Spring 2019 PIA TN Magazine by PIA of Tennessee

Spring 2019 â&#x20AC;¢ Tennessee

PAGE 14

YOUR NEW EMPLOYEES ARE OUT THERE Follow the diversity trends

NEXT GENERATION 7

Ideal workplace

Strengths-based culture

Rethink hiring practices

THROW STRIKES with MidSouth Mutual Create a Win for Your Agency and Your Clients MidSouth Mutual provides workers’ compensation insurance, risk management resources and claims services to drive success for your agency.

NEW...

We now provide workers’ compensation insurance to Long Term Care providers including retired living centers, nursing homes and home healthcare workers. MidSouth Mutual Insurance provides independent insurance agents and their clients throughout the region superior workers’ compensation insurance products backed by a commitment to exceptional service. As we continue to grow, MidSouth Mutual is clearly focused on managing the fundamentals of our business intelligently as part of a strategy of sustainable quality growth. We have earned an “A” Exceptional rating from Demotech, Inc. The company is committed to doing business the right way in service of our clients.

Examples of clients we serve include: HVAC Contractors Building Suppliers Dozing Services Road Contractors

Bricklayers Electricians Plumbers Painters

Carpenters Framers Dry Wallers Landscapers

Masonry Contractors Insulation Installers Cabinetry Contractors Long Term Care Providers

Be sure to see our new website at www.midsouthmutual.com MidSouth Mutual provides insurance to clients in Alabama, Arkansas, Georgia, Indiana, Kentucky, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma and Tennessee.

www.midsouthmutual.com

Departments 4 Spring 2019 • Tennessee

In brief

7 Legal 11 Staffing 22 Sales 25 E&O 30

Readers’ service and advertising index

Officers and directors directory

Cover story 14 Your new employees are out there Follow the diversity trends

Feature 19 Spice up your agency Counter the ‘same old’ hiring practices

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. CEO Mark LaLonde, CPIA, CIC, AAI; President Jeff Parmenter, CPCU, ARM; Executive Director Kelly K. Norris, CAE; Communications Director Katherine Morra; Senior Magazine Designer Sue Jacobsen; Member Information Manager Jaye Czupryna. Postmaster: Send address changes to: Professional Insurance Agents of Tennessee, 504 Autumn Springs Court, Suite A-3, 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; (518) 434-3111 or toll-free (800) 424-4244; email pia@ pia.org. ©2019 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.

Cover design Patricia Corlett

In brief

from the executive vice president

Staffing, straight to the heart Development

Assisting members to find, secure, train, develop, incentivize and retain their staff is a cornerstone of the PIA’s success. We provide tools and resources, but we realize that every agency needs tools customized for their situation. To this end, we developed the PIA Career Center—an a la carte set of resources to use individually or as a package. As we develop this resource, the goal is to provide options from hire to retire. Here is a description of the PIA Career Center that we have, and are in the process of developing:

Before hiring

Marketing and agency best practices training. With the PIA’s Certified Professional Insurance Agent designation program, new agents or CSRs can learn the best practices for marketing, selling and servicing insurance business.

Kristopher Mark Fisher, CAE, CPIA, LUTCF Executive Vice President & CEO PIA of TN Franklin, Tenn.

Job descriptions. The PIA can help you draft job descriptions and set up compensation plans to attract the best candidates. Job posting service. You can access PIA of Tennessee job posting site, as well as assistance on posting on leading job search sites. Candidate screening/vetting. For a small fee, PIA assists in reviewing applications and narrowing them down to your top prospects. With four different programs, the PIA has a solution to fit your specific needs. Employee profiling. PIA members have access to one of the leading candidate testing and profiling services in the country through The Omnia Group Inc. This service allows the agency to have a better idea if the prospective employee will meet the agency’s needs.

Onboarding New employee training program. Once the employee is on-board, initial training is vital. Try this specially designed program to better understand the basic skills needed to work in an agency. Pre-licensing course. For new employees, or employees transitioning to be producers, these courses help them pass the licensing exam the first time. With four programs choices, discounted to PIA members, there is a program to fit each employee’s learning style (e.g., self-study, webinar or live classroom sessions).

Product training. With the National Underwriters’ training programs, an agent or CSR can understand product specifics, such as personal lines, commercial lines or business lines products. With the Commercial Lines Coverage Specialist, PLCS or BLCS programs, any training need is covered.

Continuing education. Once a team member is on-board, ongoing training and development is important. Whether you are looking for a quick way to knock out the 24 hours required to renew your license; need the ethics course for license renewal without passing a test; looking for education on a specific topic; or looking to attend a live educational workshop, PIA has an option for you to refine your teams’ skills and knowledge, which will lead to more sales, better service and improved retention. For more information on the PIA Career Center, go to piatn.com/pia-career-center. As we approach our 2019 Convention in Murfreesboro on June 19-20, 2019, PIA is planning great educational opportunities for your team to learn about new technology; sales and service concepts; and product training or enhancements. You and your team will hear from nationally renowned speakers; attend informative breakout sessions; and be involved in great networking opportunities with carrier representatives and vendors. More information is available at PIATNconvention.com. Always at your service,

Kristopher Mark Fisher, CAE, CPIA, LUTCF Executive Vice President & CEO

Professional Insurance Agents magazine

platinum partner profile

www.amtrustgroup.com Senior executives John Bledsoe, regional vice president Dorothy Howell, regional sales director for the southeast region Tennessee staff • • • • • Chuck Allen CLU, ChFC, regional sales manager (615) 420-0574 charles.allen@amtrustgroup.com

Why AmTrust?

Quick underwriter turnaround Dedicated new and renewal underwriter Experienced claim reps Bind on line for many preferred risks Can write WC as well as other lines monoline

History

Philosophy

AmTrust North America is a national insurance carrier with an “A-” (Excellent) FSC “XV” rating by A.M. Best. The company provides a broad suite of business insurance products, including workers’ compensation and niche commercial lines coverage for small- and medium-sized businesses.

AmTrust’s philosophy is: “AmTrust has multistate capability, multitiered pricing and multiline capability, combined with exceptional customer service and a dedicated staff of insurance professionals, who all share the same vision. Insurance is our product; customer service is our business.

With extensive underwriting experience, AmTrust has earned a reputation as an innovative, technology driven provider of insurance products.

“By visiting AmTrust Online at our website, insurance agents can make a submission or check their clients’ policy information at any time, day or night. More than 350 business classes are eligible for coverage nationwide under our wide-ranging underwriting appetite.

The property/casualty lines of coverage offered by AmTrust include workers’ comp, BOP, property, employers’ practices liability, commercial auto general liability, garage and inland marine. These lines also have been customized to fit the auto service repair, financial institution, lumber, nonprofit, restaurant and transportation sectors.

“To better serve the unique needs of policyholders, AmTrust offers an extensive selection of flexible payment plans, including PAYO® (Pay-As-You-Owe®), direct debit/EFT, credit card, electronic check and monthly or quarterly installments. Our dedicated team of loss-control professionals also stands ready with workplace safety advice and support for business owners, while our Claims Reporting Center is open 24/7 when accidents inevitably occur.”

For more information about AmTrust, call (615) 420-0574 or visit AmTrustNorthAmerica.com. PIA of Tennessee and AmTrust proud partners for independent agents

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platinum partner profile

Grange Insurance Corporate Headquarters 671 S. High Street Columbus, OH 43206 www.grangeinsurance.com (800) 422-0550 District Sales Manager Katherine Ethridge 615-308-6572 ethridgek@grangeinsurance.com Providing peace of mind and protection during life's unexpected events. For more than 80 years, Grange has been a source of protection, trust and stability for its customers. Today, combined with our affiliate, Integrity Insurance, we offer customers business, auto, home and life insurance in 13 states. And because we believe that our customers deserve only the best counsel and partnership in making these decisions, we sell our products exclusively through Independent Agents. We are Committed, Connected, Partners for our agents. We are Committed. With an “A” excellent rating from A.M. best and $3 billion in assets, Grange is a stable, reliable partner that makes decisions based on doing what’s right for our agents and customers. We are Connected. And while we have the stability of a larger carrier, we’re still small enough to know our agents and their individual business needs. Whether it’s our easy-to-use online platforms, specialized claims representatives or dedicated underwriters, Grange is connected to its agents. We are Partners. Grange independent agents get more than a carrier, they get a partnership. We respect the sacred relationship between agent and client, and that at each interaction, we represent our agents. Trusted advisors. Grange understands and supports the relationship between an agent and their client, and believes this bond is an integral part of our short- and long-term strategy. That's why we build unique relationships that focus on the Ease of Doing Business® for our agents while remaining a stable, consistent partner. We partner with only the best agencies and seek out their feedback to help us make important decisions.

In today’s ever-changing economy, we know that partnering with Independent Agents is the way forward. Given the shift in risk caused by technology and consumer trends, the role of an agent as an experienced advisor is more important now than ever. Customers are relying on their agents to help them navigate the sharing economy and the continuing internet of things to make sure they have the appropriate coverages. Delivering on customer needs. From our personalized coverage options and financial strength to Grange’s excellent local claims service, you can rest assured that your customers are with a company that’ll serve them well. Competitive compensation. Instead of a one-size-fits-all approach to agencies, our commission and compensation programs are designed to reward those who demonstrate the greatest commitment to Grange. Professional marketing support. We give our agents the resources and marketing expertise they need to stay top-of-mind with current and prospective customers. Award-winning technology. Grange agents get access to technology that delivers Ease of Doing Business® and gives them a distinct advantage on the competition. But great technology is nothing without great support. At Grange, we offer tech support through instant message, email and phone six days a week.

Professional Insurance Agents magazine

legal

clare irvine Government affairs counsel, PIA Management Services

The ideal workplace, avocados not required Last summer, I stopped by a restaurant in a trendy, gentrified neighborhood for a midafternoon snack before a baseball game. When I opened the menu to look at the appetizers, I found something named “Why Millennials Can’t Buy Houses.” It seemed the appropriate end point for the assertion from an Australian millionaire that millennials cannot buy houses because they spend $19 on avocado toast (and $4 coffees), which sparked New York Times articles fact-checking his claims; Buzzfeed listicles half-joking about the absurdity of the remark; and comments on Reddit threads from self-identified millennials asserting their dislike of avocados. For all the discussion the comments sparked, they did not tell the whole story about American millennials. Numerous outlets report the reasons millennials

do not buy houses have more to do with high rents where they live and student loans, which make saving for a down payment challenging. While refraining from spending $19 on avocado toast may boost their savings, the New York Times did the math and found that, even if millennials ate at restaurants less frequently and saved $305 a year in the process, it would still take about 113 years before that would equal enough

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National Security has provided competitive, affordable insurance to policyholders for over 50 years, but we also provide a lot for our agents, with competitive commissions, excellent customer service and experienced company adjusters. As an admitted Southeastern based regional company, National Security prides itself on fast, efficient service from a friendly small town company, and online access for all agents, providing fast quotes, online policy issuance, online dec page printing, and real-time policy information. Find out more by calling Sharon at 1-800-239-2358 x213 or visit nationalsecuritygroup.com.

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Elba, Alabama

savings for a down payment on a median-priced house in the U.S.1 Just like the false idea that the average American could become a millionaire by skipping a daily Starbucks latte, millennials cannot simply be homeowners by eschewing $19 avocado toast. In many discussions about how to recruit new producers, the issue of what millennials want seems to include everything Google (the employer), TV shows and viral stories on avocado toast make us believe young people want. Professional insurance agencies may not be able to offer all the perks of a Silicon Valley tech company but that is okay: they already may have what millennials want.

What prospective hires really want In discussions about what millennials want in a workplace, it is assumed that millennials love perks like healthy breakfast snacks, gym membership and ping-pong tables. To start with, there are 73 million millennials in the U.S.2 While any employee would probably enjoy these perks, most millennials look beyond office food and games when seeking a job. Inc. summarized what they want as: “Freelance flexibility with full-time stability.” After financial considerations, what many millennials look for in a job is a positive place to work where they can develop a career, according to the 2018 Deloitte Millennial Survey. Approximately half the millennials surveyed by Deloitte claimed a positive workplace culture, flexibility and opportunities for continuous learning were on their wish list for an employer. What about millennials job-hopping more than previous generations? A survey by the Capital Group, an investment firm, found that 67 percent of millennials view loyalty to their employer as important to them. The reasons many young workers change jobs are more complex than merely wanting a change in scenery. LinkedIn conducted a survey of over 10,000 members in December 2015, to learn why they changed jobs and found the most important reason was opportunities for career growth. When seeking new opportunities, many people moved to smaller organizations. Sometimes they change jobs because they decided to relocate to another city or state.

Your agency’s offerings to prospective hires Your agency may not be able to renovate the break room to include a keg and Foosball table, but you likely do not have to do so to appeal to new hires. Think about the benefits you offer full-time employees; the flexibility to allow workers spend time with their families and volunteer in their communities; and tweaks in leadership that could have a huge impact on recruiting while benefitting your agency overall. Consider the career path of a new producer at your agency from hiring an inexperienced employee, through the producer licensing process, and then work as a producer within your agency. This process requires upfront investment from the agency, but may give licensed producers room to develop their own path with the stability and support of an employer. While the agency would own the book of business, producers likely seek new clients and opportunities to

Professional Insurance Agents magazine

find new business. If the career path at your agency for a new producer creates opportunities for self-driven growth, it likely fits with the interest of many millennials to work some-

Most agents work with employees based on their circumstances, a consideration that further supports the work-life balance sought by millennials. Think through what benefits you offer and how those fit with what new employees seek in an employer. where they can have opportunities and develop a career. Also review the formal and less formal benefits of your office, from time off to flexibility to allow employees volunteer in their communities. Paid time off is a huge benefit to promote for all employees, giving them time to travel; visit families; and pursue outside-work interests. Think through what benefits you offer and how those fit with what new employees seek in an employer. Lastly, do you regularly solicit feedback from employees regarding your agency’s operations and consider the input of people in your office?

Millennials care about this and so does the rest of your staff. Demonstrating to everyone in your agency that their responses matter not only makes your agency more attractive for new hires, but they may offer valuable feedback in return.

Sell your office to potential hires A PIA member shared an experience in which he had an intern write a job listing. The 20-something intern wrote a drastically different job listing than the member, who had several decades of experience, which emphasized a difference between what hiring agents believe is great about the job and what job seekers actually want.

Agency E&O Let us do all the work

Before you can interview potential hires to find the best fit at your agency, they need to know that the office will provide them with opportunities to grow their career with support and investment from the agency. Being upfront with the potential for professional development will help your agency stand out to candidates looking for a career. Job postings should be detailed enough to convey the nature of the position without repelling good candidates with long lists of requirements and details. Not only is there no one-size-fits-all description for the position of insurance producer, you will get a better idea of the individual through the interview process. Focus on the key skills you care about rather than write a lengthy post for a position. Beyond the skills current producers bring to your agency, think about other traits your agency could benefit from, such as technological skill or a social-media background. Before publishing the posting, run it by a recent hire or someone who has been searching for a job.

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Avoid the avocado frenzy After all the frenzy around the comment that millennials are not buying houses because they waste their money on avocado toast, YouGov and the Huffington Post conducted a survey of Americans over the age of 18 that found 57 percent of people under 30 like avocados. This compared to 66 percent of people over the age of 30. While the second group still includes some millennials, only 6 percent of millennials said they had actually ordered avocado toast at a restaurant. While millennials and new hires might see the world differently and they may get more excited about gym memberships and snacks compared to anything related to retirement, do not get too caught up in the differences. What already exists in your agency may fit their primary search criteria without making any major changes. Irvine is PIA’ Management Services’ government affairs counsel. New York Times, 2017 (nyti.ms/2RDOeit) 1

Pew Research, 2018 (pewrsr.ch/2HW2c6V)

Contact Tina Nickell, CPIA, CISR �1�-771-1177

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Your People. Discover. Engage. Evolve.

Protect your agency from bad hires and high turnover with the omnia assessment. Use the Omnia Assessment in ALL Aspects of Your Agency In just 10 minutes or less, our behavioral assessment tool gives you insight to take the guesswork out of personnel decisions. Whether you are hiring a new employee, deciding on future roles for current employees, team building or creating a succession plan for your agency, Omnia can help.

How can a behavioral assessment help your agency?

New Hires

• Answer the question, “Can your producers really sell?”

Compare candidates to specific job expectations, your workplace culture, the manager, and up to three peers. Uncover each candidate’s compatibility, receive helpful management and coaching advice, along with bulleted strengths and challenges, follow-up interview questions and an interview scorecard.

• Learn if a CSR will fit with your team • Compare job candidates with top staff • Uncover management challenges • Maximize your employees’ potential

Retention & Motivation Retention starts with understanding who you’ve got and what they need to get engaged and stay engaged. Discover what motivates the unique personalities on your team, and what doesn’t. Understand the compatibility of each employee with the demands of their position and the cultural landscape of your workplace.

Transfer or Promotion Compare internal candidates to new job expectations as well as others performing successfully in the role. Avoid promoting or transferring a star performer to an unsuitable position, and ultimately out of your organization.

General Mental Ability In addition to our behavioral assessment tool, we also offer The Omnia Cognitive Assessment. It provides a reliable measure of General Mental Ability (GMA): the ability to reason, problem solve, comprehend ideas and learn quickly. Thousands of studies have shown that GMA is a strong indicator of successful performance across a variety of jobs.

Call today to 1. Try a complimentary assessment! 2. Get 1 additional complimentary assessment added to your initial package purchase!

Be sure to mention that you’re a PIA member!

800.525.7117 Carletta Clyatt x1226 Carletta@OmniaGroup.com

Omnia is a PIA Member Benefit.

The Omnia Group, Inc., Tampa, FL 33606 | 800.525.7117 | www.OmniaGroup.com/pia-members

A strengths-based culture You have probably heard the newest workplace buzz around strengthsbased cultures. But, what exactly is it? A strengths-based culture relies less on the hierarchy of function and more on teams that are flexible and goal driven. These teams can change, adapt, form or reform continually based on a specific assignment or project. It is a way to tap into the strengths of the individual for maximum impact and productivity. A strengths-based culture capitalizes on strengths rather than focusing solely on improving weaknesses. In this culture, employees may still have to do the parts of their job they don’t like or a task in which they may lack skill; however, managers can exercise more flexibility in how they assign tasks, projects and levels of authority for those tasks or projects. It is thinking outside the job description. When functioning optimally, a strengths-based culture boasts an environment in which employees contribute by working primarily in roles that play to their talents. For example, if your top producer is terrible with details, do not make that person responsible for servicing the account post sale. Don’t let the producer off the hook for turning in incorrect information to the service team. You want members of the team to function as the go-to resource for whatever they excel at, and collectively, all aspects of the business are covered expertly. This type of culture also places a high value on professional development, so that the powerhouse of talent continues to strengthen as skills are further honed. In turn, the agency experiences growth and increased competitive advantage. As if that didn’t sound amazing enough, here are additional benefits of a strengths-based agency: effective recruitment; better performance; higher engagement; and lower turnover. Let’s look at each of these benefits.

Effective recruitment When an agency exhibits a strengths-based culture, it is sure to appeal to workers looking for an opportunity to showcase their talents and continually refine their skills. Your agency will get to select workers from a pool of motivated candidates who are eager to perform at a high level and join a team committed to doing the same. Additionally, hiring processes can be tailored to entice and identify candidates with specific strong suits, making them more efficient. Finally, current employees, who are satisfied with and good at

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staffing

carletta clyatt Senior vice president sales, The Omnia Group Inc.

their jobs, will be likely to refer high quality candidates that can help the agency, resulting in lower recruitment costs.

Better performance

Individually, employees who leverage their strengths will carry out their responsibilities more effectively; exceed goals; and strive for continuous improvement. Collectively, their efforts will bring about increased competitive advantage and, ultimately, profitability. Moreover, customers will enjoy doing business with your strengths-based agency because they will receive service from employees who are uniquely suited to help them. Customers receiving superior care will remain loyal to the agency and may even refer new business. The bottom line is that agencies fostering a strengths-based culture will find that each part, as well as the collective whole of the business, performs better as a result.

Higher engagement It’s no secret—people enjoy doing jobs that play to their skill set. When they can work in their areas of strength, they’re happier, experience less frustration and enjoy praise for a job well done. They experience 11

a high level of engagement with their work and with the organization. Moreover, when employees can exercise their talents, they become energized and give off positive vibes. That elevates the overall mood of the office, making it a place employees want to be every day. They will do their best to keep the agency operating at that level—or better—so that the good times continue.

Lower turnover Turnover rate is an excellent barometer of an agency’s health. When employees are happy and feel that they are contributing at a high level, they are less likely to leave. A strengths-based culture promotes both contentment and high performance. Therefore, organizations employing this type of culture enjoy a lower turnover rate that results in more satisfied customers; lower recruiting costs; a stronger human capital pool; and a more positive workplace environment.

Tapping into strengths How can your agency discover the strengths of candidates or employees? While interviewing certainly is a critical component of the employment process, it often fails to capture the nuances of the interviewee’s personality and psyche. To get a more holistic picture, consider using a behavioral assessment in your hiring and talent management process. Behavioral assessments provide an organization with deep insight into a candidate’s potential by way of uncovering their natural behaviors, strengths and

motivators. Obtaining this information before hire will help fill roles with the right people without wasting time on those who prove to not be a fit down the line. This saves your agency both time and money; poor hires are a costly misstep. Using these assessments with your existing workforce ensures that in-house strengths are leveraged appropriately. The assessment data also will guide employee development and succession planning. Overall, behavioral assessments have the power to help build and fortify a high performing and engaged workforce, which is the crux of a strengths-based culture.

Put it together It’s easy to see why cultivating a strengths-based culture should be top of mind for any agency owner. At the end of the day, companies are comprised of people. When they can spend their time playing to their strengths, they will be happy, they will produce, they will stay and, most importantly, they will tout the culture to whoever will listen, attracting more people like them to your agency. Clyatt is the senior vice president of sales and The Omnia Group Inc. She offers clients advice on how to manage more effectively and gain insight into employee strengths, challenges and behaviors. For more information about employee behavioral assessments, reach her at (813) 280-3026 or email carletta@omniagroup.com. PIA members receive one complimentary behavioral assessment—a $140 value. For more information, or to arrange for your free profile, contact The Omnia Group at (800) 525-7117 or see the website (omniagroup.com) and don’t forget to mention your PIA membership.

Professional Insurance Agents magazine

We know what it took to build this business.

And we know what it takes to protect it. Underwriters who know and understand what coverages are necessary to protect the business. Loss prevention professionals who use a hands-on approach to help develop programs tailored to the individual business. Claim reps with the expertise and technology to process claims quickly and efficiently. As an Official Supplier of the Silver LiningÂŽ, you and West Bend will find the right insurance plan for your valued customers. To find out more, talk to your West Bend underwriter.

Celebrating 125 years of valued relationships with our agent partners.

Professional Insurance Agents magazine

BILL ROSS CEO, The Insurance Industry Charitable Foundation

Your new employees are out there Follow the diversity trends

he insurance industry is only just beginning to experience the actual effects of the painful talent gap that will continue to loom over the industry for decades as members of the baby boomer generation accelerate into retirement. This talent gap, felt among the largest carriers to the Main Street insurance agencies, will result in more than one million unfilled jobs by 2030, according to the Hanover Insurance Group. Today, the effects are clear in a competitive talent market that will increasingly require creative ways to fill the positions.

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Knowledgeable executives, hiring managers and professional independent agents with an eye toward the future will see this as a glass-half-full scenario. The new openings provide a prime opportunity to tap into a diverse and technologically savvy talent pool that can introduce the industry to innovative ways to improve client service and better represent the increasingly multicultural communities it serves. CEOs and agency owners know they need an effective workforce to compete in today’s economy. As that continues to be defined, independent agents and insurance companies should take advantage of a growing suite of industry resources and conferences being offered on the diversity and inclusion topic. Keeping these discussions moving and the subject top-of-mind, will be a critical means to establishing best practices to launch and refine internal programs for insurance businesses of any size to create a successful work culture for the future.

Gender diversity This is nothing independent agents haven’t heard before. The insurance industry has been working on diversity and inclusion initiatives for years; not only because of the talent gap, but because it makes good business sense. Research from global consulting firm McKinsey “finds that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians.”1 The insurance industry has been moving toward talent that represents all segments of society, with a workforce that reflects the markets it serves. Diversity reinforces creativity and innovation, which can result in a business’s success. Some trend lines are pointing upward. Although employment of women in the industry is high, they traditionally have been under-represented in top positions.2 The research found that the share of companies without female leadership fell to 15 percent in 2017 compared with 28 percent in a 2013 study. To facilitate greater opportunities for women in leadership roles, organizations can extend a ladder down by providing them with mentors, stewards and champions who can help guide and share meaningful advice from the earliest stages of their career. The first year is a particularly critical period for employees to feel that an employer is a good match. Organizations also can look to what some industry powerhouses have done in naming women to the most senior leadership positions. Anthem and Progressive Insurance are led by female CEOs, as was Lloyd’s of London until recently. Tricia Griffith, the CEO of Progressive Insurance, got her start in 1988 after she responded to a classified ad seeking a claims adjuster trainee.3 After rising up the ranks for years, she found her champion in former CEO Glenn Renwick who promoted her to her first C-Suite job. She’s been working ever since to “advance the culture,” including adding a slew of employee resource groups to help minorities, like the African American Network and LGBT Plus. The business results have been good as well. Progressive is growing faster than Apple Inc., according to Fortune. Board diversity is another challenging issue all industries are trying to address, yet one that offers great opportunity for positive change. Credit Suisse research shows that while the number of women on boards is improving, the starting 16

Professional Insurance Agents magazine

point was a low one. “Substantial representation is still a mark of differentiation rather than the norm,” its research shows.4 According to Maguire’s insurancefocused research, 58 percent of the 100 companies analyzed had two or more women on their boards, up from 34 percent in 2013.

The pay gap More than 55 years after the passage of the Equal Pay Act, women still earn just 80 cents for every dollar a man does. According to the World Economic Forum, it will take 217 years to close the gender pay gap, and the U.S. ranks 51st globally. If the insurance industry wants to continue to attract more female employees and leaders, it will need to address the problem. “Pay equity practices come from a combination of payroll audits, committed leadership and policies that promote equality and diversity in the workplace,” Fortune reported last year how Starbucks, Apple, Salesforce, Intel and Adobe reached full pay parity for women, as well as under-represented minorities in the U.S.5 Victoria Budson, founder and executive director of the Women and Public Policy Program at the Harvard Kennedy School of Government, writes that “deliberate efforts to remove bias and achieve diversity at all levels of the organization will serve as a catalyst for future success in talent acquisition and retention.”6 Companies can level the playing field by adjusting the hiring process to eliminate biases, which can include: removing names from resumes; enlarging the pool of candidates; and advertising the position in nontraditional sources or communities.

The millennials, Gen Z Perhaps nothing is having an impact on the diversification of the American workforce more than the millennial generation. Made up of 44 percent minorities, they are expected to fill 35 percent of the workforce by 2020.7 Attracting these young workers, and the younger Gen Zers right behind them, who will be even more diverse, will continue to be the primary way to build a talent pipeline that reflects the communities the insurance industry serves. Outreach will be vital because the industry is not well understood by many of these younger professionals, who may be in the dark about opportunities for entry-level positions and the ability to grow in these positions. Some people consider the insurance industry to be staid and rigid. Being able to describe the exciting things happening in the industry— cyberinsurance, artificial intelligence or emerging markets—will be a pillar of recruiting efforts. And, with so many insurance organizations maintaining a presence outside of the U.S., the industry presents a chance for new employees to work internationally on global assignments. Industry professionals also would be wise to take a passionate approach when it comes to articulating their values; what they are trying to achieve; and how their work is making a positive impact on society. Millennials and Gen Zers are socially minded individuals and they’ll seek out companies that align with their vision. Millennials will choose to work for companies in which they can make an impact right away, which is much different than workers from older generations who felt like they needed to serve their time, gain experience

and transition up a career ladder. Tech-savvy millennials and Gen Z workers will look at a career path more like a lattice than a ladder, wanting different, customizable career paths in which they can gain nonlinear experiences and take advantage of their skills. The best organizations will provide unique experiences and projects for these exuberant team members and work with them to find ways to make a difference in their communities.

A new way to work As diversity efforts have increased so, too, have the creation of employee-led resource groups like the ones Progressive, CNA, Chubb and other industry leaders have established. Nearly 60 percent of Insurance Industry Charitable Foundation Millennial Summit participants said their companies have these groups or formal programs for young professionals. These groups create an inclusive, open forum for employees to share interests and concerns; encourage talent engagement, development and retention; and provide a resource to company leadership to help influence decision making.8 The work environment is changing in other ways as more diverse talent comes in the door. Ten years ago, insurance workers spent all day working in an office cube. Today’s workspaces are being designed to offer more open, flexible and collaborative environments. Finding ways to help employees work when and how they want will be a key component of any retention plan. The insurance industry is built on a foundation of being there for its clients during their time of need. It’s a core principle that fits perfectly with two socially conscious generations that are taking the workforce by storm. As the talent gap persists, the insurance industry will need to continue its efforts to understand the impact diversity and inclusion is having on the workplace and strive to break down barriers so more women and minorities are drawn to the profession, securing the future for all. Creative recruitment strategies, the implementation of internal programs like mentoring and employee resource groups, a focus on pay equality and embracing unconventional work modes are just a few ways organizations and agencies can position themselves for the future. Ross has served as CEO of the Insurance Industry Charitable Foundation since 2004. Serving as CEO, Ross plays a key role in hosting IICF’s Women in Insurance Global Conference (womensconference.iicf.org) focused on diversity, inclusion and leadership to be held in New York City in June 2019. 1

McKinsey&Company, 2015 (mck.co/2Cqxl0l)

Carrier Management, 2018 (bit.ly/2FKbyno)

Fortune, 2018 (bit.ly/2qNlt2U)

Credit Suisee, 2016 (bit.ly/2oBKBJz)

Fortune, 2018 (bit.ly/2FByiXR)

Leader’s Edge, 2017 (bit.ly/2QW4rKG)

Pew Research, 2018 (pewrsr.ch/2qn2Pz0)

The Tech Connection, 2017 (bit.ly/2vZ5pi2) piaTN.COM

Customized Insurance Plans just for PIA Members. PIA SERVICES GROUP INSURANCE FUND

PIA Trust insurance plans give you the flexibility to customize your insurance to fit your specific needs. You and your employees can choose from eight high-quality, competitively-priced insurance plans to help protect yourselves and your families. Your employees may apply for all of the plans without your participation (except for Basic Life). BASIC LIFE INSURANCE

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PIA National Membership, when required, must be current at all times. Policies or provisions may vary or be unavailable in some states. Policies have exclusions or limitations which may affect any benefits payable. All coverages underwritten by Unimerica Insurance Company, Association Administrative Address, P.O. Box 17828, Portland, ME 04112-8828. Insurance Program Administered by Lockton Affinity, LLC

don phin, esq.

Spice up your agency Counter the ‘same old’ hiring practices

There are three main reasons why a professional, independent insurance agency would want to diversify its workforce: 1. It expands the available talent pool; 2. The demographics of customers are changing. With greater diversity, there is a better chance of understanding customers’ needs; and 3. Diversity helps generate innovation and creativity. The challenges around diversity are not just race-related, but also evoke concerns around age, gender and sexual preferences. Agency principals should keep an open mind when it comes to hiring employees. Insurance agency demographics are getting older and the industry needs to bring younger employees into the system. These younger employees will be better at using technology systems designed to support sales, promoting social-media efforts and relate to younger customers.

Diversity means differences The root word for diversity means different. The interesting thing is that despite the diversity in this country and throughout the world, we still are very much alike.

All of us have to work, eat, sleep, raise children, take care of parents and secure our long-term future. We are far more alike than we think. It is only that the differences get much more attention than our commonalties. Nature needs diversity to remain strong. In nature, when there is the least amount of diversity there also is the lowest rates of survival, evolution and change. From a risk manager’s perspective, embracing diversity can reduce the number of discrimination-type claims filed against an agency. Then there is the ability to celebrate our differences. Whether it is different music, food, entertainment, holidays or something else, the agency will be a boring place if you never get to venture outside of your own cultural norms.

The four interaction levels There are four levels of interaction between people. This is true whether we come from similar or diverse backgrounds. The first level is fear. At its essence, discrimination or prejudice toward people is fear based. We tend to fear that which we do not know. piaTN.COM

The second level is tolerance. “While I may not like you, I will tolerate you.” This is the level of interaction required by the law. It is the bottom floor of moral and legal responsibility. The third level is acceptance. “While you are different from me, I accept that difference because of my open and understanding nature. I judge you not for who you are, but for what you do. I will deny no opportunity based on anything other than your abilities.” Last, there is the concept of unconditional love. Understand however, that unconditional love is not about having unconditional relationships. It means I can love and celebrate our differences, but you still have a job to do and I will hold you responsible for doing it. While I am sure you can develop classifications different from these, they provide a good reference point for further discussion about diversity. Developing a cultural competence does not mean you have to learn how to yodel or play conga drums. It is about coming back to the understanding we are all different for a reason. It is about accepting our differences as opposed to fighting over them.

The ‘glass ceiling’ The “glass ceiling” is a term coined in a 1986 Wall Street Journal article to identify the inability of women and minorities to attain jobs in upper-level management. For example, women and minorities occupy less than 11 percent of this country’s board of director positions. The Equal Employment Opportunity Commission, state agencies and several nonprofit organizations are working to break through the glass ceiling, so there is full opportunity for advancement for everyone. Since the term glass ceiling was coined, two other terms have emerged: the “glass wall” and the “sticky floor.” The first refers to the inability of women and minorities to obtain challenging job assignments and responsibilities within equal pay ranges. The second term refers to the inability to move beyond rankand-file positions into any level of management. Glass ceiling, glass wall and sticky floor phenomena result from disparate treatment and adverse impact discrimination. Many barriers in the way of advancement are unintentional consequences of historical development. For example, it is hard for a woman or a minority to obtain a high-level managerial or board position when a company has never had a minority or woman in those positions. The same can be said for hiring a female broker or a male customer service representative. Sometimes it is hard to get past our own references, whether we realize it.

Getting it done When it comes to expanding the diversity of an agency there is no substitute for a strongly worded message from the top. If you want a diverse workforce, that desire has to be a core business objective and communicated by the CEO or president of the agency.

Professional Insurance Agents magazine

This message can be communicated through everything from your website’s “About Us” page to your employee handbook and quarterly reports. You also need to make sure that you have the policies and procedures in place so you don’t face claims because of diversifying. Include an EEOC statement, grievance mechanism, investigation procedure, appropriate discipline and ongoing education and training.

Diversity and your agency The three strategies discussed below can help you bring people into your agency. Strategy No. 1: Expand your hiring sources. If you rely solely on word-of-mouth hiring, chances are that you will have a fairly homogeneous workforce. To attract a more diversified workforce you have to go to a diversified candidate pool. Consider recruiting from predominately minority schools and neighborhoods. Strategy No. 2: Remove invisible barriers in the interviewing process. Here is a classic example. For many years, women musicians complained that they were not being hired on par with their male counterparts although they sounded just as good (if not better). To remove any element of sexist bias, auditions at many orchestras are now done behind a curtain. Because of these “blind auditions” women are now being hired at a rate greater than they were previously. Usually, discrimination was not intentional but more stereotypical. The breaking down of those stereotypes may result in an orchestra, which looks differ-

ently than expected, but sounds a whole lot better. Strategy No. 3: Engage in career planning at the outset. What are the advancement opportunities at the agency? Where can employees be in five years? How should they go about getting challenging job assignments and moving up the ranks? If there are few or no women or minorities in upper-level management what is the reality of that person ever obtaining such position?

to avoid hidden biases is by forming diverse committees to make promotion and compensation decisions. And last, internship and mentorship programs are another proven method of breaking past informal barriers to advancement. If you want a diverse workforce, you now have the strategies to get there. The choice is yours. Phin is an employment lawyer, trainer, speaker and coach. In 2014, he sold HRThatWorks, used by many brokers, to ThinkHR. He is the editor of Employment Practices Liability Consultant (EPLiC) published by IRMI. For more information and tons of free tools, visit donphin.com.

Often businesses have invisible barriers to advancement, including the informal networks that develop within an organization. Companies have to move from informal networks to formal ones that help nurture promising employees of all backgrounds along their career path. Another way

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M. J. Kelly Company-Arkansas Wholesale Insurance Brokerage 800.873.8374 . www.mjkelly.com Tim Lum . tlum@mjkellyar.com

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SALES

Improve your sales pitch

Selling insurance is unlike most other sales roles. You’re selling a complex product that requires technical knowledge, personalized customer service and attention to detail. No matter how you give your sales pitch, whether it’s on the phone or in person, there are a few ways you can capitalize on your opportunity with a potential client. To start, stop using a presentation deck, making assumptions and going unrehearsed. If you’re ready to update your sales pitch, use these five tips instead. No. 1: Be prepared. There’s nothing worse than showing your nerves when giving a presentation. To avoid the embarrassment, practice before going into your meeting and be prepared: Find a good talking pace, determine the right tone and learn to maintain eye contact. You also should set action-oriented goals and identify objectives beforehand, such as agreeing to a second meeting or narrowing it down to two policies. No. 2: Educate, don’t sell. Your audience probably is tired of hearing the same pitch over and over again—especially if it’s for a product they may not think they need. Bridge the gap for your clients and break insurance jargon into layman’s terms. Bring charts and share personalized recommendations. It will help them feel more comfortable with the products you’re offering and add trust to your relationship. No. 3: Ask questions. Instead of throwing information at your potential clients, think about the meeting as an opportunity to have a conversation. An effective

insurance sales pitch involves you asking questions; listening to their concerns; and offering solutions to problems. It’s a two-way street and some even say there’s an 80/20 rule to follow: A salesperson should talk 20 percent of the time and listen 80 percent of the time. No. 4: Keep it relatable. Instead of focusing on your agency and policy options, touch on why your service matters—and why your prospect should care. If there’s a larger shift in their industry or in the world, you should mention it, discuss how it affects their company and talk about how insurance can protect them. Show them you’re up to date on trends and reassure them that you will always bear their best interests in mind. No. 5: Focus on the value. Once you’ve listened to what the customers need and understand what they want, you can respond with solutions that meet those requirements. Tell clients how you can help—focusing on the benefits and value of the insurance product, rather than the features and characteristics. You can get into the nitty-gritty details later; instead, talk about how someone else has benefitted quantifiably from your service.

5 Ways to Improve Your Sales Pitch Selling insurance is unlike most other sales roles. You’re selling a complex product that requires technical knowledge, personalized customer service and attention to detail.

No matter how you give your sales pitch, whether it’s on the phone orInsurance in person, thereAgents are a few ways you can capitalize on Professional magazine your opportunity with a potential client. To start, stop using a presentation deck, making assumptions and going unrehearsed. If you’re ready to update your sales pitch, use these tips instead.

Utica Nationalâ&#x20AC;&#x2122;s

In addition to traditional agency operations, we offer coverage for: Notarizing documents Business you broker and business brokered through you Financial product offerings Human resources consulting Loss control services Real estate agentsâ&#x20AC;&#x2122; errors and omissions Loan origination Property appraisals for your policyholders

Prior acts coverage for the named insured at no extra charge Consent to settle clause prevents claims from being settled without your approval Defense costs in addition to the limit In addition to current regular employees, we include: - Leased and temporary employees - Licensed independent contractors Contractual liability coverage Punitive and exemplary damages where allowed by law Advertising and Personal Injury Coverage for professional activities Worldwide coverage Aggregate deductible caps your deductible at three times the per-loss deductible Loss plus litigation deductible is available Earn a 10% reduction in your deductible per year up to 50% by being loss free Our claim satisfaction rate* is 97% and policyholders can consult with an underwriter or E&O claim specialist at any time. At no extra cost to policyholders, we offer risk management resources such as an agency selfassessment that helps you identify vulnerable areas and gives you advice for remedying.

This summary represents an outline of coverage available from the companies of the Utica National Insurance Group. No coverage is provided by this summary. All coverages are individually underwritten. Coverage availability, terms and conditions are dictated by the policy and may vary by state. In the event of a loss, the terms of the policy issued will determine the coverage provided. For questions on coverages, contact your independent agent.

E&O

Curtis m. pearsall, cpcu, CPIA

Benefits, challenges of multicultural opportunities In reviewing the latest census data, it was interesting to note that while the overall population of the U.S. grew by 9.1 percent—the Hispanic population grew by 37.1 percent and now constitutes nearly 16 percent of the total. That translates to more than 48 million people and it is one of the fastest growing population segments over the last 10 years. Hispanics also are one of the youngest races in the country, with a median age of 27.4 years. Although it is difficult to get exact numbers, there are many other cultures now looking to call America home, including: Bosnians, Russians and Vietnamese. There is no doubt the Hispanic population and others present tremendous opportunities for insurance agents to target these individuals’ personal and commercial insurance needs. However, with those opportunities can come challenges in addressing potential language-barrier issues. These clients’ knowledge of insurance may vary, depending on the culture with which you are dealing. This opens up the potential for misunderstandings between the agency and the customers. The goal is finding the means to communicate with customers effectively to understand their insurance exposure; determine what coverage they are requesting; and ensure their understanding of the product and the process. As with any discussion with clients, quality documentation is extremely important. Questions often raised by agents include: Should the proposal/marketing material be in Spanish if the customer is fluent in Spanish? It is best that all written material be in English. Otherwise, there is the potential for a misunderstanding because various languages having multiple dialects. Assuming the carrier is relying on the agent to communicate the risk in English properly, the agent needs to be secure and confident about the truthfulness and accuracy of the information put on the application. How do we address the language barrier with the customer? There are several approaches. Some agencies have employees who are fluent in a specific language. This is a great approach and shows you are looking to serve these customers in their native language. If your community has a significant population of a certain culture, consider reaching out to this community to identify a potential employee fluent in the language. Other approaches may involve identifying a current employee and requesting, with an incentive, that he or she learns a new language. In other cases, the customer may bring a friend or relative to help ensure a solid understanding of the issues and answers—essentially to serve as an interpreter. It is best if the piaTN.COM

friend or relative is an adult, as this should help with communication. It also is possible that the carrier will provide a translator. If translators are not available in this capacity, check with your phone company as many offer a language service for a fee. Many English-speaking customers do not have a solid understanding of the insurance industry due to its unique terminology. This will present a similar challenge for other cultures, so take time to explain the process; the various questions on an application; and the coverages.

Giving added value Ascertaining any customer’s exposures is important. For your nonEnglish speaking clients ask the necessary questions (through an interpreter) and document the responses. Once you have determined the requested coverage, begin completing the application. Have the interpreter help secure answers to the application questions. In virtually every state, the applicant is responsible for the information contained in the application. It is highly recommended the agency staff completes the application—do not let the interpreter handle this function. Then, have the customer review the answers with the aid of the interpreter to ensure you have 25

entered the information correctly. Present the information in understandable terms as best you can. This will assist to ensure there are no misunderstandings. Look for signs the customer or interpreter is struggling with the any part of the process or the product.

Online Education • • • •

Pre-Licensing Webinars Training and Education for the New Employee Continuing Education

http://piatn.com/professional-development/

Education at your convenience

For more information, call Tina Nickell, CISR, CPIA at 615-823-5079 or tnickell@piatn.com

Your association is also your own private ad agency. Logos Branding Graphic design Newsletters Printing on site Mailing services Consumer pieces Trade-show displays Member discounts! (800) 424-4244 • creativeservices@pia.org

Professional Insurance Agents magazine

Once again, the goal is to present the carrier with a complete, accurate picture of the exposure. If a loss occurs and the carrier learns the exposure is not what it thought, it may deny the claim—or, if it is paid, the carrier could pursue recourse against the agency. Several years ago, an errors-and-omissions claim developed when the application, completed by an interpreter, contained misleading information. Although the client had signed the application, he later claimed the information on the application was not the information he gave the interpreter. Such a scenario creates a challenge for an agency and gives added value to having an employee fluent in another language.

Much more rewarding There are no doubt issues, such as cancellations, inspections, losses, will come up during the year, so have quick access to an interpreter to resolve these matters. If the interpreter is the customer’s family member or friend, have that person’s contact information in the client’s file. The interpreter should be available to assist whether the matter is handled face to face or over the phone. Be sure the file reflects the interpreter’s role in the specific insurance matter. Dealing with the various cultures in our respective communities presents some great opportunities. If this is an area you are looking to focus on for business growth, map out a strategy to ensure the issues and challenges you face are researched and resolved. The extra time you spend now will ensure your efforts are that much more rewarding.

What is the PIA/Penn National Insurance agents’ umbrella program? Written by agents for agents. ■

Comprehensive excess insurance protection

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Packaged in one easy-to-manage policy

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Coverage

Payment Plans & Fees

Coverage limits (higher limits may be available)

Flexible payment plans for any policy

■ Up to $10 million for commercial and professional liability

■ Full payment (no installments)

■ Up to $5 million for personal exposures of owners and officers

Core Coverage ■ Business operations — broadened coverage and excess limits protection for agent/agency’s business and employees for liability incurred as a result of normal business activities. Policy provides coverage over an agency’s commercial general liability or businessowners, employers liability and commercial auto.

Key Features

Coverage features

■ Excess over underlying E&O

■ Personal injury

■ Personal umbrella coverage for owners, partners and officers, including members of their families. Sub-limit does not affect total limit.

■ Libel, slander and advertising offense

■ Employment practices liability providing excess limits on a following-form basis. Sub-limit does not affect total limit. ■ Excess over business coverage ■ Defense coverage outside policy limits ■ Affordable minimum premiums for 9 employees or fewer ■ One source for all excess coverages ■ Blanket protection for most risks ■ Flexibility to meet the needs of any agent, including flexible pay plans

Rating ■ Staff rating for agencies with 9 or fewer employees ■ Excess rated for agencies with 10+ employees or special acceptance categories ■ Refer to state rate pages

■ First-dollar legal defense provided for claims not covered by underlying insurance ■ Professional liability — excess limits protection on a following-form basis for errors and omissions in the course of the agency’s business as an insurance professional. Coverage can be written over occurrence or claims-made forms of a variety of primary E&O carriers.

Coverage features on a following-form basis ■ Full prior-acts coverage ■ Covers any person acting in a capacity as a real estate agent or notary. ■ Options unique to this program: • Personal coverage — broadened and excess personal protection for owners, partners and officers, including members of their families. (Submit ACORD Personal Umbrella Application.) • Employment practices liability — excess limits protection for liability incurred by named insured or employees for wrongful employment practices. Coverage can be written on a claims-made basis over a number of approved EPL carriers. Maximum available as a sub-limit is $2 million. (Submit a copy of underlying EPL application.)

■ Two payments — 50% down, one installment of 50% due three months later ■ 40/30/30 — 40% down, two installments of 30% each due every other month ■ Quarterly — 25% down, three installments of 25% each due quarterly ■ Monthly — 20% down, five installments of 16% each due monthly

Available payment plans by premium level ■ Premium up to $1,000 — full payment or two payments ■ Premium of $1,001 to $5,000 — full payment, two payments, 40/30/30 or quarterly ■ Premium greater than $5,000 — any payment option

Applicable fees ■ Service fees: No service fee will be added to the initial payment. A $4 service fee will be added to each installment billing.

EMPLOYMENT PRACTICES LIABILITY INSURANCE ABA Insurance Services offers comprehensive EPLI and cyber programs

PIA of Tennessee Partners

(as of 2/1/19)

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504 Autumn Springs Court Suite A-3 • Franklin, TN 37067 Phone: 615-771-1177 • Fax: 615-771-3456 Contact: Kristopher Fisher, kfisher@piatn.com Visit: www.piatn.com