By: Matt Banaszynski | CEO of IIAW

 

Congratulations! You made it to 2021. 2020 will almost surely be defined by the COVID-19 pandemic. Despite the challenges presented by the pandemic, I see 2020 as the year I gained new perspectives, discovered five years’ worth of innovation in one year, and came to appreciate the little things in life that in a normal year often get overlooked. Recently, I was sitting in my office and was reminded of an article I read back in April titled, “What Hard Times Teach Us: 5 Pandemic-Inspired Lessons That Will Make You Better For The Long Term” by Tracy Brower. I thought I would combine some of her advice with my own words of wisdom that came to mind when I introspectively examined what I learned from this past year. I thought I would share them with you before I file away 2020 in hopes of making 2021 the best year yet!

 

 

Patience: If you have children, you may have an abundance of patience or lack it entirely, but one thing is for sure, this pandemic pushed it to its limit. Whether it was/is navigating and balancing the complexities of virtual learning with working remotely, waiting for the quarantine to lift, or anticipating your favorite restaurants to reopen and spring back to life. One thing was for sure, we are never going back to “normal”.

 

Finding patience can yield a different perspective and even at times, new appreciations in life. As importance as patience is to your well-being, it is also important to understand and recognize the sign of impatience.

 

According to Mindtools.com, “Patience is a vital quality in the workplace. It can reduce stress and conflict, lead to better working relationships, and help you to achieve your long-term life and career goals. Many of us struggle with impatience. Learn to recognize the physical and emotional symptoms associated with it, and to identify the situations that trigger it. When you understand the causes of your impatience, you can develop strategies to prevent or overcome it. These could include attending to your physical well-being by using deep breathing and relaxation techniques and developing your empathy and emotional intelligence skills”.

 

Playing the long game: A term often used to describe how taking the necessary steps now will to set yourself up to long-term success. It means not sacrificing long-term gains for short-term wins. Tracy Bowers says, “With a narrow perspective, current reality can be even more challenging, but by taking a longer-term view, you can reassure yourself that current realities will shift, and good things will come—ultimately—from today’s experiences and lessons”. Warren Buffet once said, “Someone is sitting in the shade today because someone else planted a tree a long time ago.” Do not focus on the here and now, especially when the here and now are so tumultuous. Take solace in the fact that this too shall pass, you will get through it and you will be better because of it. The race is long, and in the end, it’s only with yourself!

 

 

Adaptability: A term that most certainly comes to mind when you look to define 2020. You cannot always control what happens, but you can control how you respond. Benjamin Franklin famously proclaimed, “Change is the only constant in life. One’s ability to adapt to those changes will determine your success in life”. This guiding principle is one that has propelled the American spirit forward for generations and will continue to do so. Some consider this soft skill the most important. As Bob Dylan famously sang, “The times, they are a changin’.” Being adaptable allows you to take control and chart your own course, instead of just letting things happen around you. Remember, change is constant, even without global pandemics, our industry is undergoing a significant amount of change. Be empowered in the face of change.

 

In his article in Forbes entitled, “14 Signs of an Adaptable Person,” Jeff Boss identifies the following traits of adaptable people: they experiment, they see opportunity where others see failures, they are resourceful, they think ahead, they don’t whine, they talk to themselves, and they don’t blame others. They also don’t claim fame, they are curious, they open their minds, they see systems, and they stay current.

 

If you do not possess these traits or would like to refine them, there are ways you can train yourself to be more adaptable. Consider reading, “How to Survive Change . . . You Didn’t Ask for: Bounce Back, Find Calm in Chaos, and Reinvent Yourself” by M.J. Ryan.

 

Resilience: Research shows that resilience is enhanced by having a clear view of reality, a sense of meaning and an ability to improvise. In addition, according to Professor de Weerd-Nederhof of the University of Twente, resilience is both a personality trait and a skill. Hard times may be easier if it is part of your character, but it’s also a competence you can develop through today’s challenging times. The American Psychological Association has a great short read on “Building your Resilience” that is worth checking out.

 

If you would like to become more resilient, consider these tips:

 

• Get connected. 

• Make every day meaningful. 

• Learn from experience. 

• Remain hopeful. 

• Take care of yourself. 

• Be proactive. 

 

Responsiveness: Reacting quickly and positively is an art and an interquel part of good customer service. Responsiveness is a must-have in your communication and customer service toolbox. You show responsiveness through prompt attentiveness when asked for something. This term likely took on new meaning during 2020. Perhaps you found it more important than ever to be responsive to the needs of your loved ones, co-workers, customers, and other business partners. Being responsive creates an opportunity to build trust and respect by acting quickly and proactively, thus eliminating concerns and anxiety during a time of uncertainty. Being responsive during these turbulent times meant the opportunity to create a deeper, more meaningful connection. Consider these 7 ways to be more responsive to your customers according to SmallBizDaily:

 

1. Ask your customers what they want.

2. Manage customer expectations.

3. Develop procedures.

4. Educate your employees.

5. Provide self-service options.

6. Use technology.

7. Stay human.

 

Gratitude: Being grateful for the people and things in your life that have a positive impact is critical to happiness. Whether you’re appreciating the companionship of friends, extended time with family, or the bond you’re building with coworkers through shared struggles, there is a lot to be thankful for. Be sure to share your gratitude to those that have contributed towards it and do not be afraid to

“pay it forward”.

 

Happiness: Happiness is a mindset that can be difficult to explain or define. Much like beauty is in the eye of the beholder, it’s different for everyone. Happiness is an important component to a meaningful life - it can provide a sense of purpose. It’s also something that doesn’t come easy and needs to be earned.   Regularly indulging in small pleasures, getting absorbed in challenging activities, setting and meeting goals, maintaining close social ties and finding purpose beyond oneself all increase life satisfaction. It isn’t happiness that promotes well-being, it’s the actual pursuit that’s crucial.

 

 If you want to learn how to boost your wellbeing with strategies from groundbreaking research, visit happify and read through the resources on The Science of Happiness and How to be Happy.

 

Self-discipline: Self-discipline is about controlling your feelings to overcome your weaknesses - something many of us may have found challenging in 2020. Sure, you can binge-watch your favorite tv show instead of working remotely from home, but as Tracy Bower puts it, “This is a great time to learn new approaches to managing your behavior and building new habits”.  Self-discipline is an essential quality, and it’s a key differentiator between people who are successful in life and those who struggle to be. Make sure that you take time to continually develop it!

According to MindTools.com: To develop self-discipline, follow these steps:

 

1. Choose a goal.

2. Find your motivation.

3. Identify obstacles.

4. Replace old habits.

5. Monitor your progress.

 

Instituting and refining self-discipline won’t always go according to plan. You will have ups and downs, successes and failures. The key is to keep moving forward. When you have a setback, acknowledge what caused it and move on. It is easy to get wrapped up in guilt, anger, or frustration, but these emotions will not help build or improve self-discipline. Instead, use the setbacks in your plan as learning experiences for the future. 

 

Self-care: Taking care of your physical, mental, and emotional health is more important than ever during these stressful times. Develop a process of purposeful engagement in strategies that promote healthy functioning and enhance your well-being. Physically speaking, be sure to get enough sleep, eat healthy and exercise. Social and mental self-care can be difficult in times of isolation. Find ways to get face-to-face (virtually and physically), nurture your relationships with friends and family, make time for activities that mentally stimulate you and find ways to proactively invigorate your life. Set goals to realize your ambitions or aspirations.  Develop methods and outlets to allow you to process and recognize your emotions. Incorporate activities that help you recharge. Assess which areas of your life need attention and as your situation changes your self-care should as well. Self-care is vital for building a resilience toward those stressors in life that you can’t eliminate or predict.

 

Enhancing Your Community: You have probably heard the phrase, “It takes a village…” The truth is that it takes a village to achieve just about any meaningful change in your life. This term took on much more meaning in 2020. You leaned on your various communities, tribes, networks, cliques, associations or whatever you want to call it for support, and you worked harder to provide help and assistance to those that need it in your community. Your community may have evolved to include more people or it may have shrunk to focus more of your efforts on those who needed it most. Building, supporting, and connecting with your community is as important as it has ever been.

 

Tracy Bowers perfectly concluded her article (far better than I can for this one) by saying, “You’ve pushed yourself beyond your limits—not by choice—but by necessity. The good news is these hard times can be the catalyst for new habits, behaviors and lessons. You’re finding perspective by learning to operate your patience button (or just find it) and taking the long view. You’re learning more about resilience and your response by expanding your adaptability and coming up with creative hacks. You’re reinforcing your appreciation for community by connecting with others and embracing gratitude. And you’re managing yourself in new ways with self-discipline and self-care. Perhaps best of all, you’re finding new paths toward happiness. All of these will pay off for you today, but also in the new normal of tomorrow.”

 

My concluding opinion: advice is a form of nostalgia, and dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it’s worth!  If I can offer you one tip for the future, it is this… Whatever you do, don’t congratulate yourself too much or berate yourself either. Your choices are half chance, so are everybody else’s!

Happy Wednesday! We are closing in on the holidays and that means it's time to finish up that last-minute shopping. In this week's Big I Buzz, we are covering a great platform to help you shop local Wisconsin businesses. In industry news, we are discussing the IoT Cybersecurity Improvement Act that President Trump signed into law this month and a new NAIC rule that would allow rebating. 

The 'Amazon' of Wisconsin mom & pop shops: Website allows users to search for, shop at 400+ small businesses

We are 9 days away from Christmas and what better way to finish off your shopping than by shopping small and local. MainStreetWi.com is a hub for more than 400 Wisconsin-based, independent businesses: selling everything from fine art and furniture to clothes, books and games. Shoppers using the site can narrow their searches using the toolbar on the side, and even allowing you search for stores geographically using the drop-down bar on the left side of the screen. Most business are offering both delivery and curbside pickup options, helping you to get your gifts on time. Learn more here. 

Trump Signs IoT Cybersecurity Improvement Act into Law

On December 4 2020, President Trump signed into law the bipartisan-backed Internet of Things Cybersecurity Improvement Act of 2020. This law applies solely to federal government agencies, but its downstream consequences are likely to recah further, impacting devices procured by the federal government and - likely, eventually - consumer devices. 

Internet of Things (IoT) devices are in widespread use, most visibly by consumers of new smart home devices. According to the new law, these devices: 1.) interact with the physical world. 2.) Have a network interface for transmitting or receiving information via the internet and 3.) Are not conventional information technology devices such as smartphones or laptops and cannot function as a component of another device such as a processor. Because these devices are generally viewed as being more vunerable to cyberattacks, the IoT Cybersecurity Act seeks to reduce those risks. To do so, the new law: 

1. Tasks the National Institute of Standards and Technology (NIST) with developing, publishing and updating security standards for IoT devices.

2. Requires the Office of Management and Budget (OMB) to review each federal agency's information security policies to ensure they comply with the standards NIST promulgates for IoT devices and; 

3. Prohibits federal agencies from procuring any devices that fail to comply with NIST's standards. 

Learn more about the new act here. 

New NAIC Rule Would Allow Rebating

According to Insurance News Net, "The Executive Committee of National Association of Insurance Commissioners adopted language today designed to allow for 'rebates' to be offered to consumers. The committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Act. Adopted language will permit insurers or producers to "offer or give non-cash gifts, items or services, including meals to or charitable donations on behalf of a customer in connection with marketing, sale, purchase or retention of contracts of insurance." Each state commissioner will decide the possibility of a cap on gift amounts. Learn more about the new NAIC rule here. 

For more news, check out the Action News section of our weekly e-newsletter     Big I Buzz.      If you aren't subscribed, click     here    to add your email to our emailing list. We hope that everyone has a great rest of their week! 

 

Sue Nester                                                                                                                                           LC-09-20

703-706-5448                                                                                                        www.independentagent.com

 

 

 

House Passes NDAA with Agent Exemption from Additional Federal Reporting Requirements

Big ‘I’ advocated to shield agents and brokers from new reporting requirements.

 

WASHINGTON, DC, December 8, 2020— The Independent Insurance Agents & Brokers of America (the Big “I") thanks the U.S. House of Representatives for exempting agents and brokers from new federal reporting requirements that were included in the National Defense Authorization Act (NDAA).

The Big ‘I’ argued to include a full exemption for agents and brokers in the House legislation by showing that insurance producers already provide beneficial ownership information to state regulators and that the additional burden of providing it to the federal government would be duplicative and unnecessary.

“The Big 'I' is grateful that the House of Representatives voted to pass a version of the NDAA which includes an exemption for insurance agents and brokers from new federal reporting requirements regarding small business beneficial ownership information," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “Throughout the legislative process, the Big ‘I’ was the only producer group that advocated on behalf of agents and brokers to ensure they would be excluded from this burdensome requirement.”

This provision within the NDAA would require nearly every small business with fewer than 20 employees to file new reports on its beneficial ownership with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Businesses would have to comply with the new requirement annually starting within two years of the law's enactment for existing businesses or upon the incorporation of a new business. The penalties for failure to comply with these reporting requirements are severe, with civil penalties of up to $10,000 and criminal penalties of up to two years in prison.

“The Big 'I' would especially like to thank Rep. Carolyn Maloney (D-NY) for her tireless work on this beneficial ownership provision," says Joseph Cortina, Big “I" director of federal government affairs. “Throughout the process, Rep. Maloney worked to make significant improvements to this legislation that helped insurance agents and brokers avoid unnecessary reporting burdens while still ensuring that bad actors are prevented from using anonymous shell companies to thwart law enforcement and hide their illicit activities."

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.

 

Sue Nester

Vice President, Communications

susan.nester@iiaba.net | (703) 706-5448 | (301) 606-1601 | www.independentagent.com

 

By: Kaylyn Zielinski | IIAW Marketing & Communications Coordinator

 

As we enter the 2020 holiday season, it’s not a surprise that the holidays are feeling very different this year. Holiday parties are being put on hold and end-of-year networking events are being postponed. However, we are gifting you with a solution to allow for much-needed networking in the time of social distancing! You no longer need to sift through the posts on LinkedIn to find content and connections that matter to you - that’s what our Online Community is for: a curated platform for insurance professionals. This holiday season, we’re gifting you with a place for connection, in a time when in-person gatherings are non-existent. 

 

At the time of writing this article, we have already amassed over 120 members (and growing every day) who are engaged in our Online Community! That’s over 120 people who are ready to connect, collaborate and engage with you!

 

"

I really like the concept of the Online Community. One of the benefits of being involved in the Big I in general is the opportunity to interact and get to know other agents from across the state. The Online Community is a great new part of that, especially in light of the fact that we can’t get together in-person like we normally would. It gives us the chance to ask questions of our fellow agents and share experiences or advice, all in the interest of making us better as agents and as an industry. And it’s 

so easy to use, even I can do it."

- Steve Leitch, Leitch Insurance Agency, Inc.

Our Online Community is for every single one of our members, whether that be independent agents, carriers, vendors, companies, etc. 

 

As we’ve mentioned in previous publications, our Online Community is two-fold. Not only are we offering a free and fun platform to exclusively network, but we’re also supporting our local communities through this outlet as well. 

 

We just celebrated Small Business Saturday on November 28th, 2020, and we can proudly say that the IIAW and our Online Community participants truly played a part in supporting local Wisconsin businesses!

 

The IIAW awarded Thought Leaders (previously known as committee members) who signed up for our Online Community. Each Thought Leader received a $25 gift card to a local business of their choice. 

 

 

Amy Brice, AMERISAFE, used her gift card at Cottage Cafe in Madison

 

 

Ryan Waite used his gift card at Forage Kitchen in Madison

 

 

Jeff Thiel, R&R Insurance Services, used his gift card at Weissgerber Golden Mast Inn in Okauchee

 

Steve Leitch, Leitch Insurance Services, Inc., used his gift card at DeVine Liquor in River Falls

 

We’ve awarded our Thought Leaders (members registered to be a verified resource for questions and content within each of the Online Community Groups) a gift card for a local Wisconsin business of their choice. 

 

Every person who participates in our Online Community can earn rewards. Each time you engage within the Community, you earn points. Then, at the end of each quarter, if you’ve reached certain point thresholds, you’ll receive some awesome rewards.  

 

These rewards are: a $25 gift card to a local Wisconsin business of your choice, a $100 donation to a Wisconsin non-profit of your choice and an IIAW swag bag which contains items like Yetis, desktop whiteboards, smart plugs and more!

 

To join the IIAW’s Online Community, go to iiaw.com/joincommunity. Be sure to check your spam/junk folders for the invite email after filling out the survey on our website. We are looking forward to connecting with all of you in our Online Community! Happy Holidays!

We hope everyone has a happy and safe Thanksgiving! On this week's Big I Buzz, we're discussing the upcoming SBA Office of Advocacy's Small Business Virtual Tax Roundtable, the latest update to Wisconsin's COVID-19 restrictions and the IIAW's upcoming Agency Leadership Webinar.

First, before we jump into this week's news, we'd like to remind everyone that our office will be closed on Thursday, November 26th and Friday, November 27th. We will resume normal business hours on Monday, November 30th.

SBA Office of Advocacy's Small Business Virtual Tax Roundtable

On Friday, December 4th, you can join the SBA Office of Advocacy as they discuss federal and state tax issues surrounding PPP Loans. From 10 a.m. to 11:40 a.m., you'll hear from Tom West, Principal, Passthroughs Group KPMG; Jared Walczak, Vice President of State Projects with the Center for State Tax Policy at the Tax Foundation and; Charles Jeane, Assistant Chief Counsel at the SBA Office of Advocacy. You can learn more about the Roundtable here.

Wisconsin Gov. Evers Extends Public Health Emergency, Mask Mandate

On Friday, November 20th, Wisconsin Governor, Tony Evers officially extended the state's public health emergency and mask mandate. Originally, the mask mandate was set to expire on Saturday, November 21st. Gov. Evers' new order now extends the mask mandate and the public health emergency by 60 days. Learn more here.

Agency Leadership Webinar Series: E&O Claim Trends

Join us on Friday, December 4th at 10 a.m. for our next Agency Leadership Series webinar! Donna Asta, Vice President and Claims Expert at Swiss Re Corporate Solutions will discuss many COVID-related topics, including what types of cases the courts are seeing from an E&O perspective, claims that are being made and when to report a claim to the E&O carrier. If you plan to attend the Small Business Virtual Tax Rountable on Friday at the same time, don't worry! If you register for our webinar series ahead of time, you will receive a recording of the webinar after it has ended. Click here to register.

For more news, check out the Action News section of our weekly e-newsletter  Big I Buzz.  If you aren't subscribed, click   here  to add your email to our emailing list. We hope that everyone has a great rest of their week and a very happy Thanksgiving!