PIANY President on Industry Challenges, Perpetuation

During his address at PIANY’s Hudson Valley Regional Awareness Program in Fishkill, N.Y., on Oct. 26, PIANY President Fred Holender CPCU, CLU, ChFC, MSFS, discussed the unchanging challenges of the industry: “We have experienced quite an evolution in our business. Although the tools we use to conduct business have changed dramatically, the challenges we face have not.” Those challenges are: competition, regulation and perpetuation.

To address each of the challenges, Holender highlighted that PIANY is always there to aid members. Once upon a time, business transactions followed relationships that were garnered between an agent and his or her insured; now the relationship seems to follow the transaction, he said. “Regardless of whether the sale is transactional or relationship-based, we have to differentiate ourselves from our competitors, and that is why we should Think PIA first,” said Holender. He reminded PIA members that PIANY’s website includes 21 different tool kits, the PIA QuickSource library; award-winning publications; timely information; the PIA Buy Button initiative, and more.

He also highlighted some of PIA’s recent regulatory successes, including: reform to the state’s redundant continuing-education requirements for entity sublicensees. “This PIA-priority legislation has been on the table for four years,” said Holender. “This year, we got it done. Here’s why: the chairs of the insurance committees in the New York Assembly and Senate know and respect PIA. They were willing to listen and understood the problem so they sponsored the bills. We met face-to-face with the deputy superintendent of the New York State Department of Financial Services. The department understood the issue and drafted language that was incorporated into the legislation.”

Regarding the challenges of perpetuation, Holender said: “The people walking in are not the same as the people walking out…Our challenge is to balance their [the new generation of insurance professionals] drive and impatience with the investment of time and effort required for them to become credible to carriers, clients and co-workers.”

Holender reminded his audience that PIA has a number of tools and resources to help insurance agencies bring new people on board and prepare them for the future—including the New York Young Insurance Professionals, which provides networking and leadership experience to emerging professionals.

Closing, Holender told HVRAP attendees they need to continue to work against the challenges of the industry and continue to do what they do: “When things go wrong, people will come forward with sympathy and compassion—and we do that too,” he said. “But, if we’ve done our jobs, we do something no one else can. We bring money and sound advice so they can rebuild.”

Recognizing Hudson Valley insurance icons

HVRAP Chair Dina Bruno bestowed two awards during the luncheon. The Distinguished Insurance Service award was presented to PIANY Past President Shawn Viaña, senior vice president–director of sales and development of Marshall & Sterling Insurance. During his acceptance speech, Viaña spoke of the value PIA provides to its members and encouraged everyone to reach out to young people and encourage them to become a part of the industry to make the future of the industry stronger.

Bruno also presented the Executive of the Year award to Alan DeForest, president and CEO of the DeForest Group Inc. DeForest advised those in attendance to remember that change happens. “You need to embrace it. If you get in front of it, you will do well. You need to own it and work it to your advantage.”

NY-YIP HVRAP Welcome Reception

The New York Young Insurance Professionals kicked off HVRAP with a Welcome Reception at the Eleven 11 Grille, Fishkill, the night before HVRAP. The event offered insurance professionals of all ages even greater opportunity to network and reconnect over drinks and appetizers before the event.

Quality CE

Two education sessions focused on social media during the RAP. In the morning, Managing Social Media in the Insurance Industry was an interactive panel discussion, which included: Amy Bryan, CIC, agency owner, Bryan Insurance Agency; Timothy Morales, managing partner, Synchronous—The Social Media Co.; Christina Sarapuchiello, CISR, AIS, API, AINS, business development manager, Jimcor Agencies; and moderator Donna Chiapperino, sales manager, Nationwide Insurance.

The session discussed agency management and cyberliability implications of social media; and the pros (e.g., cost-effective, being able to reach certain clients in a format that is useful to them, and target marketing to specific clients) and cons (e.g., insurance exposures) of using social media. The discussion also focused on instant messaging and chatbots, since these formats allow agents to interact with their clients 24/7.

The afternoon session E&O in the Virtual Marketplace, was presented by John Fear, CPIA, CISR, who reminded insurance professionals who may be afraid to use social media because of the insurance exposures, that the exposures are the same as they were years ago. The information is the same—the tools have just changed, he advised. According to Fear, years ago someone could walk into an office and find personal identifiable information on desks or in cabinets; now the information is found on laptops and social-media posts. He cautioned people to take a close look at any photos they may post from their office online and make sure there aren’t any insurance applications or checks that can be seen in the background on employees’ desks.