I think for all those who came – they were glad to be out among the people – sharing ideas, talking about how life has changed and scheming about where we go from here! To all those who made it to Oglebay – we loved having you and enjoyed sharing the time with you. A special shout out to our carrier partner panel participants – Encova, Grange, Hanover, Ohio Mutual and Wayne – very insightful comments from each of you as we look to the future of our industry together!
We had a significant focus in our discussion around Cyber risk – including a real life story from an actual insured that was hacked by a ransomware attack – and how we all need to address the issue for our clients – personally and commercially. As the market moves and coverage availability shifts, Secured Advantage is working to help provide support through our member network – specifically Erin Webber at Transform Insurance. She has been diving deep into the world of cyber – programs, coverages, prevention, service and support. I would highly recommend meeting up with her over the phone, zoom or in person to put your agency on the right path to get your customers covered correctly!
(reach her at erin@transformins.com )
Another key take away – transitioning your approach with your client from insurance person to being a Trusted Advisor is a critical factor for future success. Several of our carrier panel members mentioned the need to be consultative and advisory in your approach to writing new business and servicing your existing book for the best outcomes. David Levy broke down how to move into that mindset and even review several of the key benefits that other agencies have found when they adopt and practice a Trusted Advisor approach in their agency. It was also announced that Secured Advantage members will have a unique opportunity to access training for those looking to build that approach into their staff. More details to come.
(reach him at david@csssg.co )
As always – we talk valuation and perpetuation… So much movement in this area as things have heated up to address the need for agencies to sell before tax rates rise and for many unwilling to adapt to the “new normal” of this post (mid) pandemic operating environment. More activity is making for interesting movement in valuations – Chris McAtee from INS Capital review how these multiples of EBIDTA have shifted. Bottomline, if you want to perpetuate in the next 3-5 years…the planning starts today and they can help.
(reach him at cmcatee@inscapitalgroup.com )
Besides that – good food, a little fun and great conversations – filled the two days! Thanks again to all those who came out to participate in SAND 2021.
As we plan for 2022, we are planning an early March meeting complete with profit sharing checks – more info to come. We look forward to seeing all our members and partners at that event!
Thanks,
Tim and Ted