Lisa Lounsbury to Head 134-Year-Old IIABNY
Lisa Lounsbury succeeds Richard Poppa as head of New York’s Big “I”. Here is her view of the role.
What are IIABNY’s greatest focus areas as it plots member services and supports their future?
At IIABNY, our mission is to advance the performance and success of independent insurance agencies and brokerages in New York. While a lot has changed in the industry over the years, much has stayed the same. Finding, hiring and training talent and promoting the unique value that independent agencies bring to the table continue to challenge agencies. Our two current strategic goals directly address these struggles and offer solutions by utilizing technology and innovative approaches to move the needle. A quick visit to www.tcstories.com illustrates a unique approach we developed to show consumers the interconnection between an independent agent and their community or customer, and highlight the special qualities of an independent agent. I am proud of the work we are doing in these areas for our members.
Will your “way forward” depart from your predecessor?
It is an incredible honor to have the opportunity to follow in Dick Poppa’s footsteps to work for the best distribution system for insurance in the country—the independent insurance agents and brokers in New York. I learned a great deal about running a successful trade association from Dick, and thankfully he is leaving IIABNY in a good position. We have a high-quality membership, talented volunteer leaders, engaged local associations, a solid financial position and a remarkable staff.
However, I am a different person than Dick—I am a female from a different generation, I have a young, active family and literally grew up in this industry (my dad owned an agency, I started my career on the carrier side and my husband is an agent). My life experiences bring a new perspective to the table. As a big believer in collaboration, you will see us working a great deal with other groups to further advance our shared goals. Through strategy, technology and relationship-building, we will be looking for innovative ways to address or prevent challenges for our members. I like to get things done efficiently and effectively.
Agencies are consolidating rapidly and the average age of agency leadership is rising. With that and the increasing competition facing agents, what do you believe is the future of the agency system?
When I started my insurance career in 1995, everyone was talking about all of the consolidation in the industry—on both the agency and carrier sides. What happens with all of this consolidation? We call it the bar bell effect. At one side of the bar bell are a handful of large, mega agencies, and on the other side are the start up agencies or rogue producers that jump ship before or after the consolidations and go out on their own. The middle is made up of mid-sized, traditional independent agencies. This phenomenon is not going to change. Our job at the association is to help our members run better operations, organically grow and provide the same or better service to their clients as the direct writers. Through IIABA’s ACT (Agents Council for Technology), educational events like NYiDAY and introducing our members to new solution providers, we can help our members compete on the technology side—provided that their carrier partners also adopt the industry standard practices and fully support their efforts. Many outsiders that are trying to disrupt the IA channel usually overlook and downplay its biggest strength: great people who are trusted advisors.
The guidance that an independent agent provides to their customers cannot be replicated by any underwriting algorithm, app or glass of lemonade. If independent agents can provide their client and prospects with the same efficient and digital ways to engage with them and help them manage their risk PLUS be their trusted advisor, the future of the independent agency system is very bright. I hope so, because my ten-year-old son wants to be either an NFL player or “an insurance man” like his grandpa and dad. Reality is that policies are in his future and not footballs!
Is a consolidation with PIANY under discussion by IIABNY or jointly?
Since I joined IIABNY in 1999, our volunteer leaders have always held the belief that one voice for independent agents would best represent their interests. Our agent leaders have always made it known to any association working to help the IA system or the New York insurance industry that we would welcome the opportunity to work together. For example, we just collaborated with several industry groups, including PIANY, on presenting our common concerns over the proposed Regulation 500 on cyber security regulations.
How will IIABNY be meaningful to the increasing number of larger agencies?
IIABNY and IIABA are uniquely positioned to support large agencies in a way that no other trade association can on both a state and national level. IIABNY and IIABA are viewed as powerhouses on the legislative and regulatory advocacy front. Legislators respect and trust both our state and federal association staff and lobbying teams. We are proactive and forward-looking on issues that could have significant impact on our members—particularly our largest members. We educate on the issues, advocate on their behalf and get things done.
Another unique resource that IIABNY provides to all members is our custom training and innovative new-hire training. We can basically deliver any type of education, on any subject matter, over a variety of mediums—face to face learning, webinars, video streaming, learning management systems or a combination thereof. Many of our largest members hire IIABNY to provide the preponderance of education to their employees in a custom approach to best meet their needs. In our most recent membership survey, IIABNY’s education offerings were ranked one of the most valuable services that IIABNY provides.
?What are you most excited about in taking on this role?
Taking our support for members to the next level! Much of my new focus will be on maintaining and building relationships with industry partners that want to work collaboratively to support the IA system. Each of us will be much more effective if we join forces when it makes sense, to develop and deliver solutions that make the entire IA system more efficient and attractive to the new generation of customers and employees.
I believe in this industry. While I want to push it forward, I also value the culture and want to be sure that independent agencies showcase their unique personalities and traditions that have made them successful. That balance is achievable. Agencies that embrace new technology tools into their operations and re-vamp how they provide 24/7 service to their clients and prospects will be winners—Especially if they showcase the great ways that their agency supports their community and clients.
* * *
Lisa K. Lounsbury, CAE, AAI | http://www.iiabny.org | is Interim President and CEO of IIABNY. Since joining the association in September 1999, Lisa has strived to achieve IIABNY’s mission of working in the public’s best interest, and to advance the performance and success of independent insurance agencies and brokerages in New York.
Previously, Lisa served as President of IAAC, the association’s membership services division, and as senior vice president of IIABNY. Before joining IIABNY, she was employed as a product specialist in the specialty division for Great American Insurance Co. in Cincinnati, Ohio. She started her career at Great American as an agency operations representative for the insurer’s commercial lines division, developing an agency plant in Pittsburgh, PA, and underwriting new business. Lisa then moved back to Great American’s home office in Cincinnati and assumed the role of implementation coordinator for the company’s national commercial lines interface initiative.
In 2005, Lisa served a one-year term on the Professional Liability Committee for the Independent Insurance Agents & Brokers of America, Inc. She was also a member of several sub-committees for IIABA including: alternative markets subcommittee, loss control working group, minimum audit standards committee and authorized markets working group. She currently serves on the board of directors of IIABA’s Big “I” Reinsurance Co. and Agency Administrative Services, Inc.
In 2008, she earned the Certified Association Executive professional designation. A year later, Lisa completed the requirements for the Accredited Adviser in Insurance designation, and also earned the Associate in Insurance Services designation the following year. A native of Erie, PA, she graduated with a bachelor’s degree in finance from Miami University of Ohio.
An avid equestrian, Lisa, her husband, Tucker, and their two children reside in Cazenovia, NY. Previously, she was a volunteer for the Central New York Division of the March of Dimes and was chairperson three times for the organization’s Signature Chefs Auction. Currently, she serves on the Cazenovia Central School District Board of Education and Onondaga-Madison School Boards Association.
Follow her on:
Facebook – https://www.facebook.com/IIABNY
Linkedin – https://www.linkedin.com/in/lisa-lounsbury-cae-aai-ais-5957006
Twitter | https://twitter.com/iiabny
