Although moving can be stressful, it's also an exciting development for the CPIA Program!

At the end of 2022, the AIMS Society merged with PIA National. While our first-of-its kind, hands-on sales and marketing training and Certified Professional Insurance Agent (CPIA) designation are here to stay, this union enables us to invest in and expand our high-quality education programming. We’re developing our roadmap for new content and will share it with the community later this year!

In the meantime, we updated our social media handles to reflect our focus on how the CPIA Program enables #insuranceprofessionals to grow revenue and build relationships! If you are already connected with us, then all you need to do is engage with our content! If we’re not yet connected, please take a moment to follow us on LinkedIn, Facebook, and Instagram. We also have a YouTube channel for you to explore! Same great content, slightly new names! 

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Put the Mechanics of Strategic Planning to work for you!

Recently, the AIMS Society hosted a Virtual PRO Roundtable that highlighted “The Mechanics of Strategic Planning”.  During this 30-minute presentation, Kitty Ambers, CIC, CPIA, CISR, COO at AVYST and Jen Rous, COO at TEAL Concepts, outlined critical components of an effective Strategic Planning process.  The ideas discussed provided a framework to help:  

• establish a cadence for keeping strategy on track

• define core values and purpose

• elicit valuable feedback from colleagues and customers

As you gear up for 2023, we hope you’ll put some of these concepts to work for you and your team.

K.I.S.S. – Keep it simple, stupid!

The term Strategic Planning can sound scary and complicated.  Ironically, for a strategy to truly be successful, it should be simple.  However, remember that simple doesn’t mean easy.  Setting and maintaining strategy is hard work, it’s time-consuming, and it is a process.  It is not a single, annual event.  

It’s important to think about Strategic Planning and Execution as two distinct roles or functions.  For individuals or smaller organizations that don’t have layers of management, strategic thinking and execution might need to be done by the same person or people.  If that’s the case, it’s critical to schedule distinct time for each activity.  

Practically, this might include a weekly strategy update discussion with members of the strategic thinking team – or if you’re a one-person show, taking time out each week to think about and refine your ideas.  Then, execute on the ideas.  Successful strategy execution is about iteration – make decisions, implement actions, evaluate outcomes, repeat, and refine.

Ask Yourself

In the spirit of keeping the mechanics of strategic planning as simple as possible, it really boils down to routinely considering these 7 questions:

• Who?
• What?
• When?
• Where?
• How?
• Why?
• Should we, or shouldn’t we?

By thoughtfully answering these questions, you will arrive at your Vision, Core Purpose, Core Values, and Core Customer profile.  Investing time in building a strong core, stabilizes both culture and focus.

Ask Others

Before any formal Strategic Planning Session, gather feedback from Employees and Customers.  A great tool to use is the Start / Stop / Keep survey.  Send these three questions out to all employees, and to a sampling of customers:

1. What do you think our Company should start doing?
2. What do you think our Company should stop doing?
3. What do you think our Company should keep doing?

Another exercise to conduct in advance of formal strategy setting is a SWOT and Trends analysis.  The SWOT acronym stands for Strengths, Weaknesses, Opportunities, and Threats.  It is a time-honored method for examining factors impacting the business.  An effective SWOT analysis collects a 360-degree, holistic view of the environment in which the business is actually operating.  It’s critical to be open and honest during these discussions.

Begin by listing Strengths and Weaknesses.  This provides an internal accounting of who is on the team and where they excel or fall short; and captures what the organization is doing well and what could be improved upon.  It’s important to be very honest and clear about how things are and not try to sugarcoat the current state with the way we wish it was.

Then, look outside of the organization for Opportunities and Threats.  External factors include threats like the economy and how it impacts the client base; and opportunities may be things like new product offerings from lead carriers that can drive new revenue streams.

If there are several levels of management, have each department conduct their own SWOT and then submit a Top 3 Priorities list based on the feedback they’ve gathered from their respective teams.

Now, consider Trends.  Are there any significant changes in technology, product innovation, markets, and consumer and social developments around the world?  How might these Trends impact the organization in the short- or long-term?

As part of the Strategic Planning, and Thinking time mentioned earlier, it’s important to continually contemplate trends to be aware of things that could happen to be prepared in advance with ways to adjust when necessary.

Putting It All Together

Remember that effective planning only works when then plan turns into action. The Start / Stop  / Keep feedback, coupled with the results of the SWOT and Trends analysis, will be instrumental in defining the top priorities and tactics chosen to  support the strategy.  Setting Goals, deploying Action Plans, and defining Roles and Responsibilities, are all tactics toward achieving the Vision which is built on solid Core Purpose and Core Values.

We hope you’ll take time to set the stage for success in 2023!  You’ll find the full presentation on YouTube!

Consider This:  The Buck Starts Here

If you’re ever near Independence, Missouri, you may want to visit the Harry S. Truman Library and Museum. There, you can check out exhibits, see displays, and get a deeper insight into Truman, his presidency and more.

As you pass by Truman’s desk, be sure not to miss the sign at the front of it, which offers a popular lesson in leadership: “The Buck Stops Here.”  It’s a phrase that Truman became known for, and it recognizes that, ultimately, the person in charge is responsible for whatever happens—good or bad. However, it’s a reactive motto.

Its proactive cousin might be, “The Buck Starts Here.” In this phrase lies the leadership lesson that the person in charge needs to set the direction for the organization. Few successful insurance agency principals would argue that taking ownership of direction is vital to maximizing value.

This effort begins with a vision. What does your organization stand for? Where is it headed? What will success look like when you and your team live out the vision? While others in the organization can—and should—help in spelling out the vision, in the end, it’s the principal or owner who is responsible for institutionalizing it.

Once a leader formulates the vision, the next step is sharing it. Make sure management understands the vision and how it affects day-to-day priorities and activities. Be certain that all employees understand it, as well. Find opportunities to share and reinforce the vision as often as possible and inspire your team to live it out. The vision needs to be crystal clear in the minds of all employees.

With a clear vision, it’s possible to create a mission statement—a public-facing statement that clearly and succinctly defines your organization and its purpose. The statement should be short, memorable, and most important, measurable. It serves as the foundation for your action plans and provides the benchmark against which you and your staff can execute, monitor, and adjust your plans.

This may sound simple. On paper, perhaps, it is. In reality, it requires constant attention. Successful leaders practice consistent discipline to maintain focus on the vision and mission. Leadership success involves developing the necessary skills; “sharpening the saw” in the words of Stephen Covey in his book, The 7 Habits of Highly Successful People.

Success also calls for a relentless approach to finding, recruiting, and retaining the best talent. In addition, it requires regular reinforcement of the vision and frequent training and education to equip staff to live it out.

By taking a deliberate approach to the notion that “The Buck Starts Here,” you can find success and realize maximum value within your organization. 

The Anatomy of a Data Breach: What are They and What to do When You Spot One?

Arguably no phrase has dominated the tech world the last 24 months more than the term “data breach.” From breaches that have impacted critical infrastructure like the Colonial Pipeline to hackers compromising healthcare records at UC San Diego Health, the last two years have been saturated by headlines of cybersecurity mishaps. Yet, despite the prevalence of the breach-centric news cycle, many everyday individuals may not know what exactly a data breach is, how they typically start, and why they occur.

According to IBM, the average time it takes to identify that a breach has occurred is 287 days, with the average time to contain a breach clocking in at 80 days. And with 81% of businesses experiencing a cyberattack during COVID, it is essential that individuals are familiar with the anatomy of a data breach so that they can keep their data, as well as their colleagues and customers’ data, safe.

With that in mind, here is some helpful background on what data breaches are and why they are so problematic.

What is a data breach? 

While it may seem like a complex concept, once the jargon is removed, a data breach is actually really straightforward to explain. According to Trend Micro, a data breach is “an incident where information is stolen or taken from a system without the knowledge or authorization of the system’s owner.” And while data breaches can be the result of a system or human error, a vast majority of data breaches are the result of cyber-attacks, where a cybercriminal gains unlawful access to sensitive system data. In fact, 92% of the data breaches in Q1 2022 were the result of cyberattacks.

What kind of data can be breached?

Unfortunately, cyber criminals look to get their hands on any information that they possibly can, ranging from more obvious sensitive information such as social security numbers and credit card information to more obscure data like past purchase history.

What are some of the tactics used to execute data breaches?

Cybercrime is getting more sophisticated each day. However, cyberattack tactics do not have to be cutting-edge or advanced in order to be very effective. Here are a few examples of popular tactics used by cybercriminals:

• Phishing: Phishing is when a cybercriminal pretends to be a legitimate party in hopes of tricking an individual into giving them access to personal information. Phishing is one of the oldest tricks in the book for cybercriminals, but it is just as effective as ever. For example, 80% of security incidents and 90% data breaches stem from phishing attempts.

• Malware: Another tried-and-true method for cybercriminals is malware. Malware is malicious software that secretly installs itself on devices – often by way of a user engaging with fake links and content – and quietly gains access to the data on an individual’s device or a business network.

• Password Attack: Through password attacks, cybercriminals look to gain access to sensitive data and networks by way of “cracking” user passwords and using these credentials to get into networks and extract data from a given network.

How to spot a possible breach?

The best way to stop a data breach is to stop it before it even starts. This includes taking steps from making sure passwords are long and complex to reporting suspicious emails. If you do suspect that you have been the victim of a breach, immediately contact your IT department or device provider to notify them and follow subsequent protocols to help them scan, detect, and remediate any issues that exist.

Learn More!

October is Cyber Security Awareness Month!  Use this is a reminder to learn more about how to stay safe online.  Visit www.StaySafeOnline.org for a variety of resources that you can share with your family, friends, colleagues, and clients.

For insurance professionals who wish to learn more about how to confidently advise clients on cyber liability coverages, take part in the AIMS Society’s CPIA Seminar entitled: Insurance Implications of Cyber Security.   This full day, CE approved course will be offered virtually on December 6.  Learn more and register today! 

#BeCyberSmart

#CybersecurityAwarenessMonth

Appreciating Your Assets / World Gratitude Day

By description, “World Gratitude Day is celebrated on September 21 annually. This day aims to remind us of the importance of expressing gestures of thanks and appreciation. Understandably, sometimes we can get caught up in our busy lives and neglect to show how grateful we are for the people around us. Many people believe that once you commit a simple act of kindness for someone, you don’t need to manifest that kind of kindness repeatedly. But if you do, it makes the world a better place. After all, it’s your world, and you have to live in it!”

Agency leaders are often heard referencing employees as their number one asset. Many leaders back this up with training, tools, and programs to help maximize employee morale and productivity.   Expressing appreciation goes a long way in seeing returns on this “number one asset.”

Whether you are an agency leader, manager, or individual contributor, we hope you’ll take time out today to express gratitude for your employees and coworkers.  Here are a few ideas:

• Say ‘Thank You.’ David Shindler, author of Learning to Leap, says, “…people value a simple ‘thank you’ from managers. Psychologists have long pointed to different personality types valuing appreciation in a way that has the most impact on the person, ranging from a job well done to simply being appreciated for who they are.”

• Give gifts and awards. Teri Hockett, chief empowerment officer of What’s For Work?, says, “Find a fun and unique item you can buy in bulk for employee appreciation awards, then come up with a creative name for the award and establish a consistent theme, like The ‘Make-It-Happen’ Award. Then tie the appreciation message around the theme….”

• Create ‘Appreciation Days’ in their honor. “Designate entire days for standout employees, where you show appreciation and allow co-workers to do the same,” Hockett says. “Plus, this gives the workplace an opportunity to celebrate, which fosters teamwork.

• Use technology. Shindler says Virgin Media’s internal platform lets employees send a ‘thank you’ at the press of a button, similar to a Facebook ‘like.’ “…take a leaf out of the ‘Follow Friday’ convention on Twitter, where people show appreciation for others in their network on a weekly basis,” he says.

• Make them famous. With their permission, make employees “famous” using company social media accounts, Hockett suggests. “Write a blog showcasing what makes them special and why they earned an appreciation award or recognition.” Share the blog with their photo across other sites like Facebook and Twitter.

• Create a positive, appealing culture. “It is critical that managers and leaders create the culture and conditions that tap into each individual’s personal motivation. That means getting to know every member of their team,” Shindler says.

• Let other team members know. Make a point to share your appreciation not only with your employee, but their immediate team and/or general co-workers as well, Hockett says. “This not only makes the employee feel good, but also builds a positive company culture, that others will be inspired by.”

• Change titles and/or roles for deserving employees. “Job title or role changes and improvements give a real boost even when monetary increases are not available,” Business coach Joyce Reynolds says.

• Make a video. Take appreciation to the next level with a short, fun video clip for employees to watch, Hockett suggests. “You can record something easily from your smartphone and make it available to them within your company Intranet or publicly. Keep it fun and light and your employees are bound to smile.”

• Take them out. Make a point to spend time with standout employees outside of work. “Schedule a luncheon or coffee break, where you can treat them and give them an opportunity to speak with you in-person about topics of interest,” Hockett says.

“Remember that the most valuable rewards might be those given to the least spectacular but most sincere staffers,” Reynolds says. “…don’t just reward the ‘stars;’ the usual suspects. Rather, be widespread in recognizing at all levels for exceeding their particular skill sets.”  And, do it more frequently than one day each year!

How do you show appreciation for employees and coworkers? Drop us a note at Donna@AIMSSociety.org and let us know. Thanks – we appreciate you!

Plot a New Educational Course

At AIMS Society, we pride ourselves on being the practical go-to source for building insurance sales and marketing expertise. Every day we strive to provide quality educational content and programs that help insurance agency owners and managers promote a culture of education within their firms.

Benjamin Franklin once said, “Tell me and I forget, teach me and I may remember, involve me and I learn.” This timeless quote still hits home today and inspires us to diversify the methods used to train both ourselves and our colleagues.

Education is not an island. Education should be at the forefront of all corporate endeavors, rather than an initiative spearheaded by HR. All managers should consider themselves to be “directors of learning experiences.” Think of Franklin’s quote — how can you involve all of your employees so that they learn? Interactive projects, skits, or group discussions can be empowering on all levels.

Just say no to solo webinars. Webinars are affordable and efficient tools for continued learning. As tempting as it is to attend one behind your office door while catching up on email, resist the urge! Instead, grab a few colleagues, order lunch, participate in the webinar together, and then discuss what you learned and how it can benefit your organization. That debriefing is critical; without it, what the webinar taught you can quickly funnel into the black hole of forgotten knowledge.

Take advantage of resources. When thinking about new initiatives, budgets can be limited. Why not make the most of the educational founts already available? In addition to all of the educational resources provided by AIMS Society, you can tap into tools offered by the Big “I,” the PIA, and even your technology system’s users group.

How does your firm collaborate to enhance continuous learning?

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How Building Your Business Is Like Making Ice Cream

In 1984, President Ronald Regan declared July as National Ice Cream Month, and the third Sunday of the month as National Ice Cream Day.  In honor of this celebratory month, we thought we’d look at how the best ice cream is made.

After reviewing various tips and recipes, there were several basics that were consistent across all the research.  The process of making ice cream is fundamentally the same no matter which flavor is being concocted.  The steps that make the difference involve the mixture of ingredients to craft a specific style of ice cream, and the tools being used. 

In the words of chef Fany Gerson in a recent interview with Food & Wine magazine, “The steps to making ice cream are simple: Create the base, churn the base in an ice cream maker, add any mix-ins, freeze the churned mixture, and let the ice cream harden. It's the in-between moments that can make or break the final product.”  It’s interesting to contemplate how these factors align with the steps to build a successful business.

1. What’s your style? Deciding on what type of ice cream treat to make is similar to defining the mission and vision for a business.It’s a combination of preference or specialty, available resources (ingredients and capabilities), and timing.
   
   
2. Chill! Every single article listing tips for successful ice cream making state the number one step as “chill the mixer bowl,” preferably for 24 hours.Then, once the ice cream is made, it needs time to set up before eating.This is a lesson in pre-planning.You can’t just jump in on a whim and make good ice cream.As with business building, you must plan out the steps – define a clear direction, identify and implement the right resources, and determine a reasonable timeframe to achieve desired results.
   
   
3. Fresh is best. The best ice cream is made in batches that can be consumed in a day or two – no stock-piling.This reminds us to pay attention to business outcomes on a frequent basis.Rather than monthly reports, what can you monitor on a daily or weekly basis that will help move the organization closer to goal achievement?

Ponder these ideas over your next bowl of ice cream, and then get to work growing your business with these tips in mind.

Guest blog post by Kitty Ambers, CPIA, CIC, CISR, COO at AVYST

As a Virginia Tech alumnus, I was disappointed when the Hokies, ranked #4 in the country, lost to Oklahoma on the road to Omaha last week.  But in baseball, as in business, there are a wide range of factors that must come together to earn a crucial win.  Following are some keys for success that apply to both baseball and business.

Conditioning – Inevitably, at the start of each baseball season, we hear about serious injuries that have impacted players. Often, the pundits will explain that these injuries are a result of the player not being “game ready”.  A disciplined approach to pre-season and in-season conditioning is a must to stay healthy. Depending on the position, the conditioning workout will include some combination of weight training, running / sprinting, and stretching. All three components are vital to player health and game readiness.

Thinking about our businesses, do we have a disciplined approach to staying healthy? What are the components we must incorporate into the daily routines of our players (pre-sale, during the sale, and post-sale) that keep us off the injured reserve list?

Pre-sale workouts include a combination of networking, prospecting, and pre-qualification by Producers; and planning and goal setting by Owners / Managers. During the sale, we must build technical skills as well as interpersonal skills to effectively risk manage for our clients and build relationships with both clients and carrier personnel. After the sale is where the discipline really pays off! We must continue to stay in the minds of our clients through a variety of pro-active account development techniques.

Equipment – When my son was younger, he was on every mailing list for every equipment provider known to man, inundating us with emails and catalogs. Baseball equipment is not inexpensive, so early on, he learned the value of maintaining his equipment. Each year he argued that he needed the newest technology to make the most of his skills. Sometimes, I bought the argument – and the newest equipment. But….as I told him, if you can’t make solid contact with the baseball, it really doesn’t matter what the bat is made of. The same thought can be applied in our offices.

New technology (equipment) is a must to stay current with our various constituencies and to run more efficiently. However, it’s just as important to care for and utilize our existing equipment to its fullest. Employing the most efficient workflows, implementing agency procedures, installing updates in a timely fashion, and conducting / attending training on a regular basis are all methods for keeping our “technology” current. Remember, it really doesn’t matter how great the equipment is if the “players” don’t know how to use it most effectively.

Teamwork – Watching a good ball club play is sort of like watching a ballet (I guess? – I’m not a big ballet follower!). Without saying a word, in many cases, the play is made, and positive results are achieved. Think about the third base coach signaling the batter and the base runner to execute a hit-and-run or a steal. Consider how the catcher communicates what type of pitch the pitcher should throw to a particular batter based on tendencies they’ve identified. Ponder how the pitcher communicates a pickoff attempt to the infield without tipping off the runner. Watch how a catcher signals to the field when there are base runners on the corners. Observe the various players moving into their backup positions depending on where a ball is hit. It’s interesting to see how these plays are executed, without a “huddle”, in most cases.

Now, let’s think about our offices. Are our personnel so well coached that each time there’s a client call, they know exactly where the play will be made and where their backup position is? Do the producers and service personnel communicate like pitchers, catchers, and infielders? Are producers confident that when they signal, the players will be in position? Even if you’re not much of a baseball fan, I think you can understand how working toward seamless, intuitive communication among our team members can breed tremendous results for the entire “club”. This begins with selecting the right players in the first place. Then, continuously training and coaching them to build their skill levels and play their positions.

Statistics – It goes without saying that we must keep score to win. I’m always intrigued by the commentators, for any sport, that come up with the most obscure statistics. With baseball, statisticians track everything! Stats are how players are recognized and awarded scholarships, big signing bonuses, championship rings, golden gloves, and a plaque on the wall of the Hall of Fame in Cooperstown, NY.

We must keep stats in our offices as well! Without tracking a variety of statistics, how do we know when we’ve won? It might be revenue growth, “spread”, policy count, loss ratio, or share of market, but we must keep a variety of statistics to measure what’s getting done. If we are regularly reviewing the statistics – in the off-season and during the season – we can be prepared to re-tool our teams as needed or make trades.

Hopefully, this post will help you take a fresh look at your organization. Consider conditioning, equipment, teamwork, and statistics and get game ready! Let's play ball!

EI, EI, Oh!

Is your emotional intelligence on target?

Insurance is a people business. If you doubt it, consider the emotion that rises to the surface during claims. This is where you can lose a customer—or secure one for life. It all hinges on your ability to be empathetic and create a connection. It depends on your emotional intelligence or EI.

Yes, while IQ measures your brain cell book smarts, EI quantifies how well you connect emotionally with others. EI actually encompasses multiple traits or core competencies, including (but certainly not limited to) optimism, transparency, adaptability, innovation, creativity, initiative, and self-confidence. Some would argue it’s more important to success than IQ—and if you think about it, wouldn’t you rather partner with someone who “gets you” over someone who is simply a braniac?

If interested, you can actually complete an assessment to gain more insight to your own EI, including Dr. Travis Bradberry and Dr. Jean Greaves’ Emotional Intelligence 2.0, Daniel Goleman’s Emotional and Social Competence Inventory (ESCI), The Mayer-Salovey-Caruso Emotional Intelligence Test (MSCEIT), and Dr. Laura Belsten’s Social + Emotional Intelligence Profile (SEIP). 

The good news is that you can improve your EI.  Here are some suggestions from Harrison Monarth from his article, 5 Steps to Boost the Skills That Will Help You Better Connect to People.

1. Learn the language. Understand what constitutes a strong EI and choose core skills you believe will be valued in your own organization and in your own life. Look to the assessment links above to get started.
   
   
2. Know thyself: Collect feedback. If your organization provides an anonymous evaluation tool, use it to see how you’re perceived.
   
   
3. Narrow your focus. Don’t work on every EI skill; select one or two depending on your own goals. For example, managers may want to focus on behavioral self-control and empathy, while sales leaders may want to focus on innovation or creativity to help create new presentation approaches.
   
   
4. Create your own board of directors. Choose two or three people who don’t compete or work directly with you. Ask for them to keep you accountable.
   
   
5. Become a work in progress. If you’ve progressed in your first areas of focus, move to the next set of competencies. The momentum can generate even greater personal growth. 

Why You Should Incorporate ‘Giving Back’ into Your Marketing Strategy

You may see marketing through a financial lens, but have you considered taking a humanitarian approach?

Caused-based marketing and making charitable giving part of your strategic plan is a terrific way to support the local community, give back to those in need, and build better relationships. Not only will you feel good for doing it but being a socially conscious agency can help improve your marketing and sales efforts.

Not only will companies who support local organizations boost morale among employees, but they will attract more of today’s customers. Studies show that consumers want to support organizations who give back, especially if it’s to a cause they care about as well. When your agency is vocal about its values and shows that it’s helping those in need, you’ll make current customers more loyal and earn respect from new ones. Plus, you’ll break yourself apart from the competition who may not be as charity-focused along the way.

When you connect with companies who share the same core beliefs, your reputation will elevate, and you’ll earn respect. People will know you’re committed to social responsibility, and you can experience big rewards as a result.

Helping a nonprofit or charity with an event can often mean free marketing for your company. Whether it’s on the posters around town, t-shirts handed out at the event or included in social media posts, your agency’s name will get some exposure.

It doesn’t have to be big: You can volunteer at the local children’s hospital for an afternoon, host a canned food drive at the office or donate to a local nonprofit. At the end of the day, giving back will simply make you feel good — and you will likely see more sales as a result.