12lavoz by Independent Insurance Agents of NM

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New Mexico’s Experts in Workers’ Compensation Insurance 3900 Singer Blvd. NE • Albuquerque, NM 87109 • 505.345.7250 or 800.788.8851 • www.NewMexicoMutual.com 2

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“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. 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. 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. Advertising rates are available upon request. Please contact Rachel Sheffield at rachel@iianm.org for details

IIANM Staff

"The Voice" of Independent Agents since 1934

Features

VoZ

Become a 2015 Partner! 04 Mark Your Calendars - IIANM Holiday Party & Legislative Mixer

Mark Your Calendars - IIANM’s Education Seminar

Dues Deductibility 07 How Will Election 2014 Impact Agent Issues?

Insuring Gift Cards 11 Half of Americans Have This Problem with their Insurance

Does the Policy You Just Sold Provide the Coverages the Client Needs 12 Is Cybersecurity a Bigger Threat than Terrorism?

ACT Releases Prototype Agency Information Security Plan

Industy TidBits 17 8 Ways that Loyalty Pays 22

President/CEO Thom Turbett Chief Strategy Officer Marit Peters VP of Member Services Consuelo Trujillo Insurance Programs Administrator Suzie Dodds, CIC Communications Director Rachel Sheffield Member Services Associate Renee Trujillo

2013-2014 Officers Chair Gabe Portillo Vice-Chair Connie Sevier Secretary/Treasurer Mike Parisi National Director Sam Conlee

In Every Issue IIANM 2014 Company Partners! 04 Tech Talk 20 December’s Clickable Calendar 26 Odds n Ends 27

Advertiser Index Acuity 19 Burns & Wilcox Back Cover Litchfield Special Risks

Market Finders, Inc. 08 Molina Healthcare 14 Mountain States Insurance Group

New Mexico Mutual 02

Immediate Past Chair Diana Hobbs www.iianm.org

me a 2015 Partner! o c e B 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.

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. 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. Six levels of participation are available:

DIAMOND

Diamond

Gold

Platinum

Silver

Bronze

COPPER

Copper

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 505-999-5805 or consuelo@iianm.org with any additional questions.

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2014

PARTNERs iianm partners program

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!

DIAMOND

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4:00 pm

IIANM Building 1511 University Blvd. NE Albuquerque, NM 87102

NextGen to Host Food Drive at IIANM Holiday Party! This Holiday season, help feed hungry families in New Mexico by joining our efforts in donating non-perishable food items to Roadrunner Food Bank. Donations will be accepted on December 4, 2014 at our Annual Holiday Party. Come enjoy great company, food, and spirits while helping a great cause. For each item donated you will receive a ticket to be entered into a drawing where three individuals will receive a special gift.

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Independent Insurance Agents of New Mexico

2015

LEGISLATIVE MIXER February 5th, 2015 6

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Registration will open in January

Dues Deductibility By federal law, we are required to provide each of our member states with the following disclosure regarding their 2013-2014 dues. Dues to the Independent Insurance Agents & Brokers of America (IIABA) are not deductible as a charitable contribution but may be deductible as an ordinary and necessary business expense. To the extent that IIABA engages in lobbying, the portion of the dues that relate to lobbying expenses is not deductible as an ordinary and necessary business expense. This law was enacted in 1993, effective January 1, 1994 [Section 13222 of the Omnibus Budget Reconciliation Act of 1993 (OBRA 1993)]. The non-deductible portion of dues for 2013-2014 is 25.27%. Please forward this information to the appropriate staff in your organization. The following is a recap of the non-deductible portion of dues for the past six years: FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15

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Estimated Estimated Estimated Estimated Estimated Estimated Estimated

18.23% 17.72% 21.92% 22.83% 22.71% 23.76% 25.21%

Actual Actual Actual Actual Actual Actual

17.35% 21.37% 22.19% 22.29% 23.14% 25.27%

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How Will

Election 2014 Impact Agent Issues?

by, Charles Symington

As the dust settles on the 2014 midterm elections,

included in any TRIA package this year, NARAB II will

agents across the country may be wondering how this

be a top issue for 2015 as well.

new balance of power will affect federal issues that impact the day-to-day business of insurance.

Similarly, the change in control likely won’t have a large impact on the Federal Crop Insurance Program

Republicans controlling the U.S. Senate for the first

(FCIP) since it is a regional program that will contin-

time since 2006 will mean new Senate leadership,

ue to garner support from traditional farming states,

new Senate Committee chairs and new priorities. The

regardless of which party controls those seats.

House of Representatives will remain in Republican control, meaning most of the current chairs and lead-

But the election results could have a significant impact

ership will likely remain. But the Republican House

on other Big “I” legislative priorities, including great-

will now deal with a Republican Senate, which in

er oversight of the implementation of the Affordable

many cases will change priorities and expectations.

Care Act (ACA) and efforts to finally fix some of the law’s more problematic provisions—though President

For the insurance industry and the Big “I” in particular,

Obama’s veto authority could certainly complicate that

the new balance of power in Congress will likely end

process.

up being somewhat of a mixed bag. On some issues, the power shift could have little to no real impact.

The changes may also result in greater oversight of

For example, the association’s top two federal prior-

the NFIP and perhaps more interest in exploring ways

ities—enactment of the National Association of Reg-

to privatize the program. Finally, a Republican Con-

istered Agents and Brokers Reform Act (NARAB II)

gress will almost certainly take a hard look at Dodd-

and an extension of the Terrorism Risk Insurance Act

Frank and could challenge or revise certain provisions

(TRIA)—enjoy bipartisan support. The Senate already

in that law, including attempts to ease capital require-

passed its seven-year TRIA bill, with NARAB II includ-

ments for large insurance companies and hamstring

ed, by a 93-4 vote. The Big “I” is optimistic that Con-

federal regulators in their potential oversight of large

gress will complete their work on a long-term reautho-

insurers. Reigning in the Federal Insurance Office cre-

rization of TRIA and passage of NARAB II during the

ated by Dodd-Frank could also be on the table.

lame duck session of Congress and that the election

While it is impossible to predict exactly what any new

results will not change the current focus. In the event

Congress will attempt, the kind of power shift we saw

that this Congress only passes a short-term extension

this week offers both opportunities and risks, and the

of TRIA, terrorism insurance will be a top priority for

Big “I” bipartisan federal government affairs team is

the Big “I” next year. If agent licensing reform is not

prepared to handle both.

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Virtual University’s Ask an Expert

by, Mike Edwards

Insuring Gift Cards

Gift cards have become an increasingly popular form of giving for Christmas, birthdays, and many other occasions. Each year, BILLIONS of dollars are spent on gift cards, many of which are never redeemed. If a gift card is lost or stolen, is there any coverage for the lost value under a homeowners policy? We had a staff meeting this morning, and the subject of holiday gift cards came up. Since they are increasingly popular at Christmas, as well as other gift-giving occasions, is there any coverage under the Homeowners Policy if they are lost or stolen, etc.? These days, a person could easily have several hundred dollars worth of cards after Christmas, and possibly much more than that as wedding gifts. Great question! And to say that gift cards are “increasingly popular” is quite an understatement! According to the National Retail Federation, there will be approximately $25 billion spent on gift cards this 2014 Christmas season, up from $18.5 billion for Christmas 2013. In addition, some gift cards have a number of fees and charges, and some even lose value if not used in a specified time, so they have come under increasing scrutiny by consumer groups. For this reason, the federal Office of the Comptroller of the Currency (OCC) issued a recommendation to banks in August 2006, regarding increased information to consumers about the terms of usage. Interestingly, the research firm TowerGroup estimates that approximately $8 billion in gift cards purchased this year will eventually go unused, according to the Wall Street Journal. Fraud involving gift cards is increasing rapidly as well, as enterprising criminals figure out ways to tap this source of income. And unfortunately for insureds, the Homeowners Policy (HO 00 03 10 00) treats gift cards the same as cash, providing just $200 in the aggregate — meaning that’s the total amount of coverage for all items in that category (see excerpt below), no matter how many cards an insured had. In addition, cards that are “lost” would not be covered at all, since the perils that apply to Coverage C are named perils only, unless an insured has the HO-5. Note also that while cash and every other type of property in that category is subject to the Section I deductible, the deductible is subtracted from the loss to covered property, and never to an internal limit (such as the $200 cash limit). While gift cards have been around for several years, it wasn’t until the HO-2000 edition of the Homeowners Policy that ISO included language addressing how they were covered under the policy. In the current HO-2000 edition, they are referred to as “stored value cards,” and not “gift cards” – see excerpt below. However, in the previous 1991 edition, since gift cards were not specifically mentioned, there was some confusion between coverage for gift cards vs. credit cards, which were covered for $500, with no deductible. While most authorities assumed that gift cards should be treated as cash, the HO 00 03 04 91 edition policy provided no specific guidance on that point. Here is the relevant excerpt from an HO-2000 edition of the HO-3 (same wording in 2011 edition): C. Coverage C – Personal Property 3. Special Limits Of Liability The special limit for each category shown below is the total limit for each loss for all property in that category.These special limits do not increase the Coverage C limit of liability. a. $200 on money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinumware, coins, medals, scrip, stored value cards and smart cards. Lastly, under ISO rules, the $200 limit on cash and similar items of property (including stored value cards) can be increased up to $1,000 on the HO-3, using endorsement HO 04 65 Coverage C Increased Special Limits of Liability. (Use the HO 04 66 with an HO-5.) Also, check with your individual markets to see if they adopted this optional coverage. The cost is typically around $6 per $100 of coverage.

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Half of Americans have this problem with their insurance by, Caitlin Bronson About half of Americans aren’t comfortable with the level of insurance they own. Citing negative experiences with the industry and lack of concern over the role of insurance in their financial situation, 50% of survey respondents told PolicyGenius they don’t think they have the right level of insurance coverage. Another 7% said they had “no idea” if they did. Jennifer Fitzgerald, co-founder and CEO of PolicyGenius, posited that most Americans aren’t as concerned with insurance as they are with other financial obligations. For them, “insurance is largely out of sight and out of mind.” “For most respondents, insurance was the lowest-ranked financial priority,” Fitzgerald said, “behind saving for retirement, paying down debt and sticking to a budget.” Perhaps more concerning for the insurance industry is the finding that under-insurance is strongly associated with a “recent negative insurance experience.” Of the 50% who agreed that “I probably have less insurance than I need,” 48% reported their last insurance experience was negative.

Does the policy you just sold provide the coverages the client truly needs? by, Chris Burand Let me ask the question another way. Does the policy you just sold provide the coverages you and your agency need? Insurance is such a wonderful invention. The option to purchase protection against something going seriously wrong with your life is ingenious. All three parties, the insured, the agent, and the insurance company all hope the policy is never triggered. If it is triggered, the insured is betting the policy will make them financially whole. So if the agency does not sell them the coverages they truly need and a loss occurs, they will not be whole unless they win an E&O suit against the agency. Therefore, does the agency also need to make sure the client gets the coverages the client truly needs? 95% of all agencies I meet do not use a coverage checklist. The only way to make sure the agency is coming close to offering all the coverages clients need is by using a coverage checklist. Without a coverage checklist or a perfect photographic memory combined with a 160 I.Q., simply remembering all the applicable coverages in any given situation is impossible. Some people do not use coverage

For insurance producers, that statistic is a mixed bag. On one hand, 59% of survey respondents said they take a DIY, online approach to insurance research, suggesting negative experiences are mostly connected with online insurance shopping. However, only 27% reported turning to an insurance producer in the first place, suggesting a serious lack of market penetration that could be filled by more adept online solutions— something that may edge producers out of the equation. “Brokers have been a transactional medium and haven’t really been leveraging the things that add value to their client base,” suggested Jenna Richardson, director of North American Insurance Services for Xchanging. “That I would say from a big picture standpoint is because the value of that placing process is changing. The entire ecosystem is shifting toward technology and brokers need to be providing more value in the way of analytics and value-added services, beyond just the placement of the business.” If brokers fail to adapt, Richardson says, “I could see an industry 20 years from now where the broker role doesn’t exist.” Somewhat ironically, producers may be able to make the most headway with those most likely to turn to digital solutions to solve their insurance woes. According to the PolicyGenius survey, 25- to 34-year-olds are the least confident in their insurance decisions, with 54% reporting either too much or not enough insurance.

checklists because they're unfamiliar with them. Most fail to use a coverage checklist because they feel checklists are cumbersome, it will cost them the sale, or they do not know the coverages listed so they do not want to mention these coverages to the insured. In other words, the agency is choosing to not offer the client all the coverages the client needs. This is not an error. It is an omission. Now maybe if the "duty to read" case law prevails if the agency is sued, this is a slightly moot point. But isn't the agency better off if they’re not sued initially? Isn't it better for the insured to have the coverages they need and not suffer a financial loss? Isn't it better for the insured to be happy they bought the right insurance and therefore they have the necessary coverage? Isn't it better for the agency's reputation if the insured is happy they purchased the appropriate coverage rather than if they have an uncovered loss and then they tell everyone about how the agency screwed them? Looking for good checklists at a very reasonable price? Click here to subscribe to The Virtual Risk Consultant.

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Mountain States will get you from Point A to Point B. We understand and value your time and needs. Our objective is to take you on the most direct route to the insurance products and services that best fit the needs of your clients and their businesses.

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

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Introducing Molina Healthcare’s exciting 2014 Medicare Advantage Prescription Drug Special Needs Plan Molina Healthcare, a Fortune 500 Company, was created more than 30 years ago by Dr. C. David Molina. As an emergency room doctor, he believed that every person should have access to high-quality care. Molina Medicare Options Plus HMO SNP Plan offers a competitive plan design with additional benefits that you can market year round to meet the needs of dual eligible customers.

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Is Cybersecurity A Bigger Threat Than Terrorism? by, Harry Bruinius While the terrestrial fears of terrorism and Ebola have dominated headlines, American leaders are fretting about what may be even more serious virtual threats to the nation’s security. This year, hundreds of millions of private records have been exposed in an unprecedented number of cyberattacks on both US businesses and the federal government. Just as President Obama arrived in Beijing to being a week-long summit with regional leaders, Chinese hackers are suspected to have breached the computer networks of the US Postal Service, leaving the personal data of more than 800,00 employees and customers compromised. The data breach, which began as far back as January and lasted through mid-August, potentially exposed 500,000 postal employees’ most sensitive personal information, including names, dates of birth, and Social Security numbers. The data of customers who used the Postal Service’s call center from January to August may have also been exposed. "The FBI is working with the United States Postal Service to determine the nature and scope of this incident," the federal law enforcement agency said in a statement. Neither the FBI nor the Postal Service, however, confirmed it was the work of Chinese hackers. “It is an unfortunate fact of life these days that every organization connected to the Internet is a constant target for cyber intrusion activity,” said Postmaster General Patrick Donahoe in a statement. “The United States Postal Service is no different. Fortunately, we have seen no evidence of malicious use of the compromised data and we are taking steps to help our employees protect against any potential misuse of their data.” But the reported breach comes as both intelligence officials and cybersecurity experts say computer hackers now pose a greater threat to national security than terrorists. Since 2006, cyber-intruders have gained access to the private data of nearly 90 million people in federal networks,the Associated Press reported in a major investigation published Monday. Hackers have also accessed 255 million customer records in retail networks during this time, 212 million customer records in financial and insurance industry servers, as well as 13 million ?ecords of those in educational institutions, the AP reported.

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“The increasing number of cyber-attacks in both the public and private sectors is unprecedented and poses a clear and present danger to our nation’s security,” wrote Rep. Elijah Cummings(D) of Maryland, ranking member of the House Committee on Oversight and Government Reform, in a letter to Postmaster General Donahoe. A few months ago, JPMorgan Chase, the largest US bank, reported that hackers had compromised the personal contact information of more than 83 million customers. But even though the hackers, suspected to be from Russia, had access to numerous servers in JPMorgan’s systems, they accessed only personal information lists – not accounts or financial data. Russian hackers were also suspected of being behind a breach of unclassified White House computers, reported as well. The limited scope of the information that such hackers gained access to this year may indicate that they are simply exploring system security in the never-ending chess matches of international espionage and spying, experts say. But the battle against highly sophisticated hackers, cybersecurity experts say, is a 24/7, 365-days-a-year arms race. It’s a cat-and-mouse game as hackers constantly probe a network’s defenses, finding inevitable flaws and weaknesses that system administrators must “patch” on a regular, ongoing basis. This means hackers are usually one step ahead. "No matter what we do with the technology ... we'll always be vulnerable to the phishing attack and ... human-factor attacks unless we educate the overall workforce," Eric Rosenbach, assistant secretary of Defense for Homeland Defense and Global Security, told the AP. Does your agency have an IT Information Security Plan to protect sensitive data? See the ACT article on the next page...

About this article: This article discusses the importance of agencies’ implementing a written security plan and program and the free prototype agency information security plan that ACT has developed to assist agents. The article then provides agencies with a series of steps to take to put a strong security program in place, customized to their particular operations.

ACT Releases Prototype Agency Information Security Plan starting point for the ACT prototype plan, because Massachusetts imposes some of the most specific requirements. Recent headlines have underscored the importance of agents having written security plans to protect the security of their operations and the privacy of their clients’ personal information. Not only could a breach of clients’ personal information devastate an agency’s reputation; it is likely to result in the agency’s having to undertake time consuming and costly actions on behalf of clients whose personal information is compromised. We are aware of agents being fined in at least two states for not having a written security plan and of a major firm recently having to announce two data breaches, one occurring online and the other when a laptop containing confidential personal information was stolen. Just as a well managed agency takes specific steps to protect against E&O risk, it needs to have a written security plan, incorporate the plan into its procedures, train its employees to implement these procedures consistently, and monitor for compliance. ACT’s Information Security Plan ACT has developed a free prototype security plan to assist agents and brokers in formulating and implementing specific procedures, training and monitoring to protect the security of their operations and the privacy of their client information. The plan is the product of ACT’s Agency Security Best Practices Work Group, with assistance from ACT’s Security Issues Work Group and IIABA’s Office of General Counsel. We owe the Massachusetts Association of Insurance Agents special thanks for making the plan it had developed for its members available to us, which we used as a starting point for our plan. Before sitting down to develop your agency’s security plan, or to refine your current plan, it is essential for you to be thoroughly familiar with your state’s data breach notification and privacy laws, your insurance laws and regulations, applicable federal laws and regulations, as well as the laws of any states where you hold nonresident licenses or possess personal information on the state’s residents. This will enable you to conform your agency’s plan to these requirements. We used the Massachusetts privacy law as a

Before providing some specific guidance on how best to use the ACT prototype plan in your agency, it is important to provide you with a brief overview of some of these laws and regulations. State & Federal Privacy Laws Agents need to be aware of the general business and insurance specific security and privacy laws, regulations and administrative letters that apply to them in their resident states, as well as in states where they hold non-resident licenses or where individuals they insure are resident. For example, the Massachusetts privacy law applies to “all persons that own, license, store or maintain personal information about a resident” of Massachusetts. Similarly, the recent August, 2010 Connecticut Insurance Bulletin applies whenever there is an “unauthorized acquisition or transfer of, or access to” the personal information of any Connecticut resident, even if the data is encrypted, and the Insurance Department must be notified within five days from when the “information security incident” is identified. The federal Gramm-Leach-Bliley Act (GLB Act) requires businesses to proactively implement administrative, technical, and physical safeguards to protect customer non- public personal information. Many states have enacted laws and regulations to implement the GLB Act for the insurance industry in their state. Overlay onto these requirements the Security Breach Notification laws that have passed in 46 states and the District of Columbia. We are now starting to see state privacy laws move from the implementation of general safeguards to much more specific requirements. For example, the Nevada law and Massachusetts law (March 1, 2010) specifically require that email containing “personal information” be sent in an encrypted manner. This would include, for example, personal information submitted on commercial applications. The Massachusetts law in addition would require the encryption of personal information contained on laptops and mobile devices because of the higher risk posed that these devices will be lost or stolen. www.iianm.org

Implementing Your Agency’s Security Program After familiarizing yourself with the laws and regulations that apply to you, you are ready to develop or refine your own In formation Security Plan using the ACT prototype plan as a starting point. It is important that you either use ACT’s prototype plan as a checklist or customize its terms to fit your particular agency’s operations. The various state and federal laws typically provide that the administrative, technical, electronic and physical safeguards a business incorporates into its security program be appropriate to the size and complexity of the business and the nature and scope of its activities. ACT prototype plan also contains a series of “Notes” designed to help agencies in customizing the plan and pointing out the need to consult additional laws that might apply to your agency. A good example is the Note on HIPAA, pointing out that if the agency is a “Business Associate” handling “protected health information” (“PHI”), there are additional specific security requirements that the agency would need to add to the prototype plan, along with some resources for the agency to consult. Consider taking the following implementation steps: 1. Appoint a Data Security Coordinator who will oversee the development and implementation of your agency’s security program. 2. Ascertain all of the types of private client and employee information that your agency retains, every place where it is stored (whether in paper or electronic format), exactly who has access to it and how it is used and transmitted. Be particularly sensitive to the types of private information that are singled out in the privacy and data breach laws that are applicable to you. 3. Decide whether you really need to store or transmit all of this private information that you possess, and if not, don’t keep it. If you do need to possess it, restrict its access to only those employees who need to use it, keep it off PCs, mobile devices and home computers, and encrypt it wherever it is stored (where possible) and when it is transmitted. 4. Have an employee team go through the prototype plan and customize it to your agency’s operations and develop new procedures and workflows as necessary to implement it. 5. Acquire or upgrade your hardware and move to the latest versions of your software so that you incorporate the latest security protections, and then keep your agency current on both hardware and software versions in the future. 6. Thoroughly train all employees on your agency’s new security plan and any accompanying new procedures and workflows, and secure their written commitment that they will abide by the plan. Change your procedures so that new hires are immediately trained on the security plan. Make sure your procedures assure that the access of terminated employees is cut off immediately from the agency’s syswww.iianm.org

tems, as well as from any carrier websites or other third party sites. Ongoing employee training and reminders about your security requirements and protecting clients’ private information are absolutely key, because security breaches often result from employee error or a lack of sensitivity to protecting this information. 7. Make sure that third party vendors that possess any of your agency’s private information have equivalent security plans and procedures in place, as well as a strong commitment to security and protecting this information. 8. Monitor your employees’ adherence to your agency’s security plan and procedures, monitor the traffic over your systems for any unusual activity and consider periodic security audits by an outside security professional. 9. Review and update your security plan, procedures and workflows at least annually.

The Big Picture One year ago ACT completed its latest report on key trends and “must do” issues the industry must tackle to be properly positioned to succeed in the future. We identified three critical “must do” issues and the first was to increase industry awareness and collaboration on security & privacy. ACT concluded that the significant progress the industry has made with Real Time and other new workflows is directly dependent on protecting the security and privacy of the client information being used. In addition, agents have unprecedented opportunities with online marketing and servicing using their websites, social media and other Internet tools, but again, protecting the security of these mechanisms and the privacy of client information on them is critical. ACT is committed to providing independent agencies with information and tools to help them protect the security of their operations and client information. We believe ACT’s new prototype information security plan will be a major resource for agents and brokers and it provides a good example of the kind of industry collaboration on security issues that needs to occur.

Editor’s note: Please visit www.iiaba.net/act at the “Security & Privacy” quick link for ACT’s free Agency Information Security Plan and other security related resources, including an online version of this article with links to the various laws and regulations mentioned. Did You Know? If you are selling Cyber Liability coverage to your clients, many carriers prefer that the insured have an IT Security Plan in place. You can use the free prototype from ACT as a ‘value added’ for them.

Workers’ comp reaches benchmark not seen in 8 years by Insurance Business The struggling workers’ compensation market has hit a benchmark it hasn’t seen in eight years. According to data from the National Council on Compensation Insurance, workers’ comp premiums are expected to grow 7% this year to $39.3 billion, marking the first signs of profitability since 2006. In fact, this year’s growth projections outstrip both the last two years—workers’ comp premiums grew just 4.5% in 2012 and 2013. And private comp carriers have also enjoyed success, with an aggregate combined ratio of 96% in 2014. That’s compared to a combined ratio for private comp insurers of 101% last year, falling slowing since peaking at 115% in 2010 and 2011. The Boca Raton, Florida-based ratemaking agency also attributed the success to better accident rates among employers. “The expected improvement in the combined ratio is derived from a reduction in losses as well as the previously discussed protected increase in premium,” the NCCI said in their report. The group also stressed that investment and operating gains have grown for private workers’ comp carriers. Big “I” Blog:

“Off the Record”

by, Thom Turbett

Have you checked out Thom’s new blog? As our resident "in the know" expert, Thom, shares in his lighthearted style what he is hearing on the street from insurance professionals, regulators, and industry insiders. With 40 years in the biz, including 20 years as an agent, our President and CEO understands the ‘ins and outs’ of the insurance business and what agencies need to do to survive and thrive. That experience, plus a passion for the industry makes Thom the perfect person to share his thoughts on industry issues and trends.

FEMA Releases More NFIP Guidance by Margarita Tapia Recently, FEMA released an NFIP-related fact sheet titled “How April 2015 Program Changes Will Affect Flood Insurance Premiums.” The fact sheet addresses several important topics for agents who sell NFIP policies, including limiting increases, the Reserve Fund, mandatory increases, new procedures and other important topics. The 2014 NFIP Manual is available online. Visit the FEMA website for more information.

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Time Management for the Insurance Professional The 7 Maxims of Time Management Bill Wilson, Associate VP, Education & Research for IIABA December 10, 2014 2:00 to 3:00 p.m. Eastern Time According to a composite of several time management studies, the average worker “wastes” about 1-1/2 hours per day...47 days (over 1-1/2 months) per year. According to several national studies, employees CAN increase their productivity by 15% to 105% simply through the development of effective personal management skills such as goal setting, planning, prioritizing, scheduling, and eliminating “time wasters.” From the agency’s standpoint, improving productivity by 20% can TRIPLE before-tax profits (assuming that payroll is just 50% of commissions and return on sales is just 5%). By employing the principles outlined in this program and putting the techniques into practice, you can dramatically impact your bottom line while reducing the stress and anxiety of your staff. To accomplish this mission, here are Seven Simple Steps to gaining control of your time. This FREE one-hour webinar presents the big picture, based on a 7-step process, on how to begin to get control of your time and your business and personal lives.

Be sure to visit to get updates on the upcoming legislative session: www.iianm.org/offtherecord Please note: You must be logged-in in order to leave comments and to sign up for “Alerts”

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For All That Matters

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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!)

Using Google Books to Find Quotes Google Books is a free service provided by Google which searches the full text of books and magazines that Google has scanned, converted to text using OCR (optical character recognition), and stored in its digital library. Google Books allows you to search a large number of books for words or phrases. Using a famous quotation is often a great way to enhance your writing. Google Books is one tool you can use to search for and find quotes that you can use in your writing. It can also be a great tool to find where a key concept or thought appears. For example, some famous quotes can be very hard to verify. It is often difficult to determine where they originally came from and how they evolved over time. Often, quotes are attributed to people who didn't say them. Let's say you wanted to verify where the famous line “Elementary, my dear Watson,” usually attributed to Sherlock Holmes, actually came from.

We can now search for the phrase “Elementary, my dear Watson” inside the book. The results show that the phrase actually does not appear in the book. Even using a quoted phrase does not find the quote. Google will always try to find the best possible match. Since it could not find an exact match, it gave you second best. You can see that all the words are there, but the exact phrase is not. When using this specific search function to find information contained within books, you will have to think not only about the specific phrase but also about any related words or phrases that might help you narrow down the exact quotation you’re looking for. While you will likely not use this type of search often, when you do want to find a particular piece of information within a book, it can be a very helpful tool.

The first step would be to go to Google Books and search for “Sherlock Holmes.” An available list of books will be presented in a typical Google search window. Many of these books will include Preview as an option. When Preview is displayed for a book you have access to the full text version of the book.

Notice on the image to the right, when you click Preview to view the actual book, you will notice on the left-hand panel a search box that allows you to search within that specific book.

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Maximize Carrier Communication Options Save Time With Outlook Voting Emails How many emails do you send out that asks the recipients to cast their “vote” among multiple options? Asking a simple question such as “Do you want to go to lunch today?” requires multiple reply emails. And then you need to keep track of who said they were coming. This entire process is a huge waste of time. Outlook provides a tool that allows you to send a “Voting Email” and automatically counts the results in a simple to read table.

Download has been available for many years. For many agencies, it is ho-hum technology. Of course we use download, when it works. But, because it has been available for so long, agencies and their staff assume they are using all of the capabilities available. The problem is the specific download capability is constantly being improved. When insurance companies enhance their download options and capabilities, communicating the changes to their agency force is difficult. The same is true for agency management system vendors. It’s been difficult for an agency to create a list of the companies they represent and the capability they have in the agency system platform. I recently learned of a service provided by IVANS Insurance that helps solve this problem. Any agency that has an IVANS account (a mailbox) can request a customized report specifically generated for the agency. The report lists the insurance companies with whom the agency has an existing download relationship. This report will provide agency management with a real-time picture into the functions currently being used in the agency. One agency manager I spoke with requests this report quarterly so he can make sure the agency is maximizing productivity benefits available.

Here are the simple steps to create a voting email in Outlook 2010 and 2013: 1. Create a new message. 2. Click the Options tab and then click Use Voting Buttons. 3. Select the voting options from the list, e.g. 'Yes;No' or 'Yes;No;Maybe.' 4. Add email addresses for the people you want to vote. 5. Type the message and then click Send. Once people vote, their responses will arrive in your Inbox. Recipients can vote in the Reading Pane or in an open message. In the Reading Pane, click the Click Here to Vote line in the message header and then click the option you want. In an open message, on the Message tab in the Respond group, click Vote and then click the option that you want. To view the voting results, simply open the message you sent that included the voting buttons. As we said, by default, sent messages are saved in the Sent Items folder. On the Message tab, in the Show group, click Tracking. There are multiple ways you can use the Outlook voting capability: If you are organizing an agency function and you would like to know who will be attending, or, if you are trying to schedule a meeting and want to know which meeting time is best for everyone. www.iianm.org

To request your report: 1. Send an email to: connections@ivansinsurance.com 2. In the email, list your agency contact information including: agency name, contact person, email, phone number, your vendor system and version, and Y account (if you have it available). 3. IVANS will send you the customized Excel file. Be patient with IVANS as they may receive an influx of requests due to this newsletter. Activity Notifications One of the newest download options that will significantly improve your internal workflow is Activity Notifications. The technical definition is: “Activity Notifications are ACORD electronic messages which may have attachments sent through download to the agency’s electronic mailbox in Batch or Real Time.” Examples of the attached PDF documents include: • Policies or DEC pages • Notices of pending cancellation • Claim notices • Overdue payments • Cross-sell/Up-sells, etc. Currently, there are a very limited number of insurance companies that have implemented this download option. That needs to change as fast as possible. The IVANS report will help you identify the insurance companies in your office that have implemented this option.

Ways that The customer experience makes or breaks customer loyalty. With so many choices today, it's the quality of the experience -- how you repeatedly make your customers feel at each and every touchpoint -- that will determine whether or not they'll come back, purchase more, and refer their colleagues and friends to you. Have some New Year's resolutions regarding career or business success? In today's high-speed, competitive market you'd be crazy not to - and even crazier not to keep 'customer loyalty' front and center of your intentions. Former Dell CIO Jerry Gregoire alluded to the critical importance of achieving customer loyalty when he said, "The customer experience is the next competitive battleground." Amen! The customer experience makes or breaks customer loyalty. With so many choices today, it's the quality of the experience - how you repeatedly make your customers feel at each and every touchpoint—that will determine whether or not they'll come back, purchase more, and refer their colleagues and friends to you. It's all about your customers' perception of the value you deliver, both tangible and intangible. You may think you know the kind of customer experience you're delivering, and that your customers share your views. You may think that because your customers stick around and don't complain they are loyal. In fact, you may be mistaking customer inertia for loyalty. It's easy to do. Remember that loyalty is a genuine emotional attachment that occurs when your customers appreciate the value of your product or service, as well as the way you deliver it. Because they repeatedly feel powerful, positive emotions in dealing with you they'll choose you above your competitors - even if they have to go out of their way or pay a bit more. Yes, strong customer loyalty pays. It puts your business into a profit-building cycle in a number of common sense ways: 1. Loyal customers buy more—and are often willing to pay more. This creates a steadier cash flow. 2. Loyal customers refer others to your business—saving you the marketing and advertising costs of acquiring customers. 3. Loyal customers are more forgiving when you make mistakes - even big ones (especially if you have a system in place that empowers employees to correct errors on the spot. Then loyal customers become even more loyal!).

by, JoAnna Brandi

Pays 4 .A loyal customer's endorsement can surpass the most extravagant marketing efforts. Proof of the pudding: A low-budget film can become a blockbuster hit thanks to positive word of mouth (My Big Fat Greek Wedding). Mega stars and publicity blitzes can't prevent high-profile films from tanking (Alexander the Great); the 'word on the street' is more powerful. 5. Thriving companies with high customer loyalty usually have loyal employees—and loyal employees save you money in a variety of ways. You don't have to spend money attracting, hiring and training new employees, and you have knowledgeable people at all levels of the organization serving the customers and each other. And those employees get very smart over time—in a culture that values them and their contributions they can be responsible for countless system improvements - and millions in savings. 6. Thriving companies with high customer and employee loyalty are generally known to outpace their competitors in innovation. (Think Gore-Tex, Southwest Airlines the twenty-minute turn-around, Progressive insurance....) In addition, their cultures support continuous learning. In today's market, if you're not continuously learning and innovating, there's no question that you're falling behind. 7. Loyal customers understand your processes and can offer suggestions for improvement. Their feedback can help with R&D efforts as well as improvement efforts. 8. Profits, profits, and did we say profits? An increase in your retention of customers can boost your bottom line profit 25-100% depending on your fixed costs. Based on these benefits and more, I urge you to make this the "Year of the Customer;" you'll be much more likely to achieve your New Year's business resolutions.

JoAnna Brandi is Publisher of the Customer Care Coach® a weekly training program on mastering "The Art and Science of Exquisite Customer Care." She is the author of books such as "Winning at Customer Retention - 101 Ways to Keep 'em Happy, Keep 'em Loyal, and Keep 'em Coming Back" and "Building Customer Loyalty - 21 Essential Elements in ACTION." A Speaker and consultant, she is publisher of the bi-weekly Customer Care Tips Bulletin. To receive her free bi-weekly tips bulletin, sign up at www. returnonhappiness.com. You can also reach JoAnna at 561-279-0027 or e-mail joanna@customercarecoach.com. www.iianm.org

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Reality…

by, Richard F. Lund, J.D.*

Imagine you have a long time friend and customer…let’s call her Mary. Imagine you have written insurance for her businesses for more than 20 years. Imagine Mary calls you and tells you she is starting a new business and needs to get her BOP/CGL, workers compensation, and all the other usual coverages for this new business. Imagine you think you know everything about her and her businesses. Imagine you get some basic information from her and then complete the applications for her. Imagine Mary comes to your office to sign the applications, but because she’s in a hurry to go talk to her banker, she tells you she’s sure everything is fine and she doesn’t read or review the applications, she signs them and leaves. Imagine you didn’t insist that she review the applications. Imagine you send them to the carriers, the policies are issued and all is well. Just imagine… Imagine six months later Mary calls you and tells you that one of the employees of this new business has severely injured their back and she needs you to contact the workers compensation carrier to report the claim. Imagine you ask her where the employee was injured and she tells you it was while he was working in the neighboring state. Imagine your surprise when you hear the words “neighboring state”, because remember, you know everything about Mary’s business, except that she had employees working in a neighboring state. Imagine, because you never considered she would do that because she never had before. Imagine, because you didn’t include “all states” coverage on the workers compensation policy. Imagine, the carrier denies the workers compensation claim because coverage is limited only to the home state. Imagine the claim is a minimum of $500,000. Imagine the next call you make is to your E&O carrier.

The reality is that this story happens. Maybe not exactly like this, but it happens. It may not be a business customer but it happens with homeowners or personal auto policies or virtually every other type of policy available. Regularly. So what can you do about it? Simple: don’t complete applications for your customers. “But that’s not good customer service.” Actually, it is because having your customer complete the application gives them an opportunity to really look at what they do and what they want insured. Who knows this better than themselves? Regardless of how well you think you know your customer, things change. What was true yesterday, may not be true today. Does that mean you can’t help them if they have questions? Of course not. That is exactly what customer service is all about. But the responsibility to provide accurate information belongs to your customer. If the information on the application is not correct and they filled it out, then they are responsible. If the information on the application is not correct and YOU filled it out, then YOU may be responsible especially if you did not have them review the application. It’s as simple as that. So imagine your longtime friend and customer Mary calls you and tells you she has a new business. Imagine you send her the insurance applications. Imagine…. This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article do not necessarily represent the views of the Swiss Re Group ("Swiss Re") and/or its subsidiaries and/or management and/or shareholders. *Richard F. Lund, JD, is an Assistant Vice President of Swiss Re/Westport, underwriting insurance agents errors and omissions coverage. He has also been an insurance agents E&O claims counsel and has presented numerous E&O loss control seminars nationwide, including several for the Missouri Association of Insurance Agents.

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Commercial Lines: •

Product Availability Big “I” Markets (BIM) is the IIABA member’s online market access program with no fees, no volume commitments and competitive commissions.

Personal Lines: •

Afﬂuent 4:1 Package (Four Carriers) 

ACE

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AIG

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Chubb

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Fireman’s Fund

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At-Home Business

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Bicycle Program

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Collector Car Policy

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Event Liability

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Flood - In, Above & Outside of the NFIP!

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Marine Insurance 

Charter Boat

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Mega-Yacht

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Performance Boat

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Personal Watercraft

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Small Boat under 27 feet

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Yacht

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Personal Umbrella Policy

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Recreational Vehicles

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Stand-alone Fine Art & Valuable Articles

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Travel Insurance

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Vacant Dwelling: Non-standard

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Bonds  Bid  Contractor  Performance  Surety  Other Commercial Builders’ Risk Community Banks Business Insurance Program Cyber Liability Employers‘ Practices Liability Environmental Impairment-Pollution Coverage Event Liability Fidelity/Crime (Wrap+) Financial Advisors’ E&O Flood - In, Above & Outside of the NFIP! Habitational Markets  Apartments  Condo and Homeowner Associations  Vacation Income Property  Vacant Property Program (VPP) Highly Protected Risks Insurance Company Professional & Business Insurance Program Miscellaneous Professional Liability Non-Profit D&O Liability Outdoor Markets  Guides/Outfitters  Rod/Gun Clubs  Fishing and Hunting Lodges/Plantations Property Manager E&O Real Estate Agents / Property Manager E&O Recreational Vehicles Restaurant Fine Dining and More - Fireman’s Fund Stand-alone Fine Art & Valuable Articles Technology Consultants Prof. Liability Travelers Select Accounts  Apartment Pac  Building Pac  Business Pac  Commercial Auto  Condominium Pac  Contractors Pac  Garage Pac  Office Pac  Religious Pac  Restaurant Pac  Store Pac  Technology Office Pac  Workers’ Compensation Wrap+ Executive Liability for Private Companies

Online Registration We’ve made it easier than ever to Plug into the Power of Big “I” Markets! Register online today and discover a fresh new way to do business. All products are only accessible online and coverage is subject to licensing compliance and underwriting approval. To register online you will need your login ID and password, your agency tax ID number, your agency E&O policy, and your state agency/agent license information (where applicable). Log on to www.bigimarkets.com today to begin the registration process and start quoting in minutes! Product availability varies by state.

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December 2014 Sunday

Click on a class to register:

Monday

Tuesday

P&C Exam Review

Wednesday

Thursday

L&H Exam Review

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Saturday

Jeff Straight

Jack Cleary

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LOOKING FOR NEW TALENT? Attention hiring managers, students or insurance professionals. View available job listings and descriptions or post your resume for prospective employers. We will be encouraging universityâ&#x20AC;&#x2122;s to use this resource for job placement and will need agencies and companies to be actively posting job opportunities as they become available. Click here to take advantage of IIANMâ&#x20AC;&#x2122;s Job Bank.

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Odds ends Happy Holidays! Keep stress in check during the holidays The holidays should be a joyous time for family and friends, but they can be stressful if you feel stretched too thin. Don’t let the pressure bring you down. Here are some helpful hints for keeping your stress levels under control during what should be a fun and relaxing time:

Calling Dr. Robot: Space arm may help with kids’ surgeries A robotic arm from outer space may soon be helping doctors perform delicate surgery on children. Two specialized mechanical arms - Canadarm and Canadarm II - were developed for the International Space Station, and used to assist astronauts on spacewalks and maneuver cargo shuttles into docking position. A small version, dubbed KidsArm, will be able to perform surgical procedures on a much smaller scale more quickly and accurately than human doctors. The KidsArm has robotic eyes to guide the surgical arm directly to the location necessary for the surgery. Doctors report that the robot arm is able to perform three to five suture points on its own.

• Pay attention to your mood. Recognize the signs of stress, such as irritability and anxiety. Avoid these by getting a handle on things instead of just letting them happen. • Set reasonable limits. Allow yourself to say “No.” Be realistic about what you can and cannot do during this busy month. • Watch your diet. Overindulging in holiday treats can affect your mood. Sugar overload will make you sluggish, for example, and the stimulating effect of caffeine may make you overanxious. • Exercise. Take a walk or visit the gym regularly. Not only will it combat the extra calories you’re consuming, you’ll also relieve tension and get some relaxation.

Walking vs. running: Which is for you? Walking and running are two of the simplest exercises a person can do. Neither requires special equipment aside from a good pair of shoes, and you can do either one almost anywhere. Which one is better for you? Let’s compare: • Running. A good run burns more calories, making it a good choice for weight loss. Runners also tend to be in better shape overall than non-runners. However, running puts stress on your legs, feet, hips, and joints, so runners should be careful to avoid injury.

27 People Who Look Exactly Like Cartoon Characters Apparently, each and every one of us has the potential to have six people who look exactly like us all over the world. These people have doppelgängers, not in real life, but in cartoon form! They somehow look exactly like fictional characters from different cartoons. Click here to see them all. www.iianm.org

• Walking. A vigorous walk can have the same health benefits of running, although you’ll have to keep it up longer. On the other hand, you can walk almost anywhere, and won’t run the risks mentioned above. Just make sure to put some effort into it; a casual saunter won’t get you into shape no matter how far you go.

If you cannot place all of your clients’ personal insurance needs, they will find someone who can.

When it comes to personal insurance, every part matters. Because when one piece goes missing, the entire account could come undone. At Burns & Wilcox, we can insure individual portions of their coverage or the whole account. So you do not have to turn away any business. We have the expertise, resources and experience that can only come from being the leader in wholesale personal insurance. That is why no one has you covered like Burns & Wilcox. Albuquerque, New Mexico | 505.346.2583 toll free 866.643.8538 | fax 505.822.0092 albuquerque.burnsandwilcox.com Commercial • Personal • Professional • Brokerage • Binding • Risk Management Services