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The Human Side of E&O Risk Management

Posted on June 14, 2013 by Sharon Koches

As I prepare for agency visits, my thought process goes to E&O Risk Management Resources.  In reviewing the E&O happens website at www.iiaba.net/eohappens I find an interesting publication called:  “Swiss Re Corporate Solutions:  Attorney Survey of Agents E&O Litigation”  Someone obviously had a sense of humor when they put this together ~ it gives insight into the minds of the E&O Defense Counsel ~ the first section is about getting to know them ~ their greatest strengths, what makes them smile and what profession they would be if not an attorney – this may surprise you.   (We are a relationship business ~ right!?)  But on a more serious note, this publication offers guidance – some we discuss in our E&O Loss Control classes, but others, not so much.

Here is the list of topics covered in this 24 page publication:

1)      Common Allegations

2)      Things to Remember when Claims Occur

3)      Most Common Agent Errors Attorneys See

4)      Preventing E&O Claims

5)      Prevailing When it Happens to You

6)      What’s Exposing Your Agency?

7)      What’s in your File – Good Documentation?

8)      Naughty or Nice:  Checklists

9)      Lessons Learned:  Cases with Happy Endings

10)   Preparing and Participating in Depositions

11)   Preparing and Participating in Mediations

12)   Emotions During the E&O Claims Process

13)   It Takes Time to Make a Claim Go Right

14)   What Should You Be Looking For In a Claims Department

E&O claims do happen – an error, an omission or just because the insured made a decision that comes back to bite them.     This is a good read for all agency staff.   If we write your E&O insurance, you can download this publication by going to:  www.iiaba.net/eohappens.     If we don’t, just give us an opportunity to quote your insurance by providing a completed copy of your current carrier’s application and we’ll provide a copy of this publication.

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Installation of the 2013-2014 RAIP Officers

Posted on June 12, 2013 by Sharon Koches

I had the pleasure and privilege last night of installing the 2013-2014 slate of officers for the Raleigh Association of Insurance Professionals (RAIP). IIANC’s own Jeanne Hess was installed as President. Jeanne’s message to the group included “listening to young insurance professionals and their ideas” to help bring the new generation into RAIP. She said that “we can remember the past and cherish the roots, but incorporate new ideas with a new style to grow, share talents and network.”

2013-2014 Officers:

President – Jeanne Hess, CISR, CPIW, DAE, AAI, AIS (IIANC)

President Elect – Beth Black well, AAI, CPIW (NC Department of Insurance)

Vice President – Debbie Pass Soles, CPIW, CISR, CIC (Medical Mutual)

Secretary – Barb Hutchinson (Builders Mutual)

Treasurer – Wanda Manning, CPCU, CPIW, CIC  (SAU)

Immediate Past President – Janet Davis, CISR, CPIW, AAI, CRIS (First Citizens Insurance)

Congratulations to Jeanne and all of the newly installed officers of the Raleigh Association of Insurance Professionals!

Posted in Insurance | 3 Comments

Publically Available Workers’ Compensation Insurance Information

Posted on May 28, 2013 by Stuart Powell

There has been a lot of attention to workers’ compensation in the last year.  One of the issues regularly discussed is the need for public access to worker’s compensation insurance information.  The North Carolina Industrial Commission has been a repository of such information for some time but access has been limited.  Now there is a website providing public access to available workers’ compensation employers and their insurance.  There is a disclaimer on the certain aspects of the information.  Also it may take a few attempts at inputting usable search data to get results.  However, it is a great source of publically available information on employers and their workers’ compensation coverages.

https://ccms.ic.nc.gov/insurancecoverage/inscov/insCoverageSearch;jsessionid=349F27803E0BF1B39BF0D7DB9B354A17

Posted in Insurance, Workers' Comp | Comments Off

Maximizing Your Internet Presence

Posted on May 23, 2013 by Rena Todd

Guest post from Steve Anderson, nationally recognized expert in agency automation and social media, will be here for an encore presentation of his popular Agency Internet Boot Camp on June 18th. Don’t miss out on this working seminar designed to give you the tools you need to use social media such as Facebook, Twitter, Google and YouTube to enhance both the visibility and the revenue of your insurance agency.

Click here to sign up today!

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In the past, being visible on an Internet search results page required a fairly decent website and some basic knowledge about search engine optimization. While an agency website is still the cornerstone of your Internet presence, it is no longer nearly enough. In today’s interconnected world, being visible to prospects that are searching for insurance information requires a much broader Internet presence than a single website.

Following is a list of some of the areas that every insurance agency needs to explore in order to expand their visibility and become “findable” on the Internet.

Agency website(s): As just mentioned, an agency website is a cornerstone of your strategy. Your existing website should be transformed into a customer service portal specifically designed for current clients. Your prospecting and marketing website(s) are then designed for the specific type of business or line of coverage you are marketing.

IMG_6376-Edit(12).jpgWebsite content: Every agency needs to consistently update their website with fresh content. I know what some of you are thinking: How can I write a article? When will I have the time? I can assure you that creating new information to put on your site is much easier than you think.

Fresh updated content will help increase your findability on search engines. Search engines like fresh content and they reward you with a higher possibility of showing up on a search engine results page.

Local search: Insurance search terms are in the top three most expensive paid terms on Google. Most organizations simply can’t compete with the advertising budgets of the Progressives and Geicos of the world. But any organization can compete when they maximize their local search presence. Every agency with a physical location needs to claim their Google Place. Facebook Place and LinkedIn Company page.

Facebook: Every agency needs to have a well-designed Facebook page for your agency. This is an important first step. Facebook advertising should also become a vital part of your marketing budget.

LinkedIn: Successful producers know that the core of their success is based on being able to network effectively. LinkedIn provides a platform that allows you to network with other business owners, just as you do with Rotary or Chamber meetings. Every person in your agency should have a fully complete LinkedIn profile.

Twitter: I don’t care what people are having for lunch—but Twitter has become much more than a narcissistic listing of the details of your lives. For me, it has become another research tool. If someone I trust tweets information about an article they found helpful, I’m more likely to read that article. Search engines also have begun indexing tweets in real time. Tweets will help increase your Internet presence.

YouTube: Video is big—really big. YouTube is a great site to help you build your video presence. You can create video’s that explain coverage, or provide information in an emergency.

woman_showing_a_cell_phone_198503Mobile: “There’s an app for that” is a phrase everyone is hearing more and more. Add to this the dramatic increase in tablet platforms like the Apple iPad and the Motorola Xoom. Mobile is big and will just get bigger. Your agency needs a customized agency mobile app.

Text: The average teenager sends over 4,000 text messages a month. Text is how a growing number of your prospects and clients communicate—not just with friends but with everyone. What are you doing to make text a communication option for your clients?

Ratings and reviews: Consumers have a voice today unlike any time in the past. But, this option makes most agency owners very nervous. “What if someone gives us a bad review?” is a question I hear often. A negative review is your opportunity to know about a problem, take steps to try to correct the problem, and then let others know how you handled the issue. A negative review is your opportunity to shine. If you receive a lot of negative reviews, then you have other problems that management must address.

Feeling overwhelmed?

We recommend that you spend 15 to 30 minutes each day working on maximizing your Internet presence. Decide what is the most important for your agency and simply begin. It is more important for you to start than to worry about making everything perfect. You will make mistakes. Some items won’t work well for you. That’s OK. Learn and keep moving forward.

Keep in mind that maximizing your Internet presence is not a project that you complete; it’s a process that you need to build into your marketing, sales, and customer service strategy.

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Steve Anderson provides information to insurance agents about how they can use technology to increase revenue and/or reduce expenses. He speaks professionally to hundreds of agents each year at National Alliance events and at many state association conventions and technology forums on the future of technology, the social web, and how insurance agencies can establish their Internet presence. He has authored many articles that have appeared in virtually every insurance industry publication. Steve has over 30 years experience in the insurance community. Check out his website for more information: http://steveanderson.com

Posted in Marketing, Social Media, Technology | Comments Off

The Future of the Insurance Industry Is Bright

Posted on April 24, 2013 by George Robertson

Recently, I was asked to be a guest speaker in the East Carolina University Risk Management & Insurance program for the “Topics and Finance” class. Our theme for the day was based on life questions…in particular THE question most college graduates will inevitably face, “What do you plan to do after you graduate?”

When this question was poured on me numerous times upon my graduation from NC State, I responded with “find a job!” I am certain my father had the same sentiment, and at that time in my life, I would have been happy to land a job with any company. I was amazed when I presented this question to these young determined college students, as they responded with much more definitive answers. Most stated they wanted to be an underwriter for a carrier, some acknowledged a desire to work in claims, another student revealed she wanted to own an agency, and one even said she already had a job with a carrier upon graduation.

Once our life question was answered, I thought it would be appropriate to inform our students on the potential job opportunities in the insurance industry that are available today. First, we discussed positions with the carriers. This was a good topic since a number of the students mentioned they would like to be an underwriter. Underwriters, adjusters, actuaries, and yes, even marketing representative positions were discussed. All good positions and each with its own set of criteria.

Next, I ventured into vendor positions in the world of insurance. This is not an area most people think about when looking for a job in the industry. Even our rating, management system, website, Project CAP and other insurance vendors need a knowledgeable staff. Positions ranging from product marketing, sales, product development and support staff are needed by our vendors to be effective and successful.

Finally, we discussed opportunities available with Independent Agents. During our dialog, I explained the different commercial, personal, and benefit Customer Service Representative positions there are in agencies. For those who were more sales oriented, we talked about the requirements to be a producer and how rewarding it is to build your own book of business. Those who love to crunch numbers are also valuable to our agencies, as we are always looking for good accounting staff. Of course we can not leave out the agency owners; after all, one student in this class had a goal of owning her own agency. One has to admire this entrepreneurial spirit!

We have to remember that not only do we as Independent Agents offer opportunities to these students; they can help us to engage this new, younger, more tech-savvy generation and create more opportunity for our agencies. Several months ago, I stumbled upon an agency in Wisconsin that hired a college student to focus on their social media and marketing strategies. With the explosion of social media, I feel this is a great move by that agency to reach out to the next generation of insurance buyers and engage with them on their terms. Today’s students bring with them the understanding of social media and better ways to use technology to become more efficient.

As your agency begins to look for new talent, please remember our North Carolina universities providing degrees in Risk Management and Insurance. We are blessed with some of the best schools producing well-informed apprentices right in our own back yard! Take time to reach out to Appalachian State University, East Carolina University and UNC-Charlotte to find an intern for the summer or school-year or hire a full time employee. Contacts for each school are below. Resume books and/or profiles of interested students are available. Some of the schools also host annual Career Days where you can talk in person with students.

Appalachian State University – Greg Langdon, langdongm@appstate.edu

East Carolina University – Dr. Brenda Wells, wellsbr@ecu.edu

UNC-Charlotte – Tom Marshall, tsmarsha@uncc.edu

To the incredible ECU students who welcomed me to their class and endured my “hilarious” jokes and anecdotes, I wish you the very best in your future career. A special note of gratitude goes to Dr. Brenda Wells for the opportunity to speak to your students. It was enlightening to see a group of ambitious young people yearning to learn more and eager to enter the world of insurance. I was truly blessed.

Have you used an insurance student as an intern in your agency or hired one to begin their career with you? Any suggestions to share on having a successful internship program in your agency?

 

Posted in Career Opportunities, Internships, Perpetuation | 1 Comment

Auto Rate Modernization – Is There a Problem??

Posted on April 11, 2013 by Kelley Erstine

Some agents have asked us why IIANC is supporting Auto Rate Modernization, and specifically House Bill 265, when there doesn’t seem to be a problem. Good question.

We’ll give in on the first issue. If your agency writes nothing but non-standard auto policies, then you probably have a right to question your Association’s support of HB 265. We understand some of your concern. But in the long run – IIANC’s position makes a lot of sense.

Our mission is to simply  phase out over a five year period,  the “clean risk” subsidy and move the pricing of auto insurance to a more free market system where companies can introduce new, innovative products and insurers can compete more vigorously for the least risky drivers. If we can move to operating in a similar type of system that most other states enjoy, then the prospects appear brighter to seriously look at the property market in the near future. We think tackling the auto rating system is the first step in what can be a long process in correcting the property issue.

The North Carolina Reinsurance Facility (the place where these policies exist) currently has over 1 million drivers in what is supposed to be the “market of last resort”.  That’s more than all other 49 other states combined. In fact, North Carolina’s automobile insurance system imposes a special tax (surcharge) on all drivers in order to subsidize coverage for risky or hard to place drivers. As a result of this surcharge, the least risky drivers – who tend to be older and female – pay more than they do in other states.

GMAC and other companies fighting HB 265 cede much, if not a majority, of their business to the Facility. Basically, they have no risk in the business but simply get paid for servicing the policy. Do Nationwide, GMAC and other companies fighting our bill conduct business in other states that operate in a system that is free market driven and not beholden to bureaucratic red tape – YOU BET THEY DO! So, why can’t that be the norm in North Carolina?

Please call your State Representative today and ask them to support HB 265 by Representative Collins.  Yes – there is a problem.

 

Posted in Auto Insurance, Insurance, Insurance Regulation, Legislative | 2 Comments

Top 10 Reasons You Should Be Using Social Media

Posted on March 21, 2013 by George Robertson

1.  Your Grandmother is doing it.
Yes, even your grandmother is doing it.  Grandparents across the country are signing up for Facebook accounts to do what you might ask. Why see their grandchildren, of course! Yes, social media has made it possible to see grandchildren growing up and be a part of their lives no matter the location or distance. This gives your agency the ability to market services that pertain to families with a newborn, children getting their license, going off to college, etc.

2.  Remember your mom’s birthday. 
Can you even imagine forgetting that special day?  Social media allows you to be notified of special dates in your life. Once notified, you can easily wish your mom or anyone else happy birthday from your Facebook page.  Now I would not recommend wishing your spouse happy birthday over Facebook – that is better accomplished in person. But from a business perspective, this is an excellent way to have a simple touch point with your customers.

3. Keep up with your agency’s reputation.
If you don’t think people are talking about your business on social media, think again. Today, social media provides the ability for happy or disgruntled customers to post their feelings about your agency online. Keeping up with this information is important for the agency so you can respond as needed.

4. Promote your agency’s community service involvement.
Most of the time, people are not aware of the community service projects your agency performs. Placing information on social media helps to inform the community not only of your service, but the needs of your community.

5. Share what you had for dinner.
Well actually, I would not include this on my page, but many people love to share details about their lives. However from a business perspective, this “sharing” can help you obtain valuable information on clients or prospects so you can provide the correct policies your customers need. If someone is asking questions about a new motorcycle or sharing pictures of the one they just got, you have an opportunity to contact them about a policy.

6. Find your long lost high school friend.
Locating people within your former list of friends or business associates has become much easier with the adoption of social media.   Even the ability to see your friend’s “friend list” is a great way to reconnect and also find potential customers.

7. Find new friends.
As mentioned above, you can easily determine if one of your business friends is a friend of someone at another company you would like to meet. You can request an introduction on social media or simply ask your friend to setup a lunch meeting with the person you would like to meet. Many people are using LinkedIn every day to meet new business associates.

8. Brand your agency.
Yes, branding – that wonderful term we learned in Marketing 101. Branding your business is essential in today’s fast moving social media environment.  You should post information on community service, staff, award, and customer accomplishments as you become aware of these events. Let people know about your agency and what you are doing in the community.

9. Produce inexpensive commercials.
By using a smart phone with video capability and a YouTube account, you can create simple informational videos to post on your social media site. Gone are the days where you had to pay a production company thousands of dollars and then work with your local television station to play them during a given show. Now you can post these online for free. Customers can find the videos they are looking for and get the answers they need.

10. Engage your customers.
Yes, we must engage our customers. With Facebook approaching 1 Billion users and other channels like Twitter, LinkedIn and even Pinterest growing rapidly, your business needs to develop a social media strategy if you have not done so already. Customers today like the ability to go online and find information quickly when they want it. Just the other evening, I received a question from a client on social media and was able to respond back immediately providing prompt customer service.

Now, all you have to do is just get started. As IIANC’s automation and technology specialist, I can help your agency develop a social media plan or take your existing one to the next level. Contact me at grobertson@iianc.com with questions.

Does your agency have a social media plan? What have you found to be the most beneficial part of being active on social media? If you’ve held back on setting up a Facebook account or starting to Tweet, what are your reservations? Any social media tips to share? Let us know in the comments.

Posted in Marketing, Sales, Social Media, Social Networking, Technology, Uncategorized | Tagged , , | Comments Off

North Carolina’s Archaic Insurance Rate System Unique in U.S.

Posted on March 15, 2013 by Natalie Simpson

Guest post from IIANC Chairman of the Board David Purinai, AAI, CIC, CRM. David’s opinion piece was originally printed in the Rocky Mount Telegram on 3/9/13.

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Which is less expensive? One scoop of ice cream for a dollar or two scoops at $1.50? If you listen to some of the voices in Raleigh who are opposed to auto rate modernization, they’ll clearly tell you that the single scoop for a dollar is cheaper.

Currently, insurance companies who do business in North Carolina are limited by our state government as to how they determine what they will charge for your insurance and what particular coverages they can provide to you the consumer.

This archaic way of pricing has been in existence since the mid-1970s and is unlike any other state in the United States. In fact, most insurance companies will put North Carolina at the bottom of the list when it comes to introducing a new product or coverage enhancement.

Virtually all of the enhancements advertised on national television for auto insurance are not available to consumers in North Carolina.

Add insult to injury, North Carolina currently has more than 20 percent of its drivers in a market of last resort (N.C. Reinsurance Facility), which is subsidized by our state’s preferred drivers. It gets worse. North Carolina has more drivers (more than 1 million policies) in this market of last resort than all other 49 states combined.

So guess who is opposed to changing this highly political, one-legged stool of a system? It’s those companies who have much of their business in the profitable, subsidized state market of last resort.

I’m not an elected official but an independent agent who has been representing my clients for more than 28 years. These are the customers who should have the ability to buy insurance in a free and open market system – just like everyone else in the nation does.

Some customers want two scoops of ice cream for $1.50 and believe that is a better deal. Please allow North Carolina to become a more free market and support auto rate modernization.

David W. Purinai
 AAI, CIC, CRM,
President, MSH Insurance
Rocky Mount, NC

Posted in Auto Insurance, Insurance, Insurance Regulation, Legislative | Tagged , | Comments Off

Court Case Making Waves in Workers’ Comp Markets

Posted on August 3, 2012 by Stuart Powell

A recent court case from the North Carolina Court of Appeals, Gonzalez v. Worrell, et. al., that was issued in late June of this year is already making waves in the workers’ compensation markets.  There are two issues addressed in this case that are covered in two respective white papers dealing with general contractor/subcontractors and with the importance of Certificates of Insurance.  This ruling will have an effect on our workers’ compensation markets and may require some legislative attention to ultimately resolve these issues. Please click on the links below to view the white papers.

A Review of Gonzalez v. Worrell, et al. – Part I
When is a Cancelled Policy Cancelled?

A Review of Gonzalez v. Worrell, et al. – Part II
Are Certificates of Insurance that Important?

Let us know what you think. And if you have questions, contact me at spowell@iianc.com.

Posted in Certificates of Insurance, Insurance, Insurance Regulation, Workers' Comp | Tagged , , | Comments Off

Engaging Your Customers with Social Media

Posted on March 30, 2012 by George Robertson

In February, we hosted a webinar on “Engaging Your Customers with Social Media” and informed our agents of the millions of people now using this new type of communication.  Facebook has over 845 million users, while Twitter and LinkedIn are going strong at 150 million each.  Kelly Barefoot, a staffing consultant, informed us of the $800 billion dollar purchasing power of the millennial generation.  Millennial’s are using social media to find information about products and gather information.  Therefore, it is essential that we, as independent agents, equip ourselves with the tools needed to communicate with this generation.

Facebook, Twitter, LinkedIn, and YouTube are just some of the tools agencies will need to use for better communication with millennials.  Adriane Little of The Willey Agency in Nags Head shared with us how their agency used Facebook to inform clients about Hurricane Irene.  During the storm, she posted updates about the strength of the storm and how to file a claim.  Many of their customers have secondary homes on the Outer Banks and were pleased with this on demand information.

Bryan Miranda of Darden Miranda Insurance Associates in Fayetteville told about how he regularly blogs on insurance issues to help educate his clients. Karl Sherrill of Senn Dunn in Greensboro shared some great insight into the world of LinkedIn. Producers can use LinkedIn to establish a warmer introduction to prospects and help inform clients about the producer’s knowledge of insurance from recommendations. Cindy Donaldson of The Founders Group in Connecticutt spoke about the usage of Twitter, YouTube and mobile applications.  Her knowledge of social media has helped to engage their customers and increase retention. 

One of the webinar attendees asked a very good question - how does an agency get started and what tools should they use to form a social media strategy? 

Well, my belief is you should pick either Facebook or LinkedIn to begin your agency’s venture into social media.  Start by creating an agency Facebook page or personal LinkedIn page.  Make a few posts on the site regarding community events and your agency’s involvement in those events. As Kelly stated in our webinar, you want your customers and prospects to see that you are community oriented.

Another question centered on who should be the person to update the social media site.  You need to select someone that does not mind having their name associated with the social media site.  Make sure this person can communicate effectively and is committed to posting something once a week.  Remember if you have people in your office that do not want their name on social media, just omit putting any personal information about that individual. Also, it only takes a few minutes to make a simple post to the site.  Do not be too concerned with the amount of time you will spend updating your social media site.

As you progress with your venture into social media, remember your association is here to help you. We have the ability to train you on setting up each platform and recommendations on usage of each platform.  If you have more questions, please post them here or contact me at grobertson@iianc.com.

Interested in viewing a recorded version of the webinar “Engaging Customers with Social Media”? Click here to view. 

Posted in Marketing, Sales, Social Media, Social Networking, Technology | Tagged , , | Comments Off

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