IIANM Staff

2011-2012 OfficersChairScott JonesVice-ChairPJ WolffSecretary/TreasurerDiana HobbsNational DirectorSam ConleeImmediate Past ChairKathy Yeager

FeaturesThis publication is intended to provide accurate and authoritative information on the subject matter covered, but is distributed with the understanding that neither IIANM, nor any contributing author, publisher, contributor or advertiser is rendering legal, accounting or any other professional service and assume no liability whatsoever in connection with its use. Further, the electronic links to our advertisers and/or contributors found in this publication are provided as a courtesy to our readers and do not necessarily indicate an endorsement by IIANM.

News items from members of Independent Insurance Agents of New Mexico and the general insurance industry are encouraged. The advertising deadline is the fifteenth day of the month, preceding publication.

Advertising rates are available upon request.

Please contact Rachel Sheffield at rachel@iianm.org for details

New Retirment Research Povides Valuable Insights 09

CSR Workloads... How Much Can They Handle? 10

Sales is Still a Numbers Game 12

$500 Cash Reward from InsuBanc Visa Card 15

What You Don't Know About the Experience MOD Can... 16

NMSU Study Looks at Link Between Drivers Licenses for Undocumented... 19

Launching the Next BIG Thing for Continuing Education 21

The Elephant Hunter 22

Introducing Our New 2011 - 2012 IIANM Board 25

Convention Highlights 26

Special Sponsor Thank You! 28

What Were You Thinking? 30

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American Mining Insurance Company 05

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FUSA Insurance Agency 24

Litchfield Special Risks, Inc. 11

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Mountain States Insurance Group 18

New Mexico Health Insurance Alliance (NMHIA) 05

New Mexico Mutual 02

Risk Placement Service 14

Tech Talk 06

Education Edge 32

October's Clickable Calendar 34

Odds n Ends 35

IIANM's 2011 Partners Program 36

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served as moderator of the breakout session, which had 18-20 participants. The following is a brief overview of the discussion.

Websites and BloggingConsidering the increased functionality of Facebook Pages, which Facebook previously called Fan Pages, some actu-ally questioned the need for a website. Most agreed, how-ever, that a website is still a very important component in a “social” strategy. Yet, it’s important to note that the website talked about is not the static brochure-ware of a 1990s website. Rather, it is a 2011 blog or website built on a blog platform – for example, a website created using a product like WordPress or TypePad.

New tools make it easy to keep content fresh and relevant. A website is a company’s “home” – it is where they human-ize their brand and it is the core of their digital existence. It was suggested that a successful strategy is to become a curator of information on a specific subject – that is, become the resource customers and prospects go to for subject matter expertise.

At our session, discussion took place concerning the quality of blog content, as well as the time needed to keep a blog updated and fresh. One agent participant offered this: “I was ready to hire someone to do our blog, but one of our employees said she could do it, so I decided to let her try. It helped me realize that a good blog doesn’t require a pro-fessional writer. Writing in the first person is okay. In fact, this seems to be the best practice. I did review the posts at first, but now I have full confidence and trust in her and no longer review them.”

Another agent mentioned that he typically uses his blog to write testimonials about his clients.

Best Practice Tips:• Keep blogs short – Two paragraphs or about 300 words. What drives more interest is good concise infor-mation.• Build an “editorial calendar” for your blog posts and share the responsibility for writing them with your col-leagues.• Consistency is more important than frequency.• Blogging is very good for search engine optimization (getting found through search engines such as Google.com). One said, “Every time we blog, page views go up.”• Use Google Analytics to monitor your site. It is a free, easy way to track hits to your web page.• Consider adding a disclaimer.

Facebook “Local Business or Place” PageThe discussion started with the assumption that every agent and broker should have such a page. All participants agreed that, “you want (need) to be where your prospects and customers are.” The “inbound” and permission-based marketing model of today will work only if you can be found. With more than 500,000,000 users, Facebook is a place where you must have a presence. It was felt that having a Facebook Fan page is an important component of a firm’s overall “social” strategy.

Best Practice Tips:• Think of Facebook as a way to keep your “fans” up-dated on agency activity and/or events. For example, a sports team you sponsor or participation in a cancer walk is news you can share with your community.• Think of your page as an online civic club meeting or cocktail party – a place to introduce yourself and build your online persona.• Use customized tabs to create a “Welcome” landing page.• Consider using Facebook Ads to promote your blog and grow your fan base. These ads are very cost effective and can be “laser” focused. Facebook provides good metrics and the ads are easy to create and revise as needed.

By Rick Morgan

Not too long ago, at an ACT meeting, there was a lively “break out” that focused on the latest thinking on websites and social media in the insurance industry and what value agents and carriers were finding through their “digital” pres-ence. The conversation uncovered behavior and tactics that the group felt were “best practices” and helpful in achieving a successful “social” implementation.

I

Page 6 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 7

Some of the comments: “If nothing is working, change it.” “You are not selling a product with a Facebook ad.” “It’s cheap and easy. Play with it.”• Some carriers are using co-op advertising dollars to help agents with Facebook Ads.

LinkedInFor many in the breakout session, use of LinkedIn “felt” less threatening and more “comfortable” than many of the other social media applications. We agreed that LinkedIn has become more than a place to post an online resume. For example, it can be used to do research on potential prospects. Also, engaging in conversation on Linkedin groups can be an effective way to demonstrate subject matter expertise.

Best Practice Tips:• Be sure you have a good and complete profile.• Take advantage of its strong search capability when looking for prospects or researching existing customers.• Join groups focused on your firm’s sweet spot. For example, if you write restaurants or contractors, be sure to join corresponding groups.

TwitterThe value and business use of Twitter continues to be elusive for many insurance agents. For others, it has become one of their most effective research and commu-nication tools. For some agents, Twitter, like Facebook, is used to “humanize” and personalize their corporate brand. They use Twitter to broadcast news and events in “real time.” For example, one agent uses Twitter to track local weather and report on tornado sightings and provide location updates.

Best Practice Tips:• Use Twitter search.• Use Twitter to monitor local news events.• Use Twitter to follow areas of interest – For example, #insurance.

Social Networking - Getting StartedWhen asked what steps should be taken by someone just getting started with social networking, the group offered this advice:

• Create a “connected” digital presence by using tools such as Hootsuite, TweetDeck and/or FriendFeed to link and manage all of your social activity.

While these tools allow you to replicate posts across all of your social sites, you need to consider whether you should actually do this. It is important to consider the dif-ferent audiences and deliver relevant messaging on your various social sites to each.

• Make sure you have a good policy or social web guide in place that outlines and defines appropriate

behavior for your company and employees when using the social web.• Have a good, comprehensive strategy in place that is part of the firm’s business plan. Be sure to communi-cate that plan with all employees.• Decide what you want to measure and how to mea-sure it. You will want to know what success looks like.• Don’t delay. This is not a fad or an experiment. Pick one thing and do it now.• Let tools like GetListed.org help you with Local Search.• Consider using video and YouTube. Using a Flip video camera is a very easy and effective way to create your own video.• Use Google Alerts to track “mentions” of not only your firm but also to track your key customers and even your competition.• Blog, blog and blog some more.• Pay attention to the details. Make sure your brand im-age is consistent across all of your online touch points.

Biggest MistakeWhen asked what mistakes they made, the group re-sponded with:

• Sitting on the sideline waiting for it to mature.• Don’t use these tools as a sales or self-promotion megaphone.• Thinking that if you build it they will come and your bottom line will magically grow. It takes work to build relationships and gain trust – online and off. Be patient and sales will come.

Other Comments• One agent is discontinuing chat. He felt that most were useless chats.• Some agents have abandoned the Yellow Pages. In-stead, they spend the money on improving their website and developing their social sites. One agent also com-mented that the type of inquiries that came from their social sites were more solid and qualified than the calls they previously had received from the Yellow Pages.• It is important to be in all of these “social” places, because prospective customers are searching for you there.Under the heading of “What’s Next,” the group univer-sally expected to make more effective use of video. Many were also interested in creating iPhone apps for their agency and saw “mobile’ and location-based applications as emerging trends for 2011.

Editor’s Note: The ACT website contains a wealth of additional information re-lated to effective use of agency websites and social media. For several other informative articles and recorded webinars. Go to www.iiaba.net/act and click on “Websites & Social Media” in the gray shaded area on the left.

Rick Morgan is a consultant with four decades of experience in innovative technology, marketing, and publishing in the independent agency system. He chairs ACT’s Social Web Work Group. (rickjmiv@gmail.com; http://www.rickmorganconsulting.com/blog)Rick produced this article for ACT (www.iiaba.net/act ). It reflects his views and should not be construed as an official statement by ACT.

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Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 9

ccording to the survey, four years from now, the median account balance of a defined contribution plan assets will reach $150,000, up from $100,000 today. While that sounds like a significant sum, the reality is that financial planners indicate that most Americans need to accumulate $1 million or more to replace a comparable standard of living in retirement. And with the record low rates of inter-est being paid on savings accounts and other safe invest-ments, people will need to accumulate even more money to provide adequate retirement income.

As a result of the relatively low account balances, the survey indicates that one-third of those who reach typi-cal retirement age will continue to work. And a majority of senior workers will be saving a portion of their earnings for “true old age,” when they actually stop working. Another study that was released this week from Fidel-ity Investments analyzed the performance of 401(k) bal-ances between Oct. 1, 2008 and June 30, 2011. The study provides a significant message to employees saving for retirement—the value of sticking with the stock market even during the worst declines.

The study indicates that among those investors whose portfolios included equity funds and who made no changes during these turbulent three-and-a-half years, had an average account balance that rose a remarkable 50%. For those who changed their allocations to 0% equity and then returned to at least some equity allocation, their account balances rose only 25%. As for those anxious investors who bailed out from equity funds? Their accounts rose by only 2% during that period of time.

Taking both studies into account, we see that Americans who include stocks into their investment portfolios and stay the course through good and bad times, periodically rebal-ancing (on an annual basis or other consistent frequency), will be rewarded. But, they need a significant period of time to deal with the growing volatility of the stock market.

Regardless, a large percentage of Americans will be work-ing well past traditional retirement ages. Other than health issues, the largest determinant of when someone retires is the amount of his or her retirement income. Employers that are not focused on providing meaningful retirement benefits will find it difficult to terminate older employees who may be slowing down, due to the Age Discrimination in Employ-ment Act, passed in 1967.

The ADEA includes a broad ban against age discrimination and also specifically prohibits:

• Discrimination in hiring, promotions, wages or termina-tion of employment and layoffs.

• Statements or specifications in job notices or adver-tisements of age preference and limitations.

• Denial of benefits to older employees. An employer may reduce benefits based on age only if the cost of providing the reduced benefits to older workers is the same as the cost of providing full benefits to younger workers.

• Since 1978 it has prohibited mandatory retirement in most sectors, with phased elimination of mandatory retirement for tenured workers, such as college profes-sors, in 1993.

Mandatory retirement based on age is permitted for:

• Executives over age 65 in high policy-making posi-tions who are entitled to a pension over a minimum yearly amount.

Employers have a vested interest in making sure their employees have adequate retirement income. If they don’t, they may find it difficult to maintain a productive workforce. This is not to suggest that older employees are not produc-tive. Rather, it means that it is important to have employees who work past traditional retirement age because they want to, not because they have to.

New Retirement Research Provides Valuable Insights

Employers have vested interest in employees’ retirement income.

Two new studies recently released provide valuable insights into retirement plan demographics. Diversified Investment Advisors survey - “Prescience 2015: Expert Opinions on the Future of Retirement Plans,” provides data relating to participants’ 401(k) account balances. This 181-question survey examined 68 retirement experts from 54 plan sponsors and plan administrators with $25 million to $1 billion in assets.

by Dave Evans

A

Page 10 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

CSR Workloads...

How much can they handle?

Faculty Response

VU Faculty

Recently, we received the following question that has

perplexed agency owners and managers for years:

"Do you have any statistics as to the volume (policies and premiums) that a CSR (commercial and person-al) can handle and still do an efficient job?"

This is similar to questions like, "How much is my agency worth?" and "How much should I pay my pro-ducers?" The answer is: It depends. How automated

is the agency? Do you use transactional filing? What is your business mix? How experienced is the CSR? Does the CSR handle claims? Is the CSR responsible for any inside sales? And the list goes on. There are no simple answers, but our agency management gurus take a stab at the issues below.

There is no doubt that you will get info from all over the map on this one. Here's my take based on the following criteria (which, unfortunately in some cases, are typical of many agencies):

• Automated agency. • Transactional filing. • 90% standard business. • No service center involvement. • Upload/download data with carriers (particularly PL). • 3 to 5 years experience for CSR. • Separate claims department. • Little or no sales accountabilities other than the normal "round if you can."

Personal LinesThe CSR should be able to handle $100,000 to $125,000 of commission income to the agency. This normally equates to 950 to 1200 accounts...not policies, but accounts. We are figuring, on a national average, that there are approxi-mately 1.7 policies per account.

Commercial LinesThe CSR should be able to handle $200,000 to $300,000 in commission to the agency. This amount can go as high as $500,000 depending on the makeup of accounts.

• Small commercial accounts are usually targeted at $10,000 of premium and less. We see the average agency CSR handling about $125,000 to $150,000 of commission income for these accounts.

• Mid-sized usually over $10,000 of premium and under $100,000. The average agency CSR is handling $200,000 or more of commission to the agency.

• Large/Jumbo accounts...these range in premium of $100,000 to ???The CSR can handle $300,000 or more depending on how many accounts are involved.

I have one agency client with a very experienced CSR handling $600,000 of commission income with only THREE accounts. Hard to tell what or how these can distort the averages.

Much depends on the automation level, job functions, etc. In fully automated agencies (no need for paper files in daily transactions) we can get up to 500 customers/CSR in commercial lines and up to 1,500 customers/CSR in personal lines. This assumes that the CSR is responsible for front-end work (customer generated contacts) with an administrative assistant responsible for back-end work (checking policies, etc).

It depends on the size of the accounts, the quality of the information provided by producers, the agency's proce-dures and automation status, the source of new busi-ness, and the agency's hit ratio on new business (and of course, the amount of new business quoted). These factors cause the range to be so large and any aver-age without qualification is all but useless. In personal lines, the commission volume can range from $50,000 to $400,000. In commercial, the range can be from $50,000 to $500,000. Many CSRs with $100,000 commission books work much harder than CSRs working $300,000 books.

If the agency wants a definitive answer, I strongly suggest they complete an Agency Operations Analysis.

Faculty Response

Faculty Response

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 11

Page 10 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

Page 12 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

Following are 6 ways to make the numbers work for you.

Set goals.How many calls are you going to make, how many presentations, how many sales? The most effective way to do this is to work backwards. Start with the total number of sales you want to make for the year, then break that down to monthly, weekly, and daily numbers. Next, based upon the averages, how many leads do you need to make your sales numbers? Now how many people do you need to talk to in order to get those leads? Finally, how many calls do you need to make to talk to that number of people?

If you’re not sure of the numbers you need in each area, talk to your manager and other salespeople, or take an educated guess. Just start somewhere.

Track your numbers.Have a sheet of paper in which you keep count of your cold calls, follow-up calls, presentations, etc. You don't have to be fancy here, just mark them down so you know what your numbers are at the end of the day.

Keep track of what happens on each call.For example, if you made ten cold calls, perhaps two weren't there, two you didn't get in to see, two weren't qualified, two weren't interested, and you got two leads.

Get some reasons behind the numbers.When will the two people be there? Why didn't you get in to see the two pros-pects? Why didn't the two qualify? Why weren't the two interested? Why were the two leads you did get interested?

Analyze the information.From the above pieces of information, you will start to recognize patterns and areas of the sales process that need work. For example, are you making your cold calls at the right time of day? Are you effectively handling the gatekeeper? Are you calling a qualified list? Are you building sufficient interest? What are you doing right on the leads you do get?

Sales IS still a Numbers Game

6

There seems to be a new cliché among sales trainers these days and that cliché is: “Sales isn’t a numbers game.” I believe most sales trainers are saying that for shock effect and to sound different and controversial. I also believe they are saying that because they think that’s what salespeople want to hear. The reality, and what salespeople need to hear, is that sales is and always will be a numbers game. It’s simple, the more people you talk to, the more business you will do, even a blind pig finds corn. In other words, if you talk to enough people you’ll eventually bump into someone who is looking for exactly what you have. Now granted, you have to have quality behind the numbers, but assuming you’re talk-ing to the right people the right way, it’s all about the numbers. Talking to a large number of people means a large amount of business, talking to a small number of people means a small amount of business.

Tips to Make the Numbers Work for You

1

2

3

4

5

John Chapin is an award winning sales speaker, sales trainer, coach, and co-author of the gold-medal winning "Sales Encyclopedia" a com-prehensive how-to guide on selling. "Sales Encyclopedia" is written for sales profession-

als in all industries at any level of expe-rience. Utilizing more than 21 years of sales experience and as a number one salesperson in three industries, John co-founded Complete Selling Incorpo-rated, a company helping salespeople significantly increase sales and find their motivation.

If you would like access to John's free white paper on what it takes to be suc-cessful in sales along with a monthly newsletter, you can visit John's website at http://www.completeselling.com For permission to reprint, or to reach John, email him at johnchapin@completesell-ing.com.

by John Chapin

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 13

Page 12 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

What about your presentations or sales calls? What happened on each call? Did you close the sale? Did you lose the sale because the person got cold feet or didn't qualify for financing? Did you get an objection you couldn't overcome and you have to return?

What does that information tell you? Did you not build enough urgency? Was the person not really an interested lead? Did you fail to properly qualify the prospect? What are you doing right and what do you need to work on?

Save these numbers in a log book so you can come back to them later to review and look for trends. This will give you some ideas as to what you need to improve in order to make more sales. Also, take the results to your manager and the top salespeople in your company, get their feedback, and then work on your weak areas.

Adjust the numbers if necessary. If you find you are not reaching your sales goals, adjust your numbers accordingly. Continue to tweak the numbers until you’re where you want to be.

Running your sales business by the numbers will add some certainty to your career. The one element you have com-plete control over is your activity: the number of people you call on and reach out to on a daily basis. Use the 6 tips above to have more success and make more sales and remember: if you take care of your sales numbers, your sales numbers will take care of you.

Talking to a large number of people means a large amount of business, talking to a small number of people means a small amount of business.

6

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Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 15

What You Don’t Know About The Experience Mod an ost Your lient Plenty

By Kevin Ring

ost insurance agents know that the Mod is a function of

payroll and losses, but they can’t explain to their clients

and prospects how the numbers are derived, and more

importantly, what those numbers mean to the client, other

than an increase or decrease in premium.

Through the Experience Mod, employers reimburse the

insurance company for Workers’ Compensation claims. In

most cases for claims under $5,000, they pay the money

back at 300% interest. For claims above $5,000, the inter-

est rates decline, but at different rates for different busi-

nesses. For a $1 million claim, the payback over three

years may not even be 10% of the cost.

Showing employers how individual

claims impact a Mod is the single

most powerful message agents can

share with their prospects and clients.

Without this knowledge, it’s easy

for employers to say, “Our Workers’

Comp bill is what it is and I can’t do

anything about it.” Or, even worse,

“Why should we make the effort and to have fewer work-

related injuries, the insurance company is going to use that

money somewhere else if we don’t have claims.”

Neither views could be further from the truth. Although

employers have no control over regulations and insurance

company rates, they have an enormous amount of control

over their Workers’ Compensation costs.

It’s really quite simple: when employers reduce the amount

of money that an insurance company spends on their

claims, they are putting money back in their pocket, not

In this example, the employer’s Mod is 1.11 and their mini-

mum Mod .80. The 1.11 represents a $15,500 difference

for this particular year. Extrapolated over a period of three

years, their premium will be $46,500 higher than necessary

and is more than a full year’s premium over one year. In ef-

fect, this employer is essentially buying three years cover-

age for the price of four. That’s not a very good deal!

Another way to look at this is to show a prospect graphi-

cally just how much more they are paying than necessary.

additional money in the insurance company’s pocket.

Just telling clients and prospects the truth isn’t enough.

It takes more than that to get the message across. You

have to show them. By illustrating the real dollars that are

at stake, you can move the sales process forward with a

prospect and monetize your value with a client.

How low can a Mod go?

The first step of “Mod enlightenment” is the minimum mod.

Every client has one, and each one is unique, year-to-year.

The minimum Mod is the place to start showing a client

how much of their premium they truly control.

The minimum Experience Mod is what an employer’s Expe-

rience Mod would be if they had no losses during the Mod’s

coverage period.

The Experience Modification Factor is the most often applied -

and probably the least understood - part of a Workers’

Compensation policy.

¢ ¢ ¢

Page 16 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

M

Here, we see in both Mod points and premium dollars

how much more they are paying than required. The red

sections of the bar graph are the controllable portion of

the Experience Mod. This clearly demonstrates to the

employer how much work they have to do to get to their

minimum Mod. When you can present a plan to help them

get there, you are offering them with a compelling reason

to give you the account.

When it comes to monetizing your value to a client, a

great way to do it is to show them how the work you have

done has impacted their Mod over time.

This employer’s Experience Mod has dropped from well

above 1.5 to 1.1 over the last five years. Great work!

Now, you can prove to your client that you provide far

more than just a good quote every year. You are actually

Kevin Ring is the Lead Workers’ Compensation Analyst for the Institute of WorkCompProfessionals, the Asheville, NC-based organization that trains insurance agents to help employers reduce Workers’ Compensation expenses. A licensed insurance

agent, he leads workshops, analyzes Workers’ Comp programs and is the co-developer of a Workers’ Comp software suite that helps insurance professionals in working with employers. He can be contacted at 828-274-0959 or kevin@iwcpro.com.

doing real, tangible work to drive their costs down.

Suppose you have a client and you’re trying to prove to

them why you should be their agent of choice. It’s not

enough to just tell them. You should also show them the

work you’ve done. When you can use your client list and

demonstrate to a prospective client how you have reduced

your clients’ Mods over time, you have built a powerful

case for them to engage you as their insurance agent.

When you can demonstrate your value by using the Expe-

rience Mod, you can go from just being another one of

a long line of agents trying to snag an account with the

lowest quote to demonstrating your expertise in Workers’

Compensation.

If you aren’t analyzing the Experience Mod for

employers, they are left to fend for themselves and

wallow in ignorance about why they are paying

what they pay each year. That is, until someone

else comes and shows them what they are missing.

Workers’ comp is one of the largest insurance

expenses for every business and every business

needs your help.

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 17

Page 16 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

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llowing undocumented immigrants to obtain driver’s licenses or requiring lawful residency identification has an “insignificant impact” on the percentage of unin-sured drivers in New Mexico.

That’s according to New Mexico State University’s J. Tim Query, an associate professor of finance and business law, who decided to test assertions on both sides about the correlation between driver’s licenses for undocument-ed immigrants and the number of uninsured motorists.

New Mexico is one of three states — including Utah and Washington — that allows immigrants to apply for a driver’s license without proving their legal residence. Gov. Susanna Martinez has vowed to repeal the law, setting the stage for a showdown with state lawmakers during a special legislative session in September.

New Mexico is second in the nation in uninsured driv-ers at 25.7 percent, with Washington in 11th place at 16.1 percent. However, only seven states have a lower percentage of uninsured motorists than does Utah. That state has an estimated 8.2 percent rate of uninsured drivers, which is well below the national average of 13.8 percent. Utah’s licenses can only be used for driving.

“When examining data from the Insurance Research Council’s (IRC) periodic study of uninsured motorists,” Query said, “evidence is somewhat mixed in that states with loose requirements for a state-issued driver’s license did not have uniformly lower percentages of uninsured motorists.”

For example, according to IRC figures, Arizona saw its uninsured motorists rate drop from 17.8 percent in 2007 to 11.9 percent in 2009 — a full year before its tough immigration law went into effect. Meanwhile, California’s uninsured drivers rate fell from 18.1 percent in 2007 to 15 percent in 2009. The IRC provided no reason for the drop in both states. Query based his conclusions on statistics derived from the IRC, the Pew Hispanic Center, the Insurance Iden-tification Database and the New Mexico Motor Vehicle Division. Most of the data dates to 2007, when Hawaii, Maine, Maryland, Michigan and Oregon also allowed undocumented immigrants to obtain driver’s licenses. The most recent IRC data is from 2009. Query conducted his research with Risa Kumazawa, an assistant professor in the department of economics and quantitative sciences at Duquesne University in Pittsburgh.

Query identified factors that did cause an increase in the uninsured driver rate: the actual number of undocument-ed immigrants and unemployment.

“On average, a 1 percentage point increase in unauthor-ized immigrants relative to the labor force increases the uninsured motorists rate by 0.54 percentage points,” Que-ry said. “We also find that a 1 percentage point increase in the state unemployment rate increases the uninsured motorists rate by 1.74 percentage points.”

Query points to other studies that find the uninsured driver rate drops when mandatory insurance laws are enforced more strictly and poverty rates are lower.

“While the fraction of unauthorized immigrants matters, the lawful residency requirement has a negligible impact on the percentage of uninsured motorists, based on the results of our study,” he said.

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 19

By Janet Perez

NMSU STUdy looks at link between

driver’s licenses for undocumented immigrants and

uninsured motorists

A

Page 18 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

Page 18 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

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Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 21

ello, David. It is always good hearing from an “elephant hunter”. But your story reminds me of another, similar one of a real hunter. He was brought up around guns all his life but was not permitted to shoot them because his father knew that it is a maturity of judgment as much as physical prowess and skill that is required to be a real hunter. Yet, the young man was certain that he could shoot and was ready to go after game, just like the hunters with dozens of years of experience. Finally, his father relented and taught him the techniques of hunting and the skills of shooting. The young man caught on quickly and passed all of the tests given him. After his tests were completed, he was permitted to go hunting with the experienced hunter and did quite well. All considered him a potential hunter with great promise. Soon after his 21st birthday, he moved from his parents’ home with a gift from his fa-ther, a high-power rifle, with the caveat that he must only go shooting with other, more experienced hunters. The young man, as most young men, felt that he had the skill, the talent and the edu-cation to hunt and that the older hunters would just take the trophies (and the glory). So he decided to go elephant hunting on his own. After all, he had been on six expe-ditions and had bagged game every time. The others knew that he had promise. Now he would show them that he was ready to be their equal. After a few days in the wilderness, he came upon a perfect target, a mature elephant feeding. The young hunter set himself up and made ready to pull the trigger. He just had time to feel the hot breath of the bull elephant behind him before the beast crushed him underfoot. The moral of the story: skill, knowledge and exuberance is important - but nothing beats experience — and someone guarding your back. You are young, smart, probably aggressive and talented and have hooked up with a fine firm. But don’t mistake the financial wherewithal, and a good start for the knowl-

Elephant HunterThe

Firm acquisitions take both skill and experience.

I was recently contacted by a smart young agent who had come into the business through his father, learned the trade and received a promise of financial backing for the acquisition of an agency. Knowing that we participate in many transactions every year and value hundreds of agencies, he contacted me asking for advice and help in the acquisition of an agency.

Moreover, he had formed a relationship with a strong local agency and now felt ca-pable (after one year) of going after much larger “game”; “elephant hunting” was his term for it, with respect to agency size.

I’d like to share my answer to him with you.

H

Elephant Hunter

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 23

edge base learned from years of experience when it comes to buying and running an agency. The effect of a bull elephant is nothing compared to the effect of a smart and wily competitor facing a ‘young buck’ in the insurance sales arena.

I suggest that you hone your production skills in your current agency and ask for and as-sume some management responsibilities, one at a time, until the current owners tell you that you can run the agency as well as them. Then become their perpetuation. If that proves impossible, then consider making the contacts to acquire. You see, acquisition is not just a matter of desire and money. A seller (except unscrupulous ones that are just interested in getting the money and running) seek specific things in a buyer — beyond the buyer’s ability to pay. Many sellers have ties to their clients and suppliers that supercede simple business. It is a matter of reputation. They are very concerned that the sale of their agency does not reflect poorly on them in retrospect when they encounter their friends (their clients) in the future. They do intend to continue living in their communities and must contend with the results of their decision even though they have little control of how the buyer will act toward their employees and their clients. They also look to the buyer to bring strengths to the table like more an better staff, vast experience in like markets, strong existing relation-ships with carriers, both his existing ones and new ones that will even better secure the retired owner’s financial future because of the additional options that the new owner brings to the table. Most new (and small) agents who contact us with dreams of acquiring their way into agency manage-ment fail to understand that it isn’t just money that dictates a seller’s decision. You’re much better off moving forward within an organization and seeking exit only if you can’t become the perpetuator within your own firm.We do not want or expect to negate the desires of agents to acquire agencies. But their reasons for do-ing so, not their financial or sales ability, will deter-mine their chances of success.

Al Diamond is president of Agency Consulting Group, IncHe has been deeply involved in all facets of insurance agen-cy operations including merger, acquisition and divestiture, perpetuation and strategic planning, organizational develop-ment, compensation and salary administration programs, administrative and financial operations and marketing and automation planning, ESOP and perpetuation issues.

We can help get you started upwards to a higher plateau!

60 years in business All major carriersNo fees to access markets Marketing supportProgressive commission splits Professional staffProfit sharing potential Provide A1 service

All lines of business available including: Personal Lines, Commercial Lines, Life and Health, Energy, and E&S

Has your agency reached a plateau?

Elaine Hutchings303-283-3522

Elaine@fusainsurance.com

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 23

PJ WolffScott JoneSDiana HobbSMicHael ZaMbrano

I n t roduc i ng our 20 1 1 -20 12 I IANM

Execut i ve Committee

BOARD

Sam Conlee National DirectorWells Fargo Insurance

Albuquerque, NM

Kathy Yeager Immediate Past Chair

High Country InsuranceRuidoso, NM

Scott Jones Chair

Brown & Brown InsuranceAlbuquerque, NM

PJ Wolff Vice-Chair

Northern InsuranceSanta Fe, NM

Diana Hobbs Sec/Treasurer

Millennium InsuranceFarmington, NM

D i rectorsMike Parisi, Western Assurance Corp.

Ed Risley, Daniels Insurance

Randy Perkins, HUB International

Heather Fortner, AVI Insurance

Connie Sevier, Western States Insurance

Rebecca Martinez, New Mexico Mutual

2011 ConventionHighlights

Our 77th Annual Convention took place at the Hard Rock Casino & Resort in Albuquerque. This year's Convention was attended by 350+ participants.

Hundreds more came to enjoy the TradeShow where we had winners from HUB International, High Country Agency, Brown & Brown, As-sociated Insurance Professionals and Leavitt Group SW, among many more.

Sponsored by:

Dinner & Entertainment

Sponsored by:

Drink Tickets:Door Prize:

Swiss ReSAMBA

TradeShow

Sponsored by: Longest Drive: DAIRYLAND

Golf Tournament

A Special THANK YOU to our Convention Sponsors!

Sponsored by: Union Standard, Colorado Casualty, Allied Insurance

Chairman’s Reception

Sponsored by: ACUITY, Allied Insurance, MetLife Auto & Home

Industry Breakfast

Sponsored by: TRAVELERS & EMC Insurance Companies

Industry Luncheon

Drink Tickets

Sponsored by: PROGRESSIVE, ACUITY & SAFEWAY Insurance

Gifts

Sponsored by: Union Standard, Builders Trust of NM, Letcher, Golden & Assoc.

unts DownBig “I” Markets

Outdoor MarketsH

Partnership with Markel opens door to insuring sportsmen

Program Features and Coverage Highlights:

• Liability limits available:$300,000 occurrence/$900,000 aggregate$500,000 occurrence/$1 million aggregate$1 million occurrence/$3 million aggregate

• Property insurance forms available are Basic, Broad and Special. Deductibles start at $1,000.• Inland Marine coverage for insureds’ and customers’ personal property, equipment, etc.• Excess liability limits to $5 million, umbrella, business interruption and equipment breakdown.• No liability deductibles.

www.bigimarkets.com

Big “I” Markets , in partnership with Markel Insurance Company, is pleased to bring this niche program for Outfitters & Guides, Rod & Gun Clubs, (including shooting clubs) and Hunting & Fishing Lodges & Plantations.

Page 30 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

What were they thinking?

There's a country song by Dierks Bentley where a young guy does some really stupid things

because of a pretty girl in a tank top and he later laments, "What was I thinking? "

Some insurance companies are going to wake up some day, as will some agents, with the exact same thought. Their enticement won't be a pretty girl in a tank top, but the belief they can somehow make money without working any harder by joining clusters or, from the company's perspective, that the company can somehow make more money by appointing clusters.

Disclaimer: I am not against clusters. When done well, clus-ters do help agents and compa-nies, but extremely few clusters are designed or run well. Most are bombs trying to find a place to explode because their design is poor and execution is even worse. Most of the participants, though, are thinking, "What's this crazy consultant talking about? This is all working out OK," as they walk crookedly through a minefield without even knowing they're in a mine-field. The situation is no differ-ent than soldiers unknowingly walking through a minefield and thinking they're safe. The soldiers are anything but safe, and companies and agents in their own minefield are not safe either.

by Chris BurandCompanies first:

Basic math skills should be a requirement for company people appointing agents and clusters. The fact is that if you take two agencies with $1,000,000 each and they form a cluster that now has $2,000,000, the company is no further ahead. There is no extra top line revenue and expenses are no lower. Yet some compa-nies are encouraging agencies to form clusters so they can pay the agencies more money!

Top company executives are continually paying out more money simply for volume and, even worse, volume of any quality! Yet they won't pay extra for high quality business because "they can't afford it." This makes no sense. In trying to get busi-ness today, they are cutting off their nose to spite their face.

Maybe even more significant for the long term (in the event anyone is thinking long term), carriers are selling the devil their soul because some of these clusters are now big enough to throw their weight around. Furthermore, if companies won't pay for high quality business, these entities should seriously consider forming their own insurance companies in which they will place the best business and leave their "partners" with the dregs.

The carriers do not realize it yet, but many have lost the negotiating advantage that size offers. They are no longer truly big enough to tell some of these entities to "take it or leave it." The result is that carriers will not be able to cut costs when they need to as easily as they have in the past. Historically, if they needed to cut costs, they cut agencies' commissions and contingencies without worrying too much about losing a lot of business. Those days are gone even if the carriers don't yet realize it. They are going to be paying these entities a lot of extra money for a long time to come. They've sold their souls.

Now for agencies:

Someday, some agency owners are going to realize they should read contracts be-fore they sign them. In the old days, I would preach that agencies should read their contingency contracts before signing them so they would maximize their negotiat-ing power. Those who didn't simply lost great opportunities to make a lot more

Page 30 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 31

money without working any harder. That looks like child's play relative to some of the cluster contracts agents are signing without reading.

With the hugely public Brooke Corp. fiasco that left many agencies destitute, I would hope more agency owners would be sensitive to the need to read contracts before signing them. But I don't think that debacle made a lick of difference. Some of these contracts are so onerous, it might just be easier to promise to give away your first born child. I really don't understand what agents are thinking when they sign these contracts.

Another favorite of mine is the clusters that tell agents, who happen to read the contracts and identify some of the onerous clauses, "Don't worry, that's just legal word-ing and has nothing to do with how we'll actually run the cluster." Like the old saying goes, "There's a fool born every minute," and the fools in this case are the agents who take the cluster's word. Think about this. What's the purpose of a contract? To define an arrangement and/or a relationship in the event of a dispute. So shouldn't the contract follow the cluster's intentions? Absolutely.

On an operational basis, what is the real value of joining a cluster anyway? "More companies" is the answer 99 percent of agents give. For very small or new agencies, this is a valid reason and some clusters provide a great service for these agencies. But why would an agency with $2,000,000 in revenue need a cluster? More con-tingencies? That might be possible, but not guaranteed. Agency owners almost universally believe that

companies will pay more for volume. However, I

possess the larg-est database of

contingency contracts in the U.S. and I confidently attest that a huge proportion of compa-

nies do not automatically

pay more for volume. It only

looks like they do.

Moreover, if agents would do the math, they'd realize that even if they do get more, they pay a price. I've lost count of how many agency owners have not thought this through. From the fees, to the percentage of ownership the cluster gets in the book, to the higher risk factors, to the de-creased agency value, a price is paid. Think about this. Let's just assume an agency gets an extra one percentage point annually in contingencies by joining a cluster. But that cluster goes out of business and takes all the agency's business with it, as happened to some of Brooke's agents. What's the value of that extra money? What if the cluster owns 20 percent of the agency? On a $1,000,000 premium book, an extra one percent is $1,000. Let's value that book at 1.5 times commissions and commissions are 13 per-cent or $130,000. If the cluster owns 20 percent, it owns $26,000 or 26 years of extra commissions.

Think 20 percent is high? Some of these agreements are much greater than 20 percent.

Think about the cluster agreements that effectively prevent an agency from selling to anyone but the cluster and the cluster gets to name the price. This sounds like a captive agency to me. The only difference is the ability to write with more than one carrier.

To reiterate, clusters designed and operated well can bring a lot of value to certain agencies and companies, but extremely few are designed well and fewer yet are operated well. And just because something has not gone wrong yet does not mean agencies and companies are not strutting like peacocks oblivious to the minefield through which they're prancing. Many of Brooke's agen-cies were strutting, too, and they are now dead and bur-ied. Companies, too, have sold their futures for immedi-ate returns (real and imagined), resulting in the number of national, multi-line carriers available to independent agencies decreasing from approximately 17 in 2000 to six today. Ignorance is bliss for many and knowledge is con-sidered evil by many, if for no other reason than knowl-edge carries responsibility. It's your choice: Ignorance or knowledge.

Full Name:

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The pre-licensing classes are designed to be a review for the state licensing examination. We recommend that students be familiar with the study material prior to attending class.

Study materials are NOT included in class prices.

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The FINE PRINT: IIANM reserves the right to cancel/reschedule classes. Please call ahead to verify when classes will run. Decisions will be made three days prior to class. Cancellations received after 5 business days, will be assessed a $50.00 cancellation fee. Cancellations received on or after deadline and ‘no shows‘ will forfeit the registration fee altogether. A substitute is always welcome, with no extra fee, but prior notification would be appreciated.

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Property & Casualty Review Class (2 days)

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Insurance Education Programs in New Mexico are critical to a successful and profitable career in the insurance industry. Every year, we offer exciting opportunities to expand your professional horizons. All of these education programs are designed to help insurance agents thrive in the most competitive of marketplaces.

Click here for a full listing of our education program.

Instructor: Chris Krahling - October 11 - 12 8am - 5pm

Instructor: Kitty Leslie - November 8 - 9 8am - 5pm

Instructor: Jeff Straight - October 13 8am - 5pm

Instructor: Jeff Straight - November 10 8am - 5pm

rachel@iianm.org

Page 32 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

IIANM’s

EducationEDGE

Page 32 Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011

Pre-Licensing Study Materials

IIANM offers results-driven, study materials for Property & Casualty and Life & Health pre-licensing. We have helped thousands of candidates start successful careers. We can help you too.

Our total package for exam preparation includes a License Exam Manual that matches the state outline and Drill & Practice test banks.

Are your office study materials up-to-date?

(includes NM State Law Supplement)

Book $55.00 $45.00

Study Disc $45.00 $35.00

Book + Disc Set $90.00 $70.00

Regular Price: Member Price:

$10

Savings!

P&C Book = 1st Edition RevisedP&C Disc = 2nd Edition

L&H Book = 2nd EditionL&H Disc = 2nd Edition

Both State Law Supplements = Effective Date October 1, 2010

Currently on our shelves:

We always keep our shelves stocked, so you are welcome to stop by and pick up materials. OR click here for easy ordering (with an additional shipping & handling charge)

Independent Insurance Agents of New Mexico - www.iianm.org - * October 2011 Page 33

Cla

ssifieds

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

12 13 14 15

16 17 18 19 2223

P&CPre-licensing

Class

L&HPre-licensing

Class

4 5 6

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24

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October 2011 Clickable Calendar

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Looking to fill a position within your agency? Trying to find a job but don’t know where to look?Whether you are looking for somewhere new to share your special skills or an employer looking for quality, professional employees, we are there to lend a helping hand. Click here to take advantage of IIANM’s Job Bank.Do you have an agency you’re trying to sell, or in the market to buy one? Check out our Classifieds!

N e w M e x i c o ’ s J o b B a n k

8

9

7

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Click on class title to register

20 21

3130

Trick-or-Treat Candy Bark

The perfect way to use up all that leftover candy — it’s like having

all your favorite candy bars rolled into one!

Make Trick-or-Treat Candy Bark

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Enjoy Halloween with a safe costumeHalloween is coming, and your children are no doubt excited by the prospect of dressing up as their favorite animal, superhero, or celebrity. But as a parent it’s your responsibility to be sure they’re safe as they walk from house to house trick-or-treating in their costumes. Keep these tips and precautions in mind:

• Flame retardant materials are a must. Check the label on any costume you buy from a store. If you’re making your child’s outfit, use only synthetic, flame-retardant fabrics.

• Try costumes on before the big night. This gives you time to make any altera-tions necessary. You want the costume to be loose enough for your children to wear a sweater on a chilly night, but not so baggy that they’ll trip, or snag an arm or leg. Be careful of capes that might drag or trip a child.

• Don’t blend into the dark. A bright, colorful costume is best, but if your child is determined to dress as Batman or the Grim Reaper, a few strips of reflective tape will help him or her show up more effectively in streetlights and car headlights.

• Avoid bulky masks. Makeup is usually better than a mask, as long as it’s nontoxic and doesn’t contain anything likely to cause an allergic reaction. Masks that are difficult to remove quickly can be hazardous in an emergency. If your child insists on a mask, make sure the ear, nose, and mouth openings are wide enough for him or her to see and breathe easily.

• Wear comfortable shoes. You don’t want your little princess stumbling over high heels. Children walking door to door (accompanied by you or another adult, of course) should wear sneakers or some other reasonable footwear.

About 2.9 million U.S. workers telecommute on a reg-ular basis—but 50 million want to do so. That comes from a recent white paper by the Telework Research Network, which reports that from 2005 to 2009, the number of employees telecommuting on a regular basis increased by 61 percent. The rate of growth has been highest among federal employees (407 percent) and state workers (88 percent), although private-sector employees represent the greatest increase in raw numbers.

The white paper estimates that those 2.9 million telecommuters save 390 million gallons of gasoline each year, reducing the release of greenhouse gases into the air by 3.6 million tons. In addition, the report

states that telecommuting can save employ-ers up to $13,000 per teleworker a year and can cut absenteeism by 25 percent.

A rise in demand for (and savings from)

telecommuting

More information can be found about

IIANM’s Partner Program by visiting our website at

www.iianm.org or

calling Lorri Gaffney at (505) 999-5805.