The Oregon Agent Spring 2013

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Untitled-2 1 3/12/2012 11:22:37 AM

Spring 2013 • The Oregon Agent 3

IIABO Office5550 SW Macadam Suite 305

Portland, OR 97239Phone: 503-274-4000Fax: 503-274-0062

Toll Free: 866-774-4226

IIABO Staff DirectoryExecutive Vice President

Jim [email protected]

Vice PresidentMarketing & Communications

Barb [email protected]

Assistant Vice PresidentEducation & Finance

Tyra [email protected]

DirectorAgency Products & Services

Abby [email protected]

IIABO LobbyistRoger Beyer

[email protected]

For more information on advertising,contact Jim Aitkins

Blue Water Publishers22727 - 161st Avenue SE

Monroe, WA 98272360-805-6474 fax: [email protected]

The Oregon Agent is the official magazine of the Independent Insurance Agents and Brokers of Oregon

and is published four times yearly. IIABO does not necessarily endorse any of the companies advertising in

this publication or the views of its writers.

SPRING 2013

INSIDE THIS ISSUE:

THANK YOU ADVERTISERS:

6 Letter from the President

8 IIABO 2012-2013 Leadership

10 Agency Strategies to Send & Receive Personal Data Securely

14 Childhood Customer Service Lessons

16 Six Decisions You Don’t Want Your IT Consultant to Make

18 Valuing Insurance Agencies

22 When Does Incentive Compensation Make Sense?

26 Can You Teach a Dog To Quack?

28 Wrap Around Selling

AAA 30

Agency Software 15

Anderson and Murison 29

Burns & Wilcox 9

Capital Insurance Group 21

Charity First Insurance 31

Cooper Construction Co. 23

Grange Inc. 5

Griffin Underwriting 2

Hull & Company, Inc. 20

IES 7

Imperial PFS 13

J. R. Johnson 11

Liberty Northwest 32

Preferred Property Program 15

RT Specialty 23

Ron Rothert Insurance Services 17

Superior Underwriters 17

TAPCO 25

Verity Risk Management 23

Western National Ins Group 3

Winery Pak 11

4 The Oregon Agent • Spring 2013

My thanks to all of you who attended the “Day on the Hill” in Salem, February 27th. Knowing and working with our state legislators is important to

our success. I also want to extend my thanks to the representatives of NAIFA and PIAO/I who worked hard to help organize and promote this event.

On April 18, 2013 the Independent Insurance Agents and Brokers of America (IIABA) will see over 1,400 agents in Washington D.C. visiting their legislators on Capitol Hill. The event is the annual Legislative Conference, and all 50 states and the District of Columbia will be represented.

The IIABA is a powerful lobby for independent insurance agents and additionally, the Legislative Conference puts our “grassroots” strength on display. Agents begin the day with a breakfast briefing and insights from a variety of legislators, both Republican and Democrat. Over the years, the breakfast has attracted leaders from the senate and house, and has included President’s Carter, Clinton and Bush.

Later that day, up on the Hill, individual discussions are held with each of our legislators or representatives from their senior staff. Last year we had personal meetings with senators Wyden and Merkley. We also had face to face meetings with representatives Bonamici, Walden and Schrader.

It is important to remind our lawmakers that the insurance industry was not part of the financial meltdown of 2009. Vigilant state regulation and strong, conservative financial underpinnings enabled both the property/casualty and life insurance industry to remain strong, not seeking federal bail outs.

The role of the insurance agent as advisor, advocate and expert is constantly reinforced during our day. Unlike other purchases, insurance is a complicated transaction requiring the guidance of a trusted advisor. I personally find the Legislative Conference one of the most important and rewarding activities in which I participate.

Putting a “face” on our business and educating our legislators is very fulfilling. Joining me in our nation’s capitol will be John Timm, Timmco Insurance (Portland), Brian Wilbur, Pacific Insurance Partners (Forest Grove), and Jim Perucca, Executive Director of the Independent Insurance Agents and Brokers of Oregon (IIABO). If you would like to learn more, or if you would like to get more involved in the Big I, I’d welcome the chance to visit.

Your association staff:

Executive VP Jim Perucca 503-274-0583 [email protected] & Communications Barb Demings 503-274-4000 ext. 26 [email protected] & Finance Tyra Dressel 503-274-4000 ext. 31 [email protected] & Services Abby Kahl 503-274-4000 ext. 23 [email protected]

Toll Free Numbers: 1-866-77-IIABO or 1-866-774-4226

FROM THE PRESIDENT

Gary Githens, IIABO PresidentBeecher Carlson541-749-4954

Gary Githens


20Years

. . . . . . .

7

Ryan MillerFinance Chair

Miller InsuranceTualatin

Brian WilburNational Director

Pacific Insurance PartnersForest Grove

Steve WilsonVice President/Education Chair

Ashland Insurance, Inc.Ashland

Keith BlackerbyBoard Member

Bisnett Insurance, Inc.Lake Oswego

Steve FitzwalterBoard Member

Rogers, Fitzwalter & PowellPortland

2012 - 2013 IIABO LEADERSHIP

Bradd HillBoard Member

Chet Hill InsurancePortland

Trish FulwilerBoard Member

J.D. Fulwiler & Co.Portland

John TimmBoard Member

Timmco Insurance, Inc.Portland

Debbie KrambealBoard Member

CAL/OR Insurance Specialists, Inc.Harbor

Jim GingerBoard Member

KPD Insurance, Inc.Springfield

Gary GithensPresident

Beecher CarlsonBend

Adam HarrisBoard Member

LaPorte & Associates, Inc.Portland

Ed DavisBoard Member/Legislative ChairMaPS Insurance Services, LLC

Salem

Brett SlaterBoard Member

Slater & Assoc. Insurance, Inc.Tualatin

Matthew PidcockBoard Member

Valley InsuranceLaGrande

Greg HornerBoard MemberUSI Northwest

Portland



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Agents are being increasingly asked by their E&O underwriters whether they encrypt their clients’ personal data when it is being transmitted. This article provides recommendations with regard to two major areas agen-cies need to address – securing email and securing their websites when personal data is requested. It also discusses “encryption” and major types of “personal data” that are the subject of the various laws. Finally, the article outlines the type of resources that are available on the ACT website to help agencies address the those issues, as well as to develop and implement a comprehensive agency information security policy and program for their agency.

Agency Strategies to Send & Receive Personal Data Securely

By Jeff Yates, ACT Executive Director

It is no wonder then that E&O underwriters extending coverage for data breach to agencies increasingly are asking their applicants whether they encrypt or use other protective measures to safeguard this client personal data

when it is being transmitted. This article explores approaches agencies can take to protect personal data in transit and then references a number of resources to assist agencies.

EncryptionA common question agents ask is: “what is encryption?” When you think of encryption consider those codes the military employs to keep conversations unintelligible to the enemy. You can find many definitions of encryption on the Internet, but I like this simple one from Microsoft:

• Encryption is a way to enhance the security of a mes-sage or file by scrambling the contents so that it can be read only by someone who has the right encryption key to unscramble it. For example, if you purchase something from a website, the information for the transaction (such as your address, phone number, and credit card number) is usually encrypted to help keep it safe. Use encryption when you want a strong level of protection for your information.

Requiring a strong password to gain access to your system is an important security procedure, but it is not the same as encrypt-ing the data within the system.

Personal DataWhat are the types of “personal data” that are most sensitive and need to be encrypted when transmitted? The definition of “personal data” can vary by state and is contained in the state data breach notification and privacy laws, as well as in various federal laws, such as HIPAA (PHI – Protected Health Informa-tion). Insurers, too, might employ various definitions of “per-sonal data” in their policies, so it is incumbent upon the agency to be familiar with not only the specific laws but also the coverage definitions that apply to the agency. Note also that the applicable state law is based upon the residency of the individ-ual whose personal data is being protected, not the location of the agency. This is an important consideration for both agencies writing business in multiple states and agencies writing policies that cover individuals who reside in multiple states.

With all of the above caveats, the most commonly men-tioned types of non-public, individually identifiable “personal data” covered in the laws are those such as: social security numbers, driver’s license numbers and other government issued ids, debit and credit card numbers and pins, bank and financial account numbers, and protected health information (PHI under HIPAA). While often not mentioned in state laws, other particu-larly sensitive personal data that should be protected includes information commonly used for security verification (mother’s maiden name, date & place of birth, etc.) or sensitive insurance information (such as jewelry schedules).



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It is important for agencies to know what types of personal information they collect, where it is retained and who has ac-cess to it. They then need to decide whether they really need to keep this sensitive information. For example, many agencies no longer retain copies of bank checks and are careful only to pass along credit card numbers to carriers, but not to retain them, so that they do not become subject to the comprehensive PCI (Payment Card Industry) compliance requirements. These agencies are also extremely careful to shred this personal data as soon as it is no longer needed.

Further, if the agency decides it must keep particular sensi-tive personal data, it should limit access to it to only those em-ployees who need to see it, to maximum extent possible. This is particularly true for Protected Health Information. Finally, the agency should be careful to make sure that this personal data is kept off of PCs, mobile devices, thumb drives, where there is a significant risk of loss or theft.

PCs & Mobile DevicesUsers of PCs and mobile devices should be trained to

remove any emails with personal data that may be received on these devices, as soon as they are read. In addition, the agency should audit to make sure any PCs and mobile devices that can access agency applications are password protected. Further, the agency should implement software that can wipe all of the data off of these devices should they be lost or stolen, restoring them to their original manufacturer’s state.

Secure EmailEmail is the first major area where agencies need to begin to encrypt their communications to carriers and clients when personal data is included. Some prominent examples of emails likely to include personal data include: sending insurance ap-plications to carriers for a quote or to clients to complete or to sign, and sending insurance policies to clients.

With respect to emails between agencies and carriers (and general agents), ACT recommends that TLS secure email be implemented wherever possible. TLS (Transport Layer Securi-ty) is an open standard that once implemented between an agen-cy and a carrier (both parties must have TLS implemented), all of the emails between the partners go securely in a manner that is transparent to the end users. In other words, the agent or car-rier underwriter does not have to go to a proprietary website to pick up each email (which many underwriters will not do and is inefficient for agency employees to do). TLS is a great solution for business partners where there are frequent email communi-cations going back and forth.

Many agencies can implement TLS if they have email servers or hosted solutions that offer TLS. We recommend that the initial TLS set up be handled by the agency’s technology person, who should also verify that the TLS is working prop-

erly with each carrier and general agent. You will find a number of resources that explain TLS secure email more thoroughly on the ACT website (see “ACT Resources” below), including a list of carriers which have advised us that they have TLS available.

Unfortunately, most agency clients will not have TLS capability and therefore, TLS is not a solution for communica-tions with them. This will require the agency to implement a proprietary email solution as well for these clients. When the agent sends a secure email to the client using one of these pro-prietary solutions, the client accesses it on the email vendor’s secure website. The secure email tool also enables the client to send a secure email back to the agent, which is very helpful when the client is being asked to complete a D&O application, for example. Fortunately, there are a number of vendors which can help agencies with both TLS hosted emails and proprietary emails, as well as to provide many other useful tools. (Two examples of such vendors are AppRiver and RPost.)

Real TimeToday email is used heavily to convey applications and other information between agencies and carriers and general agents, particularly in commercial lines. It is important to note, how-ever, that Real Time offers a more efficient and secure method to handle these communications, where the communications are automatically encrypted and kept within the agency’s and car-rier’s management systems.

Agencies are heavily using Real Time for personal lines and we need to increase the usage in commercial lines. Many agencies and carriers are already using Real Time to submit commercial lines applications and make quote requests for small commercial business, and some have started to use their real-time functionality to make mid-commercial submissions.

In addition, there is great potential for the industry to use Activity Notifications to communicate other types of messages directly between the parties’ systems (such as the need for more underwriting information), without having to manage a morass of emails in employees’ mailboxes.

We urge agencies and carriers to continue to push the use of Real Time within their organizations and with their business partners, particularly for commercial lines transactions and communications. Real Time is the workflow of the future for commercial lines, as well as personal lines. Email is not.

Agency WebsitesIt is also critical that agencies provide secure website connec-tions for consumers when they ask the consumer to provide personal data on the website – to receive a quote, for example. The website should create a secure “https” tunnel before the consumer can fill out any form that asks for personal data, just as you would experience when purchasing something online or banking online.



In addition, if the agency provides a “non-https” protected free-form text field which the consumer can use to contact the agency and make requests, there is some risk the consumer will enter private, personal data. Therefore, it is a best practice to take one of the following steps with regard to this free-form text field: (1) to secure it, (2) change it to specified fields that ask only for basic contact information, such as name, phone number, email, address, or (3) include a note with the free-form text field that it is not secure and should not be used to provide any private personal data.

If the agency provides clients with the capability to access their insurance information or documents online, the website should create an “https” connection before any information can be accessed. Once again, agents should work with their website provider to help them with the technical aspects of creating this secure website capability.

Some agency E&O providers also require the agency to post a privacy statement on its website(s), if there is an option for the consumer to submit personal data through the website. It is important that the agency customize its privacy statement to track the agency’s particular data collection, usage, sharing, and protection practices with regard to data collected through its website(s). Honda’s financial services website privacy state-ment provides a good example of the types of information that are typically included in such state-ments.

ACT ResourcesThis article has covered a few of the areas agencies must manage when protecting the security of their clients’ and employees’ personal data. ACT has developed several resources for agen-cies to review as they establish and implement their agency’s comprehen-sive information security program. All of these resources are included on the Security & Privacy page of the ACT website. These resources include a prototype agency information security policy which agencies can use as a template to build their own customized policy or as a checklist of security is-sues they should address.

For more on TLS secure email, the ACT Security & Planning page includes articles, FAQs, a recorded webinar and a list of carriers which have implemented TLS. For more on securing your website and managing potential E&O exposures arising from

the website, see the article “Don’t Get Caught in the Web.” ACT’s Security & Privacy page also includes sample

website disclaimers, a recorded briefing on HIPAA-HITECH requirements for “Business Associates,” and additional articles focusing on: the E&O and security risks arising from the use of social media, precautions to take when using free, public Wi-Fi sites, and how to manage the “Bring Your Own Device” trend where employees are using their personal devices to access business applications.

Jeff Yates is Executive Director of the Agents Council for Technology (ACT) which is part of the Independent Insurance Agents & Brokers of America. Jeff can be reached here. ACT’s website is www.iiaba.net/act. This article reflects the views of the author and should not be construed as an official statement by ACT.

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As a child, from the time I could write, whenever I received a nice gift, Mom would say, “Write a thank you note.” That simple request was really more than simply writing a note. It was my parents’

philosophy about doing what was right.I’d been practicing magic – card tricks, rope tricks, etc. –

since I was ten years old. At around the age of twelve a brave mother asked me to perform a magic show at her son’s birthday party. I remember getting paid $16 for a 45 minute show. I worked hard on my routines and made sure at the very end I “magically” produced enough candy for the kids so if the show was bad, they would still love me.

And, at dinner that night Mom said, “Don’t forget to write a thank you note.”

In a very short time I developed some very good business habits. Now remember that I was only twelve. Here is what I learned to do:

1. A week before the booking (birthday party magic show), call the mom or dad to confirm I’ll be there and get any last minute details.

2. Show up early. This is even better than being on time.

3. Do a great job – the best I can do.

4. Leave a little late. Give them more than expected.

5. Send a thank you note the next day.

6. Call in a week to make sure everyone loved the show.

(This conversation could also lead to booking another party.)Take a look at those six steps. My business today operates

this same way; show up early, stay late, do your best, always say thank you, etc. I didn’t go to school to learn how to do this. I didn’t go to formal “customer service training” to learn how to do this. My parents taught me.

And, I bet some of the great customer service habits you (and the people you work with) might be rooted in childhood lessons from our parents.

Shep Hyken, CSP, CPAE Shepard Presentations, LLC 711 Old Ballas Road, Suite 215 St. Louis, MO 63141 (314) 692-2200 [email protected] www.hyken.com www.TheCustomerFocus.com

Author of “Moments of Magic,” “The Loyal Customer,” and the Wall Street Journal best-selling book “The Cult of the Customer.”

Shep Hyken works with companies who want to build loyal relationships with their customers and employees.

As a child, from the time I could write, whenever I received a nice gift, Mom would say, “Write a thank you note.” That simple request was really more than simply writing a note. It was my parents’ philosophy about doing what was right. Here are six things my parents taught me about customer service....

By Shep Hyken

CHILDHOOD

SERVICELESSONS

CUSTOMER

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Insurance agency owners and managers often feel uncomfortable making hard choices about information technology (IT) or for that matter, any decisions at all.

Here are six key decisions that the managers should make – not their IT consultant – to start managing IT more effectively. 1. Formalize who will make what decisions about what

aspects of ITEstablish a team of business people as an IT Action Team and take up as a first agenda item, IT governance: who makes what decisions about what and how and when these decisions will be made.

. 2. Decide how much should be spent on IT

Determine the strategic role that IT will play in your agency, and only then establish a funding level that will enable technology to fulfill that objective. IT goals vary considerably across organizations.Do not abdicate this responsibility to IT consultants to deliver solutions and services on a break-fix basis.

3. Agree on which business processes will receive your IT

dollarsThink very carefully about an overall IT strategy that is well aligned with your business plan and then map out and prioritize what projects will be done over a 3-5 year time frame.

4. Agree on which IT capabilities need to be standardized

Include standardizing large parts of, if not all of, your IT environment.

Systems using different standards can actually work against one another, resulting in an IT infrastructure whose total value may be less than the sum of its parts.

5. Establish service levels that state how good your IT

services areAn IT system that doesn’t work is useless. But that doesn’t mean every system must be wrapped in gold-plated functionality.

Make decisions concerning the appropriate quality levels of IT services. Many IT consultants are likely to opt for the highest levels – providing Cadillac service when a Buick will do.

6. Assess security and privacy risks and decide which ones

you will accept Weigh the level of protection you want against risks and the amount you are willing to spend.

Carefully consider the real needs of your business, any regulatory or industry best practices or competitive requirements before launching into a gold-plated security program.

Bob Chaput is President of American Technology Group, Inc., a disaster recovery and data protection services firm. Contact Bob at [email protected] or (615) 376-4891.

© 2005 American Technology Group, Inc. All Rights Reserved.

By Bob Chaput

Insurance agency owners and managers often feel uncomfortable making hard choices about information technology (IT) or, for that matter, any decisions at all. Here are six key decisions that the managers should make – not their IT consultant – to start managing IT more effectively.

Six Decisions You DON’T Want Your

IT Consultantto Make


Almost every agent who has come to Agency Consulting Group, Inc. during the last twenty years for merger, acquisition, divestiture or stock or book valuation has sought a simplified measure of value,

one that they could use to generalize the value of their own agency or others. Most have heard that agencies were being sold for one time, two times or some other multiple of commissions, revenues, earnings or some other gauge of income, gross or net.

Unfortunately, the only way to use industry averages and benchmarks to value a business is if most businesses in the industry are similar enough to validate using generalities. And the insurance agency industry has proven that individual entities can be so dissimilar that their values cannot be interpolated from simplistic industry averages.

A Simple (and all too frequent) Example:Two insurance agencies within a few miles of each other are both at $1 Million of revenue. Each came to Agency Consulting Group, Inc. with a desire for a valuation and each asked if the multiple of one to one and one-half times revenue was valid. We asked each to complete our Valuation Questionnaire including providing us their financial and book of business documents to support a valuation.

One time. One and one-half times. Two times. Multiple of commissions. Multiple of revenues. Multiple of earnings. Do any of these so-called benchmarks and “thumbnail measures” have any bearing on the value of your or any other independent or captive, retail, or wholesale P&C or L&H insurance agency? The answer is both YES – AND ABSOLUTELY NOT!

Valuing Insurance Agencies

By Al Diamond


Here is what we found:Agency One was fifty years old and reached two million in

revenue about ten years ago. For five years they were relatively stable then their income began slipping regularly for the last five years until they approached us with their $1 million book of business. The owners were both near 70 years old; the employees were either in their late 60’s or were new to the agency.

The loss of business was a sign of the aging of a client base with most lost business due to clients retiring, selling their businesses or dying.

Agency Two began five years ago with two young producers going off on their own. The staff as well as owners are in their thirties and forties as are most of the businesses and clients that they insure. They spend a great deal of time and effort marketing and in growth plans.

Would a benchmark or average sale price of agencies apply to both (or either) of these businesses??

The valuation of an insurance agency is constructed differently from that of a commercial building or of that of service business like a dry cleaner. While conditions could change that would render common value methods for the building or dry cleaner invalid under certain circumstances, most buildings and businesses like dry cleaners exist in a relatively stable environment and enjoy commonalities with

other relatively similar buildings and businesses. Insurance agencies are so different from one another that, while industry averages exist, they do so only as a point of reference, not as a measurement tool.

Take three different agencies of $1 million in revenue. One is a general agency insuring primarily personal lines with 1000 – 1500 small premium customers each renewing annually. Another is a life insurance agency that must continuously sell new business in order to maintain its revenue level because renewal commissions are small and of limited duration. The third is specialty commercial agency writing 50 large, high profile accounts. If the last 100 agency values reviewed averaged 1.25 times revenue when their revenue bases divided their values, could you then interpolate that these three agencies were also worth 1.25 times their respective revenues? Of course not.

An insurance agency value must depend on its future earnings power under whatever conditions are demanded by the reason for the valuation. This implies that an agency can bear different values under different circumstances. For instance, the value of an agency as a going concern depends upon its historical and projected future performance based on the continued similar performance (or with planned changes) of its owners and staff. On the other hand, the same agency being valued for sale due to its owner’s retirement will depend upon the conditions under which the purchasing entity would cause the purchased agency to generate earnings for the new owners. If the owners required the agency location to remain open and staffed, the revenue potential is different than if the location could be closed and the staff and customer base integrated into the purchasing business.

When valuing an agency, the valuer must consider the agency’s historical performance and must create a proforma of its future performance expectation based on the criteria and specifics of the valuation. This will yield a raw projection of earnings potential. One part of an agency valuation that is often missed by the novice and amateur valuer is the addition or reduction in earnings potential by the risk factors in the agency.

Risk FactorsAgency Consulting Group, Inc.’s list of risk factors that add or diminish the raw value of a book of business has grown to several hundred items. Risk factors are the individual issues in an agency that can cause its value to shrink or to grow beyond the level that average historical growth and profitability would lead one to believe. For instance, loss ratio problems with its carrier could imperil growth and profit that would otherwise be expected from an agency’s historical performance. Conversely, the addition of new, young aggressive producers would add to the potential value established from data created before the new staff members were added.


Risk factors that refine the value of the soft assets and goodwill of an agency are a prime example of the special knowledge that is needed by valuers of insurance agencies. While many other industries may provide standardized value methods, the insurance agency businesses around the country are so varied in their nature that only professionals schooled in the operation of this industry should be assigned the task of valuing these entities.

Tangible Net WorthMost agencies in the U.S. have limited Net Worth outside of the value of the ‘soft’ assets of its book of business (future earnings stream). However, if stock is to be valued, the valuer must also calculate the Tangible Net Worth of the company to add to its Goodwill Value. Tangible Net Worth should be calculated from established, prepared balance sheets. Questionable Assets should be analyzed with a competent accountant before using within an agency value as it would in any business valuation.

SummaryInsurance agencies are not mysterious or difficult businesses to understand. However, the variations in the operation of insurance agencies require specialized knowledge to value without potentially costly mis-steps. Be careful of the pundits and publications that report multiples of commission, revenue or earnings as the “average” value calculation for agencies. It is easy to work backwards and take fully matured values and divide them by commissions, revenues or earnings (raw or proforma). But the only way it makes sense is working backwards. In a recent year, Agency Consulting Group, Inc. performed these calculations on all valuations conducted. The range of values extended from .45 times the agency’s revenue to well over three times the agency’s revenue.

However, the .45 (valuing the agency at less than one-half of the agency’s annual revenue) was for an agency that was functionally bankrupt and was sold for its receivables. On the other hand the agency valued at over three times its revenue was valued in that way because the owner required a long-term annuity payout for tax and estate reasons. Including agencies like these (and many other ‘non-standard’ situations) in “industry averages” obviously skews the figures out of the range of reasonability.

Reprinted from the PIPELINE, the national newsletter for agency principals. The PIPELINE is published by Agency Consulting Group, Inc., a leading consulting firm for independent agents in the U.S. for over 20 years. Call 800-779-2430 for information about the content of any of these articles or PIPELINE subscription Information:E-mail: [email protected] Website: www.agencyconsulting.com


Incentive Compensation defines a change in compensation method in which employees achieve increased compensation (raises) for increased productivity. It acts on Operating Income

(commissions and fees) only to eliminate contingency income and any non-recurring income from productivity consideration. It takes compensation decisions out of the hands of managers and agency owners but leaves evaluation and retention decisions with the employees’ direct managers. It teaches employees the shocking truth about growth and profitability -- we can only afford to keep paying more to employees if we grow and are profitable (without taking money from agency owners’ pockets).

Why should increased productivity be a basis for pay raises?

It sounds like simple reason to say that the more productive an employee, the more he (I will use the masculine term but, of course, it applies to both male and female employees) is worth. But that is a truism, all other things remaining equal.

What is “productivity”?In the simplest terms (easiest for employees to

measure), productivity is Revenue per Employee growth.

For managers and owners, productivity is measured in Revenue per Employee, Compensation per Employee and Spread (the difference between Revenue and Compensation per Employee), the measure of noncompensation revenue per employee available to pay overhead and to contribute to profit.

Aren’t there many qualities of an employee besides productivity?

Absolutely. Loyalty and Work Ethic pop to mind immediately. They are great reasons to keep employees and to evaluate them highly. But when your commission rates are being “adjusted” by carriers and the Contingency payments are being reviewed, the future of your business depends on how you can manage growth of clients and revenues without increasing the number of employees (loyal or not; hard-working or not). So while I will certainly fight to retain loyal, hard working employees before the lackadaisical employees who put their running shoes on five minutes before quitting time and refuse further phone calls, I will PAY more for employees who can handle an ever-increasing customer or revenue base by working smarter and learning the automation short-cuts that we have (but rarely use). Happily, these are often my most loyal and hard-working employees, as well.

Incentive Compensation is a compensation method in which employees achieve increased compensation (raises) for increased productivity. It teaches employees the shocking truth about growth and profitability – we can only afford to keep paying more to employees if we grow and are profitable (without taking money from agency owners’ pockets). Here’s when and how it makes sense in your agency....

When Does Incentive

Compensation Make Sense?

By Al Diamond



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What if productivity grows substantially? Won’t I be giving raises that I can only afford in “good years”?

Let’s say you pay 20% of your income to office employee compensation (excl owners and producers) and that amounts to $300,000 on $1.5 Million of revenue. If you were to offer straight growth raises (only one part of the productivity raise formula) to your employees and the book of business grew to $1.7 Million, you would be granting $39,000 of raises (13.3% growth = $200,000 on $1.5 Million. Multiply that 13.3% times $300,000 existing compensation). The new compensation would be $339,000 on $1.7 Million, or 19.9%. Many agents retain the first few percentage of growth before incentive compensation kicks in, thereby lowering compensation as a percentage of revenue regardless of how much growth is involved. It is a “hedge” against the agency owner putting himself in harms way by paying his employees for real productivity.

Finally, in the long term, growth is only one part of the formula. A full raise is based on growth but is contingent upon agency profitability (and department profitability).

I’ve given bonuses when I can afford them. Doesn’t this still incent employees but keep my salary costs down?

YES --- BUT … your employees live on their weekly or monthly take home pay. Very few of them are capable of banking bonuses and living off them in lean months. Their living costs increase just like yours and mine. If they receive the same pay year after year with occasional bonuses (that they can’t really count on in case of bad years) they are going backwards compared to the industry and to other wage-earners in the area. Would you boast that you pay as little as you can to your good employees? Why not, if that’s the case? The answer, of course, is that you know that the good employees probably deserve more and the marginal employees deserve less than you’re paying them. But you haven’t known (until now) how to incent your strong employees and dis-incent your poor employees without the chance of hurting your bottom line in the long run.

Isn’t it overly complicated to consider Operating Revenue only when calculating Incentive Compensation – shouldn’t I be sharing contingency income when the agency does well in that category?

Incentive Compensation acts only on the revenue base that is somewhat controllable by the employees being compensated.Everyone in the agency (not just CSRs) affect how customers feel about the agency. The receptionist scores points with customers who she remembers. The Claims Rep scores points when she doesn’t wait for a customer to complain before checking the status of a claim and communicating with the client. The accounting rep scores points when she is

cooperative and understanding with carriers instead of treating them as adversaries. And, of course, no one denies the affect on retention of business by the customer service staff.

The simplistic answer to the second part of this question is a resounding NO!!! It is a part of the job of the producers and customer service departments to underwrite good business for the agency and its carriers. If strong growth or profits arise, the contingency income derived from them should accrue to the agency as “found money”, not as operating income (a failure in many agencies). This is the source of funding for growth that so many agents ask me about. As long as we are capitalist society and have private ownership of companies, we deserve the gains achieved in our companies. Sharing the gains only makes sense if the employees are willing to share the losses and the investment in the agency that owners have to make from time to time. The retention of contingency income is also another “hedge” for owners to comfort them that they are not overspending their budgets when giving incentive compensation raises.

Why would I want to take compensation decisions away from my managers? Maybe I don’t “have” to pay more to get more productivity…

This is short-term thinking. Most principals who don’t think of paying more to productive employees will eventually lose them or dis-incent them into becoming marginal employees. Unfortunately, we cause many of our own personnel problems by not acknowledging and paying our best employees more than our marginal employees.

I don’t want to personally lose control over the pay raises given to my employees. Is that wrong?

A large percentage of agency owners fall into the category of benevolent dictators. They want the best for their employees and intend to do well by them, but only on the employer’s terms. This most often translates into common raises (similar for both strong and weak employees) and controlling influence. Employers actually believe that the employees will work harder if they think the employer is holding their purse strings. In fact, the simplicity of working harder and getting paid more for greater productivity becomes very apparent once the employees learn the objectivity of this compensation program. And, believe me, they work for you because they like you, not because you might pay them more someday.

Evaluations have always been informal and only done occasionally in my agency. Why are they important, especially if raises are productivity based?

Even if the employee knows that increased productivity means increased pay, they want and need positive communications from their manager and agency owner to


reinforce their pride in their work efforts. If we act like our European ancestors our attitude is, “They should work hard and are expected to do it right. I shouldn’t have to commend them for doing their jobs. My job is to criticize and correct them for doing it wrong.” Unfortunately, that attitude tears down more employees than it builds. Evaluations are the formal methods of reinforcing positive actions and correcting weaknesses in a non-threatening manner.

A second, important reason for evaluations once or twice a year is that productivity alone may be an insufficient reason to retain an employee. If an employee does not get along with you, with other employees and with customers, productivity becomes a secondary factor. The evaluation is the time to correct weak behavior as well as commend strong behavior.

Finally, we recommend that Continuous Improvement be a part of every job description. This requires a Development Plan at every evaluation to assure that an employee does not stagnate and improves him or herself every year (either within the job they have or in preparation for their development into more valuable positions).

I’ve always considered retention of employees an “accident of economic timing.” How can I affect employee retention?

Employee retention is a combination of fair compensation and a feeling of job satisfaction. That job satisfaction is a direct reflection of the employee’s feeling of appreciation by their manager and/or agency owners. We have seen employees whose pay does not match their qualifications and experience stay with an employer who they feel truly loves and appreciates their efforts. We have also seen highly paid employees leave an agency for a pittance because of their feeling that they have been disrespected.

While some employee loss is due to “accidents of economic timing,” much is not – but the employee will not burn his bridges and tell you the real reason he is leaving. He just leaves. We recently encountered two agencies for whom we conducted an Agency Analysis. The Analysis is like getting a full check-up for your business. We look at all processes, systems, procedures, quality of business, contracts and employees. The level of employees differed so dramatically from one agency to the next that we found ourselves analyzing the reasons for one agency with such positive, pro-active and motivated employees while the other agency’s employees were all negative, reactive and defensive and very unmotivated.

Copyright 2007 by Agency Consulting Group, Inc. Used with permission.


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Many insurance agencies are owned by creative and optimistic principals. In the attempt to increase efficiency through the use of automation, job sharing, and expanded duties,

they ask their employees to extend themselves into unfamiliar jobs. After all, any increased efficiencies will replace some of that lost revenue that is no longer coming from contingency income and high commission rates.

However, expanding the roles of employees sometimes leads to less than desirable results. For instance, insurance producers are hired because of their talents and abilities to explain coverages, identify customer problems and solve them. Many agents are now providing laptop computers to their producers with the expectation that it will make them more effective. It does - - to some! But to others, it tries to teach them to “quack.” A young producer, trained in computers and computer literate, will utilize portable computers to complete applications and surveys while at the prospect’s site. While the producer, on the other hand, finds it frightening (or demeaning) to turn on a computer and if their typing skills extends to the tips of their two forefingers, a laptop computer can be a waste of time and money.

Many experienced customer service representatives remain in customer service jobs because they are terrified by the prospect of “selling”. Certainly, cross-selling is a great benefit to any agency. But requiring a customer representative who is fearful of the sales effort to cross-sell existing accounts or to

ask for referrals from existing accounts will yield less than the desired result. All you will hear from these dedicated workdogs is a bleating “quack.”

In many agencies the owners assume that stock ownership automatically qualifies them as professional managers. Although they may be excellent producers and wonderfully knowledgeable in insurance products, the only thing that you hear on those occasions when they don their management hats is tremendously loud quacking.

When you have experienced employees with recognized areas of strength, it is ludicrous to force them into duties for which they are neither inclined nor trained. When seeking to cross-train employees and to expand their job opportunities and responsibilities, do so with only volunteers and do not debit them for failure to achieve the targeted goals in those areas for which they have experienced no prior successes. This does not imply that cross-over training is impossible.

However, experienced employees gravitate to those areas for which their talents are best suited. Forcing CSR’s to sell, forcing salespeople to adhere to detail oriented efforts, and forcing management responsibilities on stockholders who have never been inclined to manage are counterproductive efforts. Even if they try as hard as they can, dogs will never quack well and ducks will make lousy pointers. Let your specialists concentrate on those things that are most productive to the agency and to them.

Copyright 1999 by Agency Consulting Group, Inc. Used with permission.

By Al Diamond

Quack?

Experienced employees gravitate to those areas for which their talents are best suited. Forcing CSR’s to sell, forcing salespeople to adhere to detail oriented efforts, and forcing management responsibilities on stockholders who have never been inclined to manage are counterproductive efforts. In this article, I’ll explain why you should not force a round peg into a square hole.

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In order to migrate (develop) a prospect up to buyer and then on to loyal customer requires a sales person to have an overall account management vision. What’s needed is a new view of how to “get out of the box” of

being a Willy Loman...an order taker. The game is to raise the relationship between the vendor and client to an ever higher purpose. And, at each level, the sales person is required to raise him or herself to a new level of professionalism. Let’s consider the “pull” strategy, or “Wrap Around selling”....

Is and Oughta: My old philosophy professor taught me that the greatest source of frustration is the difference between what “is” and what “ought to be.” It certainly applies to sell-ing. In our sales skills workshops we call that difference “the GAP.”

How does this “Gap” work in reality? Corporate fortunes are spend on sales training, motivational speakers, work-shops, audio tapes and training publications -- all trying to change what “is” to what “ought to be” for increased sales results. There often isn’t much change.

What “ought to be?” Well, for starters, every sales person in theory should be highly trained, motivated, assertive, energetic, creative, resolute -- and you can add the Boy Scout Oath here. In today’s marketplace a sales person who wants to achieve the level of creating a loyal customer (see box below) should be able to negotiate strategic partnering, cul-tivate top management relationships and manage the overall

account. That’s the way it “ought to be.”In reality, what “is?” Unfortunately, 25% of the pro-

fessional sales people are simply order-takers. Somewhat encouraging is the fact that 60% of professional sales people are good journeymen, covering the territory assiduously and conscientiously selling the product. But only 15% of profes-sional sales people are truly sufficiently capable of the list of skills necessary in today’s ferocious sales and marketing contest.

Business strategy requires bankable loyal customers. Why? Because you can build equity in a loyal customer and, as important, it allows you to more accurately predict Rev-enue. Why else? Loyal customers contribute from 20 to 50 times more gross margin than buyers.

So, in order to migrate (develop) a prospect up to buyer and then on to loyal customer requires a sales person to have an overall account management vision. What’s needed is a new view of how to “get out of the box” of being a Willy Loman...an order taker . The game is to raise the relation-ship between the vendor and client to an ever higher purpose. And at each level the sales person is required to raise him or herself to a new level of professionalism.

“There lies the rub,” to quote Shakespeare. That’s what ought to be -- but that’s not what “is.” And all of the pro-grams to push the sales people to higher levels of perfor-mance haven’t seemed to work all that well.

WrapAroundSelling

By Bob Ayrer


Let’s consider the “pull” strategy, or “Wrap Around selling.”

OK, what do we mean by “Wrap Around Selling” as a pull strategy? We mean developing a value-point package around strategic partnering and loyalty building issues, and then begin “courting” the decision makers who are the interior link that can make those kinds of relationships profitable and workable.

Each of the levels of selling listed below has a limiting vision. That limiting vision can prevent the sales person from moving clients from buyer up through the stages to loyal customer.

The challenge is to get the 60% of the sales Journeymen (and Journey-women) to move up, out of their comfort zone. The Company, by employing Wrap Around Selling, can “pull” them into becoming higher value resources for their clients.

The long range strategy is to use the entrée of the sales person at the level they have created in order to begin collecting the necessary information about the people at appropriate management levels and then begin the “Courting” program. Be aware, Courting takes time.

The strategy of wrapping a series of Value Messages around the sales person will reassess and raise the historic relationship of that sales person to the account. “Being seen in a different light” would be the simplest description. Then the chore is to pull the message of higher value up to the appropriate management level. That’s what takes time, patience and determination -- and the right vision.

When the courted company’s executive level people acknowledge the value of the higher level relationship by contacting the representative of the vendor company directly, it will “pull” the sales representative up into the management level of executive decision making. This is the goal: to involve the sales person in the relationships that will create a trading partnership -- a “loyal” customer.

Success at this new level leads to a fresh sense of reliance upon the sales person and an expectation of greater contribution

toward the overall strategic alliance -not merely supplying a product on request or bid. Care must be taken moving into this new role not to be presumptuous too early.

At that new entry point it becomes the sales reps job to assemble the “P.I.E.” -- Power, Influence and Expertise required to slowly elevate the relationship. What that means is that if the CEO should be there – bring him/her in. If the head of engineering should be there – bring him/her in. CFO, Head of R & D, Head of Information Technology, whomever it takes to achieve the strategic objective of creating a loyal customer -- make it happen!

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No! But, the accounts that you profile as your best, most profitable, currently loyal customers are. If only 5% of your prospect accounts fit the elite profile – consciously court the 5%. And build from there.

The added power of direct marketing. Collect the information about the key “P.I.E.” players in the targeted account. Put them on an ongoing bombardment of direct mail -- seasonal holiday cards, birthday cards, sales tear-sheet mailings, ad reprints, articles regarding the value of partnering from prestigious business magazines. All with short personal notes building the relationship.

An effective tool is the executive newsletter distributed in print or by e-mail. Add special events to show off your E-commerce capacity, your electronic data interface programs: use constant (and confident) references to your “team” at headquarters, those working with you to service and “court” their account.

The Wrap Around Program is a combination of infusing a new awareness in the sales minds that the ultimate goal of managing the account is to create a bankable, loyal customer, And, that it is possible by wrapping around the sales effort with creative, innovative, interesting copy in the mailings and e-mail -- and a sensible schedule for distributing the messages.

The goal is to continue pushing your people to be better, and to pull them into the scenarios that will make them more effective Account Managers.

The “Wrap Around” program is part of FUTURE$ELL 2000© developed by Bob Ayrer & Ray Considine to harness the diverse energies of a company into a unified, disciplined and accountable business system.

Bob Ayrer is a successful survivor of corporate life who now consults to organizations on building top performing sales programs. Bob is a popular speaker at conventions and sales rallies. Professional speaker, trainer and consultant -- Bob Ayrer can be reached through:

REA Performance Consultants, Inc.9082 Bermuda Dr., Suite AHuntington Beach, CA 92646(714) 968-4136 Fax (714) 962-1889E-mail: [email protected] site: www.ImprovingSales.com

Copyright 2000 by Bob Ayrer. Used with permission.

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The Oregon Agent Spring 2013

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Transcript of The Oregon Agent Spring 2013