AGENCY OPERATIONS

From the ongoing COVID-19 pandemic to slowing economic growth to supply-chain issues to heightened geopolitical tensions, 2022 has been a tough year already. And it’s only June!

It’s unsurprising that many investors are warning of an economic recession on the horizon. While not ideal, a down market actually carries a silver lining for smart business leaders. Why? It’s at times like these when companies can take cold, hard looks at their processes and procedures and rethink how their business is done in order to improve efficiency and drive growth. In other words, it’s at times like these that we should go back to the drawing board—and innovate.

American Express’s CEO, Ken Chenault, said this during the 2008 market crash: “A difficult economic environment argues for the need to innovate more, not to pull back.”

According to a June 2020 survey by McKinsey, roughly 75% of executives in knowledge economies expected Covid to be one of the biggest opportunities for growth. The report noted that in crisis, such as during the pandemic, we are presented with a choice: to fall back and hunker down, or to forge ahead—and, potentially, to thrive. “Prioritizing innovation today is the key to unlocking postcrisis growth,” McKinsey said.

That’s why I think it’s a mistake to refer to our next phase of post-pandemic life as a simple “return to the office.” There is no “return” because the work life we knew in 2019 has changed—and changed forever. Clocking in and 9 a.m. and clocking out at 5 p.m., five days a week, in a shared office space? No longer the norm. We are headed in a new direction, and the “way we’ve always done things” won’t cut it.

We need to take a deep dive into our processes and procedures and figure out if what we’re doing is the best possible thing for our customers, our operations and our people. For example, just because we’ve always delivered products this way doesn’t mean it’s the best (or only) option. Maybe there’s a new solution. Maybe there’s even a new product! In my experience, one of the best ways to innovate is to communicate with your stakeholders—your customers, your employees and your leaders—to understand what’s working, what’s not, and what additional needs they might have.

Now’s the time to be nimble, creative and, above all else, willing to pivot in new directions to soar higher than before.

What are some ways you’ve altered your business model or opened yourself up to new approaches recently? What are some ways you might doing that going forward?

In 1919, A group of Pennsylvania farmers founded Penn National Insurance to provide affordable workers’ compensation insurance.

Today, Penn National Insurance sells property-casualty insurance in 11 states by partnering with more than 1,200 independent agency operations. In 2012, we affiliated with Wisconsin-based, Partners Mutual Insurance Company. As one company, we bring the personal attention and local focus of a regional carrier, along with the quality of products and services of national carriers.

Interested in partnering with a thriving insurance carrier with superior customer experience? We are looking for select commercial-lines agencies in Wisconsin. • Strong financial performance and A.M. Best Financial Strength

Rating of A• Expanded Commercial Lines products and services with competitive pricing and comprehensive coverages to help our agents grow profitably

• Comprehensive Personal Lines product offerings, including

Homeowners Equipment

Breakdown and additional protection plans

Contact: Vicki Lentz 262-432-3420 vlentz@pnat.com Contact: Clayton Zogata 715-383-5454 czogata@pnat.com

• State-of-the-art quoting, processing and self-service tools, making it easier and faster to meet your customers’ needs

• Local, experienced underwriting, claims and management staff

An Equal Employment Opportunity/Affirmative Action Employer ©2021 Penn National Insurance

Since 1993, more than 20,000 students have graduated from our in-classroom prelicensing school.

The IIAW in-classroom prelicensing school has some of the highest passing ratios in the state for the last 25+ years!

“Overall the class went very well and I felt included as if I was in the room.” -Former Online Student

• Now offering classes in-classroom and broadcasting online* in real-time • Located at IIAW Headquarters • Fulfills the study requirements for life, health, property and casualty • Designed to help you pass your state licensing examination • Taught by an experienced insurance professional

* Just select the online (virtual class) option when registering.

• July 11-14 • September 19-22 • November 7-10

• June 6-9 • August 8-11 • October 3-6

To register, click the Education tab on IIAW.com.

The course fee includes all class materials. Materials are distributed on the first day of class. You receive: • Life & Accident/Health or Property & Casualty

Insurance Study Manual • The Intermediary’s Guide to Wisconsin Insurance Law • The State of Wisconsin Ins. Licensing Candidate

Handbook (This provides all the information to obtain a license) • Exam Simulator - A computer program designed to help you pass your prelicensing exam on the first try

For any questions please contact andrea@iiaw.com.

*Pricing given for full class registration. You may also take individual classes. * If taking the course online, the IIAW will mail the study manual to your preferred address.

Gabrielle O’Brien, MBA, has been active in the insurance industry for more than 25 years, developing continuing education classes in related fields such as Ethics and Errors and Omissions. As the lead instructor of the Independent Insurance Agents of Wisconsin’s Property & Casualty and Life & Health Prelicensing Schools, she has guided thousands of students to successfully passing the insurance intermediary’s exam. O’Brien has participated in many other aspects of the industry as an underwriter, manager, and field representative. O’Brien’s received her Master of Business Administration from Loyola University and her Bachelor of Arts from Saint Mary's College.