Weekly Dispatch: June 8, 2023

June 8, 2023


Meet evolving consumer expectations

Professional insurance agents must adapt to the changing expectations of modern consumers to remain competitive in today’s insurance landscape. Nowadays, consumers seek an experience that matches the quality of service offered by leading brands like Amazon and Starbucks. The demand is for speed and efficiency packaged in an overall seamless experience. Accordingly, agents must first acknowledge this shift in consumer preferences before striving to meet these expectations. The increased competition in the insurance market means consumers have more options. They want personalized services, quick response times, and transparency in pricing and policies. Failure to meet these expectations may result in a poor experience, which could lead to negative reviews, loss of clients—and ultimately a downturn in agency revenue. On the other hand, adapting to these new consumer expectations can help attract and retain clients, build a loyal client base, and enhance an agency’s reputation, leading to increased revenue and growth. For more information on the customer experience, PIA Northeast members can access the June issue of PIA Magazine.

There were rock stars, rockin’ events at Annual Conference

Some 1,500 insurance professionals gathered at the Annual Conference hosted by PIANJ and PIANY, at the Hard Rock Hotel Casino in Atlantic City earlier this week. Those who wanted to grow their relationships and industry connections; energize their business acumen; and increase their knowledge found just what they were looking for during this multiday event. There were new ventures—from participating in a mock cyberattack, to a keynote address by America’s funniest motivator, Ross Shafer, to a deep dive on leveraging technology—to time-tested favorites—from the sold-out trade show, to the Nighttime Beach Party featuring the Goodman Fiske Band, to the 39th Annual NJYIP Fun Run to benefit Special Olympics New Jersey—everybody who attended the event could find something that benefited their business and clients. See a full review of the event with photos in the July/August issue of PIA Magazine.

PIANJ elects officers at Annual Conference

PIANJ elected its full slate of officers during the annual business meeting earlier this week at its Annual Conference in Atlantic City. Following are the new officers who will lead PIANJ in 2023-24: President: Connie Mahoney of Westfield. Mahoney is agency manager for Mark Anthony Associates in Mountainside. President-elect: Andrew Harris Jr., CIC, AAI, CISR, of Jackson. Harris is president of Liberty Insurance Associates Inc., in Millstone Township. Vice president: Roger Butler, CIC, of Cinnaminson. Butler is sales and vice president of the Barclay Group in Riverton. Vice president: Beth Frederickson, CPIA, of Fairfield. Frederickson is principal of Voluntary Risk Managers in Fairfield. Treasurer: Aaron Levine, CIC, of Long Branch. Levine is member agent for LG Insurance Agency in W. Long Branch. Secretary: Lisa Hamm, CIC, of New Providence. Hamm is president and owner of Clyde Paul Agency in Summit.

PIANJ names board of directors at Annual Conference

PIANJ re-elected the following individuals to its board of directors during the annual business meeting earlier this week at its Annual Conference in Atlantic City. They will serve for a three-year term ending 2026: Michael Beckerman, CPCU, Beckerman & Co., in Colonia. Yossi Bolanos, Yossi United Insurance Agency LLC in Clifton. Alyssa Delaney. Maria Escalona, CPIA, Jimcor Agencies Inc., in Montvale. Connie Mahoney, Mark Anthony Associates in Mountainside. William McMahon III, CIC, CWCA, McMahon Agency in Ocean City. Christopher Powell, Hardenbergh Insurance Group in Marlton. The following individuals were newly elected to serve a three-year term ending in 2026: Ken Bull, Iroquois Mid-Atlantic Group, in Olean, N.Y., and Walter Conroy, Liberty Insurance Assoc. Inc., in Millstone Township.

N.J.: DOBI commissioner Caride named to a judgeship

PoliticoPro is reporting that Gov. Phil Murphy has named Department of Banking and Insurance Commissioner Marlene Caride to a Superior Court judgeship. Until the judgeship is confirmed, Caride still will serve as the DOBI commissioner, which she has done since January of 2018. Her replacement at the DOBI is not known at this time.


PIA asks DOL to abandon, postpone changes to overtime rule

PIA National joined a coalition of allies in sending a letter to the Wage and Hour Division of the Department of Labor to request that the DOL abandon or postpone the issuance of a planned proposed rulemaking that is expected to alter the overtime regulations pursuant to the Fair Labor Standards Act. The DOL’s fall 2022 regulatory agenda indicated that the DOL’s goal was to publish the Notice of Proposed Rulemaking this spring. The DOL’s forthcoming NPRM on the overtime rule will represent its first consideration of changes to the overtime exemptions since the pandemic upended the labor market beginning in 2020. Despite the lifting of the COVID-19 public health emergency, concerns over supply-chain disruptions, workforce shortages, inflationary pressures, and the shifting dynamics of the American workforce continue. Changing the overtime rule now would threaten our vulnerable, still-recovering economy.

PIANY leadership at Albany Lobby Day

Representatives from PIANY met with state legislators at the Legislative Office Building in Albany, as part of the association’s 2023 Albany Lobby Day program. Participants spent a day last month, visiting with state Senate and Assembly representatives discussing the association’s 2023 legislative priorities, which include standardizing the definition of windstorm; allowing carriers to waive photo inspections; repealing the anti-arson application requirement in New York City, and ensuring consumer protections from carrier “bait and switch” activities. PIANY was represented by: President David L. Sidle II, CIC, CPIA; President-elect Gary Slavin, CLTC, CIC; Vice President Richard Andrews, LUTCF; immediate past President Tim Dean, CIC, CRM; and past President Fred Holender, CLU, CPCU, ChFC, MSFS.

Progress made on Vermont’s FMLI plan implementation

Gov. Phil Scott last week announced continued progress toward the implementation of the Vermont Family and Medical Leave Insurance Plan. The Department of Financial Regulation approved the VT-FMLI insurance coverages and rates filed by The Hartford, a private insurance carrier that was selected to deliver and administer the program benefits. Phase 1 of the three-phased program goes into effect on Saturday, July 1, 2023, when state employees are enrolled in the program.


PIANJ honors industry professionals at Annual Conference

During the Annual Conference hosted by PIANJ and PIANY, PIANJ honored the following individuals with its 2023 Distinction of Professionalism awards: PIANJ past President Gary Rygiel, CIC, CPCU, ARM, CRM, AIS, was honored with the Distinguished Insurance Service award posthumously. The award is bestowed upon individuals in the insurance industry who have a history of significant contributions and support to the regional insurance community. The Professional Agent of the Year awardwas presented to PIANJ past President Bruce Blum, CPIA, TRA, for his excellence and achievement in insurance marketing and service. Blum has shown a personal commitment to professionalism, and he has contributed to PIA and the community. The Director of the Year award recognized PIANJ Director Lisa Hamm, CIC’s hard work and dedication to the association’s board of directors. She has contributed remarkable time and talent to help support the association and its many programs. The Company Person of the Year award was given toAmerican Property and Insurance Co.’s James Gorman for his support of individual, independent insurance agents, his involvement in community affairs, and his performance as an industry spokesperson.

Educating insurance agents

N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.

N.J.: PAIP/CAIP producer certification class

In accordance with the New Jersey Personal Automobile Insurance Plan and Commercial Automobile Insurance Plan and/or Manual provisions, licensed producers must complete the NJ PAIP/CAIP Producer Certification Course, which PIANJ is offering Monday, June 12, 2023, as a webinar. This course will be an overview and it is not intended to provide total knowledge and understanding of the state’s CAIP and PAIP. It is not a rating class. Steven D. Lyon, CPCU, CIC, CRM, CRIS, AAI, ARM, AIS, MLIS, AFIS, will explore the myriad rules and regulations governing each of these programs, and how to submit a risk to the correct program properly. This class has been approved for continuing-education credits in New Jersey (4 GEN), register today.

CE: Build a better understanding of life/health essentials

Do you want to build a better understanding of what your clients need to know about life and health insurance? Then attend the webinar 2022 CISR LHE: Life & Health Essentials, Wednesday, June 28, 2023. Health insurance includes a diverse assortment of policies—from medical-expense coverage, to vision care and dental coverage—plus a variety of delivery systems and health plans designed to manage the high cost of care. Instructor Richard Goolsby, CIC, will explain why having the proper life and health insurance is key to the financial wellbeing of your clients’ families and businesses. He will help you be better prepared to answer questions about analyzing the need for and placement of life insurance. Register today: Connecticut (7 LH); New Jersey (7 GEN, designees in good standing will receive 12 CE credits); and New York (7 C1, LA, LB, LSB, earn 1 additional CE credit with exam).


Feature your company or agency at CTYIP Golf Open

CTYIP will hold its annual Golf Open, Tuesday, June 20, 2023, at Lyman Orchards Golf Club in Middlefield. This nearly sold-out event is the perfect opportunity to feature your company or agency—sponsorships are available. And, if you want to golf, there still are a few foursomes left before we reach capacity. Don’t miss out on 18 holes of golf in a scramble format, some intense networking, opportunities to sponsor your agency, and a lot of food—a continental breakfast, a picnic lunch, and an apple pie. Not the best golfer? That’s okay. We still want you to come chat with colleagues, so you have the option to register just for lunch. Register today before the event is sold out.

Register now

Tuesday, June 13, 2013: YIP Webinar: From Bud to Table: The Insurance of Cannabis Conn. | N.J. | N.Y.

Tuesday, June 20, 2023: CTYIP Golf Outing

Thursday, June 29, 2023: PIANJ Women’s Leadership Alliance Pickleball Tournament

Monday, Oct. 2, 2023: PIANJ Golf Classic—40th Anniversary

Save the date

Monday, Aug. 7, 2023: NY-YIP Annual Golf Open

Thursday, Oct. 12, 2023: CTYIP Awards Gala

Thursday, Nov. 2, 2023: Capital RAP

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