2014 Fall Professional Insurance Agent Tennessee Edition

Tennessee Edition/Fall 2014

Reach out to your company partners

Professional Insurance Agents/Fall 2014

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Building Success

Mid South Mutual provides Workers’ Compensation to Home Building, Commercial Trade Contractors and related industries in Tennessee.

Examples of clients we serve include: HVAC Contractors

Bricklayers

Carpenters

Masonry

Building Suppliers

Electricians

Framers

Insulation

Dozing Services

Plumbers

Dry Wallers

Cabinetry

Siding Installers

Painters

Landscapers

Flooring

www.midsouthmutual.com

Contact Wendy Cox-Vetitoe at Wendy.Cox-Vetitoe@bwood.com or 615-263-1763 2

Professional Insurance Agents/Fall 2014

Administered by Brentwood Services Administrators, Inc. Proudly serving the members of the Home Builders Association of Tennessee since 1995.

Dedicated to the advancement of knowledge and informed opinion for the professional enlightenment and growth of the men and women of the insurance industry.

Cover Story

D epartments

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Are your carrier relationships adding value to your agency?

Ten ways to find out

Features

4 7 11 23 26

Update

Readers’ service & advertising index

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Officers and directors directory

In your corner Legal services Sales and marketing

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The independent distribution channel ‘s evolution Agents and carriers will continue to benefit from their relationships

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PIA of Tennessee’s Annual Convention a success Golf, networking, education all part of the package

Cover design: Patty Dykeman Statements of fact and opinion in PIA magazine are the responsibility of the authors alone and do not imply an opinion on the part of the officers or the members of the Professional Insurance Agents. Participation in PIA events, activities, and/or publications is available on a nondiscriminatory basis and does not reflect PIA endorsement of the products and/or services.

President and CEO of PIA Management Services Inc. Mark LaLonde, CPIA, CIC, AAI, Communciation Director Mary E. Christiano, Senior Magazine Designer Sue Jacobsen, Member Information Manager Jaye Czupryna, Advertising Sales Executive Susan Newkirk.

Postmaster: Send address changes to: Professional Insurance Agents of Tennessee, 504 Autum Springs Court, Suite A-2, Franklin, TN 37067.

“Professional Insurance Agents” is published quarterly by PIA Management Services Inc. PIA Management Services, 25 Chamberlain St., P.O. Box 997, Glenmont, NY 12077-0997; toll-free (800) 424-4244; email publications@pia.org. © 2014 Professional Insurance Agents. All rights reserved.

No material within this publication may be reproduced—in whole or in part—without the express written consent of the publisher.

Fall 2014

Professional Insurance Agents/Fall 2014

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Association news John Keisling is 2014-15 president Board of directors (front row left to right): Joe Kerr, CIC, CPIA; Anna Lima-Montgomery, CPIA; Chris Mills, CPCU, CIC; Tina Hutsenpiller, CPIA; and Llew Boyd. (Back row left to right): Herbert Montgomery; Tom Gernt, CPIA; Bill Richards, CPIA, LUTCF; Dedric Pearson, CPIA; John Keisling, CPIA, CIRS; and Greg Augustine, CPIA.

Congratulations to Greg Augustine, CPIA, PIA’s 2014 Professional Agent of the Year.

He is owner of The Augustine Insurance Group in Clarksville.

Glen Page received the Life Time Member award. He is pictured with his wife, Bobby, and Leighton Bush.

John Keisling, CPIA, CISR, principal of Keisling Insurance Agency in Byrdstown, is the new president of PIA of Tennessee. He was installed during the 2014 convention by PIA National Executive Vice President & CEO Mike Becker.

Dedric Pearson, CPIA, producer, Pete Mitchell & Associates Inc., Memphis; and Jeff Puckett, account executive, Boyle Insurance Agency Inc., Franklin.

Serving as officers on the 2014-15 board of directors are: President-elect: Joe Kerr, CIC, CPIA, owner of Kerr Insurance Service, Brentwood; Vice president: Bill Richards, CPIA, LUTCF, owner of Community Insurance, Greeneville; Secretary: Herbert Montgomery, producer, Clay and Land Insurance, Memphis; Treasurer: Chris Mills, CPCU, CIC, owner of Mills Insurance Agency, Nashville; and Immediate past President: Tina Hutsenpiller, CPIA, owner of Hutsenpiller Insurance Services, Mt. Juliet.

Four new directors were elected to the board to serve a three-year term: Tom Gernt, CPIA, producer, Art E. Gernt Insurance Inc., Crossville; Anna Lima-Montgomery, CPIA, producer, Montgomery & Associates LLC, Brentwood;

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Professional Insurance Agents/Fall 2014

Congratulations to Tyler Siddens, PIA’s 2014 Company Representative of the Year award. He is sales manager for CMS Insurance Service Inc.

Continuing service as directors are: National Director: June Taylor, CIC, CPIA, CPIW, DAE, principal, Wilkinson Insurance Agency, White House; Greg Augustine, CPIA, owner of The Augustine Insurance Group, Clarksville; Llew Boyd, principal of Southern Insurance Associates, Chattanooga; and Carl Butcher, CIC, CPA, principal, C.L. Butcher Agency, Knoxville.

Four board members concluded their service on the board: Donnie Hogan, CIC, owner of Fred M. Smith & Son, Springfield; Andrea Johnson, CPIA, owner, Golden Circle Insurance Agency, Brownsville; Britt Linder, CIC, executive vice president, Peterson-Linder Insurance Services, Bartlett; and Steve Peay, senior vice president, Boyle Insurance, Memphis.

Platinum partner profile Mountain Empire Agency Alliance 1524 Bridgewater Lane, Ste. 101 Kingsport, TN 37660 (423) 612-0683 www.meaa4u.com

Senior executives

Keith Sims, chief executive officer Aaron Hammons, director of member services Aaron Sims, director of marketing

Tennessee staff

Beth Roe, regional vice president broe@meaa4u.com (423) 612-0683

History

Mountain Empire Agency Alliance is a master agency in the largest network of independent insurance agencies in the world, Strategic Independent Agency Alliance. SIAA is home to over 5,000 member agencies that collectively write in excess of $5 billion dollars in premium through some of the most popular and sought after carriers (e.g., Safeco, Travelers, The Hartford, Main Street America, Liberty Mutual and Grange).

MEAA is operated through the Price & Ramey Group in Kingsport, Tenn., which opened its doors in 1914. In 2008, SIAA approached Price & Ramey and encouraged the agency to join SIAA as a master agency by starting and managing the Tennessee, Virginia and North Carolina territories. Within a few months, MEAA was formed by Keith Sims, the owner of Price & Ramey.

Since 2008, MEAA has been one of the fastest growing networks in the entire nation.

MEAA is now home to over 70 fully independent member agencies that currently write over $100 million in premium throughout the region. Mountain Empire attributes its success to its outstanding member agencies, unrivaled support and additional services to their members and the stellar SIAA model of distribution and growth. In fact, at the 2014 annual MEAA meeting, Mountain Empire distributed over $1 million dollars in excess profit-sharing and growth bonuses to its members. That $1 million is money that is above-and-beyond normal commissions received by MEAA members from their carrier appointments.

Philosophy

MEAA’s philosophy is: “All of the members of MEAA/ SIAA retain full ownership of their agency and agency’s book of business. Members’ commissions are never touched

by MEAA/SIAA, unlike many other networks. MEAA brings additional revenue through quarterly bonuses, local and national level profit-sharing, preferred commission schedules, and even growth bonuses, all with no minimum premium requirements. Moreover, MEAA brings direct access to over 25 of the nation’s top carriers with reduced appointment requirements. Finally, MEAA offers mentoring and increased stability from its master agency, Price & Ramey Insurance, which writes over $40 million in premium and assists MEAA members with everything from buying books of business to agency management systems and even daily operations such as hiring new employees or marketing campaigns.”

Appetite

MEAA looks for prospective dedicated agencies that want to grow or already are a large agency interested in additional revenue sources. If you are interested joining MEAA/SIAA, visit www.meaa4u.com or contact Beth Roe at (423) 612-0683.

PIA of Tennessee and MEAA proud partners for independent insurance agents.

Professional Insurance Agents/Fall 2014

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Platinum partner profile Markel FirstComp

History

FirstComp was founded in 1997 with an “agents-first” philosophy—intent on delivering superior service, innovation and passion to the underserved, cyclical and often unpredictable insurance market. On Oct. 15, 2010, FirstComp joined Markel Corp. as a wholly owned subsidiary. Markel Corp. is an international property/casualty insurance holding company headquartered in Richmond, Va. On May 1, 2013, Markel FirstComp expanded its product offering to include property and liability coverage for its clients.

4600 Cox Road Glen Allen, VA 23060 (800) 416-4364 www.markelinsurance.com

222 S. 15th St., Ste. 1500 North Omaha, NE 68102 (888) 500-3344 www.firstcomp.com

Philosophy

Doing business in Arkansas, California, Hawaii, Michigan, Nebraska, North Carolina, Pennsylvania, Tennessee, Vermont, Tennessee, Utah

Senior executives

Mike Crowley, president & co-chief operating officer Richie Whit, president & co-chief operating officer

Appetite

FirstComp, through Markel Corp., offers appointed independent insurance agents an innovative and flexible workers’ compensation product. FirstComp’s proprietary quoting system makes the job of submitting and quoting business easy and fast for agents.

FirstComp also offers a BOP policy geared toward the unique risks of small business clients. Write stand alone or in conjunction with the FirstComp workers’ compensation policy.

Tennessee staff

Markel Corp. is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products. In each of the company’s businesses, it provides quality products and excellent customer service so that it can be a market leader.

The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.

Brennan J. Paris, CIC, CRM bparis@markelcorp.com (615) 967-5515

PIA of Tennessee and Markel FirstComp proud partners for independent insurance agents.

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Professional Insurance Agents/Fall 2014

In Your When is an E&O claim Corner an E&O claim?

Sullivan is senior partner of Sullivan & Klein, LLP. He can be reached at (212) 695-0910.

By Robert M. Sullivan, Esq.

For all of the frequent discussion surrounding errors-and-omissions loss prevention, some insurance agents and brokers are confused about when a threat of an E&O claim actually becomes a reportable “claim” under the terms and conditions of their own policies. Unfortunately, the failure to report an E&O claim on time can have disastrous results, both as a result of a potential disclaimer for violation of policy conditions, and a potential for affecting a renewal. The lack of knowledge in this area can result in confusion and frustration.

We thought it appropriate to revisit this topic, which we addressed previously in our column.

Late notice

A couple of recent court cases may serve to

illustrate the point. While they did not specifically involve insured agents or brokers, they did involve “claims-made policies,” the type of policy utilized to underwrite most professional liability risks, including agents and brokers.

In June of this year, the Appellate Division of the Superior Court of New Jersey, New Jersey’s intermediate appellate court, addressed the question of whether the failure to promptly report a claim, even if the claim is reported within the policy period, bars coverage under the policy due to late notice. In the case,1 which involved a claims-made D&O policy, the insured received a summons and complaint alleging acts that would trigger coverage under the policy. The policy period ran from Jan. 1, 2006, to Jan. 1, 2007, and the summons and complaint were

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received in February 2006. Notice of the suit was not sent to the insurer until August 2006, a delay of some six months.

It was conceded by the insured that there was a six-month delay in providing notice to the insurer, but argued that because the insurer was not prejudiced by the delay, coverage should be afforded.

The court denied coverage finding that because the policy required notice of the claim “as soon as practicable,” the six-month delay in providing notice was untimely. The court rejected the insured’s argument regarding no prejudice holding that the rule that an insurer needs to establish prejudice applied only to “occurrence-based” policies and not “claims-made” policies. The court, relying upon a previous New Jersey Supreme Court decision2 that drew a distinction between “occurrence-based” and “claims-made” policies held that the prompt reporting of claims within the policy period form the basis of the insurers assessment of potential exposure and hence is inextricably intertwined with its decision regarding premium and acceptance of the risk. Accordingly, the rule applicable to occurrence-based policies, which requires an insurer to establish prejudice before it may deny coverage based upon a mere delay in notice was not applicable. Therefore, the court upheld the denial of coverage based merely upon a delay in reporting of the claim (i.e., not reporting as soon as practicable).

Similarly, a recent federal case in New York,3 applying New York law, rejected the argument that an insurer

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need establish prejudice before denying coverage under a “claims-made” policy.

The court applied New York’s traditional “no prejudice rule,” which would bar coverage for an insured even in the absence of a showing of prejudice to the insurer. The court followed the same rationale as the New Jersey Appellate Division (i.e., that the difference in the underwriting of a “claims-made” and “occurrence-based” policy justified the different rules regarding prompt reporting). The court also rejected application of New York’s statutory modification to the no prejudice rule enacted in 2009, although its rationale was that the policy at issue was written prior to enactment of the statute.

The Supreme Court of New Hampshire also has adopted this distinction between “claims-made” and “occurrence” policies4 and, although we cannot find any reported Connecticut authority on point, we believe that Connecticut would likewise adopt the approach. The law in Tennessee is unclear on this issue with the Tennessee Supreme Court affirmatively declining to rule on the issue in one case5 on the ground that the issue was not before it. However, a federal court in Tennessee, predicting how the Tennessee Supreme Court would rule, held that there must be prejudice to the insurer resulting from delayed notice with the burden of establishing prejudice resting upon the insured, not the insurer.6

Therefore, prudent agents or brokers must be cognizant of this additional trap for the unwary and properly report any claims to their E&O insurer.

Professional Insurance Agents/Fall 2014

When to report

The threshold question is when exactly is a claim reportable under most E&O policies? While there may be some differences in state laws and many policies on this topic, in most jurisdictions, a claim is made under a professional liability policy when a client: 1.) clearly indicates that the insured agent/broker made an error; and 2.) states that he or she will hold the agent/broker economically responsible for damage that could be caused by the error.

A few cautions: It does not make any difference whether the allegation is “true” or whether the agent/broker has viable defenses—it still must be reported.

Further, it does not matter whether the agent/broker has received the threat in writing or not. A verbal threat still is a claim. Further, the client need not use “trigger” words such as negligence.

A general threat is sufficient.

In addition, most policies also require reporting when the insured has a belief that circumstances exist that may later lead to claims. This is a more nuanced problem.

If the insured’s business burns down and your firm forgot to place the $1 million property policy, it does not require a great deal of imagination to believe that a claim or suit will follow. The watchword here is when in doubt, report it.

Self-help

Apart from understanding the definition of when a claim really is made, there are other claims-handling errors that need to be avoided. As a result, apart from the above, there are a few E&O claimshandling tips that are worth mentioning: • Do not attempt to “fix” the claim yourself. Many agents’ and brokers’ first reaction to a potential or actual E&O claim is to try to “fix” the problem in a few typical ways—all of which can become disastrous.

Some brokers attempt to obtain an “accommodation” from an insurer to arrange coverage for an otherwise noncovered claim. By doing so, brokers may make admissions of liability in writing to the “accommodating” insurer, the insured or both.

• Beware of handling claims on your own because they are under your deductible. As with many other insureds, brokers insured on E&O policies are tempted to work through claims on their own rather than involving E&O insurers in the process. However, there is peril in this process. Besides constituting a technical violation of the typical notice conditions on virtually any E&O policy, if the value of the claim unexpectedly climbs, it is unlikely that an E&O insurer, that had no notice of the claim, would accept liability easily.

• Beware of any contact with an insured’s attorney. It also is commonplace for an insured who has received a disclaimer or reservation letter to consult with its attorney to determine the best course of action. Given that most E&O claims arise from a lack of expected coverage after a claim, this also is the most perilous set of circumstances for an agent or broker.

Unfortunately, it is correct that most attorneys will do their best to assure the broker that the insured’s “real” issue is with the insurer, in order to allow them the opportunity to take a good long look at the brokers’ files.

It is crucial that agents and brokers not be drawn into discussions with attorneys about their involvement in a placement or coverage denial without the assistance of competent counsel and the knowledge of their E&O insurer.

lawsuit. By doing so, many issues could be avoided.

See Templo Fuente de Vida Corp., et al v. National Union Fire Ins. Co., 2014 WL 2533810 (N.J. Super., A.D., 2014) 2 See Zuckerman v. National Union Fire Ins. Co., 100 N.J. 304, 495 A.2d 395 (91995) 3 See Indian Harbor Ins. Co. v. City of San Diego, 927 F. Supp. 634 (S.D.N.Y., 2013) 1

See Catholic Medical Center v.

Executive Risk Indemnity Inc., 151 N.H. 699, 857 A.2d 453 (2004) 5 See American Justice Insurance Reciprocal v. Hutchison, 15 S.W.3d 811 (2000); Pope v. Leuty & Heath, PLLC, 87 S.W.3d 89 (Ct. App., 2002) 6 See Fulton Bellerose LLC v.

Federal Ins. Co., 662 F.Supp.2d 976 (E.D. Tenn., 2009) 4

Stability. Longevity.

Integrity

Conclusion

There are few subjects as difficult for most agents and brokers to discuss as the handling of their own E&O claims. Many do hesitate to get their insurers involved because they have a fear of losing control of the situation or that their insurer will be insensitive to the business aspect of the claim. While these are legitimate concerns, agents and brokers cannot afford to place their coverage in jeopardy.

A better answer would be to purchase E&O insurance from insurers that agree with your philosophy on working through claims, and allow you to engage a helpful attorney before the claim becomes a full

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Professional Insurance Agents/Fall 2014 USL&H

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OIL & GAS

Legal It’s more than who owns Services the book of business

By Matthew F. Guilbault, Esq.

Guilbault is PIA Management Services’ director of government & industry affairs.

An agency’s undisputed and unencumbered ownership and control of its expirations is core to agency profitability. As such, it is critical to the owners’ livelihoods and the future of the agency. Yet, today the ownership and, even more importantly, the control of the expirations, is being threatened constantly while most agency owners do not see it happening.

Who owns a book of business? Insurance agents often believe they maintain undisputed ownership and control of their policy data, client lists and expiration information, regardless of what their agency agreement with a carrier states. The article concluded with a warning that this is not the case. While insurance agents generally own the right to use and control the expiration information relating to business they

personally produced, this presumption does not guarantee agents can’t lose some or all of their expiration rights through the operation of an agencycarrier contract.

The issue of who owns—or more appropriately controls or uses—a book of business goes beyond the carrier-agency relationship (and contract).

Ownership, use and control of an agency’s biggest and most valuable asset warrants consideration in a number of other relationships. It is equally important to protect your rights with carefully worded written contract provisions in these relationships, too. Some examples of such relationships include agency-producer and agency-CSR relationships, agency-wholesaler or brokerage relationships and

Professional Insurance Agents/Fall 2014

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those relationships with clusters and aggregators.

Agency-producer and agencyCSR relationships. Agencies invest a great deal of time and money in their producers and staff. The producer has access to client files; expiration lists; underwriting agreements; and other types of information critical to the agency’s future profitability. Fairness and common sense dictate that if a producer leaves the organization to become part of its competition, the agency should have some protection from having its clients taken away through the use of privileged information.

These are called restrictive covenants.

Some agency contracts anticipate this situation wisely with a “noncompete” agreement. This agreement prohibits the producer from competing with the agency in the insurance business for a given length of time. A geographic-area restriction often is included. For example: “For a period of two years, producer will not on his or her own account or in association with any other person, firm or corporation, or in any matter, solicit insurance within a radius of 60 miles of the agency location, and that during that period he or she will not in any manner, directly or indirectly, enter into competition with said agency by engaging in the local insurance business.”

Smart agency principals supplement “noncompete” agreements with “nonsolicitation” agreements.

Nonsolicitation (sometimes called “nonpiracy”) agreements state that for a certain period of time (two years is commonly cited), the former producer cannot solicit or write any of the clients carried on the books of the agency at the time of termination. While this protects the agency from losing revenue, it also allows the producer to pursue all of the other prospects in the area. There may even be language included in the agreement that would allow the producer to buy back the right to solicit certain agency accounts, thus compensating the agency for loss of that business.

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Professional, independent agents often discover that their producers (either past or current employees or independent contractors)—and sometimes even customer service representatives—are taking clients from the agency. Most agency owners recognize this threat, but their producer contracts are inadequate and their contracts with CSRs are even worse. What could be even more damaging is how so many agency owners underestimate the control some

come when there is a problem and the lack of a written contract makes the issue more difficult to resolve.

Moreover, as these agencies and brokerages are sold, the same level of trust and experience may no longer be present. Again, smart agency principals anticipate this by memorializing their business relationships in writing while they have a friendly face on the other side of the table.

Agency-clusters and aggregator relationships. Agency principals who would like to enter into a cluster must be careful to check how the cluster contract is written with respect to ownership.

Typically, when an agency joins a cluster it may not retain 100 percent ownership.

Smart agency principals supplement “noncompete” agreements with “nonsolicitation” agreements.

CSRs have over clients. Their client relationships are stronger than the relationships producers have with their clients.

When an employer believes that the former employee is violating a restrictive covenant that had been contained in the employment agreement with the former employee (producer agreement), the former employer’s recourse is to seek a preliminary court injunction to prevent immediately the former employer from continuing to work.1

Agency-wholesaler and brokerage relationships. While most agencies will have producer contracts in place, I find agencies that have not executed contracts with their wholesalers and brokerages. They only discover that their broker relationships are lax when they find wholesalers soliciting their clients directly. If you do not have a contract, what is to prevent a broker from sharing your expirations, your data, with their retail branch? Many of these relationships are founded on a handshake, and although they may have run well for years, or even decades, the time may

Professional Insurance Agents/Fall 2014

What does this mean to agents?

The takeaway for agency principals is to protect themselves in all of these situations (and in every business relationship).

Always read your contracts, not only for what they say, but what they do not say, to make sure you are protected against losing your most valuable asset —your clients.

Agency principals and owners seem to take ownership of expirations for granted—until they wake up and find that someone has stolen them. Only then do they understand the importance of controlling data. Unfortunately, it’s often too late. Business relationships gone bad can severely damage the value of agencies. Thankfully, the solutions are fairly simple.

In Tennessee, TN Rules of Civil procedure, RULE 65. INJUNCTIONS, 218, Rule 65.04: Temporary Injunction. provides the source of statutory authority for the issuance of a preliminary injunction.

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Are your carrier relationships adding value to your agency?

Ten ways to find out

By Kathy Kemp Jensen, LUTCF, CIC, CLTC

O

ver my more than 20 years on the carrier side of this discussion, I would ask myself a question every time I scheduled an appointment: “Will my visit and the time the agency was giving me going to be worth it for both of us?�

Now that I am consulting agency owners and working in their offices, I have observed several carrier visits and webinars. After each one, I ask the agency owner and staff if the visit or webinar was worth their time and receive mixed reviews.

Many carriers are adding value while others go through the motions of being supportive without offering value to the agency. What changes can make it mutually

beneficial for both the agency and the carrier?

From the carrier standpoint, the agency visit should generate more sales to grow the business profitably or to resolve issues with the agency. A carrier representative is the liaison with the agency. Spending time in the agency gives company representatives the opportunity to see how discussions are received. It is a time to review the agency’s volume, loss ratio and profitsharing projection with the owner and then spend time with the staff to review recent changes and quotes.

When visiting an agency, the carrier representative can

Professional Insurance Agents/Fall 2014

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Agency E&O

Has a market for your agency Utica National Business Risk Partners PIAPRO Navigators Rockwood E&S markets Contact Sandy Clive, CPIA, 800-875-7428

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see how busy the agency is, how often the phone rings and how many clients walk in the door. If the agency’s production is down and the office isn’t busy, the carrier representative should focus on how to generate new business, rather than how to move business from an uncompetitive carrier. It’s also an opportunity to find out what the agency staff thinks about the carrier. Are they comfortable with its website and processing? Are there rates on its comparative rater? Is the carrier in the top five of the most-quoted companies? Has an issue with an insured caused the agency to stop writing business with the carrier? What are they currently quoting? Are all the discounts being offered? Are there issues to resolve that would save a renewal?

agencies would tell me everything was great and then in a later conversation I would hear about a quoting issue prior to my visit that caused the agency to stop quoting my carrier.

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Hold the representative accountable The carrier representatives should be held accountable if they tell you they are fixing something. Don’t be afraid to follow up if things aren’t resolved when you were told they would be.

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Below are 10 suggestions to improve your agency’s relationships with your carriers and make carrier visits more productive: Schedule an appointment Even if it is done remotely, ask that an appointment be made or at least ask for an anticipated window of time, so you can be prepared for the conversation.

Minimize interruptions Just like a face-to-face meeting, if attending a webinar or online meeting, allow the participants in your agency to participate without office interruptions.

If possible, have them listen away from their desk and other distractions. If the timing is inconvenient, is it being recorded so it can be listened to at a more convenient time? In this busy world, we all multitask, but if you don’t concentrate on the information provided it will never be learned. Why waste your staff’s time if they are unable to absorb the information and learn from the webinar because of interruptions?

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What an agency can do

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Determine the reason for the visit Ask for the reason of the visit (or call) and anticipated length of time required. Is this a routine visit or is there an issue that needs to be addressed?

Should your staff be involved in the conversation? Will training be offered? Is the carrier offering a new perk?

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Get feedback from staff Ask your staff to tell you about their experiences with the carrier. Do they have any unresolved issues? Are claims going smoothly? Are the rates competitive? Are there any processing concerns? Is the new product what was expected? Does the staff need more training? I loved it when the agency kept a folder. When minor issues arose, they were put in the folder and not forgotten when I called for an appointment weeks later. If you end up with a list of things to discuss, let the representatives know ahead of time so they can adjust their schedules.

The representative needs to know what is going on in the office. I hated when

Professional Insurance Agents/Fall 2014

Ask for your results You know your agency’s results are available somewhere on the carrier’s website, but you have multiple carriers in your office and you are not an expert on every one. If you are a member of a group, you may not have access to the reports. The carrier representative should be able to provide these reports or show you how to pull them off the website quickly and easily. If you are both looking at the same report you will have a better understanding of how to get the results that are important to you and what is important to the carrier.

This should include the production and quoting results, volume, loss ratio and profit-sharing projection. Are you eligible for profit sharing? To find out, have a conversation with your carrier representative.

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Ask for a translation key If you only communicate with your carrier representatives via email, ask them for a translation key. Carriers have their

own language. If your carrier contact hasn’t provided you with the proper translations, ask for it. When working with multiple carriers, it is important for you to be able to understand what is being said quickly and how it will affect your agency, especially if your staff doesn’t have a history with the carrier. You shouldn’t have to look at an older communication to find out what an acronym means.

If it doesn’t listen, question the value of the relationship. You need to do what is right for your agency, staff and clients. So the next time the phone rings or the door opens and it is the carrier representative, ask yourself: “Is this carrier relationship adding value to my agency?”

Kemp Jensen is the principal of KKJ Consulting LLC, which specializes in the insurance agency processes. She is

recognized as a client-oriented professional with years of successful management experience, including almost three decades of insurance agency consulting and sales, and technical insurance client service. She also authors a management advice blog at www.

BabyBoomerBusinessWoman.com. She can be reached at (800) 643-6407 or visit her website at www.kkjconsults.com.

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Know who will attend the meeting Is the carrier representative an underwriter, trainer or sales representative or all of the above?

If you have underwriting or claims concerns and the person calling is the sales representative, can the underwriter or claims manager be added to the conversation? Make sure you are talking with those who can assist your agency.

Our primary goal has been to provide the best of service to the specialty lines insurance marketplace. Understanding the needs and providing rapid response to the independent agent has been and remains our number one priority.

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Identify the carrier’s niche There are times I went to an agency armed with an underwriting report that stated that the newest product offered by my carrier would be competitive in the area, only to find out our research omitted a more competitive regional carrier. Has your agency quoted the niche products? Are they competitive?

Are discounts being applied? Feedback is helpful. In reality, if the carrier’s products aren’t competitive, the carrier needs to know. Or if they are, and your staff is unaware of discounts that need to be applied, you may be losing sales you could have closed.

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Know the ease of business Does your staff spend more time fixing problems and resolving client complaints for this carrier compared to your other carriers? If things are great, let the carrier know that, too. While you are the client to the carrier, you also are the gatekeeper to your agency’s clients. If the carriers want you to place business with them, you need a reliable relationship. Just as your clients rely on you, you should be able to rely on the carrier to provide the service and coverage to your insureds.

Speak up if you aren’t happy with a carrier’s service and your relationship.

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Professional Insurance Agents/Fall 2014

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Professional Insurance Agents/Fall 2014

The independent distribution channel’s evolution Agents and carriers will continue to benefit from their relationships

By Bruce Winterburn

T

he debate of the future of insurance distribution and the role professional, independent insurance agents might play has been going on for a while now. The naysayers believe in the inevitable demise of the independent agent as a viable distribution channel. They are quick to highlight the modern-day consumer’s willingness to shop online and the digitalization of the modern insurance marketplace to render the independent agent obsolete. Some analysts and experts have bolstered this viewpoint, as illustrated by the muchreferenced McKinsey Report (June 2013)—with dispiriting comments like, “The agent was once the face of the insurance brand; now, customers increasingly use multiple channels to connect with their carrier.”

Despite the argument, I disagree.

I believe the reasons naysayers give weakening independent agents will strengthen them. It is true that the buying habits of consumers are evolving and modern buyers are more likely to turn to the Internet for their shopping needs.

Companies like GEICO and Progressive also have proven that a carrier can be successful selling directly to consumers, at least for personal lines. It also is worth noting, that even though Progressive is one of the largest and most successful distributors of insurance directly to consumers, it continues to invest heavily in the independent channel, because agents provide real value.

“More than half of Progressive’s new and existing policies are written

in the independent agent channel,” said Jim DeVito, business leader at Progressive Insurance. “Progressive continually develops and deploys system solutions and marketing programs for our independent agents to help them on this journey.”

Agents, especially independent agents, represent three valued elements in the insurance-buying process. First, they have the luxury of offering choice.

Who doesn’t like to have a choice when looking to make a purchase? Second, they play the role of the reliable adviser.

Professional Insurance Agents/Fall 2014

17

Purchasing insurance can be a daunting task, full of terms and coverages most consumers don’t understand. Having an adviser to help explain these terms and concepts is critical to consumers who want to guard homes, cars and boats they have worked hard to purchase and protect. Insurance transactions lend themselves to the consultative nature of the agent/consumer relationship, which leads to the third asset provided by an agent: the ability to foster, maintain and leverage relationships.

“All agents, to be successful, must continue to deliver the expert counsel customers need to make smart insurance decisions and provide the service customers expect from a business partner.

That hasn’t changed, but how they do it will need to evolve to better reflect a rapidly changing marketplace,” said DeVito. “Consumer expectations are high for all companies with which they do business; investing in ways that allow shoppers to interact quickly and easily is essential.”

Relationships, and the community within which they are built, are what

makes agents so valuable to their carrier partners. This has been the case since the first policies were written in the taverns of London. Ironically, digitalization and the proliferation of social networking often are the first places people focus when attempting to illustrate how doing business in the modern economy has changed the need for agents. They point to the fact that people form relationships online and that the Internet is becoming the community within which we invest our time and energy. It is where people turn to shop, to search out information and in general—ask for help. This is all true, but they are missing the salient point. The Internet, mobile devices, social networks and other technologies are only tools.

These tools also can be accessed by the modern agent. They are technologies, that when properly harnessed, shouldn’t replace the agent—but should instead, empower them. Take Google, for example. The average agent will never outspend the aforementioned carriers in order to out-position them in a web search, but this isn’t necessary. Google

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Professional Insurance Agents/Fall 2014

and other popular search engines love local businesses. If an agency has done a proper job with its website and search engine optimization, it will fare quite well in local searches. For those agents who do not possess the talent or skills required to build, maintain or optimize their site, there are plenty firms available to help—often sponsored by the carriers.

The relationships, and the communities in which they are fostered, have not disappeared—they have expanded, and along with them, so have the opportunities. A modern agent’s ability to reach and influence potential customers is limited only by his or her imagination.

Cynics may say, “That is all well and good, but at the end of the day, people are going to do business online.” That may be true, but that should not negatively affect modern agents or their ability to remain effective in today’s marketplace. There are solutions available to allow agents to offer quotes (even comparative quotes), customer self-service—all online.

They can provide mobile applications to both staff and customers, as well as satisfy many other needs of the modern insurance transaction and stay within a budget. When appropriately armed, modern agents have the opportunity to provide value and service to their carrier partners and subsequently their mutual customers that were never possible in the past.

There are those carriers that have built or are building capabilities within their proprietary site to provide service for the required business transaction or activities. If those sites are designed properly and take advantage of the available standards, then the same functions can be extended to the agent’s site or vendor system of choice. As agency management systems evolve to become true business platforms, the capabilities needed to compete in today’s market are within reach. When the stakeholders in the insurance value chain work together, there are few, if any, capabilities that are out of the grasp of the modern agent. Carriers understand this value and some utilize this value exclusively.

“For over 100 years, EMC has partnered solely with independent agencies because we believe our

partnership with them brings a superior level of service to the insurance process,” said Sara Richards, EMC Insurance Cos. “We collaborate with our agency partners to ensure they have the tools to do what they do best—sell insurance and service clients.”

Even the McKinsey Report reference above supports this point, stating,

To survive in a changing environment, insurance agents will need to develop new strengths and capabilities, and a value proposition that is compelling for both carriers and consumers. There is no single model that will guarantee success in the market, but we expect that several will emerge over time to replace the current operating models. And while the likelihood is that the number of agents will decline, those that remain stand to become stronger.

The report is correct—agents need to evolve. Agents, and their carrier partners, have to take advantage of technology to stay relevant and thrive in the modern marketplace. It is not difficult to find examples of agents who embrace evolution and are revolutionizing the business.

Technology has helped level the playing field for the small guys. If you still have any doubt, look at Warwick Resource Group in Mahwah, N.J., and Warwick, N.Y., or Foy Insurance in Manchester, N.H. For example, Warwick Resource Group utilizes online customer portals, customer rating products and mobile solutions, etc.

“Today’s successful firms have not only embraced technology as part of their business, but the business is now driving technology needs,” said Keith Savino, chief operating officer at Warwick Resource Group. “Insurance agents have continued to evolve for hundreds of years. Clients’ need and risk also change, and independent agents continue to drive the creation of products and solutions to protect our world.”

“Technology is what allows us to compete,” said Chris Paradiso, owner of Paradiso Financial and Insurance Services, Stafford Springs, Conn. “It gives customers exactly what they want: convenience. They can pay their bill at anytime during the day, they can file a claim at any hour of the night, and with

mobile marketing, I can communicate through an app to my clients, which is an amazing tool that will only help in retention.”

We are in the early days of a renaissance for the agents who are limited only by their imaginations.

We have reached a time in history when technology has leapfrogged our imaginations and it is time for us to start dreaming again. If you still question

my faith in the future of our industry, just know that I recently purchased a small-town independent agency that my 20-something-year-old son now runs— but that is a topic for another day.

Winterburn is the vice president, industry relations at Vertafore.

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PIA of Tennessee’s Annual Convention a success Golf, networking, education all part of the package

By Pam Cass

A

gents and company executives and representatives gathered in Nashville at the Omni Hotel to attend the 79th Annual Convention of the Professional Insurance Agents of Tennessee in August.

The convention kicked off with golf at the Legends Golf Club, one of the finest private courses in Tennessee. The opening night’s entertainment of songwriters was a tremendous success and supported a worthy charity, “Songs for Sound.” The convention included a sold-out trade show, a reception for PIA past presidents, quality education, great food and time for networking.

20

Professional Insurance Agents/Fall 2014

Photos by Elaine Morton of Morton Insurance Agency Inc.

- EXCLUSIVE SPONSORS Markel Specialty/FirstComp PIA Advantage Services Corporation - ELITE SPONSORS Travelers Insurance Mountain Empire Agency Alliance - PREMIER SPONSORS Arlington/Roe & Co. Consumers Insurance Farmers Mutual of Tennessee Johnson & Johnson PIA Trust Summit

The generous support of the Exclusive, Elite and Premier sponsors enabled PIA to bring a convention with great speakers and entertainment. PIA would like to thank its sponsors and exhibitors who supported this year’s convention. PIA also would like to thank those who attended the convention and cannot wait to see everyone back at the Omni Hotel next year. Mark your calendar now to attend July 27-29, 2015.

Cass is PIA of Tennessee’s director of Education & Convention.

Professional Insurance Agents/Fall 2014

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Professional Insurance Agents/Fall 2014

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Sales and Marketing and sales ideas Marketing that lead to trouble

Graham is with GrahamComm. He can be reached at (617) 774-9759 or jgraham@ grahamcomm.com.

By John Graham

The range of opinions on marketing and sales is amazing—from doubtful to indispensible, from true believers to diehard skeptics. Why such opposing views? The problem surfaces when marketing and sales initiatives fail to meet expectations, which occur when they are based on ideas that don’t work. Below are some examples of what not to do when creating your agency’s sales and marketing initiatives:

The wrong advice

Listening to others has merit, unless you are taking advice from the wrong people. It happens all too frequently in business, particularly in marketing and sales.

Abandoning knowledge and judgment, those in marketing often bend to the wishes of the president, sales manager or other higher-ups, even though they know the results will be disastrous. Then there are the salespeople who stress that their wishes should prevail because they’re on the frontline and they know what’s needed.

More often than not, it’s uninformed opinions and quirky ideas that prevail, rather than solid research.

The forgotten customer

“The next big thing is here,” the ads for the Samsung S5 smartphone proclaim. Then, The Motley Fool blog dashes the dream: “One of the big problems with the recent Samsung Galaxy S5 launch is that, from Day 1, it was already being made obsolete by the rumors of the imminent launches of more premium variants.” It’s just one more notable example of sending the wrong message by attempting to sell the sizzle instead of the steak to attract buyers.

Compare this with Apple’s ads for its iPhone 5s, which has been out for nearly a year or two years if you include the iPhone 5: “You’re more

powerful than you think … you have the power to create shape and share your life. It’s right here in your hand. Or bag. Or pocket. It’s your iPhone 5s.”

For Samsung, it’s the product that drives marketing—always “The next big thing,” while Apple’s marketing mission is to empower the customer.

The idea that goes bust

“The Shack,” was the name dreamed up for Radio Shack that would transform the company. And it did. It helped make it what it is today, an empty shell struggling to survive. Giving a new name to a supercilious attempt to revive a languishing brand without thought, effort and planning is a prescription for failure.

Then there’s JCPenney. Ron Johnson, built a success story with Apple’s retail stores and then landed at JCPenney, saying, “It will be a period of true innovation …” as he instantly replaced some 60-plus sales events and coupons with better known merchandise and reasonable prices.

JCPenney bargain-hunting customers left in droves, sales dropping 25 percent in 12 months.

A short time later the company dropped Johnson, replacing him with marketers who understood the JCPenney customers. It’s another example of how ego-driven marketing ends in tragedy.

Don’t ignore time-tested ideas

Some argue that email marketing is passé. It’s also why David Carr caused a stir when he wrote in his New York Times blog, “Bloomberg, Fast Company, The New York Times, Politico and many other news organizations find that they can grab attention and readers in the inbox.” That’s right, by using email.

Email works because there’s just too much stuff coming at us, so we gravitate to orderly messages that have value for us. More are finding it in the inbox.

French winemaker Katie Jones did, reports

Professional Insurance Agents/Fall 2014

23

Dianna Dilworth in Email Marketing Daily: The vineyard was vandalized, along with the vat of white wine and the business was on the verge of closing down. Then, the U.K.-based online wine retailer Naked Wines launched an email campaign, urging its customers to help.

They did. The campaign raised £200,000 in forward wine sales in a couple of

hours. The story also found its way to more emails that helped the vineyard stay in business. Then Naked Wines followed up with emails urging customers to rate the wine and expanding the email marketing to promote other wine makers in the south of France that included an email competition to win a trip to the vineyard.

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Professional Insurance Agents/Fall 2014

Before writing off what others may view as old fashioned, it’s a good idea to recognize what works best for your customers.

The customer’s trust

While businesses like to believe that their customers trust them, there’s no greater self-delusion. It’s so easy for customers to conclude that businesses don’t deserve their trust. For example: restaurants that offer specials, but tell customers, “We’ve just run out of the red snapper;” companies that change rewards programs to benefit themselves; announcements of a huge sale, but hidden exceptions (often just about everything) in small print; disguise salespeople as customer service representatives; email marketing campaigns that make it difficult or impossible to unsubscribe or ignored unsubscribe requests.

Chobani, the Greek yogurt people, found that customer trust can be fragile.

When the company put messages on the lids of its yogurt, one caused real trouble: “Nature got us 100 calories, not scientists.” The company was accused of being anti-science and misleading (there’s a lot of science in yogurt manufacturing). Obviously, Chobani must have missed the “Don’t-try-to-putit-over-on-customers” memo.

Since bad marketing and sales ideas far outnumber the good ones many times over, less than desirable results should be expected, something that will continue until more of us start asking, “Shouldn’t we think about that before we go forward?”

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Professional Insurance Agents/Fall 2014

Directory PIATN officers and directors OFFICERS

President John Keisling, CPIA, CISR Keisling Insurance Agency Byrdstown, TN (931) 864-3116 john@keislingins.com President-elect Joe Kerr, CIC, CPIA Kerr Insurance Services Brentwood, TN (615) 360-7524 joe@kerrinsurance.net Vice President Bill Richards, CPIA, LUTCF Community Insurance Greeneville, TN (423) 638-1422 brichards@greatci.com Secretary Herbert Montgomery Clay and Land Insurance Memphis, TN (901) 767-3600, ext. 107 hmontgomery@clayandland.com Treasurer Chris Mills, CPCU, CIC Mills Insurance Agency Nashville, TN (615) 620-4452 chris@millsinsuranceagency.com Immediate Past President Tina Hutsenpiller, CPIA Hutsenpiller Insurance Services Mt. Juliet, TN (615) 773-2886 tina@hutsenpillerinsurance.com

NATIONAL DIRECTOR

June Taylor, CIC, CPIA, CPIW, DAE Wilkinson Insurance Agency White House, TN (615) 672-4439 june.taylor@wilkinsonins.com

DIRECTORS

Greg Augustine, CPIA The Augustine Insurance Group Clarksville, TN (931) 503-0015 gaugustine@aol.com Llew Boyd Southern Insurance Associates Chattanooga, TN (423) 296-0626 llboyd@southins.com

EXECUTIVE VICE PRESIDENT

Jeff Anderson, CPIA PIA of Tennessee 504 Autumn Springs Court, Suite A-2 Franklin, TN 37067 (615) 771-1177 janderson@piatn.com

STAFF

Pam Cass, CPIA Convention, Education, Membership (615) 771-1177 pcass@piatn.com Sandy Clive, CPIA E&O, Member Services (615) 771-1177 sclive@piatn.com

Carl Butcher, CIC, CPA C.L. Butcher Insurance Agency Knoxville, TN (865) 689-5482 carl@clbutcher.com Tom Gernt, CPIA Art E. Gernt Insurance Inc. Crossville, TN (931) 484-3448 tom@gerntinsurance.com Anna Lima-Montgomery, CPIA Montgomery & Associates LLC Brentwood, TN (615) 829-8457 anna@montgomeryassociatesllc.com Dedric Pearson, CPIA Pete Mitchell & Associates Inc. Memphis, TN (901) 345-6176 dedric.pearson@petemitchellins.com Jeff Puckett Boyle Insurance Agency Inc. Franklin, TN (615) 567-8000 jeffp@boyle.cm

Professional Insurance Agents/Fall 2014

27

The PIA Branding Program

Advertising that helps set PIA members apart from — and above — their competition. �������������� ���������������

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Local advertising for Local Agents Serving Main Street America How does a Professional Insurance Agent separate himself or herself from the pack in a crowded insurance marketplace? Simple.

By taking advantage of PIA’s new print advertising program.

Best of all, this powerful branding tool is available free and exclusively to PIA members, as part of their PIA membership. Company sponsorship of the PIA Branding Program is also free.

PIA has created a series of ten print advertisements that PIA members can run in local publications or print as flyers. These ads focus on the combination of choice and personal support and service that make PIA members Local Agents Serving Main Street America.

Learn More

SM

These attractive ads can be customized with agency logos and contact information and (optionally) a company logo. There are four general agency ads, two homeowners ads, two auto ads and two commercial lines ads, with numerous variations, sizes, color as well as black and white ads, making a total of 227 ads in all.

National Association of Professional Insurance Agents 400 N. Washington St. • Alexandria, VA 22314-2353 (703) 836-9340 (phone) • (703) 836-1279 (fax) www.PIANET.com • piabrandingprogram@pianet.org

28

SM

Professional Insurance Agents/Fall 2014

Whether you’re a PIA member now, you’re an agent who has yet to join, or you’re interested in company sponsorship, head on over to PIA National’s website to see the ads and get all the details about the PIA Branding Program: www.pianet.com/piabrandingprogram