferable only insofar that the producer would have no learning curve.

Translate that into our profession. We have a difficult time A new salesperson may require from one to three years finding good producers for our insurance agencies. We adlearning the insurance business. A good insurance profesvertise and interview. We look at resumes by the hundreds.

We entertain anyone that the personnel recruiters bring to us. sional who has poor sales skills will NEVER become a good salesperson.

BUT JUST WHAT ARE WE LOOKING FOR? Most of us don’t really know. We would like someone who is insurance Is a book of business essential when hiring a new producer? No. Anyone who is tempted to complete a hire because knowledgeable, who has been successful in sales, has a he thinks that the book of business will support the productransferrable book of business AND would like to transfer er will often find himself on the short end of the stick. Get that knowledge, business and sales capability to our agena written statement at the first meeting that the producer cy – in other words, Superman, who is there for us because is free to take the book of business. If you don’t you will we need him. often find yourself “served” legal documents asking that Unfortunately, every Superman we meet seems to have you ‘Cease and Desist’ from taking the business of another more than enough of their own forms of ‘Kryptonite’ – flaws agent in opposition to their non-compete agreement. that caused them to leave their most recent employer. But Whether this ends well for you and the producer or not, it we all look for the person whose problem was caused by will be messy, expensive and will not reflect well with the the employer rather than by the producer. And, yes, there are many agencies that don’t exactly “foster” producers, but clients that don’t want any legal entanglements with their they are rarer than any of us would like to think. So if we dig insurance agents. Quite often, the clients will be lost to both parties. far enough, we will find the flaws that made them persona Even if you are assured that the business belongs to the non grata at their agency or made the producer frustrated producer, will you be “buying” it from him? The chances are enough to leave. that he is ‘parking’ the business with you until and unless We find that they may have insurance experience but lack the sales characteristics that would reflect well on us if they he finds a better home. Never broker business. It’s a losing proposition for you in the long run and it only responds to worked for us. Or they learned their sales techniques from the used car dealers and will say anything or do anything to your greed and desperation for growth. Finally, be aware that the producer who brings in his own accounts will alget a sale (and a commission). ways have more loyalty to those accounts than to you and Too many of us hire them anyway rationalizing that we can accounts that you may assign to him. always get rid of them if they didn’t work out. Three years So, if you’re not looking for an experience insurance prolater we are still losing sleep over a mediocre performer ducer with a book of business, what ARE you seeking when who is taking more out of the agency than bringing in but trying to hire producers for your agency? we are reluctant to pull the trigger. After all, we rationalize, they are better than nothing! No, they’re not! They are using YOU ARE SEEKING THE PERSONALITY DYNAMICS THAT and abusing your time, that of your employees and they are IDENTIFY THE PERSON AS A “FOURTEEN-PERCENTER,” someone who has the personality to succeed in sales? wearing out YOUR welcome to underwriters that always 24

www.iianm.org

What are those Personality Dynamics?

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

They don’t take “NO” personally They are Empathetic.

They have a strong Ego Drive They express Commitment verging on obsession They are always Goal Driven They are Energized They are Sociable They are Dependable They are Consistent They are Courageous They are Able to Improvise They are Tenacious They are Straight-Forward

Now that you know what you’re looking for, how do you find those ‘Supermen and Superwomen’?

The answer is already available to you.

You will still need to find candidates. But now you are looking for a “sales type” of person, not necessarily the same kind of person you have been seeking previously. Attitude and personality is always more important than experience, and never more so than in a producer for an insurance agency. Many agents are already strong insurance professionals and can teach a young producer the intricacies of insurance. Few agents are successful, sales professionals.

So hiring an insurance experienced person and hoping to make that person a salesperson is less likely than hiring someone who tests well for a sales personality and familiarizing that person with the insurance business.

The ProfileXT Assessment is a Total Person Assessment that compares the person being assessed with the characteristics of the job for which you are hiring. I wouldn’t give the assessment blindly. But, if you encounter an individual that appears to be a good candidate to you in the first interview, I strongly urge you to access this tool to determine if the candidate fits the Thinking Style and Behavioral Traits that are most common to the successful participants in this group.

You can access ProfileXT through the Agency Consulting Group, Inc. website (www.agencyconsulting.com) or by linking here. Through an agreement with the provider, Agency Consulting Group, Inc. clients will get a discounted cost for the service.

Reprinted from The PIPELINE, the national newsletter for agency principals. The PIPELINE is published by Agency Consulting Group, Inc., a leading consulting firm for independent agents in the U.S. for over 30 years. Call 800-7792430, E-mail info@agencyconsulting.com, or visit www. agencyconsulting.com for information about the content of this article or PIPELINE subscription information. www.iianm.org

E&O Loss Control Credit Seminar July 22, 2015 FREE! 8 CE Hours IIANM Building Loss Control Credit Through completion of this course by appropriate agency staff members, IIANM members with E&O coverage through Swiss Re/ Westport or Fireman’s Fund may qualify for a 10% premium credit upon renewal, good for three policy periods assuming the agency remains claim-free.

Click here for more information or for details, contact Cheryl Weddle at (505) 999-5802 or cheryl@iianm.org.

25

DON’T GET BITTEN

BY AN E&O CLAIM YOU COULD HAVE AVOIDED.

Big “I” Risk Management Website

www.independentagent.com/EOHappens Big “I” members whose agency E&O insurance is written by Swiss Re 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.

26

DON’T BE ON THE HOOK FOR: Failing to procure coverage requested by the client Not adequately identifying client exposures Failing to provide timely notice of a claim to the carrier Misrepresenting or not explaining policy provisions Providing inaccurate information to carriers Failing to properly add additional insureds or loss payees

www.iianm.org

Personal Lines Market Share: 1995 - 2013 In its market share reports, IIABA has consistently looked at this data over the long-term to find macro shifts affecting independent agents. A look back to 1995 - when IIABA first began reviewing the A.M. Best data - shows that the direct response channel and regional independent agency carriers have grown at the expense of captive carriers and national IA companies.

Personal Lines Market Share: 1995 ‐ 2013 National IA

Regional IA

Exclusive Agency

Direct Response

59.4% 54.8%

18.2% 15.3%

52.0%

50.1%

25.1%

25.7%

12.7%

12.9%

13.6%

14.2%

11.1%

9.6%

9.3%

9.0%

2005

2010

2011

2012

23.3%

15.0%

2000

50.0%

26.1%

21.8%

8.5% 7.1% 1995

53.0%

50.6%

26.7% 14.9%

7.8% 2013

PRINCIPAL

Several key shifts are noticeable in the below chart, which covers 19 years of data:

• Captive agency carriers have lost 8.8 percentage points since 1995, dropping from just under 60% share to just over 50%. Given the market is valued at $266 billion, these 8.8 percentage points equate to $23.5 billion more that captive carriers could be writing had they maintained their share over these 19 years.

• Regional IA carriers, by comparison, command 8.5 percentage points more than they did in 1995, which is worth $22.7 billion, based on the 2013 market. Additionally, we see also that regional carriers in 2013 now enjoy the highest share over the 19 years reported, exceeding their previous market share record of 26.1% set in 2010.

• National carriers’ market share is now less than onehalf of what it was in 1995, dropping from 15.3% to 7.5%.

Had national carriers maintained that share over the last 19 years, their production would have been $40.7 billion rather than the $20.7 billion it actually was in 2013.

• During the same time, direct response writers have more than doubled their market share, increasing 7.8 percentage points. They were just $200 million short of owning 15% of the personal lines market.

Save the Date!

www.iianm.org

27

Real Success:

The Future is Bright for Independent Agents

by Marty Agather

TrustedChoice.com has been through many iterations in our mission to support the independent insurance industry. In many regards TrustedChoice.com is a barometer for independent agent digital success. As we approach the second anniversary of our website redesign, we continue to see great progress.

and we are certain to crush that number in 2015. But it isn’t only traffic where we are seeing progress.

We’re currently on pace to hit 235,000 visitors for the month of April. That’s 235,000 insurance buyers informed on the value an independent insurance agent provides.

We find that a significant percentage of the referrals are actually picking up the phone and calling the agency. All of these prospects have made a conscious decision to pick a specific agency, so it’s no wonder our closing percentages are so high.

Prior to changing the focus of the site in July of 2013, TrustedChoice.com received between 10,000 – 12,000 visitors per month.

PRODUCER

Although there was an agent look-up capability, the site messaging was mixed, and it was difficult to determine whose needs the site was intended to serve. Although we don’t have good statistics, it is probable that at most a few handfuls of insurance buyers used the agency look-up every month.

This means no leads.

Our projections for April have us delivering over 5,600 online referrals to local insurance agents.

TrustedChoice.com in service of independent agents TrustedChoice.com is now completely focused on attracting the insurance buyer. We have published over 2,900 pages of content. These pages are designed to help an insurance buyer gain familiarity with critical insurance issues, and also to direct them to an independent agent to purchase a policy that covers their needs.

A second benefit to these pages is that they are search engine optimized, meaning that they rank well in a Google search (the site is optimized for Local SEO). Together, these efforts have allowed TrustedChoice.com to become one of the top insurance resource on the web.

TrustedChoice.com now shows up on page one of Google’s search results for over 2,600 insurance terms.

In 2014, we had 1.8 million visitors to TrustedChoice.com, 28

Recently, we delivered over 5,200 inbound referrals to member agencies. These referrals come in two forms: • Emailed forms to the agency • Phone calls direct to the agency

$250,000 in New Business to Local Agency Referrals from TrustedChoice.com close at much higher rate than cold leads because in most instances, the buyer has done their research before reaching out to the agency.

For more details on how to create relationships with Online Insurance Buyers read How to Build Relationships from TrustedChoice.com Referrals.

As proof, recently we heard from an agency in Washington state who has now written $250,000 in premiums from TrustedChoice.com referrals.

Frank Rodriguez of Sound Business Insurance in Gig Harbor, Washington told us of his latest $ 30,000 sale: “The customer was committed to using a Trusted Choice agent before we even spoke on the phone.” He later added that “The largest referral I have closed from TrustedChoice.com was a $72,000 trucking company.”

Since signing up in July of 2014, Sound Business Insurance has received 26 email referrals, and our research tells us that in addition, on average, an agency receives 1.2 phone referrals for each emailed one. As evidence of the ongoing growth of the site, 60% of those referrals to the agency have come since January 1, 2015.

Finish the Story

www.iianm.org

an d

Odds ends 27 Ridiculously Awesome Things to do in your backyard this summer Tickets prices & other factors keep moviegoers home Movies these days may have mind-bending CGI and top stars, but that doesn’t mean they’re drawing more people to the theater. The year 2014 saw a 5 percent dropoff in domestic box office revenues, mostly because, according to PricewaterhouseCoopers, 25 percent of Americans went to fewer movies last year than they did in 2013. Their reasons:

May is National Bike Month. Sponsored by the League of American Bicyclists and celebrated in communities from coast to coast, National Bike Month is a chance to showcase the many benefits of bicycling - and encourage more folks to give it a try.

• Ticket prices too high 53% • Movies not as interesting 41% • Prefer movies on own schedule 31% • Prefer other activities 29% • Prefer new releases at home 24%

Giving flowers? Know the messages they send Whether you’re buying flowers for Mother’s Day or a prom date, remember that flowers have special meanings. Here are a few to keep in mind: • Carnation: constancy, joy • Chrysanthemum: optimism, hope, happiness • Daisy: purity, loyalty, innocence • Freesia: trust • Gladiola: remembrance • Iris: faith, wisdom, promise • Larkspur: appreciation • Lily: devotion • Orchid: love, beauty • Rose (pink): sweetness • Rose (red): true love, desire • Rose (white): true love, purity • Rose (yellow): friendship • Snapdragon: virtue • Tulip: love at first sight

www.iianm.org

Tired at work? Join the club Fatigue in the workplace can be a serious issue. A survey commissioned by energy-drink maker Red Bull and jobs site Glassdoor found that 48 % of the U.S. workforce is distracted by weariness on the job.

66% confessed to mistakes at work due to fatigue, 21% said they’ve missed meetings, 16% have blown a deadline, and 41% have forgotten items at home needed on the job.

As much as they may need more sleep, most workers aren’t taking exhaustion lying down. 93% of survey respondents indicated they take some action to regain their drive, with 66% depending on coffee, and others depending on energy drinks (parents 33%, nonparents 21%).

Millennials not in the home market The American Dream may include owning your own home, but lots of millennials aren’t in the market. According to data from the Demand Institute, only one in four own a house, and another survey by EliteDaily and Millennial Branding found that 59% of them would rather rent than own, and only one in four said they’re likely or certain to buy a house in the next five years.

Among their reasons, six in 10 millennials don’t think they can afford to buy a home; many don’t want to feel tied down to one location; and many get married and have children later in life than earlier generations.

29

BURNS &

CONQUER THE HARDTO-PLACE

WILCOX

EXPERTISE IS OUR MIDDLE NAME. With our global expertise, you have the right solutions for all your hard-to-place risks. Ensure your success every time with Burns & Wilcox.

Albuquerque, New Mexico | 505.346.2583 toll free 866.643.8538 | fax 505.822.0092 albuquerque.burnsandwilcox.com Commercial | Professional | Personal | Brokerage Binding | Risk Management Services 30

www.iianm.org