At Relation, our culture is the source of our success and it begins with the strength of our people. Our Relation Rockstars series highlights the company’s most successful employees who are invested in helping to grow the company, excelling in their position and when producers, expanding their book of businesses. This month we spoke with Elissa Sanchez, a top-performing producer who attributes her professional growth to Relation’s entrepreneurial environment and support of work-life balance.
Elissa Sanchez is a producer for Relation’s Agribusiness practice out of its Pan American business unit, who lives and works in the Imperial Valley in Southern California. Elissa joined Relation in 2016, having previously enjoyed a career as an independent loss-control consultant. She quickly rose to be a top producer, earning internal recognition and accolades. However, as a successful entrepreneur in her own right, deciding to make the switch to being an employee was not an easy choice initially.
“When I was approached about becoming a producer at Relation, I was unsure. I had a successful consulting business and wasn’t sure I wanted to work for a company. And I didn’t know the insurance business. However, I eventually saw it as an opportunity to use my loss-control and training experience to grow into being a producer.”
Elissa credits the company’s supportive network of mentors who helped guide her through the transition as a core reason for her early success.
“I was immediately offered hands-on support from the leadership of my division as I learned the job. Even though I was an hour from the closest Relation office, I never felt alone. Whether it was being accompanied on my appointments, or getting my questions answered along the way, I had a team of colleagues who were always open and available to help me. It didn’t take long to feel like I had been part of Relation forever.”
Elissa also points to Relation’s strong culture of appreciation for all employees who support the company’s growth, not just the producers.
“I had only been working at Relation for a month when I was invited to the company’s STAW (Support Staff Appreciation Week) event. Each year for a week, Relation shows acts of gratitude and appreciation for the support teams who help on the back-end in the sales process. During this week, teams receive gifts of appreciation every day and the week culminates with a big appreciation dinner in a central location. Teams are brought in for the event so producers stay behind and manage the offices for them while they get to relax and celebrate. The experience was mind-blowing and right then was when I knew that this was the company I would want to work for until I retired. Three years later, I still feel that way.”
Core to Relation’s culture is also empowering its employees through an entrepreneurial work environment coupled with work-life-balance, and Elissa noted, “As a working mother, flexibility is important. Relation gives me the autonomy to use my strengths to build my book of business while working the hours that make the most sense for me and the clients I serve. That confidence in me is empowering.”
For people interested in pursuing a career as a producer in insurance, Elissa attributes much of her success to her ability to tap into her skills outside the industry, and think out-of-the-box.
“I don’t just focus on insurance. I bring my experience in loss control into every conversation and also look for other ways to be a resource to the companies I serve. Whether it’s educating myself on new laws and regulations that could cost employers money, or bundling in compliance or training seminars, bringing these services into the conversation sets me apart from my competitors. It also helps me to become a valuable partner, not just a salesperson. This connecting the dots approach has opened the door to me on almost every occasion, and continues to be a strong source of referrals for new leads.”
Elissa is just one of the self-starting, innovative and committed individuals who continue to shape Relation’s unique culture and drive our growth. If you are interested in becoming part of our team, we’d love to hear from you. Please check out our careers page for our current openings.
When I was a kid, I would work on assembling scale model kits for cars, airplanes, tanks and naval ships. My friends shared the same hobby, and while their models all looked similar but with individual variations, my completed models never looked as good. Why was that—how could that be? The model kit was manufactured at an assembly plant, the plastic parts we glued together were all uniform, and our kits had the exact same numbers of pieces in the box, along with the same instructions. Well, it turns out that I usually put my planes and cars together with significantly less time and attention to detail than my friends. I just wanted a working toy, and didn’t realize until I was older that design details are crucial to success.
Finding the Right Model of Care
In the world of sports medicine and athletic training, we are trying to build the “right” model to deliver healthcare for colleges and universities. (See this NATA Member Statement on collegiate medical models.) Everyone has access to the same research, position papers, and effective practices, and yet each program’s model of care can look different. There is a great deal of emphasis on the medical model being the gold standard. However, the reality might be that all models—while they look somewhat different from each other—can work, so long as the model is built intentionally and carefully, and care is appropriately delivered and ongoing.
If you would like to read more on models of care and how this can impact patient care and mitigate risk, go to www.relationinsurance.com/athletic-model-of-care for an article download.
I remember one friend’s model car of Richard Petty’s 1970 Plymouth “Superbird” that looked beautiful. The car even rolled! One day my friend was not paying attention and crashed it into a brick wall. It wasn’t any good after that. It doesn’t matter how well something is designed and built if you don’t provide continued care.
Andy Massey is an Athletics Risk Consultant for Relation Insurance. His career in intercollegiate athletics spans three decades, including Director of Athletic Training at Tulane University (LA); head athletic trainer at Appalachian State University (NC), where he also taught in the Department of Health, Leisure, and Exercise Science; and head athletic trainer at Wofford College (SC). Andy now consults with intercollegiate athletic departments across the U.S. and also serves as an ATC Spotter for the NFL. Andy can be reached via email at [email protected] or on LinkedIn.
Click here to learn more about Relation’s insurance solutions and services for Intercollegiate Athletics.
We’re now officially in autumn, fall sports seasons are in full swing, and Halloween décor is already in stores. It’s also duck season, which I only know because my former college roommate is an avid duck hunter. He lives in Louisiana now and is excited that duck season opened there recently.
I don’t hunt, but I do spend a lot of time throughout the year tracking down best practices in athletic accident insurance. As such, I want to remind you that it’s that time again for open enrollment. Many company enrollments begin in October and healthcare.gov open enrollment begins November 1. Since athletes’ families may use this time to adjust their insurance plans, you should prepare for open enrollment’s impact on your athletic department’s excess insurance plan by monitoring changes in your athletes’ primary coverage.
The Importance of Primary Insurance Verification
Relation Insurance and its partners offer primary insurance verification services. Utilizing this service is an effective best practice to maximize the benefits of primary insurance and limit claims exposure to your excess insurance plan. If you do not currently verify primary insurance or are looking to implement a more robust system, contact your broker or insurance carrier to discuss implementation options
You likely already verified coverage and limits in the initial on-boarding process. However, it is important to plan to re-verify coverage at least two additional times each year. The first re-verification should occur sometime between the close of the open enrollment period on December 15 and the start of the spring semester. This process can help you understand open enrollment’s impact on your athletic program and catch changes that are not self-reported by your athletes and their families. Additionally, having a third verification in March/April gives you a robust process for the entire year and can help identify any changes in primary insurance that occurred during the spring, likely due to a qualifying event. Start your planning now to verify coverage after the marketplace open enrollment period ends on December 15, 2019.
Andy Massey is an Athletics Risk Consultant for Relation Insurance. His career in intercollegiate athletics spans three decades, including Director of Athletic Training at Tulane University (LA); head athletic trainer at Appalachian State University (NC), where he also taught in the Department of Health, Leisure, and Exercise Science; and head athletic trainer at Wofford College (SC). Andy now consults with intercollegiate athletic departments across the U.S. and also serves as an ATC Spotter for the NFL. Andy can be reached via email at [email protected] or on LinkedIn.
Click here to learn more about Relation’s insurance solutions and services for Intercollegiate Athletics.
Health insurance claims data can provide a wealth of knowledge—if you know where to look. Whether you review your program’s claims activity monthly, quarterly, or bi-annually, the process can allow you to see how the year is progressing and year-over-year performance. Think of it as an insurance plan barometer, helping identify any trouble areas that could arise. It can also be used to help you anticipate and prepare for any potential plan increases the following year.
Here are three data points to start making data-informed decisions that can help you optimize your cultural exchange accident/sickness medical insurance plan using the claims reports you already receive.
1. Are atypically large claims derailing your plan?
Large claims can and do happen, but they shouldn’t upset an otherwise stable insurance plan. However, they can affect your claims experience. Large-dollar claims can be considered either a normal trend or an unusual occurrence. If the large-dollar claims are part of a normal trend, then they will be factored into your insurance rate going forward.
If they are considered atypical, nonrecurring large insurance charges—such as an acute condition resulting in a lengthy inpatient stay or a complex surgery—they should be separated and pooled with your carrier’s portfolio of other large claims. If you discover a large atypical claim, ask your broker if that charge is being removed from the completion factor or how it is being discounted from the experience. Familiarizing yourself with your claims trends through regular conversations with your broker will help you identify anomalies within your participant health plan as they occur, and potentially save you from a higher premium during renewal.
2. Are participants seeking care where you want them to?
Because network providers are typically more cost-effective for both the insured participant and the plan provider, in-network care, as opposed to out-of-network care, is the preferred option. A claims report can uncover behaviors that drive up plan costs such as the number of participant health care services being provided in-network. Armed with this data, you can compare current participant activity to your program’s goals and evaluate whether or not there is a need to drive participant behavior.
Find the total allocation for in-network versus out-of-network services section of your claims reports. Because large claims amounts can have an outsized effect, allocation data alone doesn’t tell the whole story. Examine allocation amounts in conjunction with the specific numbers of in-network and out-of-network claims to monitor out-of-network provider usage, and create program participant outreach strategies before those expensive out-of-network visits get out of hand. If you find that 85 percent of payment allocations are in network, but only 50 percent of all total claims are filed in network it might be time to increase awareness of health care options.
3. Is there excessive emergency room use?
Your claims report can also reveal if your participants are making too many trips to the emergency room—a common problem, especially within international populations who are unfamiliar with alternative health care options. An average ER visit can often lead to claims exceeding $2,000, proving costly for both participants and health plans.
Use emergency room claims data from previous years or, if available, other programs, to provide a valuable frame of reference. Consult with your broker to determine how your program’s emergency room claim amounts compare to claims from other providers during the same period.
Check to make sure you understand what practices your plan’s claims administrator has in place to obtain proper discounts, adjudicate claims that may arise from non-emergency care, and remove unreasonable charges (whether or not they are emergency room claims).
Reviewing claims data before your annual policy renewal date can help pinpoint activities, utilization behaviors, or trends that will influence important decisions about your plan, such as the changing of a benefit offering or the incorporation of a different network.
If diving into data analysis seems daunting, there’s good news—you’re not alone. Your broker or health plan provider can be a valuable partner in the process by regularly reviewing claims data with you and conveying what that data means for your program.
Schedule a claims data review to more fully evaluate the intricacies of your cultural exchange program’s accident/sickness medical insurance plan and manage it more strategically and sustainably.
-Michael Babore
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To read more about Relation’s cultural exchange services, visit this page.
Hi, I’m Jesper Tejsen Lykke, the new Vice President, Global Markets for Relation’s Education Solutions practice group. I’ve been working in the international travel industry for more than 30 years and have always been passionate about the educational and cultural value of cultural exchange. I am delighted that my path has brought me to Relation and back to this world.
Cultural exchanges provide an opportunity to explore other countries’ traditions, customs, beliefs, societies, languages and much more and provide opportunities for participants to view the world with a different lens. Here in America, cultural exchange brings non-U.S. residents to the country on short-term visas to take up temporary positions as au pairs, camp counselors, interns and trainees, summer work/travel visitors, professors, and visiting scholars. United States-based companies and organizations act as the host, provide placement, and provide or coordinate the visa and insurance components.
Cultural exchange helps make our world more connected, and without the sponsorship of those host companies and organizations it wouldn’t be possible. Yet they are often time- and resource-strapped, especially when it comes to handling claims. I’m especially excited then, that Relation is now serving the in-bound international exchange market because we are both broker AND an experienced third-party claims administrator, which lets us support our partners every step of the way. Our team also brings valuable resources, technology solutions, and infrastructure to the table that can help reduce the administrative burden for sponsoring organizations and create more program sustainability.
Personally, I am looking forward to returning to an industry where I have decades-long ties and many great friends. I’m also excited to be developing deep partnerships, finding creative solutions, and helping create a safe, smooth experience for partners and participants alike. Our goal at Relation is to do everything we can to support the great opportunity that cultural exchange is, while helping improve program outcomes.
In the coming months I’ll be on the road at WSTC and ICEF Berlin and hope to see you out there. I’ll also be sharing insights and resources on Relation’s blog that can inform the work of time-pressed program administrators as they support participants. First up: Unlocking Claims Data: 3 Data Points to Help Optimize Your Cultural Exchange Insurance Plan.
If you’re interested in signing up to get notified when I post on the blog, click here…and in the meantime you can always find me on LinkedIn. If you’d like to read more about Relation’s cultural exchange services, visit this page. (My contact information is there, also.)
Most leaders understand how important it is to have a great culture. A company’s culture is the single most important factor in driving performance—it’s the only thing that consistently drives outsized organizational performance and long-term competitive advantage. But many people still struggle when it comes to shaping such a culture.
Most properly motivated leaders can create a world-class culture if they are willing to put the effort in, and the skills and capabilities needed to do so can be learned. Every leader should prioritize creating a great culture as a top individual objective. If your company already has a great culture, recognize that it requires constant work and attention to keep it there. If you don’t have one, you have a tremendous opportunity waiting for you to go after it.
Action leaders can take to build corporate culture
Here are seven ways to develop a fun, high-performing culture:
Walk the walk. Senior leaders set the tone for any organization. Your employees see everything you do—your work habits, the way you treat people, your consistency (or lack thereof), and the behaviors you demonstrate every day. While words matter, leaders’ actions matter far more. Culture is always set from the top and created by example—so strive to be an excellent one.
Be authentic. Nothing kills culture quicker than a lack of sincerity. If you are someone who can show you care about an individual and what’s going on in his or her life, you’ll build the relationships that will ultimately help your organization reach its goals. People are far more energized when they feel they are seen and valued as a person. However, nothing is more damaging than being disingenuous or insincere. Be true to yourself, and don’t force yourself into an inauthentic position. The more you can find real ways to connect with people in your organization, the better.
Play the long game. In the midst of the day-to-day, you may be tempted to hit the easy button or think about what’s needed immediately, especially if the short-term decision conflicts with the long-term. Adopt the mindset that you’re creating a company that will last for hundreds of years and act accordingly. Always try to do the right thing, no matter how painful it is.
Communicate, be transparent, and listen. Most senior leadership teams can do better at communicating with their employees. Almost all can improve their listening skills. When leaders are fully transparent about the good and the bad developments at a company, people are much more engaged and helpful because they know what and why something is happening. So why not tell them?
Recognize contributions. Recognition is important: It drives behavior by rewarding the good and discouraging the bad. People who feel appreciated end up experiencing more self-worth and positivity about their ability to contribute to the company. The result is a happier and more productive employee.
Be humble/admit mistakes. In a high-performance culture, leaders give credit and never take it, while also taking blame and never giving it. Admitting that you made a mistake (especially when it’s obvious) creates a culture of learning in which people are not afraid to try new things. This is imperative to helping an organization improve and grow. Successful leaders can admit their mistakes and see opportunities to anticipate the unexpected more quickly. They also share this wisdom with those around them. Don’t be too proud to recognize mistakes as valuable teachable moments for yourself and others.
Be accountable. As an accountable leader, you don’t blame others when things go topsy-turvy. Rather, you work to build an accurate understanding of where your organization excels and where it has opportunities to grow. Accountable leaders also step up to champion initiatives to help their organization succeed.
About the Authors
Edward Nathan Page is president and COO of Relation Insurance Services, an insurance brokerage that offers risk-management and benefits-consulting services through its family of brands across the U.S. He can be reached on LinkedIn.
This article originally appeared on the American Management Association (AMA) website here.
Insurance brokers have an appetite for mergers and acquisitions (M&A)1. Of those who are business owners, almost half have contemplated M&A to boost their bottom lines, broaden their portfolios or geography, and strengthen their competitiveness. One-third of insurance brokerage owners with annual revenue of more than $5 million plan to explore the sale of their businesses in the next five years.
Belvedere Pacific Insurance Services, a well-respected and thriving San Francisco Bay Area employee benefits consulting and insurance brokerage firm was acquired by Relation in 2015. It was founded in 2008 by Michael Stallone, an industry veteran with more than three decades of experience delivering outstanding employee-benefits and client relationships.
The Partnership Was a Good Fit for Both Sides
As Michael considered M&A, he knew what he wanted in a partner—a place to call home where he could access in-house resources he’d previously had to outsource. Of all the potential partners he investigated, he believed joining Relation would be the best fit and would allow him to offer better service at competitive rates to his valued clients2. Additionally, he wanted to be part of an organization where he could not only grow his business but also have a direct impact on the growth and direction of the company’s employee benefits practice.
Michael was an exceptional fit for Relation’s President of Employee Benefits, Keri Lopez, who was looking to expand the employee benefits team with seasoned brokers. Stallone promised to bring innovative ways for Relation to reduce costs, complexity, and the administrative burden to the table.
“They prioritized my goals and interests, and I could tell they were there for my benefit just as much as for their own.”
Michael Stallone
Early on, the Partnership Yielded Great Results
Upon joining Relation, Michael immediately added value through his wealth of experience with technology outsourcing for large, sophisticated clients and was able to step in as a senior advisor for several of Relation’s more substantial client relationships.
“Michael has brought additional capabilities to Relation that have added a huge amount of value for our clients.”
Keri Lopez
Two Cultures Aligned
From the earliest conversations, Relation and Belvedere Pacific both expressed the need for a culture fit. Finding alignment can be an obstacle during mergers and acquisitions3. That wasn’t the case with Relation. Michael believed that, at the end of the day, all things being equal on the economics, technology, and available in-house resources of a potential transaction, it was the people at Relation and the culture they created that made it a destination of choice for him as an acquisition partner.
“From the leadership team, through every level of management, to the client service roles, the people who make up this company are in a league of their own. Insurance doesn’t have to be where fun goes to die. No amount of new technology or updated processes can make up for not having great people. We have fun at Relation–people truly enjoy providing great service to our clients, and it’s a good place to be.”
Michael Stallone
Four Years Later, The Partnership Has Been a Win-Win
Partnering with Relation allowed Michael to service more clients faster than ever with in-house marketing, employee, and compliance resources. Backed by Relation, he’s continued to adapt to the rapidly evolving employee benefits environment and has more than doubled the size of his book, placing him regularly on the company’s leaderboard for sales.
“They showed they were willing to invest the resources and provide the support necessary to help me grow my business. Joining the Relation team has allowed Belvedere Pacific to continue offering the same great service to our valued clients, in addition to having the in-house resources to analyze and respond to the rapidly evolving employee benefits environment—especially when it comes to complex areas such as healthcare reform and compliance.”
Michael Stallone
Michael has also become an invaluable resource to Relation by helping solve one of the industry’s biggest challenges—talent training and retention4. He has paid his success forward by mentoring up-and-coming employee-benefits producers, several of whom themselves are now top producers at Relation.
To learn more about becoming a Relation acquisition partner, visit our M&A page. If you’re searching for the resources to help your business grow, a rewarding culture, being part of an increasingly recognized team, and a chance to influence a business being built to thrive for 100+ years from the ground up, let’s chat.
[1] Deloitte Insurance M&A Outlook 2019
[2] PwC Global Survey Consumer Intelligence Series: CX in M&A: What consumers think when companies combine
[3] PwC’s 10th Annual Global CEO Survey
[4] PwC’s 21st CEO Survey: Insurance
There’s an exciting change happening at Relation Insurance Services, today. After 11 years, Parthenon Capital Partners and Century Equity Partners will be transferring ownership of Relation to Aquiline Capital Partners, effective March 31, 2019.
You can access the press release here.
For some time now, we’ve been evaluating a host of strategic options for our company. This will be a great partnership because the Aquiline team is a fantastic group of folks with tremendous insurance knowledge who believe in the vision and values that the Relation leadership team has put in place. It will allow Relation to keep doing what we’ve been doing, and also make more investments to drive additional growth through organic growth and acquisitions. Our shared vision with Aquiline is that Relation will continue to be one of the nation’s leading independent insurance brokerages.
Other than a change in asset ownership, you can expect business as usual. Our name, our people, our locations, our practices, and our services will remain intact. I will continue to run the business, along with our President and COO, Ed Page. Relation as a whole continues as is. Our goal is, and always will be, to connect the dots to provide the very best insurance solutions and legendary service for our clients.
I’d like to take this opportunity to thank all of our clients and partners for your ongoing support over the past 11 years. I’d also like to acknowledge the hard work and dedication of the entire Relation team. Last but not least, a big thank you to the teams at Parthenon Capital and Century Equity Partners for their continued support. We would not be where we are today, without their backing, guidance, and encouragement. I look forward to a bright future as we continue to grow together.
Onward!
Joe
An annual review of your insurance coverage may be the time to make changes in coverage, endorsements, or carriers.
Any time you make changes in the way your business runs, you can also change your exposure to risks. As your organizational needs evolve over time, it’s a good business practice to consider whether there are other carriers that can offer reduced premiums or expanded coverage better suited to your requirements as you grow, move, or expand your offerings.
Fortunately, the insurance marketplace is responsive to changing risks that buyers face. In some cases, it may make more sense to remain with your current carrier but update the terms of your program agreements to reflect your current operations. In other cases, a new carrier may be able to provide coverage more tailored to the new risks your company is encountering. Transitioning to a new insurer could have unintended consequences, however. The experience of your insurance advisor can be invaluable.
Should you choose to make a change, a strong relationship between you, your insurance broker, and the carriers will make the transition as smooth as possible.
Here are four ways your insurance broker can keep you informed about your choice of carrier to help you avoid any surprises.
1. Stay Ahead of New Market Conditions/New Insurers/New Coverages
Your broker can keep you apprised of factors impacting the overall market to prepare you for possible premium increases or decreases with your existing carrier well in advance of renewal. The broker should also be aware of insurers that are offering new lines of coverage and should approach the carriers for quotes on your behalf.
In addition, brokers can help you stay ahead of emerging coverages and potential exposures that may affect your business, which is critical to avoiding losses that may not be covered under your current policies. Understanding the differences among your policies, knowing what they do and do not cover, and advising you on what endorsements you should obtain for your standard policies can help ensure that your company isn’t exposed to unnecessary or avoidable risks.
Recently we worked with a new client to provide coverage for social engineering fraud (SEF), which occurs when a hacker imitating a senior executive, sends a phishing email to an employee telling the employee to wire company funds to a bank account on an emergency basis. The business owner mistakenly believed that either the cyber policy or the crime policy covered the loss. But neither of the policies had been endorsed to provide SEF coverage, and the business was left with a gap in coverage that the risk manager hadn’t realized until we brought it to the manager’s attention.
2. Update the Fine Print of Your Program Agreements
Most carrier agreements stipulate that in the event you transition to a different insurer, the collateral amount can be reset at the carrier’s discretion. If your policy is on a large deductible or other type of loss-sensitive program, you might experience substantial cost implications. Your broker can thoroughly review your program agreements with your insurers and, if possible, amend this wording by setting specific parameters around how the collateral will be calculated. For example, the calculation might include predetermined loss-development factors or consideration of the insured’s outside actuary calculations.
3. Review Outstanding Claims
When you change carriers, there will inevitably be outstanding claims to process, but standard agreements typically nullify any special claims-handling procedures that were put in place while you had your coverage with the insurer. As a result, you will still be dealing with claims, but you might lose the ability to have any or all of the following:
- Free claims reviews
- Use of a pre-selected defense counsel
- Notification of reserve changes
- Ability to have input on settlement amounts
- Continuity of adjusters because the insurer will most likely move any open claims to a different unit
Your broker should review the agreement around what happens if you move from the insurer and, when appropriate, modify the agreement to create as much certainty as possible around the way outstanding claims will be handled.
4. Adjust for Changes in Insured Operations
Many insurance policies limit coverage to events that occur in a certain geographic area. The insured area is often referred to as the “coverage territory.” If your company expands its operations outside the United States, your broker will need to review the coverage territory in all policies to ensure there are no exposures in your new areas of operation that aren’t covered in the existing policy. Similarly, if your company begins offering new products or expands on the scope of existing services, an in-depth review of your existing coverages is necessary to make certain no new coverage is needed.
Here are two examples of changes in insured operations that we’ve helped our clients with recently:
- An insured established a new 401(k) plan and began providing health coverage to employees. They now needed fiduciary liability coverage because these plans are subject to ERISA and present possible personal liability to plan administrator.
- An Insured decided to hire a sales force who will be driving on company business. After reviewing their options, they elected to increase the limits carried on their automobile liability coverage and added to their umbrella coverage limits.
Anticipating and planning for change is part of business. Don’t be lulled into a sense of complacency and simply renew with the same insurer year after year. You have options. Your broker is a trusted business partner who can help you actively avoid any of the potential insurance minefields that come with change, as well as choose the right path forward for your continued business success.
About the Author
Joe Tatum is the CEO of Relation Insurance Services, a premier insurance brokerage that offers risk-management and benefits-consulting services through its family of brands across the United States.
This article originally appeared on the PropertyCasualty360 website here and in a printed edition of National Underwriter.