FOCUS INDEPENDENT INSURANCE
AGENTS OF INDIANA
AUGUST 2014
BOUDIA TO SPEAK AT CONVENTION page 8
ETHICS REQUIREMENT FAQ p. 4 WEST BEND WINS COMPANY OF THE YEAR p. 15
The things people care about the most are the things they just
can’t afford to lose.
Most people are looking to save money any way they can. Especially on things they can’t even see. Like insurance. But inferior insurance is just plain useless. That’s why West Bend’s Home and Highway® policy makes sense. It protects just about everything your customers own, even the family pet. If a customer’s dog or cat is the victim of a covered accident, their policy automatically provides coverage for some of the costs, including most veterinarian expenses. And as an Official Supplier of The Silver Lining, it’s backed by your knowledge and experience. West Bend. Insurance your customers buy when they can’t afford anything less.
FOCUS is a monthly publication of the Independent Agents Services Corp., a subsidiary of the Independent Insurance Agents of Indiana, Inc. Carol Dulle Publisher Melissa Hall Editor Carol LeMay Watson Advertising Manager Elite Printing Printing & Design
The IIAI staff has direct phone extensions, which are listed below, when you dial into either of the association’s numbers: (800)438-4424 or (317)824-3780.
Jessica Bentley EXT. 206
[email protected] Steve Duff, CAE EXT. 208
[email protected]
CONTENTS AUGUST 2014 Cover Image Olympic Diver David Boudia; Photo Credit: Bob Cooley
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Boudia to Speak at Convention
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Legal & Technical
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Profile
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Profile
Lisa Segall EXT. 214
[email protected] Carol Watson EXT. 203
[email protected]
For advertising information, questions or comments please call: (317)824-3780 or (800)438-4424 Fax: (317)824-3786
[email protected] www.bigi.org
INDEPENDENT INSURANCE
AGENTS OF INDIANA
Cover Story
Julia Ireland EXT. 204
[email protected]
Jen Rochester EXT. 211
[email protected]
Increasing Visits to Your Agency Website
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Nicole Murrell EXT. 205
[email protected]
Technical
Melissa Hall EXT. 213
[email protected]
Tracey Moore EXT. 202
[email protected]
Pros and Cons of a Part-Time Legislature
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Carol Dulle EXT. 216
[email protected]
Amy Miller
[email protected]
Advocacy
Gwendolyn Mason EXT. 210
[email protected]
Education
Ethics Requirement FAQ
New Worker’s Compensation Provision Prompts Questions Kirk Wins Company Professional of the Year West Bend Wins Company of the Year
16 Agency Management
Debunking Agency Multiple Valuations
17 Agency Management
Looking to sell? Get the valuation process right
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Events
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Member News
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Partner News
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Photo Gallery
NAAIA to Host National Conference in Indy Holycross Wins 2014 Outstanding CSR of the Year Award Motorists Insurance Group Joins ACT and J.M. Wilson Promotions Agency Compliance, Board Meeting, and Day at the Downs
26 IIAI News
Q&A: Tracey Moore
ADVERTISERS 27 28 21 18 20 18 14 2
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Education
ETHICS REQUIREMENT TRAINING FAQ There have been a number of questions surrounding the effective date of the newly implemented ethics continuing education requirement for life, health and annuity producer license holders. The FAQ sheet below was developed by the Indiana Department of Insurance in conjunction with the Indiana Big “I” to clarify the new law and what the requirements are pertaining to these license holders.
Ethics Requirement for Producer Continuing Education FAQ What does the new law require? Those agents holding life, health, variable life and/or annuities licenses will be required to obtain three (3) hours of training on ethics in insurance as a portion of the 24 hour renewal requirement during their first full renewal period after June 30, 2014.
To whom does the new ethics requirement apply? All insurance producers holding licenses with qualifications in life, health, variable life and variable annuity.
Do agents holding only a property and casualty license need to obtain ethics training? No. However, agents holding multiple qualifications that include a P/C license and life, health, variable life and/ or variable annuity, must obtain ethics training.
Do I need to obtain ethics training before my next renewal date? No, the new requirement becomes effective during the first full renewal period after June 30, 2014.
Can I take an ethics class prior to the first full renewal period to satisfy the requirement? No. While the ethics class may satisfy general continuing education requirements, the three hours of ethics have to be approved as such and be taken during the license period to which they apply.
How does this impact me? Specific examples are helpful here. • If an agent’s license renews on July 30, 2014, no ethics training is needed before that date in order to renew. The agent will then be required to obtain three hours of ethics CE training during that two year cycle in order to renew on July 30, 2016. • If an agent’s license renews on January 30, 2015, no ethics training is needed before that date in order to renew. The agent will then be required to obtain three hours of ethics CE training during that two year cycle in order to renew on January 30, 2017. • If an agent’s license renews on June 30, 2016 no ethics training is needed before that date in order to renew. The agent will then be required to obtain three hours of ethics CE training during that two year cycle in order to renew on June 30, 2018.
Questions? When does this requirement become effective? During an agent’s first full renewal period that occurs after June 30, 2014.
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Questions regarding Bulletin 207 or this FAQ should be directed to Chet Pietras, Deputy Commissioner, Agent Licensing Division, at (317) 234-1138 or
[email protected]. n
Advocacy
PROS AND CONS OF A PART-TIME LEGISLATURE By Stephen W. Duff, CAE Vice President of Government Affairs Stephen Duff is the Vice President of Government Affairs with the Independent Insurance Agents of Indiana and has been with the Indiana Big “I” since 1996. In this role, he is the state lobbyist for the association, which entails one-on-one communication with state legislators, committee testimony and bill development and interpretation. Some of his other duties include staffing the Big “I” Government Affairs Committee, liaison to the Indiana Department of Insurance and other state regulatory agencies, and issue research.
The Indiana General Assembly is viewed as one of the more moderate legislatures in the United States with regard to the way it operates and deals with changing Indiana law, which goes well beyond the insurance industry. The overall cautious approach that our legislature employs is generally viewed as a positive for the citizens of Indiana because our elected officials do not take changing Indiana law lightly. There are many reasons for this, not the least of which is the overall conservative nature of our state. However, I believe that another big reason is the fact that Indiana has a part-time, or “citizen” legislature. One of the most misunderstood facets of Indiana’s state government is the fact that it is part-time. In my 20 plus years of working with our legislature and interacting with the voting public, I have found that a significant number of people do not understand this fact, nor the impact it has on the insurance industry. In this overview, I hope to shed some light on the positives and negatives of having a citizen legislature, and why I feel that it is a boon to both the citizens of Indiana and the insurance industry. Before getting into Indiana specifically, a comparison to other states is helpful to see how we compare. The National Conference of State Legislatures (NCSL) is a non-partisan national organization that provides resources to state legislatures and represents them in front of Congress. Its goal is to allow state legislatures to function as efficiently and effectively as possible. The NCSL has categorized state legislatures into three general structures: full-time, part-time and hybrids. According to the NCSL, ten states have full-time legislatures, seventeen have part-time, and the rest have some form of hybrid. Indiana is a part-time state, which the NCSL defines as having lawmakers spending the equivalent of half of a full-time job doing legislative work. It is interesting to note that Indiana is the only part-time legislature among the states surrounding us: Michigan, Illinois and Ohio are full-time legislatures and Kentucky is a hybrid. continued on page 6 ...
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Advocacy
LEGISLATURE ...continued There are two main functional differences between full and part-time legislatures. In a full-time legislature, being a state senator, representative, assemblyperson, etc. is a full-time position as the name implies. They are essentially professional politicians, as is the case on the federal level. In a part-time legislature, like Indiana, most members of the house and senate have other careers. Nearly every type of profession is represented: lawyers, teachers, farmers, administrators, business owners, morticians, doctors, veterinarians, retirees, and insurance people. Each of these individuals imparts his or her expertise into passing, or defeating laws that impact all of us. The other main difference between the two types of legislatures is pay. According to the NCSL, the average annual compensation countrywide to a full-time legislator is approximately $69,000, for a part-time legislator, it is just under $16,000. In Indiana, the base salary is just under $23,000. The pay in all states can vary widely and legislators may be compensated more for holding committee chairmanships and/or leadership positions. It has been said that the good thing about citizen legislatures is that the legislators must go back to their districts and live with the laws that they pass. Critics will say that this is the reason citizen legislatures are bad because these legislators can have too much influence over issues from which they can directly benefit in their chosen area or profession. Both points have some validity, but I believe that the pros far outweigh the cons. Let’s start with the critics. Some people, particularly the press, claim that conflicts of interest run rampant in the Indiana General Assembly and other citizen legislature states because the legislators are introducing and attempting to pass laws that can directly benefit them in their chosen profession. For example, they argue that farmers or lawyers should not be voting on bills that may have an impact on their business. They maintain that these conflicts lead to legislation being passed that is not for the greater good of the state, rather to benefit specific legislators and their chosen fields of employment. It is on this point that advocates for a part-time legislature could not disagree more. In the eyes of those of us who support a part-time legislature, each legislature brings their unique expertise from their field to the table, which leads to more practical and improved laws being passed. Is there the potential for conflicts of interest? Absolutely, but legislators are required to recuse themselves from votes on legislation that has a direct economic impact on them or their business, and they regularly do so. The bottom line on the expertise issue is: who knows more about education issues than teachers or school administrators? Who knows more about criminal law than attorneys? Who knows more about agricultural issues than farmers? The list is endless.
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Having legislators with experience in specific areas helps them educate their colleagues on issues and allows the legislature to make better collective decisions on laws that the majority of the members don’t know much about. The examples I just listed perfectly illustrate why the structure of our legislature is so important to the insurance industry in Indiana. Most people in our industry know that it is regulated on the state level. The United States Congress created the Federal Insurance Office (FIO) as part of the Dodd-Frank Act in 2010, which has the authority to monitor the insurance sector and represent the United States on international insurance matters. But the FIO is more of a monitor than a regulator. The day-to-day regulation of our industry falls to the states, which is a positive thing to the Big “I” and much of the industry. Because the laws that govern our industry are enacted by the General Assembly, it is of vital importance that we have legislators with knowledge of our industry writing those laws for the protection of the insurance consumer in Indiana. Indiana is viewed as one of the best states in which to write business and to purchase insurance by consumers, and that is not by accident. Examining the states where the insurance marketplace is much more difficult, there is a common denominator – nearly all of them have a full-time legislature and lack legislators with insurance expertise. We are fortunate to have six state representatives and two state senators with a background in the insurance industry in the Indiana General Assembly. These legislators, led by House Insurance Committee Chairman Matt Lehman (R-Berne) and Senate Insurance Committee Ranking Member Travis Holdman (R-Markle), are able to impart their knowledge of the insurance industry onto their respective legislative bodies to help people who don’t understand insurance to grasp the impact of whatever issue is being debated. Without this type of representation in the legislature by people who work in the industry, it is impossible to project what our insurance marketplace would look like. However, it likely would not be as strong as it is for agents, carriers and in particular the insurance buying public. I hope this paints a clearer picture of what supporters of a part-time legislature like me feel is the ideal structure for a state legislature. There are pros and cons of for each type of legislator, whether it’s full-time, part-time or a hybrid. In this writer’s opinion, having people with an area of expertise write laws that impact that area leads to more practical, well thought out legislation being passed, which benefits all of us, so having a part-time, citizen legislature is definitely a good thing. n
Technical
Increasing Visits to Your Agency Website By Steve Anderson Your agency website is the most important piece of Internet real estate you actually own. It is your home base. It is the core component to creating, enhancing, and mastering your Internet presence. Social platforms are also important and are another part you use to master your Internet presence. But, the big problem is you don’t actually own your profile on any social platforms. You are simply renting or leasing space on those platforms. At any time Facebook, LinkedIn, Twitter, YouTube, or any other platform you might decide to use could shut down your account. And you have virtually no recourse. That’s why your website is so important. You own it. You manage it. You enhance it. It is a great tool to help people understand how they can benefit from the products and services you offer. So, how should you use the social platform outposts to drive people to your agency website? And maybe more importantly, which platforms should you spend your time developing? The Investis IQ Audience Insight Report published in October 2013 gives us some insight to be able to answer this question. The report tracked visitors to corporate websites from social media platforms. Their research found that LinkedIn drives significantly more traffic to corporate websites than all the other social platforms combined. According to the survey, LinkedIn accounts for nearly two-thirds, 64%, of all visits to corporate websites from social media sites and this is steadily increasing. Twitter is also gaining in influence, up from 4% in 2011 to 14% today, which reflects the increase in the number of companies adopting Twitter for corporate communications. Facebook’s share by contrast has decreased by nearly 50% in two years, 30% to 17%, and the findings may indicate that Facebook is a declining platform for B2B corporate marketing. It continues to be a good platform for connecting with individual consumers.
website, it is an important platform to be active on because of its search engine optimization (SEO) benefits. The Investis report said that 54% of corporate website traffic came as a result of a search engine. The report also found that 20% of all traffic to corporate websites came from mobile devices. However, less than a quarter of companies (23%) provide either a dedicated mobile site or a responsive website. There is clearly a lot more for corporate websites to do.
Here are some steps you can take to master your Internet presence: • C ontinue to enhance your agency website. The more information you provide on your website the more likely someone is to find you. • M ake everything mobile friendly. Your website needs to be easily viewable by any type of device that might access it. People are using smartphones and tablets to search. What does your website look like on those platforms? • F ocus on your LinkedIn marketing. There’s never been a better time to enhance your presence on LinkedIn. It should be mandatory that every salesperson in your agency have their LinkedIn profile fully completed. Also, make sure your agency LinkedIn company page is up to date. • Make sure all of the social platforms you use have links back to your agency website.
Remember, your agency website is your home base — all other platforms where you “rent” space are your outposts that point back to your own platform. These are beginning steps you can take to maximize your agency Internet presence and help drive businesses to your agency. n
At least for this survey, visits from Flickr, YouTube, Google+, and SlideShare are all negligible, at least for now. LinkedIn, Facebook, and Twitter are responsible for 95% of visits to corporate websites from social media sites. Just to be clear, I believe Google+ is a special case. While the use of Google+ may not be driving business traffic to your
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Olympic Diver David Boudia
DIVEIN Cover Story
HOOSIER OLYMPIC GOLD
By Melissa Hall An 11-year-old David Boudia stood on the edge of the 10 meter diving platform and was petrified. He had a fear of heights that made leaping into a pool three stories below seem impossible. When he thinks back on that pivotal moment in his Olympic gold-medal winning career he remembers exactly what went through his head before he hurdled himself into the air, “I can either dive and continue to get better or I can let this defeat me,” he said. “My goal was to be an Olympian and if I couldn’t overcome my fear then I would have to kiss that dream goodbye.” That dream, which became a reality, was born at a young age. He was a selfproclaimed “Olympic fanatic” and tried gymnastics, soccer, and cross country running before a diving lesson helped him find his focus. He was 11-years-old when a family friend introduced him to the sport. “I wanted a sport that combined the acrobatics and grace of gymnastics,” Boudia explained. “I fell in love with diving immediately after that very first lesson.” Boudia has lived in Indiana since moving to the state from Texas when he was only 7 years old. He grew up in Noblesville and chose to attend Purdue University after meeting the school’s diving coach. When he heard the coach’s philosophies and toured the campus, Boudia knew he wanted to be a Boilermaker. During his time at the University he met and married his wife Sonnie. After he graduated with a communications degree in December, the two decided to remain in West Lafayette. The couple is expecting their first child, a baby girl, next month and they knew the Indiana city would be a great place to start their family. “We’ve built a community of friends around us here,” Boudia said. “We love being around the college campus, it brings a different flavor to our lives.” After years of training and participating in international meets Boudia competed in his first Olympic games in Beijing, China in 2008. Instead of being the thrilling experience he’d always imagined, the diver was disappointed. He’d spent years preparing for the Olympics and dreaming of standing on the winners’ podium. He knew that the United States hadn’t
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Boudia and his wife Sonnie.
MEDALIST TO SPEAK AT CONVENTION won a gold medal in diving since 2000 and the pressure to win was reiterated by everyone around him. He was even told that the funding of the sport depended on the team bringing home a medal. The stress of those realizations tainted Boudia’s first Olympic experience. “I went into the games wanting to get a medal because I was chasing after the fame and riches it could possibly bring me,” he explained. “I didn’t win a medal and so it was a huge letdown.” Boudia returned home frustrated and disenchanted. He returned to Purdue and realized that he had been putting his time and energy into things that didn’t fulfill him. His sophomore year he was introduced to the gospel and became a Christian. After years of searching in the wrong places he realized he had finally found eternal satisfaction through his faith. The 2012 Olympics in London were a completely different experience. It had only been four years since the let down in Beijing, but during that time Boudia’s priorities had drastically shifted. He felt a huge sense of contentment going into the games in London. “I realized diving didn’t define me. At the end of the day, win or lose, it’s not what defines me,” said Boudia. “My faith plays a huge part in that.”
Entering the stadium for the opening ceremonies with his fellow teammates was a surreal experience. “There were 500 plus athletes, and it didn’t matter what sport you were in, we were all chanting ‘USA!’ in this huddle,” he said. “It gave me goose bumps and you knew you had millions of people at home cheering you on.” Life has calmed down for Boudia since his last Olympic games. When he’s not in the midst of his four hours of daily training to defend his title at the 2016 Olympics or preparing for his daughter’s arrival, Boudia is often speaking to groups like the IIAI. He will serve as the speaker at the Fellowship Breakfast during the IIAI’s annual convention. Although he struggled with public speaking at first, he soon learned to love it. He sees it as a way to share with others the lessons he has learned so far in life. “If I can teach somebody something or they can learn from my failures or successes then I think that’s a huge accomplishment,” he said. “As a culture we measure ourselves only by our success and I emphasize enjoying the journey every step of the way.” n Photos provided by David Boudia
That attitude and peaceful approach to the competition made all the difference. Boudia competed in both the individual and synchronized diving, taking home a medal in both categories. He won the gold with his 10 meter dive, the same one that had terrified him so many years before. He also took home a bronze medal for his synchronized dive with partner Nick McCrory. The triumphant moment was a satisfying fulfillment of his childhood ambition, but it wasn’t the only sweet memory he took home with him. Being part of the entire United States team in both Olympics is something he’ll never forget.
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Legal & Technical
New Worker’s Compensation Provision Prompts Questions By Richard S. Pitts At this year’s Agency Compliance seminars, one of the new laws addressed was Senate Enrolled Act 294. SEA 294 made changes to Indiana’s Worker’s Compensation Law, of particular note was the expansion of the “opt out” provision for corporate officers.
Richard S. Pitts is general counsel to the Independent Insurance Agents of Indiana. As counsel to the Big “I,” Rick speaks annually at the association’s “Agency Compliance” seminars and teaches various seminars on insurance and employmentrelated matters. He also provides the IIAI’s “First Call Free Legal” service to our members. Pitts is a 1983 graduate of Wabash College and a 1986 graduate of Indiana University School of Law – Indianapolis. Pitts has co-authored two articles appearing in the Indiana Law Review.
Prior to amendment, the Indiana statute on worker’s compensation for corporate officers established two basic rules: 1. A n executive officer elected or appointed in a corporation is an employee for purposes of worker’s compensation, but 2. If an officer is the “sole” officer of the corporation, that officer can opt out of the worker’s compensation system (elect not to be deemed an employee for worker’s compensation purposes) by filing a notice with the worker’s compensation carrier and the insurance board. The changes brought on by SEA 294 in this area are to the second principle. The amended statute had removed from it all references to “sole” officer and now reads, in relevant part, like this: “An officer of a corporation who is an employee of the corporation…may elect not to be an employee of the corporation….” A handful of observations and concerns about this change, and expansion of the option, grew out of the discussions at the Agency Compliance seminars. • P resumably, the same form used for the election in a “sole” officer situation will be used for purposes of multiple officers; however, • T here is a significant question as to whether the opt out (or election to decline employee status) can be exercised by one or more officer(s) but less than all; and • P rudence dictates that, until a new form and disclosure is developed, producers counsel clients away from having one or more, but not all, officers electing different treatment – in other words, caution suggests “all in or all out,” at least for the time being. • A long the same lines, companies should understand the consequences of making an “opt out” decision, as it could have unusual coverage implications. The interplay between the company’s health and disability insurance programs (if any) and its liability and worker’s compensation structure should be explored in depth before an “opt out” decision is made. Is it possible that a work-related accident could be declined by the health insurer because it happened at work and should have been covered by a worker’s compensation carrier that doesn’t “exist” because of the opt-out? • T here is some question as to which employees can qualify for “officer” status for these purposes. Do they have to be positions named in the company’s articles of incorporation or the bylaws? Is it enough to be a vice-president, chief information officer, or an assistant treasurer (for instance), even if those offices aren’t recognized by the articles or bylaws? The law in this area can be confusing with various types of business owners being treated different ways under different statutes. Some excerpted quotations from Indiana and our surrounding states’ regulatory authorities are in the following table. continued on page 11 ...
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Legal & Technical
provision ...continued State & Statutes Illinois Workers’ Compensation Act 820 ILCS 305
Indiana I.C. 22-‐3-‐6-‐1 et seq.
Corporate Officers, LLC Members & Partners of partnerships From the Illinois Workers Compensation Commission: “I am a sole proprietor/business partner/corporate officer/member of a limited liability company. Do I have to buy w.c. insurance?” “The short answer is no, but the full answer is a bit longer. In summary, sole proprietors* and business partners may elect to come under the Act or they may choose not to.” “There is a twist, though, in Section 3 of the Act. It provides that employees who engage in extra hazardous* occupations must be covered under the law-‐-‐but then subsections 3(17) and 3(20) allow sole proprietors, corporate officers, business partners, and members of limited liability companies to opt out.” “In summary, if you are a sole proprietor, business partner, corporate officer, or member of a limited liability company, and... ... you want to come under the Act, you must purchase insurance for yourself to be covered for a work-‐related injury or illness. ... you don't want to be covered, and you have an insurance policy for other employees, you must notify your carrier in writing of your intention to opt out, following the instructions in Section 3(17)(b). The Commission does not have an opt-‐out form and does not require individuals to use an opt-‐out form.” See main article. From the Indiana Worker’s Compensation Board’s “Guide to Worker’s Compensation:” “A member or manager in a limited liability company (LLC) may elect to be covered under the Act if the member or manager is actually engaged in the limited liability company business. To make this election,
Additional Comments “If your company is in the construction business, trucking business operating at a construction site, or other extra-‐hazardous occupations, you should be aware that new law (see 820 ILCS 185, Employee Classification Act) requires that, in almost all instances, you must obtain insurance.” “Also, a recent decision by the Illinois Supreme Court, Roberson v. Industrial Commission, states that referring to a trucker as an independent contractor, even in a written lease agreement, does not remove the trucking company's obligation to provide workers’ compensation insurance for those drivers.”
“Sole Proprietors. A sole proprietorship may elect to cover the owner as an employee under the Act if the owner is actually engaged in the proprietorship business. If the owner makes this election, the owner must serve written notice of the election upon the owner's insurance carrier. No owner of a sole continued on page 12 ... August 2014
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Legal & Technical
provision ...continued State & Statutes
Corporate Officers, LLC Members & Partners of partnerships the member or manager must serve written notice of the election upon the LLC’s insurance carrier and upon the Board. A member or manager may not be considered an employee under the Act until the notice has been received. Ind. Code §22-‐3-‐6-‐ 1(b)(9).” Kentucky From the Kentucky Labor Cabinet, KRS 342.012; Department of Worker’s Claims KRS 342.640 “Q. Do members of a Limited Liability Company (LLC) or a partnership have to maintain workers' compensation insurance if there are no employees?” “A. Partnerships of LLCs that consists of ‘qualified’ partners or members only are exempt from maintaining coverage under certain circumstances. ‘Qualified partner or member’ is defined by KRS 342.012 as having a ‘meaningful partnership agreement or articles of organization that shows on its face that the partner or member has made some contribution that enables the partner or member to substantially participate in the profits (or loss) of the business as well as participate in the decision making process. The partnership or LLC shall provide upon the request of the commissioner or his or her representative a copy of the partnership agreement or articles of organization for purpose of demonstrating compliance. Coverage is required for any non-‐qualified partner or LLC member.’” Michigan From the Michigan Workers' Compensation Michigan Agency: Worker’s Disability “An employer may use an exclusion form Compensation only if all its employees can be excluded Act of 1969 according to the Workers' Disability MCLA Compensation Act. The following employers 418.101 et may exclude employees: seq. a) Sole Proprietorship -‐ If it has one or more
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Additional Comments proprietorship may be considered an employee under the Act until the notice has been received. Ind. Code §22-‐3-‐6-‐1(b)(4).”
“Obtain the [Form 4] from the Compliance Branch or Administrative Services at 502-‐564-‐5550. The notice is not effective unless the original notarized form is filed with this agency. Filing a Form 4 forfeits your right to workers' compensation benefits. Seeking legal advice from an attorney prior to rejecting coverage is recommended.”
“Which employers must carry workers' compensation coverage? a) All private employers regularly employing 1 or more employees 35 hours or more per week for 13 weeks or longer during the preceding 52 weeks. b) All private employers regularly employing 3 or more employees at
Legal & Technical
State & Statutes
Ohio Ohio Revised Code 4123
Corporate Officers, LLC Members & Partners of partnerships employees and all employees are the spouse, child, or parent of the sole proprietor. b) Partnership -‐ If all employees are partners. c) Stock Corporation -‐ If all employees are corporate officers and own 10% or more stock in the corporation. d) Limited Liability Corporation -‐ If all the employees are members and are also managers and own 10 percent or more interest in the business. From the Ohio Bureau of Worker’s Compensation: “All employers with one or more employees must carry workers’ compensation coverage. It’s the law. However, Ohio law makes coverage optional for owners or ministers in one of the following categories: • Sole proprietor; • Partnership; • Limited liability company acting as a sole proprietor; • Limited liability company acting as a partnership; • Family farm corporate officers; • Individual incorporated as a corporation with no employees; • Ordained or associate ministers of a religious organization.” “[LLCs] can be considered corporations, sole proprietorships or partnerships for tax purposes. Whatever the LLC considers itself for tax purposes determines whether the LLC owner must have workers’ compensation coverage. If the LLC considers itself a sole proprietorship or partnership, coverage is optional for the owner. If the LLC considers itself a corporation, the owner must cover himself or herself.
Additional Comments one time, (this includes part-‐time employees). c) Agricultural employers if they employ 3 or more employees 35 hours or more per week for 13 or more consecutive weeks. d) Households employing domestic servants if they employ anyone 35 hours or more per week for 13 weeks or longer during the preceding 52 weeks. e) All public employers…” “Recent legislation has changed the definition of employee in Section 4123.01(A)(2)(c) of the Ohio Revised Code to eliminate required coverage for an individual incorporated as a corporation when there is a sole owner and no employees. As described above, individuals incorporated as a corporation may elect to cover themselves by completing and filing a U-‐3S.” “An individual incorporated as a corporation is defined as a sole owner corporation and refers only to the owner of the corporation in terms of being excluded as an employee. This includes any corporation (S-‐Corp, LLC Corp, C-‐ Corp) as long as there is a sole owner with no employees.” “Note: There is an exception in which coverage is optional for the owner. In these cases the LLC acting as a corporation meets the requirement to be considered an individual incorporated as a corporation (i.e., single/sole owner with no employees).”
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Profile
KIRK WINS 2013 IIAI COMPANY PROFESSIONAL OF THE YEAR AWARD By Melissa Hall Seven years ago almost everything in Nicholas Kirk’s life changed in the span of a single month. He graduated with an MBA from the University of Florida, two weeks later he got married, then after honeymooning with his new wife Adele, the couple moved to Indiana where he began a new job at Liberty Mutual. In the years that followed life has settled down for the Senior Territory Manager at Safeco Insurance, but that whirlwind month set things in motion for Kirk’s career. Last year Kirk was awarded the 2013 IIAI Company Professional of the Year Award. His dedication to his
profession and continual efforts to get involved in the community have set him apart from others in his field. He helped develop the Player of the Game campaign, which benefits both local schools and agencies by donating money to the school in the sponsoring agency’s name. The program has grown and is now in 22 schools throughout the Midwest. “Player of the Game is a grassroots marketing campaign that started as the idea of a local independent agent,” he explained. At Safeco he has been instrumental in creating and implementing marketing plans and assisting agencies with product and quote training. He also works with agencies to review production results, create profit-sharing forecasts and acts as an overall problem solver for the company. The variety of his work keeps him sharp as he tackles new challenges each day. “No day is the same, I enjoy that,” said Kirk. “I love being able to put a program in place with an agency and to see the success build. To put all of that hard work in and see the results is so fulfilling.” n
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Profile
WEST BEND WINS 2013 IIAI COMPANY OF THE YEAR AWARD By Melissa Hall
The 2014 IIAI Convention will include a Company Executives Panel on Monday, Nov. 3 from 1 to 2 pm. The panel will be moderated by IIABA President David Walker. Featured speakers include Kevin Steiner, President, West Bend Mutual Insurance Company, F.W. “Bill” Purmort, Chairman of the Board and President, Central Insurance Company, and Guy DeCosterd, President of the Midwest, Liberty Mutual Insurance Company.
Since its founding 120 years ago, West Bend Mutual Insurance Company has maintained the same mission: to provide peace of mind through sound insurance and exceptional service. The Wisconsin-based company was awarded the 2013 IIAI Company of the Year Award for living up to that original goal. West Bend was founded in 1894 after local businesses realized the insurance provided by companies out east was much more expensive than most people could afford. Since those early days West Bend has grown exponentially. It now has 1,100 employees and does business in 11 states, though the relationships with local Midwest states remain a priority for them. “We are a relationship driven company and we like to do business in states surrounding Wisconsin so we can have a presence there,” said West Bend CEO Kevin Steiner. “Indiana is a great state for us to do business in and we’re committed to growing our market share there.” The company prides itself on its combination of excellent service and its comprehensive product and services portfolio. Its services include customized disaster planning and loss prevention plans, an officer visitation program, agent continuing education classes based on the company’s products, one of the top producer development programs in the industry, and a storm response team and mobile claim offices. Though they understand the importance of technology and other formats of reaching out to clients, they believe the relationship aspect is still the most important element of their company. No matter how large they grow, the individuals at West Bend will continue to maintain their hands-on approach to business and winning an award like this reminds them that they are doing something right. “I became the CEO in 2008, but I decided to continue to call on independent agents,” Steiner explained. “That’s one of my favorite parts of my job and I’ve always said that the day I stop doing that then that’s the time to retire.” n
West Bend CEO Kevin Steiner
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Agency Management
Debunking Agency Multiple Valuations By Al Diamond Every generation of agency owners try to identify the value of their agencies – for estate planning, for buy-ins and buy-outs, for mergers, acquisitions, sales and internal perpetuation. They simply want to know how much they can expect to receive for the value of their asset when it comes time to cash out.
- Personal Lines and Small Commercial agencies vs. Specialty and large lines agencies. - Agencies in which several accounts (potentially related to the agency owner) comprise high percentages of agency income.
And, in every generation, some professionals with lists of initials next to their names try to provide the simplification that the agency owners desire by offering various methods as a solution to the valuation dilemma.
Agencies that are consistently profitable and growing vs. agencies of similar size who are stable, stagnant or shrinking or who overspend their revenues annually.
The most incompetent pseudo-professionals simply state one or several multiples and would lead you to believe that if you have a business called an insurance agency, this multiple defines your value regardless of the complexion, location, history, size, staffing, or customer base of your particular business.
Agencies whose owners are the primary relationship manager for the majority of its specialty accounts vs. agencies whose owners are drivers and managers but whose customer base forms relationships with producers and other agency staff and would stay regardless of the continued presence of the current owners.
The competent, but misled appraisers, who understand the methods of determining future earnings of a business to determine its value, still try to simplify the process by averaging the work that they have done to establish average multiples of a variety of measurements to try to help the agency owners determine their own values.
Realistically, the professional appraisers will take every one of these (among several hundred other factors) into consideration when creating a potential future earnings stream and a Risk Discount to apply to those potential earnings when creating a proper valuation for an agency. This process takes time and a great deal of data and questions and answers with the agency principals. Simplifying this process into a single or series of “multiples” does a disservice to the agency force because they might actually believe that a 1.75 or 2 times multiple would work as well as the valuation process, itself.
How much credibility would you allow me if I told you that every 3 bedroom house was worth $200,000? After all, if I’ve valued 10 or 100 or 1,000 houses (properly) and the average was $200,000, would you feel comfortable buying your next house (or selling your current one) based on that valuation alone? If not, why would you consider buying or selling an agency for two times (anything) based on someone telling you that it is an ‘industry average’ or an average of the transactions they have done in a year, five-year or ten year period? Who creates the industry average? We appraisers of insurance businesses certainly don’t share our results with each other? There is NO central resource for privately held business transactions in our industry and no one has the temerity to start one for fear of accusations of collusion. The only transactions that are readily available are those of the major publicly held companies who purchase $10 million and $20 million revenue (not premium) firms and above in which the price is made public (but not the conditions affecting the price that certainly changes the net value of the business being transacted over time.) We are Expert Witnesses on the subject of agency valuation as well as on other topics of insurance agency norms and common practices. When we encounter accountants or appraisers in courtroom situations, we can quickly discount those claim to valuations based on multiples is simply “industry averages” taken from articles published by others. When we encounter agency valuation professionals who understand the nuances that could
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make your $1 Million agency worth $400,000 or $4,000,000 but still try to oversimplify their results by multiples, we simply ask them how a single multiple addresses issues like:
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They will not. Valuations created by the multiples averages of revenue, net income (profits), earnings, or EBITDA (Earnings Before Interest, Depreciation and Amortization) are VALUATION VOODOO. Valuations done properly may be defined as a multiple for simplicity, but must be created by actually doing the work of revenue and expense trending and risk analysis to create the Future Earnings Potential that forms the basis of all proper valuations. If you have a valuation done on your agency, demand to see the actual work effort and the assumptions made by the appraiser as a part of the published appraisal. If any of that work is defined by a multiple (instead of defined by the work effort and converted into a multiple), decline the valuation. If audited by the IRS, they will likely ask for the proof of that multiple. If you or the appraiser can’t provide that proof, they will invalidate the valuation and demand a different value for tax purposes. If any accountant or appraiser charges you more than a few hundred dollars for his time to provide you with a letter indicating that your value is defined by a certain “multiple” of some financial factor, you have been sold the equivalent of a bottle of Valuation Snake-Oil. n
Looking to sell?
Agency Mangament
GET THE VALUATION PROCESS RIGHT By Caitlin Bronson For many insurance agency owners approaching retirement, an internal sell is not always possible or even desirable. In that case, selling your business to another, larger broker is one way to cash out and ensure your clients and general book of business are well looked after. However, as merger and acquisition activity in the insurance sector heats up, competition amongst agencies looking to sell is fierce. In this environment, an informative and trustworthy valuation of your agency or brokerage is paramount. Kevin Stipe, a 22-year M&A veteran with Reagan Consulting, told Insurance Business that when it comes to assessing an agency’s value, many well-meaning but inexperienced agency owners often make mistakes. The first is not seeking a valuation at all. Put off by the dollar figure attached to professional valuations, a significant number of agency owners choose to forego this step, instead attempting to assess value themselves.
Another step an owner looking to sell his or her agency should take is hiring an outside advisor to coordinate efforts in valuation exercises as well as tax and accounting processes. An advisor is familiar in the M&A process, and is generally in tune with the mindset of a buyer. “In today’s world, you want an advisor. The buyers are sophisticated and they’ve got a lot of resources at their disposal,” Stipe said. “The sale of an agency is a very complicated process that has tax issues and accounting issues and value issues and people issues, and what an advisor can do is quarterback the process.” Without an advisor, Stipe believes agencies run the risk of allowing a tax or legal advisor to “run point” and coordinate the efforts from a skewed perspective. “That’s typically not that healthy of a situation because they don’t see the whole picture,” he said. n
“You’ve heard the expression ‘penny wise and pound foolish,’” Stipe said. “It seems expensive to get help on something until you ignore it and end up with a financial problem that’s much worse.” To that end, Stipe says a valuation is “kind of like insurance in a sense.” “It helps ensure that both buyer and seller don’t make a big mistake, and that’s valuable and not very expensive,” he stressed. If agencies do choose to go it alone, they should be careful to avoid antiquated or inaccurate valuation multiples that don’t accurately represent the worth of the business. In one example Stipe shared, a Midwest insurance agency used a standard multiple of revenue to assess value, but their profit margin—just 4%—made the sale a dangerous one. The example illustrates why a proper valuation often requires hiring an expert. “Well-meaning salespeople are just not experts on agency value,” Stipe said. “They’re capable of making a really, really horrible mistake.” An expert generally negates the possibility of such a mistake and also “levels the playing field with the buyer,” ensuring both the agency owner and prospective buyer are aware of what’s on the table.
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Events
NAAIA TO HOST NATIONAL CONFERENCE IN INDY By Melissa Hall This year the National African-American Insurance Association (NAAIA) will hold its 16th national conference in Indianapolis. The organization, which has more than 1,200 members across the country, has grown steadily since its founding in 1997. While attending the National Big “I” Convention, the group’s founder, Jerald Tillman, saw a need for a platform that offered AfricanAmericans more professional growth opportunities in the insurance industry. “Looking back, I am amazed, to see my original vision and how I was able to watch it materialize over the years,” Tillman said. “Looking forward, I am excited about our continued membership growth and possibilities abroad.” Leslie Skinner-Leslie of Haywood and Fleming Associates, is the current vice chair of the organization. As the incoming chair Leslie has been instrumental in bringing the national conference to her home state. Leslie’s father, Roosevelt Haywood III, was one of NAAIA’s original board members and served as its chair in 2002, because of that Leslie was able to watch the organization grow from its earliest moments. As Leslie became more involved she was able to see NAAIA’s impact first hand. “Our partners understand the need for our organization,” Leslie said. “We provide a way for them to connect to a broader audience.” In less than two decades NAAIA has accomplished so much. Tillman counts the JL Tillman Scholarship Fund, expanding membership, increased number of state chapters, and some wonderful corporate partnership among its greatest successes. The scholarships are given out to students in need who see insurance as a viable career option for themselves. Three $3,000 scholarships will be awarded at the Indianapolis conference this fall. As Leslie takes the reigns as the 2015 Chair of NAAIA she plans to increase awareness of the organization and continue to add chapters throughout the country. She’s committed to the original vision of the founder and plans to hold true to his goals. She wants to make sure that NAAIA continues to create a viable network for minorities in the insurance industry. “NAAIA has helped develop several beneficial partnerships for our members,” she explained. “Ultimately, we want to enhance the careers of minorities.”
NAAIA members help clean a school in New Orleans during last year’s service project.
Since its founding, the organization has striven to get involved in the communities of its members. Last year’s conference was held in New Orleans where more than 70 participants helped paint and clean a local school as part of the “Hands on New Orleans” service project. The organization has a similar project planned for schools in Indianapolis this October. This year’s conference theme, “People, Purpose, Passion: The Path to Success,” will emphasize NAAIA’s core values, connecting members and helping remind them of the importance of purpose and passion in their work. NAAIA chose to hold its annual conference in Indiana in conjunction with the Circle City Classic. The annual football game is a Hoosier tradition and a big draw to the city for sports lovers. As NAAIA members pour into the city for the conference, the Indiana chapter prepares to welcome the attendees with open arms. Scott Davis, President of the Indiana Chapter, recognizes how exciting it is for the relatively new chapter, founded in 2011, to have this honor. “This is a tremendous privilege for the Indiana chapter to host this event,” said Davis, “We look forward to great attendance from those within our city and around the country.” n
NAAIA’s National Conference will be held at the Marriott Hotel in Indianapolis from Oct. 1-3, 2014. For more information visit: naaia.org/index.php/conference August 2014
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[email protected] (800) 438-4424 | www.bigi.org
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Big “I”
Member News
Holycross Wins 2014 Outstanding CSR of the Year Award Each year, a group of exceptional insurance professionals are chosen by The National Alliance for Insurance Education & Research to represent their states and compete to become the National Outstanding CSR of the Year. This prestigious award, regarded as the foremost national award of its kind, recognizes the contributions and commitment of those who serve clients within the insurance industry. This year Indiana’s winner is Patricia L. Holycross, CIC, AAI of Brown & Brown of Indiana, a member of the IIAI. “There are many top-notch CSR’s in my agency, let alone the state, so I’m thankful to represent all of us,” Holycross said. “That meant so much to hear that I am doing my job well, and in turn making my clients’ workday easier.” To qualify for the top state honor, the 2014 candidates must have demonstrated commendable service to their agencies, their industry, and their community. The only eligibility requirement for this award is that the candidate must be an insurance customer service representative, or have primary responsibility for insurance customer service duties.
“The Outstanding CSR of the Year Award is an opportunity to connect with and recognize exceptional customer service representatives across the nation,” said Danielle Janecka, Senior Vice President of The National Alliance. “Each of the state winners meets a new standard for personal and professional excellence!” Each state winner receives a framed certificate and is eligible to compete for the national honor, which carries a $2,000 cash award, a gold and diamond pin, $1,000 cash award for the nominator, and a scholarship for the recipient’s employer to any program offered by The National Alliance. Additionally, the name of the Outstanding CSR of the Year is inscribed on a sculpture permanently displayed at the national headquarters of The National Alliance for Insurance Education & Research in Austin, Texas. “I value the rapport I have with those I serve. It makes my job enjoyable and fulfilling,” Holycross said of her work. “Even with the great technology we have, it’s still a “people” business.” n Courtesy of the National Alliance for Insurance Education & Research
Retention Strategy
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LOCAL SERVICE
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Home Office: Des Moines, IA
www.emcins.com © Copyright Employers Mutual Casualty Company 2014. All rights reserved.
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Partner News
The Motorists Insurance Group Joins ACT The Motorists Insurance Group is the newest company partner of the Independent Insurance Agents & Brokers of America’s Agents Council for Technology (ACT.) “ACT is pleased to welcome The Motorists Insurance Group and applauds its commitment to advancing technology for independent insurance agents and brokers to better serve their customers,” says Ron Berg, ACT executive director. “We look forward to working with Motorists on critical workflow and technology issues.” The Motorists Insurance Group, headquartered in Columbus, Ohio, consists of 10 property and casualty insurance, life insurance and insurance brokerage companies, which sells its
products only through independent agents. Its dedication to the independent agency channel is reflected in its partnership with the Big “I,” and that commitment has been further strengthened with Motorists’ partnership with ACT. “We are proud to partner with ACT, and be part of the effort to engage technological solutions that will help local independent agents enhance service to their clients and compete in the marketplace,” says Grady Campbell, CIC, AAI, Motorists senior vice president and chief marketing officer. “ACT is a key industry resource that identifies technological trends and helps agents meet consumer expectations.” n
J.M. Wilson Promotes Baldwin and Barry J.M. Wilson is proud to announce the promotion of Cathy Baldwin to Director of Marketing and Communication and Roxanne Barry, to Director of Property and Casualty Underwriting. In addition to her role as Marketing Team Manager, Baldwin will work closely with all department managers to assist them in reaching their marketing goals. She will also work directly with all associates in the company for purposes relating to branding, communications and the culture of the Baldwin organization. She received her Masters of Science Management (MSM) from Cornerstone University and has been employed with J.M. Wilson for 24 years.
Barry leads the professional development of all Property and Casualty underwriters throughout the organization and serves as a direct liaison to Property and Casualty Companies for the purposes of maintaining excellence in underwriting. She holds a Certified Insurance Counselor (CIC) and Barry Certified Insurance Sales Representative (CISR) designation and has been employed with J.M. Wilson for 17 years. n
How to do it:
Attending the 2014 Big “I” Convention? Election day this year, Tuesday, Nov. 4, falls right in the heart of the 2014 Indiana Big “I” State Convention (Nov. 3-5 at the Westin Hotel in Indianapolis.) Your association is urging you to perform your civic duty before you arrive in Indianapolis for the convention. Early voting begins four weeks (Oct. 8, 2014) before an election and is open to all registered voters. Questions: Contact your local county clerk’s office or Steve Duff at
[email protected]. 22
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Find your early voting location by going to www.indianavoters.in.gov.
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Arrive at that location after Oct. 8 and fill out the brief absentee application.
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Bring photo ID with your current address.
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The clerk will walk you to a ballot and show you how to operate it if it is electronic or mechanical.
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After your vote is cast, take satisfaction in the fact that you have performed one of our most important civic duties.
Photo Gallery
Top Left: Rick Pitts teaches an Agency Compliance class to IIAI members in Evansville. Top Right: Members of the IIAI Board of Directors gathering for the quarterly meeting in June. Center & Bottom: Liberty Mutual employees Eric Cathelyn (left), and Betsy Binkholder and Former Big “I” Executive Vice President Roger Ronk (right) attending the ISU Insurance and Investment Group’s annual Day at the Races event at Churchill Downs.
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partners
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thank you
IIAI News
IIAI gratefully acknowledges these fine companies, our 2014 Partners. They are generously supporting the annual Big “I” convention and other events held in 2014. Without their assistance, fees for these events would be significantly higher and/or the quality of programming would be restricted.
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This is a special program for insurance companies, wholesalers, and vendors who support the Independent Insurance Agents of Indiana on an ongoing basis. For details on how to become an IIAI Partner in 2015, contact Jen Rochester,
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IIAI News
STAFF PROFILE Age and hometown: 33, Westfield, IN Family: Married 13 years with three kids, ages 11, 10, and 8 (and one Bassett Hound) Education: Licensed Property & Casualty Agent
Q&A: TRACEY MOORE Q: Tell me what your position entails in your own words. A: I help our members with their Errors and Omissions
applications, quotes, policies, and questions. My official title is Member Services Representative. I work with all of our agents to help provide personal umbrella policies or at home business umbrella policies.
Q: How long have you been with the IIAI? A: I have been an employee at IIAI for two years. Q: What’s something unique about yourself? A: My husband works at a firehouse and is gone for
24 hours every third day, so the firehouse is like our second home! Also, I have tried deer and turkey hunting.
Q: Hobbies? A: I love watching movies, reading, play games with the kids, and hanging out with my family and friends.
Q: Bad Habit? A: COFFEE, Peppermint candies that melt in your mouth,
Q: Farthest place you’ve traveled? A: California to visit family. Q: Favorite season and why? A: It would be fall. I love that I can wear jeans and a
t-shirt during the day and at night there is just enough of a chill that you can build a fire or put a hoodie on. I also like watching my son play football!
Q: Last meal? A: Meatloaf, mashed potatoes (real stuff no instant
potatoes), corn (not frozen), and homemade yeast rolls.
Q: Favorite movie/TV show? A: I like to watch “Last Comedic Standing,”
“Boardwalk Empire,” and “Hell’s Kitchen.”
Q: Favorite restaurant in Indy? A: El Caminos in Noblesville, they have the best authentic
Mexican dishes ever! I could eat here every day.
and I may or may not have been told that I’m a little loud… haha!
Q: Favorite Holiday and why? A: Thanksgiving, besides all of the great food, you also get to hang out with awesome people!
Q: Dream Vacation? A: My dream vacation would be to travel to Greece, Ireland, and somewhere tropical.
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Moore and her husband.
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